Cryptocurrency Analysis: Bitcoin, Litecoin, Ethereum, Dash, etc.

[FXOpen_broker]

Bitcoin Volatile but Range-bound

It’s been a volatile week for Bitcoin. The key $2,400 level was broken and with that, the months-long uptrend is over. During the forking fears, a low of $2,250 was hit last Thursday. But since then we’ve bounced nicely and are currently quoted at $2,677, little changed compared to last week.



Yesterday a high of $2,738 was seen on FXOpen crypto broker before prices retraced a bit. The reason for the latest rally is progress on the scaling stalemate. On Monday over 80% of the mining hash started signalling for Segwit2x. This is a technical solution that merges the Segwit upgrade with a 2MB hard fork three months later. For more on the possible scenarios after the new developments take a look at this article.

Technically BTC/USD is now in a range. A new rally requires a breakout above the all-time highs at $2,889 on FXOpen (around $3,000 on other major exchanges). On the lower end, there’s some weak support at the $2,500 round figure, closely followed by the $2,405 swing low. A break below $2,250 is needed to start a new BTC downtrend. Further down we have more support at the $2,000 round figure and the $1,718 swing low. On the longer-term timeframes, both weekly and monthly, Bitcoin remains in an uptrend.

Read about Litecoin in cryptocurrency analysis on FXOpen blog.

[FXOpen_broker]

Both Peercoin and Namecoin broke out during this week. The two crypto-currencies tested their multi-year highs yesterday but have since fallen back a bit.

Peercoin Starts New Rally

With the break above $2.30 PPC/USD is now back in a new uptrend. Yesterday a high of $2.621 was hit on FXOpen, almost matching this year’s high at $2.62 dollars per coin.



We have since retraced down to the $2.30 area which is where we find PPC at the moment. By the old trading ‘adage’ that says resistance becomes support, we may encounter some buying pressure around here. Further down more support can be found at the $2 round figure followed by the $1.70 swing low. A breakdown below here would end the current rally. A new downtrend needs a move below the $1.60 level as well.

Higher up the major resistance is the double top around $2.62 dollars. A clean breakout above here could extend the gains. On the longer-term charts, both weekly and monthly, PPC/USD is in bullish mode.

Also, read about Namecoin in cryptocurrency analysis on FXOpen blog.

[FXOpen_broker]

The combined crypto-currencies market cap fell below $100 billion yesterday as we saw large losses across the board. Bitcoin fell against the US Dollar and almost all altcoins fell versus bitcoin, leading to the market cap declining from a high of over $115 billion last week to ‘only’ $92 billion at the moment.

Bitcoin Remains in Range

Bitcoin is currently quoted at $2,397 on cryptocurrency trading broker FXOpen, down $280 dollars from last Tuesday. In percentage terms, this is just over 10%. On the chart below we can see that the majority of the losses transpired during the past three days. We had no major news releases during this time so we can chalk up the latest down move to technical reasons.



The move lower doesn’t change the technical picture, not yet anyway. On the daily charts, BTC/USD is still in a range. A new downtrend requires a break below the $2,250 swing low while a new uptrend needs a move above the all-time highs. These are at $2,889 on FXOpen but closer to the $3,000 on other major exchanges.

Below current prices, we find support at the $2,000 round figure and the $1,718 swing low. On the longer-term timeframes, both weekly and monthly, bitcoin remains in an uptrend. However, keep in mind that it will take many red weeks/months to change the trend on these timeframes.

Read about Litecoin in cryptocurrency analysis on FXOpen blog.

[FXOpen_broker]

Time for another crypto update. Unlike most weeks, this time we have Litecoin outperforming Bitcoin. While BTC prices remain mired in a trading range, the LTC pump continues. We’re now quoted at $49 dollars per coin after previously trading above the $50 mark. But let’s cover big brother first and we’ll come back to litecoin later in this article.

Bitcoin Still in Range

Bitcoin prices are still in range on the daily charts. During the past seven days, we bottomed at a low of $2,326, just above the important $2,250 level. A break below here would’ve triggered a new BTC downtrend.



As things stand now, however, we remain locked in a range. The bulls need a breakout above $2,750 on FXOpen. This would shift the trend back to the upside. This level corresponds to around $2,800 on other major exchanges. During upmoves FXOpen and BTC-E prices tend to lag a bit behind the majors. Currently, this ‘gap’ is around $70 dollars but it could get as high as $100 dollars or more if the trend accelerates. Higher up the $3,000 figure (around $2,900 on FXOpen) will be the next major milestone. A clean breakout above here could lead to extended gains for the bulls.

On the bottom end, the level to watch remains at $2,250. A breakdown below it would start a new bearish trend for BTC/USD. On the long-term charts (weekly and monthly) in Metatrader bitcoin is still in an uptrend.

Read about Litecoin on FXOpen blog.

[FXOpen_broker]

Both Peercoin and Namecoin are continuing their upward trends. Compared to two weeks ago we’re seeing continued gains for both of these crypto-currencies.

Peercoin Up 7 Percent

Peercoin prices are up 17 cents or just above 7 percent since our last PPC update. We are currently quoted at $2.47 dollars per coin.



Although the gains have stopped for PPC/USD during the past 10 days, the bullish trend is still in place here. Prices peaked at $3.50 on June 23rd, then fell down to a low of $1.90 during the correction. However this missed the potentially trend-ending level at $1.70 so the direction on the daily charts remains up, for now. We need a move below the $2 round figure before we can call the current uptrend over.

The bears will need to decisively break the swing low at $1.90 to start their own trend lower. Support below here can be found at $1.90, $1.70 and the round figure at $1.50. Further down we find more support at the $1.08 swing low followed by the $1 parity level. On the longer-term charts (weekly and monthly) PPC remains in bullish mode.

Read about Namecoin and Bitcoin on FXOpen blog.

[FXOpen_broker]

The meltdown in crypto prices continues, with many of the top 20 altcoins hitting drawdowns of over 50 percent from the highs. Luckily the two coins we follow on Tuesdays have so far avoided this fate. Bitcoin is down by ‘only’ 21 percent from the highs while LTC/USD is down by just over 17 percent.

Bitcoin Bounces at Important Support

Bitcoin tested the important support at $2,250 today. By the looks of things, the first try was unsuccessful for the bears. Prices dipped to a low of $2,245 on FXOpen today and stayed there for a grand total of 1 minute before bouncing back above the $2,250 mark. Soon after we had a major rally of $139 dollars to hit a high of $2,384. We have since fallen back a bit to $2,331 dollars per coin.



Bitcoin is not in a downtrend, not yet anyway. We look for a decisive breakout of important levels like $2,250, not shallow and brief spikes below like the one we had today. It remains to be seen if the bears make another attempt for the lows in the next few days.

For now, we are back in ‘wait and see’ mode. The levels to watch are $2,245 on the downside and $2,700 on the upside. A clean breakout beyond either of these price extremes could end the stalemate and start a new trend. This is the view on the daily charts. On the weekly and the monthlies, the bullish trend is still intact.

Read about Litecoin on FXOpen blog

[FXOpen_broker]

It’s been tough two weeks for Ether. Since our last update, the fledgling crypto-currency lost over 26 percent versus bitcoin and even more versus the US Dollar.

Ether in Downtrend After Losses

After the recent large losses, ETH/BTC is now in a downtrend. The altcoin lost close to 30 percent versus the US Dollar and 26 percent versus bitcoin.



Support on the way down can be found at this month’s low of 0.07574, followed by the 0.0631 swing low and the 0.05 round figure. On the way up we have resistance at the 0.10 round figure. A clean breakout above 0.11 BTC would end the current downtrend. A move above the 0.1259 swing high is needed for a new rally. On the long-term charts (weekly and monthly) ETH/BTC remains in a bullish trend.

Fundamentally no major news transpired during the past few weeks. It’s possible that the flurry of ICOsduring June is now leading to selling pressure. Two major ICOs, Status and Tezos, stated that they plan to sell the acquired Ether, albeit at a gradual pace.

Read about Dash and Bitcoin on FXOpen blog.

[FXOpen_broker]

BITCOIN BOUNCES ON SIGNALLING FOR SCALING

We’ve had an interesting week for bitcoin as prices first crashed below the $2,000 handle only to rally strongly from the lows on renewed hope for scaling. Litecoin followed a similar pattern with a fall to $35.30 followed by a 21% rally to $42.89 dollars per coin.

Bitcoin Bounces on BIP91 Signalling

Bitcoin prices bounced from the $1,812 lows to a hit a high of $2,232 today, a move of over 23 percent. The sharp reversal during the past three days can be attributed to bitcoin miners signalling for BIP91 ahead of schedule. The initial plan called for the Segwit2x software to be deployed and for signalling to begin on July 21st. More on this HERE.



The early start is adding to the positive sentiment because it means that Segwit can be locked in before signalling for the controversial UASF (User Activated Soft Fork) starts on August 1st. This would avoid a network split and remove the fork fears for at least three months until it’s time to deploy the 2MB block increase.

While the fundamentals are positive, technically we’re still in a downtrend on the daily charts. The bulls will need to break above the $2,530 level to end it. A move above $2,550 is needed for a new rally. On the long-term charts (weekly and monthly) BTC is looking bullish.

Read about Litecoin in the crypto analysis on FXOpen blog.

[Neoclassical]

To be honest I don't think this technical analysis magic works on cryptos.

[FXOpen_broker]

Bitcoin broke above the important $2,550 level this morning and hit a high of $2,748 on FXOpen and over $2,900 on other exchanges. This had a positive impact across the crypto world as altcoins started to move up as well, at least in dollar terms.

Peercoin Down but Climbing

A lot has happened to Peercoin since our last update two weeks ago. First prices are fell in a downtrend as bitcoin crashed to a low of $1,812 five days ago. Then as BTC/USD reversed course, so did PPC/USD. It’s now quoted at $1.91 dollars per coin.



A break above $2.16 would end the current downward trend on the daily charts. Resistance above here can be found at the $2.5 and $3 levels, followed by the all-time high of $3.50 dollars. A breakout above the $2.71 swing high is needed to jump-start a new PPC rally.

On the way down we have potential support at $1.70 (weak) followed by the $1.40 swing low and the $1.50 round figure. A clean break below here could lead to more losses. On the longer-term charts, Peercoin is still looking bullish.

Read about NMC and BTC on FXOpen blog

[FXOpen_broker]

No Progress for BTC/USD as Fork Fears Reemerge

Since our last update few days ago BTC/USD prices remained mostly range-bound. Initially it looked like we may break the important $3,000 handle but after fork fears reappeared prices took a nosedive today.

Bitcoin Ranges as Fork Fears Reemerge

Bitcoin is quoted at $2,546 dollars per coin right now, slightly down from the $2,558 handle noted in our last update. Volatility has been high though and during this time we hit a high of $2,750 and a low of $2,523.



Technically the trend on the daily charts is still up. To end it the bears will need to take us below this month’s low at $1,812. A break of this important level would also start a new downtrend. On the weekly and monthly charts, the trend remains up.

Fundamentally, fork fears took center stage again during the past few days. A UAHF (User Activated Hard Fork) called bitcoin cash will launch on August 1st. The code is mostly the same as the current bitcoin, with an added blocksize increase to 8 MB. Exchange VIABTC listed a futures contract ofBitcoin Cash (BCC). It is currently trading at 3,030 Yuan for one coin or about $449 at current exchange rates.

It is rumored that BCC is a ‘backup bitcoin’ for some Chinese miners who fear that the 2 MB hard fork part of the Segwit2x code won’t be honored 3 months down the line. More on the technical details about Segwit2x HERE. More on bitcoin cash and the future implications for BTC holders HERE.

Read about Litecoin on FXOpen blog

[FXOpen_broker]

Ether Stays in Downtrend

Ether continues its slow downward trend. It’s currently quoted at 0.07873, down from 0.08875 during our last update. This is a fall of 11.3 percent.



As you can see on the chart above, it wasn’t smooth sailing for the shorts. Prices initially spiked to a high of 0.0111 on July 18th. This is the date when a list of new EEA members was revealed to the public. Notable names among the list include MasterCard, Cisco, and ScotiaBank. The news spike hit our potential trend-ending level at 0.011 but there was no clean break, only a 0.0001 tick above. Thus the downward trend remains on the daily charts.

The bulls still need a decisive break above 0.011 to end the current bear phase. A breakout here would start a new uptrend as well. On the longer-term weekly and monthly charts, ETH/BTC remains in rally mode.

Read about Bitcoin on FXOpen blog

[FXOpen_broker]

The long-anticipated bitcoin fork finally happened today. Prices first rallied going into the event only to drop few hours before the split. Alts followed a reverse pattern with losses pre-fork and large gains shortly after.

Bitcoin Forks, Prices Drop From Highs

Bitcoin prices hit a high of $2,892 on FXOpen today just hours before the BCC hard fork. Soon after, however, we saw a large crash of over $200 in less than four hours.



Before we go let’s recap what’s going on here for our newer readers. A UAHF (User Activated Hard Fork) called bitcoin cash launched on August 1st. The code is mostly the same as the current bitcoin, with an added blocksize increase to 8 MB. Exchange VIABTC (and others) now allow trading of Bitcoin Cash (BCC).

It is rumored that BCC is a ‘backup bitcoin’ for some Chinese miners who fear that the 2 MB hard fork part of the Segwit2x code won’t be honored 3 months down the line. More on the technical details about Segwit2x HERE. More on bitcoin cash and the future implications for BTC holders HERE.

Now let’s get back to the charts! It appears that the size of the drop was similar to the ‘dividend’ in the form of free BCC for every BTC holder. Before the fork, bitcoin cash (BCC) was trading at 1 to 10 ratio to regular BTC, implying a value of close to $290 dollars at the highs.

Technically we’re still in an uptrend on the daily charts. To end it the bears will have to push us below the $2,400 swing low. A new downtrend, however, requires a breakdown below the July lows at $1,812 dollars. On the long-term charts BTC/USD is also in an uptrend.

Read about Litecoin on FXOpen blog

[FXOpen_broker]

Ether Slightly Up, Dash Range-bound

It’s a mixed bag this Thursday for Ether and Dash. While Ether is trading a bit higher since our update last week, Dash continues to range.

Ether Bounces From Lows

Ether prices versus bitcoin bounced from the 0.058 lows on FXOpen to 0.081 right now. The lows on other exchanges were around the 0.066 level.



Despite the bounce, however, we’re still in a downtrend on the daily charts. The bulls need a break above the 0.0844 swing high to end the current trend. A new rally requires a break of the 0.111 spike high as well. On the long-term weekly and monthly charts ETH/BTC is still looking bullish.

Read about Dash and BTC on FXOpen blog

[FXOpen_broker]

Bitcoin Rallies Into Segwit Lock

Bitcoin prices rallied close to 24 percent in a week. The main driver for the gains seems to be the Segwit lock, expected to happen later today. Current projections set the lock at 25 blocks from now, around 17:46 GMT.



The ‘lock in’, just like the name says, is when Segwit gets locked in. Two weeks from this date the Segwit part of the Segwit2x upgrade becomes active. More on the technical details about Segwit2x HERE.

Today could produce some violent swings, similar to what we saw during the BIP91 activation a few weeks ago. It appears that some traders are already booking profits before the lock is final, fearing a similar decline. Looking at bitcoin from the daily charts however allows us to avoid some of this noise.

We are currently trading near all-time highs at $3,383, down from $3,491 this morning. Support below here can be found at the round $3,000 figure, closely followed by the $2,892 swing high and the $2,597 swing low. A decisive break below here would end the current bullish trend. Further down we have more support at $2,400, $2,000 and $1,812 dollars per coin. A break below $2,200 would start a new BTC downtrend. On the long-term weekly and monthly charts, BTC/USD is in rally mode as well.

Read about Litecoin on FXOpen blog

[FXOpen_broker]

Ether Nears Breakout

Ether prices have gone up almost 10 percent since our last update. We have since broke above the 0.0844 swing high and thus ended the downtrend. Back then we penned the 0.111 spike high as a potential trend starter. Now that level is moved slightly lower to yesterday’s high at 0.09322.



A decisive breakout above here could start a new ETH rally versus BTC. Resistance above here can be found at the 0.10 BTC round figure and the 0.111 spike high. On the lower end we need a move below the 0.05875 swing low for a new downtrend. On the longer-term weekly and monthly charts ETH/BTC has stayed in a bullish trend for most of this year.

Read about Dash and Bitcoin in crypto analytics on FXOpen blog

[FXOpen_broker]

Bitcoin Surges by $694 Dollars

Bitcoin prices hit a new all-time high of $4,420 dollars yesterday. Since then we’ve dropped a bit and are currently quoted at $4,077, still up by over 20 percent in the last 7 days.



As you can see on the chart above, the steady uptrend continues. The market seems to be well supported by the expected Segwit activation. Current projections put the time of activation on August 22nd, around 18 GMT. At some point, market participants will ‘sell the news’ but that will probably happen closer to the activation date.

The daily charts are still looking bullish. The bears will have to push BTC/USD below the $3,000 level to end the current uptrend. Above here support can be found at the $3,500 round figure, closely followed by the $3,495 swing high. Further up today’s low at $3,929 on FXOpen could act as short-term support, followed by the $4,000 round number.

The all-time high at $4,420 will present some challenge to rising prices but a more important level should be the $4,500 round figure. A breakout above here could lead to more gains toward the $5,000 level. On the longer-term weekly and monthly charts, bitcoin is in rally mode as well.

Read about Litecoin on FXOpen blog

[fxopen]

It’s a mixed bag for the two crypto-currencies we cover on Thursdays. While Dash is continuing the downtrend started last week, Ether is range-bound.

Ether in a Range

Ether prices failed to break above the 0.09322 swing high last week. A break of this level could kick-start a new rally. But after peaking out at 0.093 ETH/BTC saw continued losses every single day. We are now up to seven red (or black) candles in a row.



Despite the losses however prices are still short of starting a new downtrend. For that, we needed a break below the 0.05875 swing low. Until either of these levels is decisively broken, ETH will remain in a range on the daily charts. On the longer-term weekly charts, ETH/BTC is range-bound as well. Prices are staying in a bullish trend on the monthlies.

Read about BTC and Dash on FXOpen blog

[FXOpen_broker]

Bitcoin Hashrate Drops

Bitcoin’s mining hash rate dropped considerably during the past few days as mining for BCC became more profitable. As of right now the hash is split at 60% for the ‘legacy’ bitcoin chain and 40% for the new bitcoin cash. However this is expected to change tonight, when the aggressive re-targeting of the BCC protocol will increase the mining difficulty by 300 percent.



Bitcoin cash (BCC or BCH) is a fork of the bitcoin protocol that came into existence on August 1st. It is rumored that BCC is a ‘backup bitcoin’ for some Chinese miners who fear that the 2 MB hard fork part of the Segwit2x code won’t be honored 3 months down the line.

Transactions are very slow today on the ‘old’ bitcoin network. This coupled with the hash rate drop lead to a small panic when we broke the $4,000 round figure. We briefly saw a low of $3,602 on FXOpen before things stabilized. We are currently quoted almost $300 above here at $3,890 dollars per coin.

The next ‘event’ to watch out for is the expected activation of Segwit tomorrow or on Thursday. Current estimates put the activation on 23 August around 22:00 GMT. However given the current state of the network that estimate could be way off, so make sure to check the site every so often. As we get closer to the event we could get a bit of ‘selling the news’. But because prices already crashed, it seems unlikely that we’ll see sharp losses.

The technical picture hasn’t changed much. We are still in that uptrend on the daily charts started last month. To end it the bears will have to push us below the $3,600 figure. As usual with these levels we’re looking for a prolonged move not just a brief and shallow spike below the level. On the longer-term charts BTC/USD is in rally mode as well.

Read about Litecoin on FXOpen blog

[FXOpen_broker]

Ether Still in Range

While both ETH and BTC continue to clock gains versus the U.S. Dollar, against each other they’re trading flat. Ether is quoted at 0.0745 BTC right now, slightly up compared to prices one week ago.



The two important levels haven’t changed much. On FXOpen charts we’re seeing a spike to a low of 0.05495 on August 23rd. But this crash was instantly retraced and could’ve been the result of a bad tick. Thus the key level on the downside remains at 0.05875 BTC. A breakdown below here would start a new downtrend in prices. As usual, we’re looking for a decisive break, not just a brief and shallow spike below/above the levels.

On the upside, the figure to watch remains at 0.09322. A breakout above here could start a new ETH rally. Not far from here we find the first notable resistance at the 0.1 round figure, followed by another important level at 0.111 BTC per coin. A break of this level could lead to more gains higher up. On the long-term charts ETH/BTC is bullish on the monthlies but range-bound on the weeklies.

Read about Dash on FXOpen blog

[FXOpen_broker]

Bitcoin Hits New All-Time High

The bull run in BTC/USD continues. After a period of consolidation prices hit a new all-time high today. There was no news catalyst for the most recent gains, so it appears to be a continuation of the segwit pump.



We’re currently quoted only $42 below the highs at $4,595 dollars. The uptrend started last month is still in force. Some support below here can be found at the previous highs in the $4,450 – $4,500 area. This is followed by more support at the $4,000 round figure. To end the current rally the bears will have to break below the $3,600 swing low. A move below $3,282 is needed for a new BTC downtrend.

Because we are near all-time highs, there are no notable resistance levels except the round figures like $4,800, $4,900, $5,000 etc. Out of these $5,000 should act as stronger resistance. On the longer-term weekly and monthly charts, bitcoin is in an uptrend as well.

Read about Litecoin here

[fxopen]

Ether Remains in Range

Despite the large gains in ETH/BTC however, the pair is still trading inside that range. We hit a high of 0.08423 yesterday, far below the 0.09322 swing high.



Like we said last week, a breakout above here is needed for a new rally. Higher up the first important resistance is at the 0.1 round figure, followed by another important level at 0.111 BTC per coin. A break of this level could lead to more gains.

On the lower end the bears are looking at 0.05875 BTC. A breakdown below here could start a new downtrend in prices. On the weekly charts ETH/BTC is range-bound as well. On the monthlies the pair is still looking bullish.

Read about Dash and Bitcoin on FXOpen blog

[fxopen]

Bitcoin Falls 21 Percent on ICO Ban

Bitcoin fell from the $4,960 high reached a few days ago to hit a low of $3,930 today. This is a drop of $1,030 or 21%. We are currently trading at $4,247 after a sizeable recovery from the lows. The main reason behind the drop was news that the PBOC banned ICOs in the country. More on this developing story HERE. To read a brief explanation on ICOs please click HERE. There are rumors that the PBOC might take further action on ‘virtual currencies’ soon.



The large drop effectively ended the bullish trend on the daily charts. Today looks set to close as a ‘doji’ also known as the indecision candlestick. What happens in the next few days or weeks will decide the next direction for BTC/USD. A breakout above $5,000 would restart the rally. Slightly below here we have the all-time high at $4,960 dollars per coin. This level along with the $5,000 round figure should act as a strong resistance area.

On the way down we similarly find another support area around the $4,000 round figure, stretching from $4,000 to yesterday’s low at $3,930. A new downtrend (on daily) requires a break below the $3,600 swing low. Further down we have more support at the $3,500 round figure, closely followed by the $3,491 swing high. A clearing of this area could extend the losses for bitcoin. On the weekly and monthly charts, BTC is still in an uptrend.

Read about LTC on FXOpen blog

[WolfysTrade]

Nice Chart,

Was reading some comments by Roger Ver and what Bitcoin Cash are doing. Some really great comments from Roger calling out Bitcoin Core as preaching religious dogma - sounds like the catholic church lol. Some things never change..

Bitcoin Core have turned Bitcoin into a toaster, pumping out heat and not much else.

[fxopen]

Ether Still in a Range

Ether is still trading inside that month-long range. We are currently trading at 0.07158, down by over 10 percent since last Thursday. However as you can see on the chart below, this wasn’t enough enter a bear market. We simply moved from the top of the range toward the middle.



A major upgrade in the ETH network is coming at the end of September. Metropolis will decrease the mining reward but also lower the block time, leading to a slight decrease in the level of inflation. You can read more about the coming Metropolis hard fork HERE. This news event could be just what Ether needs to finally break out of its funk.

A breakout above 0.07 BTC (slightly above the 0.08621 swing high) could start a new ETH rally. Higher up the first notable resistance is at the 0.1 round figure, followed by another important level at 0.111 BTC per coin. A break of this level could lead to more gains.

On the lower end the bears are looking at 0.05875 per BTC. A breakdown below here could start a new downtrend in prices. Our chart above shows a lower low at 0.05495 but this spike low is not present on other charts. On the weekly charts ETH/BTC is range-bound but on the monthlies the pair is still looking bullish.

Read also anout Dash and BTC here

[jsmith]

Can someone please provide chart analysis of privacy crypto coin Cloakcoin please.

They are in the process of releasing Open Source & it is just starting to go wild.

Thanks in advance.

https://www.cryptocoinsnews.com/sleepin ... pto-space/

[fxopen]

More crypto pain coming from China this week. After the ICO and ICO exchanges ban announced last week, authorities could be banning bitcoin exchanges as well. Prices understandably crashed on the news, hitting a low of $3,969 on FXOpen before rebounding.

China Moving to Ban Crypto Exchanges

According to two major financial publications, Chinese authorities are drafting regulations that will ban all crypto exchanges from operating in the country. The news first broke on Friday in Caixin, a Chinese finance publication. On Monday a similar report was published in the Wall Street Journal. According to the articles, it appears that Chinese regulators plan to ban all crypto exchanges from operating in the country. Over the counter (OTC) trading as well as in-person trading would be tolerated.



The news crashed bitcoin prices to a low of $3,969 on FXOpen, with similar lows around the $4,000 level hit on most Western exchanges. Chinese sites traded to a low near the 20,000 Yuan mark ($3,100) before rebounding strongly. They are quoted at 26,800 CNY right now, or around $4,123 dollars per coin. Bitcoin is trading at $4,327 on FXOpen.

If the reports are indeed true, why are prices rebounding strongly? There is disbelief in the crypto community about the validity of the ban, with many calling it FUD (fear, uncertainty, doubt) or fake news. However, it seems unlikely that Chinese regulators would remain silent for days if they weren’t the ones who initially leaked the news to reporters.

The most likely scenario is that a ban on crypto exchanges will be announced in China soon. What’s not so obvious is where prices will trade after the initial decline. Technically, the important levels to remember are $3,930 and $5,000. A breakdown below $3,930 could start a new downtrend in prices, while a move above $5,000 would restart the rally. On the weekly and monthly charts, BTC/USD remains in an uptrend.

Read about Litecoin on FXOpen blog

[fxopen]

Bitcoin Tumbles on China Exchange Ban

Bitcoin prices dropped sharply during the past few days as the rumored china exchange ban is slowly being rolled out. First Bitkan, a popular Chinese OTC trading platform, announced that they will shut down. Then BTC China, one of the biggest three Chinese exchanges followed suit. And finally today OKEX, a futures platform run by OKCoin, announced that their new futures will be based on a 100% USD price index, instead of the previous 50/50 CNY/USD mix. A smaller trading platform VIABTC announced that they will close their doors as well.



While nothing has been officially announced by regulators yet, it now seems certain that all crypto exchanges in the country will be forced to shut down. At this point it’s not clear just how far reaching the crackdown will be. Initial reports by the WSJ and Caixin suggested that OTC trading will not be affected but after the Bitkan shutdown that is under question as well.

Bitcoin prices fell to a low of $3,051 today, down over 26 percent in three days and down 38% percent from the $4,960 all-time high. As noted in our previous article, the break of $3,930 level triggered a bear market for BTC/USD. Strong support on the way down can be found at the $3,000 round figure, followed by weaker levels at $2,892, $2,597 and $2,500. On the weekly and monthly charts bitcoin is still in an uptrend.

Read about ETH/BTC on FXOpen blog

[fxopen]

Range in ETH/BTC Continues

The weeks-long trading range in ETH/BTC continues. We are currently quoted at 0.07304, up by few percentage points since last week. No important support/resistance points have been taken out yet.

As you can see on the chart below, the range is getting ever narrower, a good indicator that we will see a breakout soon. Will the catalyst be Metropolis, the expected protocol upgrade? If everything goes well on the testnet, Byzantium, the first part of the Metropolis upgrade, should launch around October 9th.



The two main levels to watch are 0.08423 BTC on the upside and 0.06626 BTC on the downside. A break of either of these points could lead to a prolonged move higher/lower. If everything goes well with the upgrade then ETH should clock some gains. Problems with the hard fork could lead to a loss of confidence and thereby drop in the price. Hard forks are not very risky if the overwhelming majority of the ecosystem gets behind them, which seems to be the case here.

On the longer-term charts we’re seeing a mixed picture. The weekly is range-bound as is the daily. But the monthly chart is still showing an upward trend.

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Bitcoin Mostly Flat

Bitcoin prices are down by $54 since our update last week. In percentage terms, this is only 1.36%. This calming follows a period of high volatility during which prices fell over $1,200 in three days, only to recover most of the losses in the next four days. Since then we bounced back and forth between the $3,500 and $4,000 handles.



Regardless of the range during the past week, the trend on the daily charts remains down. The bulls need a breakout above the $4,103 swing high to definitively end the downtrend. A move beyond $4,681 dollars per coin could start a new rally and open the door to the $5,000 handle. A breakout above this important round figure could see accelerated gains in prices.

On the lower end, we have support at the $3,500 round figure. This is where the bulls halted the few tries of the bear squad. A decisive break of this level could lead us to the second important support around the $3,000 handle. A move below this month’s low at $2,970 should lead to further BTC losses. Despite the downtrend on the daily, on the longer-term weekly and monthly charts, BTC/USD is still in an uptrend.

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