Skip to main content

Asian Market Update – Tuesday 17.10.1027: Cryptocurrency prices consolidate after strong rally

Bitcoin

The Big Question: When can we expect the next short-term bitcoin rally?

Prices of cryptocurrencies pointed lower overnight during the Asian trading session on Tuesday, showing typical signs of a technical consolidation before the next leg up.
At midday in Asia, bitcoin was down 2.27 percent to $5,615. The loss in the price of bitcoin on Tuesday did not even get close to erasing the strong gains made in the past few days since, when bitcoin surged through the $5,000 mark and continued to rally all the way to about $5,850.
The price of ethereum also saw a loss of 1.5 percent loss to $328 at around midday in Asia. Ethereum has performed steadily following the protocol upgrade deployed on Monday, known as the Byzantium hard fork. Tuesday’s fall, though pretty steep, is still smaller than the single-day loss seen on Sunday ahead of the hard fork, when the virtual currency dropped to near the $316 level.
Litecoin on Tuesday saw the biggest loss, trading down 4.66 percent to $61.62. However, litecoin remains above the $60 mark after surging past that on Saturday.
Though losses in the price of the three major cryptocurrencies were far away from erasing the solid gains from the past a few days, talks of wether bitcoin has reached a level where correction is inevitable, have emerged.

Comments

Post a Comment

Popular posts from this blog

Analysis 23.10.2017 : Notable Bitcoin Price Growth Events in October

  October has been an interesting month for Bitcoin, with growth of about 40% so far, breaking a market cap of over $101,881,681,652. But if you are looking at Bitcoin long-term, this is more than just numbers now. Yes, Bitcoin did experience some explosive growth this month (and has been this entire year), but we shouldn’t let that distract us from some of the main components that will fuel Bitcoin’s growth in the long-term. Not only did the price break $6,000 per Bitcoin for the first time ever, we started to see Bitcoin’s market cap rate  surpass that of big banks such as Goldman Sachs ($93 billion) and Morgan Stanley ($89 billion) . While comparing the market capitalization of a cryptocurrency with that of publicly traded companies doesn’t make much financial sense, it’s entertaining to watch financial institutions stress out about Bitcoin. For example, the CEO of JPMorgan Chase Jamie Dimon  can’t stop talking  about Bitcoin and venting h...
Post a Comment
Read more

Trade Recommendation 31.10.2017: Litecoin

The price bounced from the uptrend line and moved above the cloud. The new high is a good level for placing buy orders. If the market moves above 59.00 level, we’ll have a confirmation of further price movement. DMI shows that bulls become stronger and we can expect new highs. Entry is 59.00 level with stop orders below the local swing low at 53.50 level. Profit targets are 70.00 and 80.00 levels.  If you don’t use leverage, recommended trading volume for this trade is up to 10% from your deposit. Market: LTCUSD Buy:  59.00 Stop:  53.00 Profit Targets:  70.00 and 80.00 The trading signal is based on Poloniex chart.
Post a Comment
Read more

Bitcoin 27.10.2017 : Bitcoin Investment Trust Hits $700 as Cryptocurrency Resumes Uptrend

Grayscale’s Bitcoin Investment Trust (OTC: GBTC) posted firm gains on Thursday, as the broader cryptocurrency market resumed its uptrend. // -- Discuss and ask questions in our  community on Workplace . Don't have an account? Send Jonas Borchgrevink an email -- // Bitcoin Investment Trust GBTC’s market price per share climbed 4.3% on Thursday to reach $700, according to Grayscale.  The index peaked above $1,000 in late August before China issued a blanket ban on bitcoin exchanges as well as the trading of initial coin offerings (ICOs). Bitcoin prices (BTC/USD) were up nearly 4% at last check to trade at $5,883, according to Bitfinex. The coin continues to trade at a premium on Korean exchanges, which has become the norm since the Asian country began widespread adoption of cryptocurrency. At current values, bitcoin’s total market is around $98 billion. The Bitcoin Investment Trust provides a traditional avenue for gaining exposure to the w...
Post a Comment
Read more