Bitcoin’s price may be quiet at the moment, but data through April shows it’s certainly been one volatile start to 2018.
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Altcoin Daily Technical Analysis: NEO, EOS, LTC, Monero and Lumens
Most altcoins didn’t recover immediately as expected and even though most are, we shall remain neutral until after there is confirmation of our previous forecast. That might happen today and I’m particularly checking out Monero, NEO and Lumens which are reacting at key support lines.
Lumens and LTC for example have been moving horizontally along .30 and 0 respectively for the past 3 days or so and this makes it possible that a break out might happen in the coming sessions. This is why I will be watching these two coins today.
Let’s have a look at these charts:
XLM/USD (Lumens)
![Lumens Technical Analysis](https://s3.amazonaws.com/main-newsbtc-images/2018/03/12053744/XLMUSD-Bittrex-Daily-Chart-12.03.2018.png)
The momentum on March 10 didn’t provide enough thrust to push Lumens prices higher as per our initial plan. Instead, what we are seeing now is a rebound and basic consolidation in lower time frame.
It’s clear that yesterday’s prices were positive but even this means Lumens is still moving along .30, our level of interest over the past couple of days/weeks.
In my view, as long there is no break above .35 and the middle BB in the daily chart, we shall remain bearish as we anticipate further price erosion towards .25 and lower.
In line with this, these technical formations demand that we hold on our long guns and wait for proper buy/sell triggers as per our previous forecast. After all, in the weekly chart, bulls are rejecting lower lows and you can easily see the influence of the 20 period MA in that chart.
XMR/USD (Monero)
![Monero Technical Analysis](https://s3.amazonaws.com/main-newsbtc-images/2018/03/12053752/XMRUSD-Bittrex-Daily-Chart-12.03.2018.png)
Generally, Monero prices are on a slide but relative to other coins, bulls are putting a brake on this depreciation.
From previous analysis, our emphases laid with the confirmation of March 9 buy pressure and that didn’t happen on Sunday. Instead sellers drove prices to the break out level and the 61.8% Fibonacci retracement level at 0.
Yesterday’s candlestick was positive and it will mean nothing for buyers if today’s doesn’t end up higher. Ideally-and if the trend resumption phase is actually on, I would like to see prices above March 8 highs and immediate resistance at 0.
I will recommend swing traders to buy with every stochastics buy signal and place their stops just below 0 in lower time frames.
EOS/USD
![EOS Technical Analysis](https://s3.amazonaws.com/main-newsbtc-images/2018/03/12053720/EOSUSD-BitFinex-Daily-Chart-12.03.2018.png)
After March 10, we were expecting buyers to jump right in and drive EOS prices higher so as to correct that undervaluation on March 9. That also didn’t happen but at the moment-following March 11 candlestick, chances are prices might recovery and trend higher in subsequent sessions.
In my view, considering the oversold stochastics and a buy signal, EOS traders are better off if they look for long opportunities in lower time frames and if they do, stops should be below March 9 lows of .2.
On the other hand, conservatives should wait for bull pressure confirmation and the most ideal level for that is .5. However, the 50% Fibonacci retracement line and the middle BB at .5 can act as the first level of bullish triggers allowing early buyers to enter on pull backs.
LTC/USD
![LTC Technical Analysis](https://s3.amazonaws.com/main-newsbtc-images/2018/03/12053728/LTCUSD-CoinBase-Daily-Chart-12.03.2018.png)
The net gain over the past 3 days is almost zero and if it continues like this then we shall likely have another BB squeeze in the lower time frame along our main support line at 0.
Remember, it’s a patience game and ideally, risk averse traders can buy after 0 assuming this stochastic buy signal is inviting for LTC bulls.
At the moment though, if there is a follow through of yesterday’s bull candlestick then chances of 0 and the middle BB being hit is high.
NEO/USD
![NEO Technical Analysis](https://s3.amazonaws.com/main-newsbtc-images/2018/03/12053735/NEOUSD-CoinBase-Daily-Chart-12.03.2018.png)
As long as NEO prices are trending above and the 61.8% Fibonacci retracement level then I will take a bullish stand. After all, is a key support line in our analysis.
As per our previous highlight, there is a little bit of undervaluation-March 9 candlestick- that needs correction and that will only happen if buyers push prices higher.
While yesterday’s candlestick is bullish, I recommend and actually take a neutral stand here until after there are higher highs closing above 0 and that might happen today if NEO buyers push prices higher.
All BitFinex, Bittrex and CoinBase charts courtesy of Trading View
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Ethereum Consolidates Below Daily Ichimoku Cloud
After correcting the final streak of losses earlier this week, Ethereum consolidates between key pivot levels for the third day in a row.
This comes as Ethereum’s rival, Dfinity, raises million for its product. What could be next for Ethereum? Here’s a quick overview.
Ethereum Consolidates Below Daily Ichimoku Cloud
After reaching the all-time-high level at around ,400 in mid-January, ETH/USD gradually made its way back down to the December support level of 8. This level also falls on the 61% Fibonacci retracement. It is currently consolidating between 8 and the 50% Fibonacci level of 3. The hard resistance is the daily Ichimoku cloud.
These are the exact same levels where Ethereum consolidated for two weeks back in December when it was making its way up to the all-time-highs.
![Ethereum-Consolidates-Below-Daily-Ichimoku-Cloud](https://s3.amazonaws.com/main-newsbtc-images/2018/02/08223914/Ethereum-Consolidates-Below-Daily-Ichimoku-Cloud.png)
How long will it take for Ethereum to fully recover?
After last week’s bloodbath, it could take Ethereum a while to regain its bullish momentum. These types of consolidating behavior aren’t that surprising. If the 8 support level holds, we could expect a gradual recovery towards the upper band of the Ichimoku cloud in the next few weeks.
However, there is still a risk of further drops towards the next support level of 8 at 78% Fibonacci.
Ethereum Rival Raises Million
The consolidation comes as a new Ethereum rival, Dfinity, raised million.
DFINITY is a non-profit foundation developing a blockchain-based “internet computer,” and are hoping to share it with the world. The product could have unlimited capacity and unmatched performance. Dfinity explained that the internet computer would allow decentralized versions of tech services such as eBay, Uber or Dropbox.
In other news…
Ethereum’s co-founder Vitalik Buterin donated .4 million in Ether to an Anti-aging research foundation.
Vitalik is the one who threatened to leave Ethereum right before the New Year, saying he’s fed up with the immaturity of the digital currency crowd. Now he’s staying true to his word by attempting to make a difference through his cryptocurrency fortune. It is now up to the market participants to take the news and decide on their next moves when it comes to Ethereum.
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Cardano (ADA) Daily Analysis, February 4, 2018: Trades Inside Range
Key Highlights
- Cardano dropped 10.52% on Sunday morning to trade at .4386, as the majority of cryptocurrencies managed to hold on to intraday gains by the close.
- Cardano finished the previous week on a downward trajectory, recovering from the previous week’s closing .418.
- There was a strong resistance at .52 levels through the previous week, which held Cardano back from testing .56 resistance levels.
- Cardano tested the .30 and bounced back following to hit the .52. Currently, Cardano trades inside the range.
Cardano Price Resistance
Following a weekly closing at .413, Cardano managed to avoid testing support levels through the day, with a move through to .488 levels allowing Cardano to partially recover the lost ground from the week.
Cardano managed to move above the 50.0% Fib retracement level of the last drop from .5207 high to .2973 low, though there was plenty of resistance through the day, with the pair failing to test to hold above 78.6% .47 through the day.
The chart below shows how the Cardano continues to trade in a bearish sentiment along with other cryptocurrencies although, for the day, Cardano managed to stay in a positive territory with the pair up 6.54% to .474 at the time of writing.
![ADA-1H-Chart](https://s3.amazonaws.com/main-newsbtc-images/2018/02/04123115/ADA-1H-Chart.png)
With Cardano having fallen through the first support level of .435, the next major support level sits at .409, with today’s first resistance level of .473 some way off and unlikely to be tested through the day, barring a retracement back through the Fib 78.6% retracement level through the middle part of the day.
While the general sentiment towards the cryptocurrencies remains negative and Bitcoin is trading below ,000, ranges are likely to continue moving lower, as the markets fret over what lies ahead from a regulatory standpoint, with the SEC now looking to move ahead and introduce regulations in order to reign in fraudulent activity that has hit the market through the start of the year.
Technical Indicators
Major Support Level: .409
Major Resistance Level: .435
Fib 50.% Retracement Level: .4094
Fib 38% Retracement Level: .3829
Fib 62% Retracement Level: .435
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Crypto-Mania in Full Swing Daily Highs and Lows
n In one day Bitcoin has seen a significant drop, Bitcoin Cash has spiked, the SEC has stepped in and a company has cashed in on a crypto company name. ANALYSISn
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SBI Group Wants to Make Bitcoin Cash a Currency for Daily Global Payments
It is evident the future of Bitcoin Cash still hangs in the balance as we speak. Whether or not the […]
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Skrilla – Esports Daily Fantasy Platform Launching a Crypto-Token to Deliver Blockchain Benefits
Skrilla is a licensed, fully regulated, global esports wagering platform. Skrilla is a collaboration between two leading technology firms, Puntaa and the GAMURS Group. Puntaa is the founder of the world’s first licensed peer-to-peer (P2P) social betting platform, while the GAMURS Group is the leading international esports media network. Skrilla has released a skill-based Daily … Continue reading Skrilla – Esports Daily Fantasy Platform Launching a Crypto-Token to Deliver Blockchain Benefits
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