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Sally Ho's Technical Analysis 6 May 2019

Sally Ho's Technical Analysis 6 May 2019

Bitcoin

Bitcoin (BTC/USD) reversed course and found some buying pressure during today’s Asian session with the pair climbing higher to the 5782.22 level after drifting sideways during yesterday’s European and North American sessions. Today’s intraday high was right around the 76.4% retracement of the move from 5831.39 to 5627.35 and a break above this area will open up the 5808.45 level, representing the 50% retracement of the 8488.00 – 3128.89 range.

Yesterday’s pullback in BTC/USD saw the market move lower around the area that represents the 38.2% retracement of the move from 5265.61 to 5846.88. If the market is able to move through recent upside congestion, technical Resistance around 5941.26 may be encountered, representing the 76.4% retracement of the 6810.00 – 3128.89 range.

Price activity is nearest the 50-bar MA (4-hourly) at 5399.11 and the 50-bar MA (Hourly) at 5709.54.

Technical Support is expected around 5468.57/ 5234.73/ 5125.13 with Stops expected below.

Technical Resistance is expected around 5941.26/ 6393.93/ 6440.82 with Stops expected above.

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

 

Ethereum

Ethereum (ETH/USD) was unable to sustain gains early in today’s Asian session with the pair declined from the 163.40 level, right around the 50% retracement of the recent move from 169.26 to 157.28. Minor Stops were elected below the 157.63 area late in yesterday’s North American session, representing the 50% retracement of the move from 146.00 to 169.26. The pair continues to orbit the 100-bar MA (4-hourly) and has moved above and below several times over recent days.

On the upside, ETH/USD will need to contend with targets such as 164.68/ 166.43 in a move to establish new recent highs. Traders are also interested to see how the pair will react around the 168.47 level, the 61.8% retracement of the move from 222.78 to 80.60. Above that area, the 172.88 area remains technically relevant, representing the 38.2% retracement of the 322.16 – 80.60 range.

Price activity is nearest the 100-bar MA (4-hourly) at 162.27 and the 100-bar MA (Hourly) at 161.33.

Technical Support is expected around the 154.89/ 151.49/ 146.00 levels with Stops expected below.

Technical Resistance is expected around the 169.26/ 172.88/ 183.33 levels with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

 

Litecoin


Litecoin (LTC/USD)
tested a key technical level early in today’s Asian session and then came off, unable to move above the 76.66 level which is right around the 61.8% retracement of the move from 83.90 to 64.86. The area also coincides with the 38.2% retracement of the 81.50 to 73.50. The pair continues to trade above its 100-bar MA (4-hourly) and bounced above the 74.38 level during yesterday’s North American session, the 50% retracement of the 83.90 – 64.86 range.

If the pair is going to test technical Resistance on the upside, it will need to get through levels such as 77.50 and 78.44 before encountering more important targets such as 81.55 and 82.38. On the downside, areas such as 73.18 and 71.22 represent short-term technical Support. Chartists also note the 50-bar MA (4-hourly) is around 72.57 and bullishly converging with the 100-bar MA (4-hourly), now around 74.15.

Price activity is nearest the 100-bar MA (4-hourly) at 74.15 and the 100-bar MA (Hourly) at 75.14.

Technical Support is expected around the 70.56/ 67.23/ 64.36 levels with Stops expected below.

Technical Resistance is expected around the 81.55/ 83.97/ 86.51 levels with Stops expected above.

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

 

Bitcoin Cash

BCH/USD (Bitcoin Cash/ US dollar)
was unable to sustain early gains during today’s Asian session, declining to the 284.66 area after trading as high as the 297.39 level during yesterday’s North American session. Notably, yesterday’s high was right around the 38.2% retracement of the 659.00 – 73.22 range and the market has so far managed to remain above the 283.51 level today, representing the 38.2% retracement of the move from 310.00 to 267.75.

In recent sessions, the 298.88 level has been toppish, just below the 76.4% retracement of the aforementioned range. A move above this area will open up a possible test of the 305.74 level, representing the 61.8% retracement of the move from 349.99 to 227.40.

Price activity is nearest the 200-bar MA (4-hourly) at 278.62 and the 50-bar MA (Hourly) at 282.71.

Technical Support is expected around the 265.55/ 240.89/ 227.40 levels with Stops below.

Technical Resistance is expected around the 309.00/ 314.12/ 335.00 levels with Stops above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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SoftBank CEO believes bitcoin will be useful in the future but “not any time soon“

SoftBank CEO believes bitcoin will be useful in the future but “not any time soon“

Quick take

1 minute read

  • Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum. 
  • But not everyone yet understands fully what bitcoin is or how it works. 

Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum. But not everyone yet understands fully what bitcoin is or how it works. 

There are numerous videos and articles out there that explain it but some people will leave those articles and videos more confused than when they started!

This is a sentiment that is being shown in numerous institutional investors such as Masayoshi Son, who is the billionaire technology entrepreneur and the Chief Executive Officer of SoftBank, a conglomerate institution based in Japan. He has said that he doesn’t “understand“ bitcoin as it rises significantly in its value.

Son has said that bitcoin investment is seemingly pulling his attention away from his actual own business according to a report from business insider last week on the 19th of November.

He added that he would spend five minutes every day watching the price of bitcoin go up and down highlighting that he was told by a friend to invest 1% of his personal assets into the coin. Quick maths shows that this is around $200 million.

When discussing the future of digital currency, the CEO said that digital currencies will be useful in the future and are great for development but it will take time and they won’t go anywhere any time soon.

“I think digital currency will be useful [...] But I don't know what digital currency, what structure, and so on.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes

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As it grows, how much ground will XRP cover next year?

As it grows, how much ground will XRP cover next year?

Quick take

1 minute read

  • Is 2021 XRP’s year?
  • How adoption will result in the success of the token.

Timothy Peterson, the well-known advocate for bitcoin and manager of global macro, believes that the San Francisco-based XRP token will have its best year in 2021 since 2017. 

As previously reported earlier this week, Peterson has recently said:

“I know it doesn’t look like much but this is $XRP lowest price forward. I think people will be surprised at $Ripple’s performance in 2021. It will probably have its best year since 2017 and maybe outperform #Bitcoin.”

As many people will already be aware, the success for ripple and its token will all depend on adoption by financial institutions. They have developed numerous new products such as rippleX in order to help facilitate a seamless transaction on the decentralised ecosystem for the network. But for the tokens targeted market, only 2% of financial institutions are actually willing to use it.

The Chief Technical Officer of Ripple, David Schwartz has previously said that there are numerous obstacles that prevent adoption for the token some of which include problems with regulation. That being said, well-known traders and investors at Galaxy trading have said that the asset is proven to be resilient.

“Although it is perhaps one of the most disliked projects, it has more than once shown its aggressive nature at a time when no one is expecting it.”

They see that the coin is capable of sparking by 10 times its current price as they say:

“We believe that this moment is very close and since catching the exact bottom is something very unpredictable, our advice to all who want to invest is to start buying at these “golden” levels of support where 10X can become a reality.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

Quick take

1 minute read

  • Vitalik Buterin, has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. 
  • The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. 

Vitalik Buterin, the co-founder of one of the biggest crypto projects in the industry known as Ethereum has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. He further said:

“TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster.”

Over the years, the network for Ethereum has experienced some significant rounds of high congestion. Three years ago in 2017, the popular CryptoKitties game slowed down the network massively but with the decentralised finance space growing rapidly, the network has been seriously clogged up.

As a result of this, it has led to high fees and longer than average confirmation times.

With Ethereum 2.0 very much just around the corner, there is a significant scaling upgrade solution that is supposedly going to speed up the network rapidly. This will increase the number of transactions per second and it will also move the blockchain to a different consensus algorithm known as a proof of stake. Phase 0 for the upgrade is set to occur on the 1st of December in two weeks!

The co-founder further went on to say that “all of these changes are designed to decrease the time until eth2 becomes useful to people.” 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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The second richest man in Mexico invest 10% of his portfolio into BTC

The second richest man in Mexico invest 10% of his portfolio into BTC

Quick take

1 minute read

  • Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. 
  • It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. 

Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. This came after he shared a video throwing huge amounts of paper money into the garbage. Not only does it show how worthless the government-issued cash is in today’s world but it also shows how important digital assets such as bitcoin could become.

Furthermore, the video indicates the hyperinflation and how bad it got in Venezuela.

Ricardo is worth more than $11 billion at the time of writing and is the only billionaire from Mexico who seems to have benefited from the coronavirus pandemic and the economic crisis that has come as a result.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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