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Ripple (XRP/USD) forecast and analysis on March 26, 2018

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Cryptocurrency Ripple (XRP/USD) is trading at 0.6329. Quotes of the cryptocurrency are traded below the moving average with a period of 55, indicating a bearish trend for Ripple. At the moment, the quotes of the cryptocurrency are moving near the middle border of the Bollinger Bands indicator bars. A test of the level of 0.6720 is expected, from which one should expect an attempt to continue the fall and further development of a downward trend with a target near the level of 0.5400.

Ripple (XRP/USD) forecast and analysis on March 26, 2018

Ripple (XRP/USD) forecast and analysis on March 26, 2018

The conservative area for sales of Ripple is located near the upper boundary of the Bollinger Bands indicator bars at 0.6800. Canceling the continuation of the fall of the pair XRP/USD will be a breakdown of the upper border of the Bollinger Bands indicator strip, as well as a moving average with a period of 55 and the closing of quotations of the pair above the area of ​​0.7500, which indicates a change in the trend in favor of the bullish for Ripple. In the event of a breakdown of the lower boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate the fall.

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Bitcoin Steady While Altcoins Take-Off: The Weekly Crypto Market Update

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This week the market continued to stagnate, but we saw some promising signs in the altcoins field. While most of the attention is towards Bitcoin’s price and whether the support will hold, traders have also moved to altcoins where we saw a lot of interest during the week.

Bitcoin’s dominance declined since peaking at 72% and other cryptocurrencies finally managed to reclaim some grounds.

Despite the fact that during the past 3 months Bitcoin’s price has shuffled up, its current point is still respectable, compared to the beginning of the year when it was trading in the range of low $3,000s.

Meanwhile, it’s worth noting that big companies are abandoning Facebook’s Libra, including PayPal, Visa, and Mastercard. There are growing fears that the project won’t launch at all. However, Facebook has said that they will continue with their work so that Libra can see daylight and that there are no changes in their plans.

Overall, it was a positive week for altcoins which started to wake up from the crypto winter and it was a rather quiet one for Bitcoin.

Market Data

Market Cap: $226B24-Hour Volume: $52.2MBTC Dominance: 66.4% BTC: $8,336 ETH: $184 XRP: $0.29BTC Shorts (BFX): 8.7K BTC

BTC Longs (BFX): 25.3K BTC

Market-Update-51-min

Alipay Fires Back at Binance’s CZ, Will Block Bitcoin Transactions. The official Twitter page of Alipay has responded to Binance’s Changpeng Zhao who had previously confirmed that users can use Alipay to buy Bitcoin on Binance. According to the payment processor, however, this is not the case and all transactions associated with cryptocurrencies are immediately halted.

Sweden’s Debt Collection Agency Is Auctioning Some Off. The Swedish Enforcement Authority auctioned off 4.59 BTC at a price of around $8,200 per coin. The entire thing was conducted online. The main reason for auctioning it off and not keeping it is the lack of existing infrastructure.

SEC Halts Telegram (TON) Sale: How Does It Differ From the EOS Case? The US SEC has halted the token sale of Telegram’s TON cryptocurrency. This happened soon after Block.one was fined for conducting its unregistered EOS initial coin offering. However, there are some key differences between the actions of the Commission.

It’s Been 10 Years Since the First Bitcoin Transaction: 5,050 BTC For $5. Ten years ago, the first Bitcoin market transaction took place. Back then, 5,050 bitcoins were sold for a grand total of $5.02. Now, these are worth upwards of $42 million. The network has also grown substantially ever since then.

US SEC Rejects Bitwise Bitcoin ETF Proposal. In a somewhat expected act, the US SEC has rejected the Bitcoin ETF proposal filed by Bitwise. The Commission said that it failed to meet the necessary requirements. More specifically, the main concerns were, once again, associated with market manipulation and illicit activities.

83% of Generation Zers Interested in Cryptocurrencies: KPMG Study. According to a study by big-four professional services company KPMG, approximately 83% of people from Generation Z are interested in cryptocurrencies. Moreover, it also appears that Millennials are intrigued as well as 71% of them said they are interested in the future of tokens.

Leading London Brokerage Provides Cryptocurrency Basket Including Bitcoin to Retail Investors. FCSM Group, a leading provider of online foreign exchange trading and other related services, has announced the introduction of a new cryptocurrency basket which includes Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and XRP. All of the cryptocurrencies are weighted equally.

Grayscale Wins Approval for First Public Digital Currency Index Fund. Grayscale Investments has received a legislative approval to list its publicly-traded digital currency index fund. It’s called Digital Large Cap Fund, carrying the ticker GDLCF. It will be available to all investors who have access to US securities. Source: cryptopotato

 
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Analyst Eyes 10% Bitcoin Price Expansion as Volatility Creeps Closer

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If you’ve followed the price of Bitcoin (BTC) at all over the past few weeks, you know there is a large lack of volatility. In fact, for the past 20-odd days, the leading cryptocurrency has been stuck in an effectively 8% range — something that doesn’t happen all too often.

This likely leaves you wondering — what comes next for the cryptocurrency market? More sideways price action or a spike?

Apparently, it’s the latter.

Volatility Nears

Analyst CryptoHamster noted that a Bitcoin price breakout “is approaching”, looking to the fact that the one-day Bollinger Bands (a technical indicator meant to determine ranges) have begun to heavily tighten.

Their observation comes shortly after prominent analyst Josh Rager wrote the following on Twitter: “With three weeks of sideways and the bbands starting to pinch, Bitcoin price could see some volatility soon.”

Indeed, as the chart above shows, periods of tight Bollinger Band ranges have preceded large breakouts at least four times this year, implying that this time is going to be no different.

That’s not all. Volume levels on BitMEX, the leading Bitcoin futures platform, have begun to fall to multi-month lows. Low volume in markets after a period of consolidation is often indicative of impending volatility.

Chart courtesy of Skew.com

Bitcoin Price to Mount Higher

While the breakout could head in any direction, analysts are leaning bullish on Bitcoin at the moment.

Brave New Coin’s Josh Olszewicz recently noted that the Tenkan and Kijun lines of the Ichimoku Cloud suggest that BTC has a higher chance of reverting to a mean (higher than current price) than establishing a lower low under $7,700. Olszewicz added that Bitcoin is trying to form an inverse head and shoulders/diamond bottoming pattern on its 12-hour chart.With this in mind, Olszewicz said that Bitcoin could feasibly rally by 10% from current levels to hit $9,300 in the coming days and weeks.

This isn’t the only evidence that BTC’s price may be ready to head higher once again. Analyst CL argued that Bitcoin ball is in the court of the bulls, noting that BTC is trading above its monthly time-weighted average price while funding is widely negative (a bullish sign) and this market has established higher lows.


Source:newsbtc

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Bitcoin (BTC) Price Hesitates But Fresh Rebound Seems Likely

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  • Bitcoin price is currently trading in a range below the $8,400 resistance area against the US Dollar.
  • The price remains well supported on the downside near $8,200 and $8,150.
  • There is a new breakout pattern forming with resistance near $8,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to rebound above $8,400 and $8,460 as long as there is no daily close below $8,200.

Bitcoin price is trading in a range above the $8,200 support against the US Dollar. BTC needs to surpass the $8,400 and $8,460 resistance levels to start a fresh increase.

Bitcoin Price Analysis

In the past three sessions, there were mostly range moves in bitcoin below the $8,400 resistance against the US Dollar. Earlier, BTC price declined below the $8,200 support area and the 100 hourly simple moving average. A new weekly low was formed near $8,148 and recently the price started a decent upside correction. It broke the $8,200 and $8,300 levels to avoid any further losses.

Moreover, there was a break above the 50% Fib retracement level of the last slide from the $8,471 high to $8,148 swing low. The price even spiked above the $8,400 level and the 100 hourly simple moving average. However the upward move was capped and the bulls failed to gain momentum above $8,400. It seems like the 76.4% Fib retracement level of the last slide from the $8,471 high to $8,148 swing low acted as a strong resistance.

At the moment, the price is trading in a range below the $8,400 resistance area. Additionally, there is a new breakout pattern forming with resistance near $8,400 on the hourly chart of the BTC/USD pair. Above the triangle resistance, bitcoin price could face resistance near the $8,460 level. A successful close above $8,460 and a follow through above the $8,500 resistance might set the pace for a fresh increase in the near term.

Hourly MACD – The MACD is showing signs of ranging moves.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.

Major Support Levels – $8,200 followed by $8,150.

Major Resistance Levels – $8,400, $8,460 and $8,500.


Source:newsbtc

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