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Author Topic: Cryptocurrency Analysis from FXOpen broker  (Read 6086 times)

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Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #15 on: November 03, 2017, 12:48:25 PM »
New Lows for ETH/BTC

The ETH vs BTC ratio got even lower this week, falling to 0.03712 earlier today. We have since bounced back somewhat and the pair is quoted at 0.04047 BTC right now. This is a loss of close to 20 percent since our last update.



As noted in that article, before the last fork called ‘bitcoin gold’, traders dumped everything to buy BTC in order to receive the ‘free dividend’. Back then we traded as low as 0.04661 BTC going into the bitcoin fork. Now we have a similar situation with another fork (potentially) coming on block height 494784. Current estimates put the fork in the morning on November 16th.
The downtrend started with the break of the 0.06626 support level continues. To end it, the bulls have to push ETH above the 0.05545 swing high. A move above the 0.06162 swing high is needed to switch the trend to bull. On the longer-term charts we see a mixed picture. Like the daily , the weekly is in a downtrend. But the monthly is still in rally mode. However note that monthly trends take many months to establish and unwind.


Read about Dash on FXOpen blog


Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #16 on: November 09, 2017, 04:12:22 PM »
ETH Rallies on Segwit2x cancellation

The planned 2MB block increase got cancelled yesterday. The announcement on linuxfoundation.org says:

‘Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together. Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth’

The post is signed by the lead Segwit2x developer Jeff Garzik, Jihan Wu, a major Chinese miner and Mike Belshe, CEO of BitGo. Erik Voorhees confirmed the news on his twitter.






After an initial relief rally from $7,462 to $7,887 on FXOpen, we saw an unwinding of the ‘free money’ trade. Bitcoin fell to a low of $6,980 in the next hour. Later in the day, it stabilized around $7,200 dollars per coin. A similar (but upside down) pattern was observed in ETH/BTC. Here we first fell to a low of 0.03773 BTC then rallied to a high of 0.044 BTC. The pair is trading at 0.0428 BTC right now.


Technically ETH/BTC is still in a downtrend on the daily charts. A decisive breakout above the 0.05 round figure is needed to end it. A move beyond the 0.05545 BTC swing high would start a new rally. No change on the longer-term timeframes. Here the pair is in a downtrend on the weekly charts but in an uptrend on the monthly.


Read also about Dash on FXOpen blog

Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #17 on: November 17, 2017, 11:17:46 AM »

ETH/BTC Back in Range

Ether is back in a range versus bitcoin. This week’s push above 0.05 BTC ended the downtrend. But the gains stopped not far from here without breaking the important 0.05545 swing high. Thus no rally was triggered.



As you can see on the chart above the segwit2x relief rally was being sold into. But the bears need a break below last week’s low at 0.03712 for a new downtrend. The other trend-starting level is 0.05545 BTC on the upside. A breakout above here could start a rally. Slightly below here we have two weaker resistance levels at the 0.05 round figure followed by this week’s top at 0.0541 BTC per coin. On the longer-term charts, the picture is mixed, downtrend on the weekly but bullish on the monthlies.

Read also about DSH and BTC on FXOpen blog

Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #18 on: November 23, 2017, 02:03:54 PM »

Ether Still in Range


Despite being up 5.25% today and 17 % since our last update, ether is still in a trading range (vs BTC) on the daily charts. Against the U.S. Dollar, ether peaked above the $400 round figure earlier today and is nearing its all-time high at $415 dollars.


As you can see on the chart below, ETH/BTC hasn’t broken the two important swing points at 0.03712 on the downside and 0.05545 BTC on the upside.





No clear trend can emerge until one of these levels is decisively broken. Below 0.05545 we find two weaker resistance levels at the 0.05 round figure followed by last week’s high at 0.0541. On the longer-term charts we have a downtrend on the weekly but uptrend on the monthlies.


Read about DSH/BTC and BTC/USD on FXOpen blog

Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #19 on: December 01, 2017, 01:52:28 PM »
Failed Breakout for ETH/BTC


Ether had a brief break above the upper end of the range at 0.05545 BTC. A high of 0.05906 BTC was seen on November 25th but prices topped out here. We are currently trading much lower at 0.0435 BTC per coin.




After that failed breakout ETH prices are back in a range. The threshold to start a new rally has now moved to 0.05906 BTC. On the lower end the bears need to push ETH/BTC below the 0.03712 lows to start a new downtrend. On the longer-term charts the picture is mixed. On the weekly charts prices are looking bearish but on the monthly the situation is reversed, with ETH still in an uptrend.

Read also about DSH/BTC and BTC/USD on FXOpen blog

Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #20 on: December 08, 2017, 08:56:39 AM »
ALTCOINS SOLD FOR BTC
Altcoins are getting sold aggressively for BTC. Since last Thursday BTC/USD gained over 60 percent while ETH/BTC dropped by close to 45 percent. Now both ETH and Dash are in a bear market versus BTC.
ETH/BTC Drops by 45 Percent
Ether has lost almost 45 percent of its value versus bitcoin. There’s a speculative rush into BTC, likely preempting the launch of bitcoin futures. The CBOE announced that they will launch bitcoin futures this Sunday at 6 PM EST. Their competitor the CME will do so 8 days later.
Today the price of bitcoin hit a new all-time high of $16,614 dollars per coin, peaking at close to $20,000 on some other exchanges. Right now we are trading close to the Fxopen highs at $16,600 dollars. The surge in BTC/USD has led to a massive sell-off in altcoins, with ETH/BTC dropping by 44.83 percent in only seven days.

As we said back on Thursday, the bears need to push ETH/BTC below the 0.03712 lows to start a new downtrend. As can see on the chart above since that break the losses in this pair has been massive. A move back above the 0.05 round figure is needed to end this downtrend. A break above the 0.05906 BTC swing high would shift the trend to the upside. On the longer-term charts ETH/BTC is in a downtrend on the weekly chart but in an uptrend on the monthlies.
Read about Dash Trend Shifts and Bircoin on FXOpen.

Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #21 on: February 02, 2018, 12:38:05 PM »

Ether Rallies 13% then Loses All Gains


Ether prices rallied over 13% versus bitcoin yesterday and hit 0.121 BTC per coin. The highs were quickly sold into however as the general crypto market saw declines. Bitcoin is currently down almost 15% versus the U.S. Dollar and that usually triggers altcoin losses as well.






The ETH/BTC pair is quoted at 0.0976 right now. As you can see on the chart above, the V-shaped formation shows that all gains during the past 24 hours have been lost.


Nonetheless the pair remains in an uptrend. To end it the bears will need to push us below the 0.087 BTC swing low. A break below 0.08 BTC may start a new downtrend. Above these levels we find support at 0.095 BTC. Higher up there’s resistance at yesterday’s high of 0.121 BTC followed by the 0.15 round figure and the 0.15098 all-time high. On the longer-term weekly and monthly charts ETH/BTC  is still looking bullish.


Read about DSH/BTC in our blog post.

Offline Carlos12

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #22 on: February 02, 2018, 06:31:35 PM »
Is this going to have a soon recovery? For how long I've to wait

Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #23 on: February 14, 2018, 10:41:32 AM »

Bitcoin Up by 13 Percent


Bitcoin is currently quoted at $8,520 dollars per coin, up by $952 dollars since our last update. This is a gain of close to 13 percent, 12.82% to be exact.





This is largely a technical rebound after the large +50% drop that transpired from January 28th to February 6th. During this time bitcoin peaked at $12,161 dollars only to drop to a low of $5,980 only ten days later. The major source of market stress during this time was news that the U.S. government subpoenaed both Bitfinex and Tether.


On the daily charts, BTC/USD technically remains in a downtrend. Before we can call this trend over we need to see a decisive breakout above the $9,475 swing high. Above here the $10,000 round figure should act as resistance but a more important level is $12,161 dollars. A breakout above it could start a new rally.


Below current prices, we find weak support at the previous swing lows of $7,841 and $7,705, followed by the $7,000 and $6,000 round figures. The multi-month low at $5,980 dollars is another notable support, a break of which could intensify the losses. On the weekly charts, BTC is range-bound while the monthly is still keeping the bullish bias.


Read about LTC in our blog post.

Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #24 on: February 21, 2018, 02:17:52 PM »
Litecoin Surges 46 Percent


Litecoin has been the big winner during the past week. Prices surged higher and are quoted at $227 dollars right now. This is a gain of $72 dollars or just over 46 percent in seven days.






The two main drivers behind the gains have been Litepay and a new fork called Litecoin Cash. While Litecoin founder Charlie Lee called the new fork a “scam” many users seem to have taken up the offer, buying up LTC ahead of the fork in order to benefit from the ‘free coins’. This fork already transpired on Sunday as every Litecoin holder got 10 Litecoin cash coins. So far no major exchanges are supporting the new fork so it’s hard to derive its true value. But on the exchanges where it’s traded prices fluctuated wildly from $5 to $10 dollars per coin. It’s currently quoted at 0.000584 BTC or $6.44 dollars.


Technically LTC/USD is now in rally mode. The bears will need to push prices below $136 dollars to end it. Support above here can be found at the $150 and $160 round figures, followed by the $168.13 and $173.25 swing highs. Higher still there’s more support at the former resistance now turned support at $196.22 and at the $200 round figure. On the weekly and monthly charts Litecoin is also in an uptrend.


Read about BTC/USD in our blog post.

Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #25 on: February 23, 2018, 01:50:28 PM »

Ethereum Down Over 10 Percent


Ether is quoted at 0.08326 BTC right now, lower by over 10 percent. The downtrend in ETH/BTC continues for another week. To end it the bulls will have to push us back above the 0.1 BTC round figure.





Support on the way down can be found at the recent swing low of 0.07614 BTC followed by the 0.07 and 0.06 BTC round figures. A new uptrend requires a break of the 0.11139 BTC swing high. On the weekly and monthly charts ETH/BTC is still looking bullish.


Read about DSH/BTC and BTC/USD in our blog.

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #26 on: April 06, 2018, 02:36:40 PM »

Ether Downtrend Still in Force


The downtrend for ETH/BTC continues for another week. Right now the crypto is trading at 0.05430 per BTC, around 4 percent off the lows.





We’ve been mostly range-bound during the past few days but we’re still far from ending the bearish trend on the daily charts. For that to happen the bulls need to push us above the 0.06030 BTC swing high. Higher up a break above 0.072 BTC is needed to trigger a new uptrend.


Below current prices there’s major support in the 0.050 – 0.052 BTC area. A decisive break below the 0.05 round figure would exacerbate the losses for Ether. On the longer-term charts ETH/BTC is looking range-bound on the weeklies but bullish on the monthly charts.


Read about DSH/BTC on FXOpen blog

Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #27 on: May 22, 2018, 02:45:40 PM »

Litecoin Remains in Downtrend


Similarly to bitcoin, litecoin too remains in a downtrend. We are currently quoted at $133 dollars and trading just above a set of several potential support levels at $130.70, $128.57 and $125 dollars. A clearing of this support area should lead to further losses.






The first strong level of support after this area can be found at the $108.44 swing low. The low for 2018 is close to here at $105.55 dollars, some traders may choose to wait until that level is taken out as well. Further down the $100 round figure may also act as weak support to falling prices.


On the top end we have resistance at $142 dollars followed by the $150 round figure. Higher up a breakout above the $152.80 swing low would end the current bearish trend on the daily charts. A move above the $184.47 swing high is needed for a new LTC rally. On the longer-term weekly and monthly charts LTC/USD is still looking bullish.


Read about BTC/USD on FXOpen blog


Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #28 on: May 25, 2018, 02:47:40 PM »

Ether in Range


Ether prices are back in a range vs bitcoin on the daily charts. You can see this range marked with a yellow rectangle on the charts below. The pair dropped to a low of 0.07437 BTC earlier today during a bout of selling across the board. With a previous swing low at 0.07413 BTC, this formed somewhat of a double bottom.






A clearing of this bottom would start a new downtrend in ETH/BTC. On the upside the bulls need a breakout above the most recent swing high at 0.08542 BTC. This could re-start the move higher. Resistance above can be found at the 0.08829 swing high and the 0.09 and 0.1 BTC round figures. A decisive breakout above here may open to door to this year’s high at 0.121 BTC. On the longer-term weekly charts Ether is also range-bound. The trend is bullish on the monthlies but these charts take a longer time to turn.


The major event today and the reason for selling in ETH and BTC was news that the U.S. Justice Department entered a criminal probe into crypto price manipulation. The article says that the investigation is focused on illegal practices that can influence prices such as spoofing, or flooding the market with fake orders to trick other traders into buying or selling. Bloomberg specifically lists BTC and ETH as some of the coin markets that are being investigated. This was probably the reason why the selling was concentrated in these two cryptos while some others fared better.


Read about DSH/BTC here.

Offline FXOpenTopic starter

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Re: Cryptocurrency Analysis from FXOpen broker
« Reply #29 on: June 01, 2018, 07:49:01 AM »
More Losses for Litecoin

Similarly to BTC, litecoin saw more losses since last Tuesday. The altcoin is down by $16 dollars or 12 percent. We are currently trading at $118.25 dollars per coin.



While no large moves have been seen during the past few days, the trend is still down. To end it we need a breakout above the $140.62 swing high. A move beyond $160 dollars is needed for a new uptrend.

On the lower end there’s a large area of strong support, starting from the $109.28 low hit on Tuesday and ending with the low for 2018 at $105.55 dollars. Notice how the situation here looks very similar to what’s going on with BTC/USD. Both coins are sitting on top of a large support area, a break of which could lead to extended losses below. On the longer-term weekly and monthly charts LTC/USD is still in an uptrend.

Read BTC/USD analysis on FXOpen blog.


 

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