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Ethereum Price Analysis Nov.18: Looks like a correction before the next wave

After last week’s massive collapse where $20 billion worth of cryptos evaporated from the total market capitalization, bulls step in an attempt to hold the price above the support level.

Bitcoin is currently holding the $5,500 price level, and ETH is presently maintaining the $174 price level.

What we see is the most likely type of a temporary correction upward, in the middle of a broader downward trend direction. The market is still bearish.

Elliott wave’s analysis suggests that the decline is still not over yet and we expect to see another downward-going wave in the near future.

Looking at the 4 hours chart:

– ETH price is currently held above the 174$ support level with the three smaller EMA’s acting as close-range resistances (8/13/22 EMA’s on the following chart).

– We can notice a red “shooting star” candle (bearish candle formation) with a very long wick. The price hit the previous resistance at $178 and turned immediately turned back down.

– We should consider the possibility of another short move upward, as a “dead cat bounce” towards the 0.382 retracement level ($184) or even higher, towards the 0.5-0.618 Fibonacci retracement level ($190 resistance level) if the bulls will have enough strength against the bears, that are pushing the price lower.

– On the other hand, if the bears manage to push the price lower, in order to break the 168$ support level, the next target might be the $140-135 range.

– The RSI indicator is currently holding above 30 (4 hours chart) which signals that the bulls might get their chance to ‘fight’ and raise the price (a possible bullish sign).

– MACD histogram is ticking higher at the moment, with a positive crossover in the MACD’s averages.

ETH/USD BitStamp 4-Hours Chart

eth_nov18_4h-min

 

Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.

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Switzerland Approves First Bitcoin-Cryptocurrency ETF with Ticker $HODL

The Bitcoin ETF $HODL, offered by Amun Crypto, will begin trading on Switzerland’s Six Swiss Exchange beginning next week. The ETF’s earnings will be linked to five different cryptocurrencies.


The ETF is being offered by Amun Crypto, a U.K. based fintech company. It will begin trading on Six Swiss Exchange next week. Six is Switzerland’s chief stock exchange, as well as the fourth largest in Europe.

According to the Financial Times, the ETF “[…] has been designed to track an index based on the movements of five leading cryptocurrencies.”

Roughly half (48%) of the ETF’s assets will be invested in Bitcoin (BTC) 00. The rest will be put towards bitcoin cash, XRP (30%), ethereum, and litecoin.

New Kid On the Block

Financial Times‘ writer Matt Flood notes that the ETF has been crafted in close accordance with the standards expected from traditional exchange-traded funds. This is according Hany Rashwan, Amun’s top executive.

Rashwan describes the aims of the ETF:

The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments

The Times reports that while competitors like CoinShares and Grayscale exist, they differ in legal form, whilst only being linked to one cryptocurrency. Seeding for the ETF will be fostered by Jane Street and Flow Traders, and it will trade using the ticker $HODL.

The Financial Times highlights the ETF’s arrival amid the lowest drop in BTC price 00 in over a year. The ETF is has been particularly the source of much hype in the cryptocurrency space. An exchange-traded fund product is expected to facilitate institutional buying of bitcoin.

Switzerland seems to be perpetually fixed in the crypto news cycle whether its happenings in Crypto Valley or the present ETF. Progress seems to abound.

In October, Bitcoinist reported on Crypto AG’s recently-granted cryptocurrency asset management license. A month earlier, Bitcoinist also wrote on Switzerland’s status as a top global Bitcoin destination.

What are your thoughts on the Bitcoin ETF $HODL? Share your thoughts below!


Images and media courtesy of Shutterstock, Twitter (@boscryptocnn, @MANT121266), YouTube (ThinkCrypto).

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Cryptocurrency Market Update: Swiss Crypto ETP Approval Elevates XRP, Stellar Tops EOS

Markets recovering a little on Sunday; XRP moving up, Stellar and Monero not far behind.

A Sunday bounce has pulled cryptocurrency markets back from the abyss … for now. Following one of the largest falls this year during the week markets are recovering a little today as total capitalization creeps back up over $185 billion.

Bitcoin has made it back to $5,600 with a small gain of 1.3% on the day. Since its 2018 low of $5,350 on Thursday Bitcoin has regained 4.7%, however, since the same time last week it has dumped 12.5%. Ethereum has not been able to recover much at all and has only made it back to $176 with 1.4% added at the time of writing.

XRP is the big mover in the top ten today, accelerating away from Ethereum in third spot. XRP has risen 10% on the day taking it to $0.516 at the time of writing. It is now over $2.5 billion clear of ETH in terms of market cap.  Momentum has come from Switzerland which has given the green light to the first cryptocurrency ETP (exchange traded product) with over 25% invested in XRP. Japanese traders have been buying up the token on Bitbank this morning as trade volume climbs 36% on the day to $730 million.

Stellar is also recovering well today with a 5.5% gain, pushing it up to fifth spot above EOS. Monero is not far behind adding around 4.5%. The rest are up around 2-3 percent on the day. In the top twenty Zcash has clawed back 4% but the rest are only gaining one or two. Nem and Tezos were still marginally in the red at the time of writing.

Today’s obscure fomo pump is BOScoin, entering the top one hundred with a 16% surge on the day. Stratis is also doing well adding 10% and CyberMiles is climbing over 7%. Still dropping like a stone is Nasdacoin with a further fall of 14%.

Total crypto market capitalization has gained a little on yesterday’s low levels. $5 billion has been added over the past day to lift markets 2.8% to $186 billion. Things are still grim on the weekly and monthly views with a 12.5% dump for crypto markets for these periods.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

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Bitcoin Price Analysis Nov.18: A recess ahead of the storm?

Over the past days since our latest price analysis and overview, we saw Bitcoin consolidating around the $5400 – $5500 range. As we can see, the current high since the severe drop lies at $5620 which is precisely where Fibonacci retracement level of %38.2. This is the first significant resistance area before a possible correction.

Along with our long-term prediction, in my opinion, the Bitcoin market had just started the last cycle which is known as capitulation. This doesn’t mean that the Bitcoin is bullish from now on, but after a long period of consolidation, the capitulation is the latest stage of the market cycle. Bitcoin will decide to turn bullish once most of the people declare on “its death”, and this we’ve not seen yet.

Looking at the 4-hour chart:

  • Looking at the bigger time-frame, the Bitcoin daily chart: As mentioned before, the first target had been reached very quickly at $5300. The $5000 – $5300 might hold as possible support. Next possible support areas are $5000, $4500 and $3700. As we mentioned in the horror prediction – $2700 – $3000 is the possible bottom.
  • Zoom in to the current’s situation: Bitcoin is forming a symmetric triangle which it’s getting tighter and expected to break. In my opinion, the higher the chance is a breakdown. The next support area lies around $5450 and $5300.
  • Resistance levels lie at ~$5650 (Fibonacci retracement level %38.2), and $5700 – $5800 area which is now support turned tough resistance. The next significant resistance lies at another support turned tough resistance – $6K.
  • The RSI indicator: After visiting yearly low areas, the RSI is back above the critical level of 30. This could be the first bullish sign, as long as it keeps its head above that level.
  • Scholastic RSI oscillator is at its highest levels and about to cross there. The market is overbought, and this indicates on a possible correction down.
  • Trading volume: after the massive volume following the days of the drop, the current weekend carries low volumes like before.
  • BitFinex open short positions are at 22.3K. In their weekly high the number was 27.7K.

BTC/USD BitStamp 4-Hours chart

BTC_nov18-min

Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.

 

The post Bitcoin Price Analysis Nov.18: A recess ahead of the storm? appeared first on CryptoPotato.

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Major Swiss Stock Exchange SIX Lists World’s First Multi-Crypto ETP Amidst Market Collapse

The fourth largest European stock exchange, SIX Swiss Exchange, will list the world’s first multi-crypto exchange-traded product next week.

Switzerland‘s principal stock exchange SIX Swiss Exchange will list the world’s first multi-crypto-based exchange-traded product (ETP) next week, the Financial Times (FT) reported Saturday, Nov. 16.

Backed by the Swiss startup Amun AG, the first global multi-crypto ETP will be listed under index HODL, and will track five major cryptocurrencies: Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

According to the article, each cryptocurrency will acquire a certain market share within the upcoming ETP, with Bitcoin accounting for around half of the ETP’s assets. The rest are set to be divided in fractions, with 25.4 percent in now-second cryptocurrency XRP, and 16.7 percent in Ethereum, while Bitcoin Cash and Litecoin will acquire 5.2 and 3 percent of the market, respectively.

Amun’s co-founder and chief executive Hany Rashwan commented that the upcoming ETF is organized in a way to comply with the same strict policies that are required by traditional ETPs. According to Rashwan, this will provide a well-regulated tool for trading cryptocurrencies for both institutional and retail investors that are limited in the field by crypto-unfriendly environments.

The Amun ETP index will be managed by the German index unit of investment management firm Van Eck, according to major Swiss news agency Finews.com. While Amun AG is based in the Swiss “crypto valley” town of Zug, it is reportedly a branch of Amun Technologies, a U.K.-based fintech company. The firm first announced their plans to introduce a crypto ETP in late September this year, according to Bloomberg.

According to Amun’s official website, SIX Swiss Exchange is the fourth largest stock exchange in Europe with a market capitalization of $1.6 trillion. On Wednesday, Nov. 14, head of securities and exchanges at SIX Thomas Zeeb claimed that blockchain-based digital exchanges will entirely replace conventional ones in “about ten years,” citing a large interest in cost advantages of the technology by brokers, banks, and insurance firms.

ETPs represent a type of security that is priced derivatively and trades intraday on a national securities exchange, based on investment tools such as commodity, a currency, a share price, or an interest rate, according to New York City-based investing and finance website Investopedia. ETPs can reportedly be actively managed funds, including exchange-traded funds (ETFs), and others.

Some experts have predicted that adoption of Bitcoin ETFs will be a “way bigger deal” than a cash settlement Bitcoin futures contract, and hence will be a bigger basis for the growth of crypto markets.

In Sweden, XBT Providers already have a Bitcoin ETP called Coinshares, which has attracted around $1 billion since 2015 when it was listed on major Swedish exchange Nasdaq Stockholm.

Recently, the U.S. Securities and Exchange Commission (SEC) stopped accepting public feedback on their Bitcoin ETFs policy review, following the previous denial of nine applications to list and trade various BTC ETFs from three companies, including ProShares, Direxion, and GraniteShares.