As the cryptocurrency markets show signs of recovery – or further declines, depending on the currency – new arbitrage opportunities will be unlocked accordingly. There are still plenty of ways to make good money in this industry, although it may sometimes depend on what one hopes to achieve exactly. The following six options can yield decent profits, assuming they are executed in a timely manner.
Stellar Lumens (HitBTC / Gate / EXMO)
It has been a few days since an interesting arbitrage opportunity involving EXMO presented itself. Today is one of those “lucky” days, as the price per XLM on both HitBTC and Gate is significantly lower compared to EXMO. When done correctly, traders can pocket a quick profit of up to 5% per trade, which is rather high for direct arbitrage trading. EXMO is not the most liquidity-driven platform, though, thus timing and patience will be of the essence.
Ethereum (OKEx / Poloniex / EXMO)
A very similar opportunity exists for Ethereum arbitrage trading today. EXMO is the place to sell, as its prices are much higher compared to nearly every other exchange on the market. Buying on HitBTC, OKEx, Poloniex, Gate, Kraken, Binance, Bitfinex, or KuCoin will yield profits ranging from 2$ all the way up to 4.7%. A very nice opportunity to take advantage of, assuming there is a decent order book on EXMO to dump into.
Litecoin (Bitstamp / Bitfinex / HitBTC)
A few different opportunities for quick profits exist where Litecoin is concerned. One could buy LTC on Kraken and sell it on HitBTC for a 1.4% profit. Another option is to buy on Bitstamp and transfer funds to either Cex, Bitfinex, or HitBTC for profits ranging from 0.9% to 1.2%. All of these options seem to involve platforms with sufficient liquidity to make something good happen in the end.
XRP (OKEx / Poloniex / EXMO)
The arbitrage opportunities involving XRP are almost identical to those for Ethereum. In most cases, they involve the exact same exchanges to buy from and sell to, although the potential profits are a bit different. For XRP, the lowest profit is just 0.8%, whereas the best arbitrage opportunity will yield 5.6% in profits. As these prices continue to shift between different exchanges, there is an almost guaranteed profit to be scored at any given time.
Bitcoin (Poloniex / KuCoin / EXMO)
Unsurprisingly, there are also plenty of Bitcoin-related trades to look into today. That is usually the case when the world’s leading cryptocurrency loses value and then starts regaining some of those losses. Buying BTC on Kraken, KuCoin, HitBTC, OKEx, Poloniex, Gate, Bitfinex and Binance and selling it on EXMO can yield profits of roughly 4% on average. Not a bad option to explore, given the current market circumstances.
Monero (Kraken / HitBTC)
It would almost appear as if this particular arbitrage opportunity comes back every single day. Monero prices between Kraken and HitBTC are always different, which allows for some easy profits to be scored in quick succession. As of right now, there is a 1.5% price gap between both platforms, with HitBTC maintaining the higher price. An interesting option to explore, assuming one wants to dabble in one of the least liquid altcoin markets in the top 15.
BTCUSD – Weak Corrective Move Headed Into Static/Dynamic Resistance (Weekly chart)
Price Action Context
Since the strong impulsive sell off in November last year, Bitcoin has been trading in a very tight horizontal corrective move, indicating that buyers really aren’t able to gain any ground. Price is now closing in on a static key resistance (top of corrective structure) which coincides with a potential dynamic resistance (20 EMA), creating a confluence.
LT bias is clearly bearish and this weak pullback into the static + dynamic resistance can offer potential shorting opportunities to traders looking to go short.
Key Support & Resistance Zones
R: 4215 – 4500
S: 3200 – 3450
Bitcoin [BTC] success rate was “so tiny” in its early days compared to recent times, says ShapeShift CEO
Erik Voorhees, the CEO of ShapeShift and a well-known influencer, spoke about the cryptocurrency price bubble and the bear market, in an interview for WhatBitcoinDid.
Voorhees stated that this was the fourth time he experienced the cryptocurrency bear market, adding that he has been in the space “pretty much” since the beginning. He further added that the bear market “gets bigger” and “more intense” compared to the previous one as the numbers and the impact are bigger.
Voorhees went on to state that he was the “least worried” about recovering from the 2017 bubble because the industry has made “so much progress,” which has resulted in the evolution of better technology. He said:“[…] I don’t know if markets will get crazy again in a month or in two years but they will get crazy again and so we sit here and we build and we get ready for that […] I mean, you have to understand the perspective I come from like back in 2011, we imagined some day maybe in our fantasies that this industry would be what it is today”
He then went on to state that likelihood of Bitcoin becoming successful was “so tiny” during its initial days, in comparison to recent times.“[…] we are not mainstream yet but we are we are getting there and most people in the world those people in at least in the Western world in modern society are familiar with Bitcoin they’ve heard of it it’s not the strange alien thing anymore.”
Analyst: Bitcoin (BTC) Reaching 5,500 is a Strong Likelihood, But Possibility of Drop to 3,000 Remains
Bitcoin has been experiencing a quiet weekend trading session and is currently firmly in the middle of its long-established trading range between $4,000 and $4,100. It is unclear how long this range will persist, but historically BTC has experienced fairly significant price swings after long bouts of sideways trading.
Now, analysts seem to concur that Bitcoin is posed to make a large upwards swing towards $5,500 in the near future, but it is important to note that the possibility of further downside still remains.
Bitcoin (BTC) Caught in Persisting Trading Range
At the time of writing, Bitcoin is trading down marginally at its current price of $4,020. Over the past several days, BTC’s volatility has been declining as its trading range grows tighter.
Although the upper bound of BTC’s current trading range will most certainly act as a level of resistance in the near-future, the key level that analysts and traders alike are closely watching to see how Bitcoin responds to is $4,200, which is where the crypto faced strong resistance and spiraled downwards from late last month.
Crypto Krillin, a cryptocurrency analyst on Twitter, recent discussed where he sees Bitcoin heading next, importantly noting that he believes the crypto will make an upwards swing towards $5,500 next, but further added that a downside target of $3,000 is still a possibility.
“THE MOMENT OF TRUTH FOR BITCOIN IS VERY NEAR. WE FLY STRAIGHT THROUGH THE CLOUD TO 5500, OR WE VISIT 3000. I’M LEANING BULLISH,” HE EXPLAINED IN A RECENT TWEET.
The moment of truth for Bitcoin is very near.
We fly straight through the cloud to 5500, or we visit 3000. I'm leaning bullish. pic.twitter.com/15a9QWXpKK
— Crypto Krillin ॐ (@LSDinmycoffee) March 23, 2019
$5,500 Becoming an Important Level For Bitcoin
Crypto Krillin is not alone in his belief that Bitcoin’s upside target currently exists around $5,500.
Yesterday, Galaxy, another popular cryptocurrency analyst on Twitter, explained to his nearly 50k followers that BTC is currently nearing the end of an ascending triangle formation, which means that the crypto is, statistically speaking, likely to make a large upwards price swing towards $5,500 in the next month or two.
“ACCORDING TO BULKOWSKI’S STUDY, MORE THAN 60% OF ASCENDING TRIANGLES WITH DECLINING VOLUME END UP BREAKING UPWARDS… WITH AN AVERAGE PRICE RISE OF 35%. THAT GIVES US A TARGET OF $5500 BTC ONCE THE BREAKOUT IS CONFIRMED,” HE NOTED.
According to Bulkowski's study, more than 60% of ascending triangles with declining volume end up breaking upwards
with an average price rise of 35%
— Galaxy (@galaxyBTC) March 23, 2019
As the new week starts and trading volume begins to ramp up, the crypto markets will gain greater insight into just how strong Bitcoin’s current trading range is, and as to where it will head next.