Why the Cryptocurrency Bubble is Reminiscent of Hodling Amazon Stock

What a difference a few weeks can make. Just 21 days ago, the bitcoin price was trading above $8,400, riding what appeared to many to be the first wave of a new bull market. The bottom, the analysts said, was in. Now, midway through August, bitcoin is fighting just to hold above $6,000. The altcoin markets, meanwhile, have been pummeled to a pulp. The ethereum price is down 18 percent for the day and double that for the week, while the ripple price has now plunged 93 percent from its…

Bitcoin Price Watch: BTC/USD Broke Key Supports, Turns Bearish

Key Points Bitcoin price failed to stay above the $6,300 and $6,280 support levels against the US Dollar. Yesterday’s highlighted key contracting triangle was breached with support at $6,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair even traded to a new monthly low below $6,000 and moved into a bearish zone. Bitcoin price broke key supports near $6,280 against the US Dollar. BTC/USD may correct higher, but broken supports at $6,050 and $6,280 are likely to cap gains. Bitcoin Price Analysis Yesterday, we…

Ethereum Classic Price Analysis: Can ETC/USD Hold The $10.00 Support?

Key Highlights Ethereum classic price tumbled and broke the $12.50 and $11.20 support levels against the US dollar. There is a key connecting bearish trend line forming with resistance at $11.30 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair is slowly correcting higher towards the $11.00 and $11.30 resistance levels. Ethereum classic price made a sharp U-turn against the US Dollar and Bitcoin. ETC/USD broke the $12.50 support and is currently at risk of clearing $10.00. Ethereum Classic Price Support It seems like ETC…

Ripple Price Analysis: XRP/USD Nosedives, Recoveries Remain Limited

Key Highlights Ripple price fell significantly and broke the $0.2800 and $0.2600 supports against the US dollar. Yesterday’s highlighted important bearish trend line is intact with resistance near the $0.2950 level on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is currently correcting higher, but it could face sellers near $0.2700 and $0.2800. Ripple price nosedived against the US Dollar and Bitcoin. XRP/USD may perhaps recover a few points, but it is likely to face sellers near $0.2800. Ripple Price Decline Yesterday, we discussed that…

Ethereum Price Analysis: ETH/USD Could Drop To $200-220

Key Highlights ETH price extended declines and dropped below the $260 support zone against the US Dollar. Yesterday’s highlighted crucial bearish trend line is intact with resistance at $305 on the hourly chart of ETH/USD (data feed via Kraken). The pair may well correct a few points higher towards $277-280, but it is likely to face sellers. Ethereum price dropped significantly against the US Dollar and bitcoin. ETH/USD is likely to decline further below $250 in the near term. Ethereum Price Decline There was no recovery in ETH price above…

Ripple (XRP) Price Watch: Bearish Pullback in the Making

Ripple Price Key Highlights Ripple price recently fell through short-term consolidation to test the bottom of its channel. Support appears to be holding, so price could be due for a pullback to the descending channel resistance from here. The Fib retracement tool shows the potential correction levels where more bears might be waiting. Ripple price fell to the bottom of its descending channel on the 1-hour chart and might be due for a quick correction. Technical Indicators Signals The 100 SMA is below the longer-term 200 SMA to show that…

Bitcoin Cash Price Analysis: BCH/USD Tumbles, Sell on Rallies

Key Points Bitcoin cash price failed to move past the $580-600 resistance and tumbled against the US Dollar. There was a break below a key bullish trend line with support at $500 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair traded below the $475 level and it is currently correcting higher towards $500-510. Bitcoin cash price traded sharply lower below $500 against the US Dollar. BCH/USD could correct higher, but it remains sell on rallies near $510 and $530. Bitcoin Cash Price Decline Yesterday,…

Stellar Lumens, Litecoin, EOS, IOTA, Tron Technical Analysis

Despite the stable prices in some altcoins as EOS and Litecoin, most coins under our review are yet to recover. IOTA for example is last week’s top loser shedding more than 50 percent on a weekly basis and is down 12 percent in the last day. Tron (TRX) is also on a down trend. The bad thing though is that with every low, sellers are pushing prices to oblivion. The only bright spot from yesterday is Stellar Lumens (XLM) which is up seven percent and most likely going to stabilize…

ETHUSD Drops to Yearly Lows

The ethereum price  fell over 10 percent against the US Dollar at the start of this week, establishing fresh lows of 2018. The ETH/USD pair has been on a downward trend all this year, much like the other top coins including bitcoin, ripple, and litecoin. At the time of this writing, the pair has experienced a 78 percent drop from its all-time high above 1400-fiat – and still counting. The last 24 hours itself have confirmed the strong selling sentiment with a drastic fall of over 9.5 percent. Ethereum, being…

BTCUSD Hinting Another Bear Flagpole

The short-term gains can never compensate for the long-term losses. So it seems from the latest Bitcoin price action which, during the weekend, jumped more than 7.5% and promised an extended breakout, but fell short of delivering it. This Monday started with minor pullbacks from the early 6550-fiat level during the Asian trading session. However, the growing selling sentiment around the psychological resistance area eventually erased the gains, bringing us back towards 6012-6138 area. BTCUSD Technical Analysis Technically, we are looking at BTC/USD forming a flagpole in pursuance of a…