The Leading Cryptocurrency Stories for 14th Feb 2018

The Leading Cryptocurrency Stories for 14th Feb 2018
February 14, 2018

After a period of high volatility, crypto currency market is trying to consolidate. During November and December last year, the entire crypto currency market rallied in a big way and came under the watchful eyes of mainstream media. By January, there was a steep increase in negative views about the market. That led to a sharp correction. In February, the negative views continue to pour in, but an equivalent number of positive views are also given out by financial leaders and government authorities. The statement made by the US SEC chairman Jay Clayton and the CFTC commissioner Christopher Giancarlo last week was an example for the positive views. Furthermore, the US State of Arizona has passed a law that will allow the residents of that state to pay their taxes in Bitcoin and other crypto currencies. Read more here. 

Likewise, Thailand has categorically stated that crypto currencies cannot be banned, but only regulated. However, the country has banned its banks from trading crypto currencies. Read more here.  Now, let us look at the major developments related to important coins:

Bitcoin

The beta version of the Zap wallet, which facilitates Lightning Transactions in Bitcoin, was released earlier this week. Zap, a pet project of Jack Mallers, is an open source project, backed by a group of crypto enthusiasts and programmers. The release of the beta version of the Zap wallet assists Bitcoin to consolidate at $8,500 levels. Read more here. 

IOTA (IOT)

It is a revolutionary new blockless (Tangle technology) distributed ledger which allows allows secure data transfer without fees. IOTA is a quantum-resistant Directed Acyclic Graph (DAG) and has no scaling limitations. The German engineering company Bosch has selected IOTA for its autonomous driving vehicle project. Bosch’s IoT manager Sarah Nizze revealed that the company is currently deploying IOTA in its autonomous vehicle project. The IOT token is currently trading at about $1.80 and is one of the most watched crypto currencies. Read more here. 

Ethereum Classic

While most of the crypto currencies hardly moved yesterday, Ethereum Classic (ETC) gained about 15% to trade at $30 levels. The reason is that Cryptonaire, a dedicated team of crypto currency analysts listed Ethereum Classic in their list of Verified Digital Assets. As of date, there are only around 11 crypto currencies (including ETC) which have made to the list. Cryptonaire team analyses only crypto currencies and no other asset. That makes the list quite special. The news sparked a rally yesterday in ‘Classic Ether’ token. More details about Cryptonaire and their list can be understood by visiting their official website.

 

Our Forex Trading Plan

Ethereum. The ETCUSD pair has broken the resistance at 27. It is also trading above the 50-day moving average. Furthermore, the MACD histogram reading is on the verge of changing from negative to positive. Therefore, we can expect the current rally in the ETCUSD pair to continue.

We may establish a long position in the ETCUSD pair near 30, to benefit from the current rally. A stop loss order will be definitely placed near $20 to limit losses, in case of an unanticipated reversal. After entering the trade, we will place an order to book profit at $41.

Ethereum - Technical Analysis - 14th February 2018

 

Our Binary Options Trading Plan

Dash. Formerly known as Darkcoin and XCoin, Dash is an open source peer-to-peer cryptocurrency. Dash offers instant (InstantSend) and private transactions (PrivateSend). That has made the coin very popular. Dash’s decentralised governance and budgeting system make it a decentralised autonomous organisation (DAO).

The price charts indicate that Dash may begin another rally in the days ahead. The crypto currency has found strong support near 400 levels. Furthermore, the stochastic oscillator is out of the bearish zone. Therefore, a strong uptrend can be expected.

By investing in a call option, profit can be generated from the probable rally in the Dash coin. We may establish a position only if the coin trades near $600 in the crypto market. Furthermore, we require the contract to be valid until February 22nd.

Dash - Technical Analysis - 14th February 2018

Disclaimer: The trading analysis offered here is our opinion. It is not provided as trading advice, merely an indication of our trading plan. We cannot guarantee success and we encourage traders to incorporate a strong money management strategy to limit losses. Please use this article as part of your own research before formulating strategies prior to trading.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins


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