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Altcoin Analysis: NEO, EOS, LTC, NEM and Lumens

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Besides EOS/USD, most high cap altcoins are trading above the middle BB-a level which is important in our analysis.

Even though we saw a general slowdown in bullish momentum, we expect prices to bounce back today or tomorrow and with every low these alt coins make, buyers should take advantage of the free discount and load up their longs when a stochastics buy signal prints preferably in the 4HR chart.

I will be watching how EOS and NEO turn out at the end of the day because all we need is a push and close above $11.5 and $130 respectively.

Let’s have a look at these charts:

XLM/USDXLMUSD Daily Chart for February 16, 2018

Prices are oscillating around our main resistance line at around $0.50.

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Bitcoin Price Technical Analysis for 02/16/2018 – One More Hurdle to Clear

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Bitcoin Price Key Highlights

Bitcoin price has broken past its inverse head and shoulders pattern neckline to show that an uptrend is in the cards. Price is hitting another upside barrier at its descending trend line, though, and this might prompt profit-taking. Technical indicators are also suggesting that the rally is overdone.

Bitcoin price is testing the descending trend line on its 4-hour time frame, and moving past this hurdle could mean more gains.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This suggests that the downtrend is more likely to resume than to reverse.

The 200 SMA also lines up with the descending trend line to add to its strength as resistance. This means that it would take a strong catalyst to trigger and sustain an upside break.

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Ethereum Price Technical Analysis – ETH/USD Eyes More Upsides

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Key HighlightsETH price is rising and is currently trading above the $920 level against the US Dollar. There is a key bullish trend line forming with support at $890 on the hourly chart of ETH/USD (data feed via SimpleFX). The pair may continue to rise and it could even break the recent high of $936 for more gains.

Ethereum price is trading with bullish price action against the US Dollar and Bitcoin. ETH/USD may soon break the $935-940 levels to gain further upside momentum.

Ethereum Price Support

There were bullish moves above $860 during the past few sessions in ETH price against the US Dollar. The price was above the move above the $900 and $910 resistance levels. It traded as high as $936 and is currently consolidating gains. It moved down once and traded below the 23.6% Fib retracement level of the last wave from the $868 low to $936 high.

However, the downside move was limited and the pair found support near $890-900. Moreover, the 50% Fib retracement level of the last wave from the $868 low to $936 high acted as a support. There was an upside reaction and the price moved back above the $910 level. On the downside, there is a key bullish trend line forming with support at $890 on the hourly chart of ETH/USD. The pair is trading with a positive bias above the $920 level. Any dips from the current levels remain supported around the $900 and $890 levels.

On the upside, the pair may soon move above the $935 level once again. Once it break $935, it could even move above the $950 level. Further above $950, there could more gains toward the $980 level.

Hourly MACD – The MACD has slightly reduced the bullish slope, but it is still positive.

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Bitcoin Cash Price Technical Analysis – BCH/USD Zooms Above $1,400

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Key PointsBitcoin cash price surged higher and it was able to break the $1,400 resistance against the US Dollar. There is a major bullish trend line forming with support at $1,350 on the hourly chart of BCH/USD (data feed from SimpleFX). The pair is currently correcting lower, but it remains well supported on the downside at $1,380.

Bitcoin cash price is gaining upside momentum above $1,400 against the US Dollar. BCH/USD may correct in the short term, but it remains in an uptrend.

Bitcoin Cash Price Uptrend

There were continuous gains in bitcoin cash price from the $1,300 swing low against the US Dollar. The price was able to move above two important resistance levels at $1,365 and $1,380. It cleared the path for an upside push above the $1,400 resistance. There was a major upside move and the price even traded above the $1,450 level and formed a high near $1,476.

A downside correction is underway from the $1,476 high, but the price is well above the 100 hourly simple moving average. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $1,295 low to $1,476 high. There is also a major bullish trend line forming with support at $1,350 on the hourly chart of BCH/USD. The pair remains well supported on the downside around the $1.400 and $1,380 levels. Moreover, the 50% Fib retracement level of the last wave from the $1,295 low to $1,476 high is around $1,385.

Therefore, the $1,380-1,400 levels are decent supports. On the upside, the price may resume it uptrend above the $1,460 level. Above the recent high of $1,476, the price could even break the $1,500 level.

Looking at the technical indicators:

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Asian Altcoin Trading Roundup: Top Cryptocurrency is VeChain

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Xīn nián kuài lè, Happy New Year. It is the year of the dog but the bulls seem to be dominating the markets this morning in Southeast Asia. Most cryptos are trading higher today with the exception of Litecoin which has cooled off a little from its two day surge. Bitcoin has broken through the $10k barrier and its siblings are hanging on for the ride. One coin is of course trading higher than the rest this morning and that is VeChain.

According to stats from Coinmarketcap VEN is up 15% on the day. The token is currently trading at $5.82, up from $5 this time yesterday, over the week it has shown a 42% climb from just over $4. VEN spiked to an all-time high of $9.37 on January 22 and has been falling ever since until a turnaround on February 14.

VeChain claims to be a product based crypto which has implemented blockchain solutions across various industries such as luxury goods, liquor and agriculture. The concept is to ensure quality and transparency for luxury brands and products to battle against a growing black market of counterfeit goods. Customers can use the system to claim ownership of luxury items which will be entered into their distributed ledger.

The company is set to rebrand on February 26 at a flamboyant event in Singapore. VEN tokens will be converted into VET tokens to reflect moving to a new advanced blockchain called VeChain Thor. This is likely to have spurred greater interest in the altcoin which is currently outperforming all others in the top 25.

VeChain is largely traded on Binance which has over 50% of the volume, $135 million of which has passed hands in the last 24 hours. VeChain is currently at 17 in the market capacity charts with a total cap of $2.7 billion. There is a total supply of 873 million tokens with 470 million currently circulating.

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Crypto Exchanges Launch P2P Platforms from Latvia and Bulgaria

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While European institutions are issuing another series of warnings about the risks and sins of dealing with bitcoin, crypto communities on the Old Continent are trying to preserve freedoms not granted by Brussels. Two exchanges from opposite corners of New Europe have announced plans to offer peer-to-peer cryptocurrency trading. Latvia-based Hodlhodl has launched its new P2P platform in beta-mode, and Bulgarian Crypto.bg is developing its own service that may replace the fiat medium with a token.  

Going Global

Intensive work to develop decentralized and unregulated crypto markets has been going on in the EU periphery, where memories of excessive regulation and centralization, political and economic, are still vivid. Two exchanges from both ends of (New) Europe have announced preparations to offer full-fledged P2P services to their users, with global aspirations in mind, as well.

Latvian exchange Hodlhodl has just launched a beta-version of its new platform designed to accommodate safe and secure peer-to-peer transactions of bitcoin and other cryptocurrencies. Users can now open accounts, fill out their profiles, set up two-factor authentication, create offers and study available functionalities. Contracts are currently disabled but developers hope to complete the order book and launch them within a week, the company shared in a blog post.

In the first stage of the project only bitcoin (BTC) and litecoin (LTC) will be traded. The exchange will operate in beta-mode until July 2018 with 0% commission. A fee of max 0.6% per trade will be applied after that. “The P2P Bitcoin exchange that doesn’t hold funds” will introduce multisig (P2SH) contracts that will allow users to control their funds in escrow. Hodlhodl offers support of native Bech32 Segwit addresses and P2SH-P2WSH Segwit multisig escrow addresses. The exchange services will be decentralized and no KYC (Know Your Customer) or AML (Anti-Money Laundering) procedures will be applied. Passing an “absolutely voluntary verification”, however, will lower commissions to 0.5%.

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Bitcoin Price Battles $10,000 Resistance as Analysts Urge Caution

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Bitcoin price gained 12% in the 24 hours through Thursday to approach $10,000 once again, but analysts warn of strong resistance.

Big Targets And ‘Secular Bull Markets’

As Bitcoin added almost 40% in February from lows of under $6000 in some markets, Max Keiser led cautious optimism, celebrating what he called the end of “secular bull market.”

“$28,000 in play,” he wrote on Twitter late Wednesday, adding that he thought Bitcoin’s “break through $10,000 will usher in a new burst of news coverage and a fresh wave of buying.”

Altcoins broadly followed suit as BTC rose, with Litecoin making additional gains on the back of LitePay’s merchant acceptance announcement and hard fork speculation.

Against BTC, Litecoin took an unlikely opportunity to post a new all-time high of 0.025, making LTC easily the best-performing altcoin asset in the top 50 by market cap in BTC terms.

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Litecoin Lifted on LitePay and Upcoming Litecoin Cash Fork

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Cryptocurrencies have their moments, each day one will outshine the rest on the back of good news or a FOMO (fear of missing out) moment. Today Litecoin has been on a roll as a double whammy of news has awoken the crypto coin from a long slumbering down trend.

At the time of writing Litecoin is trading at just over $232 according to Livecoinwatch (including South Korean markets) which puts it around 28% higher than this time yesterday. This time last week the altcoin was hovering around $145 so its weekly increase is an even more impressive 60%. Litecoin has had a rough year plummeting from an all-time high of $370 just before Christmas to a low of $107 on the big February 6 dip. This is the first time the digital asset has shown solid gains in just under two months.

LitePay lights it up

According to CNBC, which is more accustomed to spreading FUD, Litecoin’s surge can be attributed to the launch of a new payments processor. LitePay, due for launch on February 26, will enable merchants and businesses in 41 countries including the US, UK, China, Japan and Germany to accept payments in Litecoin. It is a Visa-compatible system that converts Litecoin to dollars, which would enable users to use Litecoin anywhere Visa is accepted.

Additionally the Singapore registered non-profit Litecoin Foundation is also an investor in the new system. LitePay CEO Kenneth S. Asare told media;

“Our goal is to create a way for merchants to earn Litecoin, which is a particularly good crypto currency for payments,” 

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Western Union to Trial Ripple XRP Transfers

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Ripple has had the year from hell from the standpoint of its cryptocurrency price. XRP has lost over 70% of its value since its all-time high of $3.8 on January 4. However things could start to improve for the San Francisco based blockchain company as its list of partners continues to grow. Added to that list this week was global payments giant Western Union who has begun testing transfers using XRP.

In terms of new partners Ripple has had a great start to 2018, just last week it joined up with Dubai based UAE Exchange and made inroads to Chinese online shopping markets by partnering with Asian e-payments giant LianLian. The company is also working with Moneygram and over a hundred other financial organizations and banks eager to cut fund transfer costs and increase speeds.

Union with a payments giant

Western Union chief executive, Hikmet Ersek, told analysts this week that the company has begun experimenting with Ripple and XRP for settling transactions. CTO Sheri Rhodes told media:

“We continue to explore possible blockchain applications for our business, and we are piloting some settlement tests with Ripple for certain corridors. For blockchain in general, we’re looking at areas such as transaction processing and settlement, working capital optimization, regulatory technology, and digital identity.”

Two primary products are offered by Ripple to facilitate payments and transactions. xCurrent, which over 100 financial institutions are currently using, enables real-time messaging, and real-time settlement between banks. While, according to Ripple CEO Brad Garlinghouse, xRapid allows;

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Ripple Price Analysis: Can XRP/USD Break Higher?

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Ripple price is rising from the $0.8980 low against the US Dollar. XRP/USD is currently trading above $1.10, but it is facing a major resistance.

Key Talking Points

Ripple price is currently facing a major resistance near the $1.15 level against the US Dollar. There is a rising channel forming with current support at $1.02 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp). A break above the $1.15 level is needed for buyers to gain bullish momentum.

After a major upside move above $1.21, Ripple price found sellers against the US Dollar. The XRP/USD pair corrected lower and traded below the $1.00 support area. It also breached the 23.6% Fib retracement level of the last wave from the $0.5645 low to $1.2301 high.

The downside move was aggressive as the price moved below the $0.9800 support area. However, buyers appeared around $0.8980 and prevented declines. Moreover, the 50% Fib retracement level of the last wave from the $0.5645 low to $1.2301 high was tested.

The price remained well above the $0.9000 level and the 100 simple moving average (2-hours). It has recovered well and moved back above the $1.00 level.

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