- Unscrupulous manipulation in the market that brings to Bitcoin the $6,060.
- It has been planned and very well executed action, although they have left traces of their intervention.
- Critical levels reached in many Crypto assets.
After weeks of debating focused on the continued drop in volatility and intraday range on the Crypto board, the sector woke up this morning with major falls among all the major players in the Crypto Segment.
The fall was not normal in its formation. It started at exactly 22:00 GMT when the EMA50 and SMA100 were drilled at once. It was followed by 45 minutes of contained declines until, just at 23:00 GMT, a huge bearish candle appeared that has taken prices to key technical support levels. I have no doubt that the move has been precisely coordinated and executed.
I cannot know at this moment the number of traders that have taken part, but I do know that those who have taken part had planned it and with clear price objectives. It has not been panic, nor a technical signal nor the answer to a news item. The market has been manipulated.
These situations greatly damage the public’s confidence in this market and this is why it is more necessary than ever to place all exchanges under the coverage of a regulatory entity with the capacity to investigate this type of action.
Manipulation is as old as the markets. There has always been and there will always be some, but without a regulator that watches and has a legislative and sanctioning capacity, the future of the Crypto market is in danger.
In summary, it is clear to me that there are many interests in the Crypto coins project failing and only the Blockchain technology remains, for the use and benefit of those who today hold the economic power.
The BTC/USD is currently trading at the price level of $6,204, just above the major support range of the BTC/USD since early August.
Below the current price, first support at the $5,868 price level (relative minimum and price congestion support). It should be noted on the daily chart that today’s movement has brought the price to the base of the bearish channel that governs the price from the February lows.
There is no close support below this price. If the BTC/USD continues its bearish movement and pierces this level, any level below it is susceptible to being reached, without limits.
Above the current price the first resistance at the price level of $6,570 (EMA50 and price congestion resistance), then as the second resistance level at $6,780 (SMA100 and price congestion resistance) and as a third objective upward resistance at $6,850 (price congestion resistance and relative maximum).
The MACD in the one-day range is barely immutable by the movement, mainly due to the lack of previous volatility that had flattened the indicator too much. Now, the indicator is heading to the negative side with a significant slope that, if not corrected soon, can give way to a strong downtrend.
The DMI in the one-day range shows us how bears shoot upwards but surprisingly bulls do not retreat with the same force. The ADX, which had been in decline since July and had reached the lows of the year gives signs of life and reacts to the rise with some violence.
Today is a day to point out because something important happened, although we still don’t know exactly what.
The ETH/USD is currently trading at the $199 price level, already below the psychological figure of $200. Today’s fall has brought the Ethereum price against the dollar back to the annual lows.
Below the current price, first support at the price level of $196(price congestion support), then second support at the annual low of $172 (support at the annual low, also for price congestion and, in addition, base channel down from the highs). The loss of this last level would lead the ETH/USD to go into free fall.
Above the current price, first resistance in the price level lost this morning at $223 (resistance due to price congestion), from where the ETH/USD could attack the second resistance level at $250 (EMA50). As a third bullish target level for the ETH/USD a distant $270 (price congestion resistance).
The MACD in the daily chart crosses the bearish channel just below the zero line. This configuration can develop both bearish (fast and aggressive) and bullish (slow and full of false signals) scenarios.
The DMI in the daily range shows the bears rising strongly while the bears retreat but not with the same intensity. The ADX reacts to the rise for the first time in weeks and seems to awaken from its lethargy. Volatility has returned to the market.
The XRP/USD is currently trading at the $0.40 price level, reaching the SMA200 level. For now, it remains above the most important moving average. Despite the sharp drop, the Ripple continues to be the best technical environment of the three analyzed.
Below the current price, it is important to maintain the support of the SMA200. In case of losing this reference level, next support at $0.368 (price congestion support). As a third level to watch, third level support at $0.345 (price congestion support). If the XRP/USD reaches this third level of support it would return to a complex price range and could look for new annual minima.
Above the current price, first target in price level resistance of $0.416 (price congestion resistance). Second resistance level at $0.429 (price congestion resistance). Third bullish target at $0.443, the confluence of the EMA50, a price congestion resistance and the base of the downstream channel from highs.
The MACD in the daily chart continues to develop the bearish structure from relative highs. It has been going around about half of what it should be going through. Further declines cannot be ruled out.
The DMI in the daily range shows the bears above the bulls for the first time since mid-September. The bears barely decrease their activity and maintain important purchasing levels. ADX continues to decline and does not accelerate following the falls.
Ripple (XRP/USD) forecast and analysis on October 23, 2018
Cryptocurrency Ripple (XRP/USD) is trading at 0.4516. Cryptocurrency quotes are trading above the moving average with a period of 55, which indicates the presence of a bullish trend for Ripple. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator. The test is expected to be at a level of 0.4410, from which one can expect an attempt to continue growth and further development of an upward trend with a target near the level of 0.4950.
Ripple (XRP/USD) forecast and analysis on October 23, 2018
The conservative buying area is near the lower border of the Bollinger Bands indicator strip at 0.4400. Cancellation of the option of continuing Ripple growth will be a breakdown of the lower boundaries of the Bollinger Bands indicator strip, as well as the moving average with a period of 55 and closing of the pair quotes below 0.4100, indicating a change in trend in favor of the bearish for XRP/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bands, one should expect an acceleration of growth.
Read More About Ripple here:
Ripple CTO David Schwartz: XRP and Ethereum Have Never Had an Outage, Have Been More Reliable This Year Than YouTube
Ripple CTO David Schwartz just made a passionate case for crypto and blockchain technology at the Money20/20 conference in Las Vegas.
At a debate on whether blockchain will take over the traditional payments industry, Schwartz said companies that adopt new technologies like blockchain will thrive, and those that don’t will disappear.
“What will happen is the companies that will provide those high-speed, low-cost payments will get the business. And those that don’t, will have to adapt or die, just like in any technological revolution.”
According to Schwartz, three factors will place the blockchain on top: security, reliability and governance.
“When you ask your bank for your balance, your bank tells you what your balance is. And you have to trust them. And if they screw up, you have to go to the bank to get them to fix it. Blockchain systems don’t work that way. Blockchain systems allow every participant to verify, personally, every system rule.”
“It’s kind of a cheap shot, but the median blockchain has been more reliable this year than YouTube. I know – a cheap shot, right? YouTube had a two-hour outage a couple of days ago…
The last Bitcoin system outage was in 2013. It was due to a bug. They fixed the bug and haven’t had an outage in something like five years. The XRP ledger, the Ethereum ledger – these systems have never had outages. They’re very, very fundamentally reliable.”
“Blockchains are governed simply by having every participant enforce all the rules. So if you get a bunch of people together or a bunch of companies together, they can start a blockchain just by agreeing on a set of rules. And anyone who also agrees with those rules can use that blockchain. And those rules can include how you transfer funds and whatever the requirements of the systems are. And all that has to happen is if you don’t follow the rules, my system will ignore you because my system enforces the rules.”
You can check out the full debate here.
Highlights From Ripple CTO’s Debate at the Money 20/20 USA 2018 Conference
On Monday (22 October 2018), at this year’s Money 20/20 USA conference (held 21–24 October 2018 in Las Vegas, Nevada), David Schwartz, the Chief Technology Officer (CTO) at Ripple, took part in an “Oxford-style debate”with Ester Pigg, SVP of Product Strategy (FIS Payments), at FinTech solution provider FIS, where he argued “in favor of blockchain’s merits, citing the design of distributed ledger technology as superior to legacy architectures,” and she defended “the industry’s current approach, noting its scale, security, broad adoption and efficiency.”
These were the main elements of David’s argument:
- “New corporates like Amazon, Uber, Facebook… they have hundreds of people who work for them just integrating their payment systems. How are small companies going to compete? How are we going to have this explosion of global commerce?”
- “You need three things for global commerce to work. You need to move goods. Check! … We have a great international shipping and transport system. You need to move data. Check! We have the internet. But if you can’t move money, you are missing a very very critical piece, and what we have is a fragmented system.”
- “We are currently in the transition phase now, where we are putting bandages on top of a system that dates back to the dial-up era, and predates public key encryption, predates the internet.”
- “Banks have web interfaces, mobile interfaces, we have technology like ApplePay, we have GPI from Swift, we have companies like Transferwise that sort of paper over the problems with the underlying payment systems, but those problems are still there, and they are not going to be fixed unless we replace those systems.”
- “Band-Aids are not going to work in emerging markets. Band-Aids don’t work for small businesses. And Band-Aids don’t work for banks and payment companies that want the business of new corporates, and who doesn’t?”
- “I have three key reasons why blockchain is the right technology for building new payment systems.”
- “One of them is security. Blockchains are secure because every participant on the blockchain can enforce all system rules. When you ask your bank for your balance, your bank tells you what your balance is, and you have to trust them, and if they screw up, you have to go to the bank to get them to fix it. Blockchain systems don’t work that way. Blockchain systems allow every participant to verify personally every system rule.”
- “They are very very reliable… People will you ‘Centralized databases are a solved problem, [and that] we can get ”five 9s’ [i.e. 99.999%] of reliability’. Anyone here run a centralized database? Anyone here get five 9s of reliability? I sure don’t! We don’t. It’s not like we don’t know what we are doing, it’s not because we are not smart, it’s not because we don’t have enough money. It’s because these systems are complicated, and they have complicated failure modes. Blockchains are fundamentally very very simple, and they have simple failure modes… The last Bitcoin system outage was in 2013. It was due to a bug. Fixed the bug. Haven’t had an outage in something like five years. The XRP ledger, the Ethereum ledger, these systems have never had outages. They are fundamentally reliable, and that’s extremely important if you don’t have a single centralized party who can untangle a mess.”
- “And the last one is governance… Blockchains are governed simply by having every participant enforce all the rules. So, if you get a bunch of people together or a bunch of companies together, they can start a blockchain just by agreeing on a set of rules. And anyone who also agrees with those rules could use that blockchain. And those rules can include how you transfer funds, whatever the requirements of the system are, and all that has to happen is ‘if you don’t follow the rules, my system will ignore you because my system enforces the rules. They don’t require centralized operators. They don’t require any kind of consortium except to set the rules in the first place or to change rules, but they don’t have to run the system or run the rules as the system is running.”
- “So, what will the transition look like? It will look like what email did to postal mail. It will look like what digital music did to CDs. It’s not about how much of the current market you can capture. It’s about micro-payments… it’s about new internet business models… the developing world is going to skip these old-fashioned centralized business systems.”
- “What we need is a light interoperability protocol. We have that for the internet; it’s IP. We have that for blockchains and payments; it’s ILP. Blockchains are going to replace the world’s payment systems.”