- 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 December 16, 2018
Cryptocurrency Ripple (XRP/USD) is trading at 0.2873. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Ripple. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator bands.
Ripple (XRP/USD) forecast and analysis on December 16, 2018
As part of the Ripple course forecast, a test level of 0.2960 is expected. Where should we expect an attempt to continue the fall of XRP/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 0.2600. The conservative Ripple sales area is located near the upper border of the Bollinger Bands indicator at 0.3090.
Cancellation of the option to continue the decline in the Ripple rate will be a breakdown of the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing quotations of the pair above the 0.3210 area. This will indicate a change in the current trend in favor of the bullish XRP/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.
Ripple (XRP/USD) forecast and analysis on December 16, 2018 suggests a test level of 0.2960. Further, the continuation of falling to the area below the level of 0.2600 is expected. The conservative area for selling Ripple is located area of 0.3090. Cancellation of the option of falling cryptocurrency will be the breakdown level of 0.3210. In this case, we can expect continued growth.
Ripple CEO and IMF Chief agree on “Money itself is changing”
Brad Garlinghouse, the Chief Executive Officer of the leading blockchain firm, Ripple recently responded to IMF Chief Christine Lagarde’s words: Money itself is changing. In his tweet, he wrote that the current global payment system is fractured wherein the digital assets will participate in shaping it anew. He also stated the role of these assets in solving the financial inclusion problems. In his words:
“@Lagarde is absolutely correct: Money itself IS changing. Digital assets not only help to solve the financial inclusion problem, but also the very real issue of a fractured global payments system – it just makes sense that Central Banks would lean in.”
Ripple has not only made strides in the field of commercial adoption of its RippleNet products but has set up academic back up and research centers to explore the use cases of the blockchain technology. Moreover, on more than one occasion, Ripple officials have projected that one of their missions is to solve the problems related to liquidity and bring financial inclusion on a global level.
In fact, the company has collaborated with several reputed universities, such as UC Berkeley as a part of their initiative called University Blockchain Research Initiative [UBRI].
However, according to Chris Larsen, the former CEO and Co-founder of Ripple, although his company is working within the system to eliminate the problems that exist and XRP may be the right tool to solve the liquidity problem, over-regulation can be a huge fallback for the fintech industry’s innovation and progress.
On the social front, Ripple has started its own initiative known as “Ripple for Good”. In a report, the firm informed the community that it has doled out about $80 million in donations in 2018 alone. In September, it contributed another $25 million in addition to the previous total amount.
Patrick O’Brien, an XRP follower and fan on Garlinghouse’s tweet commented:
“I think we all know how this is going to play out #XRP the best digital asset ever created.”
Alex Cobbs, a popular member of the cryptocurrency space also shared his insight, stating:
“Central bank of UAE and Saudi Arabia are working together on a ripple enabled platform”
Another Twitter user called Andrew, a serial entrepreneur and blockchain space enthusiast also wrote:
“Yet you continue to sell to these banks OTC instead of forcing them to buy from the open market!
If it’s a high price of #xrp You want. As your staff keep saying is needed.
Force the banks to buy from the market and stop conning us retail ‘investors’ “
Swiss Federal Council: Regulations are on track, lack polish
As is public knowledge, even though the European Union can establish laws that all countries must abide by, there is freedom of legislation in each one, that is why different laws may exist for each region of Europe. In the case of Switzerland, they have chosen to regulate Blockchain and Cryptocurrency technology in a particular way, distinguishing between their colleagues. However, in recent statements the Swiss Federal Council (Bundesrat) announced that the existing financial legislation in the country is adapted to the blockchain industry, but needs specific adjustments. These statements are based on the December 7 meeting, in which Bundesrat designed and published a report on the legal framework for Blockchain and distributed accounting technology (DLT) in the country’s financial sector. The report analyzes the relevant provisions of these regulations, describes the need for the measures and proposes concrete steps to develop the necessary legal conditions in the Blockchain sphere. That is, they developed an instruction manual explaining how regulations should be within the territory, with specific goals and requirements. One of the fundamental recommendations of the report is the development of a new and flexible authorization category for financial market infrastructures based on Blockchain. It also advocates for better legal clarity for right holders of digital registries, and to ensure that decentralized trading platforms are subject to the Anti-Money Laundering Act (AML). The reason why they emphasize these recommendations, is that the problem of ease of money laundering is a feature attached to cryptocurrencies since its creation, including the Federal Council mentioned the results of an interdepartmental working group on the risks of washing of money and terrorist financing of cryptocurrencies.
After the adoption of the report, the Bundesrat has instructed the FDF and the Federal Department of Justice and Police to prepare an adjustment plan for the first quarter of 2019. The Bundesrat has also instructed the FTF to investigate whether the law on money laundering Money must be reconsidered according to certain types of crowdfunding. Earlier this year, the Federal Council requested a report on the risks and benefits of launching its own government-backed digital cryptocurrency called e-franc. It can be seen that Switzerland has the willingness and interest to use cryptocurrencies and legalize them within their country, allowing their development. Currently they have the vision of how they should work, with time and practice they are polishing these ideas to fulfill their objective.