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Bitcoin clean bounce off the supportOn the 15th December 2018, BTC/USD has reached the low, while hitting $3200 level. This is 327.2% Fibonacci retracement applied to the corrective wave up after the triangle pattern breakout. The big question is whether BTC has reached the very bottom or if price will continue to lower. The support has been rejected cleanly suggesting a correctional trend up. But it is far too early to say that Bitcoin has reached the very bottom as there was no confirmed established uptrend up until this point. It could be reasonable to expect the corrective move upwards where price could hit one of the Fibonacci retracement levels. First resistance is at 61.8%, which is $5245. Second resistance is at 88.6% Fibs, that is $6125 level. These are the price levels where BTC might be heading, but it is worth mentioning the resistance formed at $4300. Perhaps it is worth to wait for the break above that level before considering buying BTC. Looking on the downtrend perspective, the support are has been formed between $3465 - $3660 which might be tested. Although daily break and close below might signal on another selloff. In that case $3k psychological area might be the first downside target.
BITFINEX:BTCUSD
by CryptalDash
3
0X Looking Pretty... Will it hold the support?ZRX/BTC found strong support at 8k satoshis area, which has been rejected multiple times. Whether it means a trend reversal or just a correction is yet to be seen. However, the RSI produced a bullish divergence suggesting upcoming wave up. The resistance is seen at 10k satoshis area, that is a 40% growth potential over the Bitcoin. But, the recent low at 7789 satoshis should be watched for a break below. Daily close below that level might confirm further downtrend and bears will take over 0X once again. All-in-all it is worth watching the price action of the ZRX/BTC in the coming weeks, which could be surprisingly interesting.
by CryptalDash
iExec - Blockchain-Based Decentralized Cloud ComputingLooking at the current price action, RLC/BTC is forming a double bottom, which so far has been rejected. This could invite buyers over the coming weeks, resulting in a correctional move upwards or even a trend reversal. Nevertheless, Moving Average has to be broken for the wave up to start, only then price could be heading towards one of the Fibonacci resistance levels. But on the downside. if current support is broken, the upside potential would be compromised, where buyers could be getting out of the iExec. All-in-all its an interesting time for this coin, not to mention the huge potential of the decentralized cloud computing.
by CryptalDash
PIVX approaching support... will the uptrend be compromised? Following the previous idea, which you can find below, the reaction to the zPIV announcement indeed was positive and yesterday price has made another surge by 30% over the Bitcoin, reaching btc 0.0002488 high. PIVIX has been trending up as expected, although now the correctional phase has started. Currently it is trading near 20k satoshis psychological support. It is also a strong technical support where two Fibonacci retracement levels are located. First is 23.2% retracement from the all-time low, and second is 78.6% Fibs from the 17 October low. While it could be the starting point of the uptrend continuation, PIVX yet to confirm it, by rejecting current support area, that is located between 0.0002020 and 0.0001960. But, price might break below, that will suggest more downside pressure being put on the PIVX. Next support is seen at 61.8% Fibs, that is 0.0001730. The key support is located at 78.6% Fibs that is btc 0.0001520. If price breaks below key support, the upside potential will be compromised while the long-term downtrend domination is likely to continue. In short, current support (around 20k satoshis) will be the decision-making area. It is important to watch current price action as rejection of the support should have a very positive outcome on the price. On the other hand, daily break and close below the 0.0001964 level will imply the downside pressure on the PIVX/BTC. Support: 1. 0.0002020 2. 0.0001965 3. 0.0001730 4. 0.0001530 Resistance: 1. 0.0002490
by CryptalDash
Bitcoin hitting Massive Long-Term SupportThis week Bitcoin has reached the long-term support, that is 78.6% Fibonacci retracement level at $4387. At the same time it reached the bottom of the descending triangle, and almost tested the 200 Moving Average. Fibonacci, applied to the correctional wave up after breaking the uptrend trendline, is pointing on the $4050 level, that is a 161.8% retracement. This makes the area between the $4050 and $4400 a key long-term support, which might play a very important role in further price development. If support will be respected, BTC/USD upside correction could be expected, aiming at the upper trend line of the triangle pattern. However, downside risk remains and Bitcoin could drop further. It is not a high probability scenario, but definitely should be considered as one of the possible outcomes in the coming future. Weekly break and close below the $4050 most likely will send price down to the $2400-2250 support area, which is confirmed by 88.6% Fibonacci retracement level. It seems the very important factor is that on the weekly chart price has approached 200 Moving Average and Fibonacci support, Indeed it will not be ignored, but potentially already noticed by all market participants. Well, maybe this is the turning point for the all cryptocurrency market in general and Bitcoin in particular? In any way, even if that is a reversal phase, usually a consolidation period takes place prior to the reversal. Lets summarize… while the huge support area has been reached, price is likely to reverse or consolidate. To claim that trend is reversing is far too early, especially while there are no confirmation of that. Triangle pattern should be watched for break above or below, which might give more insights of further price direction.
BITFINEX:BTCUSD
by CryptalDash
Bitcoin aiming for another 1-Year Low+++++ Push the like "Like" to reveal hidden content +++++ Bitcoin heavy downtrend continues as yet again it reached a new 1-Year low, hitting $4210. Price remains in the support zone of $4375-4044, mentioned in our previous idea (). Market is going through a lot of stress and it will take more time for it to calm down. While the volatility is high, BTC/USD could go even lower, towards the 161.8% Fibonacci retracement level at $4055. At the same time, price spikes might fall beyond the support, potentially reaching $4k and below. Nevertheless, it would be important to pay attention to the daily closing prices throughout coming week/s. Talking about the short term upside potential, Bitcoin could be reaching the $4550 resistance level. This is where the most trading volume occurred over this week, and also confirmed by the 61.8% Fibonacci retracement. Although to have more confidence in the upcoming corrective move upwards, price must break above the 88.6% Fibs at $4700. This is where buyers might show interest in the Bitcoin and push price higher, at least to test the $5k psychological resistance. And finally, if price will break above $5k, the probability of a trend reversal will become much stronger, at least until price stays above $4k level. Support: $4385 $4055 Resistance: $4555 $4646 $4700 $5000
BITFINEX:BTCUSD
by CryptalDash
2
Bitcoin aiming for another 1-Year Low+++++ Push the like "Like" to reveal hidden content +++++ Bitcoin heavy downtrend continues as yet again it reached a new 1-Year low, hitting $4210. Price remains in the support zone of $4375-4044, mentioned in our previous idea (). Market is going through a lot of stress and it will take more time for it to calm down. While the volatility is high, BTC/USD could go even lower, towards the 161.8% Fibonacci retracement level at $4055. At the same time, price spikes might fall beyond the support, potentially reaching $4k and below. Nevertheless, it would be important to pay attention to the daily closing prices throughout coming week/s. Talking about the short term upside potential, Bitcoin could be reaching the $4550 resistance level. This is where the most trading volume occurred over this week, and also confirmed by the 61.8% Fibonacci retracement. Although to have more confidence in the upcoming corrective move upwards, price must break above the 88.6% Fibs at $4700. This is where buyers might show interest in the Bitcoin and push price higher, at least to test the $5k psychological resistance. And finally, if price will break above $5k, the probability of a trend reversal will become much stronger, at least until price stays above $4k level. Support: $4385 $4055 Resistance: $4555 $4646 $4700 $5000
BITFINEX:BTCUSD
by CryptalDash
Bitcoin hitting Massive Long-Term SupportThis week Bitcoin has reached the long-term support, that is 78.6% Fibonacci retracement level at $4387. At the same time it reached the bottom of the descending triangle, and almost tested the 200 Moving Average. Fibonacci, applied to the correctional wave up after breaking the uptrend trendline, is pointing on the $4050 level, that is a 161.8% retracement. This makes the area between the $4050 and $4400 a key long-term support, which might play a very important role in further price development. If support will be respected, BTC/USD upside correction could be expected, aiming at the upper trend line of the triangle pattern. However, downside risk remains and Bitcoin could drop further. It is not a high probability scenario, but definitely should be considered as one of the possible outcomes in the coming future. Weekly break and close below the $4050 most likely will send price down to the $2400-2250 support area, which is confirmed by 88.6% Fibonacci retracement level. It seems the very important factor is that on the weekly chart price has approached 200 Moving Average and Fibonacci support, Indeed it will not be ignored, but potentially already noticed by all market participants. Well, maybe this is the turning point for the all cryptocurrency market in general and Bitcoin in particular? In any way, even if that is a reversal phase, usually a consolidation period takes place prior to the reversal. Lets summarize… while the huge support area has been reached, price is likely to reverse or consolidate. To claim that trend is reversing is far too early, especially while there are no confirmation of that. Triangle pattern should be watched for break above or below, which might give more insights of further price direction.
BITFINEX:BTCUSD
by CryptalDash
Market Panic is a BUY signal?~~~~~ Bitcoin would love you pushing that “Like” ~~~~~ Recent Bitcoin selloff resulted in the massive panic; BTC crashed by 33% during past 6 days, but most of the altcoins have experienced even steeper decline. Such a freewill clearly causing panic among average investors, forcing them to liquidate BTC in order to protect the investment. But what if, this is a trap created by institutions, which first take out all stop losses and then perform a heavy buying? Is this “stop loss kick out” move creates a massive long term buying opportunity? Throughout the history, crashes and uncertain times where the most interesting in terms of buying as well as selling opportunities. Truly, this is a great time for Bitcoin speculation in either direction. The most interesting thing about the panic sell, which BTC is going through, is that these uncertain times are usually when smart money may start coming in. What is important to note is that Bitcoin has reached the bottom of the descending triangle pattern. At the same time price rejected two Fibonacci levels at $4300 area. First, BTC failed to break below the long term 78.6% Fibs, which is located at $4387. Second, price bounced cleanly off the $4300 level, that is a 161.8% Fibs, applied to the June 22 - July 24 corrective wave up. Finally, under the very heavy selling volume, Bitcoin failed to break double Fibonacci support and downtrend trendline. The $4300 area currently represents a very strong support, but still, spikes below should be expected. BTC/USD in the near term future could be spiking towards the $4200 area, although only daily, or even weekly close below the lower trend line of the descending channel could confirm continuation of the downtrend. Upon the breakout, next support is seen at $3k physiological level, followed by the $2400-2600 Fibonacci support area. Of course, considering the heavy downtrend, the probability of continuation usually is higher than correction or a trend reversal. But on the other hand, huge interest in the Blockchain technology might spike at any time once again. For that, we need to look into the potential reversal scenario. At the current stage the bounce off the $4300 support has been very clean, which might result in a correctional move towards the $5200 or even $7780 resistance level. But only break above the $7780 could be taken as first serious Bitcoin declaration of the potential trend reversal. Ask yourself a question; if Bitcoin trend is reversing, what will happen to the price of Altcoins?
BITFINEX:BTCUSD
by CryptalDash
3
Bitcoin historical moment... Will it crash to $1500?><><><>< Click “Like” to support us and unlock more great content ><><><>< Since November 14, Bitcoin has been going through a massive selloff. In 6 days price declined by 32%, while hitting todays’ low at $4411. Price reached the lower trendline of the descending channel and almost tested the 78.6% Fibonacci support level at $4387. The Crash BTC/USD is facing yet another support level, which up until now has been rejected. However, the trend remains very bearish even further drop can be expected. If current support is broken, BTC could go lower, towards the $3k, or even $1.5k level. Potentially, such decline would result in a total loss of 92% since the all-time high. Considering the huge volatility within the cryptocurrency market such scenario can be expected. Trend clues But let's look at the upside potential in this bearish market. Current support is holding, and while price remains above, range trading or a correction to the upside should be expected. In our previous idea $4.8k support level has been mentioned, and it's yet to be seen whether the daily close is above or below it. If BTC/USD will close the day above $4.8k, probability of a range trading or a strong correction will become more likely. Positive scenario Talking above the positive scenario, it would probably take more time for the BTC to reverse, as next Fibonacci cycle indicating on October 2019, that is nearly a year from now. Yes, this is how long it could take for the uptrend to resume. Yet, cryptocurrency market can be very unpredictable and volatile. Considering that, one can assume the probability of a fast reversal, similar to what has happened to the Monero, back few years ago. The idea to the Monero reversal vs Bitcoin comparison can be found down below. Volatility is good The good thing is that the volatility has returned that is positive news for the overall cryptocurrency market. In strong declines such as this one, investors might see opportunities, thus more money will be poured in the cryptocurrency market. This, indeed, could be the reversal moment, but as has been said, it could take a long time before it happens. Bearish scenario Now let's observe the bearish scenario and potential bottom. Based on the Fibonacci time zone indicator, along with the extended descending channel, BTC/USD could go as low as $1500. But if Bitcoin will ever get to this price, it could be truly a long waited buying opportunity for institutional investors. Talking about the timeframe, price would ether move towards that level very slowly, or with the current volatility, could be reached within few weeks or even days! Risk taking Staying cautions and not taking risking big in this market, seems to be one of the optimal ways to go. Having said that, Bitcoin believers might be holding BTC even during big drops, and what’s more, they can even accumulate more. Only time will tell the true outcome, but in this idea, we are happy to share our vision of possible outcomes.
BITFINEX:BTCUSD
by CryptalDash
Bitcoin point of NO Return_____ Hit a “Like” button if you think Bitcoin will eventually hit a new all-time high _____ Bitcoin already trading at the lowest price over the past year. In the last 24 hours, the Cryptocurrency market has been bleeding. Bitcoin already crashed by 14.6% as price moved from $6500 down to the current low at $5500. This is a huge USD1000 drop in a very short timeframe, and the downside momentum might increase even further. Only true believers in Bitcoin would buy it under the current market condition. Obviously it would be an extremely risky choice, although over the long term, keeping the Bitcoin still can pay off. But what if Bitcoin will crash completely? Where is that point of no return? When the risk/reward is optimal? Now we’ll try to answer all those questions. Bitcoin - the King The blockchain technology is getting wide adoption with a massive use case throughout many industries. At the moment it seems there is no chance that it will just disappear, but quite opposite. From the other hand, it is not necessary that Bitcoin will be leading the way, and remain the Kind of cryptocurrencies. Perhaps in the future there will be the “ONE” who will push the great Bitcoin aside. But it does not necessary mean that the price of the Bitcoin will collapse. BTC might not be the most popular cryptocurrency, but it is likely to remain the most trusted one. Point of no return Ok, let's consider the scenario where Bitcoin will loose the status of “most trusted” coin…. Important: Not the blockchain technology, but only the Bitcoin. In this case it would be reasonable to expect capital moving out of BTC to other altcoin/s. Indeed the price of BTC would go through a great suffering, turning the long term uptrend to a long term downtrend. And this could potentially be that scenario of no return. But what is the probability of that happening??? Let us know down in the comments below. Price of interest Now it is reasonable to talk about the risk/reward. No one knows the future, but if Bitcoin will remain the coin of “trust’, the price is likely to increase over the long term. The buying opportunity is there, if thinking of a long term investment. Although to minimize the risk and maximize the reward, traders could be waiting for the lower entry price. Based on the ascending channel and Fibonacci retracement level, strong support level is based near $4800, that is 78.6% retracement. This could be a very interesting point of entry for some investors, but of course a risky one. It’s because if the support is penetrated, Bitcoin could crash even further to test $2.9k level that is 88.6% Fibonacci retracement. At $3k area there might be another hot buying opportunity of the Bitcoin. But if or when it will get that low is a big question. Positive scenario In the near term, the $4.8k support would probably have a lot of attention. If this level will be rejected, uptrend continuation can take place. One of the possible scenarios that BTC will go as high as $40,000, but perhaps only by the end of the next year. In any way, Bitcoin already entered the support area, which is between $4,800 and $5,755. In this area Bitcoin could spend quite a bit of time, nevertheless under the heavy volume there can be some fast and unexpected price movements in any direction.
BITFINEX:BTCUSD
by CryptalDash
2
Bitcoin domination ends now?Following our previous idea on BTC/USD, it continues to trade in the green zone, which was spotted between the $5755 resistance and $4835 support. Long term The long term buying opportunity might have already presented itself, which at any time could invite large institutions to buy the mighty Bitcoin. But at the same time shorter timeframe should be observed more closely. Risk taking Today BTC/USD has tested a new lower low, hitting $5265, where it touched the downtrend tend line for the second time. The nearest resistance has been established at $5755, that is the lowest low, established back on the 24th of June. Clearly the downtrend is dominating and there are no signs of the reversal to the upside. Buying BTC is very risky at this point, nevertheless, there will be those who prefer to take the risk. Bitcoin domination The question is; what is the use case for the Bitcoin in the coming months and years. Back in the January 2018 the transaction cost for BTC was around $10 for BTC, that was nearly the same as a bank wire transfer cost. Also, sometime BTC transactions were taking more than a month for confirmation, that is simply unusable for many businesses. This could have been the starting point of the end of Bitcoin domination in the total market cap. Alternative to BTC Many altcoins provide solution to the BTC speed and transaction const issues. Some offer almost instant transactions with almost free transaction costs. These are the coins that could be adopted more widely in the future, thus taking a huge chunk of BTC market cap. Obviously, in this case, BTC capital could be migrating to other coin/s, which as a result, can bring the new cryptocurrency King dominating the market. BTC downtrend At this point we can only guess if or when this will ever happen, but considering such scenario could push the price of the Bitcoin much lower. Looking at the current state of the BTC price development, trend remains bearish. Nevertheless, there was no clean and confirmed break and close below the $5755 support. Yes, the spike has been produced below the $5755, but only daily close below the $5432 (today’s low) could confirm the downtrend continuation. The support The nearest support is seen at $5133, which his the 161.8% Fibonacci retracement applied to the corrective wave up after breaking the uptrend trendline. Next support is at $4835, which is 78.6% Fibs, as per the previous idea on BTC/USD. Seems that the key support area will be near $4835, while break below this level will rise more questions rather than give any answers, but perhaps it is a little premature to consider this scenario. BTC uptrend On the upside, the resistance is seen at $5755 (previous low), which if broken should push price further, up to $7100 area. This is the 88.6% Fibonacci level, that corresponds with the upper trend line of the descending channel. But all-in-all, price to be expected to range between the $5755 and $4835. Break above the resistance of below the support could shed more lights on further price development.
BITFINEX:BTCUSD
by CryptalDash
Bitcoin pattern similaritiesAfter the 2017 rally, throughout this year, Bitcoin has corrected down by 70%, reaching a USD 6,000 key support level. This support has been rejected multiple times already, and up until now remains a very strong psychological price. For the sake of education, let us compare very similar patterns. 1. One is the reversal patter of Silver, which has started back in April 2011. 2. The second is Monero reversal pattern that occurred in August 2017. Silver rejected the support twice, although third time support didn’t hold, break below followed and the downtrend has followed. Clearly, since June 2018, the Bitcoin patter is different as the support hasn’t been penetrated. Now Monero pattern analysis comes handy. The price of Monero has moved in a very similar way as BTC is moving now. If Bitcoin to continue moving inline with the XMR/USD pattern of 2017, break above the downtrend trendline should be just a matter of time. In that scenario BTC could be trading at $10-20k range before the end of the year. But at the same time, looking Monero pattern, price spiked below the support prior to move up. This was a short term “stop loss kick out” move, which could also be the case for Bitcoin. If this spike will occur, BTC might drop down to $5000 or even $3000 for a short period of time. Overall, staying cautions and waiting for the break above the trendline could be the way to go about buying Bitcoin.
BITFINEX:BTCUSD
by CryptalDash
2
Ripple outperforms Bitcoin by 43%Ripple has been performing very well since it bottomed out on the September 12. The first strong wave resulted in a 181% growth agains the Bitcoin. XRP/BTC skyrocketed from 4068 satoshis low, up to 11465 satoshis high. Nevertheless, the correctional wave down followed, Ripple wend down to the 7k satoshis support area. On the 12th of October price started to move up again, printing higher highs and higher lows. It found the support at 200 Moving Average, bouncing off, breaking 23.6% Fibonacci resistance and reaching 8721 high on the 6th of November. It was a strong 43% gain in just 25 days. After the recent bounce off the Fibonacci support at 7675 satoshis, seems like the uptrend continuation might be the case. This scenario will only remain valid as long as the 7k satoshis support area is holding. XPR/BTC would have a strong probability for more gains, while price is expected to touch on of the Fibonacci resistance levels. First resistance is at 9900 satoshis, that is very close to a strong physiological level at 10k. But break above this resistance, could send price even further up, either towards 11.7k or 13.5k satoshis. First sign of the bullish trend invalidation would be break below the current support at 7675. Then Bitcoin can start winning the battle, sending XRP lower, down to the 7k satoshis support. But only break and close below 7k would imply even more risk for XRP. Perhaps this could be interpreted as a continuation of a downtrend or at the very least a stronger correctional move down.
by CryptalDash
IOTA opportunities explode with Electronic Gian Bosh partnershipOn the November 12, engineering and electronics manufacturer Bosch, has announced about the partnership with IOTA. Here is the actual tweet: twitter.com Bosh is a leading enterprise in regards to the research and development of technology designed for Internet Of Things (IoT). Currently Bosh is integrating its new data collection IoT device with the decentralized IOTA Data Marketplace. IOTA Marketplace is where parties can trade (buy and sell) access to active data streams, through MAM (Masked Authenticated Messaging). MAM is often said to be like a radio, where Only who knows the radio frequency may reach the message. In MAM, only who knows the Channel Key can get access to the data. Also, users can “trust the source and integrity of data even though the identity of the source is masked”. After Bosh announced about the partnership, IOTA has gained more than 5% over the Bitcoin, hitting 79k satoshis. Nevertheless, the growth has been short-lived and price currently stuck close the 200 Moving Average. The recently low at 76k satoshis could prove to play an important role in the short term price development. Daily close below that price, could send IOT/BTC down to the 72-74k support area, confirmed with Fibonacci retracement levels. But, as long as daily close will remain above, IOT can be expected to move higher, especially considering the fact that the 78.6% Fibonacci resistance has been broken. The next upside target is seen at 84-85k satoshis area, which is 61.% Fibonacci. Its worth mentioning that the RSI oscillator broke above the descending channel and found the support at the upper trend line, rejecting it recently. Considering these technical aspects as well as the huge partnership with Bosh, over the medium term price increase should be expected. Having said that, probability that 74k satoshis support area will be re-tested should not be ignored. And finally, if 70k satoshis physiological support is broken, bullish outlook will become much less likely. In that case the downtrend continuation could be the most expected scenario.
by CryptalDash
Tron (TRX) partners with a 3D gaming platform - NewWorld______ Hit a like button to unlock super content ______ Yesterday, Justin Sun made an announcement to the Crypto Community that Tron (TRX) had partnered with NeoWorld. In the tweet he explained how the partnership would work out in the 3D Virtual Reality world created by NewWorld. Here is the link to the tweet twitter.com Partnership NeoWorld is a bockchain based multiplayer online virtual reality world. In this 3D players can explore new frontiers, create skylines, pursue careers, build wealth and so on. The idea of a virtual world brings about the question as to which type of cryptocurrencies can be used. Since NewWorld is similar to the real world, we might not be surprised to learn that TRX can be used to buy and sell land as well as buildings in the virtual world. TRX and Gaming This partnership could be great for Tron, and in some way technical analysis could help to establish the direction of the Tron coin against the cryptocurrency giant – the Bitcoin. In one of our previous ideas we already mentioned about TRX getting involved more and more into the gaming industry. According to that idea, TRX/USD already broke above the resistance, showing potential strength over the USD. () Support Lets analyze Tron against the Bitcoin and see if it also offers any sort of upside potential. TRX/BTC clearly is moving within the ascending channel, where the uptrend trendline is being rejected. At the same time the 38.2% Fibonacci support is holding, as price failed to close below this level (351 satoshis). But it has established a low at 341 satoshis, which is the level to watch at this point. If broken, TRX is likely to drop further, and test 316 satoshis support. Target On the other hand, while the support is holding, TRX trend will remain up. On the 7th of October, TRX/BTC broke and closed above the 200 Moving Average, then corrected down and rejected the Fib support. Price still producing higher highs and higher lows, and considering above-mentioned facts, one can assume the ongoing validity of an uptrend. Nearest upside target is located at 88.6% Fibs, that is 470 satoshis level – a 30% growth potential. Summary Now, as price approached the uptrend trendline again, the volatility might increase, which will either result in a break below the support or continuation of an uptrend. In either case, it is worth following the TRX/BTC price action in the coming days.
by CryptalDash
2
Decred volume skyrocketed after Binance listing announcementLast night Binance has announced a new coin that will be listed on the exchange. The chosen coin was Decred (DCR), that will be added on the 24th of October, that is tomorrow. Here is the twit: twitter.com Right after the news price started to move up as well as the trade volume. Trade volume went crazy, and has reached $9,000,000 from just $850,000. This is over x10 times increase in volume, resulting in a 33% gain in less than 24h period. Such rise has made Decred a top 1 gainer from the top 100 coins in the coinmarketcap.com. Most trade volume came from Bittrex and Huobi, but perhaps it will be shared equally with Binance, once DCR will be added to their listings. All-in-all, the market reaction has been extremely positive on these news. At the same time RSI oscillator showing that Decred is overbought, which could result in a correction down especially after such a strong pump. The upper trend line of the ascending channel has been reached, but not broken, along with the 38.2% Fibonacci retracement - a $50 physiological resistance. If/when todays’ high at $52.4 will be taken out, next stop seems to be $60. Not only this is the next physiological resistance but also an important Fibonacci retracement level - 61.8%. On the way up there is one more obstacle that should not be ignored, that is 50% fibs at $55. Currently, further price increase by Decred is a doubtful scenario, while it could have performed a simple pump and dump maneuver, rather than a healthy demand. DCR/USD might need some time to “think” as to what to do next. Either a correction down to $40 area and then consolidation or a break above the recent high, targeting $60 and beyond? Hopefully, DCR will reveal the plan soon. Support: $43 $38 $33 Resistance: $50 $55 $60
D
by CryptalDash
Bitcoin volatility recovers after hitting 2-year low_____ Hit a like button to view hidden content _____ According to the relative volatility index indicator, BTC volatility recently tested another lowest low. Last time Bitcoin volatility was that low only 2 years ago, in October 2016. It shows an extremely strong accumulation phase, which is currently ongoing. A bullish breakout is something that most cryptocurrency investors are waiting since January 2018, when BTC/USD topped out. Slowly, but steadily Bitcoin is approaching the point where volatility will go ballistic and perhaps this is the time when breakout will occur. Most asking the question as to the direction of the breakout, as there are many concerns regarding the future of the Bitcoin. But at the same time, there are massive amount of optimism in the entire cryptocurrency space. Lets try to have an objective overview of the price development scenarios to be expected. The support On the 8th of September the uptrend trend line has been rejected, where BTC tested $6120 low. At that time it has touched the 88.8% Fibonacci support located at the same price. Obviously, since June, Bitcoin has established a strong support area between $6120 and $5858, while price has bounced off it many times.. The trend As long as support is holding, it would be reasonable to assume that probability of the price moving up is very high. In the worst case scenario BTC/USD will continue to consolidate, extending the accumulation phase. Another point to mention is the break above the 78.6% Fibonacci resistance at $6454, as after the break above, price found there support and produced higher high on the lower timeframe. According to our previous analysis on Bitcoin resistance has been taken out, which adds more points to the probability of an incoming uptrend. Also, Relative Volume Index indicator has reached and bounced off the lower trend line of the descending channel. And finally, RSI is about to break above the triangle pattern. Considering all these facts should help to produce a forecast with relatively high probability. The potential We have determined the probability of an uptrend remains very high at this stage. Therefore, upside targets have to be carefully calculated and studied. Fibonacci, applied to the downtrend trend line breakout, shows that nearest resistance is at $7k, which is 61.8% level. Along with the following 3 Fibonacci resistance levels, they should have a minor impact on the price. The strongest level of interest, that is key resistance, is seen at $9k, confirmed by 2 Fibonacci retracement levels. Slightly higher is yet another level to watch for, that is 88.6% Fibs at $9380. The risk As always, there is certain probability of the establishment of a downtrend. Taking into consideration recent price action, this scenario has low chance of success, although can’ be ignored. If BTC/USD will break below the $6450, price can go down to $6125 - $5858 support area. The invitation for bears would be daily break and close below the $5858, which would apply more pressure on BTC price, potentially dropping it down to $5k area. Summary: Now Bitcoin is looking bullish, as multiple times sellers failed to take over. Although the fight between bulls and bears continues, the probability of an uptrend is higher, as long as $6450 support will hold. The next bull run might be about to start, that can bing BTC up to $9k area. Yet, investors should have a clear strategy for exit in case of an unexpected downside breakout. Key levels Support: $6450, $5858 Resistance: $7000, $9000
BITFINEX:BTCUSD
by CryptalDash
Odyssey is one of strongest coins in 2018 + Top Gainer todayOdyssey completed a successful ICO on the 23 January 2018, raising over $50M in 24 hours. At that time, price was 210 satoshis per coin. On 28 January, ICN topped out, reaching 934 satoshis all-time high. Although the project is very ambitions with an extremely successful ICO, the overall cryptocurrency market trend has changed. All altcoins along with the BTC correction started. Since the all-time high, OCN/BTC went down by 95%, and bottomed out on 14 August, when it reached 43 satoshis low. The uniqueness of the price action is that the OCN started trending up, while most of altcoins were still in a heavy downtrend. What is so attractive about the Odyssey? Basic concept: Odyssey is a decentralized sharing economy and peer-to-peer ecosystem, aiming to complete with and replace the likes of Airbnb and Uber. It is trying replace the concept of private ownership with an economy in which everything is shared and little is owned. As has been mention above, the uptrend has started on the 14 August, and on the 2 October it has topped out, reaching 253 satoshis. This was a 486% gain over the bitcoin, which took 48 days. The correction down followed and OCN/BTC formed a double bottom at 143 satoshis area, where it rejected the 61.8% Fibonacci retracement level. Today price has risen by over 20%, and higher highs and higher lows pattern once again is active. In fact, earlier today Odyssey was a top 1 gainer among the top 100 coins on the coinmarketcap. Seems that the trade volume is picking up again and the long term uptrend continuation is just a question of time. Yet, for a strong uptrend the volume remains very low and OCN could trade near current price for some time, and small pull backs should be expected. But in anyway, the uptrend is valid and price could be reaching one of the Fibonacci retracement levels. First upside target is 127.2% Fibs Second upside target is 227.2% Fibs Third and final upside target is 327.2% Fibs While the uptrend seems to be imminent, the downside risk should always be considered. OCN/BTC has found the support at 61.8% Fibs, and produced a 137 satoshis low. Daily break and close below that level should invalidate bullish outlook resulting in a price drop toward 100 satoshis psychological support area. In a Nutshell: The Odyssey trend remains heavily bullish, and the upside potential is over 160% from the current price. Nevertheless, break below the support (which is unlikely at this point) would invalidate the uptrend. Support: 1. 0.00000140 2. 0.00000100 Resistance: 1. 0.00000284 2. 0.00000400 3. 0.00000514
O
by CryptalDash
Metal is trading at Key Support; 200% - 300% growth potentialBased on our previous MTL/BTC idea, which you can find down below, it has rejected the support and broke above key resistance. Currently key resistance as acting as the support, and if it holds Metal should continue moving higher. Looking at the MTL/USD chart, price has been very inactive during past 3 months, after MTL/USD bottomed out, hitting $0.5 low. Throughout the past tree months, most trading volume has been recorded while MTL was trading near $0.7 level, where currently it is trading. This is the level of support, that might seem to be very attractive for buyers. As long as this support holds MTL uptrend is expected to start, potentially reaching $1.7 - $1.9, and targeting 200 Moving Average, resistance area. At the same time, there are several minor Fibonacci resistance levels, that should be watched either for rejection or a breakout. And finally the $1 physiological resistance could play a very important role in the near-term future. The RSI oscillator broke above the descending channel and corrected down, finding the support on the upper trend line of the channel. This seems to be an indication of an uptrend, although under one condition; current support at $0.7 remains respected. To summarise, MTL is trading at the key level, which could be a decision making price. If current support will hold, uptrend should start. Break below the support could result in further consolidation between $0.5 and $0.7 levels. Support: $0.7 $0.5 Resistance: $1.0 $1.9
BINANCE:MTLUSD
by CryptalDash
Bitcoin Cash heading south while awaiting the Hard ForkIn less than a month, Bitcoin Cash with go through a hard fork that was scheduled for November 15.The network participants involved are said to have commenced their preparations. Mining Initiative SV-Pool, of which Nchain support, provided an update. In particular, they noted that the public can now access the pool. Bitcoin Cash miners will be able to tweak their hashrate to the SV-Pool, enabling them to be paid by what is known as an initial pay-per-last-n-shares (PPLNS) system. Therefore, over the past seven days, SV-Pool has been obtaining near 2.6% of the global BCH hashrate. There are some more news for the BCH; Next, which is a crypto loan platform, added Bitcoin Cash on their platform. Nexo facilitates cryptocurrency holders to borrow from $1,000 up to $2 million. Users will need to lock in their digital assets to gain access to required capital. Once the loan has been repaid, users will then be able to retrieve their assets. Furthermore, Nexo’s assets are fully secured with BitGo, as their custodian partner. After looking at the fundamental part of BCH, lets observe recent price action. BTC/USD trend remains bearish, as it continues to produce lower lows and lower highs. At the same time RSI oscillator rejecting the trend line, which is another confirmation of the downtrend. On the October 21, BCH rejected the $466 resistance which also increases the downside risk. As long as price remains below this resistance, Bitcoin Cash should be expected to test $426 support. If it will not be able to hold the price, next support is based at 127.2% Fibonacci, that is $355 level, where the bearish trend might end. But there is also a bullish scenario that definitely should’t be left without the attention. Break and close above the $466 resistance, can be interpreted positively, inviting more BCH buyers to the market. Then, price is likely to increase towards the resistance at $535. This level seems to play a key role, which might reveal intentions of the price in the coming weeks. Break above will send price higher towards either $592, $650 or $ $750 resistance area. Nexo, a cryptocurrency loan platform, has added support for Bitcoin Cash (BCH). This now makes BCH the 6th token accepted on the platform, as collateral following on from the likes of XRP, LTC, BTC, ETH and BNB. Nexo facilitates cryptocurrency holders to borrow from $1,000 up to $2 million. Users will need to lock in their digital assets to gain access to required capital. Once the loan has been repaid, users will then be able to retrieve their assets. Furthermore, Nexo’s assets are fully secured with BitGo, as their custodian partner.
POLONIEX:BCHUSD
by CryptalDash
4
How far the price of Bitcoin will drop?Today Bitcoin has tested the support at $6280, which previously has been rejected. This is a 427.2% Fibonacci retracement level applied to the corrective wave after the ascending channel breakout. BTC/USD still struggling to break below the support which might result in a consolidation between the $6280 and $6330 levels. While the price is stuck between the support and resistance, trend is considered sideways. Although it is reasonable to wait for the breakout, either above the $6330 resistance or below the $6270 support. Break below the support at this point seems to be more probable, since the trend is clearly bearish. In this scenario, price would reach next Fibonacci retracement level at $6230. But if it breaks above the resistance, more gains can be expected. BTC then could rise towards the $6380 or $6420 level, confided by the 127.2% Fibs, along with the price where the most trading volume had been generated previously.
COINBASE:BTCUSD
by CryptalDash