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Newsflash of November 29, 2019

Market Cap at 1:50 (UTC) – $209,076,425,400 billion

Bitcoin dominance: 66.4 %
BTC $7,709.05 (+2.11%)
ETH $156.05 (+2.07%)
XRP $0.228798 (+0.53%)

German banks to hold Bitcoin in 2020


According to Handelsblatt, a new bill proposed allowing German banks to keep BTC could be passed if it got the nods from 16 states. Moreover, the Federal Council has passed the bill this Friday and the new bill could come into effect in January 1st, 2020.

Russia may ban crypto for payment


Russia news outlet, Izvestia reported that there may has been a discussion between Ministry of Finance, financial regulator and country’s central bank about banning crypto as a payment. Moreover, the press department of the central bank emphasizes private crypto cannot be considered as fiat and means of payment. However, there are no official confirmation yet.


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Market Analysis of November 29, 2019

The marketcap has been moving up (0.02) since yesterday. The total capitalization is 205 291 383 155 USD.

Bitcoin totals 136 578 483 208 USD of capitalization for a dominance of 66.4%. Ethereum’s marketcap is 16 737 202 397 USD, followed by Ripple with 9 809 309 354 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed lower and is currently trading at around $7550. Support for the $7,400 is holding up well for the moment and the BTC is back on the rise.

The daily technical situation is rather positive, despite a MACD that is not yet on the rise but is showing signs of recovery.

Over a time horizon of 4 hours, the technical situation is positive, with a WaveTrends that has just increased.

What to do about it?

BTC can decrease a little, but if the level holds, we can hope to see the 8000$.

  • The supports of the day are at 7400$ — 6800$
  • The resistances of the day are at 8000$ — 8500$

Ethereum Analysis

ETH closed lower and is now at $155. After a rebound to the $150 level, ETH went up.

The daily technical situation is rather positive and remains positive over a time horizon of 4 hours.

If the level holds, we can have a climb for ETH.

  • The supports of the day are at 150$ — 140$
  • The resistances of the day are at 163$ — 175$

Conclusion

BTC and ETH can be bullish.

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Market Analysis of November 28, 2019

The marketcap has been moving up (5.3%) since yesterday. The total capitalization is 204 935 081 309 USD.

Bitcoin totals 136 344 545 436 USD of capitalization for a dominance of 66.5%. Ethereum’s marketcap is 16 700 929 974 USD, followed by Ripple with 9 837 735 818 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed higher and is trading at around $7470. The BTC has passed the 7400$ and is evolving just above this level. If it’s holding we have our new support.

The daily technical situation seems rather positive. Indicators show an increase or signs of recovery for the MACD.

On a 4-hour horizon, the technical situation is positive despite a declining CCI. In addition we can notice a shoulder-head-shoulder.

What to do about it?

If the 7400$ level holds, it will be used as support and the BTC would then be bullish.

  • The supports of the day are at 7400$ — 6800$
  • The resistances of the day are at 8000$ — 8250$

Ethereum Analysis

ETH closed up and is currently trading at $152.35. If the level holds, ETH will go in the same direction as the BTC and the $152 level would then be our new support.

The daily technical situation is rather positive and remains positive over a time horizon of 4 hours, despite a declining CCI.

  • The supports of the day are at 152$ — 140$
  • The resistances of the day are at 163$ — 175$

Conclusion

If the supports hold, BTC and ETH could be bullish

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Newsflash of November 27, 2019

Market Cap at 1:25 (UTC) – $197,975,436,311 billion 

Bitcoin dominance: 66.4 % 

BTC $7,276.86 (+1.6%)

ETH $148.48 (+1.43%)

XRP $0.221450 (+1.38%)

Upbit lost $50 million of ETH

Hacker

At 17:56, November 27th, 2017, Upbit urgently announced that 342,000 ETHs have been moved out of its wallet and confirmed hackers did the transaction. A few minutes later, Upbit suspended withdrawal and deposit to maintain their server. Moreover, Upbit promised to cover up all the losses occurred during the hack.

Suspended: https://sg.upbit.com/service_center/notice?id=2310

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Market Analysis of November 27, 2019

The marketcap has been moving down (-1.02%) since yesterday. The total capitalization is 194 623 308 343 USD.

Bitcoin totals 128 343 819 149 USD of capitalization for a dominance of 66.20%. Ethereum’s marketcap is 16 015 745 529 USD, followed by Ripple with  9 525 447 368 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The Bitcoin has closed up but comes back to test the 6800$ zone. In the absence of a rebound we can expect a 6500$ test. In case of a rebound we can expect a 7400$ test again.

The daily technical situation is rather negative despite a WaveTrends that is increasing.

Over a time horizon of 4 hours, the technical situation remains rather negative.

 

What to do about it?

Wait to see if the $6,800 level will serve as resistance before positioning yourself.

  • The supports of the day are at 6500$ – 6200$
  • The resistances of the day are at 7400$ — 8000$

Ethereum Analysis

ETH closed up but is already coming back to test the $140. If the level holds well, we can expect a return of $152.
The daily technical situation is rather negative with signs of recovery. The WaveTrends has just crossed over to the rise. Over a time horizon of 4 hours, the technical situation remains rather negative.

The supports and resistors do not change for the moment.

  • The supports of the day are at 144$ — 133$
  • The resistances of the day are at 152$ — 163$

Conclusion

Wait for a rebound for BTC and ETH 

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Market Analysis of November 26, 2019

The marketcap has been moving up (+7.33%) since yesterday. The total capitalization is 196 636 377 570 USD.

Bitcoin totals 130 316 542 030 USD of capitalization for a dominance of 66.3%. Ethereum’s marketcap is 16 083 279 771 USD, followed by Ripple with 9 523 790 614 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

First positive reaction in weeks. A bottom reached at 6516$ before climbing back up and reaching a top at 7389$. Currently, it is evolving at a price of $7147.

After this rise, the price could correct, if the upward trend is present in the medium term, we expect a rebound at the 6800 – 6700$ level.

The Long-term channel support has been tested, but the price has come back up. If this configuration remains valid, then the price could go up to the resistance and therefore to the 8500 – 8800$.

What to do about it?

Wait for a return on support of the 6700$, if a positive reaction takes place, then, go to the purchase would be interesting.

  • The supports of the day are at 6500$ — 6200$
  • The resistances of the day are at 7400$ — 8000$

Ethereum Analysis

The situation remains similar for eth, despite a rather negative technical situation.

We have to wait and see if the $140 level will hold and serve as resistance for a rebound to $152 and then $163.

  • The supports of the day are at 140$ — 133$
  • The resistances of the day are at 152$ — 163$

Conclusion

Be carefull if the BTC and ETH rise.

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Bitcoin Weekly Update #11

This analysis is intended for swing traders or medium-term investors. As a reminder, swing trading is a strategy of speculation in financial markets where an asset is held only for a few days to take advantage of price fluctuations. In this analysis, which you will find every week, I will detail my vision of the market and more specifically the one of Bitcoin. In addition to a technical analysis, I will summarize 3/4 of the news that impacted the market.

A classic week?

Remember, a week ago I presented my Bitcoin analysis :

In the event that the current zone does not hold and the 8500$ is broken with a high volume, the bullish bias will no longer be valid and the Bitcoin will look for its support zones around 7900$/8000$.

Well, to say the least, the movement was much more violent than expected.
In the previous analysis, I also mentioned the possibility of facing a descending narrowing wedge : a bullish configuration. The moment its support was broken, my original bearish bias was confirmed and I launched a “short” position. Note that having established the market trend, we were able to look for “short” trades and these were more than profitable. A tip, when you put your profit taking (T1/T2/T3), always remember to leave a very small part of your position open. In case of strong movement, you can continue to accumulate profit!

The question that everyone is asking themselves: “How do you explain such a movement?”

The answer is classic: “China FUD” = the doubt that China is creating on the cryptomarket. This time by reaffirming its commitment to repress the cryptocurrency trading. For the curious, I invite you to read this article.
Why a classic answer? Because since the beginning of time, China has been playing this game of creating fear through false news that sounded “extreme”. See: “China bans Bitcoin”. What does that mean? A decrease in the price of Bitcoin, which generally impacts the entire cryptomarket, since most Altcoins are indexed to Bitcoin. As a result, the market drops quickly, people panic, sell their positions and with the snowball effect we end up with a nice -20% in a week. This is visible on a sentiment graph, such as the Fear and Greed Index. For novices, please read this article which summarizes everything you need to know about this indicator.
As you can see from the picture below, the index shows us that the general feeling is one of fear.

Source : https://alternative.me/crypto/fear-and-greed-index/

As a reminder:

  • Extreme fear is a buying opportunity.
  • Too much greed on the part of investors represents a sales opportunity, as a market correction is expected.

Thus, I will look for an ideal rebound zone rather than looking to short the current market. A decrease is still quite possible but the Risk/Reward of going into a short looks less profitable than the one for a potential long. In addition, if we look at the chart of Bitcoin futures contracts CME, we will see that there is a gap to fill around $11200.

When to go long?

For me, several factors will have to be confirmed:

  • Currently the volume has been decreasing in recent months, so a net increase in volume would be required.
  • A bullish crossing on the MACD in weekly.
  • A Fear and Greed Index that stays low, or even goes even lower.

From a technical point of view, the ideal area for a real rebound would be between $5,000–5,600. Why this area? First, it is an untested liquidity zone (Price Action). Secondly, if we make a projection (white dotted line) of the weekly 200 MA (green dotted line) it coincides with a support area. As a reminder, we encountered this curve twice in December 2018 and February 2019. It can therefore be considered as an important support.
Note : this week analysis is targeting long term investors.
I hope you enjoyed this analysis and wish you an excellent week.
Graphic :

News

  • BRICS planning to launch Crypto for payment settlements : BRICS (Brazil, Russia, India, China, and South Africa) is considering to develop a cryptocurrency to create a single payment system within the countries. The real goal is to reduce their dependability on the US dollar for international transactions.
  • Coinbase Custody allows customers to stake Tezos crypto : According to the latest tweet, Coinbase is now extending their service to global customers. The extension will allow customers from around the world to access to Tezos staking on Coinbase.
  • Bakkt to launch new Bitcoin cash-settled futures : ICE recently announced that the exchange will soon launch a new BTC cash-settled futures in Singapore. The new contract, Bakkt Bitcoin Cash Settled Monthly Futures Contract is expected to be listed on ICE Futures Singapore on December 9th and it will be regulated by the Monetary Authority of Singapore.
  • Two new Bitcoin funds for the 1%: Galaxy Digital’s two new Bitcoin-based funds for accredited and institutional investors in the so-called “1%”, according to a report from Bloomberg. The Galaxy Bitcoin fund has a minimum investment of $25,000, and funds can only be withdrawn quarterly. Custody will be provided by Bakkt and Fidelity Digital Assets.

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Newsflash of November 25, 2019

Market Cap at 1:30 (UTC) – $196,082,298,807 billion

Bitcoin dominance: 66.2 %
BTC $7,200.99 (-0.68%)
ETH $147.23 (-2%)
XRP $0.222124 (-4.28%)

Bitcoin Core updated


Bitcoin Core has been updated on November, 24th. The new Bitcoin Core will generate longer addresses but less distinctive characters. Moreover, the new update reduces the required data for transmission and various privacy, securities improvements.

Thailand to facilitate crypto-related business growth


According to Bangkok Post, Thailand Securities and Exchange Commission is going to make an amendment for royal decree on digital asset. The agency plans to make the change next year and it will remove any barricade slowing down the growth of digital asset business.
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Market Analysis of November 25, 2019

The marketcap has been moving down (-2.09%) since yesterday. The total capitalization is 185 145 325 699 USD.

Bitcoin totals 143 668 513 864 USD of capitalization for a dominance of 66.20%. Ethereum’s marketcap is 18 524 162 795 USD, followed by Ripple with 10 706 970 567 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The weeks follow one another and the price decrease does not stop for the moment. The Bitcoin is clearly in a parabolic pattern that has broken several supports without seeing a bullish force acting.

The BTC is currently close to a very high level. I am not talking about a medium that is a month or two old, but has been around for several years.

The price is currently around $6,700, but if the price has to reach this long-term support, the price could drop further to $6,200. In addition, this level is the very important support for 2018.

What to do about it?

It is possible that we will see a rebound on the current level, in this case, wait for a break of 7400$. If the price continues to fall, wait for the 6200$ level.

  • The supports of the day are at 6500$ — 6200$
  • The resistances of the day are at 7400$ — 8000$

Ethereum Analysis

The situation is the same for ETH, a technical situation at half mast and no sign of improvement so far.

You will have to be patient and try to find the bottom absolutely, we recommend that you be aware of potential signs of reversal before considering the purchase.

  • The supports of the day are at 133$ — 120$
  • The resistances of the day are at 140$ — 152$

Conclusion

The daily technical situation is negative for ETH and BTC.

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Newsflash of November 22, 2019

Market Cap at 1:50 (UTC) – $193,461,933,471 billion 

Bitcoin dominance: 66.2 % 

BTC $7,094.89 (-10.59%)

ETH $146.99 (-13.4%)

XRP $0.230718 (-6.55%)

South Korea passed amendment for crypto special bill

800px National Assembly Building of the Republic of Korea

An amendment for crypto special bill has been approved by the South Korea Amendment Subcommittee. The new amendment requires the local crypto exchanges to comply with the AML guide from the FATF. Moreover, there are requirements which force crypto exchanges to acquire the mandatory certification of information security management system and legit bank accounts.

Binance to add Indian rupees

Screenshot 2019 11 22 Binance Launches

From November, 25th, Indians can now buy and sell crypto through Binance Fiat Gateway. The recent acquisition of WazirX has allowed Binance to open a new fiat gateway and buy Tether against INR. Moreover, WazirX matching engine will be integrated into Binance which allows users to buy crypto from WazirX.

Coinbase Custody allows customers to stake crypto

coinbase 1520x1024

According to the latest tweet, Coinbase is now extending their service to global customers. The extension will allow customers from around the world to access to staking on Coinbase.

Bakkt to launch new Bitcoin cash-settled futures

01 Intercontinental Exchange Chicago

ICE recently announced that the exchange will soon launch a new BTC cash-settled futures in Singapore. The new contract, Bakkt Bitcoin Cash Settled Monthly Futures Contract is expected to be listed on ICE Futures Singapore on December 9th and it will be regulated by the Monetary Authority of Singapore.

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