Bitcoin Reaches Record-Low Volatility

It’s an open secret that trading in bitcoin has become more difficult in recent months than it once was. Traders rely on volatility to make their money, and with less volatility, there are fewer opportunities to trade. For long-term holders and users of bitcoin, however, it’s a very different story, and low volatility is generally seen as a sign the bitcoin market is maturing.

According to Gil Luria, research director at wealth management firm D.A. Davidson & Co., the recently stable bitcoin prices means that there is less speculation in the bitcoin economy.
“When speculators are involved, they drive unusually high volumes as well as volatility by trading the asset with high frequency. As speculator involvement is diminished, volumes go down and volatility goes down as well,” Luria told Bloomberg.

The same sentiment was also echoed by Mike McGlone, commodity strategist at Bloomberg Intelligence, explaining that bitcoin is now exhibiting signs of a “maturing market, so volatility should continue to decline.”
“When you have a new market, it will be highly volatile until it establishes itself. There are more participants, more derivatives, more ways of trading, hedging and arbitraging,” McGlone said.

Judging from the data, it appears the experts are right that both trading volume and volatility is down. Although most notably for bitcoin, the data confirms that the same is also true for many other cryptocurrencies.

The unusually low volatility in bitcoin is confirmed by a technical indicator known as the Average True Range (ATR) indicator, as seen in the bottom of the chart below. Looking on a day-by-day basis, volatility in the bitcoin market is now down to levels not seen since July 2017, before the huge run-up in prices seen later that year.

Bitcoin’s Next Move
Although volatility may be low at the moment, bitcoin’s price chart looks like it is about to break-out from a massive chart pattern that has been forming since the beginning of this year.

Judging from the pattern seen above, with lower highs but a floor around the USD 6,000 mark, it appears that bitcoin is about to face another battle between bulls and bears that will determine its next move.

As we have seen throughout 2018, the selling pressure has been heavy on bitcoin, but buyers have consistently shown up at USD 6,000 to support the market. Over time, sellers have become exhausted as they have not been able to drive the price further down, and we have seen lower volatility as a result. The next few weeks may give us an indication of which side is stronger in the fourth quarter of 2018.

Meanwhile, a new informal poll indicated that the usually very cautious Wall Street investors are now overwhelmingly calling a bottom in the bitcoin market. Twitter users, however, are still skeptical, with a majority saying bitcoin still has room to fall.
In either case, the next time you read a price prediction from an expert trader, you should probably take it with a large grain of salt.


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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 02/09/18

Bitcoin Cash makes a move to leave the majors in its wake, in what’s been a testy start to the day following Saturday’s rally.

Peoples TokenBitcoin Cash Hits $600

Bitcoin Cash rallied by 14.1% on Saturday, following Friday’s 0.61% gain, to end the day at $618.9.

Bitcoin Cash steered clear of the day’s first major support level at $534.03, with a start of a day intraday low $541.2, as a broad based market rally kicked in, with Bitcoin Cash breaking through the day’s first major resistance level at $549.13 and the second major resistance level at $556.37 to a late morning high $572.

An early afternoon move saw Bitcoin Cash break through the day’s third major resistance level at $571.47 to an intraday high $633.3 before easing back, Bitcoin Cash hitting $600 levels for the first time since 18th August.

At the time of writing, Bitcoin Cash was 5.51% to $653, with Bitcoin Cash managing to recover from a start of a day dip to a morning low $603, breaking through the day’s first major resistance level a $654.4 with a morning high $656.

For the day ahead, holding above the day’s first major resistance level at $654.4 would support a continued run that would bring the day’s second major resistance level at $689.9 into play, the crypto bulls eyeing $700 levels, though we can expect some profit taking before the weekend is out, with investors wary of possible negative news hitting the wires at the start of the week.

Failure to hold above $654.4 through the morning could see Bitcoin Cash take a hit later in the day, though we would expect sub-$600 support levels to be left untested, barring materially negative news hitting the wires.

{alt}Litecoin Steadies

Litecoin gained 6.95% on Saturday, following on from Friday’s 3.1% rise, to end the day at $66.45, its highest close since 7th August.

Tracking the broader market, Litecoin moved from a start of a day intraday low $62.12 to a morning high $64.87, breaking through the day’s first major resistance level at $63.44 and second major resistance level at $64.74, with day’s first major support level at $60.19 left untested.

An early afternoon breakout saw Litecoin hit the day’s third major resistance level at $67.99, with an intraday high $67.96, before easing back in the final hours.

TIPAt the time of writing, Litecoin was down 0.26% to $66.30, with Litecoin sliding to an early morning low $64.52 before finding support, the day’s first major support level at $63.06 left untested early on.

For the day ahead, a move through a start of a day morning high $66.47 would support a run at $67 levels to bring the day’s first major resistance level at $68.9 into play, with Litecoin needing to hold on to $66 levels through the morning to support second half of a day rally.

Failure to hold on to $66 levels could see Litecoin slide back through $65.5 to bring the sub-$65 levels and the day’s first major support level at $63.06 into play. Holding above $65.5 through the early afternoon would be key to Litecoin avoiding a reversal of Saturday’s gains.

{alt}Ripple Makes a Splash

Ripple’s XRP gained 3.59% on Saturday, following Friday’s 0.09% rise, to end the day at $0.34703.

Bucking the trend across the broader market, Ripple’s XRP had a choppy morning, moving through the day’s first major resistance level at $0.3417 to a morning high $0.34406 before pulling back to $0.33 levels.

Tracking the broader market through the afternoon, Ripple’s XRP broke back through the first major resistance level and the second major resistance level at $0.3483 to an intraday high $0.354 before pulling back to $0.34 levels in the final part of the day.

At the time of writing, Ripple’s XRP was down 0.77% to $0.34455, with Ripple’s XRP sliding to a start of a day morning low $0.3377 before recovering, the morning low holding above the day’s first major support level at $0.3365.

For the day ahead, a move through $0.3453 would support a run at a start of a day morning high $0.34721 to bring $0.35 levels and the day’s first major resistance level at $0.3558 into play, a reversal of the morning’s slide providing the crypto bulls with some hope of a second half of a day recovery, while some profit taking off the back of 2-consecutive days of gains may limit the upside later in the day.

Failure to move through and hold above $0.3453 could see Ripple’s XRP pullback through the morning low $0.3377 later in the day, with the day’s first major support level at $0.3365 and sub-$0.33 levels in play should the broader market fail to track Bitcoin Cash into positive territory.

{alt}


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AVATARA

Crypto Trading 101: An Introduction to Support and Resistance

Are you a crypto trader struggling to find a footing in a volatile crypto market?

If yes, then the first thing you need to master is the art of identifying support and resistance levels.

Imagine bouncing a ball inside your house. There are two barriers that will limit the flight and fall of the ball – your floor and ceiling. In trading, there are similar barriers that limit the movement of price action known as support and resistance.

Such barriers in trading can have long-lasting effects on an asset, since price action rarely forgets its past. If traders regard a certain price level as a great entry or exit point, it will likely continue to act as a barrier for prices until all of their respective needs are satisfied.

LIONBIT

Support

For example, buyers will generally continue to buy at a specific price, given the asset is perceived as undervalued, until all of their demand is fully absorbed by the market. So, if buyers engage at X price and the price moves upward only to later return, the same buyers will look to defend their positions at X and potentially add more to their positions.

New buyers will see that price fell no further than X before, so are likely to consider it a safe entry. This concentration of buy pressure will prevent price from falling any further, creating a temporary floor known as support.

Resistance

On the other hand, if an asset is perceived as overvalued at a certain price level, sellers will be sure to take advantage. Here, those large buyers from before will look to exit their position and take profit. It’s also possible traders will enter “short” positions at this level, given the perceived over-valuation, increasing the market’s sell pressure.

Just like when there was high buy pressure, this concentration of sell pressure will force the price level to act as a barrier, except this time it will act as a ceiling, rather than a floor, known as resistance.

Horizontal Support & Resistance

The most important and easiest to identify support and resistance levels take the shape of horizontal lines as a result a trend being rejected repeatedly at a very similar price point.

Horizontal support or resistance lines can be created by simply “connecting the dots” between trend peaks or valleys as seen in the chart below.

In the upper frame of above chart, sellers of XMR/BTC continually push down price from the 0.00451/BTC area, establishing it as strong resistance. Simply put, traders continued to take advantage of this area of concentrated sell pressure.

In lower the frame, buyers continually held up the price of XLM/USD at $0.17 fortifying it as strong support.

Once again, traders repeatedly took advantage of the level given the chart has told them time and time again price is more likely to bounce than fall through.

TIP

Porlarity

So, what happens when these levels are eventually surpassed?

As mentioned earlier, these barriers do eventually break once either the buying or selling efforts have been completely absorbed by the market. When this occurs, a major shift in sentiment can take place – a concept known as polarity.

When the selling behind an established resistance level is fully absorbed, it is no longer perceived as an optimal point to take profit, rather it is viewed as a good entry point for buyers due to the disappearance of sell pressure, as a result turning the resistance level into support.

Conversely, when the buying pressure behind a support level is fully absorbed, it will turn to a resistance level given traders are no longer interested in buying at this price.

It’s important to note that when price breaks through major support it is regarded as bearish development, that is, an asset usually drops further until sellers reach a point of exhaustion. The subsequent rebound due to profit taking or bargain hunting ends up creating a new support level.

Conversely, surpassing resistance is bullish in nature and price tends to follow the breakout until its next resistance level is identified.

The above chart depicts the effect polarity had on the price of XMR/USD once its resistance level of 0.00451/BTC was broken. You can see that what was once established as strong resistance, given it rejected price action on several occasions, became weaker the more it was tested until it could no longer hold down prices.

Price rose emphatically once the resistance was breached due to the large shift in market sentiment that was taking place. Even after prices action cooled off, it fell to the prior resistance left, but this time it held as support – the essence of polarity.

Conclusion

Price trends are expected to take a breather when coming in contact support or resistance lines due to the concentration of buying or selling pressure that awaits. While the levels can act as a barrier to price action for a lengthy period, they don’t last forever as the market will eventually absorb their efforts.

Once this occurs, polarity takes effect and converts the support to resistance and vice-versa.

Long story short, support and resistance levels help identify areas of strong supply and demand. So, identifying major supports and resistances is perceived by many to be the most important aspect of trading.



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XRP Technical Analysis: XRP Spearheads Recovery, Adds 10%

Like most coins, Ripple and XRP are bullish. Not only are we seeing important partnerships that steels XRP and xRapid, XRP prices are also on a recovery path adding a massive 13 percent in the last day helping propel prices from 25 cents supports. Technically, this recovery might continue though XRP is within a bear trend as the weekly chart shows.

LIONBITFrom the News

Standard Chartered, UBS and more than 50 global banks are some of the main players making use of RTXP and several of Ripple’s products as xCurrent and xRapid. There are several demonstrations that have shown that using xRapid and XRP for example significantly helps slash cost of transaction.

While it’s perfect for supporters, users-financial institutions can either make use of xCurrent–a solution that doesn’t incorporate XRP or xRapid, a gross time settlement solution that make use of XRP. If more business make use of the latter then XRP acting as an on demand liquidity tool will definitely gain traction inching higher from current lows.

That is perhaps the reason why the company is trying hard to build an ecosystem around XRP and xRapid. Recently, Ripple said they have partnered with US cryptocurrency exchange Bittrex, Mexico’s Bitso and Philippine’s coins.ph with exchanges facilitating exchange from XRP to fiat and vice versa.

Since transactions are on-chain there is guarantee of speed, safety and above all savings especially for individuals working in the diaspora wishing to send funds to their families in the US, Mexico and Philippines.

In other news, Kuwait Finance House (KFH) did carry out their first XRP transaction via xRapid. The firm is one of the biggest largest in Kuwait with a staggering market cap of $8.2 billion and trading in the country’s stock exchange.

Technical Analysis

Weekly Chart

Before concluding that XRP is bottoming and that the bear trend is finally over, the weekly chart hints of a different ball game. First, we must acknowledge that periods of extreme volatility is often followed by stagnation in price as historical prices have shown from time to time.

TIPThis is why this week’s revival is nothing new and is common following deep price erosion that saw two main levels of support (at 40 cents and 35 cents) being broken. Considering this week’s gains, we expect XRP bulls to find resistance anywhere between 35 cents and 40 cents. On the flip side, surges above 50 cents or 55 cents invalidates our bearish projection.

If that happens then we shall have a nice double bar bullish reversal pattern in the weekly chart which would conclusively mean XRP buyers are back in contention.

Daily Chart

In the top 10, XRP is one of the top performers adding 10 percent in the last 24 hours.
After yesterday’s encouraging bullish engulfing candlestick, a three bar bullish reversal pattern is the result. That means aggressive traders can begin loading up at spot prices. In that case, stops at Aug 17 lows at 28 cents and first targets at 50 cents is ideal.

On the other hand conservative traders can wait for bulls to close above 35 cents. Thereafter, they can take longs with targets at 50 cents and later 50 cents should buyers follow through.


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Cardano (ADA) Technical Analysis: Bitcoin Bears Kick ADA out of Consolidation

Cardano has endured the biggest losses out of the top 25 coins by market cap on Tuesday morning, with an 8.36% decline against BTC.

LIONBIT

In the video analysis, done on Monday, we could see that ADA was actually tracking well inside two consolidating patterns – a descending triangle over 4 hour candles and a falling bullish wedge over a much closer 1 hour candle range. Both patterns were exhibiting bearish indicators, but with the next roadmap announcement due in a few days, there was potential for bullish traders to gather in the run up to these new developments.

Right now, the crypto market is recoiling after Bitcoin’s sudden drop in performance, with many investors pulling into pegged-value assets such as Tether (USDT) and TrueUSD (TUSD) to insulate their portfolios from further losses. This is reflected in ADA’s trading markets, where ADA/USDT trading on Binance accounts for nearly 24% of all Cardano trades in the last 24 hours.

In the 4hr ADA/BTC we looked at on Monday, you can see that the base support of the descending triangle had two highlighted areas at 18,800 and 16,600 Sats, with the latter now looking promising to catch the falling price action.

AVINOC

When ADA last arrived at the 16,600 Sats support way back on March 18, we saw a bullish ‘Adam and Eve’ pattern emerge, which catapulted the asset back towards the upper sloping resistance area with a massive 150% gain over 45 days.

Once the asset retraces back to this support it will be a highly critical area in determining whether ADA breaks bearish and continues to decline rapidly, or whether it can find strong support and is able to bullishly reverse from this bottom.

Bullish Signals

Right now, if we look at the ADA/BTC chart over 1hr candles we can see that, despite a falling price trend, the Chaikin Money Flow indicator (CMF) is actually rising through the zero line which indicates that money is flowing back strongly into the asset and that we should expect a reversal soon.

The RSI is showing ADA as very oversold right now too, with the indicator line far below 30.

MACD is also looking like it’s beginning to ark back towards the signal, having fallen well below the slower moving average as earlier momentum declined.

Cardano Price Targets

All price targets are set from the 0.886 fib level/17,650 Sats mark.

Price Target 1:

Cardano already appears to be reversing, with a sudden strong green candle spiking from the 0.886 fib level. If this uptrend can continue, the bulls will want to return to the top of the earlier base support at 18,800 Sats (6.52% ROI).

Price Target 2:

Once bulls have rested along this support we could see a continuation carry ADA back towards the 0.618 fib level at 20,160 Sats (14.22% ROI).

Bitcoin’s performance is still looking moderately bearish today and will play an important role in shaping ADA’s price action over the next few weeks. For now, all eyes will be on the new roadmap announcements that are due in less than two days time, hoping for some exciting developments to arrive that will help boost ADA trading.


WMPRO

Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Basic Attention Token might outperform Bitcoin by 100%

Following the previous idea on BAT, price has reached the upside target at 4717 satoshis, which is the 61.8% Fibonacci retracement level. The resistance has been broken along with the downtrend trendline, suggesting the continuation of the uptrend.



Now, the previous resistance at 4717 satoshis, become the support, which may or may not be tested again. But overall, the trend now is bullish and BAT/BTC should continue moving higher, towards one of the Fibonacci retracement levels applied to the 02.05-13.06 corrective wave down.

First resistance is seen at 161.8% Fibs, that is 7530 satoshis. Second resistance, could be the key level, located at 261.8% Fibs, that is 10k satoshis area. This is the potential upside target as it is not only the Fibs resistance but a strong psychological price.

On a downside, the worst case scenario at this point, is the correction down to the 3k satoshis support, and only break and close above it could invalidate bullish outlook. At the same time small corrective move down could be expected, but also price could continue moving higher without any corrections.


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Daily crypto brief: Bitcoin continues its uptrend within the bullish channel

Bitcoin continues its uptrend inside an ascending channel and is forming a new rising channel on the upper half. The coin’s price has bounced off the middle channel several times signifying another test of the support may be due soon.



The coin’s price has risen 16% over the past one week, after falling 42% throughout May and June. Currently, the market cap is at $114.69 billion, with $3.58 billion traded in the past 24 hours. On 8 July, Bitcoin’s price had dropped below the 20MA and short-term technical charts remained biased toward the bears.

Currently, last weeks double bottom near $6,250 is serving as the support and a decline below this point would not be good for the coin. However, an inverse has began to appear, and if the coin continues with this trend, it may make a quick leap from the current $6,750 to $7,000. In other words, bulls could win the fight against bears leading to more gains above the large channel at $6,500 as bitcoin continues its uptrend.

Additionally, Bitcoin’s price is trading above two moving averages signifying that a bullish momentum may ensue. A dip to the short-term channel bottom could also find support near the 200 SMA dynamic inflection point while the 100 SMA dynamic support lines up with the larger channel bottom. The gap between both averages is narrowing, thus bears could be losing the fight.

Moreover, many industry experts are still very optimistic regarding the coin’s price. For instance, Ran Neu-Ner stated that this is the best time to buy Bitcoin since it will be back with a boom! Additionally, Arthur Hayes, the co-founder, and CEO at Bitmex associated the current volatility with greater chances of a price spike.

Do you agree that this is the perfect time to buy the coin in hopes of more gains in future?


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NEO Technical Analysis: Bulls Resting For Now, Another Run Expected Soon

NEO enjoyed a brief bullish pump at the start of this week as support gathered behind the new ‘Era of Decentralization’ release- but it wasn’t to last. Over the last 24 hours the ‘Chinese Ethereum’ has failed to hold on to this new ground and has already corrected -10.99% back to a key fibonacci support.



NEO’s monopoly of its network nodes has attracted a lot of criticism lately and is the likely cause of this recent decline. The newly-elected independent node, the City of Zion organization, is a group of NEO developers that have been operating a candidate node since early January 2018. There have also been discussions going forward that new independent nodes will need to be approved by existing nodes, thus removing the decentralized nature of this supposed ‘decentralized era’.

NEO Chief Executive Officer Da Hongfei maintains that this selection process is necessary to ensure that the appropriate nodes are selected for the fast-growing network.

Looking at the NEO/BTC chart over 3hr candles we can see that the asset struggled to test the 0.618 fib level at 0.0067BTC and has subsequently fell to the lower 0.5 fib support.

Despite the falling price action, we can see promising signals that bulls are about to make a strong turnaround, as the 50 EMA rises defiantly against the downtrend and is heading for a golden crossover convergence with the 200 EMA imminently.

In these situations when a moving average or momentum indicator contradicts the price action trend, it is usually a good confirmation that the asset is about to reverse.

Looking at the RSI now we can see that NEO has returned into the centre of the index channel after falling from the overbought region in the previous pump. This central position in the channel means that NEO has sufficient space to climb during the next bull run, which should happen relatively soon once enough investors gather to take on the bears.

The Ichimoku indicator is also foreshadowing a bullish continuation with a rising support Kumo stretching out in front of the price action, along with a bullish, albeit weak, T/K crossing.

NEO Price Targets

All price targets for this asset are set from the 0.786 Fibonacci support/ 0.005835BTC, where NEO currently sits.

Price Target 1: We expect the price action to reach the 0.5 fib level at 0.0073BTC when the bulls break back off the lower support. This will deliver a 26.31% return from the 0.786 fib level.

Price Target 2: The asset is likely to correct from this fib level and find new support along the 0.618 fib level below (yellow) which should act as a foothold for the next bull run. Once bulls are have rested they should begin to move again, this time towards the 0.382 fib level above at 0.008BTC. This will deliver an overall ROI of 37.16%.

Nothing in this article is to be construed as investment advice. Neither the author nor the publication takes any responsibility or liability for any investments, profits or losses you may incur as a result of this information.


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Bitcoin Technical Analysis: BTC Looking Bullish Over This Month

Bitcoin continues to show good support throughout this week, with bullish momentum almost driving the asset over the $6,800 mark earlier today before briefly correcting.



As a further $30 billion flows back into the global crypto market, Q3 is already shaping up to be a pivotal moment in reversing the recent bearish sentiment. Historically this time of year has proven to be bullish for Bitcoin, as investors flock back into the asset after shaking off the post-bear market blues.

Looking at the BTC/USD over 3hr candles we can see that the asset is falling well inside an inverse head and shoulders pattern, retracing back towards the neck line at the 0.5 fib level / $6,830.

The most recent bull run has completed the head of the pattern and now we are expecting BTC to correct from the neck line and find support at 0.618 fib level at $6,575, before completing the right shoulder during the next surge. This is supported by the RSI indicator where we can see that the price action is close to breaking out of the channel into the overbought region, where a pullback should follow.

Once the asset breaks clear from the neck line we should expect a strong bullish phase to drive BTC back up towards $7,000. This is supplemented by a soon-to-be golden crossover between the 50/200 EMA which should converge once BTC climbs over the neckline threshold. This will be a strong continuation signal that strong buying momentum is building behind the #1 cryptocurrency.

Looking at the Ichimoku indicator we can also observe a bullish T/K crossing over the recent 3hr candle activity with a big supporting kumo cloud stretching out in front of the price action.

Bitcoin (BTC) Price Prediction

Breakout targets for this bullish inverse head and shoulders patterns are set from the 0.5 fib neckline level at $6,830.

Price target 1: The first price target for BTC when it breaks out from the neckline will likely be around the $7,740 resistance level below the 0.0 fib level (13.31% ROI). This is at the same level where BTC fell from during the strong bearish decline over a month ago.

From here it’s likely that Bitcoin will meet strong bearish opposition that will force it to find support at the 0.382 fib level ($7,086).

Price target 2: From this supporting level, BTC bulls should be able to regain composure and break beyond the softer resistance above and retrace back towards the 0.0 fib level / $7,913 (15.85% ROI). This will then position BTC to retest the bullish falling wedge resistance level above where we could see the asset enter into a new bullish phase.


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Technical Analysis Report for Tron (TRX), Verge (XVG), IOTA (MIOTA)

The continuing price declines across the market have left all coins trading in red over the last 24 hours. As the trend flips recent gains upside down, a few coins are having the worst of it. Here is a brief technical analysis of Tron (TRX), Verge (XVG), and IOTA (MIOTA).

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TRON (TRX) Technical Analysis

Verge (XVG) had looked to hold out above $0.05 before Sunday’s bloodbath swept it to sea despite the 61.8 Fib. However, it dipped to break below $0.040 to trigger fears of a sell-off.

By Tuesday, the coin showed signs of a brief upturn following the 78.6 Fibonacci retracement level. It briefly rose to $0.045, but declines in BTC prices have pushed it back below that price to the current $0.041.

XVG/USD will look to find support at $0.040 while trading stays in the range between the two support lines at that price and $0.044. The bulls must stay alert at these areas to avoid breaking below $0.039, a very critical trendline.

At the moment, XVG/USD pairs are teetering on the edge of a volatile line. The technical indicators all show that the coin is firmly in the bearish zone. The bulls have no recourse at the moment.

The coin’s Relative Strength Index 25.18 and Stochastic Oscillator 18.67 indicate that the XVG market is trading in oversold territory.  Moving averages 55 and 89 also indicate selling.

RSI (14) 25.18- oversold

Stoch%D 18.67- oversold

The coin’s 7-day Exponential Moving Average has also crossed below its 100SMA. This scenario is indicative of a downtrend in both medium-term and long-term.

Verge (XVG) Technical Analysis

Verge (XVG) has come fallen way off its April highs of $0.145 in the run-up to its announcement about a partnership with Pornhub. To get there, it had rallied from $0.030. Things have gone south ever since, culminating in the current $0.02688 price.

Attempts to recover from a series of lower lows have been rebuffed twice; first by the hack that compromised its network and last weekend’s bloodbath. As a result, XVG remains in a gripping downtrend.

Previous attempts to get support at the $0.030 and $0.028 areas have failed. Since pockets of a bounce back have vanished, the very least is to have strong support at $0.26 and look to exploit any positivity by pushing for the 300 Satoshis level.

From this point, XVG/USD would target $0.0350 then $0.0400 as it breaks above last week’s high of $0.057. This is all possible with recent pullbacks before the current decline and the fact that the coin is virtually on its bottom. A bigger pullback could see it bounce up above the immediate key resistance line at $0.035. Any other outcome and the coin can test early December 2017 prices.

RSI (14) 29.19 – strong sell

Stoch%D 6.67 – oversold

Both the 100MA and 200MA are indicating selling positions. It would pay to hold and only move to sell on highs during shorter time-frames.

IOTA (MIOTA) Technical Analysis

IOTA’s recent surge in value could be easily relegated to the background if current price declines continue. The bears have taken control and the coin is 12% lower as a series of lower lows continues since Sunday’s blockbuster dips.

Just a week ago, IOTA/USD was trading at $1.75, on the back of a run that seemed only temporary. At the moment, the coin is trading at $1.19. It has broken below consecutive support lines of $1.55, $1.40 and $1.30.

It’s hard to tell where IOTA will get a support line, as it appears to be in free fall over the last 24 hours. The coin is experiencing flash dips and it could break below $1.10 before long. The bulls must find strong support at $1.15 and see a bounce back above $1.20.

If the bears take full control and the IOTA/USD breaks below $1.10, then it could head towards its early April lows or late November 2017 prices.

At the moment, it appears the bears are stacked against IOTA. The RSI (14) value is 33.19 indicating strong sell as is the Stochastic Oscillator that shows its trading in oversold conditions. The 200MA and 100MA on the daily charts also show that the best short-term strategy is to sell.


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Author: Abby Carey
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