Golem (GNT) is up 7% for the day while the rest of the market bleeds. Normally, this would not be a big deal but the chart above for GNT/USD on the weekly time frame shows us exactly why it is a big deal this time. RSI for GNT/USD peaked around January 2018 as shown on the chart. Since then, it has been on a steady decline trading in a falling wedge. After an extensive correction of nine months, RSI for GNT/USD has finally broken out of this falling wedge to the upside.
Ripple (XRP) has slowed down after an aggressive climb last week. The price has now formed a triple top as seen on the XRP/USD 4H chart above. This is a very strong resistance which is unlikely to be breached at this point. Ripple (XRP) does not have the bullish momentum to break this resistance from its current levels. The price will have to retrace back to the support at $ 0.2738 before it can retest the resistance.
Bitcoin (BTC) has given us some signs of hope the last few days but we have seen comparatively more energy in altcoins. This is because as historical cycles indicate, we are at the brink of an altcoin rally. The daily chart above for BTC/USD shows that Bitcoin (BTC) is all set for a break out but temporarily faces a 21 Day EMA resistance. It is unlikely to be broken over the weekend as volume will be low and market makers might want to have one last go at accumulation before letting Bitcoin (BTC) loose to begin a new trend.
Ethereum (ETH) rallied like a raging bull to the surprise of many yesterday. This from a cryptocurrency that had seen red days one after another and exhibited extreme weakness was completely out of the blue. The price seems to have bottomed out around $ 172 and those waiting for $ 150 might have missed the train already. The chart above for ETH/USD shows that the previous resistance at $ 200 has now turned into a strong support.
Stellar (XLM) is not just another cryptocurrency. It is the future of peer to peer payment. A popular theory at this time in the crypto community is that until recently platforms enjoyed the most success, but in the months to come, cryptocurrency projects with a focus on peer to peer solutions are going to be more successful and widely adopted. Stellar (XLM) is one of those projects. Apart from solid fundamentals, Stellar (XLM) also has a lot of room for growth as far as the price and market cap is concerned.
Ripple (XRP) is currently trading within a tight range against Bitcoin (BTC). The price broke the resistance at 45,860 satoshis earlier this month but soon afterwards, it retraced. Initially, the 45,860 satoshis resistance turned into support as the 4H chart above for XRP/BTC shows that Ripple (XRP) formed two red candles after the resistance break. However, both of these candles managed to remain above the resistance turned support line. However, the third candle broke below the 45,860 satoshis resistance turned support and entered a range bound zone once again.
Things are not looking too hot in the world of cryptocurrencies right now. The Bitcoin price is taking another dump out of nowhere. At this rate, its value will start trending toward the $ 6,000 level fairly soon. Some traders remain hopeful things will turn around this year, albeit it seems less and less likely.
Bitcoin Goes off the Rails Again
Having a short-term memory in the cryptocurrency is often asking for trouble. The current Bitcoin price, while not all that impressive by any means, is still vastly higher compared to values noted throughout most of 2017. It took Bitcoin eight and a half years to get to this level. Despite the bull run late last year and in early 2018, unnatural growth cannot be sustained.
As soon as Bitcoin (BTC) fell below $ 7,000, retail bears became loud once again. Calls for a fall to $ 4,000 or lower have become popular once again in the crypto community. The popular sentiment at the moment is bearish. If an analysis points to the possibility of a fall below $ 4,000, it is more readily accepted than the one that calls for a rise above $ 8,000. As we have seen in the past, in this market as well as other markets, when too many people start thinking the same way, it is time to prepare for a trend reversal.
Ethereum Classic (ETC) has had an impressive run up for the past few days but the price is now at risk of falling below $ 14. The 4H chart above for ETC/USD shows that the price has now formed two candles on the 4H chart above the 10 EMA. However, Wave Trend analysis and RSI profile point to an imminent fall in the days ahead. It will not be easy though as the price will have to break the critical 21 EMA support in order to fall.
The focus on a Bitcoin ETF has shifted from its possibility thereof to the timing of an imminent approval. With several predictions from different quarters already, recent statements are suggesting 2019 to be a more realistic date of approval. One of the most pertinent questions surrounding Bitcoin today revolves around the anticipated ETF approval by
The post Bitcoin ETF Will Likely Be Approved Next Year: Asset Manager appeared first on CCN
Ripple (XRP) is not at a good point, for now. The price has once again broken below the 5 EMA and is now likely to fall further. The 4H chart above for XRP/XBT shows that during the past few months, every time the price of Ripple (XRP) has fallen below the 5 EMA, it was followed by a 26% correction. The first time this happened was in July when one red candle that closed below the 5 EMA on the 4H timeframe was followed by a series of red candles till the price had a 26% correction.
Genesis Capital CEO Michael Moro believes that Bitcoin is more likely to hit $ 10,000 than $ 5,000, should the price hold above $ 7,150 for a period. .@michaelmoro of @GenesisTrading says #bitcoin $ 10k is coming soon. Here's why. pic.twitter.com/fdn79pwQ5K — CNBC's Fast Money (@CNBCFastMoney) August 29, 2018 In an interview on CNBC’s Fast Money, Moro asserted that […]
Chart for ETH/USD (1D)
Ethereum (ETH) has entered the same phase as it was in back in 2017 when the price consolidated before a big run up. A lot of investors have been expecting an explosive Q4 for cryptocurrencies since the beginning of this correction. The current price action confirms that could be the case as Ethereum (ETH) has now entered in a consolidation phase after completing an extensive correction. The price is expected to consolidate all the way till mid September before beginning a new cycle.
At press time, the price of everyone’s favorite cryptocurrency remains unchanged. Bitcoin is still trading in the $ 6,400 range and hasn’t moved from this spot for the past few days.
The word is out that bitcoin isn’t likely to reach the $ 10,000 mark by the end of the year. This goes against everything many analysts, including Fundstrat’s main bitcoin bull Tom Lee, have been saying for the past several months.
Bitcoin Cash (BCH) is still in a descending channel as the price prepares to test the bottom of this channel that extends all the way back to its all time high. Since the beginning of the correction, Bitcoin Cash (BCH) has been trading in this descending channel. However, recently the price has found support at the long term trend line and is now likely to break out of this descending channel in the weeks to come.
Tron (TRX) rose to prominence in 2017 with its astronomical gains. The cryptocurrency is known for aggressive movements as can be seen on the above daily chart for TRX/USD. The price of Tron (TRX) has been trading in a giant falling wedge since the beginning of its correction. Unlike most cryptocurrencies, Tron (TRX) had one big rally between April and May even during a bear market. The price then entered a long term correction which seems to have come to an end now.
Chart for VeChain/US Dollar
VeChain (VEN) made a stunning comeback during the recent crypto relief rally by surging 35% in the last 24 hours. The cryptocurrency which was forgotten for a while after leaving the top 20 league has now once again become the 20th largest coin by market cap. The price has yet to break out of the downtrend but it seems to have found support at the lower limit of what forms a falling wedge inside VeChain (VET)’s descending channel since the correction.
Stellar Lumens (XLM) has been in the spotlight the last few days for its big movements. The price has not reacted much to the recent relief rally but it appears to be all set for the next breakout. RSI conditions for Stellar Lumens (XLM) on the daily chart for XLM/USD above are favorable as the RSI level is just where it has been before the last breakout. The ROC indicator on the above chart shows that the price took 242 days to breakout during the previous cycle.
A recently conducted study has reportedly found that 75% of millennials would be more likely to date someone who possesses knowledge about cryptocurrencies. The survey comes amid apparently increasing fascination with millenials’ views regarding cryptocurrencies.
Also Read: Kim Kardashian Receives Her First Bitcoin
Surveys Probe Millennials’ Views on Crypto
An increasing number of companies have published surveys probing the views held by millennials regarding virtual currencies.
A recent study claims to have found that “Over 75% of millennials [are] more likely to date someone knowledgeable about cryptocurrencies.” Despite the find, the survey also revealed that 12% of respondents would “rather date a non-violent felon” than “someone who has all their savings in cryptocurrency.”
Google’s decision to ban all bitcoin and cryptocurrency adverts on its platforms isn’t going down well with cryptocurrency and blockchain technology proponents — with some believing that there is more to the decision than meets the eye.
In March 2018, Google issued a statement announcing that cryptocurrency-focused promotional content would no longer be allowed on all of its platforms. According to the statement, the ban covers adverts for ICOs, exchange platforms, wallet services, etc.
For stakeholders like Phillip Nunn — CEO of Blackmore Group, a cryptocurrency investment firm — the ban has a tinge of hypocrisy about it. Speaking to The Independent, Nunn said: