分析

[Preston coin headlines] The market gives and then takes away

            Today’s total market cap is sitting right where we were yesterday. The movement is negligible as we’ve gone from $210 billion yesterday to now $206 billion. Trading volume is getting low though at $12.7 billion while Bitcoin’s market dominance is staying steady at 53.1%.

            News has actually been positive as of yesterday. There was news recently about an exchange traded note (ETN) that would be listed in USD on the Nasdaq Stockholm exchange and is geared towards US Investors. This is good news because after all the hype that is building up for a US Bitcoin ETF, eager people can get in on this soft launch. Although settlements will be in the Swedish Krona, this is just mini step amongst giant ones in cryptocurrencies’ quest for mainstream adoption.

            Bitcoin today is trading at $6260. I am still waiting for Bitcoin to drop until $5700 at least before we can establish a substantial support. After dropping to $5800 and bouncing up to almost $6700, Bitcoin has once again tapered off. We can see that it’s broken below our trend line here on the 30 minute charts. RSI is approaching the oversold territory so it will be interesting to see where this goes. MACD is showing that it is diverging more and more downwards so I do think my prediction of it dropping from here is going to continue. There is weak volume and generally speaking, when there is weak volume and price increases, this is a bearish signal. Stay cautious from entering right now as the price is predicted to drop a little bit more.

            Ethereum is trading at $285 and has dropped 10% from its quick rise to $302 in the matter of one day. There is high volatility right now with Ethereum but we haven’t broken our support of $250 since it was established two days ago. MACD is still diverging downwards and there isn't enough volume that is going to move the price upwards. We have met some heavy resistance at $295 and light support as been established at $277. News circulating is not favorable to Ethereum currently, doubting the technology and highlighting the problems about it right now. As you all know, we are very bullish on Ethereum over here at Newcoins168 and we will continue to be until there’s news that we shouldn’t be, but price action is not one of the reasons. The technology is still sound and the price drop is more indicative of the market as a whole and not Ethereum itself. If you do have Ethereum do not be afraid and continue holding. That being said, I am still not convinced the recent price movement upwards is valid and am waiting for $200-$130 to buy more.

            In other news, Coinbase has announced that Ethereum Classic will finally be able to be traded today on Coinbase and not just Coinbase Pro which is reserved for more seasoned traders. This will be more liquidity and exposure to people new to cryptocurrencies and because of the announcement yesterday, Ethereum Classic has risen almost 30% since yesterday. However, at 5pm when the listing goes up the price will drop drastically so if you have any Ethereum Classic I would take profits around 3pm. Currently it’s trading at $14.10 after rising from $10.10 just two days ago. If you do want to buy, I would wait after 5pm and then enter.


            Another coin that should be receiving lots of attention is VeChain (VET). After Vechain’s switch to Vechain Thor, the price has been largely underperforming. The price had crashed about 70% from 327 satoshis all the way down to about 101 satoshis. But in two days the price has moved up almost 85%. Like I’ve been saying here for a long time, Vechain is safe for the long-term. I can only see this project succeeding and it is one of my favorite coins as well as their consensus mechanism Proof-of-Authority being my favorite consensus mechanism as well. Even Microsoft Azure is going to support PoA as part of its Ethereum blockchain services so I am confident this will gain some traction as well. If you want to enter VeChain I may wait as the price looks like it’s going to drop soon. There is high indication of bearish divergence and now the price is trading below its 20-period EMA on the 4 charts at 168 satoshis.



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關於分析師

Preston Hom

交易平台(ICO68.IO)分析師。Newcoins168網站ICO分析師,曾擔任現代美國汽車公司的數據分析師。2013年畢業於加州大學爾灣分校。 在目睹身邊的朋友通過首次代幣發行(ICO)投資的高回報率賺了數百萬美元後,Hom進行了第一次ICO投資 。他通過識別宏觀趨勢,研究和分析,成功將自己的所有投資增值,回報率最高達到4000%左右。他認為,區塊鏈技術與互聯網起源的獨創性相似,在web 3.0創新技術的帶動下,區塊鏈技術將會為世界提供更多成功的機會。

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