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Author Topic: Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum  (Read 2426 times)

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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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