Archive for Cryptocurrencies

Take-off for bitcoin

By Tomasz Wisniewski, Alpari

Last week and this Monday, we’ve have many potential headliners for financial markets. Which should be the main one? Decline on stocks? Rise on gold? Or maybe it should be today’s surge on bitcoin? It’s hard to tell, but in this piece, we will focus on the cryptocurrency.

Bitcoin is a savage; the coin tried to erase the whole monthly drop in one day! BTC received a boost after defending the support at 5,900 USD (yellow) (from a technical point of view). No surprise here as this is the ultimate long-term level, which is crucial for the situation on this instrument. A breakout would be lethal, so the bulls are trying to protect it at all costs. Does that bring us a buy signal? Not yet. We are still beneath the lower line of the descending triangle pattern (blue) and the horizontal resistance at 6,800 USD (orange).

As long as we remain below these, there is no buy signal yet. Only the price closing the day above them will be an invitation to buy. The second half of the European session brought us a drop, which could potentially be very dangerous. A long wick on the daily candlestick is never good, especially when it touches the ultimate resistance.

Source: “Take-off for bitcoin

​ETH/USD SHS Pattern Neckline Break

By Admiral Markets

ETHUSD Daily Chart - Technical Analysis

Source: ETHUSD Admiral Markets MT5 with MT5SE Add-on – Accessed: 15.10.2018 1:55 AM

ETHUSD Weekly Chart - Technical Analysis

Source: ETH/USD Admiral Markets MT5 with MT5SE Add-on – Accessed: 15.10.2018 01:55 AM

The ETH/USD currency pair has formed a head and shoulders pattern. It was an emerging pattern that has now broken to the downside. The breakout occurred below the Pivot Point. The International Monetary Fund has issued its World Economic Outlook for October 2018. Within the report, the IMF makes a notable, but limited warning, regarding cryptocurrencies. That could have been one of the reasons for a continued drop vs fiat currencies, such as the USD. As for the USD – retail sales should be the main news on Monday. This is the earliest and broadest look at vital consumer spending data, and it measures a change in the total value of sales at the retail level. Don’t forget to follow our Forex calendar for all regular updates on the news,economic announcements, forecasts and much more.

Technically, the ETH/USD cryptocurrency has dropped below the neckline of the Head and Shoulders pattern. The price is also below the Pivot Point, so we might see S1 as the first target. If the price retraces to the POC zone (202-211), we could see ‘now moment’ sellers waiting for the next bearish wave move, and the price could drop again. Targets are 176.43, 157.47, and 131.24. Any spike or close above R1 – 221.62 and the bulls might regain control.

Pivot Lines – Weekly Support and Resistance

POC – POC – Point Of Confluence (The zone where we expect the price to react – aka the entry zone)

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

Article by Admiral Markets

Source: ​ETH/USD SHS Pattern Neckline Break


Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.

 

Bitcoin Speculators edged their bearish net positions higher for 2nd week

October 13, 2018 – By CountingPips.comReceive our weekly COT Reports by Email

Bitcoin Non-Commercial Speculator Positions:

Large cryptocurrency speculators added to their bearish net positions in the Bitcoin futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Bitcoin futures, traded by large speculators and hedge funds, totaled a net position of -1,372 contracts in the data reported through Tuesday October 9th. This was a weekly lowering of -75 contracts from the previous week which had a total of -1,297 net contracts.

The speculative bearish bets increased for the second week in a row and for the third time out of the past four weeks.

Meanwhile, the small traders position, which is on the opposite side of this market than the speculators, raised their existing bullish positions this week by an equally offsetting 75 contracts to a current bullish level of 1,372 net contracts.

Bitcoin Futures COT Data is Speculators vs Small Traders

The Bitcoin futures data is in its forty-third week since the start of the cryptocurrency futures data releases on December 19th 2017. The data includes trader classifications of only speculators and small traders and without any commercial traders (typically business hedgers or producers of a commodity).

Speculators started off on the bearish side at the beginning of the bitcoin data releases and have remained there while the small traders have continued to be on the bullish side of this cryptocurrency market.

Bitcoin Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Futures (Front Month) closed at approximately $6580 which was a boost of $70 from the previous close of $6510, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

Article By CountingPips.comReceive our weekly COT Reports by Email

 

Bitcoin Breakdown May Push Prices Below $5000

By TheTechnicalTraders.com

Recent market turmoil across the global stock markets has refocused investors on the concerns of global economics, trade, and geopolitical issues – away from cryptocurrencies.  The biggest, Bitcoin, has been under extended pricing pressure recently and our research team believes Bitcoin will breach the $6000 level to the downside fairly quickly as extended global market downtrends continue.

The premise of our analysis is simple, the factors weighing on foreign investors and Bitcoin investors are that currencies are fluctuating wildly, local stock markets are declining and local economies may be contracting.  All of this operates as a means for investors to turn to a “protectionism” stance where they attempt to protect capital/cash and attempt to limit downside risks.  The fact that Bitcoin has yet to break higher and has continued to fall under further pricing and adoption pressure means those investors that were hungry for the next great rally may be getting tired of waiting for this next move – if it ever happens.  Our belief is that any downside pressure in Bitcoin below $5800 will likely push many crypto enthusiasts over the end and prompt them to sell out before prices attempt to move down further.

Our research team believes a deeper downside price rotation is setting up in Bitcoin that will push prices below the $5000 level before the end of this year.  The uncertainty of the global equities markets are creating an environment where cryptos have simply lost their appeal.  There has been no real substantial upside price move over the past 6+ months and the FLAG formation setting up is a very real warning sign that the eventual breakout move could be very dangerous.

Additionally, when we add our proprietary Advanced Learning Cycle system to the research, which points to much lower price rotation over the next 30+ days, we begin to see the very real possibility that Bitcoin could fall below $5000 very quickly and potentially target $4000 as an ultimate low.

As much as we would like to inform our followers that we believe Bitcoin will rally back to $18k fairly quickly, that is simply not the case.  All of our indicators are suggesting that Bitcoin will fall to below $5000, and possibly towards $4000, before any real support is found.  If you are a bitcoin believer, be aware that you may have a substantial opportunity to use your skills at this price swing plays out.  Looking to buy back in near $4000 is much better than trying to hold for an additional $2000 loss.

Visit TheTechnicalTraders.com to learn more about our research team and resources to help you become a better trader.  Be prepared and build your skills to target greater success with our dedicated team.  Read some of our other research to see for yourself how well we’ve been calling these recent market moves.  Isn’t it time you invested in your future success?

Chris Vermeulen

 

 

Fibonacci Retracements Analysis 12.10.2018 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, after completing the descending impulse, BTCUSD is testing the low. If the instrument breaks it, the price may fall to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 5834.00 and 5664.00 respectively. The resistance level is at 6822.00.

BTCUSD1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair is being corrected upwards and heading towards the retracements of 38.2%, 50.0%, and 61.8% at 6266.26, 6321.02, and 6374.00 respectively. If the price breaks the low at 6091.10, the instrument will continue trading downwards.

BTCUSD2
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, ETHUSD has broken the consolidation range in the form of the Triangle pattern to the downside. The short-term target is the low at 166.85. If the instrument breaks this level, the price may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 134.20 and 113.30 respectively. The resistance level is at 254.14.

ETHUSD1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair is being corrected and heading towards the retracements 38.2%, 50.0%, and 61.8% at 200.16, 204.65, and 209.35 respectively. If the price breaks the low at 184.38, the instrument will continue falling.

ETHUSD2
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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.

Bitcoin Speculators raised their bearish net positions this week

October 6th 2018 – By CountingPips.comReceive our weekly COT Reports by Email

Bitcoin Non-Commercial Speculator Positions:

Large cryptocurrency speculators increased their bearish net positions in the Bitcoin futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Bitcoin futures, traded by large speculators and hedge funds, totaled a net position of -1,297 contracts in the data reported through Tuesday October 2nd. This was a weekly lowering of -124 contracts from the previous week which had a total of -1,173 net contracts.

Speculative traders added to their bearish bets this week after shedding bearish bets last week to the lowest since the start of Bitcoin futures trading.

Meanwhile, the small traders position, which is on the opposite side of this market than the speculators, increased their existing bullish positions this week by an equally offsetting 124 contracts to a current bullish level of 1,297 net contracts.

Bitcoin Futures COT Data is Speculators vs Small Traders

The Bitcoin futures data is in its forty-second week since the start of the cryptocurrency futures data releases on December 19th 2017. The data includes trader classifications of only speculators and small traders and without any commercial traders (typically business hedgers or producers of a commodity).

Speculators remain on the bearish side as they have since the beginning of the bitcoin data releases while the small traders have continued to be on the bullish side of this cryptocurrency market.

Bitcoin Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Futures (Front Month) closed at approximately $6,510 which was an uptick of $155 from the previous close of $6,355, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

Article By CountingPips.comReceive our weekly COT Reports by Email

Fibonacci Retracements Analysis 05.10.2018 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, after reaching the retracement of 50.0%, BTCUSD has started consolidating in the form of the Triangle pattern. If the instrument breaks this pattern to the upside, the price may grow to reach the retracements of 61.8% and 76.0% at 6911.00 and 7093.00 respectively; if to the downside – trade downwards to test the low at 6102.20.

BTCUSD1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair is trading between the support and resistance levels at 6411.10 and 6755.65 respectively.

BTCUSD2
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 the retracement of 23.6%, ETHUSD started consolidating in the form of the Triangle pattern and has already reached the retracement of 50.0%. If the instrument breaks this pattern to the downside, the price may continue falling towards the next downside targets, which may be the retracements of 61.8% and 76.0% at 200.45 and 187.75 respectively; if to the upside – trade upwards to break the high at 254.14 and then the retracement of 38.2% at 300.00.

ETHUSD1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair is trading between the resistance and support levels at 233.70 and 210.60 respectively.

ETHUSD2
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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.

deVere CEO at Malta Summit: ‘Call out crypto demagogues and cynics’

By George Prior

The cryptocurrency and blockchain sector must now actively call out crypto demagogues, do more to prove crypto cynics wrong, and push for regulation.

This was the bold and controversial message in the address to The Delta Summit, Malta’s official blockchain and digital event, by Nigel Green, the founder and chief executive of deVere, one of the world’s largest independent financial advisory organizations.

In his rallying speech, he namedropped U.S. President Donald Trump; cybersecurity expert, John McAfee; and legendary billionaire investor, Warren Buffett.

Speaking to the press after his Delta Summit address, Mr Green noted: “Cryptocurrencies and blockchain technology have taken the world by storm.

“This is because they have the enormous, real potential to improve society, how we handle money, how we do business, and how we govern ourselves.

“But for this potential to be fully realised, we need to build trust.  Building trust is one of the biggest challenges facing the industry.”

He continued: “Trust in the sector is routinely compromised by crypto demagogues who make wild and unsubstantiated claims and who sell themselves out to the highest bidder, regardless of facts and consequences.

“Trust in the sector is also under attack by crypto cynics.  These are those high-profile financial traditionalists and institutions, who are likely to either have vested interests in maintaining the status quo or have no understanding and/or no desire to understand the unprecedented shift taking place right now.

“Their dismissiveness must be proved misguided by showing them that these hugely exciting, far-reaching developments are legitimate, here to stay and are beneficial.

“In addition, a sound and enforceable regulatory framework will enhance trust by giving investors even more confidence and protection.”

“In short, the cryptocurrency and blockchain sector must now actively call out crypto demagogues, do more to prove crypto cynics wrong, and push for regulation.”

Mr Green concluded: “There is already a huge and continually growing appetite for cryptocurrencies and blockchain.

“People across the world are increasingly looking for alternatives to fiat money, traditional financial services, and centralised agencies and governments – and this sector answers that demand.

“As such, once we have established trust, the environment will be ripe for the phase of mass adoption and investment.”

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.

deVere CEO ahead of Malta summit: FOMO will drive Bitcoin higher this year

By George Prior

FOMO (the Fear Of Missing Out) will drive the price of Bitcoin and other cryptocurrencies higher before the end of the year, affirms the CEO of one of the world’s largest independent financial advisory organizations.

The observation from Nigel Green, founder and chief executive of deVere Group, comes ahead of his address this week at the DELTA Summit, Malta’s official blockchain and digital event.

He notes: “It’s a real honour to be in the line-up at this prestigious summit alongside not only the Prime Minister of Malta, Joseph Muscat, who is a prominent advocate of cryptocurrencies, but also some of the highest-profile and most influential figureheads in the fintech, blockchain, cryptocurrencies and digital sectors.

“Thanks to the progressive, forward-thinking and truly ground-breaking approach of the Maltese government regarding blockchain and digital currency regulation and legislation, Malta has positioned itself to be a global leader in these ever-expanding markets.”

He continues: “I have long shared the view stated by Prime Minister Muscat at the UN General Assembly over the weekend that cryptocurrencies are the ‘inevitable future of money,’ and I welcome his public championing of this increasingly vital sector.

“It promises to be a landmark event that not only celebrates and galvanizes Malta’s position as a pioneering blockchain and cryptocurrency country, but one that celebrates the sector itself.”

Mr Green goes on to say that: “Bitcoin and other cryptocurrencies are, I believe, on the verge of a true global breakout.  This is largely due to ‘FOMO’, the fear of missing out.

“Adoption is increasing all the time. This is evidenced not only in the financial sector, in which major banks are increasingly looking at blockchain and crypto, but with big names within the tech and retail sectors too.

“I feel that there’s a growing sense amongst institutions that unless they embrace this sector, their competitors could move way out in front and they might find it difficult to catch up.  This is especially true as the public – their customers – are increasingly eager to explore the opportunities themselves.”

Mr Green concludes: “I’m not sure we’ll see the stratospheric rise in cryptocurrency prices that we experienced at the end of 2017. However, with growing acceptance that that they are indeed the future of money, I believe that the environment is now right for an upswing before year-end.”

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.

Bitcoin Speculators reduced their bearish net positions this week

Sept. 29, 2018 – By CountingPips.comReceive our weekly COT Reports by Email

Bitcoin Non-Commercial Speculator Positions:

Large cryptocurrency speculators trimmed their bearish net positions in the Bitcoin futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Bitcoin futures, traded by large speculators and hedge funds, totaled a net position of -1,173 contracts in the data reported through Tuesday September 25th. This was a weekly lift of 145 contracts from the previous week which had a total of -1,318 net contracts.

The reduction in bearish bets puts the current speculator position at the lowest bearish level since Bitcoin futures started trading in December of 2017. Speculators have now cut back on their bearish positions for three out of the past four weeks and for five out of the past seven weeks.

Meanwhile, the small traders position, which is on the opposite side of this market than the speculators, decreased their existing bullish positions this week by an equally offsetting -145 contracts to a current bullish level of 1,173 net contracts.

Bitcoin Futures COT Data is Speculators vs Small Traders

The Bitcoin futures data is in its forty-first week since the start of the cryptocurrency futures data releases on December 19th 2017. The data includes trader classifications of only speculators and small traders and without any commercial traders (typically business hedgers or producers of a commodity).

Speculators started off on the bearish side and have continued to be that way since the beginning of the bitcoin data releases while the small traders have continued to remain on the bullish side of this cryptocurrency market.

Bitcoin Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Futures (Front Month) closed at approximately $6,355 which was a gain of $80 from the previous close of $6,275, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

Article By CountingPips.comReceive our weekly COT Reports by Email