It was really a surprising weekend, not only for absolute cryptocurrencies gain or loss, but mainly for relative performance. We observed a great divergence between two groups.
Let's see the charts!
Bitcoin had a good performance during last weekend, but really better did Ripple, with a strong movement that brought the price close to its all time high.
On the other hand we saw a generalized weakness of other cryptocurrencies, with particular reference to Bitcoin cash and NEO, as you can see in the chart below.
Many people ascribe this movement to next hard fork on Bitcoin, in order to take advantage of new coin Bitcoin Gold.
BICOIN
SHORT TERM
1 hour chart
Trend is positive and RSI is growing with price. Anyway, we should consider the proximity of next resistence at 4678$, that could be a barrier difficult to overtake.
Looking down, we have two important supports at 4546$ and 4476$.
MEDIUM TERM
There are no particular news, so you can read the analysis HERE.
RIPPLE
1 hour chart
Important breakout of Ripple during last weekend: price took off over the ascending channel to 0.28$ level. That was a signal of strenght, also considering the behaviour of other cryptos.
Looking at short term chart, price is now consolidating and this is important for RSI to leave overbought area.
I think with can expect a consolidation on this level before reaching next resistence at 0.2872$. Supports are at 0.2615$ and 0.2138.
PERSONAL CONSIDERATION ON "GOLD RUSH"
As I wrote before, it seems that everybody is running to buy Bitcoin in order to have another Bitcoin Gold for free.
It means creating money by nothing or, in other words, inflation. Exactly the opposite of Bitcoin's pillar.
I mention a sentence of Lavoisier: "Nothing is created, nothing is destroyed, everything is transformed ", then I recommend you to be very cautious on this speculative game...
Comments are welcome!
Let's see the charts!
Bitcoin had a good performance during last weekend, but really better did Ripple, with a strong movement that brought the price close to its all time high.
On the other hand we saw a generalized weakness of other cryptocurrencies, with particular reference to Bitcoin cash and NEO, as you can see in the chart below.
Many people ascribe this movement to next hard fork on Bitcoin, in order to take advantage of new coin Bitcoin Gold.
BICOIN
SHORT TERM
1 hour chart
Trend is positive and RSI is growing with price. Anyway, we should consider the proximity of next resistence at 4678$, that could be a barrier difficult to overtake.
Looking down, we have two important supports at 4546$ and 4476$.
MEDIUM TERM
There are no particular news, so you can read the analysis HERE.
RIPPLE
1 hour chart
Important breakout of Ripple during last weekend: price took off over the ascending channel to 0.28$ level. That was a signal of strenght, also considering the behaviour of other cryptos.
Looking at short term chart, price is now consolidating and this is important for RSI to leave overbought area.
I think with can expect a consolidation on this level before reaching next resistence at 0.2872$. Supports are at 0.2615$ and 0.2138.
PERSONAL CONSIDERATION ON "GOLD RUSH"
As I wrote before, it seems that everybody is running to buy Bitcoin in order to have another Bitcoin Gold for free.
It means creating money by nothing or, in other words, inflation. Exactly the opposite of Bitcoin's pillar.
I mention a sentence of Lavoisier: "Nothing is created, nothing is destroyed, everything is transformed ", then I recommend you to be very cautious on this speculative game...
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Comments are welcome!
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