Crypto market recover pace
Image rights - Pixabay
As mentioned many times during the "Big Correction" we were inside a cyclical market correction, which has been happening for the last few years with BTC, and by extension to the whole crypto space. It is related to the end of the year in Europe, and then in February continued by China. This time of calm takes enormous volumes off the market, which triggers next, massive profit takings and sell.
This time it was also pushed by the Tsunami of FUDsters which were advertising against the whole market.
Thank the Lord; we are now transitioning to Asia being more active. What a coincidence, after mid-Feb starts there is a significant confirmation that we are out of the down pattern in BTC, which began in late December 2017.
As we can see in the chart, a critical resistance was located on the 9.2K BTC/USD. On the 9th and 13th of this month the market tried to break without success, even out of the monthly downward channel, it was not strong enough.
Today finally with the help of the Asian market, we get above the 9.2-9.4 level attacking almost without break the psychological roof at 10K. As mentioned in other opportunities, five digits figures are of psychological impact for traders. Only by then, we could confirm a significant trend, that could retake us to 12K levels, and probably above.
Ripple Effect (pun intended)
Talking about Ripple, BTC move was like a big rock falling to a calm pound, making other smaller leafs floating it to move quickly once again.
Divas of the Week; XRP and LTC
You may think; "Yes, and what now, another company saying will use Ripple... bah". Well, my friend, we are talking about xRapid here, and not xCurrent. It means that XRP will be use!!! So, I know, "Hold down the Horses," but To the Moon!!!!
So far I have been and still am, reluctant to support in the long run to Ripple, one of my main concerns, was xRapid vs. xCurrent. Now, we have a company stating it will use the actual Ripple, and this means; more demand = increase in price. At 1.13 USD it has a market cap of 44 Bn and growing.
TA indicates it has still some room to grow for sure until 1.14 again, which has been testing, and same as 10K for BTC is a tough cookie.
On the upper side, we could see 1.40 levels again. If in December there was so much hype around xCurrent, now with xRapid it should be even more excitement.
So, for now, 1.14 is the target to break above, if not a little discount could be seen overnight, and probably an excellent re-stocking opportunity.
LTC - Satoshi Lite
LTC took a 100% growth from Feb. 6th due to rumors about a Litepay network major release, as also some "fake" fork news.
First, the LitePay option is a major milestone, with the goal of competing with BitPay it will provide the coin with real-life applications. It was announced on their official;Twitter acc.
We started because the people asked @Bitpay to accept LTC. They wouldn’t, so we took the challenge. Infrastructure for LTC February 26 🚀#PayWithLitecoin #LitePay
0:56 - 13 feb. 2018
So far, LTC has outperformed the rest of the top 20 coins at length, having a double-digit increase in the few last days.
Regarding the "fork" there is an official statement from LTC founder himself, Charlie Lee;
PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it's related to Litecoin. Don't fall for it and definitely don't enter your private keys or seed into their website or client. Be careful out there!
Litecoin Cash may or may not be an actual contricant for LTC, still, traders will easily fall for a probable airdrop of 10 to 1 (10 Cash for 1 LTC).
Fake or not the repercussion was felt on the market, and many people still are convinced it will happen around March. So be careful once more, trade the rumor, sell the news!
200 followers treshold
So, I did it, got to 200 followers, currently 212 and I keep growing. It makes me really happy therefore I will giveaway 5 SBD among those who comment what do they like about my posts, and what they would like;
1. To keep seeing;
2. to stop me from doing or sharing :)
To participate you need to be a current or new follower and upvote this post.
The idea is to create a space for people to share and grow together, hence I think supporting minnows by promoting comments and participation is a good way to build a sustainable community.
The winner will be chosen by me after 7 days of posted this article, hence there is plenty of time for you to take a chance!!!
I use and vouch 100% for SmartSteem!
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What I do like is the explanation and reasing you are given besides the TA. While others just pst TA with some technical mumble while completly ignoring the sentiments of the market.
What I’m missing is how this impacts your own portfolio. Not looking for investment advice but I do like the personal thoughts and touches.
For the rest keep up the good work, you deserve all the followers you have!
Thanks Fullcover! Thing is I mainly HODL. I could start making comments though.
I.e. I was long on XRB so now I got a direct hit of -40% on my position, the point is I do not want to pity myself or rub my shoulders for good or bad trades.
I agree that it could be beneficial to provide more "test" scenarios, like what would I do myself when facing a position, news, etc.
Thanks for being there and keep commenting and posting!
From sharing wins and losses we can all learn. Most of the time when writting stuff down the lesson is remembered better!
We win together we loose together!
I just follow your advises and feel good so far! Keep updating us
Thanks @tamibami for your support and confidence!!!
It is an account that since I follow you have promoted the advantages and disadvantages when using different tools. Which has helped me a lot to grow from being a fish to being able to be a steemit whale. I appreciate every contribution and guide you give us to improve.
Continue to see information of this type will help us find the best options at the time of large investments.
Immensely grateful for what you contribute in this community, and in this way continue to be. SUCCESSES!!!
Thanks a lot @herioswal for your comment, indeed I look to grow together with you all!!!
finally the btc went up a bit. I would like you to continue uploading things to help us in steemit and some tips to start investing in some cryptocurrencies since you want to enter the world of trading greetings friend @ santana33
You are welcome @Jospig, I will make an update on the Steemit best strategies in like 3 weeks, I am trying a strategy and will have enough data to compare in about that time. Thanks for commenting!
Again, another well thought out post with precise analysis and overview of market sentiment!💪🏼🤩 I think LTC will 10-15X + this year! Any price predictions for XRP?
Hey Anthony, thanks for stoping by! We all hope for massive gains this year, I think March will tell if we are right or not. For LTC expect some pull-back since news are already priced in.
XRP, I am quite skeptic of huge prices over there, short-term I wil say 2ish is possible, but beyond that? A hype like the one in December it will be hard to see again due to all the new regulatory constraints and how hard it is to get now into the market as a new customer. I expect some more normal growth, only some temporal spikes when MG and WU start using huge amounts of XRP for their trxs.
I have a question. Since you say you mainly HODL, then why do you do the TA? To gain psychological support or to figure out when to buy during dips??
Well, is more to keep up-to-date with the market, it also helps me to re-stock some coins after a dip.
Besides, since many coins are still correlated to BTC, I can have a feeling where the market may go due to that correlation.
Congratulations for the 200 followers man, that's only the beggining.
Plus, you're rep 54, so close to 55.
Aim for 60 :D
Euro Tether though, maybe it is the sole reason for the climb... what do you think?
Hi @spiritualmax, thanks a lot for your comment, I also look forward to that, doing my best plus stocking all the delegated SP into more SP :)
About BTC I think is a consequence of the Asian market pause, I am not too sure about the Tether thing as a whole. It may of course help, but with the scrutiny, the CFTC has on the issue I do not think they want now the EU also laying eyes on them.
I guess truth will come out when a serious investigation is held, not before.