分析

[Preston coin headlines] Today's cryptocurrency drop had heavy warnings...

            Today, the total cryptocurrency market is trading at $192 billion. 24-hour trading volume is hovering around $12.4 billion and Bitcoin’s market dominance has risen over the weekend to 56.4%. Up until this morning, the total market cap was at $204 billion before dropping all the way down to $192 billion. This decrease was not that surprising as low volume had been corrupting the market. Because there was low volume, I was very skeptical that the cryptocurrency price rises were sustainable.


            Perhaps the biggest news of the day is Nasdaq acquiring Cinnober, a Swedish trading solution provider that is known to be optimistic about digital assets. Cinnober even has a partnership with BitGo, a cryptocurrency custodian service which is going to be a key tool in advancing mass adoption. The problem with current custody services and even with Coinbase is that the most institutions still need a big named corporation to take this on. For example, Bakkt, the crypto exchange platform is great because it has the Intercontinental Exchange (ICE) attached to its brand. People find security and reliability with tried and proven systems.

            Currently, Bitcoin is trading at $6250. It has broken down from an upward channel and is retesting a macro downward trend line. The significant of this macro downward trend line is that Bitcoin has traded above it for 5 days now and the fact that there was 5% drop throughout Monday is eliminating most of the gains that were upheld from last week. My original prediction was that we would still need to retest $6000-$6100 before I can consider a trend valid and the price ended up hitting $6119 before bouncing back up. The real trouble is if we break below $5755 but I think there’s going to be a lot of buy pressure around $6000. Daily MACD’s histogram had almost flipped from negative to positive but today’s rejection stopped this from happening. Also, the high of today kissed the 20-day EMA which is another indication that the pattern cannot be bullish just yet. The good news is that the amount of short positions is still greater than the amount of long positions so the short squeeze is still in play. However, the volume of these margin positions were not changed indicating to me a stagnant market. When there is a stagnant market it is tough to make future predictions because high volatility and uncertainty.


            Ethereum has traded almost exactly as I predicted from last week. If you read my post here:


            https://newcoins168.com/detail_coinX.xhtml?type=NC3&id=1955664

(Friday, Sept. 14th)

  (VIP live stream, Monday morning, Sept. 17th)

           I went into detail about which direction Ethereum was going to move when the spot price was $211 on Friday. I had said we would bounce to $224 before dropping to test $200 and the price actually reached $221 before dropping to test $200. At that point, I drew 2 arrows indicating a breakout downwards or upwards to either $190 or $226. Ethereum’s price did this exactly as indicated on my drawings before retracing and then this morning on my VIP live stream I indicated a slight bounce up from Ethereum’s current price of $205 before dropping back down to test $190. The current price of Ethereum is $197. I have been telling you guys not to buy into last week’s Ethereum’s rising price for 3 reasons.


1.     Low volume

2.     Ethereum short positions were at all time high

3.     No fundamentals to support a price increase

When Ether’s price was at $225 I was beginning to get worried as I did spot hidden bearish divergence between its rising price and its RSI. Its price action also was hitting a macro downward trend-line. Today is the real test, if we break below $190, then we are going straight to $186 for a slight bounce. Be patient, there is going to be some unpredictability going on especially since the big news about the CBOE Bitcoin ETF is next week.

            This morning on my VIP live stream I had indicated that EOS was about to drop to about $4.65 and then if it broke it was going straight to $4.03 before bouncing back up. As I've been saying, anytime EOS falls below $5.00 it is worth looking at to buy. Right now, a possible head and shoulders pattern is forming on the daily charts, but has not completed at the neckline. Even though head and shoulders are supposed to be after an uptrend signaling a reversal, I still play this pattern the same as level of resistance and support. This price point of $4.65 is right where the 78.6% Fibonacci level too so the fact that it’s there combined with a neckline reinforced my case. Current price was $4.94 but the neckline would be at $4.65. If it breaks below $4.65 then the price should be going back to down to about $4.03. At that point, I would set my buys at about $4.10 and then ride it and sell at $4.65 where the neckline for the head and shoulders pattern is, but for now I would not enter because the whole market just crashed. The current price right now is $4.88 after testing $4.65 but sell volume is very heavy as well as 8-day EMA crossing under the 20, signaling a downtrend.





閱讀 3053

分享到:          

郑重声明: NewCoins168网站提醒广大读者用户根据实际情况谨慎投资。本网站文章观点以及内容分析仅供参考,并不构成任何投资意见或建议。风险自控。转载文章仅为传播更多信息之目的,版权归原作者所有。如有侵权/错误不完整之处请第一时间与我们联系。


致讀者: 親愛的讀者,為了盡量消滅錯別字,給您帶來最好的閱讀體驗,NewCoins168網站即日起實施“零錯行動”,邀請廣大網友一起來參加這個有獎活動。參與方式有兩種:1)對文章中的錯別字,讀者在文章評論區留言,用文字指出其具體錯誤;2)將錯別字的截屏圖片發到NewCoins168網站總編的郵箱serena@newcoins168.com 。情況如果屬實,NewCoins168網站會在第一時間做出調整,並對提出問題的網友給予相應的獎勵。

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。

留言

快來評論吧!