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Litecoin is the closest candidate for Blockstream Liquid NetworkOn the 10 October, Blockstream has announced that the “Liquid Network” is now live. Blockstream’s first Liquid network is the bitcoin side-chain with almost 23 members. Those members are top rated exchanges, which are capable of undergoing multiple BTC transaction as an extremely high speed. Currently there are only 23 members; however more are expected to be added to the network. The Blockstream’s CSO recently said that the next closest candidate for the Liquid Network is Litecoin. Therefore,, considering the saying “buy the rumors, sell the news”, Litecoin could be starting to head north, which actually might be a strong short term rally. Currently, LTC/BTC is trading at the 327.2% Fibonacci support level, which has been rejected twice. Today price yet again hitting the support level, and so far it is being rejected. If daily and/or 4h closing price will remain above the recent low at btc 0.008116, the Litecon trade reversal might begin. The confirmation of that could be the break above the downtrend trendline and the moving average, along with the RSI breaking the downtrend trendline. Then, price is expected to grow towards btc 0.01, that is 78.6% Fibonacci retracement level and a key psychological round number. But prior to this, the 0.0085-0.0088 area must be watched for breakout, while the next resistance is at 0.0095. While the rumors are positive for the price of Litecoin, that fact is that the short term trend is down. If the current support is broken, price should drop more, hitting one of the next Fibonacci support levels. First is btc 0.0077, second is 0.0073. Overall, the buying opportunity is extremely attractive at this price, with a very high risk/reward ration. But on the other hand it is a risky decision, and perhaps waiting for stronger confirmation of a trend reversal is the way to go. Support: 1. 0.008150 2. 0.007720 3. 0.007300 Resistance: 1. 0.008575 2. 0.008800 3. 0.009550 4. 0.010000
by CryptalDash
Top Performer out of top 300 coins: Quantstamp Quantstamp is creating a decentralized protocol to provide auditing for smart contracts based on the Ethereum network. Basically QSP team gives developers an option to check security of the smart contracts, thus reducing or preventing the vulnerability. In exchange for these services, auditors will receive QSP tokens. The main point of Quanstamp is decentralize the auditing process, making it much cheaper and faster. Based on our previous ETH/BTC idea, as the support is holding, the Ethereum price could have bottomed out already This certainly would help the Quantstamp, making it more attractive for investors. It seems that this tendency has already started, as today price has risen by over 50%. Such a massive gain in a very short time certainly deserves the attention. In fact, Quanstamp is one of the best performing tokens today out of the top 300 coins in the CoinMarketCap. The rise has started today from the 540 sats level, and in just 11 hours QSP was trading at 818 satoshis, where it topped out. The 4h closing price was just below the 38.2% Fibonacci retracement level, thus, it is reasonable to say that the Fib resistance level was rejected. This could provoke QSP traders, especially those who trade short term, to fix the profit and wait for a better price to re-buy the token. In that case, QSP value is likely to drop agains the Bitcoin, as the correction will take place. Price can drop down to one of the support levels, either 23.6% Fibs at 626 or the 550 satoshis, where highest trade volume has been recorded recently. Therefore, a consolidation period is something to expect in the near future. Nevertheless, the upside momentum is strong and if there will be a break and close above todays’ high, QSP might show even more gains. If/when the breakout occurs, price might towards 890, 1000, 1095 or 1175 satoshis resistance levels. All-in-all, the volatility should continue and buyers could become very active near the 550-650 satoshis area. Buying QSP now, could be a risky move, perhaps a good approach is to wait for a breakout above or a confirmed bounce off the support. Support: 1. 0.00000626 2. 0.00000550 Resistance: 1. 0.00000772 2. 0.00000890 3. 0.00001008 4. 0.00001095 5. 0.00001176
Q
by CryptalDash
ZRX is listed on Coinbase Pro - 40% gain over the BitcoinOn the 11th of October, Coinbase has announced that ZRX token will be listed on the Coinbase Pro, although it is not yet available on the Coinbase.com website, Android apps and Coinbase iOS. Market reaction to the announcement was extremely positive, and yesterday 0X has gained nearly 40% against the Bitcoin. Price has risen from 10440, up to 14550 satoshis, where it found the resistance in form of 561.8% Fibonacci retracement level. The resistance has been rejected cleanly and price dropped down fast. Currently, ZRX/BTC is trading at 361.8% Fibonacci support, which was also rejected today, along with the upper trendline of the ascending channel. At this stage, there are no signs of a stronger correction to the downside. Quite the opposite, as the support is holding and the RSI rejecting the uptrend trendline, the upside momentum might get even more traction. With the current price setup, ZRX is expected to move up again towards the 14.5k or even 16.8k satoshis resistance. Price might produce spikes below the 11730 satoshis level, but only close below that price would invalidate bullish outlook. In this scenario, the downside pressure would increase and price could drop down to 161.8% Fib support near 10k psychological support. Support: 1. 0.000120 2. 0.000100 Resistance: 1. 0.000145 2. 0.000168
by CryptalDash
Komodo (KMD) – What makes it great and different?Komodo is a blockchain platform for creating decentralized applications. Some call it a “Blockchain 3.0”, while Bitcoin considered 1.0 version and Ethereum is 2.0. KMD is referred to as the next generation blockchain as its’ capabilities are far beyond of those offered by BTC and ETH. Comparing to the Bitcoin, Komodo should be able to handle a lot more transactions and comparing to Ethereum, where tokens remain tied to the platform, it allows tokens to remain independently with their specific set of laws. This makes Komodo unique, as it offers a new way of freedom in the industry, freedom that has never been given previously. At the time of writing KMD is trading at 18k satoshis, which is 15% higher than just a few days ago. It looks like price is reversing slowly and first indication of a potential trend reversal could be the very high volume over the past 3 days. Additionally, KMD/BTC rejected the 76.8% Fibonacci support level and RSI oscillator rejected the uptrend trendline after which broke above the downtrend trendline. As the trend might be turning bullish, yet price has to start to produce higher highs and higher lows first, which is not the case now. In addition to that, Komodo is facing a strong resistance, formed between the 21k and 23k satoshis (23.6% Fibonacci levels). When/if the resistance is broken, price might start exponential growth, reaching either 31k or 37k satoshis resistance level, that is 100% growth potential over the Bitcoin. However, while KMD remains below the 23k, more consolidation to be expected. And finally, daily break and close below the 14350 satoshis level will likely result in a drop towards the 10k psychological support. To summarize, it could be a very early stage of the Komodo uptrend, although currently, price action does not completely support that assumption. Considering the fact of the increasing trade volume, more volatility yet to come, potentially resulting in a breakout. Support: 1. 0.0001554 2. 0.0001435 3. 0.0001000 Resistance: 1. 0.0002086 2. 0.0002310 3. 0.0003140 4. 0.0003725
by CryptalDash
Bitcoin trade volume jumps to 7-months highToday Bitcoin trade volume at its highest since April this year. Such activity means that large amounts of money are being pumped into the top 1 cryptocurrency, pushing price up. Today BTC has outperformed the USD by 22% as price surged from $6384 up to $7788 high. As per our previous idea (), today BTC/USD has reached the upside target, that is 78.6% Fibonacci resistance level at $7675. The resistance has been reached and rejected along with the uptrend trendline, resulting in a fast correction down by 13.5%. Up until now, price failed to close above the $7k resistance that could result in a consolidation between the $6400 support and $7000 resistance. During the past 5 months, the highest trade volume has been recorded at $6400 level, which currently might play a key role in further price development. As long as the daily close remains below the $7020, BTC is expected to decline towards the support area. But, looking at the upside potential, if today's’ close will be above the resistance, Bitcoin could easily reach the $7675 resistance. If broken, next target will be the $8060, which actually might be the key resistance level to watch. To summarize, while the daily close remains below $7k, price is expected to correct further down to support area. Daily close above the $7k resistance could push price up to the $7675 level. And finally, considering the current price action, range trading is to be expected. To summarize, while the daily close remains below $7k, price is expected to correct further down to support area. Daily close above the $7k resistance could push price up to the $7675 level. And finally, considering the current price action, range trading is to be expected. Support: 1. $6560 2. $6400 Resistance: 1. $7020 2. $7675
BITFINEX:BTCUSD
by CryptalDash
GameCredits (GAME) and the Rise of Gaming Industry in blockchainThe gaming industry has been growing at a very rapid rate in the recent years. Now, with the blockchain technology being widely adopted, gaming might take quite a different shape. In the near future we might see more and more games on the blockchain, making them more accessible, flexible, faster and cheaper and profitable for gamers. Some of the potential benefits are: 1. Ability to purchase games with cryptocurrency. 2. Having the Digital ID and settings, that can be used across multiple games. 3. Buy and sell virtual good for cryptocurrency 4. Run games on a blockchain, without having to install it on your computer. and the list goes on… One of the coins that trying to be a player in the blockchain gaming industry is GameCredits (GAME) - a blockchain-based digital currency widely used by the gaming community. Obviously, the gaming industry is just at the very early stage of “migration” into the blockchain. As the technology is getting more and more adopted by big players, price of gaming related tokes could have a very strong increase in rice over the long-term. Looking at GAME/BTC, it is currently trading at 2624 satoshis, which is almost the same price as exactly 3 years ago. GAME produced an all time high back in June 2017, when it reached btc 0.002. Considering the price at the all-time high and the recent low at 2400 sats, GAME lost to Bitcoin over 98%! Truly a huge drop in price, but it actually might be a signal on a very strong recovery. The price is very low even in relation to the total coin supply. During the past 3 months, GAME/BTC has found a strong support at 2500 satoshis level, which has been rejected 3 times. RSI has formed abolish divergence and the action has started. On the 23rd of September, under the heavy trade volume, price broke above the downtrend. Simultaneously, RSI oscillator uptrend trendline was rejected, while the descending channel broken. Possibly, these are signals of a trend reversal? Of course there is such probability, yet the risk of buying GAME at this stage is very high, but the rewards is also high. If current support will continue to hold, price might start moving up towards the strong resistance at btc 0.0002. Not only this is a 38.2% Fibonacci retracement level, but also a price level where the GAME was traded with the high volume and finally, it is a round number, which is a psychological level of resistance. Therefore, this could be a 700% potential gain overall. On the other hand, if the support is broken, more range trading could take place. Price might even decline further, down to the 1.272% Fibonacci support at 172 satoshis. RSI break below the uptrend trendline, might be the way to recognize the downtrend continuation. As the last point, GAME/BTC has recently retraced down to the Fib support that has been rejected along with the uptrend trendline. Is it a reversal?
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by CryptalDash
1
Moeda Loyalty Points 400% rally could have come to an endBy looking the recent sharp rise in price, the question arises; what is MDA and what has been driving the price up to the current price? Moeda (MDA) is platform for local businesses seed funding. All projects are being selected by Moeda and must meet the UN sustainable development goals. Back in August, MDA/BTC bottomed out at 5367 satoshis, after which price started to move up, breaking the downtrend trendline. At that time, Moeda released the first seed project, which could have been the fuel for the token growth. Up until mid September, price has been rising sharply and has reached 14,000 satoshis high. Then price corrected down, nearly to the previous low, however yet another rally has started on the 7th of October. The second rally has been much stronger, resulting in the exponential increase in price. In just 6 days, MDA/BTC gained over 300%, totaling a 400% growth since August. Today MDA tested a 26,685 satoshis high where it bounced off the 261.8%. As the resistance is holding, Moeda is likely to take some rest and correct down. The nearest support is a 161.8% Fibs at 19k satoshis and price is expected to consolidate between the support and resistance. However, clean daily break and close above the resistance could push price further to the north towards 34.5k sats resistance or even higher. But, considering the fact that RSI is already in overbought condition, it is reasonable to expect the correction. Fibonacci Time Zone show, that the next cycle is starting around 17th of October that could be the decision making time; either to buy more MDA or liquidate the token.
M
by CryptalDash
3
MetalPay giving 40% of the tokens to usersMetalPay (MTL) is a payment system that enables users to transfer fiat or cryptocurrency peer-to-peer, using just a phone number. It is similar to the PayPal and is available to the US users. At the moment it is fart from reaching mass adoption although MetalPay team is making steps to increase the use of MTL token. Yesterday it was announced that Metal will be giving away $18 Million, equivalent in the MTL tokens, to their users. This is a 40% of the total token supply, which will be distributed through the MTL proof of processed payments mechanism. The reaction to this announcement was a 14% drop in price against the Bitcoin. The price dropped from 10,500, down to 9,000 satoshis, where it rejected the 88.6% Fibonacci support. But, at the same time, this fall in price could simply be the trend following of the Bitcoin, which today fell by 4.4%. After the support was rejected cleanly, a correctional move up started. MTL/BTC gained back 11%, reaching today's’ high at 10,000 psychological price. Such a precise bounce off the Fibonacci support level might imply that there is more room for upside correction. Metal token can be heading towards the key resistance at 10,500 satoshis. This is the price where most trade volume has occurred over the past 3 months and also the level where price broke below the uptrend trendline. The key resistance should be an important price level to watch in the near future. If MTL will rejected it, range trading or a downtrend continuation can be expected. But the daily break and close above might be interpreted as the first signal of the beginning of the bullish trend or at least a stronger correction to the upside. On the downside, daily break and close below the 9k satoshis level will invite more short-term sellers, which are likely to push the price down to 8330 satoshis support or even lower. Support: 1. 0.000090 2. 0.000083 Resistance: 1. 0.000105 2. 0.000114 3. 0.000121
by CryptalDash
3
Dash hitting 18 Month Low, ignoring the Mass Adoption.Since September 2018, Dash has reached mass adoption, accepting over 3,600 merchants worldwide. This is an astonishing achievement by the Dash team as the main criteria for cryptocurrency growth is the actual use case. With Dash, it is clear that over the long term price is more likely to increase, rather than continue trending downwards. Just consider the fact of the massive growing adoption potential if Dash will continue to add merchants at this rate. The paradox is that while Dash is getting massive exposure and increasing number of partners, price remains at low levels. It’s like all good news are being ignored by the market and seems like Bitcoin is still dictating the pace to all altcoins. Perhaps when BTC will start producing higher highs and higher lows, Dash will outperform Bitcoin and many other Alts, just based on the current usecase. On the 22nd of August Dash has reached 18 month low, hitting btc 0.02. This is a substantial decline from the all-time high, which has resulted in a 83% loss to Bitcoin. After hitting the low, Dash has moved up and broke above the descending channel, followed by the breakout of the btc 0.03 resistance. However at the btc 0.033 high, RSI oscillator registered a bearish divergence and DASH/BTC entered a consolidation phase. Currently Dash is trading between btc 0.025 support and 0.030 resistance and obviously lucking high trade volume that would enable price to move in any direction. Nevertheless, the btc 0.022-0.025 support area could be price range where trading activity will pick up, and bulls might start buying Dash. However, as the major trend is down, break below the support is possible, making Dash a risky purchase at this time. Watching the trade volume along with the resistance breakout should help investors to determine short and medium term trend. If price breaks below the btc 0.022 support, Dash could fall down to btc 0.01 support area. But, on the other hand, daily break and close above the btc 0.033 resistance could trigger buy limit orders, pushing price up to btc 0.044 or 0.060 resistance level. Support: 1. 0.025 2. 0.022 3. 0.012 Resistance: 1. 0.033 2. 0.044 3. 0.060
by CryptalDash
1
Bitcoin volume increasing, suggesting upcoming breakoutToday Bitcoin is trading under highest volume of the past 19 days, and currently it stands at 27k BTC. Yet, the day is not over and volume might increase even further. Now BTC/USD is testing 78.6% Fibonacci support at $6258, which so far is being rejected. Overall, there is no clear direction established by the Bitcoin, as it remains above the $6000 support. Fibonacci retracement indicator, applied to the uptrend trendline breakout, shows that Bitcoin rejected 38.2% Fibs at $6100 where it produced a double bottom. BTC broke below the short-term uptrend trendline today, although the Fib support remains respected by the market participants. It would be important to see the daily closing price. Close below $6258 would send Bitcoin towards $6000 area once again and break below $6k, might result in price drop towards the $5535 support that is 23.6% Fibs. While daily close remains above the $6258, price is expected to rise towards the $6560, $7020 or $7670 resistance level. A different scenario will most like take place if daily close will be below the $6258. In that case, BTC can continue moving lower, potentially testing $6000 once again. However, break and close below $6k can extend the downtrend towards the $5535 support level that is 23.6% Fibonacci retracement level. In short, there is no clarity on the direction of the Bitcoin, whether, short, medium or a long-term. Nevertheless, as the volume is currently increasing, this tendency is likely to continue and a breakout should be expected. Only time will tell if it is going to break to the downside or the upside.
BITFINEX:BTCUSD
by CryptalDash
NANO stays under pressure, watch key resistanceIn August, Nano had a short-lived rally, which resulted in a 345% growth over the Bitcoin. Although after this rally, price went down, resulting in a 54% correction. Since 12th of September up until today, NANO/BTC hasn’t been very active. Price simply moved around the btc 0.00035 level, where the most trade volume has been concentrated throughout the past 3 months. Looking at the most recent price action, Nano formed a double bottom at 61.8% Fibonacci retracement level, that is btc 0.00032. At the same time Gann Fan trendline was rejected and it seems that NANO could be heading north from this point onwards. But don’t get excited too fast, as more growth from Nano could only be seen if the current support level will be respected by the market participants. If/when NANO/BTC will go below btc 0.003 psychological support, chances of further decline will become very high, and price might fall towards btc 0.00027 or even lower. Perhaps watching the descending cannel for the upside breakout along with the RSI resistance breakout could be that buying trigger. The next resistance level is see at btc 0.00044, price action around which could help to determine further intentions of the Nano coin. At the same time, it is possible that buying orders are waiting to be executed near the btc 0.00027 area, that is 88.6% Fibs. This is obviously a much better price to get some Nano, confirmation of the support bounce will be required, as Nano could also break below the 88.6% fibs and go much lower. Support: 1. 0.000322 2. 0.000300 3. 0.000276 Resistance: 1. 0.000350 (key resistance) 2. 0.000440
N
by CryptalDash
13
TRON will be 200x faster than ETH and 100x cheaper than EOS?On Sunday, 7th of October, Justin Sun (Tron CEO) posted an update on twitter: twitter.com The twit stated that in the upcoming update, Tron would become 200 times faster than Ethereum and 100 times cheaper than EOS. This is a very optimistic clam made by Mr. Sun, but if the claim will become the reality, price of TRX could increase substantially against the Bitcoin. Will “buy the rumor, sell the news” approach will work this time? After the announcement was made, price of TRX/BTC has jumped by 11% within 7 hour period. It has reached the 429 satoshis high, and broke above the 23.6% Fibonacci retracement level. Obviously, since Tron has formed a double bottom at 270 satoshis support, price has been steadily increasing, producing higher highs and higher lows. This is the first sing of an uptrend, which at this stage is likely to continue. Investors should consider the fact that price broke above the Fibonacci resistance, 200 Moving Average and RSI oscillator broke above the resistance line, suggesting an increasing interest in Tron. As any market, Tron is moving in waves and currently it is reasonable to expect a corrective move down, which has already started. The question is how far down price might drop, and whether it will be just a correction or a downtrend continuation. Based on the VPVR trade volume indicator, most trading volume occurred at the price of 330 satoshis, which is also a 61.8% Fibonacci retracement level. It seems logical to expect TRX to correct down towards this level, before and if the uptrend will continue. At the same time this support level should be watched for either the breakout or a rejection, which should give more insight on further price development. To summarize, Tron looks bullish against the Bitcoin, and there is certainly room for growth. But, buying Tron might seem too risky, considering the ongoing downside correction. The support at 330 satoshis should play an important role and will likely indicate where it is heading in the near term future.
by CryptalDash
14
Cardano price prediction by the EOYFor almost 6 months Cardano has been losing its’ value to the Bitcoin. Since may price dropped by nearly 77%, while ADA/BTC moved from 4200, down to 900 satoshis. At that level, ADA found the support at 327.2% Fibonacci retracement level, applied to corrective wave up after the uptrend trendline breakout. The support has been rejected cleanly; in fact, ADA just touched this price once on the 12th of September. Then price went up, hitting 1400 satoshis resistance area. The resistance is very strong as there are multiple technical obstacles preventing the price to go higher. First is a upper trendline of the descending channel, second is the 50 Moving Average and third is the 23.6% Fibonacci retracement level. On the other hand, looking at the RSI oscillator, it broke above the downtrend trendline, where it found the support afterwards. Currently it seems like the RSI is ready to move higher, although price action tells quite the opposite. This brings indecision aspect, where either buying or selling Cardano could quite risky. For ADA to go high, daily close must be well above the 1400 satoshis level, confirmed by the heavy buying volume. And unless the resistance is broken, ADA/BTC price should drop down once again, especially considering the fact that the overall trend is down. In the downtrend scenario, while the resistance is holding, Cardano might produce a double bottom at 900 satoshis level, and if broken, go further down towards the 322 satoshis Fibonacci support. The EOY price will most likely depend on the next move by ADA. Price is likely to stay at the 1k satoshis by the year end, unless there will be a confirmed breakout above the current resistance. In that case, by the 1st of Jan 2019, Cardano could reach 2k satoshis and beyond. Support: 1. 0.00000962 2. 0.00000322 Resistance: 1. 0.00001356 2. 0.00001983 3. 0.00002200
by CryptalDash
1
Binance made all listing fees transparent!According to today’s blog post on official Binace page (medium.com), it was stated that as of today, Binance fees are made completely transparent and 100% of them will go to charity. So how this could affect the price of the Binance coin in the future? Well, transparency is something that gives confidence to the users, thus increasing Binance reputation. In august, Binance CEO Changpeng Zhao said: "Question is not 'how much does Binance charge to list?' but 'is my coin good enough?'" Let’s get back to the price action after the Binance official statement about the fees. Not much action in BTB/BTC price today as coin traded around btc 0.0016 under the low volume. In fact, since 14th of August, Binance coin has been ranging between btc 0.0015 support and 0.00170 resistance. But, what is interesting is that on the 2nd of October price broke above the 50 and 200 Moving Average simultaneously. This might indicate that further upside growth is to come shortly, and whether the btc 0.0017 resistance will be broken or not is yet to be seen. The RSI oscillator broke above the downtrend trendline and the upper trendline of the ascending channel, which also implies BNB/BTC bullish intentions. But on the downside, BNB is forming a Head and Shoulders pattern, although the neckline (btc 0.0015) is still holding. In order for the trend to turn bearish, daily break and close below the neckline is required. Therefore as the price remains above this support, uptrend continuation seems to be more probable. Support: 1. 0.00150 2. 0.00110 3. 0.00090 Resistance: 1. 0.00168 2. 0.00212 3. 0.00265
by CryptalDash
5
The plan to buy BitcoinSince 8th of September Bitcoin has been steadily rising producing higher highs and higher lows, while bouncing off the uptrend trendline. However, on the 28th of September BTC/USD failed to break above the previous high and rejected the 50% Fibonacci retracement level for the second time. Clearly, the resistance has been formed near USD 6,800, but at the same price continues to bounce off the uptrend trendline. Its not a surprise to see price consolidating once again, considering overall cryptocurrency market indecision. The question remains, what to expect next from Bitcoin? Where and when to buy? It seems to be reasonable to make these decisions based on the price activity, occurring under the heavy trading volumes. While the current trade volume is very low, in the past it has been increasing the most when Bitcoin was trading at $6420 price level. This level also corresponds to the 23.6% Fibonacci retracement and still acting as a strong support. The probability that price will get back to this level is high, especially after BTC produced a double top at $6760. Bitcoin might decline towards $6420 - $6260 area unless the recent high at $6.6k is broken. Traders and investors are likely to pay attention to the $6200 area, looking for a buying opportunity. Although to consider buying the Bitcoin, price clearly has to either reject one of the support level or produce a new higher high, breaking and closing above the $6823. To finalize, BTC/USD doesn’t have an established direction for the short and medium turn. The buying opportunity might present itself near $6200, although this could be a risky purchase. On the other hand, breakout approach seems to be a safer way to go. To confirm the decision, one could check the RSI oscillator for the triangle breakout, along with the resistance breakout and high trade volume. Support: 1. $6420 2. $6266 3. $6116 4. $6000 Resistance: 1. $6600 2. $6760 3. $7420
COINBASE:BTCUSD
by CryptalDash
4
ReddCoin (RDD) – market reaction to the ReddID releaseReddcoin is a micro tipping platform for sending tips over the social networks. On the 1st of October ReddCon has announce the release of the ReddID, that has to simplify the process of “social tipping”. The ReddID enables Reddcoin holders to name the wallet instead of using a complex 16 characters jumble. Indeed, this should make the social tipping much faster, easier and user-friendly, but the question is whether Reddcoin will be able to compete in this marketplace. Based on the market reaction, the ReddID wasn’t something very exciting as after the announcement price went down. Lets have a closer look at the chart. On the 1st of October, when the ReddID has been released, price has bounced off the 82 satoshis level, that is 78.6% Fibonacci retracement. Currently RDD/BTC is trading at 61 satoshis, which is 26% lower from the date when ReddID was released. Clearly, not much of a positive reaction by the market participants, but instead a disappointment? The price is approaching 45-55 satoshis support area, which corresponds with the 23.6-38.2% Fibonacci levels and the point where the uptrend trendline has been rejected on the 21st of September. It could be a strong support for Reddcoin, triggering another attempt to go higher. But at this point, as the resistance is holding, RDD might consolidate or even reverse to the downside. Below are the important levels to watch. Support: 1. 55 satoshis 2. 46 satoshis 3. 29 satoshis Resistance: 1. 82 satoshis 2. 112 satoshis 3. 137 satoshis Break above 82 sats or below 46 sats could trigger the next wave. Where? It depends whether it will be the upside or a downside breakout. On the upside, price could reach 137 satoshis. On the downside, price could go as low as 30 satoshis. Based on the Fibonacci Time Zone indicator, most recent wave has started on the 15th of August, while the next wave will start on the 25th of December. As the RSI downtrend was broken, the probability of the uptrend continuation seems to be higher. Therefore, the end of the year could be the end of the current wave upwards, unless the support is broken.
by CryptalDash
5
Ripple is x1000 Faster and Cheaper than BitcoinOn Monday, 17th of September, head of regulatory relations for Asia-Pacific and the Middle East at Ripple made a statement. He talked about the huge progress that is being made on the xRapid product, which should help banks to make transactions much faster with the XRP cryptocurrency. The Ripple price action at that time was very sluggish and it stagnated near the 4k satoshis support for just over a month, from 14th of August up until the 18th of September. XRP has found strong support at 4k satoshis, forming a double bottom as well as the bullish divergence on the RSI oscillator. After the announcement about the xRapid product, price has jumped almost immediately, resulting in 165% growth over the 4-day period. XRP/BTC jumped from 4k area, up to 11k satoshis, although failed to close above 8.5k satoshis key resistance area . The resistance is confirmed by 23.6% Fibonacci retracement level together with the Volume Profile indicator. All-in-all, while the resistance is holding price is likely to consolidate between key support and resistance levels. ------------------------------- Support levels: 1. 6.9k satoshis 2. 5.6k satoshis 3. 4k satoshis (key support) ------------------------------- Resistance levels: 1. 8.5k satoshis (key resistance) 2. 11.2k satoshis 3. 15.7k satoshis ------------------------------- In the near-term future, price action should provide more insight on further direction of the Ripple. Daily Break and close above the 8.5k satoshis resistance might send price up to 11.2k or even 15.7k satoshis resistance level . But on the downside, while the 8.5k resistance is holding, XRP might re-test 7k area and if broken go back down, to the 4k support. Watching RSI oscillator could also help to determine whether XRP will decline or not, as break below the uptrend trendline , could be the first sign of the downtrend continuation. This could be an exciting time for Ripple and I’d like to see your comments and ideas.
by CryptalDash
Bull might push BTC higher!Since Bitcoin reached an all-time high, back in December 2017, the volume has been steadily decreasing along with the price. During the past 9 months Bitcoin has dropped from USD 20,000, down to USD 6,000, losing 70% to the USD. During the past 8 months, BTC/USD has approached 6k support level multiple times, although every attempt to break below has failed so far. On June 18, price went below 6k, where it reached $5,755 and rejected the 78.6% Fibonacci retracement level, along with the long term uptrend trendline. But, the closing price remained above the 6k psychological support suggesting the validity of the long term uptrend. While Bitcoin consolidation phase continues, it is important to watch key psychological support and resistance level. Support: USD 6,000 Resistance: USD 10,000 Bitcoin is trading under the very low volume and low volatility, while price is trapped between 6k and 10k. In order for the price to establish a medium-term trend, price has to break and close above the resistance or below the support, accompanied with the heavy trading volume. Weekly break and close below 6k could push price down to USD 5k, or even USD 3k area. But break and close above the 10k level could result in a very positive price action for Bitcoin, potentially sending it up towards USD 18-20k resistance, or even to the new all-time high. To summarize, RSI oscillator broke above the downtrend trendline, 78.6% Fibonacci support and long-term uptrend trendline were rejected. Such price action does not imply further downside correction, but rather uptrend continuation, at least while the 6k support is holding.
BITFINEX:BTCUSD
by CryptalDash
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