BTC/USD Price Forecast December 29, 2017, Technical Analysis

Bitcoin has fallen a bit during the trading session, reaching towards the $13,500 level, only to find buyers. I think there is plenty of support underneath, especially down at the $13,000 level, so therefore a bounce is not a huge surprise. The $16,000 level above is massive resistance, so therefore I think we won’t find any opportunity to break out in the short term. I think that the market continues to go back and forth, and as a result I think that short-term traders will continue to flock to this market, perhaps using something like the stochastic oscillator as a signal. The markets will probably continue this behavior until after New Year’s Day, where we have more volume coming into the marketplace. Quite frankly, it’s difficult to anticipate how this market will behave in low volume, as this is the first year of Bitcoin being a major market. So far, it is behaving very much like the other currency markets, so I don’t think there is a major difference as far as that is concerned. Beyond that, you have to worry about the fact that the Bitcoin markets have been overbought for a significant amount of time, so it’s likely that the traders out there are looking at this as a potential cooling-off period, which is exactly what Bitcoin needs.

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BTC/USD Video 29.12.17

If we did breakdown below the $13,000 level, we will more than likely go down to the $12,000 level, which of course would be supportive. A breakdown below that level sends Bitcoin down to the $10,000 level, an area that I think a lot of people are expecting to be retested given enough time. In general, I believe that the uptrend is still intact, but exhaustion that most traders are feeling must be extreme. The alternate scenario of course is a breakout above the $16,000 level, which would send this market much higher, probably towards $18,000 next. A break above there should send this market to the $20,000 level, which is the would send the market back towards the all-time highs again. We probably won’t see that until January though.

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BTC/USD daily chart, December 29, 2017
BTC/USD daily chart, December 29, 2017

Bitcoin and Ethereum Price Forecast – BTC Consolidates as ETH Moves Higher

The bitcoin prices continued to toss and turn over the last 24 hours with no specific direction but the pressure on the prices is there for everyone to see clearly. The prices made a beeline to the $14000 region only to recover during the later half of the day and it now trades just below the $15000 region as of this writing. The reports that South Korean regulators could go as far as shutting down the BTC exchanges had spooked the markets yesterday and led the prices lower but what has transpired from them today is much less than what was feared.

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Prices Choppy

The regulators in South Korea have imposed some rules on the domestic exchanges which includes collection of more information about the customers and restricting the use of anonymous accounts by the customers and this is likely to be the first of series of restrictions on the exchanges. But so far, this is far from the fears of some of the traders who had felt that they would be shutting down the exchanges totally. This is a kind of relief for the traders and has since led the prices higher. The BTC prices are likely to continue to have some choppy trading over the next few days as well as we wind down one of the momentous years for this industry.

Bitcoin 4H
Bitcoin 4H

The ETH market has been stable, as compared to the BTC markets, and it looks to establish itself as a major player in this industry. Many traders feel that 2018 would well be the year of ethereum, just as how 2017 was the year of bitcoins. We continue to believe in the fundamentals of ETH and we will closely watch how the situation develops.

Forecast

Looking ahead to the rest of the day, expect some consolidation in the BTC market while the ETH prices continue to trade in a buoyant manner. We expect the ETH prices to break through the $1000 region within the next couple of weeks as it gets on its next bullish leg.

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Market Snapshot – Bitcoin Feels the Heat From Regulators

BTC Prices Fall

With the markets in a slumber mode due to the holidays in various parts of the world and with many of the traders not at their desks, the attention is now focussed on the cryptocurrency industry as it continues to toss and turn as we head into the new year. The bitcoin market is clearly under pressure from various quarters as the regulation of the industry begins to happen in full swing. The latest to join the bandwagon is South Korea with reports that they are planning a lot of controls on the trading and also have the option of shutting down the exchanges on their radar. This has spooked the markets as a lot of volumes is done at these exchanges and a closure of these would mean another major blow for the industry just as how it happened in China. It managed to recover from the China blow but it remains to be seen whether it can survive this blow, if and when it happens.

Other Markets in Sleep Mode

The rest of the markets are in a slow mode with the dollar weakness being the overriding theme in the markets. The stock markets all around the globe are in a consolidation and ranging mode for most of the last 24 hours which is quite expected as the traders are off on a holiday and most of the trading desks continue to be vacant during this period as the market awaits another long weekend. Gold and crude oil are both trading higher in a low volume trading.

The Bitcoin Clan gets that Sinking Feeling

It’s been a rough time for the Bitcoin family of late, with Bitcoin’s Wednesday recovery coming to an abrupt end to test sub-$15,000 levels once more, before closing out the day at $15,146.56 on Wednesday

Bitcoin Cash and Bitcoin Gold showed an inability to shake off the Bitcoin troubles, with the sideways moves in Bitcoin Gold coming to an end through the early part of the day.

Plenty of bad press continues to hit the cryptomarkets and the Bitcoin clan are certainly amongst the worst hit.

At the time of writing, Bitcoin is down 8.3% to 14,090, with Bitcoin Cash and Bitcoin Gold down 10.06% and 10.19% respectively.

Performance through the month and in the last week in particular, suggests that a collapse in Bitcoin is likely to lead to a contagion effect across the cryptomarket, while Ripple continues to defy the odds at present.

So, one wonders whether the hard forks that have resulted in the creation of Bitcoin Cash and Bitcoin Gold are in fact material to investors. A backlog of transactions on Bitcoin exchanges suggests that there should be an increase in appetite for both Bitcoin Cash and Gold, which has yet to materialise.

While the negative news is certainly contributing to the declines, the direction of the Bitcoin futures contracts are also of significance to the Bitcoin clan.

On the Cboe futures, Bitcoin’s January contract managed to recover from an intraday low $13,520 to sit at $13,820 at the time of writing, with February expiry down $1,060 for the day to $14,000.

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For the rest of the day, Bitcoin together with Bitcoin Cash and Bitcoin Gold will remain under pressure, with today’s declines coming off the back of news from South Korea that the government will be imposing certain rules including banning banks from offering accounts to cryptocurrency exchanges.

The Korean government also stated that there is a possibility that cryptocurrency exchanges could be shut down should investigations conclude that such action be warranted.

With South Korea being one of the key contributors to December’s crypto-rally, the possibility of a South Korean crypto-exit has certainly alarmed the markets. South Korea is not alone with concerns over the cryptos, with other central banks having been quite vocal in recent weeks. Currently, cryptocurrencies are particularly exposed to regulatory risk and even more so in geographies where there is significantly higher trading volumes including China, Japan and South Korea.

Concerns over South Korea’s possible regulatory impact on the cryptomarkets has not only impacted the Bitcoin clan, but also Litecoin and the rest, with Litecoin down 6.69%, Ethereum down by 5.95% and Iota and QTUM down 8.29% and 8.66% respectively.

With Bitcoin futures currently sitting at values below Bitcoin’s, pressure will likely remain on Bitcoin and the majority of the cryptocurrencies through the day, though as we have seen on previous occasions, even the threat of a loss of the South Korean market may not stop investors jumping back in at sub-$13,000 levels should Bitcoin continue to slide.

The only major that was sitting in positive territory at the time of writing is Ripple’s XRP, which is up 0.24% to $1.20971.

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Bitcoin and Ethereum Price Forecast – BTC Prices Correct Lower

Bitcoin prices corrected lower on the back of some volatile trading over the last 24  hours though there does not seem to be any specific reason for the same. We would like to view all these movements over the last few days as purely down to some choppy trading as the market awaits some real direction in the new year. We believe that there is still a shortage of liquidity in the market and this is likely to keep the market under pressure in the short term as the traders try to take advantage of the weakness in the bitcoin and buy some more of the same as they believe that the prices would more higher.

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Prices Dip Below $15,000

As we have been saying over the last couple of weeks, we cannot expect the bitcoin prices to keep skyrocketing any more at the same pace. The reason is manifold and it includes the fact that more and more regulations are likely to come in to regulate the bitcoin industry and this is likely to put off the speculators. Likewise, the introduction of the futures is also going to have a huge bearing in the price, much more than what most traders would give credit to. A combination of such events should keep the lid on the bitcoin prices for the short term.

bitcoin 4H
bitcoin 4H

Ethereum prices have also followed the BTC prices lower and as we have mentioned above, the slow trading and the lack of liquidity in the markets has affected a lot of other cryptos as well and ETH is not any exception to the same. The prices are now trading below the $700 region and it is likely that it will continue to trade in a weak manner in the short term as well.

Forecast

Looking ahead to the rest of the day, as we near another long weekend for most parts of the world. expect some more consolidation and ranging in the crypto markets with the BTC prices trading below $15,000.

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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 28/12/17

Bitcoin Cash in the red again

Following a fall to $2,667 on Wednesday, there have been no signs of a dip and pop this morning, with cryptocurrencies largely in the red at the time of writing.

Bitcoin Cash has seen the one of the largest declines amongst the majors, down 8.47% to $2,477.1 and further declines are likely through the day before support kicks in.

Big brother has certainly been a factor to Bitcoin Cash’s decline, with Bitcoin down 7.2% to $14,259 at the time of writing, though one does question whether accusations of insider trading have tarnished Bitcoin Cash of late.

With Bitcoin Cash continuing to struggle to break back through to $3,000 levels, investor sentiment could be tested at $2,400, with any move lower likely to get the markets a little jittery in the wake of the pre-holiday sell-off that saw Bitcoin Cash slump to a low of $1,567 last Friday.

Trading volumes have picked up this morning, but with the Cboe Bitcoin futures prices in decline, there’s little incentive for investors to jump in just yet.

BCHUSD281217

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Litecoin takes a hit

Litecoin joined the cryptocurrency victims on Wednesday, falling to a low of $252.81 before a day end $262.7 that was some way off the start of the day $280.14.

As we had anticipated, Litecoin’s tight ranges through the week ultimately weighed, with Litecoin down 7.33% to $245.02 at the time of writing.

Investors have become somewhat inpatient this week, whilst also being cognizant of the volatility that has hit the cryptomarkets this month, with quite sizeable moves being seen across the board.

We will expect Litecoin to find support at $240 levels, though with the negative sentiment in the markets today, a move to sub-$220 could see Litecoin fall back down to sub-$200 levels before a bounce back.

As we have seen in recent weeks, what Bitcoin can do, Litecoin can do better and with Bitcoin down 8.88%, Litecoin is hot on its heels. Perhaps the founder of Litecoin was wise to sell out when he did…

LTCUSD 281217

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Ripple HODL

Ripple is the best of a bad bunch through the early part of the day, with a 2.64% decline to $1.175 relatively minor compared to the likes of Bitcoin and the Bitcoin clan.

In contrast to its peers, Ripple had a relatively positive session on Wednesday and, while in the red at the time of writing, looks to be holding on relatively well considering the negative sentiment that continues to linger in the cryptomarkets.

Ripple will certainly be less sensitive to the Bitcoin futures moves, with the markets more impressed with the Ripple team’s progress in the market place. The latest news being the announcement of SBI Ripple looking into using Ripple’s blockchain technology for credit card payments.

For now, Ripple is the cryptomarket HODL and has certainly had a good week relative to its peers.

Any dips are likely to pop with the outlook towards Ripple’s blockchain tech on the positive side, which has also contributed to less vol through this week.

XRPUSD 281217

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Bitcoin Gold DASH and Monero Price Forecast December 28, 2017, Technical Analysis

BTG/USD

Bitcoin Gold tried to rally during the day, but struggles at the $300 level yet again during the Wednesday session. I believe that the market will continue to be difficult to navigate over the next several sessions, as what is typically a very illiquid market will continue to not only be a quick, but even more so this week as we are between holidays. If we can break above the $300 level, at that point I think it’s a strong buy signal. Otherwise, we could drift towards the $220 level below.

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BTG/USD DASH USD and XMR USD Video 28.12.17

BTG/USD daily chart, December 28, 2017
BTG/USD daily chart, December 28, 2017

DASH/USD

DASH continues to be very noisy, bouncing around the $1100 level, and showing significant resistance at the $1200 level. A break above the $1200 level would be very positive, it could happen relatively soon as DASH continues to be very bullish in general. I think if we can break above the $1200 level, we will probably go looking to the $1400 level next, but I also see the potential for a pullback as volumes are very thin. Currently, I look at the $1000 level is the next support level, and the next possible buying area if we do get some type of easing in price.

DASH/USD daily chart, December 28, 2017
DASH/USD daily chart, December 28, 2017

XMR/USD

Monero of course initially rallied during the trading session on Wednesday, but fell at the $400 level, finding in a bit too important. Now that we have done this, we have dropped towards negativity, but I think there is an uptrend line underneath it will continue to support this market. With this being the case, I think it’s only a matter of time before the buyers get involved, and that we reach towards the $400 level again. If we can break above the $400 level, then the market probably looks for the $475 level which has been important in the past. I believe the most important thing on this chart though is going to be the uptrend line, so if we can stay above there it’s a “buy the dips” type of situation.

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Monero/USD daily Chart, December 28, 2017
Monero/USD daily Chart, December 28, 2017

BTC/USD Price Forecast December 28, 2017, Technical Analysis

Bitcoin markets continue to be very noisy, and very thin to say the least. At this point, between Christmas and New Year’s Day, it’s basically gamblers that are out there putting money to work. Looking at the charts, it makes sense that we did pull back, as the stochastic oscillator on the 4-hour chart was a bit too overbought, and crossed. If we can break above the $16,000 level, that is a sign that we should continue to go higher but I see a significant amount of noise between $16,000 and $18,000 above, meaning that it is going to be a fight to get up there. Because of this, I think it’s can be difficult to get involved until we get some type of significant volume. I do recognize that the $13,000 level underneath should be supportive, so this of course is a potential buying area, but we have signs that perhaps we won’t even get that low.

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BTC/USD Video 28.12.17

For what it’s worth, the 20 SMA on the 4-hour chart is trying to show signs of support as I record this, but again I think with a lack of volume, it’s basically just smalltime traders out there trying to push the market around. Longer-term traders have been bullish of Bitcoin naturally, but we have also seen a significant break down over the last couple of weeks. A breakdown below the $13,000 level would be very negative indeed, perhaps sending this market down the $10,000 next, but that of course would take a certain amount of inertia that I don’t think we’re going to have over the next several days. After New Year’s Day, that’s when the truth comes out, and real money gets back to work.

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BTC/USD daily chart, December 28, 2017
BTC/USD daily chart, December 28, 2017

Market Snapshot – Oil Prices Move to 2015 Highs, Bitcoin Recovers

Oil Moves to Highs

With not much of things going around in the markets over the last week or so, even the smallest of moves have been getting a lot of attention over the last few days. It is a holiday period in most parts of the world and a lot of traders are no longer at their desks and it is likely that they will be returning back to full fledged trading only during the second week of January. But the oil bulls have chosen this specific period of time to make a dent to the confidence of the bears as the oil prices continued to move higher and challenged the $60 region for a brief while. We have been saying that it was only going to be a matter of time before this region is reached and breached and the oil bulls also seem to agree. The blast near a major refinery in Libya has led to fears of disruption in the demand for oil and this has led the prices higher.

Bitcoin Stages Smart Recovery

Bitcoin rage continues to dominate the market as the prices have staged a smart recovery from its lows. It now trades just below the $16,000 region after rising by around 30% from its lows from last week. The recovery is expected to continue, albeit in a slow manner as we head towards the end of the year and a period of low liquidity and high volatility.

Bitcoin Holding on with both Hands

Bitcoin enjoyed a much-needed boost on Tuesday, moving from sub-$14,000 levels through to $15,675 by the end of the day. The gains came in spite of Bitcoin continuing to receive negative press on an almost hourly basis.

For the Bitcoin bulls, the good news is that the momentum continued through this morning, with Bitcoin managing to break through to $16,000 levels and hold on. At the time of writing, Bitcoin was up 1.97% to $16,075.04.

The gains may not be that impressive, but investors will take some comfort from the fact that the lows have picked up through the first half of the week, suggesting that there may be more on the horizon, though things may prove to be a challenge should volumes remain on the lighter side and investors focus on the negatives, all too aware of how quickly market conditions and appetite can change.


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For the rest of the day, there has been a reasonable amount of support from the futures markets, with the Cboe XBT Bitcoin January futures contract gaining $340 to $16,150 and with February’s contract up $365 to $16,300. The numbers suggest that support will be in place, but unless we see futures move back to intraday highs of $16,570 and $16,670 for the respective contracts, Bitcoin is likely to face an uphill battle to break out to $16,150 and beyond.

Hashrates have been on a downward trend since 18th December’s peak and, while some may attribute this to the holiday season, the fact that a significant amount of the hashpower is generated in China suggests that the softer hashrates may be as a result of concerns over Bitcoin’s outlook.

News of more congestion on exchanges hasn’t helped Bitcoin’s recovery, with Coinbase having stated that Bitcoin and Ethereum were both experiencing backlogs equivalent to a few hours of delay.

Exchange platform stability remains one of the key concerns for investors and never more so with the sizeable swings being seen in recent weeks. No investor is going to want to see a Bitcoin price collapse, with exchanges unable to meet the demand of transactions that could see some take quite a sizeable hit. Delays of more than a few hours could be the equivalent of a $2,000 – $4,000 slide in Bitcoin’s value.

For now, the futures markets are not pointing to anything sinister, but should transaction delays continue to be experienced across the mainstream exchanges, things could change rapidly.

If investors were considering which of the three Bitcoin’s to be invested in, those having selected Bitcoin in last week’s sell-off will be thinking that they’ve made the right choice. Time will tell whether the talk of hard forks et al will cause the smarter money to take a more cautious view on Bitcoin’s price outlook. For now, we haven’t seen futures prices collapse.

Across the major cryptocurrencies at the time of writing, IOTA is leading on the day, up 13.8% and considered to be the HODL of the day.

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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 27/12/17

Bitcoin Cash in the red

Bitcoin Cash started the day in the red today, down 0.97% to $2,886.6 at the time of writing. While on the back foot through the morning, it’s been a relatively positive week so far, with Bitcoin Cash having recovered from a Friday low of $1,567.

The losses come in spite of Bitcoin enjoying further gains through the early part of the day to $16,179.78, a far cry from the sub-$12,000 lows of a week ago.

With Bitcoin Cash’s peers are in positive territory at the time of writing, a breakout through to $2,950 in the early part of the day should support a bounce through to $3,100s, though trading volumes have been particularly light this morning, with any major upside likely to be a challenge today.

BCHUSD271217

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Litecoin Stuck in a Rut

There’s been little to shout about with Litecoin continuing to move sideways, after coming off a weekend high $321.85.

The ranges have been particularly tight when considering the volatility associated with the cryptocurrencies and the lack of a more material move north alongside its peers may see Litecoin at risk of a downward move, as investors look elsewhere for returns. Litecoin has certainly enjoyed plenty of support at current levels, though we will expect this to soften through the day, with trading volumes having been on the higher side this morning.

In contrast, Bitcoin has been on the move and recovered to $16,000 levels and, while Bitcoin may be enjoying some new found attention, it may take some time before Litecoin gets similar attention.

LTCUSD 271217

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Ripple on the move

Ripple looks to have put the weekend sell-off behind it, with a gain of 5.76% to $1.13695 at the time of writing.

Things have been looking particularly upbeat for Ripple in recent weeks, with the moves out of the low $0.23 level ranges now a distant memory.

With a live platform that is being incorporated into the financial system to facilitate cross-border payments between financial institutions, things are looking particularly promising for Ripple going into the New Year.

As we repeatedly point out, the team has addressed concerns over the market being flooded by the Ripple team’s XRPs and, while Bitcoin in particular has received plenty of bad press of late, Ripple has managed to avoid such issues in spite of December’s solid gains.

For the day ahead, Ripple will need to break back through to $1.15 levels to keep the rally alive, with trading volumes having eased off through the morning. A failure to move ahead could see Ripple fall back down to sub-$1.10 levels, though as things stand momentum looks to be with Ripple that continues to make splashes in the cryptomarkets.

XRPUSD 271217

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Bitcoin Gold DASH and Monero December 27, 2017, Technical Analysis

BTG/USD

Bitcoin Gold did very little during the day on Tuesday, as volume was nonexistent. Having said that, I think that the markets will continue to find the $300 level as minor resistance, but if we can break above there it is a good sign for Bitcoin Gold, and it should send this market towards the $400 level. Ultimately, the $200 level underneath should continue to be supportive, and a breakdown below there should be a sign to start selling. This is a market that will lack of volume of the next several sessions, so I would not be surprised at all to see Bitcoin Gold staying within the consolidation.

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BTG/USD DASH USD and XMR USD Video 27.12.17

BTG/USD daily chart, December 27, 2017

DASH/USD

DASH did almost nothing during the day on Tuesday, as we continue to see resistance at the $1200 level. I see the uptrend line underneath offering support as well, especially closer to the $1000 handle. It continues to be one of the better performing currencies, but we have run out of momentum as of late. The thing that concerns me is that the most of volume we have seen recently was during a massive selloff before the holiday. The question is what happens next, once traders come back from holiday break? If we break down below the $1000 level, that would be a very negative sign. Alternately, if we can break above the $1200 level, that would be a very bullish sign and could send this market towards the $1500 level again.

DASH/USD daily chart, December 27, 2017
DASH/USD daily chart, December 27, 2017

XMR/USD

Monero rose slightly during the day on Tuesday, but with a lack of volume I don’t read too much into this move. The most important thing as the uptrend line that I have on the chart, which of course we are above. If we can break above the $375 level, I think that the $400 level above would be the initial target, and a break above the $400 level would be a very bullish sign as well. I think if we can break above the $400 level that we could go to the $475 level. I think that the markets will continue to be positive in general, but if we do break down, it could be rather brutal and quick as we have seen recently. Monero has behaved much more stable than many of the other crypto currencies I follow, so I have more faith in the rally if it happens.

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Monero/USD daily Chart, December 27, 2017
Monero/USD daily Chart, December 27, 2017

Bitcoin Price Forecasts December 27, 2017, Technical Analysis

Bitcoin markets rallied a bit during the trading session on Tuesday, as traders came back from the holiday session. Now that we have broken above the $16,000 level, it looks as if we could continue to go higher but there is a lot of noise above to keep this market very choppy and down. The biggest concern that I have in this market right now is that there is a serious lack of volume. Until Levine comes back full force, it’s likely that the market will be a bit difficult to get a handle on. If we roll over from here, breaking down below the $15,000 level, the market should then go back to the $13,000 level. The stochastic oscillator is starting to try to cross over in the overbought scenario, so that of course is a sign that we could start selling off as well.

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BTC/USD Video 27.12.17

We could also rally though, and that’s the conundrum that I find myself in right now. At this point, I think we break above the $17,000 level, the market probably goes towards the $19,500 level. Volume of course is probably going to be thin for the next week, so we could get erratic moves in both directions. I think that using small positions will probably the best way to express your opinion on Bitcoin, as the market continues to be very noisy. One of the biggest concerns is that we are overbought on the longer-term charts, and sooner or later we are going to need to break down to offer some type of value for longer-term traders. I believe that the volatility is going to be very difficult to deal with, as Bitcoin doesn’t seem to know where it wants to go now that we have a futures market influencing traders. Of note is that many of the institutional investors out there are starting to short the futures market, as a hedge against the spot market. With the larger traders shorting the market, one would have to think that sooner or later they will get their way. That should offer value for the longer-term trader, but until we get clarity, one must think that back and forth range bound trading off the stochastic oscillator is probably the easiest way to deal with this noise.

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BTC/USD daily chart, December 27, 2017

Bitcoin and Ethereum Price Forecast – BTC and ETH Consolidate Gains

Bitcoin prices continued their recovery over the last 24 hours as all the selling that we had seen in the bitcoin markets just before Christmas seems to have vanished and now we are seeing the prices moving higher in a slow and steady manner. The prices have risen by 30% since the time we saw the lows in the market during the middle of last week but that is not much compared to the volatility and the pricesrises that we have seen in this market over the last few months. We expect the prices to continue their recovery over the next few days as well as we get towards the end of the year.

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Prices Stop Short Near $16,000

The prices seem to have hit a pocket of selling near the $16,000 region and with the bitcoin futures bringing in the possibility of some strong selling happening, the market is no longer uni-dimensional as we can see some good two way action in this price region and we have been seeing the prices in a tight consolidation since the selling came in. It is likely that the bulls would continue to push higher but the speed of the price rise may not be as profound and fast as it used to be earlier.

Bitcoin 4H
Bitcoin 4H

The ETH market has also been able to feed off the bullishness in the BTC market and has since been rising higher as well. We are now seeing the prices trade in the $750 region over the last few hours and it is expected that the prices would continue to move higher in the short term. As always, we believe more in the fundamentals of ETH than BTC and expect it to do even better than what BTC did, ultimately.

Forecast

Looking ahead to the rest of the day, we do not have major fundamentals to rock the industry as yet and so expect some bullish consolidation to continue in the BTC and ETH markets over the next 24 hours.

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Market Snapshot – Cryptos Move Higher after Christmas

Quiet Trading Likely

It is likely to be a quiet day of trading in the markets as we are in a holiday period. Europe continues to be on leave while the US markets are set to open later today after the long weekend of holidays. It is unlikely that the liquidity and the volatility are going to pick up anytime soon as the markets continue to be on holiday mode and hence we can safely say that the trading is going to be short and quiet for today and for rest of the week as well. We expect the liquidity to pick up only during the second week of January and until that time, the traders have to get used to some slow and choppy trading.

Bitcoin Prices Move Higher

Bitcoin prices have returned from their holidays, so to speak, as the price rise has picked up pace after Christmas and the prices have been moving up. This has been helpful for the rest of the crypto markets as well as they have also shot higher showing the inherent strength in this market during this period. Profit-taking continues though and this has placed some pressure on the prices but the volatility is expected to move higher in the coming days as we move towards the beginning of the new year.

The Bitcoin Bulls come out after Christmas

Bitcoin has certainly had its moments through the year, but perhaps December will be considered to be its defining moment.

The month’s highs and lows have seen investor sentiment shift from moments of euphoria to ones of sheer panic.

Through the weekend and Christmas Day, Bitcoin continued to see some sizeable moves, hitting a weekend high $15,756.22 and low $12,488 before the ship steadied on Monday in what was a relatively tight ranged day by Bitcoin’s standards.

Bad press and the futures markets have certainly contributed to the gyrations of late, with central banks and governments looking to deliver more dire warnings over the cryptomarkets, in a bid to avert a continued outflow from fiat currencies that could ultimately end in tears, if you believe the bubble stories that have been doing their rounds.

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At the time of writing, Bitcoin is up 9.62% to $15,250 and with such sizeable swings, we will expect the more speculative investor to be a little quicker to lock in profits following the volatility seen through the month.

The good news for the Bitcoin bulls and Bitcoin Billionaire Club is that Bitcoin managed to dust itself off and move back to $15,000 levels, which is still a 53% gain through the current month. That’s not quite as impressive as the gains seen across some of the other cryptocurrencies, but considering the fact that Bitcoin is sitting more than 30% off its December record high, it’s not that bad, though the month is not quite over.

For the less savvy investor looking for direction, the smart money is likely to remain a key driver for Bitcoin and today’s Bitcoin futures have certainly done well, suggesting that the latest round of warnings from central banks and governments may be little more than hype. After all, many a central bank and government will likely be wanting to have greater control over the cryptocurrencies that have remained elusive until now.

Anonymity and the decentralized nature of the cryptocurrencies has enabled investors to bypass any government or central bank crackdowns.

At the time of writing, CME Bitcoin futures was up $1,235 to $15,370 for January expiry and that’s sitting above Bitcoin’s current price of $15,250. Trading may be on the lighter side, but it’s all relative and barring a sudden shift in sentiment that would likely need to be news related, today’s gains are unlikely to evaporate.

Of interest will be how Bitcoin moves in the coming days as trading volumes pickup and whether the negative sentiment going into the holidays returns. The futures prices suggest otherwise, but even the futures markets have been choppy in their first week, with the CME’s January contract seeing quite sizeable swings. The moves may flatten out once more institutional money comes in through the ETFs that are in the process of launching, or so the theory goes. Theory has seemed to have been of little use until now, which has certainly made it a trickier investment this month.

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Bitcoin and Ethereum Price Forecast – BTC Prices Recover

The bitcoin market has had a general recovery all across the board over the last few days as the market continues to show some resilience in the midst of some serious profit taking in the bitcoins over the last week or so. Ever since the futures were introduced, the bitcoin prices have been on the backfoot and it remains to be seen whether the introduction of the futures has had a role in that or whether it has been just a coincidence over the last couple of weeks. The bitcoin prices corrected lower over the last week or so and it went even below $12000 at one point of time and it appeared that once again the traders were jumping ship.

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Prices Push Above $15000

Many of the industry watchers became ready to write the death note for the bitcoin industry once again but the traders and speculators have proved them wrong again. The prices of bitcoin have turned around and moved higher over the last couple of days and it trades above the $15000 region as of this writing. It is likely to face a lot of selling and profit taking once again and this choppy action is expected to continue till the end of the year. It is likely that some clarity will emerge in the prices only during the early part of next year and till then, the traders have to deal with this choppiness and volatility.

Bitcoin 4H
Bitcoin 4H

As far as the ethereum prices are concerned, the prices followed the bitcoin industry lower but like the bitcoin prices, there has been a turnaround in the ETH prices as well which has since moved further higher and it now trades comfortably above the $700 region. This move higher is expected to continue in the short term.

Forecast

For the rest of the day, expect some consolidation and ranging to continue in the BTC markets as the prices face a lot of selling in the short term and hence find the move higher difficult as time goes on. The ETH prices are also expected to follow the bitcoin prices in consolidation and ranging over the next 24 hours.

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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 26/12/17

Bitcoin Cash Gains Support

The post-Christmas rally was in evidence through the early part of the day today, with Bitcoin Cash up 4.08% to $2819.9.

Upside through the early part of the day comes off the back of a Bitcoin rally, with Bitcoin up 10.35% to $15,350.78. The gains come in spite of Central Banks and governments continuing to warn investors over cryptocurrencies and the risks associated.

Supporting Bitcoin and Bitcoin Cash through the early part of the day came from a bounce in the CME futures market, with January and February contracts rising by $1,175 and $1,320 respectively to pull values up to $15,310 and $15,570 at the time of writing.

With many markets still closed for the holidays, trading volumes were on the lighter side and amongst the Bitcoin bad press, there were more 2018 forecasts for Bitcoin to see even more sizeable gains through the next year.

For the day ahead, Bitcoin Cash will need to make a move to $3,000 levels to set up for another run towards $4,000, through with trading on the lighter side, we will expect Bitcoin Cash to lag behind Bitcoin through the day.

BCHUSD261217

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Litecoin Tip Toes North

Following an early bounce to a morning high $286.99, it’s been fairly range bound for Litecoin through the morning, with Litecoin failing to get a major boost from Bitcoin’s morning rally.

The Bitcoin futures markets and likely imminent launch of the Bitcoin ETFs are bringing significantly greater volatility to the cryptocurrencies, but Bitcoin and its siblings are likely to be more significantly impacted by rising vol than the likes of Litecoin that has been more resilient to the bad press over the last week. Having said that, Bitcoin rallies will continue to leave Litecoin behind, with investors all too aware of where the larger returns can be made on the rallies.

At the time of writing, Litecoin was up 3.12% to $282.05, but for a Litecoin rally to gain momentum, a move to $300 levels is needed before the trading volume picks up in the coming days.

LTCUSD 261217

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Ripple Trailing

Ripple was trailing the other major cryptocurrencies at the time of writing, up 2.67% to $1.02673, though the reality is that Ripple was able to find its feet more quickly during the pre-holiday sell off that saw Bitcoin fall by close to 50%.

That’s not to say that Ripple came through the latest crypto test unscathed, having hit a very brief Friday low of $0.68, which is well of its all-time high $1.248. In contrast to Bitcoin, which has relatively less influence on Ripple than its peers, Ripple news has been a little more upbeat and has provided strong support for the cryptocurrency during moments of market panic.

The Ripple team has done well to provide strong support and the ever increasing availability of Ripple on exchanges across the world is certainly another positive.

It’s been a few weeks since we’ve seen Ripple back at sub-$0.30 levels and December has been a poignant moment for Ripple and the cryptomarkets, with bubble talk having boiled over in the wake of last week’s correction, all of which has Ripple still looking at a 300 plus percent gain for the month.

A flat start to the day could change should Ripple manage to break out of its current ranges, which have been on the tighter side, with any move through to $1.05 likely to set Ripple up to make a splash.

XRPUSD 261217

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Cryptocurrencies – What’s going to happen in 2018?

As with any event, what happened in the past cannot be used to help to predict the future and we can only draw inferences from the past to see how the industry would be like in 2018.

Bitcoin has been the leader of the crypto industry during 2017 as its prices grew from $1000 at the beginning of the year to $19,000 by the end of the year. This has made everyone, including the central banks of various countries, sit up and take notice. But as we head to the close of the year, we are seeing increasing signs of fatigue in the bitcoin market. This has been caused by the phenomenal increase in Bitcoin prices which has taken it out of the reach of the common man. We are also seeing the introduction of Bitcoin futures adding pressure to prices as also some of the proposed regulation.

It is in this scenario that we are seeing the increasing focus on altcoins like ETH, LTC, IOTA, and Ripple. In the year 2018, we believe that altcoins would rule the crypto world as Bitcoin stays in the background. It is not that the altcoins didn’t do well in 2017 as we saw the prices of Ethereum rise by 100 times in 2017 but they didn’t gain as much attention as BTC in 2017. But we believe that 2018 would be different in that aspect with altcoins gaining traction among investors and speculators as they hunt for the next bitcoin among them.


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Ethereum and ripple, as well as another coin called IOTA, are driven by some strong fundamentals which makes them different from bitcoins in that aspect. With more and more traders and investors looking for value in their investments, it is likely that these coins are going to find favor in the medium term and the early signs of that are there for everyone to see.

But with increasing prices and increasing attention from traders and the common man alike, we are going to see increasing attention from regulators as well. Towards the end of 2017, we have been seeing many central banks and regulators taking note of the rise in prices and also how such cryptos are being misused for money laundering and we are seeing an increasing crackdown on the same, from them. This is likely to gain even more force during 2018 as regulators from more and more countries make it mandatory that the crypto investments and trades be tracked and many regulators begin to tax them as well.

Already, we are seeing countries like Japan, South Korea, and Malaysia following the footsteps of the US and Singapore and taking measures to control ICOs and tax the gains made from cryptos while countries like China have banned them outright. This part of the industry is likely to mature even more and see some more action in the coming year as the banks and regulators begin to feel the pinch and realize the need to step in at the right time. The crypto industry is also on the lookout for much-needed recognition and if such regulation leads to recognition, then it is a trade-off that the crypto industry is likely to be happy to take.

Once the markets become regulated, we are likely to see more and more sophisticated investors and traders enter into the market which would be helpful for the market to mature in a slow and steady manner over the medium and long-term. If 2017 was all about bitcoins and its price rise, 2018 could be about the altcoins and the growing regulation and maturing of the crypto market in general, paving the way for its acceptance into the mainstream financial system.

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Cryptos-A Slow Day after a Choppy Week

Investors looking for a Santa rally through the weekend would have been disappointed, with the general trend being negative going into the holidays.

Over the weekend, we saw Bitcoin bounce back to $15,700 levels before another sell-off, which saw a Sunday low of $12,488. It wasn’t as bad as Friday’s $11,159, but with Bitcoin’s lows getting lower and the futures markets also showing existing contract prices on decline, it’s going to be tough for Bitcoin to rally though to record highs through the holiday.

Negative news across the cryptomarkets hasn’t helped, with price manipulation talk doing its rounds again, affecting investor sentiment towards Bitcoin. Bitcoin Cash has not been much better after calls of insider trading ahead of Coinbase offering Bitcoin Cash on its exchange.

A lack of regulatory oversight and weak self-policing standards is a bad combination for the market and if the cryptocurrencies are wanting to avoid a shift in regulator attitudes, there will need to be better standards imposed by the exchanges, particularly as the investor base widens.

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With the futures markets shut for the holiday and trading volumes on the lighter side, there’s unlikely to be any major moves across the currencies by December standards, though Bitcoin Gold, Ethereum, QTUM and IOTA have managed to make some relatively meaningful gains at the time of writing. Bitcoin Gold and Ethereum are up 3.82% and 4.94% respectively, while QTUM leads the way, up 5.31%.

Investors will need to get over the events of the last few weeks, where Bitcoin rallied to just shy of $20,000 before falling back to $11,000 levels to then recover to $14,025 at the time of writing. The support has been there though the markets may well begin to question whether it is actual support or price manipulation that has been driving the volatility.

The news has certainly hurt and the jury’s out on whether Bitcoin investors will be able to handle the concentration of Bitcoins held amongst a small number of investors. The same issues may exist across other cryptocurrencies, but until there’s any details, Bitcoin will likely remain under greater scrutiny.

With the markets having gotten through a testing first week of the CME’s Bitcoin futures trading, the next step in Bitcoin’s evolution will be the anticipated launch of Bitcoin ETFs, with a number of ETFs having been filed since the launch of the Cboe and CME Group futures contracts.

Influence will undoubtedly increase in the weeks ahead, with speculative investment likely to get all the trickier. We didn’t see a futures driven upside in Bitcoin last and we may see similar trends stemming from the upcoming ETFs, which are also to invest in the futures markets and not Bitcoin itself.

The existence of both long and short Bitcoin ETFs will be a factor that investors will need to consider and, should we see the shorts garner greater attention, the cryptomarkets could be in for another bout of volatility.

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