- BTC/USD broke above the $10000 mark during the Asian session, but hasn't been able to consolidate the level
- LTC/USD keeps the bullish momentum, still the main focus in the Crypto board
Austria brings the new Crypto scam
Austrian investment scheme "Optioment" has stolen $115 million worth of Bitcoin, showing again the necessity of staying alert about possible scams in the Crypto sphere. Hundreds of investors that trusted Optioment and deposited their investments in their servers have seen how the company officials have vanished with about 12000 Bitcoins. The company was offering high returns in the short term and rewarded the users that brought new clients to them, matching some of the typical Ponzi scheme structures.
Ponzi schemes are fraudulent investment structures that promise high returns in the short term, a promise they fulfill just enough time to create a 'call effect' that ends up taking away everything from the investors that fall in the trap.
Despite the news, trading in the major Cryptocurrencies has not been affected by the news and have continued their upwards trajectory.
BTC/USD daily chart
-636543783256048055.png)
Bitcoin price has not been able to consolidate above $10000, after briefly breaking the level during Asian time. First test of the level was quickly rejected, but in the second one the rejection has been more hesitant, retracing with not very much strength. If we go back to December, when the psychological mark was broken for the first time, we should remember the euforia generated after BTC reached the five figures, which took the price all the way up to $19000.
MACD in the Bitcoin daily chart is crossed up, but still shows a certain exhaustion, which is nothing unusual if we consider the bullish strides it has made. Moreover, the first support is really close at $9964, which makes the technical outlook very constrained and makes another bullish impulse very necessary if BTC wants to break above $10000.
Directional Movement Index also shows an exhaustion pattern, with D+ already below ADX, which should be losing steam during the next trading sessions.
On the upside, first resistance is at $11630, followed by $12989 and $14076 as the next ones.
The first support is at $8423, and if that is broken it will take the price back to the next important one, at $7825.
Litecoin consolidates above $200, aims higher targets
Litecoin keeps having a blast this week. It started with rumors of a hard fork, quickly denied by its founder, and continued with the creation of the LitePay system by Bitpay. Market has digested well these news and LTC/USD has risen from $150 to $230, a meaningful rise that takes Litecoin price to a range not seen for the last month.
LTC/USD daily chart
-636543783552678289.png)
MACD in the Litecoin chart is resting above the 0 line, and looks configured to initiate another bullish move.
Directional Movement Index shows notable confusion since LTC/USD reached $230. There's equilibrium between buyers and sellers in the current levels, with a slight edge for the second group. ADX shows a fall of the trend strength, a logic development in a compressing development as the triangle that currently rules the Litecoin price action.
On the upside, first resistance is at $218.10, followed by the recent high at $239.13. If that one is broken, next target would be at $271.099.
On the downside, first support at $206.59, followed by $195.02.
Ripple is trading in a very sensible technical area
Ripple started the week with big gains, but has been losing strength since then, following the same pattern of other Cryptocurrencies. XRP/USD is resting now just above a trendline that needs to hold if it wants to keep the bullish outlook. It that level gets breached, Ripple price could fall down to $0.96, the current main support and the level that, if broken, would take XRP to a medium-term bearish outlook.
XRP/USD 4H chart
-636543783889549818.png)
MACD in the Ripple chart is following the price action to perfection, replicating the lateral movement and not showing any divergence. It's not an optimal scenario, as it points to more lateral action.
Directional Movement Index shows an increase of the number of sellers, with the buyers retreating. There is still some margin between both positions, backing the continuity of the lateral movement.
On the upside, first target is at $1.2268, followed by $1.4163. If that is broken, Ripple price will target $1.7226, levels not seen since mid-January.
Below, first support is at $1.0581, followed by an important support located at $0.96. If that gets breached, price would go straight down to the bearish trendline at $0.90.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EUR/USD hovers around 1.0700 after German IFO data
EUR/USD stays in a consolidation phase at around 1.0700 in the European session on Wednesday. Upbeat IFO sentiment data from Germany helps the Euro hold its ground as market focus shifts to US Durable Goods Orders data.
USD/JPY refreshes 34-year high, attacks 155.00 as intervention risks loom
USD/JPY is renewing a multi-decade high, closing in on 155.00. Traders turn cautious on heightened risks of Japan's FX intervention. Broad US Dollar rebound aids the upside in the major. US Durable Goods data are next on tap.
Gold price flat lines above $2,300 mark, looks to US macro data for fresh impetus
Gold price (XAU/USD) struggles to capitalize on the previous day's bounce from over a two-week low – levels just below the $2,300 mark – and oscillates in a narrow range heading into the European session on Wednesday.
Worldcoin looks set for comeback despite Nvidia’s 22% crash Premium
Worldcoin price is in a better position than last week's and shows signs of a potential comeback. This development occurs amid the sharp decline in the valuation of the popular GPU manufacturer Nvidia.
Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium
While it is hard to predict when geopolitical news erupts, the level of tension is lower – allowing for key data to have its say. This week's US figures are set to shape the Federal Reserve's decision next week – and the Bank of Japan may struggle to halt the Yen's deterioration.