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Author Topic: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum  (Read 32468 times)

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Offline Karakat

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Is this statistics really actual or it`s retrospective?


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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

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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

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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

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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.

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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.

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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.

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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.


 

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