Hello and welcome to News BTC’s Market Outlook November.
Ethereum broke out during the trading session on Wednesday, clearing the $500 level. It now looks as if we are going to continue to find buyers in the Ethereum market on dips, and we should continue to go much higher. Given enough time, I believe that Ethereum will go looking towards the $550 level as the next logical round number. However, on the hourly chart we are crossing in the overbought part of the stochastic oscillator, and that of course suggest perhaps the pullback is coming before we move higher. Nonetheless, I remain bullish.
Ethereum also rallied against Bitcoin, but with Bitcoin skyrocketing over $1000 in the last 24 hours, it’s a most impossible to imagine going long against it. Because of this, I suspect that the 0.48 level is going to offer significant resistance, and we may very well pull back in the short term.
All alt coins are depreciating across the board after testing record highs.
Let’s look at the charts:
AFTER TESTING SEPTEMBER 12 HIGHS, NEM NOW CORRECTS
In the weekly chart, bulls are in charge and that means in lower timeframes like the 4HR chart, buyers should be waiting for buy opportunities to load up their long positions.
Because of the current bearish divergence pattern which begun between November 26 and 29, USD bulls are NEM prices lower.
Traders should in turn wait until a stochastic buy signal is printed probably around $0.22 because as it is, it is likely that bears might close below $0.24 and the 20 period MA support lines.
DASH FOLLOWS BTC RALLY AND IS NOW TRADING AT RECORD HIGHS
After yesterday’s slow price action, DASH bulls are now trading at record highs just like Bitcoin.
The minor resistance trend line which was capping prices at around $640 was broken through after November 29 higher highs and the accompanying above average buy volumes.
As it is, DASH prices look fair. For investors seeking to benefit from the same rally as BTC, DASH is an attractive alt coin to invest in. Traders should only be watching higher time frame trends to determine entries in the lower time frames.
At the moment, the weekly chart is bullish and therefore we only take long positions. Our immediate support is the 20 period MA and the trend line at around $640 just in case there is a correction from current prices.
ALT COINS IOTA BREAKS ABOVE JUNE’S HIGHS OF $1.3
This week has been historic for IOTA and after positive news following that collaboration with MicroSoft and 20 other companies, IOTA is gaining traction.
As we can observe in the weeklly chart, IOTA reversal was from below the 78.6% Fibonacci retracement levels. This meant that IOTA bulls were capable of pushing prices to current levels just as Fibonacci retracements and extension stipulate.
It did and right now prices are trending above June’s highs at $1.40. The daily and weekly charts are bullish with diverging %k and % d pointing at high momentum and IOTA demand.
As a result of this surge, traders are anticipating a correction. As it is $1.3 is our immediate support line. Should price break below it then traders should wait for better entries at around $1.1 and $0.98 support zone.
AFTER TESTING $214 MONERO IS NOW CORRECTING LOWER
For some reasons, Monero is dropping like a stone after testing highs of $214.
Because of this strong bearish engulfing pattern, a stochastics sell signal is clear in the daily chart. Remember before this bear surge, the 20 period MA in the 4HR chart was our main support line. Monero bulls will be invalid if USD bulls convincingly close below this level in coming sessions.
Going forward, this bears will be in charge if bears push prices below August highs of $166 in the next few trading sessions.
Otherwise, this bear forecast will be null and void should prices bounce back and close above $170.
USD BULLS DRIVE NEO PRICES BELOW $34 MAIN SUPPORT LINE
After period of lower lows, NEO bear pressure broke below the support trend line of the bull flag. At the same time, USD bulls took out the main support line at $34.
Overly, despite these lower lows, our bullish skew remain. Because of this, we shall only wait until after a stochastic buy signal is forms at the over-sold territory before we trade.
Thereafter, NEO bulls should look to initiate long entries.
Hello and welcome to News BTC’s Market Outlook November. DASH/USD DASH continues to extend gains, reaching as high as $770 during the trading session on Wednesday. We are starting to pull back though, as we crossed in the overbought part of the stochastic oscillator. However, it’s very likely that any type of pullback in this market … Continue reading DASH/USD and LTC/USD Technical Analysis November 30 2017
Four years ago, a Welsh man threw away a hard drive with 7,500 Bitcoins on it, while an Australian lost “thousands” of Bitcoins to a faulty USB stick. With Bitcoin’s price exceeding $10,000, the pain is now much worse.
This week the Dublin-based firm Circle Financial revealed a new investment app is coming out in 2018. There’s currently a sneak peak of the “Circle Invest” app that shows multiple cryptocurrency support and a picture of the user interface.
Circle is Excited to Release a New Crypto-Based App for Retail Investors
Circle financial is a cryptocurrency-based firm that was launched back in 2013 and operated a service much like the company Coinbase. The company had done very well for itself over the years raising $136Mn in venture capital. Average investors could use the Circle app to purchase and sell bitcoin but the firm stopped these services more than a year ago. Instead, they focused on large Over-the-Counter (OTC) trading for exchanges and institutional investors. Just recently news.Bitcoin.com reported on Circle’s latest project Centre and it’s Trigger Finance acquisition. Now the firm will launch its latest investment app during the new year as the firm details;
Invest in digital currency without investing a lot of time deciphering the market. Circle started in 2013 and we’ve worked in crypto ever since. We’re excited to unveil our latest endeavor.
Circle Invest Will Boast Multiple Cryptocurrencies and No Commissions
Users can sign up for a wait-list to try the new Circle Invest app by entering their email. According to Circle, there will be no commissions, custodial accounts, liquidity, multiple cryptocurrencies and secure storage. The app’s user interface (UI) reveals the variety of digital assets supported by the platform which includes bitcoin, ethereum, ripple, bitcoin cash, and litecoin. It’s likely the acquisition of Trigger Finance is helping the firm produce the Circle Invest app.
The mobile investment platform Trigger has served thousands of retail investors by tracking U.S. equities, commodities, and even cryptocurrencies. Circle says its use of digital assets and using public blockchains as payment rails combined with Trigger’s expertise will leverage Circle’s “infrastructure and trading operations in the form of new mobile products for individual retail investors.”
What do you think about Circle coming back with a new investment app? Let us know in the comments below.
Images via Shutterstock, and Circle Financial.
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Mindshare has partnered with Zilliqa to test Blockchain solutions for media and advertising. Cointelegraph sat down with Mindshare CSO R Gowthaman to find out how they see the future of Blockchain unfolding for the industry.
After establishing an all-time high near 11,300-fiat mark, Bitcoin price dubiously ditched the uptrend and fell towards lower 9000s on Wednesday night. It is not a normal price action, to be honest. But going by the history of Bitcoin market, the aforementioned relapse doesn’t surprise. Bitcoin has always expressed exaggerated upside-downside price actions in the … Continue reading Bitcoin Price Drops to Lower 9000s in Flash Crash
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