Author Topic: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum  (Read 920 times)

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Offline FXOpenTopic starter

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Bitcoin Volatile but Range-bound
It’s been a volatile week for bitcoin. The key $2,400 level was broken and with that, the months-long uptrend is over. During the forking fears, a low of $2,250 was hit last Thursday. But since then we’ve bounced nicely and are currently quoted at $2,677, little changed compared to last week.




Today a high of $2,738 was seen on FXOpen before prices retraced a bit. The reason for the latest rally is progress on the scaling stalemate. On Monday over 80% of the mining hash started signalling for Segwit2x. This is a technical solution that merges the Segwit upgrade with a 2MB hard fork three months later. For more on the possible scenarios after the new developments take a look at this article: article.

Technically BTC/USD is now in a range. A new rally requires a breakout above the all-time highs at $2,889 on FXOpen (around $3,000 on other major exchanges). On the lower end, there’s some weak support at the $2,500 round figure, closely followed by the $2,405 swing low. A break below $2,250 is needed to start a new BTC downtrend. Further down we have more support at the $2,000 round figure and the $1,718 swing low. On the longer-term timeframes, both weekly and monthly, bitcoin remains in an uptrend.

Read about Litecoin on FXOpen blog: https://blog.fxopen.com/litecoin-breaks-out-bitcoin-volatile/


Offline FXOpenTopic starter

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The combined crypto-currencies market cap fell below $100 billion yesterday as we saw large losses across the board. Bitcoin fell against the US Dollar and almost all altcoins fell versus bitcoin, leading to the market cap declining from a high of over $115 billion last week to ‘only’ $92 billion at the moment.

Bitcoin Remains in Range

Bitcoin is currently quoted at $2,397 on FXOpen, down $280 dollars from last Tuesday. In percentage terms, this is just over 10%. On the chart below we can see that the majority of the losses transpired during the past three days. We had no major news releases during this time so we can chalk up the latest down move to technical reasons.



The move lower doesn’t change the technical picture, not yet anyway. On the daily charts, BTC/USD is still in a range. A new downtrend requires a break below the $2,250 swing low while a new uptrend needs a move above the all-time highs. These are at $2,889 on FXOpen but closer to the $3,000 on other major exchanges.

Below current prices, we find support at the $2,000 round figure and the $1,718 swing low. On the longer-term timeframes, both weekly and monthly, bitcoin fx remains in an uptrend. However, keep in mind that it will take many red weeks/months to change the trend on these timeframes.


Read about Litecoin on FXOpen blog: https://blog.fxopen.com/crypto-market-falls-below-100-billion/

Offline FXOpenTopic starter

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Time for another crypto update. Unlike most weeks, this time we have Litecoin outperforming Bitcoin. While BTC prices remain mired in a trading range, the LTC pump continues. We’re now quoted at $49 dollars per coin after previously trading above the $50 mark. But let’s cover big brother first and we’ll come back to litecoin later in this article.

Bitcoin Still in Range

Bitcoin prices are still in range on the daily charts. During the past seven days, we bottomed at a low of $2,326, just above the important $2,250 level. A break below here would’ve triggered a new BTC downtrend.



As things stand now, however, we remain locked in a range. The bulls need a breakout above $2,750 on FXOpen. This would shift the trend back to the upside. This level corresponds to around $2,800 on other major exchanges. During upmoves FXOpen and BTC-E prices tend to lag a bit behind the majors. Currently, this ‘gap’ is around $70 dollars but it could get as high as $100 dollars or more if the trend accelerates. Higher up the $3,000 figure (around $2,900 on FXOpen) will be the next major milestone. A clean breakout above here could lead to extended gains for the bulls.
On the bottom end, the level to watch remains at $2,250. A breakdown below it would start a new bearish trend for BTC/USD. On the long-term charts (weekly and monthly) in Metatrader bitcoin is still in an uptrend.

Read about Litecoin on FXOpen blog.

Offline FXOpenTopic starter

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The meltdown in crypto prices continues, with many of the top 20 altcoins hitting drawdowns of over 50 percent from the highs. Luckily the two coins we follow on Tuesdays have so far avoided this fate. Bitcoin is down by ‘only’ 21 percent from the highs while LTC/USD is down by just over 17 percent.

Bitcoin Bounces at Important Support


Bitcoin tested the important support at $2,250 today. By the looks of things, the first try was unsuccessful for the bears. Prices dipped to a low of $2,245 on FXOpen today and stayed there for a grand total of 1 minute before bouncing back above the $2,250 mark. Soon after we had a major rally of $139 dollars to hit a high of $2,384. We have since fallen back a bit to $2,331 dollars per coin.





Bitcoin is not in a downtrend, not yet anyway. We look for a decisive breakout of important levels like $2,250, not shallow and brief spikes below like the one we had today. It remains to be seen if the bears make another attempt for the lows in the next few days.


For now, we are back in ‘wait and see’ mode. The levels to watch are $2,245 on the downside and $2,700 on the upside. A clean breakout beyond either of these price extremes could end the stalemate and start a new trend. This is the view on the daily charts. On the weekly and the monthlies, the bullish trend is still intact.


Read more about Litecoin in the crypto analysis on FXOpen blog.

Offline FXOpenTopic starter

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BITCOIN BOUNCES ON SIGNALLING FOR SCALING

We’ve had an interesting week for bitcoin as prices first crashed below the $2,000 handle only to rally strongly from the lows on renewed hope for scaling. Litecoin followed a similar pattern with a fall to $35.30 followed by a 21% rally to $42.89 dollars per coin.

Bitcoin Bounces on BIP91 Signalling

Bitcoin prices bounced from the $1,812 lows to a hit a high of $2,232 today, a move of over 23 percent. The sharp reversal during the past three days can be attributed to bitcoin miners signalling for BIP91 ahead of schedule. The initial plan called for the Segwit2x software to be deployed and for signalling to begin on July 21st. More on this HERE.



The early start is adding to the positive sentiment because it means that Segwit can be locked in before signalling for the controversial UASF (User Activated Soft Fork) starts on August 1st. This would avoid a network split and remove the fork fears for at least three months until it’s time to deploy the 2MB block increase.

While the fundamentals are positive, technically we’re still in a downtrend on the daily charts. The bulls will need to break above the $2,530 level to end it. A move above $2,550 is needed for a new rally. On the long-term charts (weekly and monthly) BTC is looking bullish.

Read about Litecoin in the crypto analysis on FXOpen blog.

Offline FXOpenTopic starter

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No Progress for BTC/USD as Fork Fears Reemerge

Since our last update a few days ago BTC/USD prices remained mostly range-bound. Initially, it looked like we may break the important $3,000 handle but after fork fears reappeared prices took a nosedive today.

Bitcoin Ranges as Fork Fears Reemerge

Bitcoin is quoted at $2,546 dollars per coin right now, slightly down from the $2,558 handle noted in our last update. Volatility has been high though and during this time we hit a high of $2,750 and a low of $2,523.



Technically the trend on the daily charts is still up. To end it the bears will need to take us below this month’s low at $1,812. A break of this important level would also start a new downtrend. On the weekly and monthly charts, the trend remains up.

Fundamentally, fork fears took center stage again during the past few days. A UAHF (User Activated Hard Fork) called bitcoin cash will launch on August 1st. The code is mostly the same as the current bitcoin, with an added blocksize increase to 8 MB. Exchange VIABTC listed a futures contract of Bitcoin Cash (BCC). It is currently trading at 3,030 Yuan for one coin or about $449 at current exchange rates.

It is rumored that BCC is a ‘backup bitcoin’ for some Chinese miners who fear that the 2 MB hard fork part of the Segwit2x code won’t be honored 3 months down the line. More on the technical details about Segwit2x HERE. More on bitcoin cash and the future implications for BTC holders HERE.


Read about Litecoin on FXOpen blog.

Offline FXOpenTopic starter

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The long-anticipated bitcoin fork finally happened today. Prices first rallied going into the event only to drop few hours before the split. Alts followed a reverse pattern with losses pre-fork and large gains shortly after.

Bitcoin Forks, Prices Drop From Highs



Bitcoin prices hit a high of $2,892 on FXOpen today just hours before the BCC hard fork. Soon after, however, we saw a large crash of over $200 in less than four hours.





Before we go let’s recap what’s going on here for our newer readers. A UAHF (User Activated Hard Fork) called bitcoin cash launched on August 1st. The code is mostly the same as the current bitcoin, with an added blocksize increase to 8 MB. Exchange VIABTC (and others) now allow trading of Bitcoin Cash (BCC).


It is rumored that BCC is a ‘backup bitcoin’ for some Chinese miners who fear that the 2 MB hard fork part of the Segwit2x code won’t be honored 3 months down the line. More on the technical details about Segwit2x HERE. More on bitcoin cash and the future implications for BTC holders HERE.


Now let’s get back to the charts! It appears that the size of the drop was similar to the ‘dividend’ in the form of free BCC for every BTC holder. Before the fork, bitcoin cash (BCC) was trading at 1 to 10 ratio to regular BTC, implying a value of close to $290 dollars at the highs.


Technically we’re still in an uptrend on the daily charts. To end it the bears will have to push us below the $2,400 swing low. A new downtrend, however, requires a breakdown below the July lows at $1,812 dollars. On the long-term charts BTC/USD is also in an uptrend.


Read about Litecoin on FXOpen blog


Online Key

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Just keep hodling long term. All good choices.
Will the real Bitcoin please stand up, please stand up, please stand up

Offline FXOpenTopic starter

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Bitcoin Rallies Into Segwit Lock


Bitcoin prices rallied close to 24 percent in a week. The main driver for the gains seems to be the Segwit lock, expected to happen later today. Current projections set the lock at 25 blocks from now, around 17:46 GMT.





The ‘lock in’, just like the name says, is when Segwit gets locked in. Two weeks from this date the Segwit part of the Segwit2x upgrade becomes active. More on the technical details about Segwit2x HERE.


Today could produce some violent swings, similar to what we saw during the BIP91 activation a few weeks ago. It appears that some traders are already booking profits before the lock is final, fearing a similar decline. Looking at bitcoin from the daily charts however allows us to avoid some of this noise.


We are currently trading near all-time highs at $3,383, down from $3,491 this morning. Support below here can be found at the round $3,000 figure, closely followed by the $2,892 swing high and the $2,597 swing low. A decisive break below here would end the current bullish trend. Further down we have more support at $2,400, $2,000 and $1,812 dollars per coin. A break below $2,200 would start a new BTC downtrend. On the long-term weekly and monthly charts, BTC/USD is in rally mode as well.


Read about Litecoin on FXOpen blog

Offline FXOpenTopic starter

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Bitcoin Surges by $694 Dollars

Bitcoin prices hit a new all-time high of $4,420 dollars yesterday. Since then we’ve dropped a bit and are currently quoted at $4,077, still up by over 20 percent in the last 7 days.



As you can see on the chart above, the steady uptrend continues. The market seems to be well supported by the expected Segwit activation. Current projections put the time of activation on August 22nd, around 18 GMT. At some point, market participants will ‘sell the news’ but that will probably happen closer to the activation date.

The daily charts are still looking bullish. The bears will have to push BTC/USD below the $3,000 level to end the current uptrend. Above here support can be found at the $3,500 round figure, closely followed by the $3,495 swing high. Further up today’s low at $3,929 on FXOpen could act as short-term support, followed by the $4,000 round number.

The all-time high at $4,420 will present some challenge to rising prices but a more important level should be the $4,500 round figure. A breakout above here could lead to more gains toward the $5,000 level. On the longer-term weekly and monthly charts, bitcoin is in rally mode as well.

Read about Litecoin on FXOpen blog

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #10 on: August 18, 2017, 11:55:58 AM »
Pretty good analysis
Will the real Bitcoin please stand up, please stand up, please stand up


 

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