Welcome to our daily brokerage currency review,
our team of analysts will provide real-time encryption market updates at the
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BTC, ETH, LTC, XRP, and more on the ICO168.io platform coming soon.
BTC’s daily chart is showing the
downward trend may not be over. There is a descending triangle pattern that is
strong stemming from all the way in January. A breakout downwards is likely and
only twice in the past 9 months did price action actually deviate from this
downward trend line. RSI is still below 40 RSI so this is a sign that Bitcoin
is still bearish. Currently it’s trading at $6277 but the price looks like it’s
going to continue downwards. Short-term resistance is $6419, mid-term
resistance is $6607, and long-term resistance is $6910 while looking at the 4
hour charts. Short-term support is $6106, mid-term support is $5780 and
long-term support is $5400.
Currently Ethereum is trading at $174 which is down over 10%
from yesterday’s high of $200. The outlook for Ethereum is still bearish after
breaking long-term support at $205. Because it broke there, the next level on
the Fibonacci extension is $133. RSI on the daily is extremely oversold at 18
RSI so a bounce up is imminent but time is unknown. There is still massive
divergence downwards between the 8-day EMA and the 20-day EMA so this trend is
not expected to change very much in the short-term. Short-term resistance is
now $205, mid-term resistance is $250, long-term resistance is $322. Because
support has not been truly established yet, short-term support is unclear,
mid-term support is $133 and long-term support is $66.
Litecoin is currently trading at
$50.57 after it has broken a key level of support of $49.50 in which now the
bulls are trying to fight back. It is still far away from its 8-day EMA
indicating that the trend is still very bearish even in the short-term. After
reaching almost $70 one week ago, the price has dropped 28%. Short-term
resistance is $60, mid-term resistance is $66.75, and long-term resistance is
$77.30. Short-term support has not been established yet, mid-term support is
Ripple is currently trading at $.27
It is facing resistance at the 78.6% Fibonacci level but is actually performing
better than the rest of 3 coins here. It is trying to establish support at $.25
with a mid-term support of $.24. Long-term support is about $.20 in which XRP
has not touched since December 2017. RSI is not oversold right now, hovering
right above the 30 mark. MACD, however, is still trending downwards so this XRP
should still be moving down. It still has not passed the 8-day EMA yet as well.
Short-term resistance is $.27, mid-term resistance is $.29 and long-term
resistance is $.32.
week’s report here, the total cryptocurrency market has dropped 21%. In that
time, poor reporting by the media on a fake Goldman Sachs news stories about
halting their trading desk catapulted this huge drop. But that being said,
other developments such as Bitcoin Tracker One and Ether Tracker One were
suspended by the SEC due to ambiguity over its regulation and naming
convention. This exchange traded note was supposed to be a quasi ETF that was
traded in Nasdaq Stockholm. But then, this news about its suspension was compounded
onto the already uncertainty of the market which caused another drop Saturday.
The good news however is that the 5th seat that was filled for SEC
commissioners was with Elad Roisman. He is pro small business and fintech
friendly, but most importantly crypto friendly. His main stance is that he
believes in the prowess of the retail investor and wants to equal the playing
field. For examples, ICOs were a great way for regular investors to experience
the same benefits of being an accredited investor without all the regulatory
red tape. Yes, there are ramifications for less regulation, but the point is
that this new SEC commissioner understand where the cryptocurrency community is
coming from. So while the current market is trading bearishly, there are still some things in the fundamentals department to look forward to in the long-run.