Ethereum Classic Price Technical Analysis – ETC/USD to Test $11.00

Key Highlights

  • Ethereum classic price is back in the bearish zone below $12.00 against the US Dollar.
  • The ETC/USD pair is about to break a contracting triangle support at $11.50 on the hourly chart (Data feed via Kraken).
  • The pair might continue to decline and could even test the $11.10-11.00 area.

Ethereum classic price is slowly moving down against the US Dollar, and fell sharply versus Bitcoin. ETC/USD might extend declines below $11.50.

Ethereum Classic Price Resistance

There was no upside move in ETC price above the $12.00 against the US Dollar. The price started a downside move after correcting towards the $12.00 level. Before the mentioned failure, there was a break above the 50% Fib retracement level of the last leg down from the $12.50 high to $11.02 low. However, the price failed to clear the $12.00 handle and a bearish trend line.

Moreover, the 61.8% Fib retracement level of the last leg down from the $12.50 high to $11.02 low acted as a hurdle. As a result, there was a downside reaction, and the ETC/USD pair might soon break a contracting triangle support at $11.50 on the hourly chart. The pair is currently well below the $11.80 resistance and the 100 hourly simple moving average. Therefore, there is a chance of ETC testing the $11.10 or $11.00 level in the near term.

Ethereum Classic Price Technical Analysis ETC USD

On the upside, the trend line resistance near $11.70 might continue to stop the upside move. A proper close above the $12.00 handle and the 100 hourly SMA is needed for buyers to gain momentum. Otherwise, there can be more declines and the price could even break the $11.00 handle for a move towards $10.50.

Hourly MACD – The MACD is gaining pace in the bearish zone.

Hourly RSI – The RSI is currently well below the 50 level and gaining downside momentum.

Major Support Level – $11.00

Major Resistance Level – $11.80

 

Charts courtesy – Trading View, Kraken

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Events from China are taking a significant toll on the cryptocurrency market. This began with the ban on ICOs that involved citizens and residents in the Asian country.

Prior to this time, many companies have adopted the unregulated and decentralized system as a preferred means of crowdfunding over the traditional IPOs and other methods.

The world is experiencing a revolution

According to data by the CIA regarding the market value of publicly traded shares in the world, the US alone holds $25.1 trillion, followed by China with $7.3 trillion and then the European Union with $7.1 trillion. This data is only on securities and tokens are not merely securities. They are a store of value and could be anything from securities, commodities, currencies, and utilities to name a few – depending on the issuer.

Blockchain expert, Derin Cag explains that what the world is witnessing at the time of writing is comparable to the beginning of Dutch East India Company stocks (securities), California Gold Rush (commodities), the Great British Pound (currencies), and Invention of the Steam Engine (utilities) – all at once!

“This new phenomenon of tokens are going to add a tremendous amount of value to the world economy. Hence, accurately regulating them would be smart, and making them illegal could be harmful for the national wealth of decision-makers in the long run”, says Cag.

This explains why High speed Internet Company, Cajutel is adopting the use of tokens and ICO as a preferred crowdfunding method in its mission to revolutionize the telecom industry in Guinea-Bissau.

The two-way benefits of an ICO

Andreas Fink, CEO of Cajutel explains that his company embarks on an ICO in order to enable global participation by investors of all classes without restriction. He also notes that it is a process that would enable the company achieve its aim more efficiently as instead of relying on just a few venture capitalists and angel investors, an ICO opens up the opportunity on a global level.

Fink has been developing MacOS software since 1984, and Unix Software since A/UX 1.0 somewhere in the early 90ties. Today most of Fink’s work runs around mobile networks from GSM to 4G. He is also heavily involved in telecommunications in Iceland, Guinea-Bissau, Guinea and Switzerland.

An Initial Coin Offering (ICO) allows individuals to independently analyse the given project so as to determine whether or not it is born out of a reliable promise. This is the basis of Cajutel’s offer of delivering a “Real World Project” that is open to independent scrutiny by the public.

Fink explains that his company’s project is aimed at creating a big boost in the educational and economic ecosystem of the entire nation of Guinea-Bissau and its neighbours.

He says:

“Our vision is to build the most cost effective broadband access network and to provide state of the art communications for its customers and thus create a big boost to the education and economy. CAJUTEL will bring affordable, reliable internet communication to the local market and is focused to provide the best performing mobile data network for Guinea-Bissau and Guinea. CAJUTEL will be the fastest internet provider in the area for the public, outperforming the existing operators offering by a factor of 10x to 100x with an at least 30% cheaper price. This enables internet technologies not present in West Africa simply due to lack of bandwidth and too high prices. It makes it affordable for the general public to get access to the internet. That is why only less than 2% have access today. So there’s 98% available to be grabbed by us.”

A nation that is ready

Guinea-Bissau is a country that is ripe for technological and internet revolution. This is expressed by the friendly approach of its government towards new companies that are investing into various industries within its borders. The two existing telecom companies, MTN and Orange have enjoyed smooth operations and a warm relationship with both the government and the people of Guinea-Bissau. However, as explained by Fink, Cajutel is set to offer dedicated broadband services that will improve the internet service of the entire nation at a cheaper rate.

This is a phenomenon that Fink describes as “a complete national development”.

To achieve its goal, Cajutel is looking for an investment of 30M$ to cover Guinea-Bissau and Guinea (the big plan) or a minimum of 12M$ for the slower building plan to only cover Guinea-Bissau.

 

Tokens as shares

During the ICO, the company would exchange cryptocurrencies for its shares. This means that purchased tokens automatically translates into company shares and retains the values of the company over a long period of time.

This is different from what is popularly obtained within the crypto industry where tokens purchased during an ICO become independent entities in the crypto market that rely strictly on market forces to derive their values.

Cajutel tokens will be backed by the company and its value will reflect the growth of the company into its long term future. This opens up and opportunity for long term benefits for all classes of investors.

With the technological revolution that is overtaking the West African region and the friendly attitude of the various governments of nations within this region, there is a healthy competition among them and the coastal country of Guinea-Bissau appears set to stand up and be counted.

 

 

Key Highlights

  • ETH price is under pressure and moved below the $302 support against the US Dollar.
  • There was a break below a bullish trend line with support at $302 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price is now below the 100 hourly simple moving average, but remains supported above $296.50.

Ethereum price is under pressure against the US Dollar and Bitcoin. ETH/USD might correct a few points, but remains supported above $296.

Ethereum Price Support

There was a sharp rise in bitcoin price, which is putting pressure on ETH price below $305 against the US Dollar. The price failed to gain momentum above $307.50 and started a downside move. It broke the 23.6% Fib retracement level of the last wave from the $285.08 low to $307.57 high. The most important break was below a bullish trend line with support at $302 on the hourly chart of ETH/USD. It opened the doors for more losses below $302.

The pair declined and tested the 50% Fib retracement level of the last wave from the $285.08 low to $307.57 high. It has moved below the 100 hourly simple moving average, but remains supported above $296.50. It might recover from the current levels, but has to move back above $300 and 100 hourly SMA to gain traction. On the upside, the pair needs to clear offers near $304 and $306 to move back in the bullish zone.

Ethereum Price Technical Analysis ETH USD

If the pair fails to move pass $302 and 100 hourly SMA, the $296.50 support might be tested. The next support is around the 61.8% Fib retracement level of the last wave from the $285.08 low to $307.57 high. The overall bias is neutral until bitcoin price settles down.

Hourly MACD – The MACD has moved into the bearish zone.

Hourly RSI – The RSI is currently below the 50 level.

Major Support Level – $296

Major Resistance Level – $304

 

Charts courtesy – SimpleFX

Mining for precious metals has always been an underground pursuit as that is where the materials lay, however, when it comes to Cryptocurrency mining it can happen anywhere.

That, however, does not mean that taking it back to its roots, underground, is a bad idea as Ice Rock Mining has discovered. The company has procured a former Soviet bunker where they aim to set up a large-scale mining operation in order to reach optimum efficiency in minting new cryptocurrency coins.

Ice Rock is also looking to turn this venture into an investable one so that those who do not have access to a Soviet bunker can also benefit from the advantages of heading underground for crypto-mining.

Why go underground

Mining was always a pursuit that allowed for any and all to do their bit to profit from cryptocurrencies, however as things have changed, and the difficulty has scaled, that is no longer the case.

Mining is all about margins and in order to increase their margins Ice Rock think they have found the perfect base of operations. Inside the Soviet bunker, situated in Kazakhstan, they are looking to fit in 4,600 ASIC Rigs that will benefit from a number of advantages.

Firstly, Ice Rock claim, that because they are based where they are, near a hydroelectric power source they have access to super cheap electricity. The figure put forward by the company sits at $0.03 per/kWh.

Because electricity is usually the biggest expense, the fact that they can cut costs there means that their margins should naturally be higher, but they hope to take it further.

The bunker has its own ecosystem which maintains the temperature at a chilly 12 degrees, that temperature, however, is the idea for mining rigs, and because it is a natural phenomenon, this is another cost save for Ice Rock.

Ice Rock have also acquired the bunker, which one must remember is essentially a rock cave, so there is no rental cost and barely any maintenance on the ‘building’

Opportunities

It all sounds like a perfect spot to set up a mining operation, but it is an option afforded to very few – having your own Soviet Bunker. That is why Ice Rock is looking to open up this high margin mining operation to other miners, as well as pure investors in the form of an ICO.

Through their ICO and their token – the ROCK token – they will either let those who want to be a part of a mining operation buy packages which they can customize, essentially buying a spot within the mining farm which they can profit from in terms of cloud mining.

This cloud mining-type system is said to be profitable says Ice Rock because they have taken huge steps to increase the margins. However, they are also allowing those who simply want to buy into the premise of the company to invest with their ROCK tokens which will be able to be traded normally once they are released.

A mining ICO

By combining an ICO with a mining operation and access through cloud mining Ice Rock are hoping they can spread the margins they have built up around as much as possible.

Mining has become far more exclusionary because of its difficulty, but by making it profitable, those who are interested can be a part of a Soviet bunker mining farm from the comfort of their own home.

Even those who see a future in mining are offered a chance at investing in an ICO that is focused on an integral part of digital currencies – its mining operation.

Key Highlights

  • Ripple price failed to hold the $0.2600 support and moved down against the US Dollar.
  • There was a break below yesterday’s highlighted contracting triangle pattern with support at $0.2600 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price might test the $0.2350 support area if the current sentiment remains intact.

Ripple price broke a key support against the US Dollar and Bitcoin. XRP/USD might correct further in the near term towards the $0.2350 level.

Ripple Price Resistance

Yesterday, we discussed that Ripple price is approaching a break either above $0.2640 or below $0.2600 against the US Dollar. The price failed to make an upside move and started declining below $0.2600. It broke yesterday’s highlighted contracting triangle pattern with support at $0.2600 on the hourly chart of the XRP/USD pair. It opened the doors for more losses below $0.2550.

The worst part was a close below $0.2500 and the 100 hourly simple moving average. The price has moved below the $0.2500 handle and traded towards $0.2400. It might correct a few points higher towards $0.2460. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $0.2660 high to $0.2400 low near $0.2460.  Above $0.2460, the 50% Fib retracement level of the last decline from the $0.2660 high to $0.2400 low at $0.2530 would act as a hurdle.

Ripple Price Technical Analysis XRP USD

Moreover, the triangle resistance trend line is at $0.2600, which might continue to stop the upside move. On the downside, there are chances that the price could test $0.2350. Below the last, the price could even test the $0.2300 handle in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is now placed well into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is heading towards the extreme oversold levels.

Major Support Level – $0.2350

Major Resistance Level – $0.2550

 

Charts courtesy – Trading View, Kraken

Key Points

  • Bitcoin cash price is struggling to move higher and remains below the $340 resistance against the US Dollar.
  • This week’s highlighted major bearish trend line with current resistance at $325 is a crucial hurdle on the hourly chart of BCH/USD (data feed from Kraken).
  • The price is just holding the $300 handle, but remains at a risk of more declines.

Bitcoin cash price is not able to move above $330-340 against the US Dollar. BCH/USD is now struggling to hold the $300 support area.

Bitcoin Cash Price Support

It seems like Bitcoin cash price is struggling to recover from the $300 support against the US Dollar. Therefore, the price remains at a risk of more losses below $300 in the near term. At the moment, buyers are fighting hard and the price is trading just above $300. There were 2-3 attempts to surpass the $300-305 levels, but sellers failed. The price is currently recovering with an initial resistance around the 23.6% Fib retracement level of the last drop from the $335 high to $304 low.

An intermediate resistance is near $318 and the 50% Fib retracement level of the last drop from the $335 high to $304 low. On the upside, this week’s highlighted major bearish trend line with current resistance at $325 is intact on the hourly chart of BCH/USD. It might continue to play a major role for an upside break above $340. As long as the pair is below the trend line resistance and $340, it remains in the bearish zone.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, a close below $300 would take the pair towards the last low of $290.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is mostly placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 45 level.

Major Support Level – $305

Major Resistance Level – $325

 

Charts courtesy – Trading View, Kraken

Bitcoin Price Key Highlights

  • Bitcoin price broke past its all-time highs to create new ones, signaling a fresh push among bulls.
  • Looking at the Fibonacci extension levels based on the latest correction move shows the next upside targets.
  • Price has already breached the 76.4% extension and is making its way towards the full extension near $6000.

Bitcoin price is on a tear after establishing stronger bullish momentum on a break past the $5000 barrier, setting its sights on $6000 next.

Technical Indicators Signals

The 100 SMA is still safely above the longer-term 200 SMA so the path of least resistance is to the upside, which means that the rally is more likely to continue than to reverse. Bitcoin price has also moved past the $5000 psychological barrier, clearing the path for a move to the next ceiling at $6063.69 or the full extension.

However, stochastic is already indicating overbought conditions, which means that buyers are feeling exhausted and may let sellers take over. RSI is also in the overbought level but has yet to turn lower to indicate a return in selling pressure. If that happens, a pullback to the previous highs could be in the cards.

Market Factors

It’s hard to pinpoint the exact catalyst that spurred the strong rally but it looks like investors are positioning for another big move ahead of the network upgrade in November. Back in August, this event led to a new leg higher for bitcoin price and the cryptocurrency has managed to recover even from a series of negative updates since.

For one, China has intensified its crackdown on bitcoin by banning ICO funding and eventually shutting down exchanges. However, the large drop in volumes has slowly been made up for by other markets like Japan and South Korea.

Additional volatility is still expected moving forward, and the release of US CPI and retail sales data later today might also impact BTCUSD price. Apart from that, weakening Fed hike expectations for December are also weighing on the dollar to bitcoin’s advantage.