分析

[Preston Coin Headlines] Important SEC decision gets delayed, market starts to pick up!

            Today, the total cryptocurrency market cap is trading at $203 billion with low volume at $11.3 billion. That is about $1 billion less than what we were trading at yesterday so price movements today could be invalid. Bitcoin’s dominance is decreasing though slightly at 54% meaning that altcoins took a little break from our bear run.


            There was a $60 million hack that was the result of a hack on a Japanese exchange called Zaif that was discovered on September 17th with news circulating about it yesterday. It is about the #35th exchange by volume on Coinmarketcap.com (before the hack). This is not the first nor will it probably be the last time a Japanese exchange is hacked or any centralized exchange for that matter. Earlier this year, there was a half a billion-dollar hack on CoinCheck, another Japanese exchange. It’s gotten to the point where cryptocurrency investors do not have knee jerk reactions to these types of hacks anymore. There is an estimated 12% of the world’s Bitcoin trade volume that is against the Japanese Yen according to CryptoCompare so cryptocurrency hacks in Japan should actually be significant but it’s reached a point where this happens almost monthly. Ironically, Japan’s FSA has already come out and said they weren’t going to excessively regulate cryptocurrencies, but these types of hacks should not be happening regardless. Most cryptocurrency hacks are from exchanges and it’s happened so many times that you would think the mass population would realize storing cryptocurrencies on exchanges is a bad idea. It isn’t that cryptocurrencies are generally hacked, it’s where they’re stored. Solutions to this are using cold wallets and decentralized exchanges where there is exponentially more resistance to hacks than that of centralized exchanges.

            Weiss ratings has come out and said that Ethereum will eventually take over 50% of Bitcoin’s market share to Bitcoin and also that some absolute steals for coins are Nano, BAT, XLM, EOS, and XRP. I do think Ethereum has a good shot of catching up to Bitcoin and I’m not alone. People already refer to this as “The Flippening”. However, I’m not sure if I agree with all the other picks that Weiss ratings has come and said were steals. The closest Ethereum has gotten in controlling the market dominance was in June of 2017 when Ethereum was trading at $375 and its market dominance was about 31% compared to Bitcoin’s 39%.

            Currently, Bitcoin is trading at $6478. It is having much difficulty trying to surpass $6500 and establish that point as a level of support instead of resistance. RSI is looking bullish as well, being that RSI is at 60 right now. MACD is still pointing upwards and this is probably due to the breaking news that the extension has come 10 days earlier than the expected deadline and the VanEck/SolidX ETF decision will be extended once again until December 29th. The Direxion ones are still pending a decision date for tomorrow the 21st though so after the 21st passes, I think it will be safe to enter some your altcoins.

            Ethereum is currently trading at $213. This morning during my live stream, I had denoted an entry point for Ethereum at $210 with a stop loss at $202 and to take profit for 6.64% at $224. This position is playing out pretty well as seen with the arrows drawn from earlier. Ethereum’s RSI is also now bullish and the 8-period EMA is nicely above its 20-period EMA on the 4HR charts. It has also closed above a the macro downward trend line so Ethereum is technically bullish now. $213 is still a good entry point for buying right now.

            The biggest mover this week is still XRP. At time of writing, XRP is trading at $0.48 which is already up about 50% since yesterday. It is very unlikely that this price is sustainable and it was already unsustainable yesterday. It would be wise to not try to enter right now even though it has just broken a long-term resistance of $0.37.



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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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