Archive for Cryptocurrencies

Fibonacci Retracements Analysis 21.06.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After breaking its previous high, BTCUSD has moved into the post-correctional extension area between 138.2% and 161.8% fibo at 9720.00 and 10110.00 respectively. The next upside target may be mid-term 50.0% fibo at 10170.00. The key support is at 7435.10. At the same time, there is a divergence on MACD, which may indicate a trend reverse.

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

The H1 chart shows more detailed structure of the current uptrend.

Bitcoin_Анализ по Фибоначчи
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 is about to reach its significant high at 288.82. If the price breaks it, the instrument may continue growing towards the post-correctional extension area between 138.2% and 161.8% fibo at 313.00 and 327.50 respectively. The support is the low at 226.56.

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

In the H1 chart, the pair is getting closer to the high at 288.82. At the same time, there is a divergence on MACD.

ETHUSD_Анализ по Фибоначчи
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.

What Facebook’s Libra tells us: traditional banking is finished and cryptocurrencies are mainstream

By George Prior

Facebook’s jump into cryptocurrencies is another nail in the coffin for traditional banks, says the CEO of one of the world’s largest independent financial advisory organisations.

Nigel Green, the founder and chief executive of deVere Group, is speaking after the social media giant this week set out details of Libra, its own digital currency, to be launched next year.

Mr Green affirms: “Facebook’s launch into cryptocurrencies tells us two things.

“First, the role of traditional banks will decline at a quicker rate than many had previously predicted.  Facebook’s Libra cryptocurrency will be able to transact across traditional payment rails. They have partnered with PayPal, Mastercard, Visa and Stripe, amongst others to fuel merchant acceptance of the digital currency.

“If you have cryptocurrency on these payment methods, the purpose of and use for traditional banks will surely shrink.

“Cryptocurrencies and fintech [financial technology] solutions are already taking business away from banks.  They are filling a gap left by the traditional way of doing things as the world speeds up and becomes increasingly globalised and digitalised.

“The jump into cryptocurrencies – which are the future of money – by Facebook which already has 2.7 billion users can really only be seen as another nail in the coffin for banks.”

He continues: “Second, tech giants entering the cryptocurrency sector indicates that digital money, as a concept, is fully mainstream and inevitably the way the world is going.  This is something we have been arguing for a long time now – despite protestations from financial traditionalists.

“Where Facebook leads, others will inevitably follow, and this will quicken the pace of mass adoption of cryptocurrencies.”

The deVere CEO concludes: “This is a major development in the crypto-verse and it is surely just the beginning. This is set to revolutionise how people access, manage and use money across the world and it will positively disturb the wider banking sector. Banking as we have known it until now is coming to an 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 bulls on fire as prices leap to fresh yearly high

By Lukman Otunuga, Research Analyst, ForexTime

Bitcoin was the talk across financial markets on Monday after shooting past the $9200 mark for the first time since May 2018.

Investors wasted to no time rushing back to the crypto asset on rumours revolving around Facebook launching its own cryptocurrency. Market optimism about Bitcoin and other cryptocurrencies becoming widely accepted and adopted by mainstream entities could inspire bulls to target $10,000 in the medium to longer term. While the path of least resistance for Bitcoin currently points north amid the positivity, investors should not overlook how inherently volatile and unpredictable cryptocurrencies can be.

Focusing on the technical picture, BTCUSD remains bullish on the daily charts. A solid daily close above $9300 should invite a move higher towards $9500 and $9700, respectively. Should $9000 prove to be unreliable support, Bitcoin is seen sinking back towards $8000.

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.


Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Fibonacci Retracements Analysis 14.06.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, BTCUSD hasn’t completed the correction yet. After reaching 38.2% fibo, the pair may yet continue moving towards 50.0% and 61.8% fibo at 7012.00 and 6522.00 respectively. However, in the current attempts to grow transform into a new rising wave, the instrument may break the high at 9098.70 and then reach its mid-term target at 50.0% fibo (10170.00).

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

In the H1 chart. BTCUSD is being corrected upwards and has already reached 50.0% fibo. The next upside target may be 61.8% fibo at 8458.00. At the same time, there is a divergence on MACD, which may indicate the completion of the local tendency. The key target of a possible descending impulse may be the low at 7435.10.

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 H4 chart, ETHUSD is finishing correctional descending wave at 38.2% fibo and may start a new one to the upside. If the price fails to form a proper rising impulse and break the high at 288.99, the instrument may start another descending wave to reach 50.0% and 61.8% fibo at 217.63 and 200.91 respectively.

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

In the H1 chart, the convergence made the pair start a new uptrend, which has almost reached 61.8% fibo at 265.15. The next upside target may be 76.0% fibo at 273.93. If the instrument breaks the support at 226.56, it may continue its mid-term 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.

The next Bitcoin run is imminent: deVere CEO

By George Prior

Bitcoin could be on the verge of the next bull run, affirms the CEO of one of the world’s largest independent financial advisory organizations.

The prediction from Nigel Green, founder and chief executive of deVere Group, comes as the Bitcoin price on Wednesday broke through the $8,000 barrier against the U.S. Dollar after a period of low volatility.

Mr Green observes: “Ditching its trademark volatility, Bitcoin has been stuck in no-man’s land for over a week oscillating within a $600 range.

“But the price of the world’s largest cryptocurrency surged to the upside on Wednesday and cleared the key $8,000 resistance level.”

He continues: “This could indicate that Bitcoin is on the verge of the next bull run.

“Crypto history teaches us that periods of low volatility come directly before extended crypto bull runs.

“For instance, Bitcoin went through a relatively stable period in February this year, then the price ran towards $4,200 in March and to $9,090 before the end of May.

“Should Bitcoin experience a new run, we can expect it to deliver a boost to the wider crypto market, with other leading cryptocurrencies such as Ethereum, XRP and Litecoin, rallying too.”

He goes on to say: “Volatility is typically welcomed by traders and investors as it can present important buying opportunities and bring positive rewards.

“However, I think moving forward, we are likely to see less extreme volatility. Lower volatility is a sign of the maturation of the cryptocurrency market.

“Although volatility will return again, as it does in all financial markets, I think we’re experiencing a fundamental shift and, overall, the crypto market will have less turbulent bouts in the future.  This is essential for the cryptocurrency sector long-term as it will further encourage mass adoption and institutional investment.”

The deVere CEO, a high-profile advocate of cryptocurrencies having launched the deVere Crypto app in 2018, concludes: “Of course, no-one knows for sure when the next crypto run will happen, but current relative low volatility suggests it is imminent.

“What we do know for sure, however, is that cryptocurrencies are the future of money.”

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.

How come crypto mining in Iran is so profitable?

By ForexNewsNow

Many don’t even consider Iran to be at the forefront of cryptocurrency adaptation, but in fact, it is the country that many believe, will be the first to introduce a nationalized cryptocurrency.

Yes, the middle eastern state is very friendly to the blockchain technology and even provides subsidies on electricity for using it as a mining source for cryptocurrencies.

When the crypto winter back in 2018 hit, nearly every large crypto mining company had to reduce its operations, lay off hundreds of staff and delay all of their expansion plans simply due to the price drops.

Iran was barely scratched however, the local crypto mining companies continued operations like anything had even happened. Many were curious as to what these companies were doing differently from others that generated them so many profits even during a recession of the crypto market.

The Iran energy subsidies

Iran is actually quite famous in the region for its subsidies on energy consumption. The state spends around $2 billion each year on energy so that the population has to dish out only a small fraction of the actual cost.

Electricity being the primary cost of operating a crypto mining company is actually a key player here. If the company does not have anything to worry about besides payrolls and maintenance, then it has a much larger margin for making profits.

Furthermore, the Iranian authorities were quite forgiving towards the mining companies, going as far as recognizing the industry as a legitimate part of the economy and providing all the benefits that regular corporations could use within the country.

However, that may soon change due to shifts in the political spectrum of the region. Tensions are beginning to rise between traditional financial companies and crypto mining firms due to the inequality in payments and the energy subsidies from Iran are also in danger from the US sanctions.

Future looks grim

Despite the fact that institutional interest in cryptocurrencies has been growing worldwide, there are very few partnerships being signed in Iran as we speak. Most of the countries that are leading the blockchain B2B agreements are in the West like the European Union and the United States of America.

Iran is quickly falling behind the scalability of the blockchain, but it also looks like they’re about to throw another wrench in the industry’s gears.

The Minister of Energy of Iran has announced that crypto mining companies should start paying real prices on their energy consumption and not benefit from the state subsidies.

Many thought that this was a personal vendetta against profitable companies, but in reality, it is a desperate measure to keep the country’s economy afloat in the long term.

The United States sanctions have hit hard against the Iranian economy and are bringing it down as we speak. The government simply cannot afford to continue its features any longer and needs to find ways to cut costs no matter how damaging they may be in the long long-term. The mid and short term economic stability is much more pressing for the authorities.

However, this could be the perfect time to implement an amendment like this, because the crypto market is back up again. The energy costs aren’t going to be as damaging to the companies anymore and they can also stay afloat while paying the full price for energy consumption.

Was it a personal vendetta though?

Despite the fact that the authorities try to avoid blaming US sanctions, many citizens and foreign experts already understand that it’s indeed the case. However, this may not be the only reason crypto mining companies may take a hit to their profitability.

You see, these companies have been enjoying relatively free operational procedures, without the government interfering in their inner circles too much. However, the Central Bank of Iran has already proposed that maybe it’s time to introduce a regulation on these companies and tax them accordingly.

The compiling costs in taxes, energy consumption and employee wages could finally bring down these behemoths, but that still remains to be seen.

Iran is still in the midst of discussing a national cryptocurrency in the future, which will be used as an alternative to their current rial.

This is obviously being done to safeguard the economy in the case of even harder US sanctions which have already done a number on rial’s exchange rate to the US Dollar.

Should the authorities go ahead with the national cryptocurrency idea, they will definitely need the help and guidance of their local crypto mining companies. Whether or not they get that guidance depends solely on what type of regulation they introduce.

By ForexNewsNow

 

Fibonacci Retracements Analysis 31.05.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

In the H4 chart, after the price had reach the retracement of 38.2%, there was a divergence on MACD, which may indicate a new correction. The key support level is the retracement of 23.6% at 6450.00. After completing the correction and breaking the high at 9089.70, BTCUSD may started a new rising wave to reach the retracement of 50.0% at 10170.00.

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

In the H1 chart. BTCUSD is trading downwards to reach the retracement of 23.6% at 7810.00. The next downside targets may be the retracement of 38.2%, 50.0%, and 61.8% at 7020.00, 6370.00, and 5735.00.

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 H4 chart, after ETHUSD had updated the previous high, there was a divergence on MACD, which may indicate a possible pullback or a trend reverse. By now, the price has already reached the retracement of 23.6% and may continue trading downwards. However, the mid-term rising tendency may yet continue. A new ascending impulse may be heading to break the high at 288.82 and reach the retracement of 38.2% at 367.00.

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

The H1 chart shows the targets of the current descending correction; the closest ones is the retracement of 38.2% at 234.70. The next targets may be the retracements of 50.0%, 61.8%, and 76.0% at 218.07, 201.00, and 180.95 respectively.

Ethereum
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 explodes higher as bulls shift into higher gear

By Lukman Otunuga, Research Analyst, ForexTime

Bitcoin is positioned to remain a major talking point across financial markets this week after jumping as much as 10% yesterday to almost $9000.

With no industry news or reports behind the abrupt upside, the primary factor behind Bitcoin’s aggressive appreciation is likely based around price action. The technical picture suggests that the cryptocurrency remains heavily supported by the bullish ‘golden cross’ formation on the daily charts. This occurs when the 50-day simple moving average crosses above the 200-day moving average. With prices slowly approaching $9000, the path of least resistance certainly points north. A solid daily close above $9000 has the potential to open a clean path towards $10,000.

Pound lost in Brexit drama & chaos 

The past few days have certainly not been kind to the British Pound which remains one of the weakest G10 currencies.

Theresa May’s resignation is likely to add to the uncertainty over Brexit and what to expect in the coming months. With fears of a no-deal Brexit mounting by the day amid the drama, the British Pound remains fundamentally bearish. Technical traders will continue to watch how prices behave around 1.2620. A solid daily close below this point will signal a selloff towards 1.2500 in the short to medium term.

EURUSD hovers around 1.1200 

The Euro remains on standby below 1.1200 as investors digest the results of the European Parliament elections. With concerns over Italy’s budget denting appetite for the Euro, the EURUSD is positioned to trend lower.
Taking a look at the technical standpoint, the EURUSD remains bearish on the weekly charts as there have been consistently lower lows and lower highs. Sustained weakness below 1.1200 is likely to open a path towards 1.1100 and 1.1000, respectively.

Commodity spotlight – Gold 

Gold struggled for direction today with prices hovering around $1283 as sizzling US-China trade tensions and Brexit uncertainty sent investors rushing towards the Dollar. Although the precious metal got off to a slow start this week, bulls remain in control above $1280. Should this level prove to be reliable support, the next key point of interest for Gold may be found around the $1300 psychological level.

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.


Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Bitcoin Stalls Near $8100

By TheTechnicalTraders.com

After an incredible 7+week rally in Bitcoin, from $3700 to above $8000, the current price action is setting up for what may become an extended Pennant/Flag formation with quite a bit of sideways trading ahead.

Our researchers believe the past 7+ weeks rally in Bitcoin was prompted by a shift away from risk in Asia/China and into more suitable protection assets.  Cryptos appear to be the easy choice for many as this rally coincided with the April 3rd through 6th US/China trade talks in Washington, DC (https://www.scmp.com/economy/china-economy/article/3004961/us-says-theres-still-significant-work-be-done-trade-talks).  It appears that many investors were preparing for a difficult deadline after the March 1st deadline for a deal was pushed back.  These early April trade talks may have been interpreted as a “do or die” effort from both sides.  Again, shortly after the May 1st US/China trade talks in Beijing, Bitcoin began another rally from the $5200 level all the way up to the $8000 level.

Our contacts, although we admit they are fairly limited in total quantity, have stated the sentiment from locals in China are very pessimistic on the US and President Trump.  A few of our contacts have recently stated they have been laid off or terminated from their jobs and, as we understand, locals have already started to react in a protectionist mode.  This happens when economies contract quickly.  Consumers attempt to protect their wealth and assets by moving any capital they have into something more efficient than their local markets – thus Cryptos.

This Weekly Bitcoin chart highlights areas that we believe our current support and resistance levels.  The $8000~8100 level goes all the way back to the February 2018 low.  This is a critical level for trading as it became a massive price support level back in 2018 – and eventually became critical resistance in July 2018.  Additional resistance is found near $9900.

 

This Daily Bitcoin chart highlights what we believe are the current Key Highs and Key Lows that will tell us if the next phase will be a continued rally or a breakdown in price.  The Key Low near $7480 must hold for any further upside price advance.  If $7480 is broken, we would expect the next Key Low price to be targeted (near $6200).  Otherwise, if another rally breaks out and price rallies above the Key High, then we could see an upside target range between $9200 to $9700 very quickly.

 

You can see from our BLUE CHANNEL levels on the lower indicator that we believe a Pennant/Flag formation may be setting up in Bitcoin right now.  This type of price rotation is not uncommon after a big move like we’ve seen already and it could be a fairly wide price rotation as this sideways Pennant/Flag pattern continues.  The current range between Key Highs and Key Lows is about $2000 – lots of room for trading/traders.

The key to understanding this move is the protectionist thinking of the people of China.  They are very likely attempting to move their capital into something that is not Chinese Yuan based and away from traditional holdings (Gold, Real Estate, Jewelry or other assets).  Eventually, we will likely see Gold/Silver follow the rally in Cryptos if fear continues to hit the markets.  Cryptos, although, appear to have executed the first leg of the “fear trade” originating from the breakdown in the US/China trade negotiations.

An additional word of warning should be that any resolution to the US/China trade talks over the next 60+ days could remove any long term support for this upside move in Cryptos.  Pay attention to the news cycles and what is happening in China, the EU and the rest of the world.  As fast as it went up, it could easily break down as news hits.

Lots of great price action unfold to take advantage of. Subscribers just closed out a 24% winner and another 3.46% as the markets prepare for a new move. If you want my trade signals and alerts be sure to check out my Wealth Trading Newsletter.

Chris Vermeulen – TheTechnicalTraders.com

 

 

Fibonacci Retracements Analysis 24.05.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

In the H4 chart, after reaching the long-term retracement of 38.2% at 8520.00, BTCUSD started a new pullback to the downside, which has already reached the retracement of 23.6%. The next downside targets may be the retracements of 38.2% and 50.0% at 6445.00 and 5849.00 respectively. After finishing this pullback, the price may resume trading upwards. If the instrument breaks the high at 8365.70, the pair may continue growing to reach the retracements of 38.2% and 50.0% at 8520.00 and 10170.00 respectively.

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

In the H1 chart. BTCUSD is trading downwards to re-test the retracement of 23.6%. if the price breaks it, the instrument may continue falling towards the retracement of 38.2%.

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 H4 chart, ETHUSD is forming another correction to the downside, which has already reached the retracement of 38.2%. The next targets may be the retracements of 50.0% and 61.8% at 213.13 and 197.52 respectively. After finishing the correction, the instrument may start a new rising wave to break the high at 279.90.

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

The H1 chart shows more detailed structure of the correction.

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.