NEM’s XEM Technical Analysis – 11/03/2018

Saturday Highlights

  • NEM’s XEM gained 1.22% on Saturday, after an early 9.6% gain early in the day.
  • Despite Saturday’s pullback from intraday highs, the bullish trend remained intact.
  • For the week, NEM’s XEM was down 8.13% from Monday’s open through to Saturday’s end of the day $0.32276.

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NEM’s XEM Saturday Tech Review

NEM’s XEM ended the day with a 1.22% gain, with XEM declining through the 38.2% FIB Retracement Level of $0.3233 in the final hour while managing to avoid a further pullback to the 62% FIB Retracement Level of $0.3041 that was breached on Friday.

The day’s intraday low stood above the first major support level of $0.30688, while XEM’s intraday high $0.34941 failed to test the day’s first major support level of $0.35158, despite the 9.6% rally early in the day, with plenty of sellers at $0.34 levels, as investors looked to book profits.

The good news was NEM’s XEM avoiding major support levels for a 2nd consecutive day, while XEM’s peers struggled on.

The Day so Far and What Lies Ahead

NEM’s XEM is the pick of the crop for a 4th consecutive day today, gaining 1.6% to $0.3299 at the time of writing, to lead the way amongst the majors as the weekend comes to a rapid end.

Following Saturday’s gains, the bullish trend remains in place, with a number of other major cryptocurrencies also finding support through the early part of the day.

NEM’s XEM early intraday high $0.34485 tested the day’s first major resistance level of $0.34403 before moving back through the 23.6% FIB Retracement Level of $0.3352, with XEM’s intraday low $0.31776 finding support at the day’s 38.2% FIB Retracement Level of $0.3233, to move back to $0.3299.

For the day ahead, a move through to the 23.6% FIB Retracement Level of $0.3352 would be needed to support a more sustained rally back towards the day’s first major resistance level of $0.34403 and intraday high $0.34485.

Moving through and holding above the day’s 23.6% FIB Retracement Level of $0.3352 will be key for XEM to avoid a pullback through to the 38.2% FIB Retracement Level of $0.3233, with the choppy cryptomarkets capable of going into meltdown before the end of the weekend, as investors begin to look ahead to Congress’s review of cryptocurrencies and initial coin offerings on Wednesday.

How Bitcoin moves through the remainder of the day will likely provide some direction, though gains across some of the other major cryptocurrencies will provide some support.

It’s going to be a choppy end to the weekend, as has been the case in recent weeks.

Key Technical Indicators

  • Major Support Level: $0.30688
  • Major Resistance Level: $0.34403
  • Fib 23.6% Retracement Level: $0.3352
  • Fib 38% Retracement Level: $0.3233
  • Fib 62% Retracement Level: $0.3041

Bitcoin – The Bull Bear battle for $9,000 is Underway

Hopes of Bitcoin recovering to $10,000 levels on Saturday evaporated late in the day, with Bitcoin failing to break out beyond $9,500 levels and make a move through to its 38.2% FIB Retracement Level of $9,635 to test the day’s first major resistance level of $9,665.

The Bitcoin bears took over in the latter part of the day, following the lateral moves, to pull Bitcoin back below its 23.6% FIB Retracement Level of $9,150 to hit an intraday low $8,450, testing the day’ first major support level of $8,610 in the final hour of the day, before recovering to $8,785.72 at the day’s end.

It was bad news for the Bitcoin bulls, with the day’s 4.8% decline being the 6the consecutive day in the red, with Bitcoin ending the day at sub-$9,000 levels for the first time since 13th February.

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BTC/USD 11/03/18 Hourly Chart

At the time of writing, Bitcoin was down 0.43% to $8,753.51, with Bitcoin having touched positive territory early on, with an intraday high $8,824.4.

Not too dissimilar to Saturday morning, a bullish trend is trying to form, which could support a move back through to $9,000 levels, though for Bitcoin to hold on to gains through the day, Bitcoin will need to move through its 23.6% FIB Retracement Level of $9,150 and Bitcoin’s first major resistance level of $9,384, which is some way off current levels.

The Bulls are going to need to see quite a move through the day for Bitcoin to test key resistance levels and with the Cboe Bitcoin Futures March contract ending the week at $9,040, material gains may well be capped going into the new week.

Should Bitcoin fail to move through to $9,000 levels before the day’s end, the Bitcoin bears could take control and test the day’s first major support level of $8,319. While a fall through to sub-$8,000 levels is not expected, a lack of support at $8,319 could see Bitcoin test psychological support at $8,000.

It’s been quite a slide for Bitcoin, which is down 23.8% from Monday’s opening 11,479.68 to its current $8,753.51 and with Bitcoin’s market cap now sitting at a lowly $149.2bn, there’s plenty of money sitting on the side lines looking ahead to Wednesday’s session in Congress.

Elsewhere in the cryptomarkets, NEM’s XEM continues to buck the trend, up 2.8% at the time if writing, with Ethereum, Stellar’s Lumen and Ripple’s XRP also in positive territory, which could be just the tonic for Bitcoin and rest of the laggards, with investors looking for a weekend rally to ease some of the pain from a week that was in the hands of the bears from late Monday through to the early hours of this morning.

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Bitcoin on the Move, in Search of $10,000

Bitcoin turned bearish on Monday evening and it was downhill all the way through to Friday’s week low $914.64, with Bitcoin falling to sub-$10,000 levels for the first time since late February.

On Friday, Bitcoin had fallen 9.4% to the day’s intraday low, falling through its first and second support levels before ending the day down 0.36% to $9,259.39.

The day’s declines were the 5th consecutive day of falls for Bitcoin, which bucked the trend, with the other majors closing out the day in positive territory.

For the week, Bitcoin ended the week down 19.3%, which was certainly worse than Bitcoin Cash and even Ripple’s XRP, with an intraday high $9,420.39 falling short of its first major resistance level of $9,664.52.

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BTC/USD 10/03/18 Hourly Chart

At the time of writing, Bitcoin was up 1.08% to $9,329.39, with Bitcoin having moved through its 23.6% FIB Retracement Level of $9,149.99 late Friday. An intraday low $9,119.54 in the early part of the this morning failed to pull Bitcoin back to Friday’s lows, which supports a move through to the 38.2% FIB Retracement Level of $9,635 that sits tight on the day’s first major support level of $9,664.52.

While we will expect Bitcoin to hold on to current levels through the middle part of the day, a move through to $9,635 could see selling pressure build, with investors mindful of what lies ahead next week, with Wednesday yet another key date in the crypto calendar, as Congress takes another look at cryptocurrencies and the initial coin offering market.

Looking across at the Cboe Bitcoin Futures March contract, Friday’s closing $9,040 will also likely pin back any major rally through the weekend, though we will expect improved sentiment to support a pickup in the March contract at the start of the week.

So as things stand, a bullish trend is beginning to form, with Bitcoin having moved through its 23.6% FIB Retracement level that supports a move through to $9,600 levels.

Any failure to move through to $9,600 levels could see Bitcoin ease back through to today’s intraday low $9,119.54, though we would expect support at sub-$9,000 levels to ensure Bitcoin holds at above $9,000 by the close.

Elsewhere, the rest of the majors were also in positive territory at the time of writing, with NEM’s XEM leading the way once more, up 5.49%, with Stellar’s Lumen up 3.1%.

Bitcoin Cash managed to recover from losses to catch up with the rest of its peers, as sentiment continues to improve from Friday’s troubles.

We’ve seen the weekend euphoria fizzle out pretty quickly in recent weeks. It will be interesting to see if current values can support a more sustained recovery through the weekend.

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NEM’s XEM Tech Review – 09/03/2018 09/03/2018

Thursday Highlights

  • NEM’s XEM rallied 11.33% to end the day on Thursday at $0.32781
  • The bearish trend that persisted since a mid-February $0.6515 high reversed and remained intact.
  • For the week, Monday through to Thursday’s close, NEM’s XEM was down 6.69%, outperforming its peers by a country mile.

NEM’s XEM Thursday Tech Review

Thursday was far from smooth sailing however, with NEM’s XEM falling to an early intraday low $0.27301 before the rally kicked in, driving NEM’s XEM through to an intraday high $0.35209 that broke through the day’s first major resistance level of $0.32761 with ease, before setting at $0.32781 by the close.

While investors are known to be a little jumpy through resistance levels, NEM’s XEM was able to avoid a sell-off, with the trend-bucking moves through the day getting plenty of interest before the close.

The Day so Far and What Lies Ahead

NEM’s XEM has been the pick of the crop for a 2nd consecutive day today, with NEM’s XEM continuing to defy the odds by making gains, whilst its peers languish in the red this morning.

At the time of writing, NEM’s XEM was up 3.16% to $0.34028, while sitting well below its first major resistance level of $0.36226, which was of little concern earlier in the day, when NEM’s XEM rallied to an intraday high $0.37052.

It’s been a choppy day and unsurprising when considering the declines seen across the cryptomarkets this morning.

For the day ahead, for NEM’s XEM to hold on to gains, a move back through its 23.6% FIB Retracement Level of $0.3334 would be needed to avoid a pullback to the 38.2% FIB Retracement Level of $0.3219 that sits well above today’s first major support level of $0.28318.

Investor sensitivity to current market conditions certainly contributed to this morning’s intraday low $0.29205, though NEM’s XEM found support at today’s 62% FIB Retracement Level of $0.3032 on two separate occasions this morning, the last dip has been in the last hour.

The bullish trend formed through the early hours of Thursday looks to be intact for now, though NEM’s XEM will need to make a move through the early part of the afternoon to hold on to gains by the close, with investors likely to get a little jittery ahead of the weekend.

Key Technical Indicators

  • Major Support Level: $0.28318
  • Major Resistance Level: $0.36226
  • Fib 23.6% Retracement Level: $0.3334
  • Fib 38% Retracement Level: $0.3219
  • Fib 62% Retracement Level: $0.3032

Bitcoin Down but not out as Support Kicks In

Bitcoin dived again on Thursday, falling 5.86% off the back of Wednesday’s 7.8% decline, with 4 consecutive days of decline, seeing Bitcoin down 18.33% from Monday’s open through to Thursday’s end of day $9,324.02.

The only good news for Bitcoin investors on Thursday was the fact that Bitcoin managed to hold on to $9,000 levels through to the close, with Bitcoin having fallen with ease through its first major support level of $9,253.64 to an intraday low $9,078.95 falling .

It hasn’t just been down to the SEC statement, issued on Wednesday, with news hitting the wires of Congress’s plans to discuss Initial Coin Offerings next Wednesday an indication of how much time the U.S government is spending on the cryptomarkets at present.

We are certainly expecting some changes and a roll out of a suite of regulations and it’s the uncertainty that has pressured the cryptomarkets once more.

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BTC/USD 09/03/18 Hourly Chart

At the time of writing, Bitcoin was down 5.23% to $8,800, with Bitcoin managing to recovery from an intraday low $8,366 hit this morning.

Panic had gripped investors since yesterday’s sell-off that saw Bitcoin tumble from $9,940.95 to $9,078.95 in just a couple of hours.

This morning’s intraday low fell through its 1st major support level of $8,885.3 and 2nd support level of $8,446.6, which had the alarm bells ringing before Bitcoin found some support at $8,366 and managed to avoid testing the $8,000 psychological support level.

It’s certainly hard to see Bitcoin managing to move back through its support levels and begin to make a move towards its first major resistance level of $9,956.4, with the best that investors can hope for being a move back through to $9,000 levels by the close.

With this morning’s Swing Lo of $8.366, for Bitcoin to begin to make a move, a move back through to its 23.6% FIB Retracement Level of $9,149.99 would be needed, though a break back through to $9,000 will likely face plenty of resistance.

As things stand and based on the negative sentiment that has hit the market, we will expect Bitcoin to continue to struggle through the day, with 1st and 2nd support levels in play, while we will expect Bitcoin to steer clear of the 3rd major support level of $7,375.6.

Looking across at the Cboe Bitcoin Futures, the March contract was down $590 to $8,850, which will yet again provide little support to Bitcoin through the morning.

Elsewhere, while there was plenty of red across the crypto boards, while NEM’s XEM continued to buck the trend this morning, with gains of 3.45% at the time of writing, NEM investors seemingly disinterested in what’s driving the rest of the cryptomarkets.

On the flip side, Stellar’s Lumen has seen the biggest slide at the time of writing, down 8.2%, Stellar’s Lumen traditionally seeing more sizeable swings that the rest of the majors.

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NEM’s XEM Technical Analysis – NEM’s XEM Breaking Resistance Barriers 08/03/2018

NEM Highlights

  • NEM’s XEM fell 10.8% on Wednesday, following on from a 3.3% decline on Tuesday.
  • Wednesday’s fall broke through major support levels of $0.31384 and $0.29768.
  • NEM XEM’s first major resistance level of $0.35087 had been tested before the mid-afternoon tumble on Wednesday.
  • NEM’S XEM has reversed Wednesday’s losses in the early part of today.

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NEM’s XEM Price Resistance

The first half of the week spelled trouble for NEM, with NEM’s XEM falling from Monday’s $0.3754 high to a Wednesday intraday low $0.2739.

Wednesday’s losses alone amounted to 10.8%, with NEM’s XEM’s intraday low $0.27392 falling through the day’s first and second major support levels before ending the day at $0.2937.

The decline through the 2nd half of the day was attributed to a statement issued by the SEC on the need for cryptocurrency exchanges to register, raising concerns that more demands may be on the horizon.

Adding to the negative sentiment was concerns over Binance falling victim to a hack, though there remains uncertainty over whether those who have lost coins were a victim of a hack or something else.

Following yesterday’s slide, sentiment has shifted through the early part of the day, with NEM’s XEM up 13.04% to $0.33285 at the time of writing, breaking through its first major resistance level of $0.32761.

Having retraced back through the 62% FIB Retracement Level of $0.3366, with an intraday high $0.3468, we will expect some pullback from current levels, as investors look to lock in profits.

Any pullback through the 38.2% FIB Retracement Level of $0.3127 will likely see selling pressure build, with direction through the remainder of the day not only hinged on investor sentiment, but also on the news wires. We can expect the cryptomarket to be particularly sensitive to regulatory noise and the SEC is unlikely to be finished just yet.

For today’s first major support level of $0.26682 to be tested, NEM’s XEM would need to pull back through its 23.6% FIB Retracement Level of $0.2979, which is unlikely barring negative news hitting the wires.

The moves through Wednesday are yet another example of how investors can get caught out in the cryptomarket, with regulators around the world able to issue statements with very little forward guidance to warn investors in advance.

Support levels are of little comfort during such sell-offs, while FIB Retracement Levels and resistance levels are likely to have a more significant influence during the recovery.

NEM (XEM) Support and Resistence

  • Major Support Level: $0.26682
  • Major Resistance Level: $0.32761
  • Fib 23.6% Retracement Level: $0.2979
  • Fib 38% Retracement Level: $0.3127
  • Fib 62% Retracement Level: $0.3366

Bitcoin Looks for $10,000 after a Wednesday Tumble

Bitcoin took a dive on Wednesday afternoon, in response to the SEC issuing a statement calling for all crypto exchanges to register with the SEC, with cryptocurrencies being classified as securities.

Upon the news hitting the wires, Bitcoin fell 11.6% to an intraday low 9,450, with Bitcoin hitting sub-$10,000 levels for the first time since the end of February.

The only good news for Bitcoin investors was the fact that Bitcoin’s 3rd support level of $9,188 was not tested on the day, but that was about it, with Bitcoin closing out the day with a 7.8% fall to $9,886.35.

The decline from Monday’s $11,688 high had started well before the SEC issued its statement on Wednesday, with a bearish trend having formed late in the day on Monday. Bitcoin’s failure to break out beyond its ranges through the weekend and early Monday weighed through to Wednesday’s tumble.

Support levels are certainly of little use when regulatory news hits the wires and when considering the content of the SEC statement, one can only imagine how Bitcoin will respond to more significant demands from the SEC.

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BTC/USD 08/03/18 Hourly Chart

If investors were looking for a turnaround this morning, things have not got much better, with Bitcoin was down 1.31% to $9,782.99 at the time of writing.

An early move through to $10,000 levels, with an intraday high $10,037 fell short of Bitcoin’s first major resistance level of $10,715 and Bitcoin has struggled to make a move back through to $10,000 levels since.

Current levels may be considered attractive to investors looking to recover losses from the week, which hit 19.15% from Monday’s high to Wednesday’s low, though the possibility of more news from the SEC will certainly test investor resolve through the day.

With so much uncertainty now plaguing the markets, Bitcoin will need to break out beyond its 23.6% FIB Retracement Level of $9,978.17 and move through today’s intraday high $10,037 to have a run at its first major resistance level of $10,715.

A failure to break through $9,978.17 will likely lead to Bitcoin testing its first major support level of $9,254.64 later in the day.

As things stand a move back through to $10,000 levels may well be all that investors can hope for in what is likely to be another choppy day for Bitcoin.

Looking across at the Cboe Bitcoin futures, with the March contract down $65 to $9,770, investors are certainly not going to get any help from there…

Elsewhere in the cryptomarket, Ripple’s XRP has managed to recover losses from earlier in the day to move into positive territory at the time of writing, up 0.52% to $0.8563, while NEM’s XEM steals the show this morning, up 1.75% to $0.2996. NEM’s XEM gains will be of little consolation for investors that got in over the weekend, with NEM’s XEM having tumbled 27% from Monday’s high to yesterday’s low.

With a choppy day ahead, we can expect investors to be quick to lock in any profits in fear of further regulatory notices from the SEC and elsewhere.

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Bitcoin Bears take Control, as the Cryptomarket Heads South

It was never going to be great for Bitcoin to be stuck in a rut and in the end investor patience wore thin, which led to Bitcoin sliding 5.92% to $10,741.99 on Tuesday.

A late slide on Monday that left Bitcoin in the red for the day, had weighed on Bitcoin through Tuesday, with a continued failure to make a run at $12,000 levels ultimately shifting sentiment towards Bitcoin later in the day.

While Tuesday morning saw Bitcoin hold on, having hit a week high $11,688 on Monday, by the middle of the day Bitcoin was on the slide and fell through its major support levels on the day to a Tuesday intraday low $10,560.19.

The only consolation for the Bitcoin bulls was the fact that Bitcoin was able to move back above its 3rd major support level of $10,670 by the close, though we don’t expect this to provide too much comfort.

Bitcoin ultimately found buyers at $10,709.83, its 38.2% FIB Retracement Level, though a failure to move back through to its 23.6% FIB Retracement Level of $11,052.34 maintained the bearish trend that was formed late in the day on Monday.

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BTC/USD 07/03/18 - 4-hourly Chart

Things have not improved this morning, with a choppy start to the day seeing Bitcoin up just 0.07% to $10,730.92.

Bitcoin continues to hover around its 38.2% FIB Retracement Level of $10,709.83 and a failure to break back through to $11,000 levels this morning and its 23.6% FIB Retracement Level of $11,052 will likely support the recent bearish trend that was formed on Monday.

For the day ahead, a fall through to $10,500 levels could see Bitcoin test its first major support level of $10,395. If sentiment in the markets doesn’t improve through the middle part of the day, a slide to its 62% FIB Retracement Level of $10,156 will bring sub-$10,000 levels back into play for the first time since 27th February’s $9,376.34 low.

Looking across at the Cboe Bitcoin futures, the March contract was down $75 to $10,660, which has contributed to the lack of appetite through the early part of the day.

With an early move through to an intraday high $10,911.78, having reversed, a move back through to $10,900 levels could see Bitcoin make another run at $11,000, though based on current sentiment and the bearish trend formed, there may be more downside to come before any recovery, with investors likely to sit on the side lines waiting for a more attractive entry price.

Things were no better elsewhere in the cryptomarket this morning, with none of the cryptocurrencies in positive territory at the time of writing.

Ethereum was the worst performer this morning, down 2.93%, with Cardano and NEM’s XEM also seeing heavy losses.

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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 07/03/18

Bitcoin Cash Gone Bearish

The bad start to the week got worse on Tuesday, with any hopes of post-Monday blues rebound evaporating through the middle part of the day, as Bitcoin Cash took another tumble, falling 6.29% on the day to $1,203.9.

Investors may have been preparing for a Tuesday rally, with Bitcoin Cash hitting an intraday high $1,257.3, but it was sideways through the morning and a failure to test its first major resistance level of $1,279 led to a bearish move that saw Bitcoin Cash hit an intraday low $1,170.4.

Good news for the Bitcoin bulls would have been the fact that Bitcoin Cash managed to recover from sub-$1,200 levels by the close, having falling through its major support levels of the day.

Things have not improved this morning however, with Bitcoin Cash down 0.16% to $1,201.9 at the time of writing.

It’s certainly looking bearish and holding on to $1,200 levels may prove to be a challenge through the morning, with losses seen across the majors this morning, Bitcoin the only exception.

For the day ahead, a fall through to $1,180 would likely see Bitcoin Cash test its first major support level of $1,164, while for the bulls, a move back through today’s intraday high $1,220 would support a run at its first major support level of $1,250. But with Bitcoin sitting at sub-$11,000 levels, $1,250 may well be too big an ask , with investors likely to be treading cautiously today.

BCH/USD 07/03/2018 Hourly Chart

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Litecoin Gives up $200

Litecoin spent another day in the red on Tuesday, falling 6.64% to $196.72. It was the first time that Litecoin fell to sub-$200 levels since 25th February, which was just days after of the LitePay – Litecoin Cash fuelled rally that saw Litecoin hit a February high $251.9.

Litecoin’s bearish trend formed back on the 3rd March and key levels have been given up since, with Litecoin sliding through its major support levels on Tuesday and more importantly failing to recovery by the day’s end.

At the time of writing, Litecoin was down 0.22% to $196.2, with even the team’s success and the upbeat prospects for Litecoin as an alternative to fiat money providng little to support.

For the day ahead, we will expect plenty of resistance at $200 and for Litecoin to have a chance at breaking back through to $200 levels and test its first major resistance level of $207.84, general sentiment across the cryptomarket will need to improve.

A failure to break back through to $200 levels later this morning, will likely see Litecoin test its first major support level of $190, which should prevent any heavier losses for the day.

It’s likely to be choppy as Litecoin looks for direction.

LTC/USD 07/03/2018 Hourly Chart

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Ripple Splashes Out

What start to the week for Ripple’s XRP, which had rallied to a week high $1.0901 on Monday before going into reverse, with Coinbase’s unwillingness to include Ripple’s XRP on its platform doing all the damage.

Following on from a 6.83% fall in Monday, Ripple’s XRP fell by a further 3.87% on Tuesday. The day’s decline may have been less severe than for those of Litecoin and Bitcoin Cash, but much of the damage had already been done at the start of the week.

The good news for the Ripple bulls was the fact that Ripple XRP’s intraday low $0.88537 held above major support levels, though the bad news was clearly the fact that any attempts to recover to $1.00 levels were thwarted in the early part of the day. Ripple’s XRP had bucked the trend through the morning, alongside Stellar’s Lumen and NEM’s XEM, but with Bitcoin falling back to sub-$11,000 levels, there was little hope for even Ripple.

There have been further losses this morning, with Ripple’s XRP was down 0.35% to $0.90108 at the time of writing. The key test for Ripple’s XRP will be to hold above $0.90 through to the day’s end, with any fall to sub-$0.90 levels likely to test the first major support level of $0.86348.

It may take some time for investors to recover from the latest tumble, but in the event of any shift in sentiment, Ripple’s first major resistance level sits at $0.962, well above this morning’s intraday high $0.9274. A move through $0.9274 would be needed to test its first major support level and for a move towards $1.00, we may need to see Bitcoin making a run at $11,000.

XRP/USD 07/03/2018 Hourly Chart

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Bitcoin in Reverse, while Some of the Majors Make a Move

Following a solid rally last week, Bitcoin had a mixed day on Monday, with a late in the day move through to an intraday high $11,688 doing very little to free Bitcoin from its current rut. Bitcoin broke through its first major resistance level of $11,591 only to go into reverse, ending the day at $11,348.9, a 1.14% loss for the day.

A breakout from its $1,500 level provided little incentive to investors on the side lines to jump in with the day’s high enough for Bitcoin holders to hit the sell-button before the end of the day.

While Bitcoin managed to hold off a decline through to its first major support level of $11,203 on the day, the failure to break through to $12,000 since January will be an issue

There may be some comfort in the knowledge that Monday’s end of day slide was seen across the major cryptocurrencies and not just confined to Bitcoin, but for Bitcoin to have any chance of being recognized as a real alternative to fiat money, some degree of price stability will be needed.

Concerns over falling transaction volumes continue to weigh on Bitcoin’s value, with the adoption of Bitcoin and its use in the real world having been on decline this year, which is never good for a cryptocurrency whose value will be based on supply and demand and ultimately its usage as an alternative to fiat money.

It’s unclear whether the introduction of LitePay has had any influence on transaction volumes, with LitePay having only just been released in late February. The existence of an alternative platform that behaves more closely with the likes of Visa will certainly be an issue, if not now, then further down the road.

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BTC/USD 06/03/18 Hourly Chart

At the time of writing, Bitcoin was down 1.03% to $11,301.17, with Bitcoin’s intraday low $11,163.98 having already tested its first major support level of $11,203 in the early hours of this morning.

The morning low and the sideways move shortly afterwards is unlikely to be of much comfort to investors, particularly when some of the other major cryptocurrencies have been on the move this morning.

For now, we continue to see Bitcoin’s dominance hold at 41% levels, which suggests support remains intact at current levels, though support may soften should Bitcoin continue to fall short of $12,000 amidst a cryptomarket that is beginning to see some divergence in performance amongst the majors.

For the day ahead, a fall back through to $11,250 would likely see Bitcoin test its first major support level again, though we don’t expect a more material sell-off to sub-$11,000 through the day, barring the release of materially negative news.

Looking across at the Cboe Bitcoin futures, the March contract was down $360 to $11,210, which will certainly not support any push through to this morning’s $11,420.01 intraday high, a move that would be needed for Bitcoin to test resistance levels and have a run at $11,800.

While the leading cryptocurrency majors were in the red through the early part of the morning, the ‘tail enders’ were on the move this morning, NEM’s XEM and Stellar’s Lumen leading the way, with gains of 2.96% and 2.43% respectively, while Ripple’s XRP managed to claw back 1.65% following Monday’s late in the day tumble.

The trio are bucking the trend and investors are looking beyond Bitcoin for direction, which is going to be ever more important for the longevity of the cryptomarket.

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NEM’s XEM Technical Analysis – Testing Support Levels Again 04/03/2018

Key Highlights

  • NEM’s XEM fell by 4.28% on Saturday, following on from a 3.49% fall on Friday, to end the day at $0.36472.
  • NEM’s XEM has seen its bearish trend persist since a mid-February $0.6515 high, which has been in contrast to some of the crypto majors that have settled in recent weeks.
  • For the week, Monday through to Saturday’s close, NEM’s XEM was down 5.87%, with the Friday and Saturday’s declines doing much of the damage.

How to Buy NEM (XEM) Coin?


NEM’s XEM Price Support

NEM’s XEM managed to test its first major support level of $0.402 on Saturday, with an intraday high $0.407, before resuming its downward trend, with breaches of major resistance levels seeing investors quick to hit the sell button and wait for a pullback to support levels before jumping back in.

Saturday’s intraday low $0.3555 fell through its first major support level of $0.36678, whilst managing to avoid the second support level of $0.35173, though the negative for the day was XEM’s sub-$0.36678 close for the day that has contributed to a continued decline through the early hours of this morning.

At the time of writing, NEM’s XEM was down 5.14% to $0.3477, sitting tight on its first major support level of $0.34647.

Declines have been broad-based across the major cryptocurrencies this morning, with Stellar Lumen and Ripple the only two majors sitting in positive territory at the time if writing.

The good news, however, is that there has been a shift in sentiment through the middle part of the morning, with Bitcoin and some of the other majors coming off intraday lows, which should provide support to the broader market in the middle part of the day.

For NEM’s XEM, while its first major resistance level sits at a distant $0.392, a move back through to its 23.6% FIB Retracement Level of $0.3579 will be XEM’s first test of the day. Sufficient support at this level should see XEM make a move through its intraday high $0.3683, hit at the start of the day and move through to its 38.2% FIB Retracement Level of $0.3707.

Whether XEM will have enough legs to make a run towards its first major resistance level remains to be seen and much will depend on investor sentiment through the middle of the day, with investors still wary of the possibility of negative news hitting the wires at the start of the week.

Bitcoin will likely be taken as the barometer to investor sentiment in the last part of the weekend, with the gains in Ripple and Stellar’s Lumen unlikely to have a material influence on the broader market.

NEM/USD 4H Chart
NEM/USD 4H Chart

Looking at the Technical Indicators

  • Major Support Level: $0.34647
  • Major Resistance Level: $0.392
  • Fib 23.6% Retracement Level: $0.3579
  • Fib 38% Retracement Level: $0.3707
  • Fib 62% Retracement Level: $0.3912

Bitcoin Back in the Red and Holding on to $11,000

Bitcoin continued on from last week’s 14.08% gain, with a 3.77% rise on Saturday, which saw Bitcoin hit an intraday high of $11,503.24 in the latter part of the day, with its intraday low $11,022.85 coming within the first hour of trading and just off an opening $11,032.81.

The moves through the day were in contrast to many of the cryptocurrency majors that struggled through much of the day, after hitting first major resistance levels in the early hours.

Unlike the rest of the cryptocurrency majors, Bitcoin was able to break through its first and second major resistance levels and close out the day above both, while failing to break through to $12,000.

With the bullish trend continuing through the day, Bitcoin managed to pass through a late in the day test of support on Saturday, with a fall to $11,220.20 reversing before touching its first major support level of $10,829 and 23.6% FIB Retracement Level of $11,105.5.

Bitcoin’s dominance held relatively steady, sitting at 41.7% at the time of writing, with Bitcoin ending the day with a market cap of $187.58bn.

There was nothing in the news to influence investor sentiment through the day and Bitcoin’s gains, which were far larger than its peers, will give the Bitcoin bulls new found hope of Bitcoin being able to make a recovery in the coming months, though much will continue to depend on how governments and central banks look to oversee the cryptomarket and what regulations are eventually imposed.

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BTC/USD 04/03/18 Hourly Chart

At the time of writing, Bitcoin was down 2.68% to $11,137.96, with a bearish trend having formed through the early part of Sunday morning.

It’s not the first weekend this year when Bitcoin has gone into reverse towards the end of the weekend, with investors keen to lock in profits before the start of a new week.

This morning’s intraday low $11,105.46 tested Bitcoin’s first major support level of $11,146.6, whilst also pulling back through its 23.6% FIB Retracement Level of $11,201.2.

The shift in sentiment could see Bitcoin pullback to its 38.2% FIB Retracement Level of $11,014.4, at which we will expect Bitcoin to find plenty of support, particularly with the $11,000 psychological support level, though any fall through $11,014.4 and Bitcoin may well end the weekend at sub-$11,000 levels again.

On the upside, with Bitcoin’s first resistance level sitting at $11,627, a move back through $11,201.2 and this morning’s intraday high $11,450 would be needed to buck the trend and support a late weekend rally.

It’s looking bearish for now however, with the Cboe Bitcoin Futures Friday closing price of $11,050 for the March contract providing little incentive for investors to jump in.

Elsewhere, Stellar’s Lumen was the only major cryptocurrency to sit positive territory at the time of writing, up 1.4%, with the rest of the majors in the red, with NEM’s XEM leading the way, down 5.24%.

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Bitcoin hits $11,000. Will the Bitcoin Bulls still be there on Saturday?

Bitcoin saw sentiment turn bullish at the start of the month, with Bitcoin managing to reverse Wednesday’s 2.46% loss, rising by 5.91% to an end of day $10,924.88.

While Bitcoin managed to break back through to $11,000 levels late in the day, with an intraday high $11,090, it fell short of testing its first major resistance level of $11,269, as investors locked in profits for the day.

There was no material negative news to attribute the pullback to, with investors able to brush off the opinions of the Bill Gates and Warren Buffets of this world, who continue to downplay the value of Bitcoin and the rest of the cryptocurrencies.

Sentiment towards crypto government oversight remains the key driver near-term and, while there was more details of the SEC’s probe into the initial coin offering market in the U.S and cryptocurrencies in general, there was nothing new to lead to a tumble to sub-$6,000 levels seen last month.

It was a choppy start to the day on Thursday however, with Bitcoin hitting an intraday low $10,223.41 before support kicked in.

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BTC/USD 02/03/18 Hourly Chart

At the time of writing, Bitcoin was up 1.49% to $11,065.49, with Bitcoin having hit an intraday high $11,175 in the early part of the morning, falling short of its first major resistance level of $11,269, before pulling back to an intraday low $10,899.09.

We’ve seen Bitcoin recover however, with Bitcoin’s fall through to its 23.6% FIB Retracement level of $10,950.43 bringing in buyers, leading Bitcoin’s move back to $11,000 levels.

While the bullish trend was intact through Thursday and the early part of the day, sentiment across the cryptomarkets has been mixed this morning, which could see Bitcoin struggle to hold on to current levels going into the weekend.

For the day ahead, a move back through today’s intraday high $11,175 would support a push towards its first major support level of $11,269, though we can expect plenty of resistance at these levels.

A pullback to sub-$11,000 levels could see Bitcoin fall back through its 23.6% FIB Retracement level and test buying appetite at its 38.2% FIB Retracement level of $10,811.49, both levels sitting well above its first major support level of $10,402.

Looking across the Cboe Bitcoin Futures March contract, $11,000 levels are currently supported, with the March contract up $65 to $11,090 at the time of writing, though direction of the March contract through the day will have some influence on appetite ahead of the close.

Any negative news through the day would certainly support a pullback, though with the Asian session coming to a close and with the news from the SEC having already hit the news wires earlier in the week, any major pullback should be less likely.

Across the rest of the majors, Bitcoin Cash and Ethereum were the only other front runners in positive territory this morning, with Stellar’s Lumen, Cardano and NEM’s XEM seeing heavy losses, Stellar’s Lumen leading the way down, with a 3.78% fall at the time of writing.

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NEM Technical Analysis – Bucks the Trend in a Bear Move 27/02/2018

Key Highlights

  • NewEconomyMovement’s XEM managed to gain 0.58% on Monday, having tumbled 17.2% from a Friday’s high $0.44085 to Sunday’s $0.36517.
  • NEM’s XEM was down 1.46% to $0.3876 at the time of writing, with a bearish trend building through this morning.
  • Early moves today have tested XEM’s first major support level of $0.0.37417, with an intraday low $0.373.

NewEconomyMovement’s XEM Price Support

NEM’s XEM failed to test its first major support level of $0.36852 on Monday, despite hitting an intraday low $0.37227 in the early part of the day, with the crypto bulls taking control through the afternoon leading to the majority of the majors recovering their early losses. XEM’s moved to an intraday high $0.40148, testing its Monday $0.40057 resistance level that ultimately led to XEM pulling back to $0.38931 by the close.

In what has been a choppy start to the day this morning, XEM was down 1.46% to $0.3876 at the time of writing, with XEM having failed to hold above its 38.2% FIB Retracement level of $0.3941, despite numerous attempts to break out and make a run at its first major resistance level of $0.40337.

This morning’s intraday high $0.40168 led to a quick reversal and XEM pulled back below its 38.2% FIB Retracement Level with selling pressure building, XEM being the worst performer amongst the majors this morning, as some move in and out of positive territory through the morning.

The battle between the bulls and the bears is on and we can expect a choppy day ahead. XEM will need to break back through its 38.2% FIB Retracement Level and move through to today’s intraday high to avoid a more significant pullback towards Sunday’s Swing lo $0.36517, which would test XEM’s first major support level of $0.37417.

While we will take note of the support and retracement levels, conscious that traders are monitoring the levels for intraday trading, sentiment towards the market in general will be the overriding driver that will likely lead to greater focus on the 2nd major support and resistance levels, XEM frequently moving through its first major support and resistance levels, being one of the more volatile cryptocurrencies.


What is NEM Coin and How Can you Buy it?


While a bearish trend has formed, we will expect some upward momentum through the middle part of the day, though we will not be expecting XEM to be testing its major resistance levels, with XEM expected to face selling pressure at $0.40 levels.

Until sentiment shifts and the market has far greater clarity on what lies ahead from a regulatory standpoint, we can expect the volatility to persist and with it, investors will continue to be quick to lock in profits capping any major rallies near-term.

NEM 1H Chart
NEM 1H Chart

Looking at the Technical Indicators

  • Major Support Level: $0.40337
  • Major Resistance Level: $0.37417
  • Fib 23.6% Retracement Level: $0.383
  • Fib 38% Retracement Level: $0.3941
  • Fib 62% Retracement Level: $0.412

Bitcoin in the Red, But Looks Ready to Make a Move

Following last week’s tumble, Bitcoin managed to find its feet on Monday, gaining 7.68% to reverse most of the previous week’s 7.99% slide to end the day at $10,332.99.

The early part of the day had looked a little ominous for Bitcoin, which hit an intraday low $9,376.34.The bulls eventually took control midway through the day, driving Bitcoin to an intraday high $10,461.97, breaking through its first and second major resistance levels on a day that had already tested its first support level of $9,900.

The moves through the day were largely mirrored across the majors, though few managed to hold on to intraday gains by the close, as investors remained under pressure to lock in profits, with uncertainty in the cryptomarkets continuing to pin back the likes of Bitcoin.

The upside on Monday may be attributed to news of Coinbase and Bitfinex supporting Bitcoin Core’s SegWit upgrade, which is expected to lead to a sizeable fall in transaction fees, while also improving the speed of trading. Faster and cheaper transactions will certainly test the competition and with Bitcoin Core’s release coming in the wake of LitePay’s release on Monday.

We may even begin to see investors question the future of Bitcoin Cash, which resulted from a hard fork last summer, as developers and miners battled over fees and blockchain size that was seen as a Bitcoin limitation.

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BTC/USD 27/02/18 Hourly Chart

At the time of writing, Bitcoin was down 0.41% to $10,281.99, recovering from an intraday low $10,150, as Bitcoin pulled back through its 23.6% FIB Retracement Level of $10,178.

There was plenty of support however, with Bitcoin moving back to $10,200 levels, though well short of an early intraday high $10,419.89.

Following Monday’s afternoon rally and this morning’s lateral move, investors may get comfortable with current levels, with Bitcoin having some room to move before hitting its first major resistance level of $10,738.

As always one of Bitcoin’s major nemesis remains the Cboe Bitcoin futures market. This morning, the March contract was down $60 to $10,270, which suggests that any immediate moves are likely to be on the smaller side, with the pair largely aligned by valuation.

For Bitcoin to break free of the Cboe futures shackles, a move through to today’s high $10,419.89 will be needed to then support a run at the first major support level of $10,738. There’s a long way to go, but Monday’s rally demonstrated how quickly sentiment can change during the day and, while Bitcoin continues to struggle, a move back through to $11,000 would certainly bring back some of the crypto money that walked.

It’s looking bullish at the time of writing, with strong support likely to see Bitcoin move back into positive territory through the day.

Across the rest of the cryptocurrency majors it was a mixed bag, with Litecoin, Ripple, Stellar Lumen and NEM’s XEM in the red, while Cardano, Bitcoin Cash and Ethereum bucked the trend, moving into positive territory through the morning.

Monday’s moves may have been impressive, but the market does need some momentum to push ahead and time is running out, with the next G20 Summit in a few weeks, where cryptocurrencies will be high on the agenda and volatility will likely spike as a result.

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Another Day in the Red for Bitcoin, with Rallies Few and Far Between

The weekend was certainly one that Bitcoin investors will be looking to forget about, with Bitcoin ending the week, Monday through to the end of Sunday $9,600, down 7.99%.

It may not have been the biggest of losses amongst the major cryptocurrencies, but the failure of Bitcoin to even make a move on $10,000 on Sunday will raise some concerns over what lies ahead for Bitcoin.

Bitcoin saw two attempts of a retracement back through to its 38.2% FIB Retracement Level of $9,819 thwarted through the weekend, after sliding from Saturday’s 10,540.63 high to a Saturday low $9,260, which added further pressure on Bitcoin through to Sunday’s close.

In stark contrast, Litecoin was on the up on Sunday, with support coming ahead of the roll out of LitePay today, which will put Litecoin in direction competition with Bitcoin as the crypto alternative to fiat money.

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BTC/USD 26/02/18 Hourly Chart

At the time of writing, Bitcoin was down 1.9% to $9,408.9, with Bitcoin’s early intraday high $9.804.37 falling short of its first major resistance level of $9,902.3.

The trend through the early part of the day continues to look bearish, with the negative sentiment that surrounds the cryptomarket likely to lead to Bitcoin test its first major support level of $9,279 should sentiment not shift through the middle part of the day.

A move through $9,900 would support a run at $10,000 levels, though with uncertainty over the outlook towards the regulatory landscape continuing weigh on appetite for the cryptocurrencies, a Bitcoin rally will likely remain elusive for the day ahead.

Looking at the Cboe Bitcoin Futures March contract, this morning’s $590 fall to $9,330 will be another reason to tread carefully, as investors wait patiently for a reason to jump back in.

The weekend rally was certainly a shortened version of previous rallies, which is indicative of the current appetite, investors quick to lock in profits early on in a rally in fear of another slide should bad news hit the wires during the day.

All the news were are hearing at the moment are of the intentions to further limit market access for investors to the initial coin offering market, with the list of major international banks banning the use of credit cards to purchase cryptocurrencies lengthening further.

Across the rest of the cryptocurrency majors it was a sea of red, with Cardano down 4.65%, Stellar Lumen down 3.09% and NEM’s XEM down 3.54%, the Monday morning sell-off seeing the cryptomarket total market cap down at $422.58bn, with Bitcoin’s market cap down at $160.46bn.

For now, it’s hard to see what can provide the cryptos with a boost, other than the speculative moves that do little other than add volatility to the day and we’re unlikely to hear regulators provide any major support for the cryptos. Not until regulator frameworks have been established at least.

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Bitcoin Up, While Litecoin Makes the Headlines Again

Following a mixed weekend, the bullish trend resumed for Bitcoin on Monday, with Bitcoin rallying 9.4% to an end of day $11,414.26.

With Bitcoin hitting an intraday high $11,430.44, there remained little chance of a move through to $12,000 at the start of the week, but with sentiment towards the cryptomarket continuing to improve, a break out later in the week remains possible, should the news wires remain silent from a regulatory perspective.

The upbeat sentiment was also reflected in the Cboe Bitcoin futures market, which continued to provide relative support through the day, though the more sedate moves through the beginning of the week likely contributed to Bitcoin not seeing larger gains on Monday.

While Bitcoin’s significant move through the weekend and into Monday was a hold at above $10,000, the new found base of $11,000 will be another step in Bitcoin’s recovery and we will expect speculation to mount on whether Bitcoin can begin to move towards its just shy of $20,000 record high.

The bullish talk of $40,000 has abated somewhat in recent weeks and the fact that Bitcoin is moving slowly through the levels will likely keep the exuberant calls at bay for now.

As sentiment improves, with the Litecoin fork having provided some comfort across the cryptomarket, a scam likely to have been a blow to the recovery, Bitcoin has seen its dominance continue to creep up, sitting at 38.1% this morning, up from yesterday’s 36.9%. The rise in dominance suggests a shift in sentiment towards Bitcoin and whether it can survive as a viable alternative to fiat money.

Investor money has certainly returned to the table, with the total cryptomarket cap now sitting at $511.72bn, up from yesterday’s $481.33bn low, with Bitcoin’s market cap sitting at $195.5bn this morning.

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BTC/USD 20/02/18 Hourly Chart

At the time of writing, Bitcoin was up 2.95% to $11,502.55, easing back from an intraday high $11,580, with a bullish trend still in play through the early part of the day.

Bitcoin’s first major resistance level sits at $11,759, which has yet to be tested through the early part of the day, as selling pressure coming off the back of a 10.2% rally since Monday’s open pins back a run at $12,000 in the early part of the day.

Looking at the futures market, the Cboe Bitcoin Futures March contract has rallied $1,485 to $11,620, with the smart money reflecting the improved sentiment towards Bitcoin and the cryptomarket in general.

This morning’s gains in the futures market should continue to provide upward momentum, with Bitcoin having some wriggle room before hitting the March futures contract price and its first major resistance level.

We won’t expect Bitcoin to be testing its first major support level of $10,612, with any pullback through to the 23.6% FIB Retracement of $11,243 likely to find buyers as Bitcoin continues to see its base level rise from the lows seen in early February.

Elsewhere, Litecoin is the story of the day, rallying to an intraday high $251.9, before easing back to $246.22 at the time of writing, a gain of 10.86% for the morning, while NEM’s XEM and Stellar’s Lumen bring up the rear, down 4.33% and 2.26% respectively.

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6 Reasons Why Cryptocurrencies will Go Mainstream in the Upcoming Year

Five years ago, cryptocurrency was only known by tech geeks and cyberpunks. Little wonder when trading exploded the Exchanges cannot cope – their infrastructure was not built for this level of demand. The demand which even sees accounts on sale on eBay because it takes so long for an Exchange to open a new account!

Even at the height of the dot-com boom, when my book, Trading Online, was outselling Harry Potter on Amazon for a while, have we not seen this kind of craziness.

The naysayers sound just like those who told me in 2000 that Amazon, Apple and other tech companies were a bubble. Some wait for bubbles in their own echo chambers.

Cryptocurrency and in particular blockchain came to protect the most critical mania in our lives – which are records in a database. Think about it: our bank accounts, cars, lands, names, rights, marriages and court cases – all of these are documentation in some database. Right now, we have an authority looking after this database. “But can we trust this authority?” The answer to this question is creating the trend in the decentralized world.

So what will make it go truly mainstream in the next 12 months?

Entrepreneurs Role in making Cryptocurrencies Mainstream

Cryptocurrency hype attracted a lot of entrepreneurs interested in disrupting large industries using the blockchain technology. They are disturbing important sectors with blockchain start-ups. For example; “Sia” is looking to upset companies like “Amazon (AWS)” and “Dropbox.” Level 39, the Fintech hub in London is awash with blockchain companies, as is Cocoon the incubator, with companies such as World Wide Generation looking using blockchain to help achieve the United Nations Millennium Goals.

Ease of Buying and Selling & CFDs, Spreadbets

As brokers such as 24option make it ever easier to almost immediately open an account and start buying and selling crypto CFDs, so you will see an exponential rise in the mainstream interest. Spreadbetting and CFD trading are already mainstream. Indeed, in the UK it was over a decade ago that CFD and spread betting trading accounted for more private investor trading than that in the underlying shares on which the trades are based.

So too with cryptos. In 2018, it will be easier to trade these quickly, instantly, from opening accounts to the simplicity of buying and selling thanks to brokers such as 24option which is much easier to trade through that slow, clunky exchanges.

Tokens are Spendable in the Real World

A company like “TenX” is solving the biggest problem in the cryptocurrency world which is spending tokens in the real world. Tenx has a mobile app that serves as a wallet and a decentralized fee free exchange. Tenx took it further and added a debit/credit card functionality to let anyone withdraw and spend their currency as if it were a fiat currency.

Bitcoin Futures & ETFs

As a futures trader in commodities, a market developed over 100 years ago, I am well aware that the futures market is the tail that wags the dog. It is the future market which does more volume than the underlying asset. As brokers offer CFDs, spread bets and traditional exchanges offer Bitcoin futures contracts, the volume will spiral. Just wait. History repeats itself. And when index trackers (Exchange Traded Funds) are finally approved the volume of money thanks to accessibility and long-term passive investors will be a financial avalanche. You will be investing in Cryptos via your pension fund managers selections without even knowing it, just as today you do not realize you own a bit of Amazon in your pension. Bitcoin and other cryptos ETF’s will also be a major increase in volume and the public interest.

Small Businesses are Adopting Cryptocurrencies

Blockchain favors both start-ups and small businesses, not just the big players. Blockchain has eliminated the need for insurers and lawyers for business registration, thus empowering start-ups to compete with massive companies. SMEs are also set to benefit. Considering the level at which blockchain has developed and continued to grow, other businesses will soon start exploring it.

Blockchain ICO and Fundraising

Blockchain Credit cards are becoming more common. Banks are utilizing the technology, and more ICO funding mechanism are appearing strong as ever. The good news about ICOs is that most governments do not regulate them. The increasing number of fundraising mechanism is creating a new financial subculture. This exciting process will revolutionize the finance world.

Blockchain will explode into other industries

Blockchain will go beyond the finance industry and expand into the supply chain management and other sectors. For example, cryptoBnb has an app that matches homeowners with temporary tenants using big data and artificial intelligence. Boggie Shack music group is preparing to launch cryptocurrencies for music artists. Also, many traders are beginning to set up Bitcoin trading accounts.

Although cryptocurrency may not directly affect your business, it is a sharp depiction of what the future hold for the digital trends. Even if changes are not dramatic as believed, it is best to prepare for the potential that cryptocurrency hold. Don’t let the possibility of cryptocurrency take you by surprise as digital currencies go mainstream.

This article was written by Alpesh Patel, a hedge fund manager and Author of Trading Online (Financial Times). He is partner to 24option who offer CFD trading on Cryptocurrencies.

A Basic Introduction: What is NEM (XEM) Coin and How to Buy It?

How to Buy NEM (XEM)? – A Step-by-Step Guide

The first step in the process of buying NEM coin is to set up a NEM wallet that can store your XEM coins following the purchase. The wallet will also be used when looking to sell XEM coins, with the coins needing to be transferred to the exchange.

Step 1 – Create NEM (XEM) Digital Wallet

As is the case with other cryptocurrencies, it is always recommended to select a wallet from the cryptocurrency’s website. In the case of NEM, the proposed wallet is Nano wallet, which can be downloaded directly from the NEM website. The Nano wallet is compatible with Windows, OSX, Linux and more.

Once the wallet has been downloaded and run, you can then set the name and create a secure password that, if forgotten, could result in the loss of all coins from within the wallet. The creation of the private keys is next and, once the process is complete, needs to be stored somewhere safe along with a backup of the wallet. (The private key will be a series of numbers and letters that allows a wallet holder to open their wallet from any computer). The loss of the private key could also result in losing all XEM coins held.

Step 2 – Buy NEM (XEM) Coin 

Once the wallet has been created, there are two ways in which XEM coins can be purchased. The first option to buy NEM (XEM) would be with fiat currencies, the second option is obviously with Bitcoin or Ethereum.

Buying NEM with Fiat Currencies

Currently, not many exchanges allow the purchase of XEM with fiat currencies.  However, you can still find XEM/USD in HitBTC.

For XEM/USD pairings, the largest trading volume is on the Hitbtc exchange, with the pairing’s volume accounting for 0.68% of total volume. With that in mind, buying and selling XEM coins with Bitcoin would provide significantly more liquidity on the leading exchanges.

Buying NEM with Bitcoin or Ethereum

The most common way to buy XEM is through exchanges that allow the purchase of XEM with Bitcoin or Ethereum.

  1. Open an account at Coinbase, and purchase Ethereum or Bitcoin. Another option to purchase Bitcoin is through LocalBitcoin.
  2. Now, after you bought ETH or BTC via one of the exchanges above, sign into HitBTC or Cryptopia and open an account.
  3. Withdraw your ETH or BTC from the exchange into your HitBTC or Cryptopia account. In order to do that, click the “Funds” tab and search for BTC or ETH, choose “deposit”, copy the ETH or BTC deposit address and paste it to the exchange that you withdraw the money from. The process might take up to one hour (vary according to different exchanges).
  4. After completing these steps, in HitBTC trading platform, Search for XEM/BTC and proceed with the transaction.
  5. Now, after you purchased XEM, search for a digital wallet that supports NEM and transfer the coin into the wallet. Click here for NEM (XEM) wallets.

Below are some of the most well-known exchanges that provide XEM:

HitBTC, Coinbase, and POLONIEX.

Trading volumes should also be considered in the selection process, with low trading volumes likely to lead to lengthier time frames when looking to sell the coins.

What is NEM (XEM) Coin?

“New Economy Movement” (NEM) was originally an NXT fork, launched in the summer of 2014 before the stable platform release at the end of the 1st quarter of 2015, before becoming a completely new codebase, following the eventual dismissal of the NXT fork.

NEM’s blockchain technology is referred to as a Smart Asset System and is considered to be the world’s first Smart Asset blockchain.

NEM is a P2P cryptocurrency and blockchain technology that builds on and improves the basic functionality of pioneering cryptocurrencies, delivering a platform for the management of any kind of asset, including currencies, supply chains, notarizations, ownership records. NEM’s Smart Asset system allows the customization of the use of NEM’s blockchain, with features including domain-like namespaces and full on-blockchain multi-signature control.

Namespaces is a domain naming system, consisting of higher-level domains and subdomains, allowing persons or businesses to create multiple subdomains that form Mosaics.

Mosaics are custom assets on the NEM blockchain, which once sent to the NEM network results in a special fee payable in addition to the standard transaction fees.

NEM Coin Features

NEM’s blockchain protocol uses a proof-of-importance (POI) algorithm, with importance decided based upon the number coins a user has and the number of transactions made to and from the users’ NEM wallets, ultimately taking into account a user’s support of the network.

For users to be eligible to harvest XEM coins, a harvester’s wallet must have at least 10,000 vested XEM coins and, with the total supply of XEM being 8,999,99,999, that means that there can be a maximum total of 899,999 accounts that have an importance score of greater than zero. In the world of NEM, a harvester is essentially a miner, receiving transaction fees upon the formation of a new block created by a harvester.

An additional characteristic that exists in the NEM world, is the existence of delegated harvesting. Harvesters are able to delegate the harvesting so that a harvester continues to earn transaction fees.

Features that are particular to NEM can, therefore, be summarised as:

  • Two-tier architecture, connecting out of the purview of the rest of the network, with transactions saved without having to download the blockchain, enhancing transaction speeds.
  • Built on Test Driven Development method, which avoids unnecessary codes and inefficiencies.
  • Proof-of-Importance algorithm, giving the right to harvest to those that have a vested interest in NEM.
  • Particularly fast transaction times of 1 minute, which is significantly faster than the likes of Bitcoin.
  • The ability to delegate harvesting of XEM coins.
  • NEM implements multi-signature technology on its platform, which means that multiple users must sign a transaction before it can be updated on the blockchain. This is particularly important, as it means that XEM coins cannot be spent from a wallet unless another wallet signs in.

NEM.io is a non-profit organization founded in Singapore, dedicated to the ongoing development of NEM blockchain technology and the promotion of an ecosystem of NEM users and developers in all walks of life, including governments, industry, and academia.

NEM Coin Digital Wallets

A cryptocurrency wallet is a virtual wallet which stores cryptocurrencies and from where coin holders are able to send and receive cryptocurrencies. Investors are able to buy, hold and sell cryptocurrencies without a private digital wallet, but this will leave the coin holder exposed to possible cyber-theft.

As is always the case with cryptocurrencies, having the right wallet is extremely important. For those looking to trade XEMs, a hot wallet is the most appropriate type of wallet. Hot wallets are connected to the internet and allow for the easy transfer of XEM coins, which is important to those looking to make a short-term gain and exit. In contrast, cold wallets are off-line and such wallets are ideally used when looking to hold XEM coins for the longer-term. For those looking to hold XEM coins for the longer term, it would be advisable to also have a hit wallet to which coins can be transferred in order to facilitate the sale of the coins, held on a cold wallet.