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Author Topic: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum  (Read 47272 times)

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Offline Karakat

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Is this statistics really actual or it`s retrospective?


Offline FXOpenTopic starter

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Possible breakout for Bitcoin

Bitcoin finally ended the downtrend started back in May of this year. The crypto rallied by 4.5% yesterday. Today we’re gaining more ground with BTC/USD quoted at $6,712 right now. Bitcoin looks set to test the important resistance at $6,840 dollars per coin. A decisive breakout above here would start a new BTC rally.



Above here there’s weak resistance at the previous swing low of $7,046 dollars. Resistance higher up can be found at the $7,775 swing high. This is followed by more levels at $8,590 and 8,880 dollars. The $10,000 round figure is another notable resistance level. A breakout above here could lead to more gains.

On the lower end the first major support stands at the 2018 low of $5,766 dollars. A break below here would restart the downtrend. Further down we have strong support around the $5,000 round figure. Besides being a major round figure, $5,000 was also a notable 2017 swing high. It’s unlikely that this support will be broken on the first try. If the $5,000 mark breaks the losses could intensify.

On the longer-term charts there’s no change from our last week’s article. The weekly chart is still in a downtrend while the monthlies are holding onto the bullish bias.

Read also LTC/USD analysis on FXOpen blog

Offline FXOpenTopic starter

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Ether Enters Downtrend



We finally got a decisive break of support in ETH/BTC. Earlier the pair tried to start a new downtrend but was rebuffed twice as bulls rallied us back above the 0.07 BTC mark. Yesterday we got a sharp break below the previous low at 0.06734 BTC and unlike previous times we kept going. Today a new two-month low of 0.06232 BTC was hit. We are currently quoted just above here at 0.06181 BTC.





The trend on the daily charts is now down. To end it the bears will have to push us above the 0.07168 BTC swing high. A rally beyond 0.07292 BTC is needed to push us into bullish territory.


Below there’s weak support at yesterday’s low of 0.06232 BTC. Further down we have the former swing high at 0.05906 BTC. Lower still there’s the March low at 0.05240 BTC followed by the 0.05 round figure. This is a another possible area where the downtrend may stall or stop. On the longer-term charts the picture is little changed. We are still range-bound on the weeklies but bullish on the monthlies.


Real also DSH/BTC analysis on FXOpen blog

Offline FXOpenTopic starter

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Bitcoin Drops on ETF Rejection

Bitcoin prices dropped over 5 percent on the news. The reasons for the rejection echo earlier sentiment by regulators about ‘fraud and manipulation of bitcoin, particularly since this is done in a largely unregulated offshore market.’ The agency added that more than three-fourths of the volume in bitcoin occurs outside the United States, and that 95 percent of the volume occurred on non-U.S. exchanges.






On the technical side we are still in a bullish trend with the breakout above $6,840. Today’s news should worry the bulls as the rally was underpinned by speculation about possible ETF approval in August. With today’s decision and the reasons for the rejection being centered on the bitcoin markets as a whole and not this particular application, that ETF seems dead in the water as well.


However the bears will need a break below $6,646 dollars to end the current uptrend. A move below the $6,000 mark is needed to start a downtrend in prices. On the picture above you can see more potential support and resistance levels. On the weekly chart bitcoin is bearish. The monthly charts is holding onto the bullish bias.


Read also ETH/BTC analysis on FXOpen blog.

Offline acmediagroup

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Bitcoin Remains in Range

Offline FXOpenTopic starter

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #65 on: August 01, 2018, 08:59:48 AM »

Bitcoin Off Highs


Bitcoin traders took a while to digest the news about the ETF rejection but it appears that it’s finally starting to happen. As noted in our previous article this rejection is problematic because a large part of the rally was build on speculation about a possible ETF approval in August. But with the rejection reasons dealing with the bitcoin market itself and not a particular trading vehicle, that ETF now seems dead in the water too.






Technically BTC/USD is still in a bull market on the daily charts. To end it we need a breakdown below the $7,212 dollars swing low. A move below the $6,000 round figure is needed to trigger a new downtrend in prices.


In between these two levels there’s strong support in the $6,800 – $6,900 area. This was the breakout point for the current rally and this is also where we find several previous swing highs such as $6,840, $6,788, $6,821 and $6,806 dollars. Because resistance becomes support this area should at least slow down any decline. On the weekly charts bitcoin is in a downtrend. The monthly charts are still looking bullish.


Read also LTC/USD analysis on FXOpen blog.

Offline FXOpenTopic starter

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #66 on: August 08, 2018, 01:23:05 PM »

Bitcoin Down After Delayed ETF Decision


Bitcoin prices dropped close to 10 percent in the past 14 hours. The main catalyst behind the news was the U.S. Securities and Exchange Commission delaying a decision on the VanEck-SolidX ETF until September. While this may not seem like such a bad decision, this is exactly how the SEC treated the Winklevoss ETF. That decision was delayed for years, exhausting all legal delay options, then ultimately refused early last year.





Today’s delay comes only 11 days after the SEC rejected the Winklevoss ETF for a second time. As we noted in our article back then, based on the reasons given by the agency, the VanEck-SolidX bid in August should be dead in the water too.


Technically BTC/USD is now back in a downtrend. To end it as well as start a new rally the bulls need a breakout above last month’s high at $8,486 dollars. Below current prices there’s some support in the $5,766 to $6,000 area. A decisive clearing of this area should open the door to the $5,000 round figure. On the longer-term charts bitcoin is mixed. The weekly charts are bearish but the monthly is still keeping a slight bullish bias.


Read also LTC/USD analysis on FXOpen blog.

Offline FXOpenTopic starter

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #67 on: August 10, 2018, 03:23:25 PM »

Ether Still in Downtrend


Ether continues the downtrend vs BTC. The altcoin traded as low as 0.054 BTC last Friday before recovering somewhat. We are currently quoted not far from the lows at 0.05561 BTC.





Technically ETH/BTC remains in a bearish trend on the daily charts. To end it the bulls need to stage a breakout above the 0.05845 BTC swing high. A break beyond 0.063 BTC is needed for a new rally. Below current prices we have support at the March low of 0.05240 BTC followed by the 0.05 round figure. This is a another possible area where the downtrend may stall. On the longer-term charts the picture is still the same. We are in a range on the weekly charts and slightly bullish on the monthlies.


Read also DSH/BTC analysis on FXOpen blog.

Offline FXOpenTopic starter

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #68 on: August 15, 2018, 08:54:25 AM »

Bitcoin Hits Monthly Lows


As noted above BTC/USD hit new lows for this month before stabilizing. We are trading at $6,440 at the moment, not far from the $6,488 dollars quoted last week.





In that article we said that the $5,700 to $6,000 area will provide some support. This is exactly where the current downmove decided to stall. A decisive clearing of this area should open the door to the $5,000 round figure. The latest bounce seems like a dead-cat. The lack of a fundamental driver coupled with the relatively small gains shouldn’t give much hope for an extended move.


The bulls need a breakout above the $7,155 swing high to end the downtrend. Other potential resistance levels that can be seen on the chart above are $6,622, $6,840 and $7,212 dollars per coin. A move beyond the two-month high at $8,486 dollars could start a new rally in prices. On the longer-term charts there’s no change since last week. The weekly chart is bearish while the monthly is still keeping a slight bullish bias.


Read also LTC/USD analysis on FXOpen blog.

Offline FXOpenTopic starter

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #69 on: August 16, 2018, 01:21:37 PM »
Ether Crashes 24 Percent

Ether crashed by 18 percent since our last update. Measured to the lows the decline was around 24 percent. The clearing of the 0.05 – 0.0524 BTC area acted as a catalyst to further losses. We are quoted at 0.04556 BTC right now, significantly below the 0.05542 BTC price recorded last week.



Ether is still in a downtrend versus bitcoin. The number to watch is the swing high at 0.05845 BTC. A decisive breakout above here would both end the downtrend and start a new rally in prices. Below this however we have the former strong support area at 0.05 – 0.0524 BTC. This area should now turn to resistance. Other resistance levels above 0.05845 BTC can be found at 0.063 BTC, 0.06734 BTC, 0.07168 BTC and 0.07292 BTC. A break above 0.07292 BTC may lead to more gains. The 0.06 and 0.07 BTC round figures may also act as weak resistance.

On the lower end there’s not as many visible support levels. This week’s low at 0.04205 BTC may as weak support. This is followed by the 2016 high at 0.0372 BTC, which wasn’t broken until the next year. The 0.03 BTC round figure may act as some support, followed by more support around the 16-month low at 0.0237 BTC per coin. During 2017 ETH/BTC had a large rally in the span of a few weeks, leaving us with no important former lows and highs that could act as potential support/resistance levels.

On the longer-term weekly charts ETH is now bearish. The monthlies are still clinging onto a bullish bias. But as we’ve said before, these charts take a very long time to turn.

Read also DSH/BTC analysis on FXOpen blog.

Offline FXOpenTopic starter

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #70 on: August 21, 2018, 12:36:25 PM »
Bitcoin Down Only 0.4 Percent


Bitcoin prices are only lower by 0.4% percent compared to our article last week. Still BTC/USD remains in a downtrend on the daily charts. To end it we need a breakout above $6,646 dollars. A breakout above $7,705 dollars is needed for a new rally. In-between these two important levels there’s potential resistance at $6,840, $7,155 and $7,212 dollars per coin.



On the lower end there’s strong support in the $5,700 to $6,000 dollars area. This is a quadruple bottom for BTC/USD, with the latest test bottoming out at $5,883 dollars last week. If the bears manage to clear out this area we could see quick losses toward the $5,000 round figure.

As you can probably guess by the lack of movement during the past seven days, on the longer-term charts there is no change. The weekly chart is still bearish while the monthly is keeping a slight bullish bias.


Read also LTC/USD analysis on FXOpen blog.

Offline FXOpenTopic starter

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #71 on: September 05, 2018, 09:14:50 AM »
Bitcoin Enters Bullish Territory

Bitcoin is quoted at $7,373 dollars right now, up by $1,060 dollars compared to two weeks ago. Back then one coin was selling for $6,305 dollars. In percentage terms this is a gain of close to 17 percent. The gains seem to be mostly a technical affair, as there were no major positive news during the past few weeks.



The trend on the daily charts has now switched to bullish. A break below $6,570 dollars is needed to end it. A move beyond the $6,000 round figure could re-awaken the bear. More support on the way down can be seen at $7,155, $7,046, $6,864 and $6,800 dollars per coin. A move below $5,700 could easily lead to a test of the $5,000 price level.

Higher up there’s resistance in the $7,700 to $7,800 area, followed by the $8,000 round figure. The area around the top of the last rally at $8,468 dollars is another potential resistance. The weekly chart for BTC/USD is still bearish. The monthly chart barely held on to the bullish bias.

Read also LTC/USD analysis on FXOpen blog.

Offline FXOpenTopic starter

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #72 on: September 12, 2018, 09:18:56 AM »
Bitcoin Drops by 15 Percent

As noted above BTC/USD dropped by close to 15 percent in the span of 16 hours. The crash started around midday on September 5th from $7,381 dollars, a low of $6,294 dollars was hit in the morning on September 6th. From here we stabilized a bit but two days later a new low of $6,116 dollars was made. Some pinned the selling on news that Goldman Sachs will not open a crypto trading desk anytime soon. However this seems like too small of a catalyst for such a large market over-reaction. We are currently quoted at $6,298 dollars per coin.



As you can probably deduce from the picture above, no clear trend can be seen on the daily chart. A decisive break below the $6,000 round figure may change this and push us back in a bear market. Conservative traders may wait for a break of $5,700 dollars before jumping in. On the top end the bulls need a break of this month’s high at $7,409 dollars to re-start the rally.

The $5,700 to $6,000 area is a triple-bottom for BTC/USD. We got three bounces here in February, June and August of this year. A clearing of this area could quickly lead to a test of the $5,000 round figure. On the longer-term charts the picture hasn’t changed. Bitcoin is slightly bearish on the weeklies and slightly bullish on the monthlies.

Read also LTC/USD analysis on FXOpen blog.

Offline InvestMark81

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #73 on: September 12, 2018, 12:00:28 PM »
I guess these declines will last until the end of the year, but if the price goes down drastically, then probably will be a decent jump.

Offline FXOpenTopic starter

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #74 on: September 21, 2018, 12:28:40 PM »
Ether Little Changed

ETH/BTC hasn’t moved much this week. The trend on the daily chart is still down but caution should be exercised. We’re already over two months into this downtrend and in the last 36 days the pair dropped by close to 50 percent before stabilizing somewhat. This makes the risk/reward ratio unattractive for shorts at these levels.



If already in, bears should pay attention to the most recent swing high at 0.03448 BTC. A decisive breakout above here could finally end the downtrend in prices. A new rally however requires a breakout above the 0.04171 BTC swing high. More resistance higher up can be found at the 0.04843 BTC swing high and the 0.05 round figure.

On the lower end there’s weak support at the most recent swing low of 0.02620 BTC, followed by the December 2017 lows at 0.02287 BTC. The 0.02 round figure could also act as temporary support. On the longer-term charts ETH/BTC is bearish on the weekly but range-bound on the monthly charts.

Read also DSH/BTC analysis on FXOpen blog.


 

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