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Top Cryptos See Mixed Gains & Losses, Bitcoin Fights to Stay Over $3,200

Top cryptocurrencies report moderate losses and Bitcoin briefly dips under the $3,200 mark in the past 24 hours.

Saturday, Dec. 15: the top 20 cryptocurrencies report a mix of moderate gains and losses, with Bitcoin (BTC) briefly dipping under $3,200 before climbing back above the price mark by press time.

coin360

Market visualization from Coin360

Bitcoin started the day around $3,228, but after a mid-day high of $3,275, it fell back to the current price of $3,232, after touching its lowest point of $3,191 earlier today.

At press time, Bitcoin is down a fraction of a percent over the last 24 hours. On the weekly chart, the prices in the past two days have been the lowest, down from a weekly high of $3,600.

btc

Bitcoin 7-day price chart. Source: CoinMarketCap

Ripple (XRP), the second largest crypto by market capitalization, lost 1 percent in the last 24 hours. It started the day at $0.286 and is currently trading around $0.284 after a mid-day high of $0.292. On the weekly chart, the current price is the lowest, seven days ago Ripple was worth about $0.32.

Ripple

Ripple 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) remains the third cryptocurrency by market cap, losing just a under half a percent of its value in the last 24 hours. At press time, ETH is trading at $84.33, after having started the day around $84 and trading sideways during the day.

On the weekly chart, the current ETH prices today are the lowest. Seven days ago Ethereum was trading at $87, but then shortly peaked at $98.90 last Sunday, Dec. 9, before starting a decline towards the current price.

ETH

ETH 7-day chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, several coins are seeing more notable growth. EOS (EOS) is up a solid almost 6 percent, while IOTA (MIOTA) is up 4.29 percent on the day, and Dash (DASH) is up almost 5 percent.

The only top ten cryptocurrency reporting more than 2 percent losses is Bitcoin SV (BSV), having lost close to 5 percent in the last 24 hours.

As Cointelegraph reported Dec. 13, according to a study, while crypto prices have been decreasing, this year the number of verified crypto users nearly doubled. A Bloomberg analysis of the report says that the growth of crypto’s user base while markets are declining “could signal that an eventual recovery could be coming.”

Jeremy Allaire, the co-founder of cryptocurrency company Circle, recently told CNBC in an interview that in three years time, Bitcoin will be worth “a great deal more” than it is now.

Status, an Ethereum-based open source chat platform has recently laid off one-fourth of its staff due to the recent decline in cryptocurrency prices. In an announcement, the startup’s co-founder said that Status is “much larger than we can sustain.”

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Altcoin Daily Preview: Stellar Lumens—IBM Partnership Indispensable as IOTA Reveal Alpha and Omega, Path to Decentralization

Latest Stellar Lumens News

Thing is, if implemented properly, Blockchain will disrupt businesses, governance systems and even value exchanges. Aside from supply chain management, blockchain is definitely shaping for the banking industry.

It’s because of this that Stellar and Ripple—two firms are merging the possibilities of blockchain based solutions in existing financial architecture with the aim of providing financial services for everyone, everywhere–are hailed as the future of finance and banking.

Read: XRP Architect, Ripple’s Schwartz Harrowed Over Crypto Adoption

While Ripple is better capitalized, Stellar is fast catching up and executing according to their original road map. Encouragingly, there is progress.

The recent launch of Interstellar, Stellar collaboration with IBM back in 2017 many more companies are not hesitating from using the platform’s rail fast-tracking the achievement of one of the company’s tenets: That of advancing global financial literacy, advocating for inclusion and providing cheap cross-border solutions.

XLM/USD Price Analysis

Despite the dip in digital asset prices, XLM has been in range mode for the better part of the year. In fact, just before the recent break below the 15 cents-20 cents main support line, XLM/USD prices were confined in a 15 cents range with caps at 30 cents and floors at 15 cents. Because of this, XLM/USD is trading within a bear breakout pattern and though steady, the path of least resistance is southwards.

Unless otherwise there are gains above Dec 9 highs at 13 cents, bears are likely to drive prices below Dec 6 lows of 10 cents. Once that prints out, it will be inevitable for Stellar to test 8 cents or lower by the end of the year.

However, as it is support is subject to BTC performance and the collapse of the king could send reverberation across the digital asset space.

Our XLM/USD is constant and will be as follows:

Buy: 13 Cents

Stop: 11 Cents

Target: 17 Cents

Latest IOTA News

After days of Coordinator, Coordicide talk and the sober assessment that the platform was to some extent “centralized”, IOTA is moving on towards complete decentralization.

 

The Coordinator is a centralized, protection mechanism shielding the network from double spending. It is a necessary checkpoint in a proof of work mechanism which the network leverage.

Also Read: Swift CEO To Step Down After 7 Years at The Helm

With the decoupling will make re-align the network according to the ideals of Satoshi Nakamoto though there is no mining.

To this end, the IOTA Foundation has unveiled two development teams—the Alpha Team to deal with development within the ecosystem. The Omega team which will see the accomplishment of IOTA’s objectives.

IOT/USD Price Analysis

IOT/USD Price Analysis

From an effort versus result point of view, IOT/USD is technically bullish all thanks to the Dec 7, 1800HRs price surge.

Even if sellers have an upper hand, sellers are literally trying hard to erase gains of Dec considering IOT/USD has been in consolidation mode in the last week. Better still, prices are confined within Dec 7 high-low. Because of this, our buy triggers are set at 25 cents.

If buy momentum pick up and propel IOTA above this level then first target will be at 34 cents or Nov 21 highs. On the reverse side, losses below 20 cents could ignite panic sells towards 15 cents or lower.

This is our IOT/USD trade plan:

Buy: 25 Cents

Stop: 24 Cents

First Target: 30 Cents

All Charts Courtesy of Trading View

This is not Investment or Financial Advice. Do your own Research.

The post Altcoin Daily Preview: Stellar Lumens—IBM Partnership Indispensable as IOTA Reveal Alpha and Omega, Path to Decentralization appeared first on Ethereum World News.

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Market Mayhem: Bitcoin Sinks Below $3.4K, Ethereum Plummets to Double Digits

Crypto markets have today again taken a major downturn, with virtually all of the major coins by market cap seeing double digit losses — some as high as over 20 percent.

Friday, Dec. 7 — Crypto markets have today again taken a major downturn, with virtually all of the major coins by market cap seeing double digit losses. Some coins are down by over 20 percent, as data from Coin360 shows.

Market visualization

Market visualization by Coin360

Bitcoin (BTC) has taken a steep hit of over 11 percent on its 24-hour chart, and is trading at $3,400 as of press time. Having attempted to reclaim ground above the $4,000 price point in early December — to briefly trade close to $4,300 — the top coin’s recovery has failed to hold, and the asset has seen stepped losses in the days before today’s dizzying tumble.

On the week, Bitcoin is now down by around 20.5 percent; monthly losses are at a severe 47.3 percent.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index.

Second-largest crypto by market cap Ripple (XRP) is down by around 12 percent on the day, trading at almost $0.30 as of press time, according to Cointelegraph’s Ripple Price Index. Ripple’s weekly and monthly charts are also blisteringly red, with losses of around 23.5 and 40 percent respectively.

Ripple 7-day price chart

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index.

Third-ranked crypto by market cap Ethereum (ETH) has fared even worse, with 24-hour losses pushing 16 percent as of press time. The top altcoin is down to double-digit value, currently trading at $84. On the week, Ethereum down by 31.4 percent; monthly losses are close to 60 percent.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: CoinMarketCap

Virtually all of the remaining top ten coins on CoinMarketCap are seeing deep red; Stellar (XLM) and Bitcoin Cash (BCH) are both down almost 18 percent, at $0.11 and $102.3 respectively; eighth largest ranked crypto Litecoin (LTC) is down close to 15 percent, trading at $25.3, and EOS (EOS) is the hardest hit, down almost 23 percent on the day at $1.68.

Newly-forked “Bitcoin SV” (BSV) is the only exception among the top ten, soaring 20 percent on the day to trade at around $109, sealing the ranking of 5th largest crypto. With a market cap of around $1.94 billion as of press time, BSV is holding a slim margin ahead of BCH; the latter, ranked 7th, currently has a market cap of about $1.77 billion.

Just yesterday, news broke of a new lawsuit from tech development firm UnitedCorp against Bitmain, Bitcoin.com, Roger Ver, and the Kraken Bitcoin Exchange, which alleges the defendants engaged in manipulation and unfair practices during the immediate aftermath of the BCH-BSV hard fork.

The remaining coins in the top twenty by market cap are all seeing losses of between a 8 and 22 percent range.

IOTA (MIOTA) is down over 16 percent to trade at $0.22: Binance Coin (BNB) is down just under 20 percent at $4.56, and privacy-focused alts Monero (XMR) and ZCash (ZEC) are down 14.5 and 20 percent respectively.

Similar losses have hit Dash (DASH) and Neo (NEO): with the former down 21.7 percent at $61.33, the latter 17.4 percent at $5.85.

Dogecoin (DOGE), ranked 20th, is the “strongest” 24-hour performer, down 2.6 percent at $0.0021.

Total market capitalization of all cryptocurrencies is atca around $107.1 billion as of press time, down around 20 percent since the start of its weekly chart, when it was close to $136 billion.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

With the markets unremittingly bleak, the United States Securities and Exchange Commission (SEC) has meanwhile yet again postponed its decision on the high-profile Bitcoin (BTC) exchange-traded fund (ETF) from investment firm VanEck and blockchain company SolidX.

A new deadline of the end of February 2019 has now been set; SEC commissioner Hester Peirce — who earned the moniker of “Crypto Mom” for her dissent over the SEC’s decision to reject a Bitcoin ETF proposed by the Winklevoss twins — told investors this week; “Don’t hold your breath” awaiting a BTC ETF approval.

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GM’s New Patent Application Showcases Blockchain as a Solution for Autonomous Vehicles

It has often been said that Hollywood usually precedes reality when it comes to predicting the future. We have seen countless movies predict the landings on Mars and space travel; we have been warned on the dangers of artificial intelligence in the Terminator series of movies; and we have also seen autonomous vehicles in famous blockbusters such as Minority Report and I Am Robot.

GM’s New Patent Application Showcases Blockchain as a Solution for Autonomous Vehicles

It is with this background and recent developments in blockchain technology that the American giant car maker of General Motors, has filed a patent application with the US Patent and Trademark Office, that shows the possibility of using a blockchain  database for data exchange between vehicles and entities.

The patent application by GM Global Technology Operations LLC (Detroit, Michigan), is available online and explains as follows how blockchain can be used to distribute event information relevant to the decision making of autonomous vehicles.

Blockchain technology while associated with use in the financial sector has applicability to the non-financial sector and in this case, for use with autonomous and non-autonomous vehicle technologies..

[The] method and system [uses] blockchains for distributing event information related to vehicle operation between a plurality of entities.

The method includes executing blockchain agreements between the plurality of entities participating in a blockchain exchange for distributing event information related to the vehicle operation, where the blockchain exchange includes a plurality of databases having blockchains of data blocks for storing the event information.

A Brief History of Self Driving Cars

With the the continual technical advancements evident in the accuracy of GPS (Global Positioning Systems), we have seen numerous car manufacturing companies, private research institutions/companies, universities and even individuals attempt to solve the question that is safe and accurate autonomous vehicles.

Back in May, we saw MIT reveal a self-driving car that relies solely on GPS and sensor data. In the case of the Tesla brand of electric vehicles, they have a ‘summon’ feature that allow owners to call on their vehicle using their phones, but for short distances. Google has also been working on self driving vehicles through Waymo. Apple is also working on its own version of a self driving car. Ford has also collaborated with Domino’s to have pizzas delivered by self driving cars.

Looking at blockchain projects, we have seen IOTA partnering with Porsche through the German Startup, Autobahn. The partnership is meant to explore the future of smart and autonomous vehicles.

What are your thoughts on GM’s new patent application that cites the usage of a blockchain database to distribute information between autonomous vehicles? Please let us know in the comments section below. 

[Image courtesy of Pys.org]

The post GM’s New Patent Application Showcases Blockchain as a Solution for Autonomous Vehicles appeared first on Ethereum World News.

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Crypto Assets See Losses Across the Board as BTC Falls Below $4,000

Bitcoin has today again lost the $4,000 price point as all major coins see significant losses of between a 4 and 10 percent range.

Monday, Dec. 3 — Crypto markets have today again taken a major downturn, with all of the major coins by market cap seeing significant losses of within a 4 and 10 percent range, as data from Coin360 shows.

Market visualization by Coin360

Bitcoin (BTC) has dropped below the $4,000 price point, down about 7 percent on the day to trade at $3,868 at press time. Despite rebounding to as high as $4,400 Nov. 29, the top coin has today seen a drop from a 24-hour high of around $4,135 to as low as $3,846 in recent hours.  

Having lost its midweek gains, Bitcoin is breaking more or less even on its 7-day chart, up by just a fraction of a percent; monthly losses are at a stark 39.6 percent, according to Cointelegraph’s Bitcoin Price Index.

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

Second-largest crypto by market cap Ripple (XRP) is down by around 5 percent on the day, trading at $0.34 as of press time, according to Cointelegraph’s Ripple Price Index. Ripple’s weekly and monthly charts are also in the red, with losses of 7.6 and 23.7 percent respectively.

Ripple is down around 5.6 percent on the XRP/USD 24-hour chart, as CoinMarketCap data shows.

Ripple 7-day price chart. Source: CoinMarketCap

Third-ranked crypto by market cap Ethereum (ETH) has tumbled in recent trading hours, down almost 8 percent to trade at $107 at press time. Having trading as high as almost $119 toward the end of yesterday, the alt took a mild price hit early this morning to trade around $115, before seeing a sharp plummet in the past couple of hours down to current levels.

On the week, Ethereum is 4.6 percent in the red, with monthly losses pushing 46 percent.

Ethereum 7-day price chart. Source: CoinMarketCap

All of the remaining top ten coins on CoinMarketCap are seeing red, with EOS (EOS) the hardest hit, shedding 10.3 percent on the day at $2.64. EOS has this week become mired in renewed controversy over a move from one of the ecosystem’s so-called “block producers”: the furore comes shortly after news that Block.One CTO Daniel Larimer appears to be harboring plans for a separate cryptocurrency project.

Eight largest ranked crypto Litecoin (LTC) is also down 9.25 percent on the day to trade at $30.82.

Newly-forked “Bitcoin SV” (BSV), ranked ninth, is down over 8 percent at $92.39, with Bitcoin Cash (BCH), ranked 5th, down 7.4 percent at $160.60.

The remaining coins in the top twenty by market cap are all seeing losses of between a 5 and 10 percent range. IOTA (MIOTA) is down just shy of 9 percent to trade at $0.27: privacy-focused alt Monero (XMR) is also down 8.8 percent at $54.75. Similar losses have hit Neo (NEO), Dash (DASH) and ZCash (ZEC), down 9, 8.4, and 9.9 percent respectively.

Total market capitalization of all cryptocurrencies is down to around $125.7 billion as of press time, down a steep $10 billion from its 24-hour high at $135.7 billion.

High on the 24-hour chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

China has yet again sent out renewed anti-crypto signals this week, with the director general of the Beijing Municipal Bureau of Financial Work yesterday warning that Security Token Offering (STOs) fundraising is an “illegal” activity in the country (as are Initial Coin Offerings (ICO), as of September 2017).

Despite weak crypto price action market wide, stalwart Bitcoin (BTC) community subreddit “/r/Bitcoin” — which was founded in September 2010, almost two years after the release of the Bitcoin white paper — hit the 1 million subscriber mark yesterday, Dec. 2.

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Crypto Markets See Persistent Red, Bitcoin Briefly Dips Below $4K

The crypto markets are today back in the red, with virtually all of the top 20 cryptocurrencies seeing losses within a 4-10% range.

Friday, Nov. 30 — After a short-lived spike earlier this week, the crypto markets are today back in the red, with virtually all of the top 20 cryptocurrencies seeing losses within a 4 and 10 percent range, as data from Coin360 shows.

Market visualization by Coin360

Bitcoin (BTC) has had a volatile week, jaggedly trading between its low of around $3,600 (Nov. 25) and high of $4,400 (Nov. 29). As of press time, the top coin is at $4,037, down 6.3 percent on its 24-hour chart, according to CoinMarketCap. Today’s negative momentum briefly brought the asset below the $4,000 mark, before it stemmed losses somewhat in later trading hours.

On the week, Bitcoin is around 6 percent in the red; monthly losses are at a stark 36.3 percent.

Bitcoin 7-day price chart. Source: CoinMarketCap

Second-largest ranked crypto asset, Ripple (XRP), is down 5.5 percent on the day, trading at $0.35 to press time. While its market share has dropped down to $14.45 billion, it continues to hold its margin ahead of Ethereum (ETH), now ranked 3rd largest crypto, with a market cap of just below $11.7 billion.

On the week, Ripple is 12 percent in the red, with monthly losses above 19 percent.

Ripple 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) is down a round 5 percent on the day to trade at $112.9. The asset veered close to double digits during a market tumble Nov. 25, and has since recovered, briefly hitting $125 Nov. 28 — yet without sustaining significant gains. The altcoin’s decline on the week has brought it to around 7.6 percent in the red; monthly losses are pushing 43 percent.

Ethereum 7-day price chart. Source: CoinMarketCap

Most of the remaining top ten coins on CoinMarketCap are seeing losses of between 4 and 10 percent, with the notable exception of newly-forked Bitcoin SV (BSV) (from the Bitcoin Cash (BCH) split), which has decoupled from the wider market to seal a 2.6 percent gain on the day, trading at $96.35.

Meanwhile, EOS (EOS) is down 5.4 percent at $2.86 and Litecoin (LTC) is down 6.3 percent at $32.06: Cardano (ADA) is the hardest hit among the top ten, sinking 9.2 percent to trade at $0.038.

The remaining coins in the top twenty by market cap are all red, with the exception of privacy-focused alt, Zcash (ZEC), ranked 19th, which is up 1.74 percent at $82.05. Zcash’s spike is likely due to major U.S. cryptocurrency exchange Coinbase announcing its launch of support for the asset on its Coinbase Pro platform yesterday, Nov. 29.

15th largest coin NEM (XEM) is down almost 8 percent at $0.07, and Tron (TRX) is pushing a 10 percent loss at $0.014. 13th largest crypto, IOTA (MIOTA), is down 5.7 percent at $0.28, and Dash (DASH) is down 6.74 percent at $90.60.

Total market capitalization of all cryptocurrencies is around $130.4 billion as of press time, up  almost $16 billion from an intraweek low of $114.6 billion Nov. 25.

Total market cap 7-day chart. Source: CoinMarketCap

With the deep red markets continuing to command attention, Chinese cryptocurrency mining giant Bitmain has today released several price indices for cryptocurrencies, aiming to track the largest 17 assets by market cap for both institutional and retail investors.

BlockShow Asia 2018 has been a barometer of both the crypto sector’s dynamic development and of recent market sentiment, with BlockShow CEO Addy Creeze quipping that “bear market” and “crypto winter” were among the most-heard words at the event.

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 7

Reports that Goldman Sachs had scrapped plans for a crypto trading desk sent markets tumbling earlier this week, but is there a trend change in sight?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Total crypto market capitalization tumbled from $239 billion on September 5 to $200 billion on September 6, according to data from coinmarketcap. One of the probable triggers for the fall was a Business Insider report that Goldman Sachs was dumping its plans to launch a cryptocurrency trading desk.

On September 6, Goldman Sachs Chief Financial Officer Martin Chavez called the news as “fake.” He clarified that the investment bank is still working on a type of derivative for Bitcoin. Though this news stabilized markets, it did not result in a sharp price recovery. This shows that the bulls are cautious, following frequent failed attempts to start a new uptrend.

Coinbase crypto exchange has said that it is exploring the option of creating a cryptocurrency-based exchange-traded fund (ETF) with the help of BlackRock. While institutional players are considering entering this space, retail investors are losing interest as cryptocurrencies plunge to new lows.

In a recent survey by YouGov Omnibus, 49 percent of respondents were glad they had not purchased Bitcoin, while 15 percent wish they had purchased Bitcoin earlier, but believe it already too late to invest. Only a few respondents have any plans to buy Bitcoin in the near future. This shows that sentiment is largely bearish among retail investors and might be a contrarian signal of a bottom formation in the near future.

Do any cryptocurrencies show signs of a change in trend? Let’s find out.

BTC/USD

Bitcoin hit our suggested stops on long positions at the breakeven on September 5. The cryptocurrency has formed a series of lower highs in 2018, shown as ellipse on the chart. Joining all the turning points forms a bearish descending triangle pattern, that will complete on a breakdown and close below $5,900.

BTC

Another bearish pattern that is setting up is the head and shoulders, which will also complete on a breakdown below $5,900. So, the key level to watch on the downside is the support zone of $5,900–$6,075.04, which has held on four previous occasions this year.

If the bulls hold the support zone, the BTC/USD pair will make another attempt to form a higher high and start a new uptrend. The first sign of strength will be a break out above the downtrend line of the triangle and the right shoulder. The failure of a bearish pattern is a bullish sign. The bullish trend will further be confirmed on a rally above $8,566.4.

On the other hand, if the bears sustain below the $5,900 level, a drop to $5,450 and thereafter to $5,000 is possible.

We shall wait for the virtual currency to show some strength before suggesting any long positions.

ETH/USD

Ethereum is in a firm bear grip with both moving averages trending down and the RSI in the oversold territory. The bulls are trying to defend the psychological level of $200 but are unable to push prices higher.

ETH

A break below the September 6 lows will increase the probability of a fall to the pattern target of $192.93.

After the recent breakdowns, we believe that the ETH/USD pair will have to undergo a long bottoming process before a new uptrend starts. Traders should wait for the decline to end and a new bullish pattern to form before attempting a buy.

XRP/USD

Ripple fell to a low of $0.26801 on September 6 where some buying emerged, but every small rise is facing selling pressure. A break of the $0.24508–$0.27 support zone will resume the downtrend and push prices to the next support level at $0.24001.

XRP

Both moving averages are sloping down, which shows that the sellers still have the upper hand.

If the XRP/USD pair scales above $0.37390, it will indicate that buying interest is returning. A breakout above the downtrend line might start a new uptrend. Traders should wait for a new buy setup to form before initiating any long positions.

BCH/USD

The bulls defended the critical support of $473.9060 on September 6 but are facing selling at the $529 mark. If support breaks, Bitcoin Cash could plunge to $400.  

BCH

If the support holds, the BCH/USD pair will again attempt to break out of the moving averages. We will turn positive if the bulls sustain above the $670 mark. Until then, traders should avoid bottom fishing at lower levels.

EOS/USD

EOS broke below the $5.65 support and the trendline on September 5. The recovery attempt is currently facing resistance at the trendline.

EOS

If the bulls fail to defend the support zone of $4.50–$4.80, the EOS/USD pair can retest the August 14 low of $4.1778.

Any pullback from the current level will gain strength only if bulls sustain above $5.65. Traders can hold their remaining long positions with the stop loss at $4. If the virtual currency fails to climb above $5.65 within the next couple of days, we might suggest closing the position.

XLM/USD

Stellar continues to trade inside the range of $0.184–$0.24987525, however, the pressure to the downside has increased. Both moving averages have turned down, after remaining flat for the past few days. The RSI has also dipped into negative territory. These signs point to the possibility of an attempt by bears to break down of the range.

XLM

If the bears succeed, the XLM/USD pair will complete a bearish descending triangle pattern, and drop to $0.11812475 and lower.

On the other hand, if bulls hold the supports, the virtual currency might spend a few more days inside the range. Traders should wait for a breakout of the range before initiating any long positions.

LTC/USD

The recovery attempt in Litecoin met with strong resistance at the downtrend line and the 50-day SMA. On the downside, the 20-day EMA and $62.319 failed to provide any support.

LTC

As both moving averages have turned down and the RSI is also in the negative territory, probability of a fall to the August 14 low of $49.466 has increased. If this level breaks, the next stop is $44.

The LTC/USD pair will seem stronger if it breaks out of the 50-day SMA. Until then, traders should remain on the sidelines.

ADA/USD

Cardano has been trading inside a range for the past 24 days. A break down will resume the downtrend, with a pattern target of $0.054541. The down sloping moving averages and the RSI in negative territory show that the path of least resistance is to the downside.  

ADA

However, if bulls hold the bottom of the range, the ADA/USD pair might extend its consolidation for a few more days. The first sign of strength will be a breakout of the resistance zone of $0.111843–$0.13.

We will wait for the trend to change and a new buy setup to form before recommending any trades.

IOTA/USD

IOTA is threatening to go below $0.5750, after staying above it for the past two days. A break of this support can result in a retest of the August 14 low of $0.4037. If this support also gives way, the slide could extend to $0.3350.  

IOTA

The 20-day EMA is turning down and the RSI is back in negative territory, showing that sellers are in control. A breakout of the overhead resistance zone between the 50-day SMA and $0.9150 will indicate a change in trend.

We suggest traders hold on to their long positions with the stops at $0.46. If the IOTA/USD pair struggles to recover within the next couple of days, we might recommend closing the remaining position.

XMR/USD

Bulls have been attempting to support Monero at the moving averages for the past two days but have not been able to push prices higher.

XMR

A breakdown from the $109.22 level can result in a fall to the trendline, which may offer minor support. If the trendline support breaks, the XMR/USD pair could retest the $81 level.

A strong bounce from current levels will indicate demand at lower levels. The virtual currency will confirm a change in trend if it sustains above $150 for three days. As the first support level has held, we recommend traders hold their long positions with the stop loss at $90.  

Market data is provided by the HitBTC exchange. The charts for analysis are provided by TradingView.

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Market-Wide Losses Intensify in Second Day of Major Crypto Price Plummet

Thursday, September 6: crypto markets are blisteringly red, with virtually all of the top 100 coins posting hefty losses on the 24-hour charts, as Coin360 data shows.

Coin360

Market visualizat​ion from Coin360

Bitcoin (BTC) is trading at around $6,492 at press time, down almost 6.32 percent on the day, according to Cointelegraph’s Bitcoin Price Index.

Having broken through the $7,000 threshold August 31, Bitcoin saw a solid uptrend until its sudden plummet yesterday, September 5. The top coin is now around 8 percent down on its weekly chart. On the month, however, Bitcoin remains up by around the same figure of 8 percent.

Cointelegraph's Bitcoin Price Index

Bitcoin’s 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

Ethereum (ETH) is trading around $225 at press time, losing 8 percent on the day. Following upon an intra-week high to scrape $300 September 1, Ethereum traded sideways around $290 until yesterday’s sudden descent.

On its weekly chart, Ethereum is down a hefty 21.8 percent, with monthly losses burgeoning to 44.8 percent.

Cointelegraph's Ethereum Price Index

Ethereum’s 7-day price chart. Source: Cointelegraph’s Ethereum Price Index

Many of the top ten coins listed on CoinMarketCap are seeing significant losses, with Litecoin (LTC) down 7 percent to trade at $55.92, having traded as high as $69 September 4.

Ripple (XRP) is a significant outlier, surviving the day’s dump relatively unscathed, up 2.15 percent on the day to trade around $0.30. Having plummeted in correlation with other major cryptos, the asset has seen a strong bounce upwards in the hours before press time.

CoinMarketCap

Ripples 7-day price chart from CoinMarketCap

Among the top twenty coins, most losses are at five percent or higher, with IOTA (MIOTA), down 6.41 percent on the day to press time. VeChain (VET) has also lost almost 8 percent on the day to trade at $0.015.

Many other smaller market cap alts are seeing double digit losses, showing strong correlation with larger crypto assets.

In an interview with Cointelegraph this week, Brian Kelly, founder and CEO of digital currency investment firm BKCM LLC, who is also a regular contributor to CNBC as a crypto analyst, said he considers that in today’s Initial Coin Offering (ICO) market, “the days of a whitepaper and a dream and $30 million are probably over.”

Crypto industry commentator Joseph Young has today given his perspective on Twitter, tempering the grim market picture with the suggestion that:

“Previous corrections 2014, 2016 were much more brutal than the 2018 crypto correction. On average two-year corrections were suffered, with no positive development for investors to track. In 2018: 1. crypto jobs up 50% in Asia 2. Bakkt 3. Better crypto custody for institutions.”

Total market capitalization of all cryptocurrencies is just under $205 billion at press time, down over $35 billion from its intraweek high of just under $240 billion.

CoinMarketCap

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Eschewing news-correlated market analyses, eToro’s Mati Greenspan today tweeted a four-word bottom line to one disgruntled crypto community member’s question, “what was the reason behind the dip today?”:

“More sellers than buyers.”

Posted on

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 5

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Cryptocurrency prices are plunging across the board. As of press time, all of the top 10 coins are in the red. Barring Stellar and Bitcoin, each one is down by more than 7 percent. When an asset class enters a protracted bear phase, such falls are to be expected because the sentiment is brittle and any adverse news can cause panic among the traders.

The previous attempt to rally in July was abandoned after the U.S. Securities and Exchange Commission (SEC) rejected the Bitcoin exchange-traded fund (ETF) proposal submitted by the Winklevoss twins.

Today’s fall gained momentum following reports that Goldman Sachs has halted its plans to open a cryptocurrency trading desk, citing uncertain regulations. The bank, however, still wants to go ahead with its cryptocurrency custody product for institutional clients.

Many had been banking on large institutional players to provide support for crypto prices, but it looks like there will be a delay in their entry until the regulatory environment improves.

The bulls could compensate for this news and arrest the fall, which would be a positive sign confirming demand at lower levels. However, in a more negative turn of events, the price could continue to fall and make a new low. The picture will clear up over the next couple of days.

Meanwhile, let’s look at the price charts and assess the damage caused by this sudden fall.

BTC/USD

We had mentioned in our previous analysis that Bitcoin might face resistance closer to the $7504.68 level. Therefore, we had recommended traders protect their long positions by raising their stops to breakeven. The magnitude of the fall, however, has surprised everyone.  

BTC/USD

The price plunged to a low of $6910.91 today, where some buying emerged but the bulls are finding it difficult to push the prices much higher. If the price sustains below the 20-day EMA, it will indicate weakness. The pair is currently at a critical level. The price action over the next couple of days will give us a better idea of what to expect.

The BTC/USD pair will gain strength if the bulls defend the 20-day EMA and push the prices above $7413.46.

ETH/USD

The symmetrical triangle in Ethereum has resolved on the downside, resuming the downtrend. The pattern target of the breakdown is $192.93.

ETH/USD

Currently, the bulls are trying to defend the August 14 low of $249.93 but the formation looks negative.

The 50-day SMA is trending down and the 20-day EMA has also turned down, which shows that the sellers are back in the driver’s seat.

The ETH/USD pair will gain strength only after it breaks out of the downtrend line and the 50-day SMA. Until then, all rallies will be sold into. Therefore, traders should avoid bottom fishing at the current levels.

XRP/USD

Ripple has broken down of the range, which is a bearish sign. The price can now retest the August 14 low of $0.24508, which is a major support.

XRP/USD

The 20-day EMA, which had flattened out earlier, has turned down once again and the 50-day SMA continues to trend down. This shows that the sellers are back in command in the short-term.

The trend will remain firmly down until the XRP/USD pair breaks out of the 50-day SMA and the downtrend line. Traders should remain on the sidelines and consider initiating long positions only on a breakout and close (UTC time frame) above $0.37390.

BCH/USD

Bitcoin Cash has turned down sharply from the 50-day SMA. The 20-day EMA has failed to provide support on the downside.

BCH/USD

The BCH/USD pair can correct to the strong support zone of $473.9060–$500. If the support holds, the virtual currency can begin consolidating. However, if the bears break below $473.9060, the fall can extend to $400 and beyond that to $300.

The first sign of strength will be a breakout and close (UTC time frame) above the 50-day SMA. Until then, traders should avoid initiating any long positions at the lower levels.

EOS/USD

EOS plunged back to the support level of $5.65, after failing to sustain above the 50-day SMA. If the support breaks, the virtual currency can fall to the trendline and below that to the support zone of $4.5–$4.8.

EOS/USD

If the $5.65 level holds, the bulls will again try to break out of the 50-day SMA. The EOS/USD pair will pick up momentum if it sustains above $6.8299.

Traders who had initiated long positions on our buy recommendation can book a loss on 50 percent of the position at the current levels and keep the stop loss on the rest at $4. We shall watch the price action for the next two days and then decide whether to hold the position or close it.

XLM/USD

Stellar has held above $0.184 since mid-December. Three previous attempts to break down of this support failed. On the previous two occasions, the cryptocurrency spent about 20-25 days in consolidation, before starting an up move.

XLM/USD

The current consolidation has been going for a month. If the bulls break out of the overhead resistance, a move to $0.3157505, followed by a rally to $0.35 is probable.

If the XLM/USD pair breaks down of $0.184, it will become very negative and can sink to $0.11812475 and lower.

Therefore, the traders should initiate long positions only on a breakout of the current consolidation.

LTC/USD

Litecoin has consistently made new year-to-date lows since breaking down of the $107.102 level. The bulls had formed a range after falling to $74, but they could not break out of the 50-day SMA. Subsequently, the pair broke down and made a new intraday low of $49.466.

LTC/USD

Currently, the LTC/USD pair has again turned down from the 50-day SMA and the downtrend line. The bulls are trying to defend the $62.319 levels. If this level breaks, the virtual currency can retest the lows of $49.466.

If the support holds, the cryptocurrency will again try to break out of the 50-day SMA. That will be the first sign that the selling has subsided. We shall wait for a reliable buy setup to form before suggesting any trades on it.

ADA/USD

Cardano has been in a strong downtrend, losing about 94 percent from its intraday high of $1.396281 to its intraday low of $0.083192 on August 14.

ADA/USD

For the past 22 days, the bulls have been trying to arrest the fall and the ADA/USD pair has entered a consolidation between $0.083192 and $0.111843.

A breakout from the range has a pattern target of $0.140494. However, the trend will change only when the digital currency forms a series of higher highs and higher lows. We shall wait for a new uptrend to start before suggesting any trades on it. A break down from the range will renew the downtrend, which has a pattern target of $0.054541.

IOTA/USD

IOTA has turned down from the 50-day SMA. It has support at $5.750, which should hold. Otherwise, a fall to $0.4628 is probable.  

IOTA/USD

The IOTA/USD pair will show signs of a turnaround if the bulls break out of the $0.8152–$0.9150 resistance zone.

The traders who had initiated long positions following our earlier recommendation can book profits on partial positions at the current levels and keep the rest with the stop loss at $0.46. Our target objective on the upside is a move to $1.24.

XMR/USD

Monero has turned down from the overhead resistance at $150. It has a strong support at the moving averages and at $109.220. If this support breaks, the virtual currency can slide down to $81.

XMR/USD

If the bulls successfully defend the $109.22 line, the XMR/USD pair might again attempt to break out of the overhead resistance at $150. The trend will change if the bulls can sustain above $150 for three days.

Traders who are long on our recommendation can hold their positions with the stop loss at $90.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

Posted on

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 4

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Along with the traditional safe havens like gold, the U.S. dollar, and the Japanese Yen, cryptocurrencies have also made their presence felt in Turkey and Venezuela, which are reeling from economic crises.

The increased volume of trading during moments of crisis in these nations shows that when the next major economic crisis hits the world, demand for cryptocurrencies will skyrocket, pushing prices higher.

China and the U.S. are on the verge of a trade war, which is detrimental to the global economy. If not controlled, it can balloon into a full-blown crisis. Therefore, we believe this will put a floor beneath digital currencies.

With most governments and regulators keeping an eye on cryptocurrency markets, we do not expect a vertical rally. Prices are likely to rise gradually, which is good for the long-term growth of virtual currencies.

BTC/USD

Bitcoin has continued its journey northwards, closing in on the 61.8 percent Fibonacci retracement level which might act as resistance.

BTC

Both moving averages are trending up, which shows that the bulls are in command. A bullish crossover will provide further strength to the current rally. The virtual currency will lose momentum if it breaks below the trendline.

The 20-day EMA will act as a strong support for any declines. The BTC/USD pair can rally to $8,000 and above it to the top of the range at $8,566.40.

Traders can hold their long positions but raise the stops to breakeven. The virtual currency will turn negative if it sinks below the $6,955.79 level.

ETH/USD

Ethereum has been trading inside the symmetrical triangle since August 11. It will start the next move after breaking out or breaking down from the triangle.

ETH

On the upside, the ETH/USD pair will face selling at the downtrend line and then at the $358 level. Though the 20-day EMA has turned flat, the 50-day SMA is still trending down.

The virtual currency has not convincingly broken out of the 50-day SMA since May 24, and as such, it will act as stiff resistance. We will turn positive when the price scales the 50-day SMA.   

If the price breaks down of the symmetrical triangle, a retest of August 14 lows could be possible.

XRP/USD

Ripple has been consolidating between $0.31–$0.37390 since August 18. The 20-day EMA has turned flat while the 50-day SMA is trending down, which shows that selling has subsided.

XRP

The XRP/USD pair will show signs of a change in trend if the bulls break out and sustain above the 50-day SMA, which is just above the upper end of the range. The first target on the upside is a rally at the $0.50 downtrend line.

Traders can buy the breakout and close (at UTC time) above the 50-day SMA and keep the SL at $0.309. As the trend has still not turned up, we are only attempting to catch the pullback. Therefore, we recommend to keep the position size at 50 percent of normal. If the bears break below the range, a retest of the lows is probable.

BCH/USD

After being stuck in a tight range from August 15 to August 31, Bitcoin Cash rallied sharply on September 1 and 2 and broke out of the downtrend.

BCH

The BCH/USD pair is currently facing resistance at the 50-day SMA. If the bulls break out of the 50-day SMA, a rally to $880 is probable. The 50-day SMA has turned flat while the 20-day EMA is gradually turning up. The RSI has also entered into positive territory, which increases the probability of an upward move.

Therefore, traders can initiate a long position above $670 with a stop loss of $470. On the downside, the 20-day EMA is likely to act as a strong support.

EOS/USD

EOS triggered our buy recommendation when it closed (UTC time frame) above the 50-day SMA on September 1. However, it has not picked up momentum as we had expected.

EOS

EOS has been consolidating close to the 50-day SMA for the past three days. The 20-day EMA has turned up while the 50-day SMA has gone flat, showing an advantage for bulls in the short-term.

On a breakout above $7.25, the EOS/USD pair could quickly rally to $9. On the downside, the zone between the 20-day EMA and $5.65 should act as strong support. As the chart patterns point to a probable change in trend, we suggest traders hold their positions with the stipulated stops.

XLM/USD

Trading in Stellar has been lacklustre as it remains range bound between $0.184 and $0.24987525. Both moving averages have flattened out and the RSI is also close to the 50 level, which confirms a state of equilibrium.

XLM

A breakout of the range has a pattern target of $0.3157505, but we anticipate a rally to $0.35. The longer the XLM/USD pair remains in the range, the stronger the eventual breakout will be.

The downtrend line might offer minor resistance, but we expect it to be crossed easily. Therefore, we maintain our buy call initiated on August 27.   

LTC/USD

Litecoin is showing signs of a turnaround, and is currently trying to break out of the downtrend line and the 50-day SMA. If successful, it can quickly move up to $74. The 20-day EMA has turned up while the 50-day SMA is flattening out. This shows that the bulls have the upper hand in the near-term.

LTC

If the LTC/USD pair sustains above $74 for three days, the probability of a rally to $94 increases. Short-term traders can continue to establish long positions with suitable stops.

Our bullish view will be invalidated if the bears defend the overhead resistances and sink prices back below the $58 level.

ADA/USD

Cardano has been consolidating near the upper end of the range for the past six days. Though it has failed to break out of the range, it has not given up much ground, showing that traders are not dumping their positions.

ADA

The 20-day EMA has turned flat but the 50-day SMA continues to trend down. If the ADA/USD pair scales above $0.111843, it has a pattern target of $0.140494, but may face resistance at $0.13. We do not see a reliable buy setup at current levels and hence, we do not recommend a trade.

IOTA/USD

IOTA has been stuck between the 20-day EMA and the 50-day SMA for the past seven days. The flattening moving averages and the RSI in the positive zone show that selling has subsided. A break out of the downtrend line and the $0.9150 resistance will signal a change in the trend. Therefore, we suggest that traders hold their long positions with the appropriate stop loss.

IOTA

If the bulls sustain above $0.9150, the IOTA/USD pair can rally to $1.24, where it is likely to face resistance.

Our bullish view will be invalidated if the bears breakdown of the support zone between the 20-day EMA and $0.5750.

XMR/USD

Monero fulfilled our buy recommendation on September 1 when it closed above the long-term downtrend line. The positive close was followed up by a further move towards the overhead resistance of $150. Moving averages are on the verge of a bullish crossover, which confirms that the trend is changing.  

XMR

As the RSI has entered into overbought territory, the virtual currency might consolidate close to the $150 level for a few days before breaking out.

The XMR/USD pair will turn negative if bulls fail to hold the next dip above the $109.22 level. Therefore, we suggest holding the current long position with a stop loss of $90. Traders can trail their stops higher in a couple of days.   

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.