Weibo Continues Rage at Tron and Binance: Sun and Yi He Blocked

Weibo Continues Rage at Tron and Binance: Sun and Yi He Blocked

“Chinese Twitter” has recently suspended pages of major crypto personas, Tron’s Justin Sun and Binance’s Yi He.

Tron (TRX) founder Justin Sun and Binance co-founder Yi He have had their Weibo accounts suspended.

China’s major microblogging website, which is often referred as “Chinese Twitter,” has purportedly deleted the accounts of the two prominent crypto personas.

Sources in China confirmed to Cointelegraph that content on Weibo accounts of Justin Sun and Yi He is no longer unavailable, with pages alert the violation of provisions of the Weibo Community Convention.

Source: Dovey Wan on Twitter

Binance’s Weibo account was similarly suspended about a month ago

The news comes after Weibo blocked the account of major global cryptocurrency exchange Binance in mid-November. At the time, the Tron Foundation’s Weibo page also had its Weibo account blocked, displaying the same notice:

“The account has been blocked due to violations of laws and regulations and the relevant provisions of the Weibo Community Convention.”

Binance created a new Weibo account, which is live to date

Subsequently, Binance exchange registered a new Weibo account, according to founding partner of crypto investment firm Primitive Dovey Wan. Additionally, Binance CEO Changpeng Zhao’s Weibo account is also active to date, according to the tweet.

While Weibo’s new blocking session appears to be anti-crypto, major cryptocurrency exchanges such as Huobi and OKEx are still available at the time of writing.

The new blocks come amidst reports on China’s plan to carry out the first real-world test of its central bank digital currency. The initial pilot project is reportedly expected to be rolled out in the city of Shenzhen as soon as in late 2019.

Price Analysis 04/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

Price Analysis 04/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

Bitcoin price is leading from the front and is showing signs that a bottom has been reached.

On Dec. 2, open interest on Bakkt’s Bitcoin futures reached a new all-time high. This came just a few days after the daily Bitcoin futures trading volume had hit a lifetime high. These back to back trading volume records show an increasing interest from institutional investors but the majority of the crypto community is still wondering why Bitcon’s spot price is not steadily increasing. 

Bakkt’s launch of Bitcoin options contracts on Dec. 9 is likely to attract more players to trade the digital asset. As the derivatives market size increases, it could have a greater effect on Bitcoin’s spot price. Hence, in the future, traders will have to keep a close eye on Bitcoin derivatives data.

In other news, WisdomTree launched a physically-backed Bitcoin exchange-traded product (ETP) designed to attract professional and institutional investors. The ETP will be listed on Switzerland’s principal stock exchange, SIX Swiss Exchange, under the WBTC ticker and will track the spot price of Bitcoin. Despite Bitcoin’s price action having a bearish bias, these products show that there is an underlying demand from the larger players. 

Daily cryptocurrency market performance

Daily cryptocurrency market performance. Source: Coin360

Saxo Bank, an Asian Infrastructure Investment Bank, recently published its “Outrageous Predictions” for 2020 and the bank also said that it will issue a new digital asset called the Asian Drawing Right (ADR) to reduce the impact of the US dollar in regional trade. The ADR will be backed by a basket of fiat currencies and gold but will be driven by blockchain technology. 

If the digital asset successfully launches, it will be a negative for the US dollar but a positive for cryptocurrencies. With the current upheavals taking place with some fiat currencies, people might gradually gravitate towards borderless and decentralized digital assets. 

Most cryptocurrencies are attempting to bounce off their recent lows, which is a positive sign. This shows that the bulls are attempting to defend the lows and put a bottom in place.  

As this occurs, it is a good time to determine the critical levels to watch out for as they could signal a change in trend. Let’s analyze the charts.

BTC/USD

The bulls attempted to reverse direction from $7,085.80 today but stumbled just above the 20-day EMA at $7749.98. This shows that the bears continue to aggressively defend the resistance at the 20-day EMA. With buying at lower levels and selling at higher levels, Bitcoin (BTC) might remain range-bound for the next few days.

BTC USD daily chart

BTC USD daily chart. Source: Tradingview

A breakout of $7,856.76 will be the first sign that the bulls are back in action. Above this level, a move to the downtrend line is likely. If the price sustains above the downtrend line, we anticipate the start of a new uptrend. 

Therefore, traders can buy on a breakout and close (UTC time) above the downtrend line with a stop below $6,500. The first target objective is $10,360.89 and above it $12,000.

Contrary to our assumption, if the bears sink the BTC/USD pair below $6,512.01, the downtrend will resume. The next support on the downside is $5,533.90. 

ETH/USD

Ether (ETH) is attempting to turn around from the support at $140. This is a positive sign as it shows that the bulls are using the dips to accumulate or book quick profits. The recovery will face stiff resistance close to the 20-day EMA. 

ETH USD daily chart

ETH USD daily chart. Source: Tradingview

However, if the bulls can push the price above the 20-day EMA and sustain it, a rally to $173.841 is possible. Above this level, the up move can extend to $197.70. Therefore, we would recommend a long position after the price sustains above the 20-day EMA.

Contrary to our assumption, if the ETH/USD pair fails to break out and sustain above the 20-day EMA, the bears will attempt to sink it to the recent low of $131.484. A break below this level will be a huge negative.

XRP/USD

XRP has been trading close to $0.22 for the past three days. Today, the dip below $0.22 was purchased by the bulls, which shows demand at lower levels. However, unless the price climbs and sustains above the 20-day EMA, the advantage will remain with the bears.

XRP USD daily chart

XRP USD daily chart. Source: Tradingview

If the bears sink and sustain the price below $0.22, a retest of the yearly low at $0.20041 is possible. A new 52-week low will be a huge negative and can drag the price to $0.18.

Conversely, if the XRP/USD pair rises above $0.23260 to $0.24508 resistance zone, a rally to $0.31503 is likely. We will wait for the price to sustain above the 20-day EMA before turning positive.

BCH/USD

Bitcoin Cash (BCH) has bounced off the first support at $203.36. This is a positive sign as it shows demand at lower levels. If the price can continue to climb higher and break out of $227.01, it will be the first sign that a new up move is likely.

BCH USD daily chart

BCH USD daily chart. Source: Tradingview

However, if the bears sink the price below $203.36, the BCH/USD pair can slide to the next support at $192.52. A break below this support will resume the downtrend. The target objective on the downside is $166.98. We will wait for the price to break out of $227.01 before turning positive.

LTC/USD

Litecoin (LTC) is attempting to bounce off the support at $42.0599. This is an important level, hence, we expect the bulls to aggressively defend it. The altcoin is likely to consolidate between $42.0599 and $50. 

LTC USD daily chart

LTC USD daily chart. Source: Tradingview

A break out of this range will indicate a likely bottom and can offer a buying opportunity. Above $50, the LTC/USD pair can rally to $66.1486. There is a minor resistance at 50-day SMA but we expect it to be crossed.

On the other hand, if the LTC/USD pair breaks below the critical support at $42.0599, it will resume the downtrend. The next support on the downside is $36.

EOS/USD

EOS continues to face selling at the 20-day EMA. This shows that the bears are active at higher levels. The altcoin has formed an outside day and a doji candlestick pattern, which indicates a balance between both buyers and sellers. While the buyers are defending the support close to $2.4001, the bears are defending the 20-day EMA.

EOS USD daily chart

EOS USD daily chart. Source: Tradingview

If the bears can sink the price below $2.4001, a drop to the next support at $1.55 will be on the cards.

Alternatively, if the EOS/USD pair breaks out of the 20-day EMA, it can move up to the 50-day SMA and above it to the downtrend line. Short-term traders might stay on the long side after a break above $2.8695. 

BNB/USD

Binance Coin (BNB) continues to consolidate between $16.50 and $14.2555. This shows that buyers step in at $14.2555 and the bears sell close to $16.50. The next trending move is likely to begin after the price escapes this range. 

BNB USD daily chart

BNB USD daily chart. Source: Tradingview

It is difficult to predict the direction of the breakout from a range, hence, traders should wait for the price to start a trending move before entering a trade. If the range is large, dips to the support can be purchased and the positions can be closed near the resistance. However, this is not feasible if the range is small.

If the bears sink the BNB/USD pair below $14.2555, the downtrend will resume and the next stop is likely to be $11.30. On the other hand, if the bulls can propel the pair above $16.50, a move to $21.2378 is likely. We will wait for the price to make a decisive move above $16.50 before proposing a trade in it.

BSV/USD

The bulls are attempting to keep Bitcoin SV (BSV) above the support at $92.693. However, the rebound off the support is not sustaining, which shows that buying dries up at higher levels. This increases the possibility of a break below this support.

BSV USD daily chart

BSV USD daily chart. Source: Tradingview

If the bears sink the price below $92.693, the BSV/USD pair can drop to the next support at $78.506. This is an important level to watch out for because if it cracks, the decline can extend to $66.666.

The pair will turn bullish if the buyers can push the price above the downtrend line and the overhead resistance at $113.96. Above this level, a rally to $155.38 is possible. 

XLM/USD

Stellar (XLM) has repeatedly broken below $0.056 in the past few days but the bears have not been able to sustain the price below it. This is a positive sign as it shows that lower levels are attracting buying by the bulls.

XLM USD daily chart

XLM USD daily chart. Source: Tradingview

However, unless the price moves up sharply and sustains above $0.06, the bears will continue to hold the advantage. If the XLM/USD pair plunges to a new yearly low, it will be a huge negative. The next support to watch on the downside is $0.041748.

Conversely, if the bulls can carry the price above $0.06, it will attract buyers. Such a move will offer a trade with a good risk-reward ratio. Until then, we suggest traders remain on the sidelines.

TRX/USD

Tron (TRX) has declined to the critical support at $0.0136655. This is the fourth time the price has dropped to this support level since October. Generally, repeated retests of a support level weaken it. 

TRX USD daily chart

TRX USD daily chart. Source: Tradingview

If the bears sink the price below $0.0136655, it will result in a quick fall to the $0.0116262 to $0.011240 support zone. We anticipate a strong defense of this zone by the bulls. 

Conversely, if the TRX/USD pair rebounds off $0.0136655, it can move up to $0.0163957, which is likely to act as a strong resistance. Above this level, we anticipate the buyers to jump in. Though the 50-day SMA might offer a minor resistance, we expect it to be crossed. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price Analysis 02/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

Price Analysis 02/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

Bitcoin appears to have bottomed at $6,500 and once confirmed many cryptocurrencies could provide lucrative trading opportunities at a good risk-reward ratio.

Bitcoin price continues to trade with an advantage to bears but this does not mean investors or miners have capitulated. About 64% of the total Bitcoin mined to date has been dormant in wallets since 2018. This shows that Bitcoin hodlers do not believe in trading for short-term gains, as they anticipate much higher prices in the future. While this might be a feasible strategy for the whales, retail traders can rake up profits if they buy during periods of deep distress and sell their positions during times of euphoria.

One of the events that many hopeful investors are anticipating is Bitcoin’s block reward halving in May 2020. However, Jason Williams, co-founder at digital asset fund Morgan Creek Digital, believes that the halving will be a non-event that will not affect the price of Bitcoin. While a few analysts share Williams’ view, others believe that history will repeat itself and the price of Bitcoin will surge as the halving occurs.

Daily cryptocurrency market performance. Source: Coin360

Daily cryptocurrency market performance. Source: Coin360

The crypto market is driven by more than just fundamentals and technical analysts currently have a variety of views and opinions about the market. DeMark Analytics CEO Tom DeMark, recently told Bloomberg that he expects Bitcoin to continue its fall with a minimum target objective of $6,308 and if panic sets in, the decline can extend to $5,294. On the other hand, popular Twitter analyst PlanB has said that Bitcoin might rally to $10,000 in before the end of December.

These differences show that every analyst has a unique style of analyzing the markets. Therefore, traders should do their own due diligence before initiating any positions. Let’s see if we spot any buy setups today?

BTC/USD

Bitcoin (BTC) has turned down from the 20-day EMA, which suggests that sellers are active at resistance levels. The bears will now try to sink and sustain the price below the support at $7,337.78. If successful, a drop to $6,840.75 and below it to $6,512.01 is likely. The downsloping 20-day EMA and the RSI in the negative zone suggest that bears have the upper hand.

BTC USD daily chart. Source: TradingviewBTC USD daily chart. Source: Tradingview

However, the pace of decline from the 20-day EMA has been gradual. This shows that the selling pressure is weakening.

If the BTC/USD pair bounces off current levels or from $6,840.75, it will signal buying on the dips. The next move above the $7,900 is likely to carry the price to the downtrend line, which will act as a stiff resistance.

However, once the bulls push the price above the downtrend line, a new uptrend is likely. We will recommend long positions if the price action signals a return of buyers.

ETH/USD

Although bulls pushed Ether (ETH) above $151.829, they could not sustain this level. This shows that buying dries up at higher levels. The altcoin can now dip to $140 and below it to $131.484. The downsloping moving averages and the RSI in negative territory indicate that the bears are in the driver’s seat.

ETH USD daily chart. Source: Tradingview

ETH USD daily chart. Source: Tradingview

Our bearish view will be invalidated if the ETH/USD pair turns around from the current levels and scales above the 20-day EMA. Such a move will open the doors for a rally to $197.75. We might suggest long positions above 20-day EMA. Until then, we remain in a wait and watch mode.

XRP/USD

The relief rally in XRP could not reach the 20-day EMA, which indicates that demand dries up at higher levels as the buyers are not confident that a bottom is in place. The price has again dipped to the support at $0.22. The 20-day EMA is sloping down and the RSI is in the negative zone, which increases the possibility of a drop to $0.20041. If this support cracks, the downtrend can extend to $0.18.

XRP USD daily chart. Source: Tradingview

XRP USD daily chart. Source: Tradingview

Our bearish view will be invalidated if the XRP/USD pair turns around from the current levels and breaks out of the overhead resistance at $0.24508. If that happens, the pair can move up to the 50-day SMA and above it to $0.31503. We will wait for the price to sustain above $0.24508 before turning bullish.

BCH/USD

Bitcoin Cash (BCH) has turned down from just under the 20-day EMA. It is likely to retest the support zone at $203.36 to $192.52. With the 20-day EMA sloping down and the RSI in the negative zone, the advantage is with the bears. A break below $192.52 will resume the downtrend.

BCH USD daily chart. Source: Tradingview

BCH USD daily chart. Source: Tradingview

However, if the BCH/USD pair finds support closer to $203.36, it will signal buying on dips. If the subsequent rebound can cross above the recent high of $227.01, it will increase the possibility of a rally to $306.78. There is a minor resistance at the 50-day SMA but we expect it to be crossed.

LTC/USD

The bulls could not carry Litecoin (LTC) above the $50 to $47.1851 overhead resistance zone. Currently, the price has again dipped towards the recent lows of $42.0599. This is an important level to watch out for because if it cracks, the downtrend can extend to $36. The downsloping 20-day EMA and the RSI in the negative territory indicate that the bears are in command.

LTC USD daily chart. Source: Tradingview

LTC USD daily chart. Source: Tradingview

However, if buying at the current levels again props up the LTC/USD pair, we anticipate another attempt by the bulls to breakout of $50. If successful, a move to the 50-day SMA and above it to $66.1486 is possible. We will wait for the price to sustain above $50 before suggesting a trade in it.

EOS/USD

EOS is facing resistance at the 20-day EMA. However, the positive thing is that the price has not turned down sharply. This suggests that the selling pressure has reduced but as long as the price remains below the 20-day EMA, the advantage will be with the bears.

EOS USD daily chart. Source: Tradingview

EOS USD daily chart. Source: Tradingview

If the EOS/USD pair slips below $2.6333, a retest of the critical support at $2.4001 is possible. Below this support, the decline can extend to $1.55.

On the other hand, if the price reverses direction from the current levels and breaks out of the 20-day EMA, it can move up to the 50-day SMA. On a break above the 50-day SMA, the rally can reach $3.69. We will wait for a buy setup to form before proposing a trade in it.

BNB/USD

Binance Coin (BNB) is range-bound between $16.50 and $14.2555. The 20-day EMA is sloping down and the RSI is in the negative zone. This shows that bears have the upper hand. If the price slips below the support of the range, a drop to $11.30 is likely.

BNB USD daily chart. Source: Tradingview

BNB USD daily chart. Source: Tradingview

However, if the bulls defend the next dip to $14.2555, the BNB/USD pair will extend its stay inside the range. It will signal strength on a breakout of the overhead resistance at $16.50. The longer price stays inside a range, the stronger the next move will be. Therefore, we will recommend a long position after the price sustains above $16.50. Until then, we suggest traders remain on the sidelines.

BSV/USD

Bitcoin SV (BSV) turned down from $113.96 and broke below the small ascending triangle formation. This invalidates the bullish setup and increases the possibility of a retest of the minor support at $92.693.

BSV USD daily chart. Source: Tradingview

BSV USD daily chart. Source: Tradingview

If the bulls defend the support at $92.693, the BSV/USD pair will remain range-bound for a few more days. It will signal strength on a breakout of the 50-day SMA. Nonetheless, if the bears sink the price below $92.693, a drop to $78.506 is possible. We do not find any reliable buy setups at the current level, hence, we remain neutral on the pair.

XLM/USD

As explained in the previous analysis, a weak rebound from a strong support level is a negative sign. Stellar (XLM) has again dropped down to the critical support zone of $0.056 to $0.051014. The 20-day EMA is sloping down and the RSI is in negative territory, which suggests that bears are in command.

XLM USD daily chart. Source: Tradingview

XLM USD daily chart. Source: Tradingview

If the bears succeed in sinking the price below the support zone, the downtrend will resume. The next support to watch on the downside is $0.041748.

However, if the XLM/USD pair rebounds from the support zone and breaks above $0.059956, it will signal a likely bottom. We will wait for a reversal pattern to form before recommending a trade in it.

TRX/USD

The bulls are struggling to propel Tron (TRX) above the 20-day EMA. This shows a lack of demand at higher levels. Repeated failure to break above a resistance attracts sellers. The bears will now attempt to drag the price to the critical support at $0.0136655.

TRX USD daily chart. Source: Tradingview

TRX USD daily chart. Source: Tradingview

If the TRX/USD pair plummets below the support at $0.0136655, a drop to the $0.0116262 to $0.011240 support zone is possible. Conversely, if the price turns around from the current levels and breaks out of the 20-day EMA, the pair can move up to the 50-day SMA where it is again likely to face selling pressure. We will wait for the price to sustain above the 20-day EMA before turning positive.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Top-5 Cryptos This Week: ATOM, TRX, ADA, EOS, XMR

Top-5 Cryptos This Week: ATOM, TRX, ADA, EOS, XMR

A few of the top performers of the past seven days are showing strength. This suggests that select cryptocurrencies can offer buying opportunities.

This is the second year in a row that November has turned out to be the worst month for Bitcoin (BTC) of the year.

In 2018, Bitcoin’s price had plunged 36.18%. While this year, the decline has been 17.51%. However, December is an important month to watch out for. Since 2015, Bitcoin has moved more than 30% in December. If history were to repeat itself, traders should buckle up for some violent moves in this month.

At least five Chinese cryptocurrency exchanges have halted or terminated operations in November. This is the latest crackdown on crypto trading in China since it banned users from buying cryptocurrencies with fiat money back in September 2017.

According to data from Chainalysis, the Asia-Pacific region, dominated by China, still has about 20 of the 50 top global crypto exchanges. These exchanges accounted for about 40% of Bitcoin transactions in the first half of the year. Hence, the crypto markets react sharply to any major announcement coming out of China.

Crypto market data weekly view. Source: Coin360

Crypto market data weekly view. Source: Coin360

While the rise and fall of cryptocurrencies will continue to hog the limelight, we should also keep an eye on the benefits of blockchain technology for society.

A study by Juniper Research shows that the food industry will benefit immensely by using blockchain in conjunction with Internet of Things (IoT) sensors and trackers. This move can result in food fraud savings of up to $31 billion within the next five years.

Can the crypto markets stage a recovery in the final month of the year? What do the charts of the top performers of the past seven days project? Let’s find out.

ATOM/USD

Cosmos (ATOM) has seen huge gains in the past seven days with a 19% rally. During the week, the community approved the Cosmos hub 3 upgrade, which is likely to take place on Dec. 11. Can the altcoin continue its rally in the next few days or will it face profit booking? Let’s analyze its chart.

ATOM/USD weekly chart. Source: Tradingview

ATOM/USD weekly chart. Source: Tradingview

The ATOM/USD pair is stuck in a $4.4389 to $1.9101 range. The bulls failed to propel the price above the range a couple of weeks back. However, the subsequent dip below $3 was purchased aggressively that has propelled the price back towards the resistance. This is a positive sign as it shows strong demand at lower levels.

We anticipate the buyers to make one more attempt to push the price above the overhead resistance. If successful, the pair might pick up momentum and rally to $7, which is likely to act as a stiff resistance. Therefore, traders can buy on a close (UTC time) above $4.4389 with a stop loss of $2.60.

However, if the bulls fail to push the price above $4.4389, the price might extend its stay inside the range for a few more weeks. The first support on the downside is $2.6218 and below it $1.9101.

TRX/USD

Cryptocurrency exchange Poloniex acquired TRX Market, the largest non-custodial exchange on the Tron (TRX) network, for an undisclosed amount. Following the buyout, Poloniex has renamed TRX Market as “Poloni DEX” and has changed the website to poloniex.org.

TRX/USDT weekly chart. Source: Tradingview

TRX/USDT weekly chart. Source: Tradingview

The TRX/USD pair is stuck in a large range between $0.041 on the upside and $0.011240 on the downside. Currently, the price is attempting to bounce off the minor support close to $0.013 levels.

A strong rebound can carry the price to $0.02340, which is likely to attract sellers. If the price turns down from the overhead resistance, the pair will consolidate between $0.013 and $0.02340, whereas, a breakout of $0.02340 can propel the price to $0.0410

Conversely, if the price turns down from the current levels and plummets below $0.013, a retest of $0.011240 will be on the cards. The 20-week EMA is sloping down gradually and the RSI is still in the negative territory, which suggests that bears are in command. We do not find any reliable buy setups, hence, we remain neutral on the pair.

ADA/USD

The Cardano (ADA) Foundation and fintech platform Coti, have developed AdaPay, an ADA payment gateway for merchants, which offers “near-instant” settlement in 35 fiat currencies directly in their bank accounts. Will this move boost prices in the coming weeks? Let’s study its chart.

ADA/USDT weekly chart. Source: Tradingview

ADA/USDT weekly chart. Source: Tradingview

The bulls have been attempting to defend the support at $0.035778 for the past two weeks. However, with the 20-week EMA sloping down and the RSI in the negative territory, the advantage is with the bears.

If the rebound fails to scale above the 20-week EMA, the bears will attempt to sink the price below $0.035778. If successful, a retest of $0.028271 will be on the cards. Below this level, the downtrend will resume.

The first sign of strength will be a move above the 20-week EMA. Such a move will indicate accumulation by the bulls at lower levels. The ADA/USD pair will pick up momentum on a break above the $0.0560221 to $0.065229 resistance zone.

EOS/USD

Six of EOS’s total pool of Block Producers are being managed by a single entity, according to EOS Block Producer EOS New York.

This again raked up the issue of centralization in the EOS community. However, the altcoin shrugged aside the news and managed to rally about 8% in the past seven days. Can it extend its rally?

EOS/USD weekly chart. Source: Tradingview

EOS/USD weekly chart. Source: Tradingview

The EOS/USD pair is bouncing off the critical support at $2.4001. This is a positive sign as it shows that buyers are keen to accumulate at lower levels. The price can now move up to the downtrend line.

We anticipate stiff resistance at the downtrend line because three previous relief rallies had been rejected there. If the price again reverses direction from the downtrend line, the bears will attempt to sink it below $2.4001. If successful, a retest of $1.55 is likely.

Alternatively, if the bulls can propel the price above the downtrend line, a move to $4.8719 is can occur. The pair will pick up momentum on a break above this level.

XMR/USD

A few crypto exchanges are delisting privacy-centric coins to appease regulators. Cryptocurrency exchange BitBay, for example, will delist Monero (XMR) on Feb. 19 next year.

Security firm Eset has reported that cybercriminals have been using YouTube channels to distribute a Monero cryptocurrency mining module. However, after Eset informed YouTube, the channels were removed. Business technology publication ZDNet has reported that hackers have launched a new cryptojacking campaign to target vulnerable Docker instances to deploy crypto-malware to mine Monero.

Even though the news flow has not been supportive, the altcoin has turned out to be the fifth-best performer of the past seven days. Do the technicals project a further rally? Let’s find out.

XMR/USDT weekly chart. Source: Tradingview

XMR/USDT weekly chart. Source: Tradingview

The XMR/USD pair has been trading inside a descending channel for the past few months. A breakout of the channel and the moving averages will be the first sign that the downtrend might be over.

If the price closes (UTC time) above the moving averages, we anticipate a move to $121.427. Therefore, traders can initiate long positions on a close (UTC time) above the moving averages with a stop below $38.

However, if the price fails to sustain above the channel, the bears will attempt to sink the pair below the critical support at $38.83. This is an important level to watch out for because if it cracks, the downtrend will resume.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Price Analysis 29/11: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

Price Analysis 29/11: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

Bitcoin price has rallied 20% since dropping to $6,560, leading traders to closely watch altcoins for similar price action.

The futures market provides good insight into the sentiment of larger players. If the futures volume continues to rise in a falling market, this indicates that a decline is likely to extend further. However, if the volume increases with a rise in price, this shows that the market participants are accumulating positions. 

On Nov. 27, Bitcoin closed in the green and Bitcoin futures on Bakkt hit a new all-time high volume record which was 60% higher than the previous record. This shows that institutional players have increased their activity during the most recent relief rally. This points to possible  accumulation at lower levels and institutional interest is likely to increase further with the launch of Bitcoin Options contracts on Dec. 9.   

Daily cryptocurrency market performance

Daily cryptocurrency market performance. Source: Coin360

A growing list of countries appear to be taking steps to become more crypto friendly. In that direction, Germany has introduced a new bill that will facilitate the sale and custody of cryptocurrencies by banks. Sven Hildebrandt, the Head of Distributed Ledger Consulting, said that Germany was “on its way to becoming a crypto-heaven.”

The price action after the recent fall has been encouraging. However, buying the first pullback after a decline can be a risky affair. Traders should wait for reversal patterns to develop before initiating fresh long positions again. Let’s see, if we spot any reliable buy setups on the major cryptocurrencies.

BTC/USD

Bitcoin (BTC) broke out of the first resistance at $7,337.78 on Nov. 27 and is currently attempting to breakout of $7,702.87. Above this level, there is a minor resistance at the 20-day EMA but we expect it to be crossed.

The next level to watch on the upside is the 50-day SMA and above it $9,080. The recovery from the bottom has been gradual but steady, which is a positive sign.

BTC USD daily chart

BTC USD daily chart. Source: Tradingview

The 20-day EMA is flattening out and the RSI has risen from oversold levels to just below 50. This shows that bulls are back in the game.

We anticipate a minor dip from one of the overhead resistance levels. The next fall should give us an idea whether the current pullback was a dead cat bounce or is the bottom in place. Though it is too early to call a bottom, signs look encouraging.

Our bullish view will be invalidated if the bears sink the next dip below the recent low of $6,512.01. We do not find a reliable buy setup yet, hence, we are not recommending a long position on the BTC/USD pair.

ETH/USD

Ether (ETH) has broken out of the overhead resistance at $151.829. It will now move up to the 20-day EMA and above it to $173.841 where we anticipate sellers to step in. The downsloping 20-day EMA and the RSI in negative zone indicates that bears have the upper hand.

ETH USD daily chart

ETH USD daily chart. Source: Tradingview

If the ETH/USD pair dips from one of the overhead resistance levels and breaks below the recent low of $131.484, the downtrend will resume. If the pair finds support above $140, it will signal buying on dips. 

Such a move will offer a low-risk buying opportunity. We will wait for the confirmation of a bottom before proposing a trade in it. 

XRP/USD

XRP has managed to stay above the first overhead resistance at $0.22, which indicates some buying by the aggressive bulls. We now expect the bulls to extend the relief rally to the next overhead resistance at $0.24508. The 20-day EMA is placed close to this level, hence, we expect it to act as a major roadblock.

XRP USD daily chart

XRP USD daily chart. Source: Tradingview

If the price turns down from the 20-day EMA but finds support at $0.22, it will indicate bottom fishing by the long-term players. We will watch the price action closer to $0.22 before recommending a trade in it.

The XRP/USD pair will turn negative if the next fall breaks below the recent lows of $0.20041. If that happens, the fall can extend to $0.18.

BCH/USD

Bitcoin Cash (BCH) has broken out of the overhead resistance at $218.57. It can now move up to the 20-day EMA and above it to the 50-day SMA. We anticipate stiff resistance at the moving averages. 

BCH USD daily chart

BCH USD daily chart. Source: Tradingview

A breakout of the moving averages will be a positive sign that can carry the BCH/USD pair to $306.78. Conversely, if the price turns down from any of the overhead resistances, it will again dip towards the support at $192.52. We will wait for a reversal pattern to form before suggesting a trade in it.

LTC/USD

The previous support zone of $50 to $47.1851 is acting as a strong resistance. Even if the bulls propel Litecoin (LTC) above this zone, the moving averages will again act as a hurdle. 

On crossing above the moving averages, the next stop will be $66.1486 to $62.0764 resistance zone. As there are several overhead resistances, we will wait for the pair to form a new buy setup before proposing a trade in it.

LTC USD daily chart

LTC USD daily chart. Source: Tradingview

The  20-day EMA is sloping down and the RSI is in the negative territory, which suggests that bears have the upper hand. If the price turns down from the current levels and plummets below the recent low of $42.0599, the LTC/USD pair can decline to $36. 

EOS/USD

EOS is attempting to pullback to the 20-day EMA, which is flattening out. The RSI is rising towards the center, which shows that the buyers are making a comeback. However, if the price turns down from the 20-day EMA, the bears will attempt to sink it below the support at $2.4001.

EOS USD daily chart

EOS USD daily chart. Source: Tradingview

Alternatively, if the bulls can carry the EOS/USD pair above both moving averages, a rally to $3.69 is likely. We do not find any reliable buy setups at the current levels, hence we are not recommending a trade in it.

BNB/USD

Binance Coin (BNB) is consolidating in the $16.50 to $14.2555 range. As the 20-day EMA is sloping down and the RSI in the negative zone, the advantage is with the bears. If the consolidation resolves to the downside, a decline to $11.30 is possible.

BNB USD daily chart

BNB USD daily chart. Source: Tradingview

Conversely, if the bulls can push the price above $16.50, the BNB/USD pair can move up to the 20-day EMA, which is likely to act as a stiff resistance. 

However, if the price fails to sustain above $16.50, a few more days of consolidation are likely. Longer the range, stronger will the breakout or breakdown from it. Therefore, we will suggest long positions after the pair sustains above $16.50. 

BSV/USD

Bitcoin SV (BSV) had been trading just below the 20-day EMA for the past four days. Though the bulls pushed the price above the 20-day EMA today, they have not been able to sustain it. This shows a lack of demand at higher levels.

The 20-day EMA is flattening out and the RSI is gradually climbing towards the center, which suggests a balance between demand and supply. 

BSV USD daily chart

BSV USD daily chart. Source: Tradingview

The BSV/USD pair has formed an ascending triangle in the short-term, which is a positive sign. The pattern will complete on a breakout and close (UTC time) above $113.96. This gives it a minimum target objective of $139.199 and above it $155.380.

Our bullish view will be invalidated if the price turns down from the current levels and breaks below the triangle. Such a move can drag the price back to $92.693. As the overall sentiment is still fragile, we will prefer to buy on a pullback, rather than buy the breakout.

XLM/USD

After a sharp decline, usually, the pullback reaches the 38.2% Fibonacci retracement level. However, in Stellar (XLM) the rebound fizzled out close to 23.6% retracement level. This is a negative sign as it shows that the bulls are not buying even at these levels. A shallow bounce will encourage the bears to try and sink the altcoin below the $0.056 to $0.051014 support zone.

XLM USD daily chart

XLM USD daily chart. Source: Tradingview

If successful, the downtrend will resume. On the other hand, if the bulls defend the support zone, the XLM/USD pair might remain range-bound for a few days. The pair will pick up momentum on a breakout of the moving averages. We suggest traders wait for a bottom to be confirmed before jumping in.

TRX/USD

Tron (TRX) is facing selling close to the 20-day EMA but the positive thing is that the price has not turned down sharply from this resistance. The 20-day EMA is flattening out and the RSI is just below the midpoint, which shows that the selling pressure is easing.

TRX USD daily chart

TRX USD daily chart. Source: Tradingview

The next dip towards the support at $0.0136655 will give us better insight on whether the bottom is in place or not. If the TRX/USD pair holds above $0.0136655, it will offer an opportunity to buy as the risk to reward ratio will be attractive.

However, if the bears sink the price below $0.0136655, the drop can extend to the $0.0116262 to $0.011240 support zone. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Poloniex ‘Acquires’ Tron Network’s Biggest Decentralized Exchange

Poloniex ‘Acquires’ Tron Network’s Biggest Decentralized Exchange

Poloniex officials promise a transformative impact on Tron thanks to the deal, but have yet to produce significant price improvement as Poloni DEX goes live.

Cryptocurrency exchange Poloniex now controls the largest decentralized exchange (DEX) on blockchain network Tron (TRX), official reports state.

Confirmed by Tron CEO Justin Sun on Nov. 29, Poloniex will now operate TRX Market under the new name “Poloni DEX.”

Poloniex ‘acquires’ decentralized exchange

The move comes a month after Poloniex itself spun out from owner Circle to form a new exchange that addressed regulatory problems in the United States.

According to Sun, Poloniex “acquired” TRX Market, while it remains unknown what changed hands and what financial value the deal generated.

“To maintain the development of TRXMarket over the long term, the team has accepted an acquisition offer from Poloniex and will rebrand with the new name Poloni DEX, becoming a decentralized exchange under Poloniex. The official website has now changed to poloniex.org,” an accompanying blog post from Poloniex issued on Nov. 27 reads.

TRX Market functions as a non-custodial exchange that does not require users to store funds in a centralized wallet.

TRX briefly reacts 

Sun’s wording nonetheless appeared to confuse social media users. Mati Greenspan, senior market analyst at fellow trading platform eToro, quizzed Sun about how a notionally decentralized entity could possibly be placed under another entity’s control.

Poloniex meanwhile promised long-term beneficial effects for Tron as a result of the takeover. 

“This acquisition is bound to be a very significant move for the TRON ecosystem, signaling the exchange sector’s trust and recognition of TRON,” the blog post claims. 

As of press time, TRX/USD had come down from its modest boost following the announcement, shedding around 2% in the past 24 hours. 

As Cointelegraph reported, Sun hit the headlines earlier this week after pledging a $1 million donation to a fund specifically designed to fight negative publicity of cryptocurrency businesses. The idea came from Changpeng Zhao, CEO of exchange Binance, following a well-publicized tussle with local industry media outlet The Block.

Price Analysis 27/11: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

Price Analysis 27/11: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

Was the current pullback an opportunity to go long or will the relief rally reverse direction and catch many aggressive bulls off guard?

The theft of 342,000 Ether (ETH) from South Korean cryptocurrency exchange Upbit could have halted the current relief rally taking place in the crypto market. However, Lee Seok-woo, the CEO of Upbit’s operator, Dunamu said that the company will cover for the losses. This erased some of the initial concerns of the market participants and improved sentiment. When sentiment is negative, the markets fall quickly but take a lot longer to rise.

This week a bullish bit of news came from Bitcoin ATM firm Bitstop. The company intends to install Bitcoin ATMs at several Simon Malls locations in the United States. Ahead of the holiday season, Bitstop has already installed Bitcoin ATMs at five locations. Andrew Barnard, Bitstop co-founder and CEO said that the “customers can conveniently buy Bitcoin while doing their Black Friday and Christmas holiday shopping,” as it is the “perfect gift for family and friends.”

Daily cryptocurrency market performance. Source: Coin360

Daily cryptocurrency market performance. Source: Coin360

While the crypto markets are well below their yearly highs, the US S&P 500 is on a tear, as it has been making new all-time highs for the past few days. As market participants want to end the year on a strong note, they usually follow momentum. They tend to sell the underperformers and buy the outperforming asset classes. This might also be one of the reasons that has been dragging the crypto markets lower in the past few days.

Currently, Bitcoin and numerous altcoins are posting gains as the top digital asset strongly broke above a key resistance at $7,400. Let’s analyze the charts to see which cryptocurrencies are showing buy signals.

BTC/USD

Bitcoin (BTC) has been facing stiff resistance at $7,337.78 for the past four days. This line had acted as a strong support previously, hence, we anticipate the bears to defend it aggressively.

BTC USD daily chart. Source: Tradingview

BTC USD daily chart. Source: Tradingview

If the price reverses direction from the current levels, the bears will try to sink it below the recent low of $6,512.01. If this support cracks, the drop can extend to the 78.60% Fibonacci retracement level of $5,533.90.

Conversely, if the bulls can push the price above the overhead resistance of $7,337.78, a move to the 20-day EMA is likely. This will again act as a stiff resistance but if crossed, a rally to $9,080 is possible.

As the 20-day EMA is sloping down and the RSI is in the negative zone, the advantage is with the bears. Therefore, we will wait for the BTC/USD pair to indicate strength before recommending a trade in it.

ETH/USD

The level, which acts as a strong support on the way down behaves as a strong resistance once broken decisively. Therefore, $151.829 is acting as a strong overhead resistance. The failure of Ether (ETH) to break above $151.829 will attract sellers.

ETH USD daily chart. Source: Tradingview

ETH USD daily chart. Source: Tradingview

If the bears can sink the price below the recent low of $131.484, the downtrend will resume. The next support on the downside is $120.

However, if the bulls can propel the price above $151.829, the ETH/USD pair will pick up momentum. The next move can be to the 20-day EMA and above it to $173.841. We will wait for the price to sustain above $151.829 before recommending a trade in it.

XRP/USD

XRP is looking weak. Even though the RSI is in oversold territory, the relief rally is struggling to sustain above the first overhead resistance at $0.22. This suggests that the market participants are still not confident that the decline has ended.

XRP USD daily chart. Source: Tradingview

XRP USD daily chart. Source: Tradingview

The bears will try to reverse the direction from current levels and resume the downtrend by breaking below the low of $0.20041 made on Nov. 25. A new yearly low is likely to result in panic selling that can drag the price to $0.18.

Our bearish view will be invalidated if the XRP/USD pair rallies above $0.22 to $0.24508 resistance zone. We will wait for the trend to change before recommending a long position in it.

BCH/USD

Bitcoin Cash (BCH) has been stuck inside a tight range of $218.57 and $192.52 for the past four days. If the bulls can propel the price and sustain it above the range, a move to $241.85 is likely. As the 20-day EMA is located just below this level, we expect the bears to aggressively defend $241.15.

BCH USD daily chart. Source: Tradingview

BCH USD daily chart. Source: Tradingview

If the next dip finds buyers at $218.57 or at $203.36, it will indicate demand at lower levels. Such a move will offer the traders an attractive risk to reward ratio on the long side. Hence, we might suggest a long position if we spot a bottom.

Nonetheless, if the BCH/USD pair turns down from the current levels and slides below $192.52, the downtrend will resume. The next support to watch on the downside is $166.98.

LTC/USD

The bears are defending the overhead resistance zone of $47.1851 to $50. This is a negative sign as it shows a lack of urgency among buyers even at these levels. If Litecoin (LTC) turns around from the resistance zone and breaks below the recent low of $42.0599, a drop to $36 is possible.

LTC USD daily chart. Source: Tradingview

LTC USD daily chart. Source: Tradingview

However, if the bulls can propel the price above the overhead resistance zone, a move to $62.0764 is possible. Above $50, though the moving averages will act as a resistance, we expect the LTC/USD pair to scale above it. We might suggest a long position if the price sustains above $50.

EOS/USD

The bulls are attempting to carry EOS to the 20-day EMA. In a strong downtrend, the relief rallies last between one to three days. The 20-day EMA is sloping down and the RSI is in the negative territory, which suggests that bears are in command.

EOS USD daily chart. Source: Tradingview

EOS USD daily chart. Source: Tradingview

If the price turns down from the 20-day EMA, the bears will try to sink the price below the critical support at $2.4001. If successful, a retest of the yearly low is possible.

Conversely, if the bulls defend the next dip towards $2.4001, it will indicate demand at lower levels. The EOS/USD pair will pick up momentum on a breakout of the moving averages. We will watch the next dip before proposing a trade in it.

BNB/USD

Binance Coin (BNB) is stuck inside the range between $16.50 and $14.2555. A consolidation near the strong support usually results in a breakdown. If the bears can sink the price below $14.2555, the downtrend will resume. The next target on the downside is $11.30.

BNB USD daily chart. Source: Tradingview

BNB USD daily chart. Source: Tradingview

Conversely, if the bulls defend the support at $14.2555, the BNB/USD pair will extend its stay inside the range for a few more days. A breakout of $16.50 will be the first sign that buyers are back in action. Until then, we remain neutral on the pair.

BSV/USD

The relief rally in Bitcoin SV (BSV) hit a barrier close to the 20-day EMA. The failure of the bulls to sustain the price above $107 in the past two days shows a lack of demand at higher levels. However, the buyers jumped in to support the price during the intraday dip today, which suggests accumulation at lower levels.

BSV USD daily chart. Source: Tradingview

BSV USD daily chart. Source: Tradingview

The BSV/USD pair will pick up momentum after it breaks out of the moving averages. Alternatively, if the price again turns down from the moving averages, the bears will attempt to sink the pair below the support at $92.693. If successful, a drop to $78.506 is possible. We will wait for the price to sustain above $107 before turning positive.

XLM/USD

The pullback in Stellar (XLM) has been weak. This shows that buyers are not confident that a bottom is in place yet. The bears will try to break below the $0.056 to $0.051014 support zone. With the 20-day EMA sloping down and the RSI close to oversold territory, the advantage is clearly with the bears.

XLM USD daily chart. Source: Tradingview

XLM USD daily chart. Source: Tradingview

If the support zone gives way, the downtrend will resume. Though the pattern target is much lower, we will watch the $0.040 levels closely.

Conversely, the bulls will attempt to carry the XLM/USD pair to the 20-day EMA. If the price breaks out of the moving averages, a move to $0.088708 is possible. We will watch the price action for signs of a reversal before suggesting a trade in it.

TRX/USD

Tron (TRX) is struggling to scale above the overhead resistance at $0.0157773. This is a negative sign as it shows that the sentiment is to sell the rallies than buy the dips. The downsloping moving averages and the RSI in the negative territory indicate that bears are in command.

TRX USD daily chart. Source: Tradingview

TRX USD daily chart. Source: Tradingview

The bears will try to resume the down move by plunging the TRX/USD pair below the critical support at $0.0136655. If this support cracks, the next stop might be the $0.0116262 to $0.011240 support zone.

Conversely, if the bulls push the price above the moving averages, a move to $0.020 and above it to $0.02340 is possible. We will wait for the price to confirm a bottom before proposing a trade in it.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price Analysis 25/11: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

Price Analysis 25/11: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

The bears have been unable to capitalize on the breakdown of critical support levels and this suggests that the current dip could be a bear trap.

The total crypto market capitalization has bounced from the $180 billion mark. We anticipate a strong support in the $168 billion to $183 billion range because the market cap had consolidated in this range in April of this year, before moving higher. So, on the way down, we expect this range to act as a strong support.

Although Bitcoin (BTC) has started this leg of the down move, it is interesting to note that it has not given up its crypto market dominance, which remains above 66%. This shows that the altcoins are unlikely to go against Bitcoin’s main trend. For an altcoin season to start, Bitcoin should at least stop falling.

Daily cryptocurrency market performance

Daily cryptocurrency market performance. Source: Coin360

Data from Google Trends shows that the recent plunge in Bitcoin prices generated greater interest among consumers as searches for “Bitcoin” hit its highest level since late October. This shows that market participants are viewing this current dip as a buying opportunity in light of the forthcoming Bitcoin halving event next year.

We believe that the current dip is showing signs of a bear trap. However, buying in a falling market can lead to quick losses. Therefore, traders can wait for the price to stop falling and signal a reversal before buying. Let’s look at the critical levels traders should watch out for.

BTC/USD

The bulls are attempting to defend the support line. This line had acted as a strong support previously, hence, we anticipate a bounce off it. If Bitcoin (BTC) rises above $7,337.78, it can rally to the 20-day EMA, from where we expect the prices to turn down once again.  

BTC USD daily chart

BTC USD daily chart. Source: Tradingview

If the next dip is held above the recent lows of $6,512.01, it will signal a bottom, which can offer a buying opportunity with a good risk-to-reward ratio.

However, contrary to our assumption, if the BTC/USD pair fails to rise above the overhead resistance zone of $7,337.78 to $7,702.87, it will indicate a lack of buyers. In that case, the possibility of a break below $6,512.01 increases. If this level breaks down, the next support is at the 78.60% Fibonacci retracement level of $5,533.90.

We believe that the current fall is a bear trap and a good buying opportunity for both traders and investors. However, we would wait for the decline to end and a reversal pattern to form before recommending a trade in it. 

ETH/USD

The sharp fall in the past few days had dragged the RSI into oversold territory, which suggested that the selling had been overdone. Ether (ETH) is currently attempting a pullback from $131.484 levels. 

We expect the pullback to face resistance at $151.829 and above it at the 20-day EMA. If the price reverses direction from the overhead resistance and slumps below $131.484, a drop to the next support at $120 is possible.

ETH USD daily chart

ETH USD daily chart. Source: Tradingview

Alternatively, if the price quickly climbs and sustains above $151.829, it will indicate that the current fall was a bear trap. We will wait for the price to sustain above $151.829 before turning positive. Above $151.829, the ETH/USD pair can rally to the moving averages.

XRP/USD

XRP made a new lifetime low of $0.20041, which is a bearish sign. The straight fall from $0.31503 has plunged the RSI into deeply oversold territory. This indicates that the selling has been overdone and a relief rally is likely. The first level to watch on the upside is the 20-day EMA, which is sloping down. If the momentum carries the price above the moving averages, a rally to $0.31508 is possible. However, we give it a low probability of occurring.

XRP USD daily chart

XRP USD daily chart. Source: Tradingview

We expect the bears to defend the 20-day EMA aggressively. If the next dip plummets below $0.20041, the XRP/USD pair will resume its downtrend and can decline to $0.18. Conversely, if the bulls keep the price above $0.22 during the next fall, it will indicate that the current fall was a bear trap. We do not find any reliable buy setups, hence, we suggest traders remain on the sidelines.

BCH/USD

The bulls have been defending the critical support at $203.36 for the past three days. We expect a pullback from the current levels that can carry Bitcoin Cash (BCH) to $241.85, which is likely to act as a stiff resistance. 

BCH USD daily chart

BCH USD daily chart. Source: Tradingview

If the price turns down from the 20-day EMA and plunges below $192.52, the downtrend will resume and a decline to $166.98 is possible. However, if the next dip holds above $203.36, it will confirm a bottom. We will wait for the confirmation of a bottom before proposing a trade in the BCH/USD pair.

LTC/USD

Litecoin (LTC) plunged to a low of $42.0599 from where the bulls have started a pullback. We expect the bears to defend the $47.1851 to $50 resistance zone. Above this zone, the next level to watch will be the 20-day EMA.

LTC USD daily chart

LTC USD daily chart. Source: Tradingview

If the price turns down from the overhead resistance levels, the bears will attempt to sink the LTC/USD pair below the recent lows. If successful, the pair can drop to $36. Alternatively, if the next dip does not break below the recent lows of $42.0599, it might offer a buying opportunity We will wait for a reversal pattern to form before recommending a trade in it.

EOS/USD

EOS has corrected to the critical support at $2.4001. This level had seen buying emerge on two previous occasions, hence, we anticipate a bounce off it once again. The first level to watch on the upside will be the 20-day EMA and above it $3.69.

EOS USD daily chart

EOS USD daily chart. Source: Tradingview

Conversely, if the bears sink and sustain the EOS/USD pair below the support at $2.4001, a retest of the yearly low is possible. The downsloping 20-day EMA and the RSI in oversold territory, suggesting that bears are in the driver’s seat. 

BNB/USD

Binance Coin (BNB) is bouncing off the critical support at $14.2555, which is a positive sign. It shows that the bulls are aggressively defending this level. The pullback can move up to the moving averages and above it to $21.2378.

BNB USD daily chart

BNB USD daily chart. Source: Tradingview

Conversely, if the bears sink the price below $14.2555, the BNB/USD pair will resume its down move. The next support on the downside is much lower at $11.30. The downsloping moving averages and the RSI in oversold zone suggest that bears are in command. We will wait for the pair to form a reversal pattern before recommending a trade in it.

BSV/USD

Bitcoin SV (BSV) is attempting to rebound off the support at $92.693. This is a positive sign as it shows that the bulls are keen to initiate long positions at lower levels. The pullback will pick up momentum on a break above the moving averages. Above the moving averages, a rally to $155.380 is possible.

BSV USD daily chart

BSV USD daily chart. Source: Tradingview

Nonetheless, we anticipate the BSV/USD pair to face stiff resistance at the moving averages. If the price turns down from this level, the bears will once again try to break below the support at $92.693. If successful, a drop to $78.506 is possible. We do not find any reliable buy setups at current levels, hence, we remain neutral on the pair.

XLM/USD

Stellar (XLM) is finding support in the $0.056 to $0.051014 support zone. This is a positive sign as it shows that the bulls are keen to buy close to key support levels. A rebound from the current levels will face stiff resistance at the 20-day EMA.

XLM USD daily chart

XLM USD daily chart. Source: Tradingview

The moving averages have completed a bearish crossover and the RSI is near the oversold territory, which suggests that bears have the upper hand. A break below $0.051014 will be a huge negative as it will resume the downtrend.

Conversely, a breakout of the moving averages will be the first signal that the downtrend is over and the XLM/USD pair might remain range-bound between $0.051014 and $0.088708. This is a large range that can be traded but we will wait for a new buy setup to form before recommending a trade in it. 

TRX/USD

The bulls have been aggressively defending the $0.0136655 support for the past three days. Though Tron (TRX) broke below the support, the bears could not capitalize on it. This shows demand at lower levels. However, with the 20-day EMA sloping down and the RSI close to oversold territory, the advantage is with the bears.

TRX USD daily chart

TRX USD daily chart. Source: Tradingview

Any recovery attempt from the current levels is likely to face stiff resistance at the 20-day EMA. If the next down move convincingly breaks below $0.0136655, the TRX/USD pair can drop to $0.0116262. 

Our bearish view will be invalidated if the bulls push the price above the 20-day EMA. We will wait for the price to signal a turn around before proposing a trade in it.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price Analysis 22/11: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

Price Analysis 22/11: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

Several top cryptocurrencies have broken below their critical support levels, suggesting that this could be the start of a deeper correction.

Fear gripped the markets on the news that Chinese authorities had raided the offices of the leading cryptocurrency exchange Binance. This negated all the positive effects that had accrued following President Xi Jinping’s endorsement of blockchain technology. Though Binance denied reports of any raids, price action within the sector has remained subdued.

Daily cryptocurrency market performance

Daily cryptocurrency market performance. Source: Coin360

Naysayers will use these bearish moments to further spread panic among market participants by issuing outlandish targets on the downside. Peter Schiff believes that Bitcoin could plummet to $1,000 as it has formed a head and shoulders pattern. We, however, could not find the bearish pattern on the charts.

As we are bullish over the long-term, we view any fall as an opportunity to load up at lower prices. However, purchases should be done only after a bottom is confirmed because, during a panic, the prices can sell off easily. After the most recent fall, are any cryptocurrencies flashing buy signals? Let’s analyze the charts.

BTC/USD

Bitcoin (BTC) has broken below the critical support at $7,337.78, which is 61.80% Fibonacci retracement of the entire upside move from the yearly lows to the yearly highs. This is a bearish sign as it resumes the downtrend. If the bears can sink the price below the support line, a drop to $5,533.90 is possible.

BTC USD daily chart

BTC USD daily chart. Source: Tradingview

The moving averages have completed a bearish crossover and the RSI is in the oversold zone, which suggests that bears are in command.

However, the recent decline has pushed the RSI into deep oversold territory, which suggests that the selling has been overdone in the short-term. We might witness a sharp pullback in the next few days, which can be traded by the short-term traders.

For the positional traders, we will watch the price action for the next few days and suggest a long position if buyers return. Until then, we suggest traders remain on the sidelines.

ETH/USD

The selling pressure intensified in Ether (ETH) after it broke below the support at $173.841. Over the last 48-hours, Ether plummeted below the $161.056 to $151.829 support zone. This triggered our suggested stop loss on the long positions.

ETH USD daily chart

ETH USD daily chart. Source: Tradingview

A break below $151.829 is a bearish sign because it resumes the downtrend in the ETH/USD pair. The next stop is likely to be $120. With the recent fall, the RSI has dipped into the oversold territory, hence, a pullback is possible. We expect the recovery attempt to hit a wall at the previous support turned resistance zone of $151.829 to $161.056.

XRP/USD

XRP has declined close to the critical support at $0.22. The 20-day EMA is sloping down and the RSI is in oversold territory, which shows that bears are in command. However, the fall in the past few days has been rapid, hence, we anticipate the bears to book profits at the current levels.

XRP USD daily chart

XRP USD daily chart. Source: Tradingview

The pullback is likely to hit a wall closer to $0.24508 and above it at the 20-day EMA. If the next downturn breaks below $0.22, a drop to $0.18 is possible. 

Contrary to our assumption, if the bulls push the price above the moving averages, it will indicate that the XRP/USD pair might remain range-bound for a few more days. A strong bounce off the current levels might offer a buying opportunity for short-term traders. However, we will wait for signs of buying to emerge before recommending a trade in it for the positional traders.

BCH/USD

The bears are attempting to defend the support at $203.36. If this support breaks down, Bitcoin Cash (BCH) can plunge to the next support at $166.98. With 20-day EMA sloping down and RSI in oversold territory, advantage is clearly with the bears.

BTC USD daily chart

BTC USD daily chart. Source: Tradingview

Conversely, if the BCH/USD pair bounces off the current levels, it might face selling at the moving averages. If the bulls can push the price above the moving averages, the pair could remain range-bound for a few more days. As the sentiment is to sell the rallies, we will wait for the price to confirm a bottom formation before proposing a trade in it.

LTC/USD

Litecoin (LTC) broke below the $50 to $47.1851 support zone today, which triggered our recommended stop loss on the long positions. If the bears can sustain the price below $47, the downtrend will resume. The next support on the downside is $36.

LTC USD daily chart

LTC USD daily chart. Source: Tradingview

Alternatively, if the LTC/USD pair rebounds off the current levels, the bulls will try to keep it inside the $47 to $66 range for a few more days. The short-term traders can watch the price action at the current levels and initiate long positions to take a quick counter-trend trade. However, this is risky, hence, we suggest positional traders remain on the sidelines.

EOS/USD

EOS has continued its journey southwards. It has broken below the support at $2.9980 and is close to the critical support at $2.4001.The 20-day EMA has turned down and the RSI is close to the oversold zone, which shows that bears are in command.

EOS USD daily chart

EOS USD daily chart. Source: Tradingview

As the EOS/USD pair had bounced off $2.4001 on two previous occasions, we anticipate the bulls to defend the support once again. A strong bounce off $2.4001 might keep the pair range-bound for a few more days. We will watch the price action at $2.4001 and then recommend a trade if we find a reliable buy setup.

BNB/USD

Binance Coin (BNB) sliced through the strong support at $18.30 on Nov. 20. This attracted further selling, which plunged the price to the critical support at $14.2555, thus triggering our suggested stop loss on the long positions. 

BNB USD daily chart

BNB USD daily chart. Source: Tradingview

The bulls are currently attempting to defend the support at $14.2555. If successful, the BNB/USD pair might rise to the overhead resistance level of $16.50 and above it $18.30. Alternatively, if the next dip breaks below $14.2555, a drop to $11.30 is possible. We will wait for the buyers to show interest in BNB before suggesting a trade in it.

BSV/USD

Bitcoin SV (BSV) has picked up momentum after breaking below the descending channel. The bears have pushed the price below the critical support at $107. There is a minor support at $92.693 below which a decline to $78.506 is possible. 

BSV USD daily chart

BSV USD daily chart. Source: Tradingview

Both the moving averages are close to completing a bearish crossover and the RSI is near the oversold zone. This suggests that supply far outweighs demand. We will wait for a new buy setup to form before recommending a trade in it.

XLM/USD

Stellar (XLM) plunged below the immediate support at $0.062122 on Nov. 21. Both moving averages are on the verge of a bearish crossover and the RSI is close to over oversold levels. This shows that bears have the upper hand. 

However, the price had bounced off the support at $0.056 on two previous occasions, hence, we anticipate the bulls to defend this support once again. 

XLM USD daily chart

XLM USD daily chart. Source: Tradingview

If the price bounces off $0.056, the XLM/USD pair can move up to the moving averages where it is likely to encounter stiff resistance. Conversely, if the bears sustain the price below $0.056, the pair can decline to $0.051014. We will wait for a new buy setup to form before proposing a trade in it.

TRX/USD

Tron (TRX) has broken below the support line of the descending channel. Both moving averages are on the verge of a bearish crossover, which indicates that sellers are in command. Every recovery attempt is likely to be sold into.

TRX USD daily chart

TRX USD daily chart. Source: Tradingview

If the bears can sustain the TRX/USD pair below $0.0136655 a retest of $0.0116262 is possible. Conversely, if the bulls defend the critical support at $0.0136655, a rise to $0.0175 is possible. We will wait for a new buy setup to form before suggesting a trade in it.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Web 3.0 Initiatives Can Drive Crypto Adoption Across the Globe

Web 3.0 Initiatives Can Drive Crypto Adoption Across the Globe

Web 3.0 browsers are tapping into existing networks in emerging markets to foster crypto adoption.

In October, web browser developer Opera Software AS launched added support for in-browser transactions with Bitcoin (BTC) and Tron (TRX). This follows the company’s initial launch of an in-browser Ether (ETH) wallet in 2018. The latest announcement is part of the company’s grander plan to make the “Web 3.0” easier to access for the average consumer.

Opera, based in Norway, is the first major browser to develop and integrate a native crypto wallet, which also supports direct transactions. The company started testing the in-browser payment feature in July through a beta version of the Opera for Android browser.

Opera’s move fits into a larger narrative of companies integrating cryptocurrency into existing systems and networks that people already use. Brave Software Inc., another web browser developer, had first incorporated wallet technology into its browser to allow web users to earn cryptocurrency for performing or permitting certain actions that they already do with traditional browsers without earning anything. Other platforms looking to implement similar Web 3.0 features are also active.

A first step?

Cryptocurrencies are still more popular in the developed world than in developing markets, where most of the world’s financially excluded people live. Opera’s moves to enable Web 3.0 can potentially bring cryptocurrency to several financially excluded people. 

That’s thanks to the browser’s popularity in the developing world, especially Africa. Opera browsers are popular for their data-saving features. The company claimed that data savings in its products helped users in Africa save nearly $100 million in 2018.

Therefore, making crypto wallets easily accessible to this group of consumers could be a big step toward using cryptocurrencies to offer financial services to the unbanked and underbanked. In addition to Bitcoin, Ether and Tron, the Opera crypto wallet also supports ERC-20 and TRC-10 tokens. Multiple decentralized financial, or DeFi, products are already being built using certain ERC tokens.

Opera’s push to expand access to Web 3.0 could also impact the burgeoning betting industry in Africa. The combined size of the gambling market in Kenya, Nigeria and South Africa was worth an estimated $37 billion in 2018.

When asked on how Opera’s latest developments could potentially help onboard new crypto users through gambling, Tron founder and CEO Justin Sun told Cointelegraph that Wink, a decentralized application built on the Tron blockchain is working now with seamless integration. 

“Users can simply use the Opera browser to play Wink by logging onto Wink.org without using any 3rd party wallets. We expect to see more TRON DApps integrated within Opera in the future, in similar fashion.”

According to Opera, 350 million people use its browsers globally — nearly 120 million of those are in Africa. It’s worth noting, however, that Opera’s crypto wallet is only available on the “Opera browser with free VPN” application on Android and the “Opera Touch” browser on iOS. 

There isn’t any data to tell what portion of the 350 million users use Opera Mini. Still, this means that the crypto wallet is available to fewer than 350 million users. If Opera Mini has the largest user base, then the number of people who can use the Opera crypto wallet could be significantly lower. Opera didn’t respond to a request for comment regarding this.

Incorporation into an existing network is becoming a trend

Opera isn’t the first company to have integrated functionalities for cryptocurrencies into an existing network to foster quicker adoption, as the Brave browser is another web-surfing tool spearheading the crypto charge. 

Brave was the first to reimagine using browsers as a tool to foster crypto adoption through its privacy-focused Brave browser. The browser gives internet users power over their data by blocking tracking services and ads. 

Instead, Brave allows users to earn native Basic Attention Token (BAT) when they view advertisements. Users can also use the BAT to reward platforms and content creators of their liking. The browser recently reached 9 million active monthly users.

As Opera appears to be targeting the user base that cares about cost-saving for crypto adoption, Brave’s target is the privacy-loving customers.

In August, Brave went beyond its native wallet that only supports its rewards programs to integrate an Ether wallet that supports ETH as well as most Ethereum tokens and collectibles. Unlike its Brave Rewards system, the Ether wallet doesn’t require users to take part in Know Your Customer procedure and can interact with DApps. 

The browser also allows users to connect a hardware wallet in addition to other layers of protection, according to Brian Bondy, Brave’s chief technology officer and co-founder, who told Cointelegraph: 

“Our Crypto Wallets feature can be used with hardware wallets (Ledger, Trezor) for users who would like the added security. Additionally, our Crypto Wallet is based on an extension and the background page for that extension has its own process and address space.”

Brave has made it clear, however, that its wallet is targeted at “people who already have a working understanding of cryptocurrency generally.” Still, Brave appears interested in using the existing browser network to further the adoption of blockchain and cryptocurrency.

“We’re excited to continue pushing the envelope when it comes to support for cryptocurrency and other blockchain applications on the web platform,” Brave said in its announcement of its crypto wallet.

IOV Labs, RSK and social media

Beyond browsers, different companies are tapping into existing networks and systems to promote the use of cryptocurrencies. In September, Argentina-based IOV Labs acquired Spanish-oriented social media platform Taringa, which has 30 million users. 

IOV Labs, which powers the RSK Bitcoin smart contact platform, sees an opportunity in tapping into data from the social network to build, test and distribute decentralized products based on its smart contract platform and its native RIF token. In the end, it hopes to bring wider adoption to Bitcoin. IOV Labs CEO Diego Gutiérrez Zaldívar told Cointelegraph that:

“Latin America, a market already in need of financial services as half of the population is unbanked. The values inherent in the development of Bitcoin, blockchain and Taringa are one and the same, empowering individuals by giving them a voice and the economic tools they need to thrive.”

IOV Labs plans to incentivize Taringa users to participate meaningfully in the communities hosted on the social network by rewarding them with RIF tokens. Zaldívar added that:

“We know blockchain technology can meet the existing needs of these users far more effectively than existing systems, by protecting user privacy, and sharing the economic value and reputation users create with their interactions.”

Alternative app store Aptoide

In 2017, Aptoide started developing AppCoins, an open-source and distributed protocol for app stores based on the Ethereum blockchain. It raised over $16.8 million in an initial coin offering for AppCoins’ development. For Aptoide, which claimed to have more than 200 million users, integrating a blockchain-based system was a natural step, owing to its community-oriented approach to app distribution.

Aptoide’s chief operating officer and creator, Álvaro Pinto, told Cointelegraph that Aptoide has been a community-driven app store since inception. With Aptoide, users can create their own list of apps, which can be shared with family, friends and colleagues to foster deeper app engagement.

Part of Aptoide’s aim is to make in-app payment simpler in emerging markets, where it has the majority of its users. In these countries, it can be difficult for users to make in-app purchases because one can only buy them using a credit card, PayPal and gift cards as Pinto explained:

“We have this huge amount of people using smartphones, but if you look into the number, the number of users doing in-app purchases and buying digital goods in the app stores is very limited.” 

However, Pinto is adamant that the problem isn’t affordability. He believes that many people can afford to make 50-cent purchases, but the process for making such purchases is difficult. Pinto added:

“We’re starting to see the common user having their first experience with blockchain, and that was part of the idea — to take blockchain to the average user and to all this gigantic user base of Android.”

Price Analysis 20/11: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

Price Analysis 20/11: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

Bitcoin price is close to critical support levels, but we anticipate a bounce off the support levels as we take a look at the charts.

The Federal Reserve Board Chairman Jerome Powell has said that the Fed is not developing a central bank digital currency (CBDC), but it is conducting its own research to evaluate the benefits and limitations of such an initiative.

On the other hand, Edith Cheung, partner at blockchain-focused venture capital fund Proof of Capital, believes that China will launch its digital currency within the next six to twelve months. A CBDC by a large economy will be an interesting development.

Daily cryptocurrency market performance. Source: Coin360

Daily cryptocurrency market performance. Source: Coin360

The crypto markets have been losing ground in the past few weeks due to the lack of a positive catalyst. The United States Securities and Exchange Commission announced that it will review its previous decision to reject the exchange-traded fund (ETF) filing from Bitwise Asset Management and NYSE Arca. Though this review does not guarantee approval, it is certainly a step in the right direction.

The majority of crypto investors are in the age group of 18 to 34. Lack of understanding of the technology has kept the people above the age of 50 away from crypto investing. Michael Novogratz’s crypto merchant bank Galaxy Digital plans to tap into this wealth among older investors by offering two Bitcoin (BTC) funds — Galaxy Bitcoin Fund and Galaxy Institutional Bitcoin Fund. These funds could bring a lot of fresh money into the crypto markets.

As the fundamentals continue to improve, we believe that dips should be viewed as a buying opportunity. However, it is best to wait for the price to stop falling and signal a turn around before entering long positions. Do the charts of the major cryptocurrencies signal a bottom or could the prices fall further? Let’s analyze the charts.

BTC/USD

After holding close to $8,467.54 for three days, Bitcoin plummeted on Nov. 18. The fall has dragged the price to $8,000, which is psychological support. Just below this, at $7,952.84 is the 78.6% Fibonacci retracement level of the most recent rally. We anticipate a strong defense of this support by the bulls.

BTC USD daily chart. Source: Tradingview

BTC USD daily chart. Source: Tradingview

Though the price has not breached the $8,000 mark, the bulls have failed to achieve a strong rebound. This shows that the bulls are cautious at these levels. If the price fails to scale above the moving averages within the next few days, we anticipate the bears to make another attempt to sink the price below the $7,702.87 to $7,337.78 support zone. If this zone gives way, the BTC/USD pair might nosedive to $5,500. Such a move will be a huge negative but we give it a low probability of occurring.

We will wait for the price to climb above the $8,777.89 to $9,080 overhead resistance before turning positive.

ETH/USD

Ether (ETH) has gradually dipped to the first support at $173.841. If this support fails to hold, the correction can deepen to $161.056 and below it to $151.829. A breakdown of $151.829 will resume the downtrend.

ETH USD daily chart. Source: Tradingview

ETH USD daily chart. Source: Tradingview

Conversely, if the price rebounds off $173.841, a few days of range-bound action between $173.841 and $197.75 is likely.

While most other cryptocurrencies are struggling to hold their support levels, the ETH/USD pair has not given up much ground. Hence, during the next up move, the pair is likely to be at the front of the rally. Therefore, we are not recommending traders to close their long positions yet. They can protect their positions with stops at $150.

XRP/USD

XRP dipped below $0.24 on Nov. 18, which triggered our suggested stop loss on the long positions. The bulls are currently attempting to defend the support at $0.24508. However, the downsloping 20-day EMA and the RSI close to the oversold territory indicates that bears have the upper hand.

XRP USD daily chart. Source: Tradingview

XRP USD daily chart. Source: Tradingview

If the bears sink the price below $0.024508, a retest of the yearly low at $0.22 will be on the cards. A break below this level will be a huge negative as it will resume the downtrend.

Contrary to our assumption, if the XRP/USD pair rebounds off the current levels, the bulls will try to keep it range-bound between $0.24508 and $0.31491 for the next few days. We will wait for a new buy setup to form before turning positive.

BCH/USD

Bitcoin Cash (BCH) plunged below the 50-day SMA on Nov. 18 and is currently threatening to break below the critical support at $241.85. If this support breaks down, a retest of $203.36 is possible. The 20-day EMA has started to turn down and the RSI has dipped into the negative zone, which shows that bears are in command.

BTC USD daily chart. Source: Tradingview

BTC USD daily chart. Source: Tradingview

Contrary to our assumption, if the price turns around from the current levels, the bulls will attempt to push it above the 20-day EMA. If successful, a move to $306.78 is likely. We will wait for the decline to end and the price to form a reliable buy pattern before recommending taking a long position.

LTC/USD

The tight consolidation in Litecoin (LTC) resolved to the downside on Nov. 18, with a break below the 50-day SMA. The next support on the downside is $50 and below it $47.1851. If this support zone cracks, the downtrend will resume. Therefore, traders can protect their long positions with stops at $47.

LTC USD daily chart. Source: Tradingview

LTC USD daily chart. Source: Tradingview

If the bulls defend the support at $50, the LTC/USD pair will extend its stay inside the $50 to $62.0764 range for a few more days. The pair will pick up momentum on a breakout of $66.1486.

EOS/USD

The bulls have held the support at $2.9980 for the past two days but have failed to achieve a strong bounce off it. This shows a lack of aggressive buying at the support level. Unless the price quickly rebounds off the current levels, EOS could slip below the support at $2.9980. Below this support, a retest of $2.4001 is possible.

EOS USD daily chart. Source: Tradingview

EOS USD daily chart. Source: Tradingview

Conversely, if the EOS/USD pair rebounds off $2.9980, it might remain range-bound between $2.9980 and $3.69 for a few days. The pair will pick up momentum on a break above $3.69.

BNB/USD

The bears have made a strong comeback in Binance Coin (BNB). The price has plunged below both the moving averages and is currently challenging the support at $18.30. This is an important level to watch out for because the uptrend line is also located close by. A break below this level can sink the price to $16.50.

The 20-day EMA has started to slope down and the RSI has dropped into the negative territory, which shows that bears have the edge.

BNB USD daily chart. Source: Tradingview

BNB USD daily chart. Source: Tradingview

However, if the bulls defend the support at $18.30, the BNB/USD pair might consolidate between $18.30 and $21.2378 for a few more days. The pair will pick up momentum above $21.80. Traders can retain the stop loss on the long positions at $16.

BSV/USD

Bitcoin SV (BSV) broke below the descending channel on Nov. 19 and is currently threatening to break below the critical support at $107. If this level cracks, the next support is at $92.693.

BSV USD daily chart. Source: Tradingview

BSV USD daily chart. Source: Tradingview

The 20-day EMA has turned down and the RSI has dipped close to the oversold zone, which shows that bears are in the driver’s seat.

Our negative view will be invalidated if the bulls defend the support at $107. This will be a positive sign as it will indicate demand at lower levels. A bounce off $107 can carry the price to $155.380. We will wait for a new buy setup to form before turning positive.

XLM/USD

Stellar (XLM) is looking weak as the bulls have failed to defend the 50-day SMA. There is minor support at $0.062122 below which a drop to $0.0560 is possible. The 20-day EMA has started to slope down and the RSI has dipped into the negative territory, which shows that bears have the upper hand.

XLM USD daily chart. Source: Tradingview

XLM USD daily chart. Source: Tradingview

Contrary to our assumption, if the XLM/USD pair bounces off $0.062122, it will indicate that bulls are using the dips to accumulate. The recovery attempt will face resistance at the moving averages, above which a move to $0.088708 is possible. We do not find a reliable buy setup at the current levels, hence, we are not suggesting taking a position at this time.

TRX/USD

Tron (TRX) has broken below the 50-day SMA. It is currently falling inside a descending channel. The 20-day EMA has started to turn down and the RSI has dipped back into the negative zone, which suggests that bears are in command.

TRX USD daily chart. Source: Tradingview

TRX USD daily chart. Source: Tradingview

The TRX/USD pair can now dip to the support line of the descending channel, which is close to the horizontal support at $0.0157773. If this support holds, the pair will extend its stay inside the channel.

However, if the bears sink the price below the channel, the down move will pick up momentum. The next support on the downside is $0.0136655 and below it is $0.0116262. We will wait for the price to break out and sustain above the channel before turning positive.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Altcoin Market Capitalization Shrinks Despite Volume Boost Since 2017

Altcoin Market Capitalization Shrinks Despite Volume Boost Since 2017

Despite crypto markets reclaiming the capitalization boasted in Nov. 2017 and record volumes, altcoins have seen a declining market share.

At present, the combined capitalization of the 2,022 crypto assets with a known market cap was roughly $222 billion.

On Nov. 19, 2017, just weeks before the current all-time highs would be set for the price and capitalization of Bitcoin and the crypto market overall, the 985 tokens with a known market cap represented a capitalization of around $244 billion — a similar zone to where the market is at currently.

However, with the capitalization of Bitcoin (BTC) having grown 15% from $134.1 billion to $154.6 billion during the 24 months following November 2017, more than twice as many altcoins are competing for an increasingly shrinking share of the combined crypto market cap when compared to the altcoin bubble of 2017.

Altcoins compete for diminishing market share

While 2019 has seen BTC produce an impressive recovery, the majority of altcoins have lost a significant market share when compared to 2017.

As of Nov. 17, 2018, the combined crypto capitalization was approximately $186 billion after having shrunk by 21.7% over 12 months. Since November 2017, the dominance of BTC had fallen from 56.5% to 52.6%, with altcoins gaining an overall 47.4% market share of crypto capitalization.

However, the number of tokens with a known capitalization had risen 75.8% to 1,732, increasing competition among altcoins for a shrinking pool of liquidity — with the combined capitalization of altcoins having dropped from $107.2 billion to $86.8 billion just 12 months later.

Despite the number of crypto assets having increased by a further 16.7% since November 2018, the combined altcoin capitalization reduced by roughly 8% to $80 billion during the past year. As such, altcoins have seen increased proliferation in the face of a declining pool of liquidity for two consecutive years.

Altcoin capitalization centralizes among top markets during 2019

Between November 2017 and November 2018, the relative market share of alternative cryptocurrencies became more pluralized, with the share of capitalization represented by altcoins sitting outside of the top 10 by market cap, increasing from 23.3% to 28.4% despite the dramatic rise in the number of markets.

The greater pluralism in the distribution of altcoin capitalization in 2018 can be largely attributed to a decline in the relative market share of Ether (ETH) and Bitcoin Cash (BCH) throughout the 12 months prior. Together, ETH and BCH had shed 23% of altcoins’ relative market share in one year.

Of the 10 largest altcoins by market cap on Nov. 18, 2017, only XRP’s market share increased throughout the next year, becoming the largest altcoin by capitalization and representing 22.8% of the combined altcoin market cap on Nov. 17, 2018.

While Litecoin (LTC) and Monero (XMR) both remained in the top 10 ranking of altcoins by market cap between November 2017 and November 2018, both tokens suffered losses in relative market share.

LTC fell by one rank, from fifth to fourth, shedding nearly a third of its relative market share in the process — from 3.7% during November 2017 to 2.8% one year later. XMR also fell one rank, from eighth to ninth, with its market share dropping from 1.9% to 1.7%.

Dash, NEO, Iota, Nem (XEM) and Ethereum Classic (ETC) all fell from the top 10 altcoins by capitalization as their relative market share declined in 2018. They did, however, retain their rank among the top 20.

Related: A Different Look at Crypto Market and Top Assets, How Dominated Is It?

Dash fell from fifth, with an altcoin market share of 3.3%, to rank 12th with 1.3%; NEO fell from sixth with 2.5% to 15th with 0.9%; Iota fell from seventh with 2.3% to 11th with 1.3%; NEM moved from ninth with 1.8% to 14th with 0.9%; and ETC fell from 10th with 1.7% all the way to 16th place with 0.9%.

As of Nov. 17, 2018, the relative market share represented by the alternative cryptocurrencies ranked third to 10th by capitalization had increased from 17.2% to 19.9%, with XLM, EOS, Tether (USDT), Cardano (ADA) and Tron (TRX) having emerged among the top 10 altcoins by market cap.

In just 12 months, XLM rose from the 20th-ranked altcoin, representing a relative market share of 0.6%, to the fourth-largest alternative cryptocurrency, with 5.5% of total altcoin capitalization.

EOS also climbed, from 14th with 0.88% in 2017 to rank fifth with 4.7% in 2018, while Tether grew from 19th with 0.7% to place sixth with 2%, and ADA grew from 18th with 0.7% to seventh with 1.8%, while TRX produced the most dramatic growth, climbing from the position of 53rd-largest altcoin with a relative market share of 0.1% to rank tenth with 1.4%.

Altcoin capital centralizes during 2019

During 2019, altcoin capitalization has significantly centralized among the top alternative currencies by market cap. Currently, the 2,011 alternative cryptocurrencies that do not rank among the top 10 by market cap are competing for just 20.61% of the total combined capitalization.

In 12 months, ETH has restored its ranking as the largest altcoin by market cap and increased its market share by a quarter, currently representing 25.1% of the total altcoin market capitalization.

XRP now ranks as the second-largest alternative cryptocurrency by market cap following a 39% drop in relative market share, which currently sits at 14.2%. Despite BCH seeing another 12-month decline in altcoin market share, the token retained its distinctive position as the third-largest alternative cryptocurrency by market cap, with BCH now representing 6% of altcoin capitalization.

As such, the relative dominance of the three largest altcoins has increased 7% year-on-year from 51.7% to 55.4%.

Top 10 altcoins gain market share

The market share of altcoins represented by the tokens ranking from third to 10th by capitalization also increased for the second consecutive year, currently representing 24% of the combined altcoin market cap.

The relative market share of Tether increased by 160% between November 2018 and November 2019, with USDT ranking as the fourth-largest alternative cryptocurrency and comprising 5.2% of all altcoin value.

LTC also saw a significant gain in market share, with LTC currently ranking as the fifth-largest alternative cryptocurrency by market cap after its relative market share increased by 66% to 4.7%.

The sixth-largest altcoin by capitalization, Binance Coin (BNB), has risen from the 13th-ranked altcoin due to a 230% gain in market share and currently represents 3.9% of altcoin value. The seventh-ranked altcoin, Bitcoin SV (BSV), also constitutes a new entrant among the top 10 altcoins, representing 2.79%.

TRX saw an 11.4% gain in relative altcoin dominance, currently ranking as the 10th-largest alternative crypto asset, with a market share of 1.6%.

Altcoin trade volume grows steadily

Despite the increasing centralization of altcoin capitalization among the top markets over recent years, many alternative cryptocurrencies have seen a significant increase in trade activity.

On Nov. 18, 2017, the 10 most-traded cryptocurrencies reportedly generated $7.1 billion worth of trade during 24 hours. BTC, BCH and ETH amassed a combined 24-hour volume exceeding $1 billion, while eight tokens including USDT, NEO, LTC, XRP and ETC also produced a daily volume greater than $100 million. Overall, 23 crypto assets posted eight-figure volumes or higher.

Despite the brutal bear trend of 2018, the combined daily volume reported by the 10-most traded tokens had increased 66.8% by Nov. 17, 2018. Only three of 2017’s 10-most traded tokens saw a decline in volume, with BCH, Dash and Iota seeing a dip in trade activity. During the period, 14 cryptocurrencies each garnered a 24-hour trade volume exceeding $100 million, and 36 other assets boasted a volume of more than $10 million.

This time around, the 10-most traded cryptocurrencies produce $56.8 billion in daily volume — an increase totaling 381% year-on-year and 700% over the last 24 months.

None of 2018’s most popular tokens have posted a reduction in trade volume, despite BSV and TRX replacing ZEC and NEO among the top ten. USDT, BTC, ETH, LTC, BCH, EOS and XRP posted 24-hour volumes exceeding $1 billion, while 33 other tokens reported more than $100 million in daily trade and nearly 150 tokens continuously producing more than $10 billion worth of trades.

Price Analysis 18/11: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

Price Analysis 18/11: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

While Bitcoin looks weak, select altcoins are showing resilience and this can shift the focus from Bitcoin to altcoins.

Since the Great Recession, the health of the global financial system has only deteriorated. Corrupt leadership, worsening standards of living and several other problems have sparked unrest in a number of countries. The latest country to see unrest is Iran. Recently protestors set several buildings on fire and one among them was a branch of Iran’s central bank in Behbahan, a city located in the southwestern region of the country. 

Such events underline the importance of cryptocurrencies because crypto is the only asset class which cannot be controlled or manipulated by leaders and regulators. Though many suggest that gold can also work as a safe haven during such situations, history shows that governments tend to put capital controls on gold as well. So, that leaves cryptocurrencies as the only alternative. 

Daily cryptocurrency market performance

Daily cryptocurrency market performance. Source: Coin360

While many analysts are certain that digital asset valuations will increase over the long-term, the short-term price action paints a different picture. Bitcoin has been gradually declining, which has also pulled altcoins also lower. 

However, an interesting development is that a few altcoins are attempting to form a bottom. Let’s have a look at the charts to determine which are moving higher and what are the critical levels to watch out for?

BTC/USD

Bitcoin (BTC) has been trading below the 50-day SMA for the past two days. This is a negative sign and it shows that there is no urgency among the bulls to buy even at these levels. The 20-day EMA has started to turn down and the relative strength index (RSI) has dipped into negative territory, which suggests that bears have the upper hand.

A decisive breakdown below the 61.8% Fibonacci retracement level of $8,467.54 is likely to attract further selling that can drag the price to $7,952.84.

Conversely, if the BTC/USD pair bounces off the current levels and breaks out of the downtrend line, it will signal that the current fall was a bear trap. We anticipate the pair to start a new uptrend above the downtrend line. Therefore, we will wait for the price to breakout and close (UTC time) above the downtrend line before turning positive. 

ETH/USD

While several cryptocurrencies are breaking below their support levels, Ether (ETH) remains stable. This is a positive sign as it shows that the bulls are not hurrying to close their positions. Both moving averages are flat and the RSI is close to the center, which indicates that the range-bound action might continue for a few more days.

Longer the consolidation, stronger will be the eventual breakout or breakdown from it. We anticipate the next move to be a strong one.

If the price breaks out of the overhead resistance at $197.75, a rally to $235.70 will be on the cards. On the other hand, if the bears sink the price below $173.841, a retest of $161.056 to $151.829 support zone is likely. The downtrend will resume on a break below this zone. Therefore, traders can continue to hold their long positions with stops at $150.

XRP/USD

The attempt to pullback on Nov. 15 did not find buyers at higher levels. As a result, XRP has resumed its journey towards the next support at $0.24508. The moving averages have completed a bearish crossover and the RSI continues to trade in the negative zone, which shows that bears are firmly in command.

A break below $0.24508 will be a huge negative that can drag the price to the next support at $0.22. Hence, traders can retain a stop loss on the long positions at $0.24.

Conversely, if the XRP/USD pair bounces off the support at $0.24508, the bulls will try to push it above the moving averages. If successful, it will remain range-bound between $0.24508 and $0.31491 for the next few days.

BCH/USD

Bitcoin Cash (BCH) has been trading below the 20-day EMA and the previous support turned resistance of $269.10 for the past two days. The attempt by the bulls to scale above this resistance failed on Nov. 17. This shows a lack of demand at higher levels.

The next support on the downside is at the 50-day SMA and below it $241.85. We anticipate the bulls to defend this level aggressively. If this support holds, the bulls will again attempt to carry the BCH/USD pair above the overhead resistance at $269.10.

Conversely, if the support at $241.85 breaks down, the pair might slip to the next support at $203.36. We will wait for the price to signal a turn around before recommending a long position once again.

LTC/USD

Litecoin (LTC) has been stuck between its moving averages for the past three days. This tight range trading shows that both bulls and bears are playing it safe and are not taking any directional bets.

Above the 20-day EMA, the LTC/USD pair will again hit a wall in the $62.0764 to $66.1486 resistance zone. The pair will pick up momentum on a breakout of $66.1486

Conversely, if the bears sink the price below the 50-day SMA, a drop to the $50 – $47.1851 support zone is possible. If this zone breaks down, the downtrend will resume. Therefore, traders can retain the stop loss on the long positions at $47.

EOS/USD

EOS has been trading close to the critical support at $3.37 for the past few days. Though the price dipped below the support on Nov. 15, the bears could not capitalize on it. This shows buying at lower levels.

Both the moving averages are flat and the RSI is just above the midpoint, which suggests a balance between both bulls and bears. 

The balance will tilt in favor of the bulls if the EOS/USD pair climbs above $3.69 and the downtrend line. Alternatively, the bears will have the upper hand if the price sustains below $3.37. For now, the traders can keep the stop loss on the long positions at $2.95.

BNB/USD

The failure of the bulls to defend the 20-day EMA is a bearish sign. Binance Coin (BNB) can now dip to the 50-day SMA, which is just above the uptrend line and the horizontal support at $18.30.

We expect the bulls to defend this support aggressively. If the altcoin bounces off this support, the bulls will again try to propel the price above the overhead resistance of $21.2378. 

Conversely, if the bears sink the BNB/USD pair below the uptrend line, a drop to the next support at $16.50 is possible. If this support also breaks down, a decline to $14.2555 is likely. For now, traders can protect their long positions with stops at $16. We could suggest closing the position if the pair dips below $18.30.

BSV/USD

Bitcoin SV (BSV) has been trading below the 20-day EMA for the past three days but the bears have not been able to break below the descending channel. The bulls are attempting to provide some support close to $120 levels. The 20-day EMA is flat and the RSI is just below the 50 level, which suggests a range-bound action for a few more days.

If the bulls can push the price above the 20-day EMA, a retest of the resistance line of the descending channel is likely. A breakout of the channel will be the first indication that bulls are back in command.

Conversely, if the BSV/USD pair slides below the minor support at $120, a dip to $107 is possible. We will wait for a new buy setup to form before proposing a trade in it.

XLM/USD

Stellar (XLM) has broken below a slew of support levels, which is a bearish sign. It shows that sellers are dominating the proceedings. The next stop is likely to be the 50-day SMA, which is located just below the horizontal support of $0.067457. If this support also fails to hold, a drop to $0.062122 and below it to $0.056 is possible.

However, if the XLM/USD pair finds support close to the 50-day SMA, the bulls will again attempt to climb above the support turned resistance of $0.072545. The flattish 20-day EMA and the RSI just below the 50 suggests further range-bound action for a few days. We will wait for the pair to signal a reversal before recommending a trade in it.

TRX/USD

After trading close to the critical support at $0.018660 for the past two days, Tron (TRX) has resumed its decline. Its next stop is likely to be the 50-day SMA. If the 50-day SMA holds, we might see another attempt by the bulls to make a recovery above $0.018660.

However, if the 50-day SMA breaks, the TRX/USD pair can plummet to the next support at $0.0136655. Such a move will be a huge negative and will weaken sentiment further. Therefore, we will wait for the price to signal a turn around before suggesting a trade in it. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Bitcoin Price Diary: VET, XLM, TRX Double-Digit Gains — BTC Flatlines

Bitcoin Price Diary: VET, XLM, TRX Double-Digit Gains — BTC Flatlines

Veteran trader secures a 60% profit on VeChain, 8% on Tron, 18% on Stellar Lumens and breaks even on Bitcoin.

Altcoins have continued to boom while Bitcoin (BTC) has effectively traded sideways. I closed the majority of my position in VeChain (VET) for a quick 60% profit and nailed my exit on Stellar Lumens (XLM) almost exactly at the top. I am once again long on Bitcoin from $8,375 and have stopped out in profit from a position on Tron (TRX).

Update on the Bitcoin position

I entered a fresh Bitcoin trade at $8,595 on November 12th. I took this position because I viewed a return to the previous trading range below price as unlikely and because there was a clear area of liquidity as shown by the green box shown below. This made this area a likely place for a bounce. 

BTC USD 4 hour chart. Source: TradingView

BTC USD 4 hour chart. Source: TradingView

Further, the price was showing a clear bullish divergence with the relative strength index on multiple time frames, and this area amounted to a 61.8% retracement, viewed by many as an ideal entry. All of this confluence made me confident in the position.

BTC USD 1 hour chart. Source: TradingView

BTC USD 1 hour chart. Source: TradingView

BTC USD daily chart. Source: TradingView

BTC USD daily chart. Source: TradingView

As the price moved up, I also moved my stop loss to break even. I exited manually today at even (with fees), seeing that price action was weak and assuming a drop was likely. Fortunately, I escaped moments before Bitcoin dropped to the mid $8,300s. After the drop, I filled the first of a number of bids for a new long position on the resistance to support flip pictured below. I am presently back in at $8,375. I will continue to update this trade as it develops.

XBT USD hourly chart. Source: TradingView

XBT USD hourly chart. Source: TradingView

TRX/BTC

Entries: .00000184 (sats), .00000210 (sats), .00000221 (sats)

Targets: .00000260 (sats) – .00000286 (sats), .00000304 (sats), .00000473 (sats)

Stop Loss: .00000159 (sats) for a  potential13.5% loss at the first entry. I continued to move the stop up as price rose, ultimately to .00000219 (sats).

Entry Idea:

TRX has been one of the most profitable assets that I have ever traded, as I caught much of the now-famous move from under .00000020 (sats) to .00002000 (sats). I am always looking for entries and became interested again when it dropped below .00000200 (sats) in August. A massive descending channel was clear on the chart, likely to eventually break to the upside.

TRX BTC daily chart. Source: TradingView

TRX BTC daily chart. Source: TradingView

TRX price formed a clear inverse head and shoulders pattern, so I took a small position on the breakout and local retest. I gave myself a comfortable stop loss, as the initial position was small so the risk of a larger percentage loss was minimized.

This is one of the benefits of entering a trade at numerous stages. My intention was to add to the position higher as I saw confirmation that a reversal was likely. As this happened, I trailed the stop loss up to below higher support levels. This went perfectly. 

TRX BTC daily chart. Source: TradingView

TRX BTC daily chart. Source: TradingView

I added to the position at .00000210 (sats) as illustrated below, and more recently at .00000221 (sats) as clear, fresh resistance levels flipped to support.

TRX BTC daily chart. Source: TradingViewTRX BTC daily chart. Source: TradingView

TRX BTC 4 hour chart. Source: TradingView

TRX BTC 4 hour chart. Source: TradingView

How it worked out

TRX dropped quickly with Bitcoin today, hitting my stop loss for the entire position at .00000219 (sats). As mentioned earlier, I moved the stop loss up to the next support each time I entered. This amounted to an 8% overall gain on the entire position.

Closing the second XLM/BTC trade

Entry: .00000797 (sats)

Target: 0.00000940 (sats)

Stop loss: .00000781(sats)

Risk / reward: Target 1 = 8.94

Entry Idea

As mentioned in previous entries, this was effectively a second round of the same trade with the first retest of the .00000797 (sats) line on a larger time frame. I love taking long positions on the first major retest of a key resistance to support flip, so I was salivating for the opportunity to play this move.

XLM BTC 4 hour chart. Source: TradingView

XLM BTC 4 hour chart. Source: TradingView

Amazingly, the price wicked down to .00000782 (sats). My stop loss was sitting at .00000781 (sats), so I managed to stay in the trade by the thinnest of margins. Luckily, a more generous stop loss was justified, which is something I will consider on future trades. As you can see in the chart below, XLM price quickly made it to the target, piercing it with a wick and filling my asks. The price topped out at .00000942 (sats), only 2 sats above my sell orders. This elicited a quick 18% gain on the trade.

XLM BTC 4 hour chart. Source: TradingView

XLM BTC 4 hour chart. Source: TradingView

A 60% Profit on VET/BTC

Entry: .00000050 (sats)

Targets: 0.00000062 (sats), .00000080 (sats), .000000102 (sats)

Stop loss: .00000047 (sats)

Risk / reward: Target 1 = 4, Target 2 = 10, Target 3 = 17.33

Summary

I entered a position in VeChain at .00000050 (sats) after seeing it break both descending and horizontal resistance. The trade is detailed in the most recent journal entry. I had already taken a profit last week at .00000062 (sats) for a 24% gain with half of my position, letting 50% ride for the higher targets. As illustrated in the chart below, the altcoin’s price continued it’s vertical ascent and hit my second target at .00000080 (sats), for a quick gain of 60% on 40% of the position. I have kept 10% of the position open for a shot at the higher targets. At present, the price has reached .00000093 (sats). This was a spectacular trade that went my way quickly and without much risk.

VET BTC daily chart. Source: TradingView

VET BTC daily chart. Source: TradingView

Additional trades:

I remain in my position on Harmony (ONE). I also still hold positions in Dogecoin (DOGE) and Holo (HOT), which I will update when the price action details such an update as relevant.

The views and opinions expressed here are solely those of the (@scottmelker) and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.