Archive for Cryptocurrencies

Ethereum bulls charge past $3300 level

By ForexTime 

  • Ethereum hits fresh 22-month high
  • Firm uptrend on D1 & H4 timeframe
  • Strong weekly support at 3216.64
  • Potential impulse wave on H4 charts
  • Next weekly bullish target at 3572.61

The world’s second-largest cryptocurrency is on a tear!

Ethereum jumped to a fresh 22-month high on Wednesday thanks to the growing bullish market sentiment in the crypto space.

With prices trading above $3300 as of writing, further gains could be on the horizon due to anticipation over the ‘Dencun’ upgrade and potential approval of spot Ethereum Exchange-Traded Funds (ETFs).

Note: The ‘Dencun’ upgrade for Ethereum is expected to go live on March 13. It aims to improve the cryptocurrency’s scalability and efficiency. Should this result in increased demand, this may push prices higher.

Focusing on the technical picture…

Ethereum broke through a weekly resistance level yesterday. This is the result of a strong uptrend that started on 25 January and has been running with little interference from the bearish side.

A weekly resistance turned support level at 2877.42 did cause a short pause but the bulls quickly overcame that and showed their strength again. The same thing seems to be in store with the weekly resistance turned support level at 3216.64 and this produces opportunities in the lower time frame.

On the 4-hour chart, a strong uptrend can also clearly be seen with a potential new impulse wave in action. The short cycle Stochastics Oscillators as well as the longer price cycle Moving Average Convergence Divergence (MACD) Oscillators confirm the upward run and the target for any long positions taken by traders can be the next weekly resistance level at 3572.61.


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ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Bitcoin bulls ride off weekly support

By ForexTime 

  • Bitcoin bullish on D1/W1 timeframe
  • Strong W1 support at 48412.28
  • Prices firmly above H4 LWMA
  • 4 potential targets on the H4 timeframe
  • Bullish scenario invalidated below 47714.98

Bitcoin has seen spectacular bullish action over the past two weeks.

Prices are firmly bullish on the daily charts with the higher highs and higher lows confirming an uptrend. The upside momentum not only propelled prices towards a weekly resistance level but also triggered a breakout – opening a path beyond the psychological $50,000 level.

Although prices may retest the previous weekly resistance now turned support, demand seems strong and might cause another impulse wave to commence in the current uptrend market structure.

On the 4-hour chart, a strong uptrend is in progress. The price is above the 50 Linear Weighted Moving Average with both the Momentum Oscillators as well as the longer price cycle Moving Average Convergence Divergence (MACD) Oscillators confirming the upward momentum.

If the price reaches the 50425.86 level, a long scenario becomes possible.

Attaching a modified Fibonacci tool to the trigger level at 50425.86 and dragging it to a lower bottom at 47714.98, four conservative targets can be determined:

  • Target 1: 51510.21

  • Target 2: 52052.39

  • Target 3: 53136.74

  • Target 4: 54492.18

If the price breaks past the 47714.98 level, this scenario becomes invalidated.


Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Bitcoin bulls back in town after weekly breakout

By ForexTime 

  • Bitcoin bullish on D1 timeframe
  • W1 support could provide long opportunity
  • Prices above 50 LWMA on H4 timeframe
  • 4 potential bullish targets if 43865.08 breached
  • Bullish scenario invalidated below 41597.80

Bitcoin kicked of the week charging through a significant resistance level at 42053.06, signalling the start of a potential uptrend on the daily timeframe.

This was confirmed by the most recent higher bottom and higher top created in yesterday’s trading session. Despite the bullish outlook, bears are currently busy with a correction wave and will be aiming at the weekly resistance turned support to test the bullish resolve.

Nevertheless, this sets up possible long opportunities on lower time frames if the bulls can regain their momentum and keep on dominating the market.

On the 4-hour chart a beautiful uptrend is in progress with consecutively higher tops and bottom in place. The price is also above the 50 Linear Weighted Moving Average with the Momentum and the Moving Average Convergence Divergence (MACD) oscillators in clear bullish terrain.

If the price reaches the 43865.08 level, yet another higher top will be in process, and this presents a long opportunity.

Attaching a modified Fibonacci tool to the trigger level at 43865.08 and dragging it to the last higher bottom at 41597.80, four possible conservative targets can be determined:

  • Target 1: 44771.99

  • Target 2: 45225.45 

  • Target 3: 46132.36

  • Target 4: 47266.00

If the price breaks past the 41597.80 level, this opportunity is no longer feasible, and a short opportunity might become possible from a 4-hour market structure point of view.  


Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Trade of The Week: Bitcoin ETF awaits SEC approval

By ForexTime 

  • Clock ticks down to Bitcoin ETF deadline
  • Potential SEC approval will mark historic moment
  • Watch out for other possible outcomes
  • Bitcoin could see heightened levels of volatility
  • Will Bitcoin rally or slump?

Bitcoin is the talk of the town this week, as the clock ticks down to the Securities and Exchange Commission’s (SEC) 10th January critical deadline to vote on Bitcoin ETF applications.

The cryptocurrency entered the new year in a volatile and choppy fashion amid growing speculation over regulators giving the green light. Indeed, the approval of a spot Bitcoin ETF would mark a historic moment for the digital asset – representing potential inflows of new investors.

Taking a quick look at the technical picture, Bitcoin has entered standby mode on the daily charts with prices trading marginally below $44.5k as of writing.

Whatever decision the SEC takes on Wednesday, it is likely to have a lasting impact on Bitcoin.

In the meantime, here are 3 potential outcomes to watch out for:

  1. SEC approves Bitcoin ETF applications

The SEC approves the first bitcoin ETF in the United States, marking a watershed moment after 10 years of failed applications.

A spot bitcoin ETF is a big deal and provides investors with easier and supposedly more reliable access to the world’s largest cryptocurrency without having to purchase it directly.

  • This outcome could trigger an aggressive appreciation in Bitcoin prices due to the prospects of fresh inflows from retail and institutional investors.
  • However, given how markets were expecting the ETF approval – this could result in a “sell the news” type of reaction that drags prices lower before investor inflows push prices higher down the road.
  1. SEC delays Bitcoin ETF applications 

It is worth keeping in mind that the SEC sued Coinbase back in June for operating as an unregistered securities exchange, broker and clearing agency.

Given how Coinbase is the largest US crypto exchange and the only one that’s a public company, it stands to greatly benefit from a spot Bitcoin ETF approval as the middleman.

  • Should this situation lead to possible delays in the ETF approval process, bitcoin prices could slip amid the uncertainty.
  1. SEC rejects all Bitcoin ETF applications.

The SEC recently tweeted “NO GO to FOMO”, essentially warning about the fear of missing out behavior for cryptocurrencies and other trending investments.

  • While the SEC rejecting the ETF applications seems to be the most unlikely outcome for markets, this could send bitcoin plummeting if it becomes reality.

Technical outlook:

Bitcoin is turning bullish on the weekly charts with prices respecting a weekly bullish channel.

Prices have entered standby mode ahead of Wednesday’s major risk event. However, resistance can be found at $44,500 with the next point of interest at $50,000. Beyond this point is the all-time high just below $69,000.

Should prices slip back below $37,000, this may open the doors towards $30,000 and $20,000.


Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Solana pulling back after stunning 2023 rally!

By ForexTime 

  • Solana skyrocketed by as much as 1155% this year
  • Technical pullback warranted after such eye-watering gains
  • This crypto still holds year-to-date gains of about 950% despite recent drop
  • Solana likely surged as crypto sector recovers from FTX/SBF saga, amid Bitcoin ETF hype
  • Further declines may hark back to key support levels from Q1 2022, before potentially pushing back higher

Of the 11 cryptocurrency CFDs offered within the FXTM universe, this year’s standout performer is clearly Solana!

Solana is a blockchain, featuring its SOL payment token, that’s touted for its high speeds (can process a lot more transactions per second) and low fees, which enables the creation of decentralized applications.

At the time of writing, and with only a handful of trading days left in 2023 …

Solana has a year-to-date climb of 952%!

Its year-to-date advance had reached as high as 1,155% earlier this week, before undergoing a technical pullback in recent sessions.

Solana’s 14-day relative strength index (RSI) is now on course to dip back below the 70 threshold which marks “overbought” conditions.

Why has Solana surged this year?

There are a few major reasons being bandied about for Solana’s stunning rise in 2023:

1) Solana moving on post-SBF/FTX

The disgraced founder of the FTX exchange, Sam Bankman-Fried a.k.a. SBF, had previously publicly advocated the merits of the Solana blockchain.

Hence, markets had associated Solana with SBF.

When SBF and FTX fell hard in 2022, so too did Solana, with the crypto losing almost all (94.1%) of its value last year.

But as the crypto world took strides in moving beyond the FTX carnage, so too has Solana’s fortunes recovered.

2) Alt-coins resurgence

Besides Solana, other alt-coins have also have a year of recovery.

The likes of Avalanche, Chainlink, and Cardano also respectively posted triple-digit year-to-date gains!

Cryptocurrencies, overall, are enjoying a resurgence, thanks to the rising anticipation surrounding a first-ever Bitcoin exchange-traded fund (ETF) that could be approved by the US Securities and Exchange Commission (SEC) as soon as January 10th, 2024.

Such excitement surrounding that first-ever Bitcoin ETF has spilled over into the broader crypto universe, and helped push prices higher.

3) Fed pivot in 2024 encouraging risk appetite

Looking at the Solana chart above, its steepest ascent appear to have commenced after the Federal Reserve’s (US central bank) latest policy meeting in mid-December.

Fed officials forecasted several rate cuts in 2024!

Riskier assets, including stocks and even cryptos, have rejoiced at the prospects of the US central bank lowering its benchmark rates, with the first rate cut expected to occur in March.

After all, lower interest rates have the potential to boost liquidity across global financial markets.

And as we know …

Market liquidity is a core pillar for crypto prices to move higher.

Hence, in light of the market’s forward-looking nature (today’s prices reflect tomorrow’s expectations), existing market participants have pushed crypto prices higher recently, in tandem with other riskier assets including the SPX500_m and the NQ100_m indices, on hopes for improved market conditions in 2024.

Though to be clear, liquidity within crypto markets are still yet to recover to levels prior to the crypto winter of 2022.

 

Where to next for Solana prices?

At the time of writing, Solana appears to be currently testing support around the $105 region.

Just this past Tuesday, Solana had already bounced off the psychologically-important $100 mark in a rather violent Boxing Day session.

Should the $100 fail at the second time of asking, traders may have to hark back to price action from Q1 2022 to draw further lines of support.

If the ongoing pullback is extended further …

Solana may eventually see stronger support around the psychologically-important $80 region.

 

However, once the ongoing technical pullback has run its course and the froth has been cleared from its eye-watering surge this year, the eventual equilibrium price may form a stronger base from which Solana can move higher.

Further gains for Solana however may require that the appetite for cryptos can make a sustainable comeback, especially if the positive inflows into that Bitcoin ETF does materialise.


Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Bitcoin price jump fueled by scandal crackdowns and central bank expectations

By George Prior

Bitcoin topping $40,000 is because – not despite – the recent scandals are clearing out the bad actors from the market, says the CEO of one of the world’s largest independent financial advisory, asset management and fintech organizations.

deVere Group’s CEO Nigel Green is speaking out as the world’s biggest cryptocurrency hit as high as $41,700 on Monday, its highest since April 2022.

Last month, Changpeng Zhao, better known as CZ, the founder of Binance, the largest cryptocurrency exchange in the world, pleaded guilty to money laundering violations and agreed to pay a $50 million fine and step down from his role as the company’s chief executive.

The company itself also pleaded guilty and agreed to pay $4.3 billion in fines and restitution to the government, according to federal authorities.

Nigel Green comments: “The CZ/Binance scandal and the FTX collapse which resulted in a month-long trial which convicted the FTX founder Sam Bankman-Fried of seven counts of fraud and conspiracy, triggered some short-term volatility, but the crypto market has continued to remain bullish.

“In fact, Bitcoin is up by over 150% so far this year.

“It appears that law enforcement and regulatory authorities worldwide are cracking down on executives and companies of digital currencies. This greater regulatory scrutiny is seemingly appealing to investors who are piling into the likes of Bitcoin.

“It would also be attractive to institutional investors who bring with them huge amounts of capital.”

Microstrategy, the software developer and the largest corporate holder of Bitcoin boosted its holdings recently, buying some 16,130 BTC, worth around $610 million at current prices.

BlackRock, the $9trillion asset manager, alongside WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise and Valkyrie Digital Assets, have published Bitcoin ETF applications waiting to be approved by the US Securities and Exchange Commission, the SEC.

“We believe that Bitcoin ETFs are an imminent inevitability, and this would help drive crypto prices and mass adoption,” says the deVere CEO.

“Should SEC approval happen, it would be a landmark moment for Bitcoin.  The approval by the financial regulator of the world’s largest economy of this spot ETF would show that Bitcoin is, without any question, part of the global mainstream financial system.”

Spot ETFs invest directly in underlying assets, typically stocks or bonds, at the current market price (spot price). They aim to replicate the performance of a specific index or asset class by holding a portfolio of the actual securities that make up the index.

“In addition, expectations the Federal Reserve and other major central banks are done hiking interest rates are fuelling Bitcoin prices,” he adds.

Also in the mind of investors is next year’s Bitcoin halving event. One of the key features of Bitcoin’s monetary policy is its limited supply. The total number of Bitcoins that can ever exist is capped at 21 million coins.

Its issuance is also predictable. Through a process called mining, new Bitcoins are created and added to the circulating supply.

However, the rate of issuance is programmed to decrease over time. Initially, miners were rewarded with 50 Bitcoins for each block they successfully mined. This reward is halved approximately every four years in an event known as the ‘halving.’

“The next halving is expected in April 2024.  The lead-up has typically been the most profitable time for crypto investors.”

Nigel Green concludes: “Scandal-triggered crackdowns, expected central bank plans, and next year’s halving event are fueling Bitcoin prices. We expect this trend to continue for the rest of this year and into 2024.”

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

Bitcoin shoots past $36k on ETF excitement

By ForexTime 

  • Bitcoin hits highest level in 18 months ​​​​​​
  • Cryptocurrency boosted by ETF excitement
  • Bullish flag seen on H4 chart
  • Weekly resistance level might act as catalyst

Bitcoin jumped to a fresh 18-month high on Thursday as excitement returned over simultaneous approvals of spot Bitcoin ETFs.

Starting from today, the SEC has an eight-day window to potentially approve all pending spot Bitcoin ETF fillings – including the world’s largest bitcoin fund called the Grayscale Bitcoin Trust. This is a welcome development for the cryptocurrency space given the growing ETF hype, injecting Bitcoin bulls with renewed strength.

As highlighted in the past, a spot bitcoin ETF would provide investors easier and greater access to the world’s largest cryptocurrency without having to own it – potentially attracting new investors as a result.

Focusing on the technical picture, bitcoin is currently ruled by bulls and a solid uptrend can be seen on the daily charts.

Prices are fast approaching weekly resistance at 37,448 and this level might act as a catalyst for either bulls or bears. For bulls, it will be a continuation of the current impulse wave and for bears it will be the start of a possible correction wave.

On the H4 chart a huge bullish flag is visible with the price just having broken out and heading for the weekly resistance level. Both the 50 Exponential Moving Average and the Moving Average Convergence Divergence (MACD) confirm the upward momentum.

If prices reach the weekly resistance level at 37,448.98, two scenarios become possible.

  • Allowing the market structure to confirm, a possible bounce and then a retest to the downside will act as a bearish trigger for a daily correction wave to start.

  • On the other hand, a break though the weekly resistance level and then a retest will be a bullish trigger for a continuation of an impulse wave in the daily uptrend.

For both scenarios, good risk management is paramount since wild swings are often seen on this volatile instrument.


Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

77% of under-40s prefer Bitcoin over gold as investment

By George Prior 

More than three-quarters of under 40s would rather Bitcoin than gold in their investment mix, reveals a new survey by one of the world’s largest independent financial advisory, asset management and fintech organizations.

The deVere Group poll shows that 77% of clients aged under 40 would opt for the cryptocurrency over the precious metal in their portfolios to build their long-term wealth opportunities, indicating a resounding shift in the investment landscape.

While gold has traditionally been considered a safe-haven asset and a store of value, younger generations now see Bitcoin (BTC) as a more dynamic and potentially rewarding investment.

Year-to-date, BTC is up 112.75%.

In comparison, on Wall Street, the S&P 500 is up 13.97%, the Dow Jones 2.79% and the Nasdaq 29.76%.

Of the survey, deVere Group CEO Nigel Green says: “An overwhelming majority of respondents under the age of 40 expressed a clear preference for Bitcoin over gold as an integral part of their investment mix. This trend signals a notable shift away from traditional investment assets towards the digital realm.

“Younger generations are more familiar with digital assets and the tech that underpins them. Bitcoin represents a digital-native investment option that aligns with their understanding of technology and their belief in the future of digital currencies. The rise of online transactions and digital payments also underscores the relevance of digital assets like Bitcoin.

“Respondents also cited the potential for high returns as a driving factor in their preference for Bitcoin. The cryptocurrency’s track record of significant price appreciation seems to have caught the attention of younger generations.”

Large financial institutions and corporations are integrating Bitcoin into their investment strategies and balance sheets. This institutional support lends legitimacy to Bitcoin and can further fuel its adoption, making it more appealing to younger investors.

In addition, its divisibility and ease of transfer across borders make it a versatile asset for individuals looking to diversify their investment portfolios. Liquid markets and 24/7 trading give the cryptocurrency an advantage over gold in terms of flexibility.

“In recent times, concerns about inflation will have likely driven Bitcoin’s appeal to investors too. Bitcoin’s fixed supply of 21 million coins is seen as a potential hedge against the devaluation of fiat currencies, making it a desirable asset for wealth preservation.”

While Bitcoin’s allure is undeniable, individuals should carefully assess their risk tolerance and diversify their investments to manage potential downsides, given the inherent volatility of cryptocurrencies.

This latest survey, with more than 750 clients from around the world, shows that the digitalisation of assets is a reality that the financial services sector can no longer ignore.

“Bitcoin is at the forefront of this paradigm shift, and its unique properties make it a favored investment option for a generation that values innovation, accessibility, and the potential for substantial returns,” concludes Nigel Green.

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices across the world, over 80,000 clients and $12bn under advisement.

The cryptocurrency market digest (BTC). Overview for 01.11.2023

By RoboForex.com

The price of BTC rose to 34,430 USD on Wednesday.

Following the figures from the past week, the daily gain of 0.5% and a weekly increase of 0.8% may appear unimpressive. However, it is vital to keep in mind that a crucial moment is currently unfolding: the market is on standby, refraining from engaging in sales.

The stakes are high for a rise in the price of the flagship cryptocurrency. Therefore, all news related to the launch of spot Bitcoin ETFs holds significant importance.

The scenario involving a corrective decline of BTC to 29,500 USD is currently on hold. The short-term target for an increase is set at 34,800 USD, with the next level being 35,800 USD.

The total cryptocurrency market capitalisation has reached 1.28 trillion USD. BTC’s market share has decreased to 53.0%, while ETH’s share has increased to 17.1%.

Startup Bastion receives licences in the US

Obtaining licenses in both New Hampshire and Arkansas enables the young company to provide services to retail clients in the digital asset sphere. Bastion expects to secure more licences. The company began operations in mid-September, coinciding with the launch of its initial funding round of 25 million USD.

Profitable Bitcoin addresses reach 40 million

As of 30 October, the number of Bitcoin wallets showing a profit has reached 39.1 million. This figure is the highest in the history of cryptocurrency. The last time similar levels were witnessed in the market was in the autumn of 2021, but at that time, the BTC price was 50% higher than it is now.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

The cryptocurrency market digest (BTC). Overview for 27.10.2023

By RoboForex.com

The BTC exchange rate has dropped to 34,173 USD by Friday.

This is exactly as expected: the quotes have accounted for all the existing drivers, and new ones have not come. That is why the market stopped.

The market looks ready to develop the scenario with a correction to 29,500 USD. After BTC reaches this target, an increase to 31,200 USD and 32,000 USD might become possible.

The cryptocurrency market capitalisation remains at 1.26 trillion USD. The BTC share has dropped to 53.0%, while the ETH share stands at 17.2%.

BTC capitalisation exceeds Tesla parameters

Total market weight of BTC amounts to 677.23 billion USD this week. To compare, Tesla market capitalisation is 675 billion USD and that of Eli Lilly is 556 billion USD.

BTC search volume has skyrocketed

This week, the number of search queries “buy BTC” in the UK has topped up 826%. In the US, the query is formulated as “should I buy BTC now”. The number of such search queries has added 250%.

ChatGPT forecasts BTC prices by Halloween

Market participants would not stop trying to use AI opportunities for working on exchange platforms. Now they are focused on the forecasts of the BTC price on Halloween made by the ChatGPT bot. AI insists that the most popular coins over this period will be BTC, ETH, BNB, and SOL.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.