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%.
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
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.
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
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
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.