Crypto currency markets analisys 29/12/2018

The cryptocurrency market cap shed $55 billion on Thursday as the result of a widespread market correction that forced a myriad of prominent coins into double-digit percentage declines .

crypto markets

Bitcoin make today a small correction from 15000 USD to 13100 USD today, due to fear of baning crypto currency in south korea and the cashout of the profit due to the holidays by investors .

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The top 10 markets record a correction dtoday expet Riple that show a strong uptrend movement today, Litecoin decline from 280 USD to 241 USD, Ethereum record a small correction from 778 USD yesterday to 727 USD today, also Neo decline today to 381 USD.

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This market correction is just temproray because, the ban of crypto currency in South Korea is not correct, and there is money that will come into the crypto market after the end of holdiays .

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Bitcoin : 

bitcoin

Bitcoin is now on a correction due to the enws of the ban of south Korea

If price successfully bounces eventually from the level of 13 000 USD (The more shallow the correction the better) then I am expecting momentum to pick up, and provide a strong up move, to the previous swing high level at 19670.

Maybe the uptrend movement will not start before the 1 January, due to holidays .

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Ethereum : 

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Now Ethereum test the resistance line of 819 USD 3 times and it’s fall to break it, i think that this will push Ethereum to make a deeper correction to the levels of 570 USD to 600 USD, before he bekow up on The first month of the next year due to the positive new that will come on the ethereum network .

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But for the long term Ethereum is Bullish, if you are not holding etehreum, i advice you to hold ethereum for long term, if you are holding etehreum don’t sell , wait to the levels of 1000 USD before you sell .

 

Litecoin :

litecoin

Litecoin has done its ABC correction and is ready to start a new cycle, we can expect upwards movement and maybe a new all time high.

We see strong support at 220 USD,  Upside target is $450 .

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Dash : 

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Dash has been doing well. Although the bullish signal is not strong yet, it is a good place/time to set up a trade.  Overall, Dash is a strong coin, which has great potential to move upward. I’d say this may be a short and/or midterm trade, don’t buy before Dash break the raisaitance line of 1100 USD, then buy from 1000 USD to 1200 USD, take profit 1500 USD, this is  a long term trade , make a stop lose around 900 USD .

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CRYPTO TRADING

 

Ripple :

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Ripple has been behaving incredibly lately but bulls forget bears strike when they least expect it. A clear 3D Rising Wedge has appeared and this could be a great short opportunity. Usually these triangles break down and I expect XRP to do so as well. Nevertheless, considering the momentum and fundamentals news there is also a possibility that it ends up breaking up. If this happens, I see it easily going to $2. I personally think it’s going to dump but the possibility of a megapump is still there.

The Bullish movement is confirmed, Take profit at 2 USD, if you see that ripple start a downtrend movement sell directly from your by point , becaue i have fear that Ripple will make the same correction of  Juin 2017 .

And don’t forget that Ripple Marketcap $50.056.398.623 and the  Price now is  $1,45 .

 

Ethereum classic :

chart (3)

Ethereum classic is now on a buy  opportunity at 28.3 USD to 28.8 USD, take profit 32 USD to 34 USD, this is a short term trade, make a stop lose at 27 USD .

 

Neo :

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Neo looks very Bullish, i will advice you to Buy from 57 USD to 61 USD, and to sell from 63 USD to 65 USD, added to the postive news of neo network that will come in the first month of the next year .

 

Monero :

chart (12)

Monero Will test resistance at around $380-390, if it breaks through, this might turn into a nice break toward the upside, targeting the strong resistance at $477.

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CRYPTO TRADING

 

Zcash : 

 

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This is more about just writing out some thoughts than technical analysis . This is about the Z Classic Fork /Migration

In a new twist to bitcoin  forks, Z Classic will do something new called Bitcoin  Private (BTCP). This is how it will work:

  • Z Classic will fork so that if you own 1 ZCL  you will get 1 BTCP
  • They will fork for Bitcoin users too. So if you own 1 BTC  you will get 1 BTCP
  • The total coin supply with then be around 18.5 million
  • The fork will take place sometime at the end of January

More details here: https://www.reddit.com/r/ZClassic/comments/7mg5je/zcl_btcp_faq/

There is no premine or other garbage scheme. It’s very much community driven. The interesting thing about this coin is that they are essentially adding Z cash zk-snarks shielding technology to bitcoin  and improving the distribution. At the same time, they are rebranding to Bitcoin  Private, which is very clever.

Most bitcoin  forks have gained value. Even the crappy ones. I know I know.. Not another fork. But this fork has tremendous potential and ultimately I see it more likely that it has a higher market cap then Bitcoin Gold .

Bitcoin Golds market cap is $4 billion. It was a premine that really didn’t have much support at the time and didn’t offer anything that special. So far just from gauging the community, it seems like there is a lot of support for this coin.

So in 2-3 months I could see BTCP having at least a 3 billion market cap. That would put the coin at $160. A $6 billion cap wouldn’t be out of the question. So $300+ which would 10x from todays  $30 price. I just do not see this staying this low for long.

As far as technical analysis goes, what we see is that ZCL makes a move up, then consolidates then shoots up. As long as it keeps doing that, I’ll keep buying. At some point it will shoot off then people will take profits, but doesn’t seem like there is much selling, which signals that people expect it to go much higher.

To my knowledge, Bittrex hasn’t announced support for it, but they are the major exchange the carries ZCL  if they announce fork support, ZCL  will likely take off. So even though its up big from just a few days ago, I think it will continue climbing as more people learn about it. If it corrects, I will add to my position.

Anyway, like any crypto, there is big risk but I think the reward is high enough to take a shot at it despite its increased valuation the past few days. Wish I was paying attention earlier.

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Read also :

Crypto markets analysis- 8/12/2017

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