Archive for Cryptocurrencies

Fibonacci Retracements Analysis 06.12.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the daily chart, after finishing a quick correctional impulse, BTCUSD is forming a new descending wave, which has already reached 61.8% fibo and may start a new short-term correction to the upside. After completing it, the pair may resume falling towards the target at 76.0% (5700.00). At the same time, there is a convergence on MACD, which may indicate a more significant correction after the price reaches the target. The key mid-term downside target is the low at 3121.90. The resistance is 38.2% fibo at 9758.00.

BITCOIN
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H4 chart shows more detailed structure of the current local correction. By now, the pair has managed to reach only 23.6% fibo, but may later continue growing towards 38.2% and 50.0% fibo at 8050.00 and 85.26.50 respectively. If the price breaks the local support at 6525.00, the correction will be over.

BTCUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

ETHUSD, “Ethereum vs. US Dollar”

As we can see in the daily chart, the downtrend has reached 76.0% fibo; right now, ETHUSD is expected to start a new correction. The resistance is 61.8% fibo at 189.00. After completing this short-term pullback, the instrument may continue falling towards the post-correctional extension area between 138.2 and 161.8% fibo at 134.50 and 123.70 respectively, and then the psychologically-crucial at 100.30.

ETHEREUM
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H4 chart shows more detailed structure of the current correction, which has already reached 38.2% fibo. Later, the price may continue growing towards 50.0% fibo at 165.47. the support is the low at 132.02.

ETHUSD

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Crypto haters’ Bitcoin cynicism is placing them on the wrong side of history

By George Prior

The price of Bitcoin has dropped in recent weeks, but cryptocurrencies are redefining and reshaping the financial system and their influence is growing. Denying this puts you on the wrong side of history.

This is the unequivocal message from the founder and CEO of one of the world’s largest independent financial advisory organizations.

Nigel Green, chief executive of deVere Group, is speaking out as the price of Bitcoin, the largest cryptocurrency by market cap, has fallen 6 per cent since the beginning of the month, prompting many critics to launch tirades against digital money.

Indeed, on Tuesday NYU Economist Nouriel Roubini declared there to be a ‘total crypto-apocalypse.’

Mr Green comments: “Many crypto critics are becoming radicalized in their attacks.

“The reality is that there are peaks and troughs in all financial markets, the cryptocurrency market is not – and should not be – any different.

“Yet each time there is a dip in the market or a bout of volatility in cryptocurrencies, the crypto haters declare that digital currencies are finished – only for them to subsequently experience a rally.

“The same people do not make such extreme and unfounded statements with most other financial markets. I would suggest that most people saying these things do not understand the crypto sector as it is relatively young and/or have vested interests in older, traditional ones.”

He continues: “However, whether they like it or not, dyed-in-the-wool financial traditionalists need to accept that cryptocurrencies are here to stay.

“The world has changed in three significant ways that support the rise of cryptocurrencies.

“First, technological advancement. We are adopting more and more technology into our lives.  And the rate at which we’re doing so is increasing rapidly.

“Second, political shifts. There is an appetite, a huge and growing one, for currencies that are not controlled by central banks and governments.  Supporters believe that these digital currencies are part of the antidote to what they see as the ills caused by the traditional system.

“And third, globalization.  We’re all becoming increasingly interdependent and internationally-minded, and this, when harnessed properly, is an immensely positive force for trade, commerce and prosperity across the world.”

The deVere CEO concludes: “Temporary market dips or bouts of volatility can have negative outcomes, but to believe they are necessarily and entirely negative is misguided.

“In the crypto market, as in all financial markets, movements of this nature create important buying opportunities and can be capitalised upon by investors for their long-term financial gain.  Using them effectively can be a very rewarding strategy.

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement

The Most Bitcoin-Friendly European Countries

By Michael Kuchar

Every country in the world has their own opinion when it comes to cryptocurrencies. Some countries have wholeheartedly accepted blockchain technology and cryptocurrencies, while others shun it. India for example, has banned the use of cryptocurrencies altogether! There are some countries which happily embrace Bitcoin, and recognize the many benefits it can bring, while others are not ready to adapt the cryptocurrency yet (or probably never!). Bitcoin is the most popular cryptocurrency out there, and there is no question that its popularity will continue to grow with time.

Funnily enough, 10,000 Bitcoins were worth the equivalent of two Papa John’s pizza on the 22nd of May, 2010, and Bitcoin is worth $7,118 as of the 25h of November, 2019! If we look at Europe as a continent, several European countries have adopted Bitcoin, and Europe has a positive approach overall, when it comes to Bitcoin and the possible Bitcoin revolution that might come with it. In fact, several Governments have legalized Bitcoin and other cryptocurrencies. Which are the most Bitcoin-friendly European countries though? Let’s find out!

  1. Malta

Known as the ‘Mecca of Gambling’, no wonder Malta has emerged as the most Bitcoin-friendly European country! It makes perfect sense, as Bitcoin, and other cryptocurrencies are making an impact in the gambling sector. Malta has emerged as one of the most progressive cryptocurrency countries in Europe, and hosts several blockchain-related events, and summits. Malta has formed the Malta Digital Innovation Authority (MDIA), to welcome blockchain and cryptocurrency businesses to the fore – to setup projects and establishments in Malta.

  1. Estonia

The home of the popular app Skype, Estonia is a Northern European country that embraced Bitcoin much earlier than several other countries in Europe. The Government of Estonia is a keen supporter of Bitcoin, and its applications, as well as blockchain technology as a whole. As blockchain technology is expanding to several sectors, including health and tourism, the Government of Estonia wants to use Bitcoin to their advantage – in health care and banking.

In fact, Estonia also plans on developing their own cryptocurrency in the future, as is the case with some other countries around the world. In a practical move to say the least, and profits obtained on Bitcoin in Estonia are taxable. This essentially means that these deductions are pumped back into the Government.

  1. Switzerland

Switzerland too, has fully embraced blockchain technology, cryptocurrencies, and foremost, Bitcoin. As Switzerland is not a part of the European Union, it gives them an edge over other countries. The Government is pro-Bitcoin, and this has led to some dubbing the country ‘CryptoValley’. Several top blockchain and Bitcoin companies find their home in the beautiful country of Switzerland. The country is also a haven for traders, if they are willing to pay capital gains tax that is (another smart strategic move!). Do not forget to gorge on Swiss chocolate when you are in Switzerland!

  1. Belarus

Belarus as a country are big believers in cryptocurrencies, blockchain technology, and most importantly, Bitcoin. They legalized Bitcoin and some other cryptocurrencies in 2017, when Bitcoin peaked in price and popularity. The step was taken by the President of Belarus, Alexander Lukashenko, and it has paid dividends. Proving to have been a right move, Belarus openly encourages cryptocurrency-based businesses to set up camp in Belarus, and start/expand their businesses.

What’s more, unlike some other countries mentioned on this list, mining, trading and capital gains are tax-free until 2023! Belarus presents the perfect opportunity to pitch up in the country, if you own a cryptocurrency-based business, or plan on starting one soon. This also sets it up nicely to be placed higher on the list, in years to come.

  1. Slovenia

Slovenia is a Central European country, which is home to several respected Bitcoin exchanges. Its exchanges have put it on the radar of many cryptocurrency enthusiasts and experts. In fact, a town in Slovenia called Krani, is home to the world’s first Bitcoin monument, such is the Bitcoin frenzy in Slovenia. This goes on to show how appreciated the coin is in the country, and its acceptance. The Government has been pushing on the message that they are Bitcoin-friendly, since 2017. Slovenia is open to welcoming cryptocurrency start-ups and cryptocurrency-based businesses. Slovenia aims at being a blockchain leader, and they are certainly on the right track.

Conclusion on the most bitcoin-friendly European countries

Bitcoin is more likely than not to be accepted in a whole host of other European countries in years to come. Once touted as a bubble which will not survive the trial time presents, blockchain technology has stood tall, with Bitcoin standing as its proudest exponent. As of now, the above mentioned countries are the most Bitcoin-friendly European countries, but I wouldn’t bet on this remaining the same in the future! With the rise in blockchain powered movements and projects, like a Veganism-based ecosystem, expect more countries to jump aboard the cryptocurrency wagon.

About the Author:

Michael is an experienced financial trader using Forex, Commodities and Cryptocurrencies. In addition to trading, he runs businesses, trains traders and develops trading technology products. His other passions are boxing and traveling.

Fibonacci Retracements Analysis 22.11.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the daily chart, after a quick correctional impulse, BTCUSD is forming a new descending wave to break the local low at 7302.00. The next downside targets may be 61.8% and 76.0% fibo at 7220.50 and 5710.00 respectively. The key mid-term downside target is the low at 3121.90. the resistance is 38.2% fibo at 9760.00.

BTCUSD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H4 chart, after breaking the low at 7302, the pair may continue falling towards the post-correctional extension area between 138.2 and 161.8% fibo at 6070.00 and 5319.00 respectively.

BITCOIN_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

ETHUSD, “Ethereum vs. US Dollar”

As we can see in the H4 chart, the pair has completed the correction at 61.8% fibo. Right now, the price is trying to break the low at 152.28 and reach 76.0% fibo at 148.60. if it succeeds, the instrument may continue falling towards the post-correctional extension area between 138.2 and 161.8% fibo at 134.50 and 123.70 respectively.

ETHUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart may show that the pair won’t stop falling in the nearest future, but it’s only at first glimpse. In fact, the price is already slowing down while getting close to the low at 152.28.

ETHEREUM_H1

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Fibonacci Retracements Analysis 15.11.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, BTCUSD is still correcting downwards. By now, it has already broken 61.8% fibo and may continue falling to reach 76.0% fibo at 8080.50. However, if later the price continues its decline towards the low at 7302.00, this correction may transform into a new descending wave. So far, the main scenario implies that the market may complete the current correction and resume growing towards the high at 10521.60, and 50.0% and 61.8% fibo at 10572.00 and 11350.00 respectively.

BTCUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, there is a convergence on MACD while the pair is testing 61.8% fibo. Probably, it might be a turning period, but in order to reverse, the price must test the local resistance at 50.0% fibo (8912.00).

BITCOIN
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

ETHUSD, “Ethereum vs. US Dollar”

The daily chart shows the sideways correction. The pair is trying to reach 23.6% fibo at 202.25, but hasn’t been able to do it so far. After reaching this level, ETHUSD may continue moving towards the next upside target at 38.2% fibo (233.00). However, if later the price breaks the low at 152.28, the mid-term correction may continue towards 76.0% fibo at 148.50 and then this year’s low at 80.86.

ETHUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H4 chart shows more detailed structure of the current correction after the rising impulse. The correction is taking the form Triangle pattern and has already reached 50.0% fibo. In case of further decline, the next targets will be 61.8% and 76.0% fibo at 170.55 and 164.00.

ETHEREUM

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Fibonacci Retracements Analysis 08.11.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the daily chart, BTCUSD is still correcting in the form of Triangle pattern. The previous impulse itself is the first part of the mid-term correction that started after the convergence. By now, the impulse has already reached 38.2% fibo. Later, the market may complete the current correction and resume growing towards the high at 10521.60, and 50.0% and 61.8% fibo at 10578.00 and 11345.00 respectively.

BTCUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the current correction Triangle pattern is a descending one, which means that the decline may yet continue. By now, the pair has already reached 50.0% fibo. The next downside target may be 61.8% fibo at 8532.00. The resistance is the high at 10521.60.

BITCOIN
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

ETHUSD, “Ethereum vs. US Dollar”

As we can see in the H4 chart, after reaching 50.0% fibo, ETHUSD is correcting upwards. If the price breaks the high at 198.94, the mid-term correction may continue towards 76.0% fibo at 207.04. However, if the price fails, the instrument may start a new descending wave towards 61.8% and 76.0% fibo at 170.60 and 164.00 respectively.

ETHUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the instrument is forming a new short-term descending wave with the closest target at 61.8% fibo at 170.60.

ETHEREUM

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Fibonacci Retracements Analysis 01.11.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the daily chart, after finishing the ascending impulse, BTCUSD is correcting. The impulse itself is a part of the mid-term correction that started after the convergence. By now, the impulse has already reached 38.2% fibo. Later, the market may complete the current local correction and resume growing towards 50.0% and 61.8% fibo at 10578.00 and 11345.00 respectively. the support is at 7302.00.

BITCOIN
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair is correcting downwards and has already reached 50.0% fibo. The next downside target may be 61.8% fibo at 8532.00. The resistance is the high at 10521.60.

BITCOIN
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

ETHUSD, “Ethereum vs. US Dollar”

As we can see in the H4 chart, after falling and trying to test the low at 152.28, ETHUSD started a new rising impulse, which has already tested 61.8% fibo. The next upside target is 76.0% fibo at 207.04. however, if the price breaks the low, the instrument may continue falling towards 76.0% fibo at 148.60 and then the post-correctional extension area between 138.2% and 161.8% fibo at 135.30 and 124.40 respectively.

ETHEREUM_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the instrument is correcting in the form of Triangle after completing the rising impulse and has already reached 50.0% fibo. The next target is 61.8% fibo at 170.60. The resistance is the local high at 198.94.

ETHEREUM_H1

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Will Bitcoin hit $12,000 by the end of the year?

By George Prior

Bitcoin will experience a breakout and hit $12,000 before the end of the year if it remains above the $8,500 support this week, predicts the CEO of a $12bn financial giant.

The prediction from Nigel Green, the chief executive of deVere Group, one of the world’s largest independent financial advisory organisations, comes after the world’s largest cryptocurrency experienced a 20 per cent price surge over the weekend.

Mr Green comments: “Bitcoin has registered some impressive gains over the last 48 hours after being in a lull period in recent weeks.

“As of now, it has defied the so-called Death Cross – a bearish pattern that takes place when the 50-day moving average falls below the 200-day moving average.

“The $8,500 support has previously acted as a crucial support for Bitcoin. I believe that if Bitcoin bulls can keep the price above this over the next week, the world’s dominant cryptocurrency will experience a breakout and will hit $12,000 before the end of the year.”

He continues: “This latest surge in Bitcoin was triggered by China’s President Xi calling the adoption of blockchain – the technology on which cryptocurrencies run – an important breakthrough for independent innovation of core technologies.

“This is a clear signal that the leader of the world’s second-largest economy is moving towards embracing the technology – in which Bitcoin plays a vital part – and therefore taken as a positive boost for the whole digital currencies sector.

“Perhaps quite sensibly, investors could not ignore the comments and sentiment expressed by President Xi and reacted by increasing exposure to Bitcoin.

“It also comes as China is said to be developing its own national digital currency, which is further proof that in some form or another, digital currency is the future.”

He adds: “As history teaches us, it’s likely that momentum, perhaps partly driven by FOMO (the Fear Of Missing Out), will now pick-up pace again in the cryptocurrency sector.  Should this be maintained this week, I’m confident it will take Bitcoin to $12,000 before the start of 2020.

“The crypto momentum will also be driven by underlying fundamentals that will come back into focus.

“These include geopolitical issues – such as the U.S.-China trade war and the chaos of Brexit – and the global economic slowdown. These are encouraging exposure to decentralised, non-sovereign, secure digital currencies.

“Also, the technical network improvements that have further enhanced the performance of cryptocurrencies, as well as the forthcoming 2020 Bitcoin halving will also fuel price gains.”

The code for mining Bitcoin halves around every four years and the next one is set for May 2020. When the code halves, miners receive 50 per cent fewer coins every few minutes.  History shows that there is typically a considerable Bitcoin surge resulting from halving events.

“But perhaps the most important one is that public awareness is consistently growing. Cryptocurrencies, and in particular Bitcoin, are increasingly part of mainstream finance.

“This is evidenced not only in the financial sector, in which all major banks are increasingly looking at blockchain and crypto, but by the growing interest of governments and institutions, plus the major players within the tech and retail sectors too.”

Nigel Green concludes: “$8,500 is a key support for Bitcoin.  Should the Bitcoin price stay above this level, positive sentiment will be amplified, and we would see near year-highs.”

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement

Fibonacci Retracements Analysis 25.10.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the daily chart, the descending tendency continues. After completing the short-term correction, BTCUSD started a new descending impulse, which has almost reached 61.8% fibo at 7215.00. Later, the price may continue trading towards 76.0% fibo at 5700.00. However, the key mid-term target is the long-term low at 3121.90. The previous impulse has moved the resistance, which is currently at 50.0% fibo at 8500.00.

BITCOIN_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair is correcting sideways; right now, it is moving between the local low at 7302.00 and 23.6% fibo at 7550.00. In the future, the instrument may yet continue the correction towards 38.2% and 50.0% fibo at 7700.00 and 7825.00 respectively, but it’s highly unlikely.

BITCOIN_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

ETHUSD, “Ethereum vs. US Dollar”

As we can see in the H4 chart, after finishing the correction, ETHUSD started a new decline, which has almost reached the low at 152.28. If the price breaks the low, the pair may continue trading towards 76.0% fibo at 148.60 and then the post-correctional extension area between 138.2% and 161.8% fibo at 135.30 and 124.40 respectively.

ETHEREUM_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the instrument is correcting upwards and has already reached 38.2% fibo. The next upside target is 50.0% fibo at 165.56. the support is the local low at 153.00.

ETHEREUM_H1

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Fibonacci Retracements Analysis 18.10.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, after reaching 38.2% fibo, BTCUSD has started a new decline towards the low at 7675.00. if the price breaks it, the instrument may not only fall to reach mid-term 61.8% fibo at 7350.00, but also enter the post-correctional extension area between 138.2% and 161.8% fibo at 7373.00 and 7134.00 respectively. The resistance is the high at 8809.00.

BTCUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair is steadily trading downwards to reach the low 7675.00.

BITCOIN
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

ETHUSD, “Ethereum vs. US Dollar”

As we can see in the H4 chart, the correctional uptrend has reached 61.8% fibo; after testing the resistance, the pair has started a new decline along it. The closest downside target is the local low at 152.28. After breaking it, this decline may be heading towards mid-term 76.0% fibo at 148.60.

ETHEREUM
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the instrument is forming a stable downtrend.

ETHUSD

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.