Crypto Week In Review: Bitcoin ETF Talk Mounts, Nasdaq To Launch “Crypto 2.0” Futures

The crypto market at large sustained its turbulent price action this week, with Bitcoin (BTC) jolting up and down between key levels of resistance and support. However, in spite of the dreary price action, this industry’s participants kept their pedal to the metal, announcing a series of developments that piqued the interest of investors worldwide. So, as recently put by Anthony “Pomp” Pompliano, Morgan Creek’s in-house cryptocurrency insider:

SEC’s Clayton Isn’t Ready To Green Light A Crypto ETF

Since Bitcoin faltered in early-2018, investors in this nascent asset class have sought to find a light at the end of the tunnel. This light, as it turns out, is a U.S.-based, fully-regulated Bitcoin exchange-traded fund (ETF). But, as recently divulged by a commissioner from the U.S. Securities and Exchange Commission (SEC), the advent of a crypto-backed ETF might be nothing more than a quixotic dream, or at least for now.

Speaking at Consensus: Invest on Tuesday, SEC incumbent Jay Clayton, who assumed office in May 2017, exclaimed that he isn’t ready to greenlight a Bitcoin ETF. Backing his somewhat inflammatory statement with rationale, Clayton brought up the lack of market surveillance in crypto markets.

Blockchains may be predicated on a semblance of transparency, but in juxtaposition to this nature, the SEC decision-maker noted that there’s an evident lack of bonafide surveillance implementations on crypto platforms at large. Clayton then explained that investors expect that a commodity-backed fund is free from manipulation, alluding to his sentiment that Bitcoin is susceptible to questionable fluctuations on a group’s whim, or through actions executed by bad actors.

Along with his fears regarding proper surveillance measures, the lawyer by trade also noted that while strides have been taken towards impenetrable custody solutions, these services purportedly remain vulnerable to unauthorized access.

VanEck, SolidX’s Bitcoin ETF Team Meet With SEC 

Despite Clayton’s concerns regarding crypto-backed ETFs, the SEC recently released a memorandum that outlined a paramount closed-door meeting attended by representatives from VanEck, SolidX, and CBOE, the three firms behind the foremost Bitcoin ETF application.

This recent event, which is the second of its kind, saw VanEck outline its proposed vehicle through a 62-part slide deck, breaking down the ETF to its core. Aiming to calm the SEC’s qualms with the cryptocurrency market, including fears that it’s rife low-liquidity, the ETF hopefuls touted the fact that the value of Bitcoin is “tightly linked” on spot and futures markets, apparently evidence that cryptocurrency is a “well-functioning capital market.” VanEck representatives went on to draw attention to the “resilience of Bitcoin markets,” claiming that the fixed supply, distributed, and secure nature of Bitcoin would disallow manipulation.

VanEck went on to laud CBOE’s trading system, which the ETF would be based upon, for its speed, security, and ability to stay compliant with financial law, something that the SEC is likely seeking.

No comments from the SEC were issued on VanEck’s slide deck, but many investors are hopeful that the attendees of the forum were pleased with what was presented.

Nasdaq, VanEck To Launch “Crypto 2.0” Futures, Aims For Q1 2019 Launch

On Tuesday morning, the crypto industry at large was rattled, as insiders reportedly claimed that Nasdaq had plans to launch a Bitcoin futures contract. Although the rumor was somewhat cast aside, with some skeptics calling the news “baseless,” at Consensus: Invest, VanEck digital asset strategist Gabor Gurbacs did his best to clear the air. On-stage, in front of a crowd of hundreds, Gurbacs officially revealed that VanEck was, in fact, partnering with New York-based Nasdaq to “bring a regulated crypto 2.0 futures-type contract” to market.

However, like the Bloomberg report that originally broke the news, Gurbacs seemingly didn’t follow up the comment regarding the proposed product’s exact details.

So due to the apparent secrecy, many quickly resorted to speculation, with some questioning if Nasdaq’s instrument would make use of ‘physical’ Bitcoin in custody, unlike CBOE and CME’s futures, but like Bakkt’s vehicle slated to launch in late-January. Then again, it isn’t clear if Nasdaq has plans to implement such a complicated feature, but seeing that the exchange is relatively blockchain- and crypto-friendly, physical backing isn’t out of the realm of possibility.

Bloomberg noted that Nasdaq is planning to launch the proposed instrument in Q1 2019, which lines up with the planned release of Bakkt, Fidelity Digital Asset Services, and ErisX. It is important to note that the launch day is dependent on a green light from the U.S. Commodities Futures Trading Commission.

DJ Khaled, Floyd Mayweather Fined By SEC In ICO Case  

On Thursday morning, after a cloud of legal action loomed over for months, DJ Khaled and Floyd Mayweather, two of the world’s biggest stars, were revealed to have been name-dropped in a recent crypto-related SEC ruling. The case in question, which involved the two influencers, a crypto-backed debit card project Centra, and lesser-known projects, was publicly released on Thursday afternoon to the likely dismay of Mayweather, Khaled, and their legal counsel. As put by media outlet Gizmodo on Twitter, the “SEC has informed DJ Khaled that he has played himself.”

For those who aren’t in the loop, in 2017, amid the now-infamous crypto boom, Mayweather and Khaled began to foray into the cryptosphere, posting seeming promotional material for Centra’s ICO without disclosing that it was pay-to-play. This, of course, was an issue discussed by the SEC, who claimed that the two were in the wrong due to their failure to sufficiently disclose their business relationship with startup.

Per data gathered by the SEC, Mayweather was paid $100,000 for a series of Centra posts and $200,000 for other ICOs, while Khaled saw a $50,000 check fly his way from Centra alone.

The two players have now been mandated to pay hefty sums. Mayweather will give up $300,000 in disgorgement, another 300 grand as a penalty, and a tad extra for interest. Khaled, in comparison to Mayweather, got off scot-free, as the American music entrepreneur has been required to pay ‘only’ $100,000 in penalties and $50,000 in disgorgement. Both Mayweather and Khaled agreed to enter a timed blackout for advertising securities, at three and two years respectively.

Crypto Tidbits

  • Switzerland’s Amun Crypto ETP Launches: After originally announcing a multi-crypto exchange-traded product (ETP) in September, Amun launched the long-awaited vehicle on Switzerland’s SIX Exchange last week. Many lauded the product, denoted by the “HODL5” ticker, as the sole catalyst that could reverse crypto’s dismal performance in 2018. However, to the chagrin of optimists, HODL5 failed to make a splash on its debut, seeing a mere $400,000 of volume during its inaugural day trading. And in the days that followed, HODL5 didn’t perform much better, in fact, it saw falling volumes day-over-day, while its value collapsed. Although the instrument’s performance has undoubtedly been disheartening, many hold faith, as HODL5 may prove to be an intermediate stepping stone toward a Bitcoin-secured, U.S.-based ETF that will catalyze global adoption.
  • Mike Novogratz’s Galaxy Digital Burns $76M in Q3 2018: While Mike Novogratz, CEO of Galaxy Digital, is unarguably one of the crypto industry’s foremost players, not even he has been safe in 2018’s chaotic market conditions. In Q3 alone, Galaxy Digital, a crypto-centric merchant bank, has reported a net loss of $76.6 million, with 55% of that figure stemming from losing positions in Bitcoin, Ethereum, and XRP. Interestingly, however, Galaxy still holds $90 million worth of crypto assets, indicating that it isn’t ready to throw in the towel.
  • Coinbase Secretly Launches OTC Desk After Months Of Rumors: Stowed far away from the prying eyes of the crypto public, Coinbase recently launched an over-the-counter (OTC) trading desk for its institutional clients. Although this wasn’t initially divulged to the industry at large, earlier this week, Christine Sandler, head of coverage at Coinbase, took to fintech media outlet Cheddar to speak on its new offering. Sandler noted that Coinbase recently launched an OTC system behind closed doors to complement its traditional exchange business. She noted that while the launch of Coinbase’s new platform was opportunistic, the startup has been seeing bonafide interest from bigwig players.
  • Ethereum Co-founder Vitalik Not Sold On Corporate Blockchain: Speaking with Quartz at Devcon4, Vitalik Buterin, a world-renowned co-founder of the Ethereum Project, claimed that he isn’t 100% sold on the idea of corporate-backed blockchain projects, such as those headed by IBM. The Russian-Canadian coder explained that while blockchain technologies have ground-breaking potential in countless systems, many projects today are the byproduct of 2017’s influx of hype, rather than a penchant for true innovation. Still, Buterin maintained his opinion that decentralized ledgers’ killer use case is in payment ecosystems, simply stating that “cryptocurrencies are making international payments easier.”
  • Coinbase Pro Launches ZCash (ZEC) Trading: On Thursday, Coinbase Pro divulged that it would be listing ZEC, the native digital asset of the privacy-centric ZCash ecosystem. This recent listing comes just weeks after San Francisco-based Coinbase added 0x (ZRX), Basic Attention Token (BAT), and USD Coin (USDC). Users of Coinbase Pro from U.S. (New York State excluded), E.U., United Kingdom, Canada, Singapore, and Australia will now be able to deposit, withdraw, and trade ZEC. More supported jurisdictions may be added at a later date, pending regulatory approval in other locations.
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Ethereum Adoption in Developing Countries Rising Exponentially: Lubin

Ethereum has been one of the worst performing cryptocurrencies this year. But, as a technology, the project is going places.

Joseph Lubin, the co-founder of the Ethereum project, recently stated about how the Ethereum blockchain ecosystem is gradually improving the financial and technological infrastructures of many developing nations. The Canadian entrepreneur, also known for founding ConsenSys, a Brooklyn-based software-production studio, named Chile and Philippines as their prime adopters.

Chile, for instance, employs Ethereum’s proof-of-work blockchain to track energy data. Their National Energy Commission stated in April that the reason why they chose Ethereum was for its ability to “augment levels of security, integrity, traceability, and confidence in the information available to the public.” The Energy Ministry wing also appreciated Ethereum for protecting data from hacking and manipulation.

The Philippines, on the other hand, witnessed their banking giant Union Bank partnering with Lubin’s ConsenSys to develop Ethereum-based banking solutions for the country’s rural sector. The project saw its beginning at a time when 77% of the Filipinos remain unbanked, according to a survey conducted by the Bangko Sentral ng Pilipinas, Philippine’s central bank. Justo Ortiz, the chairman of UnionBank, said that Ethereum’s blockchain technology would help them “crack the hole of financial inclusivity.”

In another event from the Philippines, the government decided to offer Manila residents rewards in Ethereum tokens Ether for cleaning up their polluted beaches.

Protection against Hyperinflation

Lubin also noted the potential of crypto-assets like Ether, in general, to protect people against hyperinflation. The term refers to extremely rapid price inflation – especially when the value of a fiat currency drops 50% every month against the US Dollar, a universal fiat reserve. The direct impact of hyperinflation is on the citizens of the countries who now have to pay more money to pay for the same commodity.

Zimbabwe, for instance, had abandoned their local currency after years of hyperinflation which at one point reached 500,000,000,000%.

Crypto-assets like Bitcoin, Ethereum and Dash, have jumped at the opportunities to aid these hyperinflated economies lately. These crypto-assets are ideal because 1) they are not controlled by any government or central bank, and 2) they can be minted at home and then be exchanged or used as currency in the mainstream.

Venezuela has become the prime example of an economy-gone-bad-and-tuned-to-cryptocurrencies-for-solace. Their hyperinflation began in November 2016, the highest in the world and the country’s history. Their hyperinflation status this year has reached 833,997% already, according to details available at Wikipedia.

The Venezuelans, meanwhile, switched to crypto solutions to indicate the abandoning of their national Bolivar altogether. Dash, for instance, launched itself at the country’s paralyzed economy and got adopted firsthand by its merchants and people. The crypto project has now launched a payment service in the region, finding customers even in global brands like Subway and Calvin Klein.

The blockchain technology is gradually becoming a go-to technology when it comes to solving financial and technological issues of economically-deprived nations.

“Blockchain is more than a market. It’s a movement,” wrote Lubin. “Blockchains are solving real-world problems. Governments get it.”

Cryptocurrency Market Update: 17% Recovery Since Last Sunday’s 2018 Low

Crypto markets are bouncing back again, Bitcoin SV, Cardano, Tron and Maker recovering well.

There has been a marginal recovery from yesterday’s market dump this Sunday and things did not fall off the cliff again as we have seen in recent weeks. Total market capitalization has recovered to climb back to around $135 billion at the time of writing.

Bitcoin hovered just below $4,000 on Saturday which served as support as it managed to rally back to over $4,200 adding 5% on the day. Since the middle of last week BTC seems to have started consolidating between these levels. Ethereum has also recovered 4% since yesterday and is back to $118 again. ETH has really struggled to get off the floor since its big November dump.

Altcoins are mostly green this Sunday as Bitcoin SV seems to be making the most progress in the top ten at the moment adding over 9% on the day taking it back to $100. Cardano has also recovered well with a 7% gain and the rest are putting 3 – 5 percent back on today.

In the top twenty Tron has just inched above Monero to take eleventh spot with a gain of almost 7% on the day. Iota, Neo and Ethereum Classic are all adding 6% to their prices during today’s Asian trading session. The rest have made around 4 percent aside from Zcash which hasn’t really moved today. Just outside the top twenty Maker is post a decent gain of 13%.

Having a big fomo induced pump right now is a new entry to the top one hundred – Free Coin. A minor exchange listing seems to have initiated what will surely be another p&d with a 55% surge on the day. Also pumping at the moment is Centrality up 33% right now.

Getting beat up at the red end of things is Theta Token predictably as it has been pumping for a few days. There are no double digit losers at the time of writing as nearly all of the altcoins are recovering this Sunday.

Crypto markets have made about 4.5% since the same time yesterday bringing total market cap to $135 billion. Trade volume has stabilized at around $15 billion and markets have made over 17% since their lows last weekend. Last Sunday was the lowest point of 2018 when total market cap dropped to $115 billion. November in general has been the month from hell as markets collapsed by a third.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

Bitcoin Price Weekly Analysis: BTC/USD Remains In Downtrend Below $4,500

Key Points

  • Bitcoin price recovered recently and traded above the $4,000 and $4,200 levels against the US Dollar.
  • There is a key bearish trend line formed with resistance at $4,320 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to struggle to break the $4,320, $4,400, $4,500 and $4,590 resistance levels.

Bitcoin price is slowly recovering above $4,000 against the US Dollar. However, BTC/USD remains in a downtrend as long as it is below the $4,500 resistance.

Bitcoin Price Analysis

This past week, there was a decent recovery from the $3,500 support area in bitcoin price against the US Dollar. The BTC/USD pair traded higher and broke the $3,750 and $4,000 resistance levels. The upside move was positive above the $4,000 and $4,200 levels. There was even a close below the 23.6% Fib retracement level of the last slide from the $5,697 high to $3,483 low. However, the price struggled to clear the $4,400-4,500 resistance zone.

Moreover, there is a key bearish trend line formed with resistance at $4,320 on the 4-hours chart of the BTC/USD pair. The pair is currently consolidating below the trend line and $4,400. The price must break the $4,400 resistance and the 100 simple moving average (4-hours) for more gains. The next major hurdle is near $4,500 and $4,590. The $4,590 level coincides with the 50% Fib retracement level of the last slide from the $5,697 high to $3,483 low. Therefore, a break above the $4,400, $4,500 and $4,590 resistance levels won’t be easy in the near term.

Bitcoin Price Analysis BTC Chart

Looking at the chart, BTC price clearly remains in a downtrend as long as it is below $4,500 and the 100 SMA. On the downside, an initial support is at $4,000, below which the price could slide towards $3,600 or $3,500.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is placed slightly in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently just above the 50 level.

Major Support Level – $3,600

Major Resistance Level – $4,500

Ethereum Price Weekly Analysis: ETH/USD Facing Uphill Task Below $140

Key Highlights

  • ETH price formed a decent support near $98 and recovered recently against the US Dollar.
  • There is a major bearish trend line formed with resistance at $117 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to face a lot of hurdles near $117, $120, $$132 and $139 in the near term.

Ethereum price remains in a bearish zone versus the US Dollar and Bitcoin. ETH/USD must clear the $117 and the $132 resistance to climb towards $165.

Ethereum Price Analysis

After a sharp decline, ETH price traded close to the $100 support area against the US Dollar. The ETH/USD pair traded as low as $98 and later started an upside correction. The price formed a decent support near the $98-100 zone and later climbed higher. It moved above the $110 and $115 resistance levels. There was even a break above the 23.6% Fib retracement level of the last drop from the $180 high to $98 low.

However, upside were capped by $125 and the price remained well below the 100 simple moving average (4-hours). More importantly, there is a major bearish trend line formed with resistance at $117 on the 4-hours chart of ETH/USD. The pair is currently consolidating near the trend line and $115. Buyers need to break the $117 and then $120 resistances to climb higher. The next major hurdle is near the $138-140 zone. It coincides with the 50% Fib retracement level of the last drop from the $180 high to $98 low.

Ethereum Price Analysis ETH Chart

The above chart indicates that ETH price is struggling to break the $117 and $120 resistance. If buyers continue to struggle, there is a chance of a downside break below $110. The main support is at $100 followed by the $95 level.

4-hours MACD – The MACD is currently flat in the bearish zone.

4-hours RSI – The RSI is placed nicely above the 50 level with a neutral angle.

Major Support Level – $100

Major Resistance Level – $117

Bitcoin Cash Price Weekly Analysis: BCH/USD Could Decline Below $160

Key Points

  • Bitcoin cash price is currently consolidating and it could decline below $160 against the US Dollar.
  • There is a major bearish trend line formed with resistance at $190 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair is struggling to break the $190-200 resistance area and it could decline sharply.

Bitcoin cash price is in a downtrend below $200 against the US Dollar. BCH/USD could gain strength once sellers gain pace below $160.

Bitcoin Cash Price Analysis

This past week, there was a solid upside correction from the $150 support area in bitcoin cash price against the US Dollar. The BCH/USD pair formed a low at $146 and climbed above the $160, $180 and $190 resistance levels. There was even a break above the $200 barrier, but buyers failed to hold gains. As a result, there was a fresh decline below $190 and the price remained well below the 100 simple moving average (4-hours).

During the decline, there was a break below the 61.8% Fib retracement level of the last wave from the $146 low to $206 high. The price is currently consolidating above the $160 support and it remains at a risk of more losses. A break below the 76.4% Fib retracement level of the last wave from the $146 low to $206 high is possible. Once there is a close below $160, the price may slide below the $150 support as well. On the upside, there is a major bearish trend line formed with resistance at $190 on the 4-hours chart of the BCH/USD pair.

Bitcoin Cash Price Weekly Analysis BCH Chart

Looking at the chart, BCH price may break the $190 and $200 resistance levels to climb higher. If not, there is a risk of a downside break below $160.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is flat in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 40 level.

Major Support Level – $160

Major Resistance Level – $190

November Has Been Bitcoin’s Worst Month for Seven Years

Bitcoin has just emerged from its worst month in terms of price declines for seven years. The big daddy of crypto has shed almost 40% in this one month alone as it pulled the entire crypto market down to new yearly lows.

Bitcoin Dumps Over a Third of its Value in a Month

Starting out at over $6,500 on November 1st Bitcoin plummeted around 35% to end the month at around $4,280 yesterday according to figures from Coinmarketcap. Naturally different indexes will have slightly different prices and taking time zones into consideration could make things look worse as BTC plunged again a few hours ago, still technically November in the US.

CNBC has noted that a 37 percent dump this month is the worst Bitcoin has had since it fell 39 percent in April 2011. Looking at the high to low figure for the month is even worse as BTC fell from over $6,500 to below $3,600 in just a couple of weeks marking a decrease of almost 45%.

In terms of market capitalization Bitcoin lost around $40 billion as it nosedived from $113 billion at the beginning of the month to $74 billion at the end of it according to CMC. CEO of Genesis Global Trading, Michael Moro, told CNBC it did not take much for the price to break down once support at $5,800 was broken;

“It’s unclear if this is a ‘bottom’ or a brief period of consolidation before next move down, but buyers are still maintaining some cash on the sidelines in case it does go lower,” before adding “While the split occurred on a different blockchain, there were still spill-over effects on other cryptos, including bitcoin,” in reference to the Bitcoin Cash fracas.

Bitcoin was not the only crypto in pain during November; the all took a massive hit, with Ethereum coming off worse than some of its brethren. Dumping almost 42% ETH fell from $200 to $117 last month. From high to low things look even worse with a fall of 53% from $220 to $103.

Bitcoin has dictated the ebb and flow of crypto markets since its inception. During November the total loss of capitalization in cryptocurrencies was a staggering $70 billion as a third of the market was wiped out in a week or so.

Bitcoin seems to be repeating patterns from the previous bear market in 2014-2015 in what some have described as a multi-quarter bottoming process. Further losses are likely and all indicators are pointing to another six months of Bitcoin remaining on the bottom.


Image from Shutterstock

Cryptocurrency Market Update: $10 Billion Dumped as The Dead Cat Bounces

Crypto markets predictably dumping this weekend, Bitcoin SV, Cardano and Neo getting hurt.

As predicted crypto markets have dumped again after a few days of solid gains and the dead cat has bounced. Over $10 billion has flooded out wiping out all progress made this week. Total market capitalization is back below $130 billion and heading south again.

Bitcoin led the lemmings once again when it plunged almost 9% from $4,300 to a low of $3,940 a few hours ago. BTC has since recovered to back around the $4,000 level but further losses are likely. Ethereum tumbled in predictable fashion with a loss of over 6% to a $112 low for the day where it currently trades.

Altcoins are all bleeding again during Asian trading today. Bitcoin SV dropping the most with over 12% down towards $90, its brother BCH not far behind with an 8% slide. Cardano is losing a similar amount as it slips closer to dropping out of the top ten again. Stellar has retained its fourth spot above Bitcoin Cash despite dropping 6%. The rest in the top ten are dropping 4 to 6 percent on the day at the time of writing.

The top twenty is enduring heavier losses this Saturday with Neo, Zcash and Ethereum Classic all shedding 8 to 10 percent at the moment. The rest are falling around 6 to 8 percent on the day.

Yesterday’s fomo pump is still going today as Theta Token adds another 40% during the bleed out. It would be unwise to bet against it being the biggest dumper tomorrow however. Factom and MOAC are still climbing at the time of writing. Dumping the pump is Bitcoin Private nosediving 18% on the day, closely followed by Chainlink dropping 15% during Asian trading.

Today’s dump has been predicted as crypto markets dropped $10 billion in a few hours. Total market capitalization currently stands just below $130 billion and is poised for further declines which may mirror last Sunday’s big dump to the lowest point of the year. All gains made during the week have now been lost in the 7% slide and there are dark clouds on the horizon in crypto land.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

Tron Price Analysis: TRX/USD Bear Breakout Pattern, Liquidation at 1.5 Cents

Latest Tron News

The Tron network describes itself as a protocol that is laying down the infrastructure for a truly decentralized internet. Like other smart contracting and dApp development platforms, it relies on blockchain. What’s more, the team behind this network is keen on expanding and on-boarding as many developers as possible.

Read: Tom Lee: Crypto Is Bent Not Broken, Plenty of Room to Grow

To that end, Tron did acquire BitTorrent and with Project Atlas on the way, Justin Sun and the Tron Foundation announced a $100 million fund  with one key objective: empower dApp developers and change the way the multi-billion gaming industry operate.

Also Read: Tron’s TRX Up Almost 40% on The Week as Odyssey 3.2 Protocol Goes Live

The drive dubbed Tron Arcade bodes well with what the network is:  a decentralized world entertainment system. By spreading the funds over three years while working with different developers keen on bringing new innovation and entertainment to the gaming industry, Tron hopes to shape the gaming world while cutting off third party mediators in content delivery.

Now that the network has a developer suite in place and with the mobilization of $100 million, TronWatch has announced TronLink 2.0. The main objective of TronLink is to simplify access into the blockchain network via any web browser. TronLink works pretty much like MetaMask and with this release, enthusiast will have a better way to interact with the Tron blockchain be it in pure exploration or interaction with dApps smart contracts.

TRX/USD Price Analysis

Weekly Chart

TRX/USD Price Analysis

Aside from Bitcoin Cash SV, TRX/USD is one of the top performers adding 1.5 percent in the last week despite the general altcoin slowdown. Needless to say, TRX/USD is technically bearish and despite attempts of higher highs in lower time frames, bears are firmly in charge.

What we have in the weekly chart is a clean bear breakout pattern complete with high trade volumes (189 million versus 119 million) and even if there has been no confirmation, it appears as if the path of least resistance is to the south—check out the long lower wick indicating of sell pressure in lower time frames.

Now, unless there is a strong breakout above 1.5 cents and the complete reversal of last week’s losses, conservative—risk on traders should hold off from initiating trades only adding shorts once there are further breakdowns below 1 cent or last week lows.

Daily Chart

TRX/USD Price Analysis

In this time frame, the bear breakout as aforementioned is clear.

Though there are attempts of higher highs complete with a morning star pattern set in motion by Nov 25 bulls, bears are technically in charge trending within a re-test phase of a bear breakout pattern thanks to yesterday’s losses and the failure of buyers to build enough momentum thrusting prices above 1.5 cents—previous support now resistance.

Moving on, risk-off traders should take a neutral position until after there is confirmation of bulls above 1.5 cents confirming the morning star pattern of Nov 28 or trend resumption with losses below Nov 25 lows at 1.1 cents. If the latter is the case then TRX/USD could drop to Jan 24 lows as laid out in previous TRX/USD trade plans.

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

Altcoins Price Analysis: Dan Larimer Project Hopping Ruffling for EOS Investors

Overly, market participants are apprehensive and after 11 months of straight losses, traders are cautious to commit until clear bull signals print. Stellar Lumens look likely to expand thanks to rejection of lower lows below 15 cents. Meanwhile, the uncertainty around EOSIO and Dan could fuel losses towards $1.5. At the same time, Monero support from Ledger Nano S might buoy prices slowing down losses.

Let’s have a look at these charts:

EOS Price Analysis

Dan Larimer is at it again. Less than one year at EOSIO, he now plans of creating a Bitcoin alternative after identifying some “trade-offs”. While he is clear that he won’t leave his position as CTO at Block One, the EOS market is unsettled.

Larimer is a known innovator and with Steemit, Bitshares and EOS under his belt, community members worried that he might hope to a new project and down his tools at EOS. Their fears have been realized and some are angered by his messages. This project hoping and potential “withdrawal” could end up jeopardizing the project, hurting EOS prices and Dan’s reputation as well.

EOS/USD Price Analysis

Back to price action and sellers are pressing the sell pedal. At spot prices, EOS is down four percent the last day and could bleed more in line with our past EOS/USD trade plan.

Everything else constant, it will be extremely hard for us to recommend longs unless otherwise—and as emphasized before when buyers pulled a quick one—there are price spikes above $4—our immediate resistance level.

From candlestick alignment, it is likely that prices shall drop towards our first targets at $1.5 before recovering towards $4 once BTC prices stabilize.

Litecoin Price Analysis

Atlas AF which describes itself as a “well financed, free, borderless and transparent technology company with offices in the US” now supports Litecoin.

LTC/USD Price Analysis

But even with that, LTC is still down six percent in the last day and struggling against sellers keen on reversing Nov 28 gains.

Though it appears as if buyers are back in contention, a top down approach bins buyers optimism and even if they do, then we must see gains above $35-$40 immediate resistance zone before risk off, aggressive type of traders pour in with targets at $50.

Read: What Does Floyd Mayweather’s Crypto ICO Settlement with the SEC Imply?

From the way price action is set, patience should underpin our trade plan aware that losses below $30 would trigger the next wave of sells with first targets at $20 or less.

Stellar Lumens Price Analysis

XLM/USD Price Analysis

Now that ZCash is available at CoinBase, the community is split. It’s going to be a race and depending on whether XLM or ADA—both coins are in the top 10, we expect the speculation to buoy prices. At the moment, XLM/USD is flat and down 15 percent in the last week.

The fact that prices are also back within a 15 cents consolidation thanks to Nov 28 gains mean bears of Nov 19 are null, reverting our overall plan to neutral.

Also Read: Report: Banks Are More Vulnerable to Terrorist Financing Than Crypto

As laid out before, the only time we shall recommend buys is when Stellar Lumens buyers pump prices above 25 cents and 30 cents resistance levels. For now, none of our trade conditions are live. Therefore, we shall advocate for patience.

Tron Price Analysis

Gaming and decentralization seem to go hand in hand. Tron is a network keen on creating this decentralized blockchain based world entertainment system. Therefore the launch of Tron Arcade and the release of a $100 million fund spread over three years will go a long way in empowering platform developers.

According to Justin Sun—the co-founder of Tron who has never hidden his admiration for games said Tron Arcade is shall play a crucial role in the future of Tron as it will help tackle some of the issues facing gaming—a multi-billion dollar industry.

TRX/USD Price Analysis

On to the charts and TRX is back to green on a weekly basis adding four percent. Though it is down seven percent in the last day, we might as well see gains above 1.5 cents mostly because of the long lower wick of Nov 30 bear bar.

Unless there are strong gains above this resistance line, the TRX/USD will be technically bearish trading within a bear breakout pattern set in motion by Nov 19—20 bears.

If today trend lower then we shall have a retest and most likely bears will resume driving prices towards Jan 24 lows in line with our previous TRX/USD price analysis.

Monero Price Analysis

Ledger Nano S now offer support for Monero (XMR).

XMR/USD Price Analysis

Even with this market boosting support, XMR/USD is grappling with bears, shedding four percent in the last day affirming bears. In line with our previous XMR/USD trade plan, Monero could end up testing $30 or even $15 on the lower side assuming this bear trend persists.

However, if there is a market wide revival and BTC expand then it would most likely lift XMR/USD from current lows above $70 towards $110.

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.