#forex analytix

[giannnissavvidis]

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[k64j-blog]

Ethereum Price Surge

Ethereum prices surged on Monday to record levels, after bitcoin also hit all-time highs, as appetite for digital assets continues to grow.

The cryptocurrency was trading at around $407.10 in early Monday morning trading, according to data from industry website Coinmarketcap. This is a record level which marks a more than 5,001 percent rise in price since Jan. 1, when ethereum was trading at $7.98.

It comes after bitcoin traded above $3,000 for the first time on Sunday, continuing its huge rally for the year.

"The strong interest in bitcoin does boost investors' appetite for alternative cryptocurrencies where superior gains are also being seen," Pavel Matveev, co-founder of Wirex, a personal finance app that provides a cryptocurrency wallet and debit card, told CNBC by email.

"There is some correlation between cryptocurrencies in this sense but there is also fundamental demand for Ethereum in its own right. Ethereum and bitcoin aren't directly competing as they serve different needs."

What is ethereum?

Ether is the name of the cryptocurrency which runs on the ethereum blockchain, which is the technology that underpins the digital coin. But ethereum is often used as shorthand for the digital currency as well.

Ethereum has been designed to support so-called smart contract applications. A smart contract is a computer program that can automatically execute the terms of a contract when certain conditions are met. This use has excited many investors.

Ether is the second-largest cryptocurrency by market capitalization, worth around $36 billion, according to Coinmarketcap, below bitcoin's $48.91 billion valuation.

Why has it rallied?

A number of developments in the ethereum community have supported the price rise. These include:

The formation of a group called the Enterprise Ethereum Alliance (EEA) aimed at linking large enterprises to technology vendors to work on blockchain projects. Companies such as Microsoft and JPMorgan are involved.

A surge in so-called initial coin offerings (ICO) which are a new way for cryptocurrency start-ups to raise money.

Vitalik Buterin, founder of Ethereum, recently met with Russian President Vladimir Putin, signaling that the country might be looking to use the blockchain, giving it further legitimacy.

Singapore's government released a report detailing a test it had carried out to digitalize a national currency using ethereum blockchain technology.

"Ethereum's market message at the moment is that of the underdog to bitcoin with more potential. The complexity of the developing ethereum ecosystem is galvanizing adherents as well as displaying the functionality that it has to offer," Charlie Hayter, CEO of industry website Cryptocompare, told CNBC by email.

Where does the price go next?

Nicola Duke, a technical analyst at analysis platform Forex Analytix, said that ethereum has pushed through $377, which is a key "resistance level." This is a price that is reached but not exceeded by traders. But now that it is through this level, the next leg up in ethereum could see it reach $476 soon. Duke is a technical analyst using historical price activity to forecast future price movement.

Meanwhile, Wirex's Matveev said that $600 by the end of the year is within reach, which would mark a 47 percent increase from Monday's high.

[alphaexcapitalforex]

via Alphaex Capital News Feeds - 2.0

[fxcryptotraders-blog]

Video: What's next after the trade truce

Video: What’s next after the trade truce

A look around markets I spoke to Dale at Forex Analytix today about the big questions that need to be answered following Trump’s truce with Xi. We look at a few charts, seasonals and Bitcoin.

[larrygarity]

Video: A look at where markets are headed

I speak with Dale Pinkert I spoke to Dale at Forex Analytix today about April seasonals and a few trades that I'm watching. ForexLive Video: A look at where markets are headed published first on https://forexlasersforum.tumblr.com/

[delfogarty29287-blog]

Forty Inquiries For The Query Court. Public Assistance Sought.

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[tortuga-aak]

Here's what the charts are saying about bitcoin

Lucas Jackson/Reuters

Bitcoin crossed $10,000 for the first time this week.

While everyone was paying attention to $10,000, the important number was $11,400. 

The charts suggest bitcoin's surge could continue after a rough patch.

  This week we saw Bitcoin breach the $10,000 mark and continue in a near-vertical ascent that has some people scratching their heads and others celebrating their incredible gains. We’ve covered Bitcoin in January 2017 and many of the fundamental points covered are still valid. We tackled supply and security – two of the main issues – and the associated arguments, so it’s worth revisiting that post for a reminder.

As certain countries in the world experience crises of various types, cryptos and Bitcoin in particular emerge as top choices for protection. There have been considerable flows from countries like Russia and China, where cryptos have been used as a vehicle to take funds out of the banking system and essentially make them vanish. Pretty much from their inception, cryptos have been one of the easiest avenues when it comes to such needs, and also for the dark web (the infamous Silk Road website being a prime example of that). There have also been cases where rampant inflation makes having fiat money a particularly bad carry trade, with obvious examples being countries such as Venezuela and Turkey.

So, there have been good reasons why cryptos have been the target of funds over the past few years and why they have experienced this monster rally. To put some perspective, here is an interesting table of Bitcoin price progression:

$0000 – $1000: 1789 days

$1000 – $2000: 1271 days

$2000 – $3000: 23 days

$3000 – $4000: 62 days

$4000 – $5000: 61 days

$5000 – $6000: 8 days

$6000 – $7000: 13 days

$7000 – $8000: 14 days

$8000 – $9000: 9 days

$9000 – $10000: 3 days

$10000 – $11000: 1 day

Forex Analytix

This kind of price action is very rare and as a result there have been varied reactions to it. The disbelievers call Bitcoin a bubble and are adamant that there is no fundamental reason why it’s going parabolic. Bitcoin price action actually resembles the Dutch Tulip mania of the 17th century, and this is something they often refer to in order to justify their negative view. They are usually particularly offended by people saying that “Bitcoin is backed by mathematics” and setting massive arbitrary price targets.

On the other side of the fence we have the hardcore crypto fans who believe that total crypto-currency market capitalisation should be in the tens or even hundreds of trillions of dollars. They think that blockchain technology and cryptos are the future, and that potentially they will eventually replace fiat currencies. They accumulate cryptos (the ultimate goal being to accumulate Bitcoins in particular) and are on a buy-and-hold to infinity mode.

Then there are the people in the middle who are open to the concept of cryptos and understand the value behind the technology, but who also find it very difficult to assign a price to this product. I myself am in this last category; I’ve been watching Bitcoin’s rise in amazement but I never got certain enough of it in order to trade it. I have well and truly missed this trade and I accept that. I personally believe that blockchain technology is here to stay and crypto-currencies could be the future of money. However, I’m still not convinced that the current crypto-currencies are the ones that will survive. As total crypto market capitalisation rises, governments and central banks start to take notice. It’s possible that we will see government-backed cryptos in the future that could well take a big chunk of the total market cap. As a currency, Bitcoin has severe limitations when it comes to transaction capability. The recent hard fork with Bitcoin Cash seems to take care of that problem but it’s still unclear how well it’s equipped to properly take on established fiat currencies.

So, what do I think will happen to crypto prices – and Bitcoin in particular – in the near future? Its price has taken off and is breaking ATHs practically on a daily basis and this is something that I would never want to go against, so I wouldn’t be shorting it here. An interesting development that will affect Bitcoin price is the introduction of Bitcoin futures on the CME. This has been discussed extensively in the marketplace and once again there are two differing opinions on it.

One view is that this is a bearish development, as it will provide an easy way for traders to short it. There are currently ways to short Bitcoin, but they are not as simple as shorting a futures contract. I can see the logic in this, but I personally think that there is a much bigger reason why Bitcoin futures will actually push the price higher:

There have been many individuals who want to invest in Bitcoin but who are put off by the complexity involved, and also by the security risk. You need to get a digital wallet, preferably a physical piece of hardware. Then you need to get very good anti-virus protection and make sure you have backups. Do all that and you could still potentially be vulnerable to hacking. Cases where cryptos are hacked or stolen are multiplying and this is surely putting people off. Bitcoin futures will provide a platform where getting long Bitcoin becomes extremely simple, and for this reason I believe that the initial reaction to the introduction of this future will probably be bullish. It’s my opinion that Bitcoin will continue to rise going into year end, as the CME future gets introduced. However, there will have to be a point where there will be a major correction. Bitcoin price will no longer be subjective and driven purely from capital flow, but it will also have to somehow represent intrinsic value. This is something that Bitcoin longs need to be very careful of, and plan their contingency strategy accordingly.

Stelios Kontogoulas

The Harmonics point of view:

The whole market has been talking about when bitcoin would reach 10,000 but the weekly Fibonacci resistance was at 11400. It is very common in Bitcoin at big levels that the market is expecting to pause just below it or at it and suggest it has stopped going up.

Then longs start to sell and some even short sell and then bitcoin pushes through the level, everyone thinks it is a breakout, jumps in long. And then the market reverses straight back through the level. This is a very bearish reversal signal. Trend support is the 0.236 Fibonacci retrace level from the 2015 low and then below that we are in a bigger correction and can look to 7132 and the 0.382 retrace next. In terms of harmonic patterns we are looking for a three wave (two swings lower) move before we see bitcoin turn higher again.

Nicola Duke

Forex Analytix

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[its-veso]

On fundamentals, technicals and more – interview with Dale Pinkert

I had the privilege to be interviewed by Dale Pinkert of F A C E. We talked about major currencies, oil, fundamentals, and technicals.

Do check out their website Forex Analytix[1]. And the video is here below:

Get the 5 most predictable currency pairs[2]

References

^ Forex Analytix (www.forexanalytix.com)

^ Get the 5 most predictable currency pairs (www.forexcrunch.com)

from Forex Crunch http://feedproxy.google.com/~r/ForexCrunch/~3/k7JyO2pcY0c/

[seeker401]

Bitcoin could crash and lose half its value & correction may be imminent

Bitcoin could crash and lose half its value & correction may be imminent

https://www.rt.com/business/389713-bitcoin-correction-fifty-percent-analyst/ The price of bitcoin is rapidly approaching a level which could trigger a correction of 47 percent, according to a technical expert from analysis platform Forex Analytix, as cited by CNBC. According to Nicola Duke, who analyzes historical trading patterns to determine potential price fluctuations, $2,800 for one bitcoin…

[moneydjnews]

狂飆400%後，比特幣價格將腰斬、或飛上2.5萬美元？

比特幣連日改寫新高，過去一年暴衝400%之多，究竟未來會繼續飆高、還是會跳水狂瀉，各方爭論不休。有分析師預估比特幣將大跌47%，也有人說比特幣會站上2.5萬美元。

CoinDesk比特幣價格指數(Bitcoin Price Index、BPI)顯示，25日比特幣一度站上2,791.70美元，再次改寫空前新高。但是隨後跳水狂瀉，一度跌至2,298.49美元。

CNBC報導，Forex Analytix分析師Nicola Duke從技術分析面觀察，指出從「費波蘭西回調」(Fibonacci Retracement)看來，比特幣正處於第三波，2,800美元為壓力線，可能會遭受反壓，或許將跌至1,780美元、甚至1,470美元。若跌到1,470美元，等於拉回47%(見附圖、大圖點此)。

Duke預測，比特幣轉跌，將進入第四波，走勢可能在明年一月初觸底，股市通常也在這時出現修正。她估計未來比特幣會…

[giannnissavvidis]

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[tomperanteau]

New article has been published on The Daily Digest

New article has been published on http://www.thedailydigest.org/2017/05/25/bitcoin-could-crash-and-lose-half-its-value-correction-may-be-imminent-analyst/

Bitcoin could crash and lose half its value & correction may be imminent – analyst

The price of bitcoin is rapidly approaching a level which could trigger a correction of 47 percent, according to a technical expert from analysis platform Forex Analytix, as cited by CNBC. Read Full Article at RT.com [READ MORE HERE]

[giannnissavvidis]

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[giannnissavvidis]

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[giannnissavvidis]

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