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Ethereum & Stellar’s Lumen Daily Tech Analysis

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Ethereum

Ethereum rose by 1.12% on Wednesday. Following on from a 5.24% rally from Tuesday, Ethereum ended the day at $210.27.

A particularly bullish start to the day saw Ethereum rally from an early intraday low $207.5 to a late morning intraday high $217.49.

Steering clear of the major support levels, Ethereum broke through the first major resistance level at $216.74 before easing back.

Relatively choppy through the rest of the day, Ethereum slid back to sub-$210 levels before striking an early afternoon high $215.17. A late pullback to $210 levels limited the upside on the day.

In spite of the bullish start to the week, the extended bearish trend, formed at late April 2018’s swing hi $828.97, remained firmly intact. A reversal from June’s current year high $364.49 back through the 23.6% FIB of $257 reaffirmed the extended bearish trend.

At the time of writing, Ethereum was down by 1.3% to $207.53. The late pullback from Wednesday continued into the early hours of this morning. Ethereum fell from an early morning high $210.28 to a low $205.48 before finding support.

The reversal saw Ethereum fall through the first major support level at $206.02 before support kicked in.

http://finance.yahoo.com/

For the day ahead

Ethereum would need to move through to $211.8 levels to support a run at the first major resistance level at $216.01.

Support from the broader market would be needed, however, for Ethereum to break out from $210 levels.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside on the day.

Failure to move through to $211.8 levels would bring the first major support level at $206.02 back into play.

Barring an extended sell-off through the day, Ethereum should steer clear of the second major support level at $201.76.

Looking at the Technical Indicators

Major Support Level: $206.02

Major Resistance Level: $216.01

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen surged by 29.5% on Wednesday. Following on from an 8.44% rally on Tuesday, Stellar’s Lumen ended the day at $0.08350.

Story continues

Bullish throughout the day, Stellar’s Lumen rallied from an early morning intraday low $0.06448 to an early afternoon intraday high $0.0899.

Steering clear of the major support levels, Stellar’s Lumen broke through the major resistance levels.

An afternoon pullback to $0.076 levels saw Stellar’s Lumen fall back through the third major resistance level at $0.0800.

Support late in the day, however, drove Stellar’s Lumen back through the third major resistance level to wrap up the day at levels last seen back in July

The extended bearish trend remained firmly intact in spite of the current week gains. Stellar’s Lumen continued to fall short of the 23.6% FIB of $0.1310 following a pullback from $0.13 levels in late June.

Since 13th May’s current year high $0.16176, Stellar’s Lumen has seen 13-weeks in the red, with just 4 weeks in the green…

The particularly bearish July and August led to a slide back from the 23.6% FIB of $0.1310.

For the bulls, a move back through to $0.14 levels would support a run at the 38.2% FIB of $0.1643 and a near-term bullish trend formation.

At the time of writing, Stellar’s Lumen was down by 4.11% to $0.080007. A particularly bearish start to the day saw Stellar’s Lumen slide from an early morning high $0.08389 to a low $0.07752.

In spite of the early sell-off, Stellar’s Lumen steered clear of the major support and resistance levels.

http://finance.yahoo.com/

For the day ahead

Stellar’s Lumen would need to steer clear of $0.079 levels to support a rebound later in the day. A move through the morning high $0.08389 would bring the first major resistance level at $0.0941 into play.

Stellar’s Lumen would need the support of the broader market, however, to break out from Wednesday’s high $0.0899.

In the event of a broad-based crypto rally, Stellar’s Lumen could eye $0.10 levels before any pullback.

Failure to steer clear of $0.079 levels would bring the first major support level at $0.0687 into play before any recovery.

Barring an extended sell-off through the day, however, we would expect Stellar’s Lumen to steer clear of sub-$0.060 support levels.

Looking at the Technical Indicators

Major Support Level: $0.06870

Major Resistance Level: $0.09410

23.6% FIB Retracement Level: $0.1222

38% FIB Retracement Level: $0.1571

62% FIB Retracement Level: $0.2136

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Cryptocurrencies: The investment cycle stalls in the face of the shortcomings of the younger generations

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  • Mike Novogratz is looking for investors among Babyboomers due to the lack of possibilities of the younger generations.
  • It’s difficult for the last generation of the American dream to risk the savings.

The CryptoToday article has highlighted the presence of two new Bitcoin funds. The company in charge of the launch is Galaxy Digital, owned by the billionaire Mike Novogratz.

How to keep the digital assets market growing.

Novogratz is aware that the crypto ecosystem needs more fresh money to maintain growth levels and return on investment. He needs to find new segments of the population with the ability to invest part of their savings in the digital currency business.

The person chosen to lead this growth process is David Gross, a Wall Street sales veteran. Gross has proven experience in the financial world working at Credit Suisse, Lehman Brothers & Cumberland.

Novogratz has a clear idea of who he wants to conquer with his new funds and is the demographic group with the most spending power in the North American country, the babyboomers.

A generational problem

Babyboomers are fortunate to have benefited from market environments that have enabled their savings to reach retirement age with excellent returns. 

It is a reality that the Millenials are not in the position to start saving for retirement when the majority of them are paying their student loans until well into the thirties.

Gross’s goal will be to convince members of the babyboomers generation to commit between 2% and 3% of their savings in the digital coin segment.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source:.fxstreet

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BTC, ETH, and XLM Price Analysis: Crypto Market Exhibiting Strong Selling Pressure

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US Crypto Lending Giant Entrusts Fireblock with Assets Worth $400 Mln.

Fidelity backed Fireblocks announced Tuesday that it will now secure the flow of digital assets for Celsius Network. With this enlisting, Fireblocks, the digital asset cybersecurity startup, is expected to witness explosive growth. And that is because Celsius has an active presence in over 150 jurisdictions across the globe.

Fidelity backed Fireblocks announced Tuesday that it will now secure the flow of digital assets for Celsius Network. With this enlisting, Fireblocks, the digital asset cybersecurity startup, is expected to witness explosive growth. And that is because Celsius has an active presence in over 150 jurisdictions across the globe.
As a crypto lending giant, Celcius saw an auspicious 2,165% growth in deposits in just one year. And is forging towards further growth.
Besides, it has already surpassed $4.25 billion crypto loan origination this month. However, by utilizing Fireblocks’ hot wallet solution, Celsius intends to lend out more. And that’s without compromising the security of the assets.

Moreover, Celsius uses a very complicated interest generation algorithm. It requires a constant movement of digital assets between hot and cold storage. Fireblocks’ enterprise-grade security will ensure the highest degree of security for this movement.

According to it, Celsius plans to utilize the console and robust APIs for the security of digital assets worth $400 million and 53,000 active wallets. Fireblocks’ security protocol uses MPC technology to eliminate the theft of private keys. And additionally prevents data leaks pertaining to credential/API keys and deposit addresses. In view of this update, the retail customers of the crypto lending platform will enjoy enhanced security for interest-earning accounts. And institutional customers will have faster and safer access to funds.

Celsius CEO Alex Mashinsky stated it will continue using Prime Trust and BitGo custodial services. However, with the increasing needs of constantly moving digital assets for its institutional clients, it is enlisting the services of Fireblocks. Accomplishments of Fireblock seem to have impressed Celsius. That said, Fireblocks is currently responsible for 1% of the total daily transaction volume of the top 10 digital assets.
Previously, we covered how Bakkt opened its custodial wallet services to any institutional client.

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SEC Agrees to Re-Examine Bitwise ETF Decision

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In October this year, the SEC rejected Bitwise’s application for a Bitcoin ETF in partnership with NYSE Arca. The regulator has now announced they are willing to give the ETF proposal a second look, and invites any party to file a statement in support of the product by December 18, reported on November 18, 2019.

Last Hope for Bitwise

Bitcoin ETFs have been a dominant narrative ever since Van Eck, which has since withdrawn their proposal, announced their intention to launch a publicly traded product for Bitcoin.

Since then, Wilshire Phoenix and Bitwise have also jumped aboard with offerings that differ by slight nuances. But this isn’t the first time a Bitcoin ETF has been rejected and contested by the applicants. It has been happening for the past year and is likely to end exactly how it has thus far.

Unless there is a concrete argument Bitwise can make for a Bitcoin ETF, it seems unlikely that we will see this go through in the near future. It isn’t as though investors are losing the opportunity to passively invest in Bitcoin through a regulated exchange as the Grayscale Bitcoin Trust still trades on NASDAQ, albeit at a massive premium.

This final hearing serves as the last hope for a Bitcoin ETF under Jay Clayton’s reign, but remains a pipedream as the SEC Chairman has publicly stated that he wouldn’t allow a Bitcoin ETF to be approved under his regime.

Incentive to list a Bitcoin ETF

There are two main ways to appease regulators with regards to product launches: it should already be legally allowed to launch said product, or the regulators should stand to see some benefit from it.

With Cannabis ETFs, the stocks were already listed on exchanges, so regulators could not exactly stop investment managers from creating their own products around an index they created.

Bitcoin isn’t a company listed on the NYSE or NASDAQ, and on the flipside, the SEC actually has an incentive to clamp down any efforts for a Bitcoin ETF given the added headaches it will cause for regulatory agencies.

The volatility that runs rampant within Bitcoin, and crypto as a whole, is an additional argument regulators can use to consistently deny a Bitcoin ETF from coming into fruition.

So while there is a sliver of hope left, one would do well to abstain from fantasizing about this.

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