Weekly Reversal Appears Weak – Is Bitcoin In For A Drop Again?

During the week, Bitcoin recorded a monthly low of $6600 after witnessing a series of decline for about four weeks. On November 25, Bitcoin regained strength back above the $7000. This recovery led to a forming an inverse head-and-shoulder pattern which was quite significant in the weekly trading with a lot of bullish sentiment.

Meanwhile, Bitcoin faced a critical resistance on the iH&S neckline ($7400), which eventually got broken after notable volatility that shot the price straight to $7670.

Recently, some crypto traders and analysts forecast that Bitcoin’s price is more likely to face another downward move. This time, a lot of bearish sentiment appeared to be surrounding the leading cryptocurrency again as some analysts believed that the inverse head-and-should pattern appeared to have reached a key short-term resistance level of $7800 – where a possible bearish leg is more likely to play out.

Having said these, Bitcoin has now formed a rising wedge pattern which seems to be poised for a heavy drop. Following a twit by a trader, who recently shared a view on the next possible moves for Bitcoin. Here is what Catering Clark opines:

Going back to the recent prediction, Bitcoin may create a new mid-year low if the current wedge pattern spotted on the hourly chart plays out. Another interesting piece was twitted a few hours ago by codey, a Bitcoin Content Lord and Digital Creative.

The above statistical graph shows the comparison between block reward and BTC price trend. As we can see, Bitcoin is now closing an “infection points” after crossing the diagonal price line on a third attempt. From a technical perspective, Bitcoin’s price is more likely to drop a bit soon before resuming an uptrend.

However, we have not seen a strong reversal yet. Perhaps, that would happen if Bitcoin can make $8000 and most especially $9000. But considering where Bitcoin’s price is currently stuck – in a tight wedge, there’s a high chance for a fall than a rise.

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XRP Upward Move Is Weak as It Encounters Resistance at $0.23

Key Resistance levels: $0.30, $0.40, $0.45
Key Support Levels: $0.25, $0.20, $0.15

XRP/USD Long-term Trend: Bullish
For the past 5 days, XRP is making a slow but steady upward move. On the first day, the price rose from $0.20 to $0.22 but the coin pulled back to $0.21. Today, the price has jumped above the $0.23 price level but pulled back to the low of $0.23. XRP is now facing some resistance near the price of $0.23500. This resistance is the previous support in September. A break above $0.23500, will see the coin rallying above $0.24 price level.

XRPUSD -Daily Chart

Daily Chart Indicators Reading:
The XRP market is above 20% range of the daily stochastic indicator. This means that the market is in bullish momentum. The 50-day SMA and 21-day SMA are pointing southward negating the price action.

XRP/USD Medium-term Prediction: Bullish
On the 4-hour chart, the coin has moved to a bullish trend. The XRP is currently retracing after testing a resistance above $0.23

XRPUSD_4-Hour Chart

4-hour Chart Indicators Reading
The bullish candlestick breaks above the 21-day SMA and 50-day SMA; this indicates that XRP is rising. The RSI period 14 level 59 indicates that the price is above the centerline 50. XRP is rising and approaching the bullish trend zone.

General Outlook for Ripple (XRP)
XRP is rising and in a bullish trend. The upward move is likely to be sustained if the price remains above the EMAs. In other words, if the price is above the resistance line, the upward move will be sustained. However, if the price drops below these levels; the selling pressure will resume.

Ripple (XRP) Trade Signal
Instrument: XRPUSD
Order: buy Limit
Entry price: $0.22
Stop: $0.15
Target: $0.30

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German Banks Might Soon Become Eligible to Manage Cryptocurrencies

A new bill is being considered in Germany which could see banks become managers and merchants of Bitcoin and other altcoins by 2020.

Based on a news release by Handelsblatt on the 27th of November, the bill now seeks approval from the 16 states in the country, now that it has been passed by the German Federal Parliament.

Crypto-Haven Status
Presently, banks in Germany do not have the legal right to carry out sales of cryptocurrencies to its customers. This new bill, if approved, would see a major change in this regard.

Initially, the original draft of the bill contained a “separation clause” which mandated that banks outsource cryptocurrency trade activities to recognized crypto custodians or assigned subsidiaries, however, this clause has been deleted in the latest edition of the bill. Handelsblatt announced that this new development would simplify banks’ crypto-related activities as banks can now deliver online banking at lightning speed on cryptocurrencies and other securities like stocks and bonds to its customers.

The new bill has caused an uproar of excitement from the domestic sector.

The Head of Distributed Ledger Consulting, Sven Hildebrandt, asserted that with this development, Germany will be catapulted to a position where She will be regarded as a crypto-haven. Sven is involved with the regulation of cryptocurrency in the country.

The Association of German Banks is, unsurprisingly, backing and lobbying for the bill, insisting that the banks are well equipped to handle this project.

Also, in October, the Association broadcasted a paper asserting that the European economy “needs a digitized Euro”.

Cautionary Remarks
Ironically, the Bundestag recently remarked in an announcement that it does not regard cryptocurrencies as “real money” noting their volatile nature and its alleged restricted use. The announcement also mentioned that it considers Stablecoins as threatening, emphasizing its capacity of rupturing the prevailing monetary sovereignty.

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Ripple (XRP) Price Analysis – XRP Continues Sluggish Movement As Bulls Struggle Along

Since the daily opening, XRP has been showing a sign of small recovery, amounting to +1.07% gains. The correction may become significant if volumes can troop into the market. Otherwise, XRP price would continue to drag sluggishly. However, it’s not too late to accumulate some amount of XRP as the value might become more enticing if the price grows in the future. Currently, XRP is priced at $0.23 with a trading volume of $1.3 billion.

Ripple (XRP) Price Analysis: 4H Chart – Bullish

Key resistance levels: $0.25, $0.26, $0.284
Key support levels: $0.22, $0.21, $0.20

The 4-hours chart for XRP reflects a slow bullish formation after confirming a break out of the triangle pattern yesterday. After retesting the breakout level of $0.223, XRP continued bullish formation, which has been quite sluggish since the market rebounds on November 25.

XRPUSD, 4H Chart – November 29

Despite that, the slow buying pressure is likely to reach $0.25, $0.266 and $0.284 resistance in the next couple of days. Looking at the RSI, Ripple’s XRP is following a bullish sentiment. Conversely, the MACD is almost climbing to the positive zone. A clear crossover would confirm a bullish step back into the market. In case of a sharp decline, there’s close support at $0.22 and $0.21. Additionally, the last defence line for the bulls is $0.20 – the weekly low.

Ripple (XRP) Price Analysis: Hourly Chart – Bullish

Yesterday, Ripple (XRP) was spotted to be following a rising wedge pattern on the hourly chart. As we can see, the price action is respecting the wedge up till this moment. Reaching a point of breakout, XRP is more likely to trend above the wedge. This may allow the bulls to reclaim $0.246 resistance in no time.

XRPUSD, Hourly Chart – November 29

A bullish continuation could propel XRP to the November 20 high at $0.257. Now, XRP is gaining moment on the technical indicators, especially the MACD that is just starting an upward move. A continuous swing could trigger a huge buying in the market.

Considering the current touch at RSI 70 level, XRP may retrace back to the wedge’s support at $0.225. Breaking the support could lead to a heavy sell-off off in the market as $0.215 and $0.205 support may resurface. Regardless of the market sentiment, Ripple’s XRP looks bullish on the hourly time frame.

XRP BUY SIGNAL

Buy Entry: $0.23
TP: $0.25
SL: $0.219

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Eurjpy Attacks Resistance Zone Again on the Level at 120.67

The common European currency appreciated 25 basis points against the Japanese yen on Thursday, while finishing at the 120.54 level, earning 7 pips (0.06%) at low volume. A similar target for buyers may be near the upper side of the horizontal zone limiting at the level at 121.00.

Key Levels
Resistance Levels: 127.52, 123.37, 121.47
Support Levels: 119.24, 117.08, 115.83

EURJPY Long term Trend: Bearish

Technical indicators show that the exchange rate will probably be bullish during this session. If the resistance level is maintained, formed by the upper limit of the horizontal zone, the currency exchange rate could be reversed downwards in the next trading session.

In general, the rebound level of 115.83 in the long term is considered only as a corrective increase, whereas in the case of a new advance, a high resistance due to the reduction of the resistance may contain the advance. Breaking the support of the level at 117.08 may be an early sign of the decline in the downtrend from the level at 127.52 to the level at 115.83 low.

EURJPY Short term Trend: Ranging

The intraday bias in EURJPY remains neutral at the moment. With the support level of 119.24 intact, the price increase from the level at 115.83 is in favor of continuation. On the positive side, above the level at 120.67, the bias may increase for resistance at the level at 121.47.

However, a firm break in the level at 119.24 may argue that the rebound of the level at 115.86 has ended. The intraday bias may be down to support the level at 117.08 for the confirmation of this scenario, although still in a long-term downtrend, the short-term trend is changing.

Instrument: EURJPY
Order: Sell
Entry price: 121.47
Stop: 123.37
Target: 117.08

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Bakkt Bitoin Futures Trades Below $20 Million Daily Volumes, Possible Reason For Insignificant Volatility?

 

Bitcoin’s price is on a slow growth for a while now, owing to the recent selling shakeout in the entire crypto market. But recently, it appeared that Bitcoin has found its mid-year low around $6600 on November 25. This setup was quite synonymous to late October surge in volatility that saw after the Chinese President, Xi Ping made an announcement on the need to adopt cryptocurrency and Blockchain in the Country.

After the announcement, BTC hits $10370 within the space of three days, making the primary cryptocurrency to recording the highest daily surge in the history of Bitcoin and at the same time marking October high. Meanwhile, the three days positive sentiment was characterized by strong bullish candles.

BTC-Price-Chart

Throughout this month, it was indeed a bearish momentum for Bitcoin after establishing a weekly low of $6600. However, Bitcoin has managed to bounce back to the $7000 price zones with the current price at $7520. Buying Bitcoin at this moment might be quite indecisive for some traders and investors as volume and volatility might seem relatively insignificant over the past days.

But following prominent twitter analytics by SKEW today, Bitcoin appeared to be rising by the day since the market recently recovered from the six-month low. As shown on the daily statistical graph below, Bakkt BTC Futures records an open interest and volume of about $40 million this week but now trading below a current daily volume of $20 million.

Well, in my own opinion, Bitcoin is technically regaining strength, though it might seem slow now due to subdued volatility. But the fact remains that there’s a need for a market to run a correction even before it can make major headway.

Validating a long-term bullish, BTC needs to reclaim $9000 price levels. On the other hand, we may start to consider shorting Bitcoin if the price drops below the six-month low. For now, the swing traders seem to be making heads in a long position.

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EUR and CAD Remain in Focus at the Week Close

While the week is drawing to a close, let’s take a look at the currencies, market influencing stats released and those already due out with the impacts created.

Geopolitics
The UK upcoming election has been in focus with a YouGov poll predicting a majority win for conservatives. Earlier on today, any update on the opinion polls conducted recently will impact the market. Due out later today is the BBC televised debate which will be broadcasted live.

Investors eagerly await China’s response to the latest bills passed by the United States to support human rights in Hong Kong. If China takes a retaliatory stance, it may weigh on the currencies.

Focus is also on any latest update on the trade talks which had seemingly made progress in the last two weeks buoying the dollar and other riskier assets.

Market Influencing Stats
Japan recently released its inflation and industrial production stats, October building consents from New Zealand which had 1.1 % drop and private sector credit figures released out of Australia also impacted the market in the early hours of today.

Also impacting the market is consumer spending and GDP numbers out of France, retail sales and unemployment figures which came out of Germany.

If events go as predicted, the inflation figures may not significantly influence the Euro while the other two which are the consumer spending and unemployment figures will significantly count.

The inflation rate annually is below a percent so if there are any increases; it may not be a cause for concern for the European Central Bank, so it may not be impactful.

Estimated inflation numbers for November are due out of Italy and the Eurozone; investors also await Eurozone’s unemployment figures for November.

There is no market influencing stats for the pound and USD has given the Thanksgiving holiday in the United States.

For CAD, market influencing stats are 3rd quarter GDP and October RMPI figures given the Bank of Canada monetary policy decision meeting to hold next week.

The Current Standing of the Currencies
The Kiwi Dollar rose to $0.64184 from a previous price of $0.64181 due to building consent stats. Currently, the Kiwi Dollar is standing at +0.02% to trade at $0.6421.

EUR rose by 0.02% to trade at $1.1011. The Pound fell by 0.01% to trade at $1.2911. The Dollar Spot Index fell by 0.05% at a stand at 98.325.

CAD fell by 0.02% to stand at C$1.3285, versus the U.S Dollar.

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Ethereum (ETH) Price Analysis – ETH Pauses Bullish Formation For Healthy Retracement

Ethereum saw a small increase over the past days which made the token to break slightly above $155. Since the break, ETH has been finding it hard to move further. Meanwhile, the cryptocurrency is experiencing a low amount of volume and volatility since the breakout on November 27. If the short-term bullish setup fails to materialize, ETH may fall back to the previous bearish swing. As the time of writing, Ethereum is priced at $152.

Ethereum (ETH) Price Analysis: Daily Chart – Bearish

Key resistance levels: $163, $177
Key support levels: $141, $131

The daily outlook for Ethereum suggests a bearish trend which is now forming in a wedge pattern. Following this pattern, there’s no sign of bullish momentum for Ethereum at the moment until a wedge breakup triggers, probably at $177 resistance. Notwithstanding, the buyers are likely to meet immediate resistance at $163 if the buying pressure becomes intense.

ETHUSD, Daily Chart – November 29

 

The recent price increase gave the RSI a little rise above its 30 levels. A strong bullish regroup could continue to keep the RSI in an upward movement, making the price of ETH to reach the overbought area in no time. Currently, the MACD for Ethereum is in the bearish zone. A lower expansion of the oscillator could roll the price back to wedge’s support at $141 and $131.

Ethereum (ETH) Price Analysis: Hourly Chart – Bullish

Since Ethereum broke out of the triangle pattern, the price action has been roaming on a sideways, now sitting on the broken triangle. Though, the price is now forming in a rising wedge. But it appeared the market is looking for a retest at the lower boundary of the wedge at $150 before bouncing back. A drive beneath the wedge may send ETH to near support at $141.

ETHUSD, Hourly Chart – November 29

Bouncing off the wedge would be a perfect move and most especially an interesting experience for the bulls. The next resistance to watch out for is $156, followed by $160 – where the wedge’s upper boundary lies. We can see that Ether is currently lying at the mid-level of the technical indicators to show an indecisive market. However, we may need to wait for a while to see the actual play before taking a position.

ETHEREUM BUY SIGNAL

Buy Entry: $150.87
TP: $160
SL: 148

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Dominated by Bears for the Umpteenth Time AUDUSD Trends Lower past 0.6769 Key Support Level

AUDUSD Price Analysis – November 28

AUDUSD depreciated to a session low past the level at 0.6769 and is now challenging the daily lower horizontal zone on the level at 0.6759 which is providing an added line of defense against sellers on the level at 0.6759 – just sitting nearby.

Key Levels
Resistance Levels: 0.7085, 0.7001, 0.6929
Support Levels: 0.6759, 0.6710, 0.6670

AUDUSD Long term Trend: Bearish

Currently, the exchange rate is testing a support level formed by the daily support near the level at 0.6769 area. If the support level holds, a brief retracement towards the daily moving average 5 on the level at 0.6778 may follow.

Overall, with an intact resistance of the level at 0.7085, the reversal of the trend is not yet clearly confirmed. That is, the downward trend since the fall from earlier highs is expected to continue to the level at 0.6670 (low) again.

AUDUSD Short term Trend: Bearish

The AUDUSD drop of the level at 0.6929 is still in progress. Intraday bias stays down to repeat the tests of the level at 0.6670 first. On the upside, a resistance above the level at 0.6803 minor resistance may neutralize intraday bias and provide recovery. But the rise should be limited well below the level at 0.6929 resistance.

Sellers may take advantage of the trend if price stays below the low threshold of the level at 0.6769, where other sell stops may be activated. The outlook stays bearish, displaying an intact downtrend in the short, and long term.

Instrument: AUDUSD
Order: Sell
Entry price: 0.6769
Stop: 0.6834
Target: 0.6670

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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India Eyes Blockchain Technology Adoption

The government of India is preparing a nation-wide model to give backing for blockchain utilization in the country.

The minister of state for electronics and IT Sanjay Dhotre announced on the 27th of November that the administration is formulating blueprints to release a National Level Framework that talks about the prospects of distributed ledger technology and its adoption.

This announcement was communicated through a letter by Dhotre, which addressed questions on blockchain matters by the lower house of the Indian Parliament.

MP Parvesh Sahib Singh Verma threw a question at Dhotre, asking if the administration had carried out inquiry into the probable use of blockchain technology and what the findings of such exploration were to which the minister replied that the agency has recognized blockchain technology as an important area that could bring development to systems like banking, cybersecurity and many more.

The letter explained that the administration has erected the Distributed Center of Excellence in Blockchain Technology which will function as an entity to develop and execute exploration of blockchain systems and its applications.

Several Blockchain Schemes in India
The initiative has seen the establishment of groundbreaking improvements like blockchain systems for equity listing at Telangana State, proof-of-concept remedies for Cloud Security Assurance and trade finance.

Additional pre-existing programs comprising verification of educational records with a proof-of-existence model and hotel registration supervision.

In October, Tech Mahindra notified that it was partnering with a blockchain app incubator, Quantoz to deliver reliable digitized payment methods.

Furthermore, the ministry of defense of the country led by Rajnath Singh unveiled in a recent interview that the defense sector was planning on utilizing blockchain technology.

Contradictory Strictness Towards Blockchain-Related Establishments in India
Although India is fostering the adoption of blockchain, it has appended laws that pose challenges for crypto-related businesses.

The apex bank of India likewise passed a rule to commercial banks to desist from providing services to crypto businesses.

Facebook has also notified that it won’t be launching its Stablecoin, Libra, in India due to regulatory problems.

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