ICO168.io Four Coin Analysis

Welcome to our daily brokerage currency review, our team of analysts will provide real-time encryption market updates at the start of the New York market (9:30 am EST), we encourage readers to provide feedback and try out our encrypted trading platform ICO168.io, you can trade BTC, ETH, LTC, XRP, and more on the ICO168.io platform coming soon.

Bitcoin(BTC):

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.

Ethereum(ETH):


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(LTC):

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 about $39.

Ripple(XRP):

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.

The news:

Since last 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.



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關於作者

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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