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Analysis of cryptocurrency prices: in the field of view, breakdown of the lower boundaries

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Throughout the current week, the cryptocurrency market is declining. For the time being, the medium-term technical picture describes the state of the market as consolidation or “side-facing”. A prolonged lateral movement in the near future may result in a breakdown of the lower boundary. In other words, the market is almost “ripe” to complete the correction and continue the development of the downtrend.

A further RoboForex analyst Dmitry Gurkovsky talks about further possible scenarios for the price movement of several popular altcoins.

Bitcoin Cash

The current technical picture of Bitcoin Cash speaks about the development of a local downtrend to the support line of the main channel. It should be noted that at the moment the quotes are enclosed in the framework of the corrective side corridor. Resistance is at $ 536.00, and support is around $ 495.36.

Breakdown of resistance will allow growth to grow to at least $ 588.36, and overcoming this level, in turn, will change the medium-term technical picture in favor of the development of an uptrend. But in priority order it is worth considering the option of breaking the local support line and further reducing to the main support by $ 408.62.

A confirmation factor in favor of the reduction will be the transition of the MACD histogram to the negative zone, followed by the Black Cross. With a developing decline, a convergence is formed on the MACD and Stochastic indicators, which can warn of a rollback after reaching local goals.

EOS

From the point of view of technical analysis, the 1-hour timeframe of EOS demonstrates a return to the frame of the previous corrective "Triangle" after a false breakdown of the resistance line. The developing downtrend has already come close to the main support in the $ 5.09 area. Breakdown of this level will open the way to reduce to the projection support level – $ 4.88.

It should be noted that convergence is observed in the MACD and Stochastic indicators, which may indicate the development of corrective growth after reaching the target support line. Also, do not exclude the possibility of overcoming the local line of resistance at the mark of $ 5.35, followed by an increase to the main resistance of $ 5.75.

Ethereum

The first thing that catches your eye when considering Ethereum's 1-hour chart is, of course, not developing a downtrend, but its slowdown against the background of emerging convergence on the MACD and Stochastic indicators. At the moment, quotes, on the one hand, are testing the resistance line of the medium-term channel, and the support line for the short-term channel on the other. These two factors may indicate a further breakdown of the support level at $ 202.12, and the continuation of the decline to the support line of the medium-term correction corridor – the $ 197.55 mark.

Taking into account the formation of convergence on indicators, we can assume that after reaching the line of support, the market will roll back. As the main signal for the development of the corrective trend will be the breakdown of the resistance line of the downward channel at the mark of $ 204.85. And correction goals can be located at $ 207.77 and $ 211.00.

Litecoin

On the 4-hour Litecoin chart, we can observe the development of a downtrend. The goal of the decline is the line of support for the overall consolidation "Triangle" – the level of $ 47.52. If the market manages to overcome it, then we can expect a decline to the projection line of support of the forming channel at around $ 42.60.

Taking into account the stay of the Stochastic indicator lines in the oversold zone, we can assume that after reaching the target support line and the formation of the Golden Cross, the market will go to a correction to the resistance at the $ 52.10 mark.

XRP

On the 1-hour XRP chart, we see that the quotes develop the dynamics of the downward movement, but within the framework of a larger upward channel. Local and ultra-short-term trends can be called "classic correctional outset". In this case, it is worthwhile to consider the option of breakdown of the local support line and decline for the main support test at $ 0.48. In turn, its breakdown will open the way for quotes to further reduce to the target support level of $ 0.44.

The confirming factors in favor of this are the MACD and Stochastic indicators. In addition to all of the above, it is worth considering the option of a breakdown of the resistance level of $ 0.51 and an increase to the level of $ 0.53, since the correction may be delayed.

Attention!
Forecasts of financial markets are the private opinion of their authors. Current analysis is not a guide to trading. RoboForex is not responsible for the results of work that may occur when using trading recommendations from the submitted reviews.

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Service from CipherTrace monitors suspicious activity for 700 crypto assets

The analytical service CipherTrace began to track suspicious transactions for more than 700 crypto assets, CoinDesk reports. The updated platform now supports 87 of the top 100 assets, as well as ERC-20 standard tokens. The CipherTrace solution allows you to view the complete transaction history for each of the digital currencies available for tracking and set alerts for addresses marked as suspicious. The company sells its product […]

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The analytical service CipherTrace began to track suspicious transactions for more than 700 crypto assets, CoinDesk reports.

The updated platform now supports 87 of the top 100 assets, as well as ERC-20 standard tokens. The CipherTrace solution allows you to view the complete transaction history for each of the digital currencies available for tracking and set alerts for addresses marked as suspicious.

The company sells its product to government organizations and law enforcement agencies, as well as companies seeking to comply with increasingly stringent regulations.

“By only helping virtual asset services free networks from criminals and terrorists, can the industry achieve a level of trust that is sufficient for massive adoption ,” said CipherTrace CEO Dave Jevans.

Also, he said, previously many large sections of the cryptocurrency ecosystem remained opaque, which made it difficult to combat money laundering and the financing of terrorism.

Recall that in September CipherTrace launched the Scout application , which allows determining whether certain coins in the Bitcoin and Ethereum blockchains are connected with criminal activity.

In particular, the application identifies coins that could be used in illegal activities, including darknet purchases and ransomware attacks requiring ransom in cryptocurrencies.

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CME: The number of contracts for bitcoin futures in 2019 increased by 61%

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The Chicago Mercantile Exchange (CME) group on Monday presented a detailed report on the performance of its bitcoin futures market for the third quarter of this year.

According to the exchange, the number of active contracts compared to the same period last year increased by 61% – from 2,873 to 4,629. Despite the BTC price drop by 25%, the number of active contracts compared to the second quarter decreased by only 1%.

The average daily trading volume for CME bitcoin futures in the third quarter amounted to 5,534 contracts, up 10% compared to last year. The company notes that this value corresponds to 27,670 BTC or $ 289 million.

“Institutional flows remained strong. 454 new accounts were added against 231 in the third quarter of 2018, ”the exchange said.

The number of customers holding more than 25 bitcoins and ranked among large investors on this basis increased from 45 to 47 from the last quarter, while there were 34 of them a year ago.

About half of CME bitcoin futures trading in the third quarter was accounted for by users from the United States, 26% from the Asia-Pacific region, and 21% from Europe and the Middle East.

Last week, CME's head of alternative investments, Tim McCourt, said that the exchange hopes to attract no less interest in the upcoming options for bitcoin futures than in the futures themselves.

Publication date 10/15/2019
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CoinShares and Blockchain launch gold token on Bitcoin sidechain

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CoinShares, a company specializing in circulating asset management, together with Blockchain, a cryptocurrency wallet provider, as well as the Swiss company MKS, which provides precious metals trading services, introduced the DGLD token, secured by gold.

According to CoinShares, the launch of the network took place today, the project tokens are provided with $ 20 million in gold, which will be held in the Swiss store. Each DGLD token is supported by 1/10 troy ounce.

Danny Masters, a spokesman for CoinShares, noted that the new asset will function as a sidechain of the flagship cryptocurrency network. The token combines the stability of the world's most stable asset, that is, gold, and the security of the most reliable blockchain network, i.e. Bitcoin.

Masters also drew attention to the fact that DGLD owners can be calm about the fact that gold is physically stored in a reliable way in Switzerland, and at the same time take full advantage of a digital asset without resorting to the help of intermediaries, such as ETFs for gold.

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Name Price24H (%)
Bitcoin (BTC)
$8,170.25
-1.95%
Ethereum (ETH)
$179.60
-3.49%
XRP (XRP)
$0.289564
-2.19%
Bitcoin Cash (BCH)
$224.00
-1.09%
EOS (EOS)
$2.97
-5.28%
Stellar (XLM)
$0.064234
-1.32%
Litecoin (LTC)
$54.86
-3.58%
Cardano (ADA)
$0.039456
-4.83%
Tether (USDT)
$1.00
0.05%
Monero (XMR)
$51.85
-2.38%
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