Day: November 22, 2017

A lot of things have happened in the Bitcoin world this year. Bitfinex has suddenly become the largest Bitcoin exchange by trading volume. Moreover, they left the US market, which was a pretty remarkable decision.It now seems the company has introduced a new Euro trading market for Bitcoin. That is a positive sign, although it remains to be seen if USD wires will be re-opened as well.

The plot thickens when it comes to the Bitfinex exchange. More specifically, their addition of EUR trading is rather remarkable. Considering how Europe is a very quiet market for cryptocurrencies, this new addition may kickstart things. So far, Kraken and Bitstamp are the two biggest exchanges when it comes to Euro trading. Neither of these companies sees any spectacular volume, though. More competition is direly needed and Bitfinex aims to provide it. It will be an interesting venture to keep an eye on over the next few months.

Bitfinex Expands to Europe

It is unclear if this EUR option will come to other markets as well. More specifically, we need EUR markets for other major currencies as well. For now, it will only be related to Bitcoin, but things are always subject to change when it comes to exchanges. This also allows the company to once again accept “real” money from users directly after they shut down their USD wires not too long ago. How this will play out given all of the recent Tether issues, remains to be determined.

Speaking of USD wires, rumor has it Bitfinex may resume that service pretty soon. It is unclear if this is actually the plan, though. There’s a fair amount of wishful thinking when it comes to Bitfinex and fiat currency trading. People would love to see an option to get their US Dollars out of the exchange once again. For now, there is still no direct method of doing that. Rest assured people will try to stress test this new withdrawal option in the coming days, though.

All of this goes to show Bitfinex will not go away anytime soon. At the same time, there are still a lot of concerns over this platform right now. Liquidity remains a pressing matter, although it seems everything adds up so far. The Tether issues may come back to haunt the company in the end, though. A lot of people will attempt to get their money out of Bitfinex in the coming days. Whether or not the company can handle all of those requests, remains to be seen. Either way, the EUR market addition is pretty significant.

Blockchain startup Nivaura will today initiate its first bond denominated in ether. And, notably, the issuance will be conducted on a blockchain.

After lower lows, NEO bears seem to be finding resistance at $34. Nevertheless, given that obvious bounce from $45, NEO looks likely to consolidate within a $20 range especially if there is a break below $34 today.

Let’s look at the charts:

BEAR PRESSURE IN 4 HR CHART BUT NEM BULLS STILL IN CHARGE

If you are trading this pair, you only have to look at the behavior of the stochastics. It is almost mixed and zig zagging indicating how price movement in lower time frames look like.

All in all, the NEM bulls look to be in charge now that yesterday closed with a long upper wick. In the 4hr chart there is some sell pressure.

However, if NEM prices manage to stay afloat and fail to close below $0.198 then bulls are strongly in charge and a push above the main resistance trend line is likely to happen.

DASH WHIPSAWS

On November 20, DASH gained a massive $350 but as we saw yesterday, it gave back those gains after printing lows of $435 which was just $14 shy of November 20 lows.

That was how volatile DASH was yesterday. In the 4HR chart, the main support trend line which has been DASH spring board from November 6 prevented prices from dipping further as you can see in the chart.

We still remain bullish and since there is a stochastic buy from support line in the 4HR chart, intra-day traders should only be taking long positions.

CLOSE ABOVE $0.90 IMPORTANT FOR ALT COIN IOTA BULLS

From price action characteristics, IOTA is definitely bullish. We can see that from yesterday’s long lower wick and the fact that IOTA prices are inching higher and striving to close above immediate resistance at $0.90.

From our post, if it does that, IOTA bulls should be eyeing August highs of $1.1. However, if prices tumble today and close below support of $0.83 in the 4HR chart, then we enter short and take our profits at around $0.61.

We should exercise caution in our buys because after all, stochastics is around the overbought territory with IOTA printing lower lows relative to the upper BB.

AFTER CLOSING ABOVE $136, MONERO BULLS NOW AIM $153

As per our interpretation yesterday, Monero prices are appreciating after closing above $136.

For this move to happen we have to see some strong bullish confirming candlestick today.  It also means going long in the lower time frame whenever there is a stochastic buy signal.

Notice that yesterday’s candlestick ended up as a bull with long lower wick. This close means there was rejection of prices below $136.

NEO BEARS HIT RESISTANCE AT $34

Following that bear divergence pattern in the 4HR chart, NEO price action is now correcting lower following that over valuation.

It is worth noting that a double reversal pattern is also forming along the main support trend line. Additionally, there is whole candlestick forming outside the upper BB.

Further NEO devaluation yesterday made November 18 and 19 highs a retest. It also completes a bear break out pattern.  That means we sell if NEO close below $34.

Either way, this reversal will keep price action oscillating within another large trading range between $45 and $20.

All charts courtesy of Trading View

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