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Author Topic: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum  (Read 5037 times)

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Offline FXOpenTopic starter

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #15 on: September 15, 2017, 01:54:15 PM »

Bitcoin Tumbles on China Exchange Ban


Bitcoin prices dropped sharply during the past few days as the rumored china exchange ban is slowly being rolled out. First Bitkan, a popular Chinese OTC trading platform, announced that they will shut down. Then BTC China, one of the biggest three Chinese exchanges followed suit. And finally today OKEX, a futures platform run by OKCoin, announced that their new futures will be based on a 100% USD price index, instead of the previous 50/50 CNY/USD mix. A smaller trading platform VIABTC announced that they will close their doors as well.





While nothing has been officially announced by regulators yet, it now seems certain that all crypto exchanges in the country will be forced to shut down. At this point it’s not clear just how far reaching the crackdown will be. Initial reports by the WSJ and Caixin suggested that OTC trading will not be affected but after the Bitkan shutdown that is under question as well.


Bitcoin prices fell to a low of $3,051 today, down over 26 percent in three days and down 38% percent from the $4,960 all-time high. As noted in our previous article, the break of $3,930 level triggered a bear market for BTC/USD. Strong support on the way down can be found at the $3,000 round figure, followed by weaker levels at $2,892, $2,597 and $2,500. On the weekly and monthly charts bitcoin is still in an uptrend.


Read about ETH/BTC on FXOpen blog


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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #16 on: September 27, 2017, 01:40:10 PM »
Bitcoin Mostly Flat

Bitcoin prices are down by $54 since our update last week. In percentage terms, this is only 1.36%. This calming follows a period of high volatility during which prices fell over $1,200 in three days, only to recover most of the losses in the next four days. Since then we bounced back and forth between the $3,500 and $4,000 handles.



Regardless of the range during the past week, the trend on the daily charts remains down. The bulls need a breakout above the $4,103 swing high to definitively end the downtrend. A move beyond $4,681 dollars per coin could start a new rally and open the door to the $5,000 handle. A breakout above this important round figure could see accelerated gains in prices.

On the lower end, we have support at the $3,500 round figure. This is where the bulls halted the few tries of the bear squad. A decisive break of this level could lead us to the second important support around the $3,000 handle. A move below this month’s low at $2,970 should lead to further BTC losses. Despite the downtrend on the daily, on the longer-term weekly and monthly charts, BTC/USD is still in an uptrend.

Read about Litecoin on FXOpen blog

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #17 on: October 04, 2017, 11:07:06 AM »
Bitcoin Downtrend Over

The short-lived bitcoin downtrend is over. Prices broke above the important $4,103 swing high last Wednesday. It’s currently quoted at $4,257 dollars per coin, a gain of $327 dollars or just over 8 percent.



We are now trading in a large range on the daily charts. The bulls need to clear the $4,500 round figure before a new uptrend can commence. Aside from the round figure, around here we find two previous swing highs at $4,482 and recently at $4,476. A decisive breakout above $4,500 could open the door to a retest of the $5,000 round figure. The all-time high on FXOpen stands at $4,960 with other major exchanges peaking closer to the $5,000 level. A break of this important round level could lead to stronger gains.

On the lower end, the bears need a break below the $2,970 swing low. A move below here would technically restart the downtrend. Support higher up can be found in the $3,500 – $3,510 area, followed by the $4,000 round figure. The large gap between the two key levels ($2,970 and $4,500) shows just how volatile things have been recently. Due to this, it’s recommended that traders utilize smaller than usual trade sizes. While range-bound on the daily, BTC/USD is still looking bullish on the weekly and monthly charts.

Read about Litecoin on FXOpen blog

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #18 on: October 11, 2017, 09:53:00 AM »
Bitcoin Nears All-Time Highs

The bitcoin surge continues. As you can see on the chart below, the crypto is slicing through resistance levels like a knife through butter.



As noted last week, with the break of the $4,500 figure BTC/USD has moved back in an uptrend. We are currently trading at $4,829 dollars per coin, only $131 away from the $4,960 all-time high on FXOpen and $171 dollars from the $5,000 all-time high on other major exchanges. This important round figure will be the next milestone. A decisive breakout above it could accelerate the gains.

On the lower end, we have support at the $4,500 level, followed by $4,123 swing low and the $4,000 round figure. A break of $4,123 dollars would mean the technical end of the current rally. Below here we have support area around the $3,500 round figure, where we also find the $3,507 swing low. A clearing of this area would start a new downtrend and could potentially open the door to $3,000. On the weekly and monthly charts, BTC/USD remains in an uptrend.

Fundamentally it appears that (at least partially) the surge is due to the upcoming bitcoin fork in November. Traders may feel emboldened by the ‘free dividend’ they got during the August fork of bitcoin cash. The situation may be different this time around however as there is (still) no safe way to split the coins from the two forks.

Earlier today the main developer behind ‘Segwit2x’ removed the opt-in replay protection due to security concerns. Both the ‘Core’ and the ‘Segwit2x’ camps want to keep the title of ‘true BTC’. They have been unwilling to hardcore ‘replay protection’ in their software because doing so could be seen as admittance that their chain doesn’t have enough hash power to avoid wipe-out.

Read about LTC/USD on FXOpen blog

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #19 on: October 18, 2017, 10:00:30 AM »

Bitcoin Breaks $5,000 Dollars


Bitcoin broke the key $5,000 round figure with easy on Thursday. During a large two-day short squeeze a new high of $5,870 dollars was hit. Since then we’ve been trading range-bound between the highs and the $5,500 level. We’re currently quoted at $5,572 dollars.






Naturally the uptrend in prices is still in play. To end it the bears will have to push BTC/USD below the $4,283 swing lows. Above here support can be found at the $4,500 round figure, followed by the $4,681 swing high and the former all-time high on FXOpen at $4,960 dollars per coin. But a much stronger support level can be found higher up at the $5,000 round figure. A decisive break of this level should be cause for worry to the bulls, although it wouldn’t technically end the rally.


Higher up we have resistance at the new all-time high of $5,870 followed by the $6,000 round figure. On the weekly and monthly charts bitcoin is looking bullish as well.


Read also about Litecoin on FXOpen blog

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #20 on: November 01, 2017, 12:21:09 PM »
Bitcoin Surges on CME Futures

Bitcoin surged to new highs today after the CME declared their intention to launch new BTC futures this year. The move comes just 2 months after their rival CBOE made a similar announcement. If approved by regulators, the futures will come in Q4 of 2017 for CME and probably early in 2018 for the CBOE.



Regulated futures open up bitcoin investment to more institutional money and could potentially lead to an approval of a BTC ETF in the future. In a prior decision this year the U.S. Securities and Exchange Commission denied several bitcoin ETFs. The cited reason back then was the large volume of trading overseas and the lack of information sharing agreements between these trading venues and US exchanges.

Back to the charts! With the help of the CME news, we hit new highs today. Naturally, the rally is still in place. To end it, the bulls will have to push us below the $5,355 swing lows. Support below here can be found at the $5,147 swing low and the $5,000 round figure. You can see more important levels on the chart above. On the long-term charts (both weekly and monthly) BTC/USD is still in rally mode.

Read also about LTC/USD on FXOpen blog

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #21 on: November 14, 2017, 02:50:51 PM »
Bitcoin Rally Ends

The long bitcoin rally is over, at least on the daily charts. Prices had a sharp correction of $2,361 dollars in the five days after segwit2x was cancelled. As explained previously, segwit2x was a plan to increase the maximum block size from the current 1mb to 2mb, thereby allowing more room for transactions and lower fees.



With no plan to tackle the high fees problem in the near-term, some market participants are fleeing from bitcoin to other coins. The primary beneficiary here was bitcoin cash (BCH), which saw its prices increase five-fold from 0.08 BTC to peak at over 0.4 BTC during the weekend. The increased price, in turn, led to a rush of bitcoin miners to bitcoin cash, further exacerbating the problem with the high fees and the clogged mempool.

The average bitcoin fee to send a transaction rose to over $16 yesterday, compared with $0.30 for bitcoin cash. The bitcoin mempool is at over 100 mb right now, nearing the all-time highs seen a few months ago. The ‘mempool’ holds all broadcasted transactions that are not yet included in a block. After a price drop to 0.2 BTC and a major mining difficulty increase in bitcoin cash, miners are switching back to BTC. This could help ease the problems somewhat. Currently, the mining hash power is split 92% vs 8% in favor of bitcoin.

Technically BTC/USD is now back in a range on the dailies. A breakout below the $5,426 swing low is needed to start a new downtrend. A move beyond the all-time high at $7,887 would re-start the rally. On the longer-term weekly and monthly charts, BTC is keeping the bullish bias.


Read also baout LTC/USD on FXOpen blog

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #22 on: November 22, 2017, 10:37:48 AM »
Bitcoin Hits $8,347 Dollars

Bitcoin hit a new all-time high of $8,347 dollars today. We are currently trading a bit below the highs at $8,320 dollars per coin. Earlier in the day there was a large dip to $7,769 dollars on news about Tether being hacked. The company issued a post (later removed) in which they say that they will do a software update to prevent the stolen tethers from ‘entering the ecosystem’. This helped to calm market fears and prices were soon trading at all-time highs again.



Tethers are a digital currency used on many crypto exchanges, so it’s not a surprise to see a large fall in BTC/USD (and LTC/USD) on this news. Some market observers following the creating/redemption of Tethers say that there is a clear connection with the price of bitcoin.

Back to the charts! With the break of the $7,887 level BTC is back in an uptrend on the daily charts. To end it the bears will have to push bitcoin below the $5,426 swing low. A decisive breakdown below here would shift the current trend from up to down. On the longer-term weekly and monthly charts BTC/USD is still looking bullish.

Read about LTC/USD on FXOpen blog

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #23 on: November 29, 2017, 01:32:05 PM »

Bitcoin Breaks $10,000 Mark

Bitcoin prices hit a high of $10,720 dollars today, breaking the psychological $10,000 level. We are currently quoted just slightly off the highs at $10,660 dollars per coin.



Naturally the rally is still in place, to end it the bears will have to push BTC/USD below the $7,769 swing low. Support above here can be found at the $7,887 and $8,369 swing highs. Somewhat weaker support levels are the round figures at $8,000 and $9,000 dollars per coin. A new downtrend requires a breakdown below the $5,426 swing low. Further down we have strong support at the $5,000 round figure.

Given that we’re at all-time highs there are no previous resistance levels to note above current prices. It’s hard to say where prices may stop/pause as the $10,000 level is decisively broken. Other round figures like $10,500, $11,000 etc may act as resistance, at least temporarily. On the longer-term charts (both weekly and monthly) bitcoin still looks bullish.


Read about LTCUSD on FXOpen blog

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #24 on: December 06, 2017, 02:06:11 PM »

Bitcoin Clears $12,000 Dollars

After fighting with the $12,000 level BTC finally managed to clear it and head higher. Today we hit a high of $12,478. We are currently quoted close to the daily highs at $12,460 dollars.





The rally that started three weeks ago is still in play. To end it we need to see a break below the $8,650 level. Just above here we should have solid support at the $8,811 swing low, followed by the $10,000 round figure. Considering that we’re near all-time highs for BTC/USD, there’s not much resistance on the upper end. Further up the $15,000 round level is another notable resistance. The ‘smaller’ round levels at $13,000 and $14,000 may act as resistance as well. On the long-term charts (both weekly and monthly) #bitcoin remains in a bull market.


Bitcoin got a lift from a positive news cycle this weekend. The CBOE futures exchange announced that it will list bitcoin futures on December 10th, eight days before the launch of CME futures. The sudden decision to launch early seeks to seize the first mover advantage in this emergent asset class. Trading will start on Sunday at 18:00 EST. Initially, trading fees will be waived during December. The CBOE futures will be listed under the ticker XBT and will cash-settle based on the Gemini auction.


Read about Litecoin on FXOpen blog

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Re: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum
« Reply #25 on: December 14, 2017, 08:44:22 AM »
Another good week for crypto-currencies. Bitcoin is continuing its climb higher, now in its fifth week with sizeable gains. Litecoin prices have gone parabolic, up from $99 last Tuesday to $301 dollars today.[/size]Bitcoin Continues Bullish TrendThe bullish trend that started last month is still in play for bitcoin. Yesterday we hit a high of $17,547 dollars per coin, up from $11,712 [/color]last week. This is a gain of $5,835 dollars or just under 50 percent. We are currently quoted at $16,473 dollars. If prices close above $14,350 this Sunday, it would be the fifth green week in a row with large gains.[/color][/size]
[/color][/color]
[/size]To end the current uptrend the bears will have to stage a decisive break of the $10,000 round figure. A new downtrend requires a move below the support area around $7,874 dollars per coin. Above the important $10,000 round figure support can be found at $10,279 swing low and the swings highs at $11,427 and $11,831 dollars. These are followed by more support at the $12,711 swing low and the $15,000 round figure.
[/size]Considering that we’re trading only few percent below all-time highs, there’s not much in terms of resistance above current prices. The all-time high at $17,547 is a notable level as are the $18,000 and $19,000 round figures but these may not provide much resistance. A stronger level can be found at the $20,000 round figure where some market participants may take profit. On the long-term weekly and monthly charts BTC/USD is still looking bullish.
[/size]The news cycle has benefited bitcoin. The first futures on traditional markets launched on Sunday at the CBOE. You can follow a delayed price feed for the January contract HERE or HERE. Currently they are trading at $16,870 dollars, a relatively small premium to spot prices. Premiums swung widely since launch however, nearing $1,500-$2,000 dollars at times.[/size]
[/size]Read about Litecoin in cryptocurrency analysis on FXOpen blog.[/font]


 

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