Archive for Cryptocurrencies

Fibonacci Retracements Analysis 16.08.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the daily chart, after testing 23.6% fibo at 11350.00, BTCUSD failed to continue this rising impulse and started a new descending wave towards 50.0% and 61.8% fibo at 8600.00 and 7350.00 respectively.

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

In the H4 chart, the pair is about to complete the short-term pullback, which may be followed by a new descending impulse to reach 50.0% fibo at 8600.00. The resistance is at 11350.00.

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 daily chart, after testing 50.0% and 61.8% fibo, ETHUSD started forming a new descending impulse; the target is 76.0% fibo at 163.20. At the same time, there is a convergence, which may indicate a possible pullback. The resistance is 50.0% fibo at 231.50.

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

In the H4 chart, the instrument is quickly falling and getting closer to 76.0% fibo at 163.20.

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.

UK authority’s action on Bitcoin shows cryptocurrencies are the future of money

By George Prior

HMRC’s bid to claw back taxes on cryptocurrencies demonstrates the digital assets are the future of money, affirms the CEO of one of the world’s largest independent financial advisory organizations.

Nigel Green, chief executive of deVere Group, which launched the cryptocurrency app deVere Crypto in early 2018, is speaking out after it is revealed that HM Revenue & Customs is asking cryptocurrency exchanges to reveal customers’ names and transaction histories, in a bid to recover unpaid taxes.

Mr Green comments: “This move by the UK’s tax authority cannot be viewed as anything other than another clear sign that cryptocurrencies like Bitcoin, Ethereum and XRP are not only part of mainstream finance, but also the future of money.”

He continues: “There is a continual and increasingly rapid slew of indicators that digital currencies are gaining traction in our increasingly digitalised world –much to the chagrin of financial traditionalists like Warren Buffet and Donald Trump.

“For instance, financial regulators around the world are preparing and looking to implement regulatory guidelines for cryptocurrencies in order to keep pace with countries like Japan, Malta, Switzerland and South Korea which already have pro-crypto policies.

“Most major financial institutions globally already have or are preparing to establish crypto desks.

“A growing number of retail and institutional investors are piling into the crypto sector market.

“Tech giants, like Facebook, are planning to launch their own cryptocurrency – and where Facebook goes other tech monoliths will follow.

“And just this week, China’s central bank, which oversees the world’s second largest economy, has revealed it will soon launch its own state-backed cryptocurrency following five years of research.”

When Donald Trump last month criticised Bitcoin, the deVere CEO said the president was “placing himself on the wrong side of history.”

He went on to note: “Standing on the sidelines, or worse looking backwards, on the issue of cryptocurrencies – which are redefining and reshaping the financial system – is a baffling approach for the leader of the world’s largest economy to take.”

Mr Green concludes: “HMRC’s growing interest in cryptocurrencies underscores that their public influence and appeal is growing.”

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 09.08.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the daily chart, after reaching 38.2% fibo, BTCUSD is forming a new rising impulse. If the price returns to 23.6% fibo, it may continue growing to reach the high at 13857.20. The next descending wave will move towards 50.0% and 61.8% fibo at 8600.00 and 7350.00 respectively.

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

In the H4 chart, the pair is being corrected to the downside and has already reached 23.6% fibo. The next targets may be 38.2% and 50.0% fibo at 11097.00 and 10715.00 respectively. The resistance is the high at 12317.40.

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 daily chart, ETHUSD is still being corrected between 50.0% and 61.8% fibo. After completing the correction, the pair may fall towards 76.0% fibo at 163.20. The resistance is 38.2% fibo at 262.90.

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.

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.

Bitcoin to hit $15,000 as consensus grows on safe-haven status

By George Prior

The devaluation of China’s currency that is rattling global financial markets has revealed that Bitcoin is now becoming a safe haven asset.

The analysis from the CEO of one of the world’s largest independent financial advisory organizations comes as investors piled into the Bitcoin and other cryptocurrencies this week amid growing trade tensions between the U.S. and China.

The Chinese renminbi fell to under 7 to the U.S. dollar on Monday – the lowest in more than a decade – igniting drops in stocks and emerging market currencies and driving a rally in government bonds.

Nigel Green, chief executive and founder of deVere Group, notes: “The world’s largest cryptocurrency, Bitcoin, jumped 10 per cent as global stocks were rocked by the devaluation of China’s yuan as the trade war with the U.S. intensifies.

“This is not a coincidence. It reveals that consensus is growing that Bitcoin is becoming a flight-to-safety asset during times of market uncertainty.

“Bitcoin is currently realising its reputation as a form of digital gold. Up to now, gold has been known as the ultimate safe-haven asset, but Bitcoin  – which shares its key characteristics of being a store of value and scarcity – could potentially dethrone gold in the future as the world becomes increasingly digitalized.”

He continues: “With the Trump administration now officially labelling China a currency manipulator, escalating the tensions between the world’s two largest currencies economies, investors are set to continue to pile in to decentralized, non-sovereign, secure currencies, such as Bitcoin to protect them from the turmoil taking place in traditional markets.

“The legitimate risks posed by the continuing trade dispute, China’s currency devaluation and other geopolitical issues, such as Brexit and its far-reaching associated challenges, will lead an increasing number of institutional and retail investors to diversify their portfolios and hedge against those risks by investing in crypto assets.

“This will drive the price of Bitcoin and other cryptocurrencies higher.  Under the current circumstances, I believe the Bitcoin price could hit $15,000 within weeks.”

The deVere CEO concludes: “Cryptocurrencies are now almost universally regarded as the future of money – but what has become clear this week is that they are increasingly regarded a safe haven in the present.”

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 02.08.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

Fibonacci Retracements Analysis 02.08.2019 (BITCOIN, ETHEREUM)

As we can see in the daily chart, BTCUSD is still testing 38.2% fibo. The nest downside targets may be 50.0% and 61.8% fibo at 8600.00 and 7370.00 respectively. The resistance is 23.6% fibo at 11375.00.

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

In the H4 chart, the pair is being corrected to the downside. The first correctional wave has almost reached 50.0% at 11145.00. The next wave may test this level and then grow towards 61.8% fibo at 11629.00. The support is the low at 9098.90.

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, ETHUSD is still being corrected between 50.0% and 61.8% fibo. After completing the correction, the pair may fall towards 76.0% fibo at 163.50. The resistance is 38.2% fibo at 262.80.

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 testing 23.6% fibo for the second time, the pair may grow to reach 38.2% and 50.0% fibo at 239.45 and 254.30 respectively. If the price breaks the low at 190.41, the instrument may resume its mid-term decline.

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 26.07.2019 (Bitcoin, Ethereum)

Article By RoboForex.com

Bitcoin

On H4 the currency is completing a short-term pullback and starting a new wave of decline. If the quotations manage to break through the local minimum 9098.90, further decline may be aimed at 50.0% (8600.00) and 61.8% (7370.00) Fibo. The resistance is at 23.6% (11380.00).

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

On H1 we can see that after a convergence the market is trying to develop a wave of growth towards 50.0% (11142.00) Fibo. However, the main trend is still descending.

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

Эфириум (Ethereum)

On H4 the ETH demonstrates a correction period upon reaching 61.8% Fibo. The correcting wave of growth failed to reach 38.2% (239.40) Fibo However, the next wave of growth may do it and rise to 50.0% (254.50). Upon completing the correction a breakaway of the minimum and a decline to 76.0% (163.75) may follow.

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

On H1 we may see that, after a convergence, an impulse of growth has formed, which may develop into an uptrend to the target levels.

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.

Investors continue to pile into cryptocurrencies – despite U.S. lawmakers’ out-dated and negligent approach

By George Prior

U.S. lawmakers’ stance on cryptocurrencies is out-dated and bordering on negligent, affirms the boss of one of the world’s largest independent financial advisory organizations.

The comments from Nigel Green, founder and CEO of deVere Group, which launched its pioneering cryptocurrency trading app deVere Crypto last year, come after two days of congressional hearings this week to discuss Facebook’s planned digital currency, Libra.

It also follows Bitcoin’s impressive 9 per cent jump on Thursday.

Mr Green affirms: “Many of the lawmakers’ stance on cryptocurrencies – which are almost universally regarded as the future of money – is out-dated and blinkered.

“Some of their comments in the congressional hearings suggest that they think cryptocurrencies are a passing fad. That is delusional.

“The demand for digital, global, borderless currencies is only going to increase. This is inevitable as the digitalisation of our economies and our daily lives grows further and picks up pace further still.”

He continues: “And because demand is set to soar over the next few years as retail and institutional investors pile into crypto, lawmakers now need to embrace them and bring them fully into the mainstream financial system with proper and robust regulation.

“It is bordering on negligent not to do so for three key reasons.

“First, it would provide further protection for the growing number of people using and investing in cryptocurrencies.

“Second, unless the U.S. leads the way in the digital currency revolution, other countries – with perhaps counter values to those of America – will control it and it would be hard to ever take back that control.

“And third, there are enormous potential opportunities for higher economic growth by embracing cryptocurrencies. Why are lawmakers not seizing these with both hands?”

In a similar vein, the deVere CEO slammed President Trump last week when he criticised Bitcoin, the world’s largest cryptocurrency by market capitalisation. At the time he said: “Standing on the sidelines, or worse looking backwards, on the issue of cryptocurrencies – which are redefining and reshaping the financial system – is a baffling approach for the leader of the world’s largest economy to take.”

Mr Green concludes: “Digital currencies are the biggest innovation in payment systems in many decades. Facebook’s jump into the sector is a clear indication of the direction of travel in this regard and lawmakers must not put their heads in the sand and/or attack – that is futile and counterproductive.

“Instead they must work alongside stakeholders to make the market stronger still as investors continue to dive into the likes of Bitcoin, Ethereum, Ripple’s XRP and Litecoin.”

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 19.07.2019 (BTC, ETH)

Article By RoboForex.com

Bitcoin

On H4 the price demonstrates a rather stable descending channel. Upon trying to reach the support line and 50.0% (8600.0) Fibo the quotations developed a local impulse of correction upwards. However, it is too early to speak about the end of the mid-term descending correction. In other words, upon completion of the pullback we may expect another impulse fr declining to the target levels: 50.0% (8600.0) and 61.8% (7370.00).

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

On H4 the price demonstrates a rather stable descending channel. Upon trying to reach the support line and 50.0% (8600.0) Fibo the quotations developed a local impulse of correction upwards. However, it is too early to speak about the end of the mid-term descending correction. In other words, upon completion of the pullback we may expect another impulse fr declining to the target levels: 50.0% (8600.0) and 61.8% (7370.00).

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

Ethereum

On H4 the Ethereum demonstrates a bounce off the correction level at 61.8% Fibo, which may b the beginning of a short-term pullback to the resistance level at 38.2% (262.80). After the pullback another descending wave to 76.0% (163.45) may follow.

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

On H1 the Ethereum shows an ascending trend as a correction. The quotations are heading for 38.2% (236.80) and 61.8% (265.40) Fibo. The support is at the minimum of 190.41.

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.

Facebook’s Congress hearings show U.S. lawmakers know cryptocurrencies are the future

By George Prior

The U.S. governmental hearings on Facebook’s new cryptocurrency will boost the crypto sector and underscores that digital currencies are now mainstream.

This is the bullish assessment of the CEO and founder of one of the world’s largest independent financial advisory organizations, deVere Group.

Nigel Green’s comments come as the social media giant prepares to defend its cryptocurrency project, Libra, on the Hill.

The Senate hearing will take place today (Tuesday), with the House panel holding its hearing on Wednesday.

Mr Green affirms: “The high-profile scrutiny of this new cryptocurrency must be championed as cryptocurrencies are already part of the global financial system.

“They are here to stay. And their influence is set to grow exponentially.  As such, they should face the same scrutiny and meet the same standards and requirements as the rest of the financial system.

“This is a step in the right direction for establishing a robust global regulatory framework for the wider crypto market.”

Regulation is necessary, believes the deVere Group CEO, as it will provide further protection for the growing number of people using cryptocurrencies, the less likely it will be that criminals will use these digital payment methods, the less potential risk there will be for the disruption of global financial stability, and the more potential opportunities there will be for higher economic growth and activity in those countries which introduce it.

He continues: “Whatever you think about Facebook’s Libra as an individual cryptocurrency, these top-level U.S. governmental hearings underscore again that, as a concept, digital, global, borderless currencies are now a part of mainstream finance, and increasingly so.

“This is why most major financial institutions, tech giants, and of course institutional and retail investors are increasingly involving themselves in the burgeoning sector.”

The deVere CEO goes on to add: “Last week President Trump raised the issue of Bitcoin, with the effect of making cryptocurrencies become a presidential issue.  The hearings this week will make them a global policy issue.

“This all adds to greater awareness and acknowledgement of digital currencies that will further boost mass adoption and push up prices across the sector.”

Following the President’s Bitcoin comments last week, Mr Green commented:  “I agree with Mr Trump that Facebook’s new Libra project should be scrutinized.

“But, being the social media monolith that it is, it is surely expecting this level of scrutiny.  I would suggest that it is prepared for it, has the resources for it, and will welcome it, as it will make its cryptocurrency stronger.”

Nigel Green concludes: “Facebook’s Libra will likely get through these hearings on Capitol Hill in a stronger position. The scrutiny, which could advance the cause of regulation, will be welcomed by crypto investors as it provides more confidence.

“But whatever happens with the social media giant’s crypto project, it is clear from the top-level hearings that the U.S. government now understands that, whether they like it or not, people and institutions across the world are increasingly using a combination of sovereign and non-sovereign digital currencies.”

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.

 

 

Trump is wrong on Bitcoin and is placing himself on the wrong side of history

By George Prior

U.S. President Trump is wrong and is placing himself on the wrong side of history on Bitcoin – but cryptocurrencies should be regulated, says the boss of one of the world’s largest independent financial advisory organizations.

Nigel Green, the founder and CEO of deVere Group, is speaking out after Donald Trump took to Twitter to say: “I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.

“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International,” he added.

The President’s tweets follow last month’s announcement by Facebook that it is to launch its own new digital currency to be called Libra. It is designed to be a low-volatility currency that will let its users buy things or send money to people with very low fees.

It will be backed by reserves managed by an independent organisation, called the Libra Association, made up of several leading tech firms and non-profits that give the token real-world value.

Nigel Green affirms: “President Trump is wrong and is placing himself on the wrong side of history on Bitcoin and other cryptocurrencies.

“The blistering pace of the digitalisation of economies and our lives underscores that there will be a growing demand for digital, global, borderless money.

“Indeed, it is now almost universally regarded as the future of money.

“This is why most major financial institutions globally already have or are preparing to establish crypto desks. It is why more and more retail and institutional investors are piling into the market. And it is why tech giants, like Facebook, are getting involved. And you can bet that where Facebook follows, other tech companies will do the same.

“When everything from voting to music to books is already digital, dismissing digital currencies in a digital era is, frankly, bizarre and looks depressingly archaic.

“Does the President seriously think that traditional, fiat currencies are the way forward?”

Mr Green continues: “However, I agree with Mr Trump that Facebook’s new Libra project should be scrutinised.

“But, being the social media monolith that it is, it is surely expecting this level of scrutiny.  I would suggest that it is prepared for it, has the resources for it, and will welcome it, as it will make its cryptocurrency stronger.”

He goes on to add: “The wider point here is regulation. Cryptocurrencies are already becoming mainstream. As such they should adhere to the same standards as the rest of the financial system.

“Regulation is necessary as it will provide further protection for the growing number of people using cryptocurrencies, the less likely it will be that criminals will use these digital payment methods, the less potential risk there will be for the disruption of global financial stability, and the more potential opportunities there will be for higher economic growth and activity in those countries which introduce it.

“And it is surely on its way, judging by the activities of regulators around the world.”

The deVere Group CEO concludes: “Standing on the sidelines, or worse looking backwards, on the issue of cryptocurrencies – which are redefining and reshaping the financial system – is a baffling approach for the leader of the world’s largest economy to take.”

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.