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Technical analysis of the cryptocurrency market – the continuation of the uptrend

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Technical analysis of the cryptocurrency market – the continuation of the uptrend

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The bidding of the final week can be called a “bold attempt to grow,” because the crypt-runners continued to conquer new heights. Traders have been dreaming about them for a long time, especially those who adhered to one of the best strategies for today – “buy and hold”.

Crypto-assets showed a long-awaited correctional rollback, which may be completed in the coming days with a new wave of growth. The reasons for the disappointment were the news about a possible scam from the founders of the Bitsane exchange and the closure of the Indian trading platform Koinex due to a state ban. However, it should be borne in mind that the overheated market in this way could also show a technical correction.

Now the digital assets market has more reasons for growth, which may be renewed on the back of news about a very unexpected decision of the Chinese Government to recognize Bitcoin as a “safe haven” for investors and about the media cryptocurrency Libra from Facebook, which can be added to the listing on Binance . The latest news will contribute to the flow of funds from institutional investors, who, together with the bulls, will be ready to capitalize on the current decrease in capitalization.

Bitcoin (BTC)

The first cryptocurrency quotes showed a more powerful movement in a week on the informational occasion created in the form of the upcoming launch of the Libra coin, which only the laziest crypto enthusiast is not talking about right now.

A new maximum was recorded at around $ 14,000, and in the classic game of whales, an instant collapse occurred to strong support around $ 10,780 (50% correctional level along Fibonacci proportion lines) – $ 11,000.

A further breakthrough down to $ 10,000 and $ 9,500 as part of the 3 correctional Elliott wave is unlikely, although it seems possible. This will lead to an even greater set of buy positions for the bulls that have received the best chance to upgrade their portfolio. So it will be possible to transfer a part of the previously earned funds to altcoins or to open new long positions with an eye on intermediate levels of $ 13,000, $ 13,624, $ 14,300. The priority remains the target value of $ 15,000.

On the daily timeframe, you can note the preservation of the uptrend, so any concerns about the beginning of the current movement reversal stop immediately. Exiting the price above $ 11,800 will confirm expectations and will open the way to a cluster that has not yet been overcome, $ 13,100– $ 13,500.

A little later, by mid-July, it’s worth talking about the possibility of developing growth to horizontal resistances of $ 15,000, $ 15,360 and $ 16,200, calculated on the basis of Fibonacci levels. Already now you can set take profits on them and enjoy the new upward movement starting in the second summer month.

Ethereum (ETH)

Aether confidently developed the movement and achieved most of the goals that were set this month, reaching even the $ 364 mark. But the market initiative intercepted by bears allowed the latter to once again reach support at $ 280, where the median of the Bollinger Bands passes.

The priority remains the scenario with the ongoing implementation of the bullish divergence of the schedule and the RSI with a phased recruitment of new positions of bank capital, to which you can now begin to join part of their funds.

A confirmation signal of market recovery will be the exit above the cluster of $ 320- $ 340. After the quite expected update of this summer's high in the region of $ 364, it is worth counting on growth to $ 400 (23.6% fibo) and $ 420.

Bitcoin Cash (BTH)

Fork of Bitcoin against the background of growing demand for crypto assets in the entire market tried to show such a long-awaited growth and broke out, albeit briefly, beyond the limits of the Vympel consolidation model with $ 380 and $ 450 borders (38.2% expansion in Fibonacci correction levels).

At the moment, the trading idea is still relevant with the development of a new growing movement towards the first goals of $ 483 and $ 516 (61.8% expansion in Fibonacci levels). Saving the trend for the inflow of funds from large capital will allow the value of this asset to soar to the area of $ 562 and $ 600– $ 620.

Litecoin (LTC)

Lightcoin was also able to achieve only the first goal in the region of $ 148 and began to form a corrective decline towards the lower boundary of the “Uplink” technical analysis model (the faces are marked on the graph below in light green).

The current support is a cluster of $ 115– $ 121 levels, from which you can start making deals to buy a crypto asset, or wait for an accurate signal for the bulls in the form of care above $ 140. The previously presented goals in the form of $ 148 and $ 160 levels, as well as a cluster of $ 174–178 (calculated on the basis of proportions along the Fibonacci lines), remain relevant.

Ripple (XRP)

Ripple this week again shows one of the highest volatilities, which led to the goal of $ 0.55, although at the end of the week the price is already supported by a cluster of $ 0.40 – $ 0.41.

This attempt to go beyond the technical analysis of the Flag model was a confirmation for the expected strong increase of $ 0.5, $ 0.52, $ 0.5681 and $ 0.6, which may occur before the end of July.

Binance Coin (BNB)

Rumors about pre-launch projects from Changpen Zhao are pushing up the cost of Binance Coin . In recent weeks, this movement has been developing within the framework of the Andrews Rising Pitch model, and the current decline towards the Bollinger Band median may become tempting for bears before a beginning growing movement.

In the framework of the coming weeks, the idea of reaching the levels of $ 38.80, $ 40 and $ 43 will still be relevant.

The crypto market has partially lost its capitalization, but it didn’t even “winced” because the crypto industry will soon be ready not only to update the record values of 2017, but by the end of the year the expectation of achievement of historic highs on some assets becomes quite realistic, especially against the start trading cryptocurrency Libra from the social network Facebook.

Publication date 06/29/2019
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G7: stablecoins pose a threat to the financial system

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A recent report from G7 suggests that global stablecoins can be dangerous to the stability of the financial system.

The report describes many of the risks that are associated with the use of digital currencies. It even explains that even if the companies involved in Libra could manage to solve some minor regulatory problems, they would not be able to get permission from the main regulators. The document also notes that G7 believes that no stablecoin project should have the right to start its activities until certain problems with the supervision and management of the crypto industry are resolved, all risks are eliminated.

G7 also thinks that stablecoins that have the ability to scale quickly can suppress the development of competitors and threaten financial stability, as there is a risk that users may one day be disappointed in this coin. It is anticipated that the provisions of this document will be discussed by finance ministers at the IMF's annual meeting, scheduled for this week.

Such statements explain the hostility of world regulators to Libra and TON projects. For example, Gabor Gurbaks, a digital assets strategist at VanEck, said on his Twitter blog the day before that companies, such as Visa, Mastercard, eBay, Stripe, received letters from regulators asking them not to experiment with Libra before leaving Libra. a new project, otherwise they would have additional, undesirable obligations to regulators.

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The growing complexity of Bitcoin mining in 2019, how is it determined and what depends on it?

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This year, the price of Bitcoin (BTC) ranged from a minimum of just over $ 3,000 to a maximum of about $ 13,000. At the same time, the complexity of BTC mining , which measures the complexity of the calculations needed to mine new coins and create new network blocks, has been growing unprecedented.

Bitcoin mining difficulty is adjusted approximately every two weeks to take into account the hashrate of new miners on the network. Despite the fact that the general trend has been upward almost since the creation of the network, short but significant failures happen. For example, in December 2018, mining complexity decreased three times in a row, the total drop was almost 30%.

In this calendar year, the difficulty of mining BTC decreased five times, but no more than 1.18%. This is unprecedented. In no previous year, the most serious drop was so low. In the entire history, at least one drop was more than 5%.

Of course, 2019 has not yet ended, but it is worth noting that at that time last year, the difficulty of mining BTC decreased only once (3.45%, which is more significant than any decrease in 2019).

If this trend continues, it will confirm that the BTC miner community is less sensitive to currency price fluctuations than ever before.

To understand why, it is worth considering the basics of the complexity of cryptocurrency mining . The Bitcoin network produces 2016 new blocks every two weeks. Maintaining this speed is important for network operation. Blocks are generated by miner computing systems that solve mathematical problems. In this case, it is appropriate to compare the miners with the players in the lottery, and the difficulty of mining is with a very low chance of each individual player to win. Each time someone “wins” the lottery, a block is created.

Since bitcoin networks need blocks that are generated at a predictable speed, the complexity of this “lottery” should vary depending on the number of “players” (miners). For example, if many miners leave the network, the mining complexity should be reduced, or the rest will not have enough power needed to generate new blocks at the speed required to maintain the network.

In fact, the Bitcoin mining system is more complicated than described above, however, according to its basic principle, the upward movement of Bitcoin this year is a bullish sign. Investors come and go, the price fluctuates up and down, but interest in Bitcoin mining is clearly growing, and this year it has become more stable than ever before.

Publication date 10/14/2019
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Europol: Bitcoin remains the most popular cryptocurrency among cybercriminals

Bitcoin is still the preferred cryptocurrency for cybercriminals, Europol stated in the annual report “Assessing the threats of organized crime on the Internet” (IOCTA 2019). “Although we previously reported a slight shift towards more private cryptocurrencies such as Monero, bitcoin is still the currency of choice for both legal and criminal use,” the organization said. In previous IOCTA reports […]

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Bitcoin is still the preferred cryptocurrency for cybercriminals, Europol stated in the annual report “Assessing the threats of organized crime on the Internet” (IOCTA 2019).

“Although we previously reported a slight shift towards more private cryptocurrencies such as Monero, bitcoin is still the currency of choice for both legal and criminal use,” the organization said.

In previous IOCTA reports, the organization pointed to the growing popularity of altcoins such as Zcash, Monero, and Ethereum among cybercriminals.

This year, Monero was the only altcoin mentioned by the EU police organization in a report. It notes that the use of the coin mainly relates to darknet markets that accept or trade Monero.

Europol emphasized that Monero was widely used for hidden mining, the distribution of which has been declining throughout the current year. The latter is partially due to the termination of the Coinhive browser mining service in March, the organization said.

Recall, it was previously reported that the volume of bitcoin transactions in the darknet for 2019 may exceed $ 1 billion.

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Name Price24H (%)
Bitcoin (BTC)
$8,266.15
-1.43%
Ethereum (ETH)
$182.36
-0.56%
XRP (XRP)
$0.285930
2.78%
Bitcoin Cash (BCH)
$224.87
-0.71%
EOS (EOS)
$3.12
0.27%
Stellar (XLM)
$0.062416
1.64%
Litecoin (LTC)
$56.65
-1.19%
Cardano (ADA)
$0.041360
-0.10%
Tether (USDT)
$1.00
-0.11%
Monero (XMR)
$53.06
-0.77%
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