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After consolidating between $73 support and $81 resistance for more than three weeks, Litecoin broke out of this pattern by breaking its lower limit

After consolidating between $73 support and $81 resistance for more than three weeks, Litecoin broke out of this pattern by breaking its lower limit

Geco One Geco One 21.12.2022 12:38
Bitcoin (BTC) Increasingly optimistic macroeconomic data and rising expectations for the Fed's pivot have seen Bitcoin rise by nearly $2,900 or 18.7% recently, returning to the previously defeated support (now resistance) of $18,500 and measuring 50% Fibonacci retracement from the earlier downward impulse observed in response to information about the collapse of the FTX exchange in the first half of November. However, a more hawkish than expected tone of the announcement and statements by CEO Jerome Powell after the December meeting of the Federal Open Market Operations Committee (FOMC) meant that there was a slight supply reaction during Wednesday's trading, which, combined with concerns about liquidity problems that may affect the Binance exchange contributed to BTC falling below USD 17,000. In the near future, Bitcoin may return even to the November lows of USD 15,600. However, this does not necessarily mean its permanent return to the downward path. Financial markets are still pricing in that the Federal Reserve will make just two more rate hikes of 25 basis points each at its meetings in February and March next year before moving from tightening to normalizing before the end of next year (September and December 2023). year) to make the first interest rate cuts. However, there are many indications that the near future of Bitcoin (and not only) will depend not on economic data and monetary decisions of the Federal Reserve but on reports on the financial condition and state of reserves of the Binance exchange. Because it is the world's largest virtual asset exchange platform, its possible collapse could cause an actual collapse, the scale of which would be at least several times greater than the sale caused by the collapse of the FTX exchange in the first half of November. For the entire cryptocurrency market, it would be a blow that would contribute to the loss of investor confidence, resulting in extending the cryptocurrency winter that has been going on for over a year, not by weeks or months, but by years. Therefore, until Binance proves that the state of reserves reflects the actual balances of exchange users' accounts and does not effectively repel concerns about possible liquidity problems, the cryptocurrency market will be dominated by horizontal and downward trends. Ethereum (ETH) Ethereum's quotations have recently increased by almost 26%, overcoming the horizontal resistance in the region of USD 1220 and returning to the previously defeated uptrend line, where a supply reaction appeared last Wednesday. The persistent rejection of this level led to a clear downward move, with ETH falling below the technical support of $1,220. If the sale continues, the cryptocurrency could move towards USD 1,100 in the near future or even further to USD 1,000. Bitcoin Cash (BCH) Bitcoin Cash recently fell below the technical support of $106. Since breaking one support usually signals the potential for further declines to the next, in this case, we could expect further depreciation towards USD 97 or even below USD 90 in the near future, which would be the lowest level since November 2022 one the lowest since December 2018. Litecoin (LTC) After consolidating between $73 support and $81 resistance for more than three weeks, Litecoin broke out of this pattern by breaking its lower limit. A dynamic downward rally made the LTC exchange rate quickly find itself in the area of the next support between USD 61.30 and USD 64.50. However, if this barrier is also broken, one should prepare for further depreciation towards USD 56.70 or even USD 50. Polygon (MATIC) The price of the Polygon cryptocurrency has fallen by almost 17% over the past few days. This sell-off brought the MATIC exchange rate back to the uptrend line, from which it has bounced several times in recent months. It is worth noting, however, that the demand reaction around this support this time is definitely weaker than those we have observed. This also increases the chances of breaking this level, which in turn would threaten further declines. If the currently tested uptrend line is broken, the MATIC could continue to rally south towards the $0.74-0.76 zone or even further to $0.70 or $0.61. XRP The supply pressure observed in the broad cryptocurrency market is also visible on XRP quotations. After a slight upward correction, the exchange rate of this cryptocurrency rebounded from the previously defeated support (now resistance) of USD 0.42, and for some time, we have been observing its decline again. There are many indications that XRP will soon return to the August, September and November lows of USD 0.32. However, if that support is broken this time, the sell-off could continue to the $0.30 mark, which would be the lowest level since July 2022 and one of the lowest since January 2021.
Geco.one COO says Bitcoin reaching $250K in 2023 is considered as impossible by other analysts as BTC does not exceed $60,000

Geco.one COO says Bitcoin reaching $250K in 2023 is considered as impossible by other analysts as BTC does not exceed $60,000

Geco One Geco One 19.12.2022 12:35
The year comes to an end and markets seem to be quite resillent. Even cryptocurrency market seems to be calm as the leading cryptocurrency has been hovering around $16K for some time now. Today we asked Jaroslaw Stankiewicz (Geco.one COO) how does he consider these circumstances. Bitcoin price seems to remain impressively stable in recent weeks, would you agree all the events this year (so far) have led BTC to cement the price on $16K level for good? Jaroslaw Stankiewicz (Geco.one COO): Even though the price of Bitcoin (BTC) and other major cryptocurrencies fell due to the collapse of FTX in November, some price forecasts are optimistic, making it clear that BTC will hit $250,000 in 2023. On the CNBC show, Tim Draper, founder of the Draper Venture Network, recently announced that BTC would reach $250,000 next year, despite the collapse of FTX. However, this prediction is impossible in the eyes of other analysts as BTC does not exceed $60,000. As it will be difficult to predict, one thing is sure, Bitcoin and cryptocurrencies will stay with us permanently. Suppose broad regulations of the crypto market are implemented in 2023. In that case, Tim Dreaper's scenario is feasible because we must remember that the vast capital dormant in pension funds is just waiting for market regulation. Read next: The Disney Challenges Now Belong To Iger, Ford And Arguments For A New Trial In A Truck Overturning Case| FXMAG.COM
Ethereum price can remain in the range of $1,220-1300 until inflation, FOMC decision

Ethereum price can remain in the range of $1,220-1300 until inflation, FOMC decision

Geco One Geco One 12.12.2022 15:27
Bitcoin (BTC) The collapse of FTX sent Bitcoin's price crashing below $15,500, which was the lowest level since November 2020. This sale extended the range of the year-long BTC depreciation to over USD 53,500, which is over 77%. More and more, however, indicate that all the negative information related to the collapse of the third largest cryptocurrency exchange in the world has already been priced. It is evidenced, among others, by the collapse of entities related to FTX (including BlockFi) did not contribute to a further sell-off of the cryptocurrency market. Instead, the virtual asset market started to react to macroeconomic events again and returned to a negative correlation with the US dollar. Let us remind you that just after the collapse of the FTX exchange, the correlation between these assets changed from strongly negative (-0.94) to highly positive, reaching the level of 0.84 on November 19, 2022. In turn, we are seeing a return to negative values, resulting in the dollar's fall driving the rise of Bitcoin. It also made the BTC rate increase from the lows of November 21 2022, by almost USD 2,000. Over the last few days, we have observed its stabilization in the region of USD 17,000. It may indicate that investors are patiently awaiting Tuesday's publication of another report on consumer inflation in the United States and Wednesday's monetary decision of the Federal Open Market Committee (FOMC). Given that the previous CPI report in the US contributed to the BTC increase by 10.5%, we could also expect more volatility, although not as extreme this time. It is worth recalling that a month ago, economists expected a drop in the CPI by only 0.2 percentage points to 8.0% from 8.2%, while in the end, it fell by as much as 0.5 percentage points to 7.7%, increasing thus expectations for the Fed pivot, i.e. a change in the attitude of the American central bank to further monetary policy tightening, which we wrote about in detail in our report of November 14, 2022. Inflation is expected to decline by 0.4 percentage points to 7.3%. This means that to cause a similar, positive surprise and lead to a sharp increase in the BTC price, the CPI would have to fall below 7%, which seems unlikely. Read next: An incoming cold spell in the US has seen the cost of US gas surge 27% during the past three trading session while (...) Dutch TTF gas contracts remain below €150| FXMAG.COM Much greater volatility may be caused by the December monetary decision of the Federal Reserve, which will be announced next Wednesday. It is worth recalling here that Fed chairman Jerome Powell recently pointed out that the incoming economic data are encouraging and indicate that the moment has come when it is reasonable to limit the rate hikes, which may take place from December. However, given the probability that after four increases by 75 basis points in a row, the Fed will decide to raise the federal funds rate by only 50 basis points at its December meeting, it is highly probable that investors will attach more importance to the hike itself to any hints on how far the Fed can raise interest rates. If only Chairman Powell confirms the plan of increases by only 50 basis points in the first quarter of 2023, capital could again start to move towards risky markets, i.e. stocks and cryptocurrencies, which would mean that the BTC low is over. While the Fed's monetary decisions were one of the main catalysts driving the cryptocurrency winter observed for over a year, future meetings could already contribute to a certain upward rebound and the beginning of a new bull market. The risk for this scenario is a more hawkish stance of the Federal Reserve and the announcement of a much longer tightening cycle; as a result, the federal funds rate would be raised not to 5% but to 5.25%, or 5.50%. Another factor that cannot be underestimated is the global economy's health. Suppose it turns out that Europe will plunge into a deep recession next year, and the United States experiences only a temporary slowdown. In that case, capital could move from risky markets (stocks and cryptocurrencies) to safe havens (US dollar and bonds). ). This also means that even if Wednesday's monetary decision by the Fed contributes to an upward rebound in the cryptocurrency market, it is unlikely that it will start another crazy bull market, like the one in the second half of 2017 or the second half of 2020 and early 2021. Likely, the rebound will initially be relatively calm. We will have to wait for greater growth dynamics until the middle of next year, when the global economy will deal with the most severe part of the crisis. Financial markets will begin to price in monetary policy easing in advance, that is, interest rate cuts by the Fed, which could happen at the end of next year or at the beginning of 2024. Ethereum (ETH) Ethereum's quotations fell by more than 36% between November 4 and 9, and then, driven by a highly optimistic report on CPI inflation in the US, they rebounded by almost 26%, thus leading to a re-test of previously defeated support (now resistance). However, this increase lasted only one day, and then from November 11, 2022, the ETH rate fell again, returning to the USD 1,100 region, where a demand reaction appeared again on November 22, 2022. The increases observed since then have brought the exchange rate of this cryptocurrency back to the technical resistance at USD 1,300, where some supply pressure has reappeared in recent days. Since then, ETH has been in a horizontal trend between $1,220 support and $1,300 resistance. Read next: Euro Holds Above $1.05, USD/JPY Pair Rose Above 136| FXMAG.COM It seems highly likely that the exchange rate of this cryptocurrency will remain in this range at least until the publication of the CPI inflation report in the US or even until the announcement of the Fed's monetary decision. A sustained break from this consolidation upside would drive a further rally north towards the $1380-1425 zone or even $1650. Litecoin (LTC) Litecoin fell by between November 7 and November 9, 2022, by over 35%. This sell-off stopped only in technical support, around USD 50, where on November 10, 2022, quite an apparent demand pressure appeared. However, due to the subsequent appreciation, the LTC rate increased by over 78%, more than making up for the previous losses. It is worth noting that this increase led to overcoming the technical resistance levels of USD 64.50 and USD 73 and stopped several days ago, forming a consolidation between USD 73 and USD 81. If the market breaks out of this system, we could expect a further increase in the LTC rate towards USD 96.
Nela Richardson, a chief economist of ADP, points out that these data suggest the observed tightening policy by the Federal Reserve since March this year has a negative impact on job creation and wage growth

Nela Richardson, a chief economist of ADP, points out that these data suggest the observed tightening policy by the Federal Reserve since March this year has a negative impact on job creation and wage growth

Geco One Geco One 06.12.2022 08:20
Bitcoin (BTC) After the first half of November, due to the panic sale caused by the collapse of FTX, the third largest cryptocurrency exchange in the world, Bitcoin has stabilized in the last few days in the range between 15.6k and 17k dollars. Last week, however, some interesting information pushed the leading cryptocurrency slightly above the upper limit of this range. The ADP report published on Wednesday shows that despite the forecasts of 200,000 new jobs in November this year, The US economy created only 127,000 new jobs, which turned out to be significantly worse than last month's result (239,000) Nela Richardson, a chief economist of ADP, points out that these data suggest the observed tightening policy by the Federal Reserve since March this year has a negative impact on job creation and wage growth. The results indicating a deterioration in the condition of the US labour market, therefore, increase the likelihood that the Fed will decide to raise the federal funds rate at its December meeting by only 50 bps, which would signal that the Federal Reserve is approaching the end of the monetary policy tightening cycle, which in turn could be received by the cryptocurrency market with optimism and lead to a certain upward rebound. These expectations were further fueled by the subsequent comments of Fed chairman Jerome Powell, who spoke at the Brooking Institution about inflation and prospects for the labour market and the economy in general. He pointed out that the incoming economic data are encouraging and indicate that a moment has come when it is justified to limit the rate hikes, which may already take place from December. These comments made up 79.4 % of the probability that after four increases in a row by 75 bps, the Fed will decide during its December meeting to raise the federal funds rate by only 50 bps has increased. Just a week ago, the probability of such a move was estimated at 67.5%, and on 10 November, only 52 per cent and 32.5 per cent chances were given to the fifth rate hike in a row by 75 bps. Currently, such a scenario is valued at only 20.6 per cent. Thus, it can be seen that last week's comments by Jerome Powell increased expectations regarding the Fed's pivot, i.e. a change in the attitude of the US central bank to further moves in interest rates. These expectations have remained the same even after BLS publicized the phenomenal report on the American labour market. According to data from the US Labour Office, the local economy created as many as 263,000 new jobs in November. The optimistic tone of this publication was also supported by a positive revision of last month's reading and data on wage inflation and positive revisions of their October readings. • US Nonfarm Employment Change (NFP): 263,000, forecast 200,000, previously 284,000 (revised positive from 261,000) • Average hourly earnings m/m: 0.6%, forecast 0.3%, previously 0.5% (positive revised from 0.4%) • Average hourly earnings y/y: 5.1%, forecast 4.6%, previously 4.9% (positive revised from 4.7%) This is a solid report indicating that the labour market is not weakening. However, it seems unlikely that this publication will be able to persuade members of the Federal Open Market Operations Committee (FOMC) to change their stance and raise interest rates for the fifth time in a row by 75 bps. It may be evidenced by no change in the valuation of the Fed's future monetary policy tightening path and market reaction to Friday's NFP report. While just after its publication, the dollar experienced a growth increase, before the end of Friday's session, the US currency more than gave back the earned profits. It seems, therefore, that the publication of the report on consumer inflation in the US, scheduled for 13 December this year, i.e. the day before the next meeting of the Federal Open Market Operations Committee (FOMC), will be of significant importance for the cryptocurrency market, the fall of which could contribute to the next uptrend. The last publication of this report contributed to the increase in BTC quotations by over 10%. While the Fed's monetary decisions were one of the main catalysts driving the cryptocurrency winter observed for over a year, future meetings could already contribute to a certain upward rebound and the beginning of a new bull market. It is worth noting that although due to strong ties with FTX, the cryptocurrency lender BlockFi has also recently been forced to file for bankruptcy, Bitcoin's quotations have increased by almost $2,000 over the past few days, returning above $17,000, which may signal that the cryptocurrency market has probably already priced in all the negative information about the collapse of the third largest cryptocurrency exchange and its related entities, and macroeconomic events that affect the dollar will also affect cryptocurrency prices again. The return of the negative correlation between BTC and USD may confirm this. Just after the collapse of the FTX exchange, the correlation between these assets changed from strongly negative (-0.94) to highly positive, reaching a 19 November level of 0.84. Now, in turn, we are seeing a return to negative values, resulting in the fall of the dollar driving the rise of Bitcoin. Ethereum (ETH) Ethereum's quotations fell between November 4 and 9 by over 36%, and then, driven by a highly optimistic report on CPI inflation in the US, they rebounded by almost 26%, thus leading to a re-test of previously defeated support (now resistance). However, this increase lasted only one day; from 11 November this year, the ETH rate fell again, returning to the USD 1100 region, where on 22 November, there was a demand reaction again. The increases observed since then have caused the exchange rate of this cryptocurrency to return to the technical resistance of USD 1,300. If only this barrier is broken, we could expect a further rally north towards the zone between USD 1380-1425 or even USD 1650. Bitcoin Cash (BCH) Bitcoin Cash fell by nearly 31% between 5 November and 9 November, falling to the lowest since December 2018. Similarly to BTC and ETH, in reaction to the US CPI inflation report published on 10 November, it went up by over 22%. It is worth noting that although the increase stopped for several days in the area of ​​the previously defeated support of 106 USD, this resistance was finally overcome. Over the last few days, we have observed its re-test. The demand reaction that appeared around this level initiated the current upward rebound. If this trend continues, the BCH rate could return to USD 125 in the near future or even increase to USD 133.50. Litecoin (LTC) Litecoin's quotations collapsed between November 7 and 9 this year by more than 35 %. This sell-off stopped only in ​​technical support, around USD 50, where evident demand pressure appeared on 10 November. However, the LTC exchange rate increased by over 78 % due to the subsequent appreciation, more than making up for earlier losses. It is worth noting that this increase led to the overcoming of technical resistance levels of USD 64.50 and USD 73. For several days it stopped only in the consolidation between USD 73 and USD 80, from which the LTC rate is currently breaking out. Unless there is a strong supply reaction in the near future that could negate the current increases, the quotations of this cryptocurrency could move further north towards USD 96.
It is estimated that Sam Bankman-Fried, FTX and the Alameda Research fund could be linked to over 150 other entities in the industry. – Geco.one

It is estimated that Sam Bankman-Fried, FTX and the Alameda Research fund could be linked to over 150 other entities in the industry. – Geco.one

Geco One Geco One 29.11.2022 10:33
Bitcoin (BTC) After the first half of November this year, Due to the panic sale caused by the collapse of FTX, the third largest cryptocurrency exchange in the world, Bitcoin has stabilized in the last few days in the range between $16,000 and $17,000. However, there are many indications that this is only a form of correction, after which the quotations of BTC could return to a downward path. One must remember that the BTC exchange rate has been in a downward trend for over a year, and this trend has stayed the same at any time. Therefore, from a purely technical point of view, there is no reason to forecast a more significant rebound. In addition, it is also worth noting that the observed in the first half of November this year the decline was extremely dynamic, which may indicate that it was an impulsive move, while the rebound observed for several days is exceptionally calm, which suggests that it is only a form of another correction. Given all this, the bankruptcy of FTX has already been officially announced. As a result, its further negative impact on the cryptocurrency market may be limited; the scale of bankruptcies of subsequent companies associated with this exchange will be of crucial importance. It is estimated that Sam Bankman-Fried, FTX and the Alameda Research fund could be linked to over 150 other entities in the industry. This also meant that many of them were on the verge of bankruptcy almost overnight. So it is far too early to open the champagne and announce another bull market. In practice, there is still a high probability of further sale-off not only of BTC but also of the vast majority of cryptocurrency projects. According to the popular opinion that "after every storm, the sun comes out", and just like in previous years, when after each of the previous bubble bursts, the cryptocurrency market returned to the path of growth, breaking new ATH; it can be expected that this time it will be similar, although probably we'll have to wait a little longer for that. Several factors may account for this: First, every topic, including every problem, sooner or later becomes commonplace, and the financial markets pass over it daily. This was the case with the collapse of Mt.Gox in 2014 (the largest cryptocurrency exchange in the world at that time) or QuadrigaCX in 2019 (the largest cryptocurrency exchange in Canada, about which Netflix even made a documentary). Second, the Federal Reserve is nearing the end of its monetary policy tightening cycle, and while Fed interest rates are likely to remain high for most or even all of 2023, in 2024, the Fed is likely to embark on an easing cycle that, like in 2020, could contribute to the growth rally on risky assets such as stocks or cryptocurrencies. Ethereum (ETH) Ethereum's quotations fell between November 4 and 9 by over 36%, and then, driven by an extremely optimistic report on CPI inflation in the US, they rebounded by almost 26%, thus leading to a re-test of previously defeated support (now resistance). This increase, however, lasted only one day and then from November 11th this year. The ETH rate fell again, returning to the USD 1100 region, where on November 22nd, there was a demand reaction again. Later increases, however, stopped near the local resistance of USD 1,220, where, in turn, there was already a slight supply reaction last weekend. If only this barrier is rejected, the rate of this cryptocurrency could fall again to the region of USD 1,100 or even further to USD 990. Bitcoin Cash (BCH) Bitcoin Cash fell by nearly 31% between November 5th and November 9th, falling to the lowest level since December 2018. Similarly to BTC and ETH, in reaction to the US CPI inflation report published on November 10th, it went up by over 22%. It is worth noting that although the increase stopped for several days in the area of ​​the previously defeated support of USD 106, this resistance was finally overcome, and the BCH rate reached almost USD 120. However, the downward trend observed for several days meant that we are now witnessing another test of support in the area of ​​106 USD. Therefore, there are many indications that we will observe some trend (up or down) in the near future, it will directly depend on the reaction (demand or supply) that will appear in the vicinity of the currently tested support, signalling its potential rejection will be defeated. A break below this level could open the door for further declines below USD 90. At the same time, the emergence of greater demand pressure and a rebound from the currently tested zone could serve as an impulse for another increase towards USD 125. Litecoin (LTC) Litecoin's quotations collapsed between November 7 and 9 this year by more than 35 per cent. This sell-off stopped only in the area of ​​technical support in the area of USD 50, where on November 10th, there was quite an apparent demand pressure. However, due to the subsequent appreciation, the LTC exchange rate increased by over 74 per cent, more than making up for earlier losses. It is worth noting that this increase led to overcoming the technical resistance levels of USD 64.50 and USD 73. It stopped only in the area of ​​the uptrend lines tested from June to September, where a supply reaction appeared a few days ago. The ongoing declines since then led to a re-test of the previously broken $73 resistance. However, the LTC rate will drop below this barrier soon. In that case, we could expect its further depreciation towards USD 64.50 and measuring a 50% Fibonacci retracement from the previous upward move. Polygon (MATIC) After bouncing off the $1.30 technical resistance, the Polygon (MATIC) cryptocurrency fell more than 41% between November 5th and November 9th. Although on November 10th, this cryptocurrency made up for the vast majority of these losses, increasing by over 52%, we have been observing its decline again since November 11th. It is noteworthy that the MATIC exchange rate recently fell below the local support of USD 0.87, which remains until today. If the declines continue, in the near future, we could expect technical support to be re-tested in the region of USD 0.74 or, even further, USD 0.61. XRP XRP fell between November 5th and November 9th by more than 38%. This sell-off led to breaking the horizontal support in the region of USD 0.42 and stopped only around the next significant level of USD 0.32, where on November 10th, there was an apparent demand reaction. Since then, the XRP exchange rate has alternately fallen and increased, staying in the range of USD 0.32 to USD 0.42. Therefore, taking into account its rebound from the upper limit of this range, observed last Saturday, we could expect another drop towards USD 0.32 in the coming days or possibly even to USD 0.30, where the next level of support is located. EOS Looking at the EOS quotes, we will notice that the exchange rate of this cryptocurrency has been in a horizontal trend between the support of USD 0.80 and the resistance of USD 1.00 for over two weeks. Taking into account the supply reaction that appeared last weekend around the upper limit of this system, over the next few days, we could expect further declines towards its lower limit, i.e. to the support of USD 0.80.
Weekly Crypto Market Analysis by Geco.one – November 21st

Weekly Crypto Market Analysis by Geco.one – November 21st

Geco One Geco One 22.11.2022 08:38
Bitcoin (BTC) After the first half of November this year, Due to the panic sale caused by the collapse of FTX, the third largest cryptocurrency exchange in the world, Bitcoin has stabilized in the last few days in the range between $16,000 and $17,000. However, there are many indications that this is only a form of correction, after which the quotations of the oldest virtual currencies could return downward. One must remember that the BTC exchange rate has been in a downward trend for over a year, and this trend has stayed the same at any time. Therefore, from a purely technical point of view, there is no reason to forecast a more significant rebound. In addition, it is also worth noting that the last fall was highly dynamic, which may indicate that it was an impulsive move. At the same time, the rebound observed for several days is exceptionally calm, which suggests that it is only a form of another correction. Given all this, the bankruptcy of FTX has already been officially announced. As a result, its further negative impact on the cryptocurrency market may be limited; the scale of bankruptcies of subsequent companies associated with this exchange will be of crucial importance. There is already talk that the BlockFi cryptocurrency lending platform is preparing for potential bankruptcy after the collapse of FTX, and there may even be over 150 similar companies. So it is far too early to open the champagne and announce another bull market. In practice, there is still a high probability of further sales of BTC and the vast majority of cryptocurrency projects. According to the popular opinion that "after every storm, the sun comes out", and just like in previous years, when after each of the previous bubble bursts, the cryptocurrency market returned to the path of growth, breaking new ATH, one can expect that this time it will be similar. However, we'll have to wait a little longer for that. Several factors may account for this: First, every topic, including every problem, becomes commonplace, and the financial markets pass over it daily. This was the case with the collapse of Mt.Gox in 2014 (the largest cryptocurrency exchange in the world at that time) or QuadrigaCX in 2019 (the largest cryptocurrency exchange in Canada, about which Netflix even made a documentary). Second, the Federal Reserve is nearing the end of its monetary policy tightening cycle. While Fed interest rates are likely to remain high for most or even all of 2023, in 2024, the Fed is likely to embark on an easing cycle that, like in 2020, could contribute to the growth rally on risky assets such as stocks or cryptocurrencies. Ethereum (ETH) Ethereum's quotations fell between November 4 and 9 by over 36%, and then, driven by a highly optimistic report on CPI inflation in the US, they rebounded by almost 26%, thus leading to a re-test of the previously defeated support. However, this increase lasted only one day, from November 11 this year. The ETH rate is falling again. If this trend continues - and there are many indications that it does - the price of this cryptocurrency could fall to around USD 1,000 in the near future. Only there is another valuable support in the vicinity of which a more significant demand response could appear. Bitcoin Cash (BCH) Bitcoin Cash fell by nearly 31% between November 5 and November 9, falling to the lowest level since December 2018. Similarly to BTC and ETH, in reaction to the US CPI inflation report published on November 10, it went up by over 22%. It is noteworthy that this rally led to a re-test of the previously broken support (now resistance) of $106 and measured a 50% Fibonacci correction from the earlier downward impulse, where the BCH rate has been holding until now. However, considering the supply reactions that have appeared in the area of ​​the currently tested resistance, it seems highly likely that this zone will be rejected soon, which in turn could initiate another downward impulse towards the recent lows or even lower. Litecoin (LTC) Litecoin's quotations collapsed between November 7 and 9 this year by more than 35%. This sell-off stopped only in ​​technical support, around USD 50, where apparent demand pressure appeared on November 10. As a result of subsequent increases, the LTC exchange rate returned to the area of ​​previously defeated support (now resistance) around USD 64.50, where supply pressure reappeared last Sunday. If this resistance is rejected, the price of this cryptocurrency could fall back to around USD 50 or even fall to USD 43. Polygon (MATIC) After bouncing off the $1.30 technical resistance, the Polygon (MATIC) cryptocurrency fell more than 41% between November 5 and November 9. Although on November 10, the cryptocurrency made up for it. While the majority of these losses increased by over 52%, today, it is again listed at the levels from November 9. It is noteworthy that the MATIC exchange rate slipped below the local uptrend line last Sunday, which could drive further sell-off towards USD 0.70, USD 0.61 or USD 0.45. XRP XRP fell between November 5 and November 9 by more than 38%. This sell-off led to the breaking of two horizontal support levels at USD 0.4450 and USD 0.3950, respectively, and stopped only at the next significant level, around USD 0.32, where an apparent demand reaction appeared on November 10. Since then, the XRP price has alternately fallen and increased, staying at USD 0.32 to USD 0.3950. Therefore, taking into account its rebound from the upper limit of this range, observed last Sunday, we could expect another drop towards USD 0.32 in the coming days or possibly even to USD 0.30, where the next support level is located. Binance Coin (BNB) Looking at the Binance Coin quotes, we will notice that the price of this cryptocurrency has fallen by almost 36% since November 8. Such a significant depreciation meant that we are currently witnessing an attempt to break the technical support of USD 260. If the BNB rate permanently drops below this level, we could expect it to depreciate towards USD 244 or even USD 214 soon.
Trading Volumes In The Cryptocurrency Market Have Soared By 90%

There is no hope that altcoins will follow a different path than BTC

Geco One Geco One 22.11.2022 07:59
Can we call current circumstances a 'crypto crash', and how long could it last? What we are currently experiencing in the digital currency market is a normal reaction in financial markets in situations of extraordinary events. The scale of irregularities in the activities of the FTX exchange and the Almeda Research fund was so large that it had to affect the crypto market as a whole.How long can it take? The market is still waiting for the possible consequences of the collapse of the FTX exchange. There is talk of FTX linking with other players in the market, holding assets on FTX, etc. But the crypto market situation is clearing up. Healthy projects have no problem showing their clients that they run their business honestly and have coverage for the paid digital and traditional funds - hence the action of showing the contents of their wallets. The current situation will last until the end of the year. After the New Year, the market should react more strongly to the current drops reaching 70% per year on BTC and ETH. Indeed, information about the planned regulations, e.g. the European MiCA Directive. The market needs credibility and trust. And this is possible thanks to defining the same rules for all participants. Until now, only individual countries could afford to develop and implement regulations for cryptocurrency companies. One such example is Estonia, where our two projects have been licensed. Thanks to that, we can legally and transparently run an investment fund and a derivatives exchange under the Geco brand. Altcoins amid crypto winter/crypto crash, could we expect bullish sentiment towards altcoins despite the FTX crash? In the current situation, the collapse of FTX and, as a result, a strong sell-off in all digital currency markets, there is no hope that altcoins will follow a different path than BTC. On the contrary - it is BTC that will give a signal about the end of the declines, and only the alts will follow the BTC rate. But beware - only the best, healthiest alts will show significant increases. Projects without functional value, without a positive history, can rebound, but certainly not as much as tokens and coins from projects that provide specific solutions for the community. In the strategy of our fund managed by a licensed manager Geco Capital OU, we excluded investments in crypto assets with low liquidity, poor reputation and high investment risk. We want to avoid exposing our clients' investments to unnecessary risk.
Crash of cryptocurrency exchange FTX made Bitcoin decrease significantly - Geco.one Weekly Crypto Market Analysis

Crash of cryptocurrency exchange FTX made Bitcoin decrease significantly - Geco.one Weekly Crypto Market Analysis

Geco One Geco One 14.11.2022 21:00
Bitcoin (BTC) The collapse of FTX, the third largest cryptocurrency exchange in the world, caused Bitcoin to plunge below $ 16,000, the lowest level since November 2020. This sale increased the scope of the BTC depreciation that has lasted for a year to over USD 53,000, i.e., over 77%. All this meant that even a year ago, you had to pay $ 69,000 for one Bitcoin; today, it costs about $ 16,000. However, one can estimate that if it weren't for the confusion around the FTX exchange, Bitcoin would cost much more today. This is evidenced mainly by the market reaction to the consumer inflation (CPI) report in the United States published last Thursday. This report shed an entirely new light on the further tightening of the Fed's monetary policy, which contributed to the sudden increase in the BTC rate during Thursday's trading by over 10%. We learned from this report that the price growth dynamics in the US continued to slow down and that its slowdown suddenly accelerated significantly. Over the past few months, we have observed a decline in consumer inflation (CPI) in the United States by 0.6 percentage points from 9.1% in June this year up to 8.5 per cent in July, by 0.2 percentage point up to 8.3 per cent in August and by 0.1 percentage point up to 8.2 per cent in September. Thus, one can see that after the first substantial decline of 0.6 percentage points, in the following months, the slowdown in price growth slowed down significantly to 0.2 percentage points and further 0.1 percentage points. Unexpectedly, in October this year, however, inflation fell by as much as 0.5 percentage points to 7.7%, which turned out to be a much better result than expected. Economists forecasted a decline in the CPI by only 0.2 percentage points up to 8.0 per cent. At the same time, there was also a decline in core inflation reflecting the change in consumer prices, excluding food and energy prices, by 0.3 percentage point up to 0.3 per cent from 0.6 per cent before a month. This reading also turned out to be better than the expectations assuming a decline of only 0.1 percentage point Up to 0.5 per cent. It is noteworthy that while the full CPI (blue line in the chart below) was the fourth consecutive decline, the upward trend was just broken in the case of core inflation (red line in the chart below). Considering that the highest consumer inflation in over 40 years was the primary catalyst observed since March this year's cycle of monetary policy tightening, the decline in price growth may induce the Federal Reserve to reduce the scale of further tightening. Such a scenario became the baseline scenario almost immediately. The inflation report made up to 80.6 per cent Probability increased that after four in a row rate hikes by 75 bp, the Fed will decide during the December meeting to raise the federal funds rate by only 50 bp. Even before the publication of the report on CPI inflation in the US, the probability of such a move was estimated at only 52% and 48%. Chances were given for the fifth consecutive 75bp rate hike. Currently, such a scenario is valued at only 19.4% You can see that the report published last Thursday increased expectations about the Fed's pivot, i.e., a change in the attitude of the American central bank to further moves in interest rates. A sharp increase in the chances of a federal funds rate hike by only 50 bp. However, during the December Fed meeting, other changes took place after publishing the report on consumer inflation in the US. Until recently, investors expected that the Fed would decide to raise interest rates two in a row. 50 bps each during the meetings scheduled for December this year and February next year, and one hike by 25 bp. During the March meeting. As a result, the federal funds rate was to rise from 4.00% to 4.5 % in December this year, 5.00 per cent in February 2023 and 5.25 % in March 2023, which was to be the target level at which this rate would remain at least until December next year. Currently, however, this rate is expected to increase by 50 percentage points in December this year and 25 bp in February and March 2023, which means that it may eventually reach 5.00 per cent instead of 5.25%. All this means that the Fed's policy, which was one of the main catalysts for the cryptocurrency winter observed since the beginning of 2022, may stop having a negative impact on the cryptocurrency market, which is also supported by the over 10% increase in the BTC rate during Thursday's trading. These increases, however, turned out to be only temporary, and we have seen declines again since last Friday. This trend is due to the turmoil around FTX, the third-largest cryptocurrency exchange that has filed for bankruptcy due to liquidity problems. Theoretically, all the worst has already happened, but there may be an avalanche of bankruptcies of other companies in the industry, which could naturally weigh on the entire market causing it to fall even deeper. It seems that although Bitcoin is gaining ground on Monday morning, it is still far too early to open the champagne and announce another boom. In practice, there is still a considerable likelihood of further sales of BTC and most cryptocurrency projects. Looking at the weekly interval, you will notice that the BTC price has slipped below the technical support of $ 18,500 over the past week. This level was determined based on the peaks from December 2017. Given that defeating one support tends to open the proverbial door to further depreciation to the next support area, in this case, a drop below $ 18,500 increased the likelihood of a further sell-off towards $ 12,000. On the one hand, it may seem that this range is almost abstract; on the other hand, it is worth noting that only last week, the BTC rate fell by almost USD 4,600. So, given the current price level, it would be enough for Bitcoin to repeat such a decline, and the $ 12,000 support would be tested. According to the popular opinion that "after every storm, the sun comes out", and similar to previous years, when the cryptocurrency market returned to the growth path after each of the bursts of the bubble so far, breaking new ATHs, it can be expected that it will be the same this time. There are several factors for this: First, every topic, including every problem, sooner or later becomes commonplace, and the financial markets pass it on to the agenda. This was the case with the collapses of the Mt.Gox stock exchange in 2014 (the largest cryptocurrency exchange in the world at that time) or QuadrigaCX in 2019 (the largest cryptocurrency exchange in Canada, about which Netflix even made a document). Second, the Federal Reserve is nearing the end of its monetary tightening cycle. While Fed interest rates are likely to remain high for most, or even throughout 2023, the Fed is likely to begin an easing cycle in 2024 that, like in 2020, may contribute to an uptrend on risky assets such as stocks or cryptocurrencies. Ethereum (ETH) Ethereum fell by more than 36% between November 4 and 9. Despite Thursday's rebound, it is still far too early to forecast that the cryptocurrency will return to the upward path. If the declines observed since last Friday continue, the ETH exchange rate could fall even to USD 1,000.
Digital assets weren’t sold in a way stocks were - Weekly Crypto Market Analysis by Geco.one

Digital assets weren’t sold in a way stocks were - Weekly Crypto Market Analysis by Geco.one

Geco One Geco One 07.11.2022 13:38
Bitcoin (BTC) In line with market expectations, the Federal Open Market Operations Committee (FOMC) decided to raise the federal funds rate by another 75 basis points during its November meeting. It is noteworthy that it was the fourth such significant increase in interest rates in a row and the sixth since March this year, proving a monetary policy tightening cycle. Although this decision contributed to the decline in the price of many cryptocurrencies, including Bitcoin, the sell-off observed in the virtual assets market was smaller than that experienced by the US stock market. Considering the expectations that the Fed will reduce the scale of its tightening already during the December meeting, it seems more and more likely that the cryptocurrency winter observed since November 2021 is slowly coming to an end. Investors are currently valuing a 56.8 % chance of an interest rate hike only by 50 bp during the December meeting and a 43.2 % chance for a fifth consecutive interest rate hike by 75 bp. Therefore, it is currently expected that after four consecutive interest rate hikes by 75 bp, the Fed will make two increases of 50 bp in December 2022 and February 2023. each, and then in March, it will raise the federal funds rate only by 25 bp. to 5.00-5.25%, which would be the target for the current tightening cycle. For the following months, interest rates will probably remain unchanged, and perhaps they will be cut for the first time at the end of next year. It, therefore, seems that the current tightening cycle, which was one of the main catalysts for the nearly a year's sell-off in the cryptocurrency market through a reduction in liquidity, is slowly coming to an end, increasing the chances of a rebound and return of this market to the growth path. Before this happens, however, Bitcoin's quotations could fall back to the local line of the upward trend, which is the lower limit observed since the second half of September this year. Parallel growth channel formation, or even up to $ 18,500. This is supported by the supply reaction that appeared on Sunday after the BTC rate reached the upper limit of the channel. However, if nothing unexpected happens in the global economy, it seems less and less likely that the BTC price will drop below 18,000. USD. Ethereum (ETH) Ethereum has been trading inside a highly tight parallel growth channel formation for several days. There are many indications that this system is only a form of a temporary rebound before the next upward impulse towards USD 1,780 or even USD 2,000. However, it is possible that before these increases occur, the ETH rate will first slide to the area of ​​recently defeated resistance (now support), located around USD 1,425 and USD 1,380, respectively. It is worth noting that both of these levels coincide with significant Fibonacci measures - the first with 50% and the second with 61.8% of the range of the previous upward movement - which increases the probability that even if the price of this cryptocurrency slides to them, then there could be a greater demand pressure, which would initiate another upward rebound. Litecoin (LTC) Litecoin prices proved resistant to the Fed's monetary policy, as a result of which they have recently increased by over 51%, breaking several significant resistance levels and reaching the region of USD 73, which is the highest level since May this year. If there is more supply pressure around the currently tested level, the LTC could slide to any of the recently breached levels, i.e. to $ 64.50 or $ 57. The dynamics of the last upward movement may, however, indicate that this is a new impulse, which is more likely that a possible downward movement will turn out to be only a form of correction, after which the quotations of this cryptocurrency will return to the upward path. A permanent break above USD 73.50 could open the door for further appreciation towards another resistance located at USD 96. Solana (SOL) In line with last week's projection, Solana's stock has risen 44% over the past few days, hitting a technical resistance of $ 37.50. As we assumed, there was a slight supply reaction around this level, which formed a pro-bearish engulfing system, signalling a potential rejection of the resistance mentioned, which in turn could naturally drive a downward move towards USD 27 in the near future. Polygon (MATIC) The Polygon (MATIC) cryptocurrency exchange rate has recently surged, overcoming the essential technical resistance of USD 1.03 and reaching USD 1.30 last Saturday, the highest level since April this year. Such a strong appreciation increases the risk of a corrective downward rebound in ki in the near future$ by 1.03 or even $ 0.95. However, it seems highly probable that even if such declines appear here, they will ultimately turn out to be only a form of correction, after which the MATIC price will return to the upward path. A permanent break above $ 1.33 could, in turn, drive a further upward rally towards another resistance around $ 1.70. XRP The XRP rate has been maintained since this year's second half of September in the horizontal trend between the support in the region of USD 0.44 and the resistance around USD 0.54. It seems highly probable that this trend will continue over the next few days and perhaps even weeks. No rule determines the moment of breaking out of consolidation. However, taking into account that this pattern is usually only a correction, from which the market breaks in the direction consistent with the earlier move, it seems more and more likely that the XRP rate will eventually break out of this formation, which in turn could drive further appreciation. Binance Coin (BNB) Looking at the Binance Coin quotes, we will notice that the price of this cryptocurrency has increased by over 40% over the past few days, thus returning to the area of ​​previously defeated support (now resistance) of $ 355. Around this resistance, a supply reaction appeared last weekend, as a result of which we are now observing a re-test of the recently defeated resistance (now support) in the amount of $ 330. If the BNB price drops below the currently tested level, it should soon be prepared for further depreciation towards USD 297. Cardano (ADA) Cardano's quotations have recently returned to the area of ​​the previously defeated upward trend line, which is the lower boundary of the earlier isosceles triangle, from which the cryptocurrency exchange rate was already knocked down at the beginning of October this year. If the Cardado exchange rate rebounds from the resistance being tested in the near future, we could expect it to depreciate again to around USD 0.3850 or even USD 0.33.
Weekly Crypto Market Analysis by Geco.one – 31/10/22

Weekly Crypto Market Analysis by Geco.one – 31/10/22

Geco One Geco One 31.10.2022 15:53
Bitcoin (BTC) Bitcoin value has recently increased by almost $ 2,900, thus returning to the upper limit observed since mid-September of this year's consolidation. However, there are many indications that this increase is only a bull's trap and will not turn into a bigger bull market. There are more and more arguments for the upcoming sale on the cryptocurrency market. The catalyst for higher volatility may be the Federal Committee for Open Market Operations (FOMC) meeting scheduled for next Wednesday, i.e. November 2nd. Given the positive data from the US economy, it seems highly probable that the Fed will raise interest rates for the fourth time in a row by 75 basis points in November and will announce further decisive action. It is worth recalling that the Nonfarm Payrolls report published on October 7th shows that the change in employment in the American non-agricultural sector in September amounted to as much as 263,000 instead of the expected 250,000. It also made US unemployment unexpectedly drop to 3.5% from 3.7%. Moreover, the dynamics of economic growth (GDP) in the third quarter of this year amounted to. as much as 2.6%, increasing from -0.6% in the second quarter of this year. The above data shows how strong the US economy is, which means that the Fed does not have to worry about its condition and can focus on fighting inflation. The price growth dynamics was in September this year at 8.2%, which means only a symbolic decrease from 8.3% in August this year. At the same time, core inflation increased to 6.6% from the 6.3% reported in August this year. All this speaks for further aggressive tightening of monetary policy, which may ultimately contribute to the renewed depreciation of BTC. The assumptions of classic technical analysis also support this scenario. Consolidation, i.e. the formation that we have been observing on Bitcoin's quotations for over six weeks, is perceived as a correction system from which the market breaks more often in the direction consistent with the earlier move. So, if, in this case, we had previously seen declines, statistically, there is a greater probability that BTC will fall below $ 18,500, which in turn could drive further depreciation. Ethereum (ETH) Ethereum's prices have increased by almost 40 per cent in recent days. This surge contributed to the breakdown of the resistance zone between USD 1,380-1425, which could naturally drive a further appreciation towards another resistance located in the region of USD 1,780. However, there are many indications that the Fed's monetary decision will be crucial for the near future of ETH. Suppose the tone of the statement after the November meeting and the tone of President Powell's speech at the last press conference proves to be hawkish and indicates a further motivation of the Board of Governors to curb inflation. In that case, the rate of this cryptocurrency could immediately slide to the region of USD 1,400 or further fall to the region of USD 1,250 or even $ 1,000. Bitcoin Cash (BCH) Bitcoin Cash has recently increased by more than 18%, overcoming the technical resistance of $ 112 and approaching another in the region of $ 122. The small dynamics of this increase may suggest, however, that it is only a form of a correction in a long-lasting downward trend, which means that after this rebound ends, the BCH exchange rate may return to the downward path, even slipping towards the June and July lows, i.e. up to $ 97. Litecoin (LTC) Litecoin's prices have recently increased by 19%, returning above the rising trend line, broken in October's first half. This line is being tested again from the top (as support), meaning its rejection could fuel a further upward rally towards $ 64.50. However, the potentially negative impact of the Fed's monetary decision on the cryptocurrency market cannot be underestimated here, which means that the potential increases will probably only be temporary. After their completion, the cryptocurrency rate will again slide to $ 50. Solana (SOL) Solana's quotations have increased by 27% over the past few days, breaking the downward trend. This increase meant that we are now seeing a test of another resistance of $ 34. If this barrier is broken, the price of this cryptocurrency could move further north towards $ 37.50. However, there are many indications that this rebound will turn out to be only a form of a temporary correction, after which the market will return to the path of declines, and the SOL exchange rate will slide down to around USD 26. Polygon (MATIC) We could also expect potential declines in the Polygon cryptocurrency quotes soon. The MATIC course has increased since the second half of September this year by over 40%, thus reaching the region of technical resistance of $ 0.96. Even if this barrier is broken, later increases will not be stopped and are already treading another resistance of $ 1.03. It is one of the essential zones, tested for the first time in May 2021. This also means that the potential for a possible further increase turns out to be quite limited, and in the event of a renewed supply pressure, the MATIC rate could slide down to USD 0.70 or even further to USD 0.61. Avalanche (AVAX) Looking at the Avalanche price, we can see that after rebounding from the technical support of $ 14.50, the price of this cryptocurrency has already increased by almost 33%, beating technical resistance of $ 16.50 and $ 18. If this rise continues, we could expect another resistance to be re-tested around $ 22 soon. However, one cannot forget the risk of more supply pressure on Wednesday after the FOMC meeting and monetary decision. XRP In turn, the current situation on the XRP quotes looks more and more pro-declining. After falling from almost $ 0.55, the price of this cryptocurrency is stuck in a relatively narrow range between the support in the region of $ 0.4450 and the resistance of $ 0.4750. Due to the low dynamics, this rebound resembles only a temporary correction, after which the XRP rate may return to the downward path. Its drop below $ 0.4450 could, in turn, drive a further depreciation towards $ 0.39 or even $ 0.30. EOS Looking at the EOS quotes, we will notice that the price of this cryptocurrency has increased by almost 24% over the past few days, thus returning to the area of ​​previously defeated support (now resistance) of $ 1.15. However, the small dynamics of this rebound may indicate that it is only a temporary correction, after which the price of this cryptocurrency will return to the downward path. If that happens, it could fall as low as $ 1.00 and down to $ 0.88. Cardano (ADA) Cardano's quotations have recently increased by over 33%, thus returning to the area of ​​the previously defeated upward trend line, which was the lower boundary of the earlier isosceles triangle, from which the cryptocurrency's price was already at the beginning of October this year knocked down. If the Cardado exchange rate rebounds from the resistance currently tested soon, we could expect it to depreciate again to around USD 0.33 or lower.
The leading cryptocurrency may fell because of inflation and Fed – Weekly Crypto Market Analysis by Geco.one

The leading cryptocurrency may fell because of inflation and Fed – Weekly Crypto Market Analysis by Geco.one

Geco One Geco One 24.10.2022 15:26
Bitcoin (BTC) Bitcoin has been running since mid-September this year in a horizontal trend between the support of $ 18,500 and the resistance in the region of $ 20,650 and measuring the 50% Fibonacci retracement from an earlier downward impulse. Considering that the end of October promises to be relatively calm on the global financial markets regarding important macroeconomic data releases, it seems highly probable that BTC will remain in the range mentioned above for the next 1.5 weeks. The catalyst for higher volatility may be the meeting of the Federal Committee for Open Market Operations (FOMC) scheduled for November 2nd. Given the positive US labour market data presented in the October 7th Nonfarm Payrolls report and last week's inflation readings, it seems highly probable that the Fed will raise interest rates for the fourth time in a row by 75 basis points in November. The report published October 13th this year shows that consumer inflation (CPI) in the United States in September amounted to as much as 8.2%, which means it decreased by only 0.1 percentage point from 8.3 per cent reported in August this year. As if that were not enough, core inflation, which the Fed pays special attention to, increased to 6.6% from 6.3%, which speaks for a further aggressive tightening of monetary policy, which could ultimately contribute to the renewed depreciation of BTC. The assumptions of classic technical analysis also support this scenario. Consolidation, i.e. the pattern that we have been observing on Bitcoin for over five weeks, is perceived as a correction system from which the market breaks more often in the direction consistent with the earlier move. So, if, in this case, we had previously seen declines, statistically, there is a greater probability that BTC will fall below $ 18,500, which in turn could drive further depreciation. Ethereum (ETH) The current situation on the Ethereum quotes is also very similar, the price of which has been in the horizontal trend for a long time. In this case, its lower bound is at the support of around USD 1,250, and the upper resistance is around USD 1,425. Considering that this is a pattern seen as a form of temporary rebound after previous declines and that the upper bound of this pattern coincides with measuring 38.2% of the Fibonacci retracement from an earlier downward move, it seems highly probable that after this correction is completed, the ETH exchange rate will return to the downward path and will slide down to the region of USD 1,000, or even further to USD 800. It is worth mentioning here, however, that there is no rule for how long a market can remain in consolidation. One can estimate that the ETH rate will remain within this consolidation until November 2nd when the next Federal Reserve meeting will occur. Bitcoin Cash (BCH) Bitcoin Cash has been operating since mid-October this year in a horizontal trend, the upper bound of which is marked by the recently broken support (now resistance) of $ 112. If only the market rebounds from this level, the price of this cryptocurrency could return to the downward path and slide even to the  â€‹â€‹June and July lows, i.e. to USD 97. Potential declines are also supported by the fact that the current consolidation is in the form of a correction after previous declines, which naturally increases the probability that BCH will slide even lower after the rebound. Litecoin (LTC) Litecoin's quotations have been held since September 18th in the ascending right-angled triangle formation, from which the market is still knocked down in the first half of October this year. Over the last few days, however, the LTC rate has increased by over 12%, thus re-testing the previously broken upward trend line, which is the lower boundary of the above triangle. However, a rebound from this resistance could drive further declines, for which the USD 47 and 42 seem to be the actual ranges. It is there that the two closest support levels are located. Solana (SOL) The re-test of the recently defeated support (now resistance) is also currently observed on the Solana quotes. In this case, it is in the $ 29.50, close to the downward trend. A rebound from this ceiling could trigger another downward impulse towards USD 26. It is also worth noting that it would be one of the lowest levels since July 2021. Avalanche (AVAX) Looking at the Avalanche quotes, we notice that, in line with our last week's projection, the cryptocurrency rate has recently rebounded from technical support by $ 14.50, then increased by 12.5%, thus returning to the area of ​​previously defeated support (now resistance) in the region of USD 16.50. If the currently tested resistance is discarded in the near future, the AVAX price could nevertheless return to the path of decline and slide back to the region of $ 14.50 or even further below $ 10. Binance Coin (BNB) Binance Coin has been trading since the second half of August this year. In a horizontal trend between the support of $ 262 and the resistance in the region of $ 297. It is worth noting that within this consolidation, a second, smaller one has recently emerged, the upper limit of which is marked by local resistance around USD 276. The common features of both of these systems are their lower bound, marked by the support of $ 262 and the fact that both of these consolidations are corrective formations after previous declines, which increases the likelihood of a breakout from them down, which in turn could naturally drive a further BNB sell-off in towards USD 244, or even USD 214. EOS Looking at the EOS quotes, we notice that the price of this cryptocurrency fell between October 1 and 13 this year by almost 24%, reaching $ 0.94 at one point. Over the last few days, however, there has been a slight demand reaction here, and if only these increases continue, the EOS rate could return to the area of ​​earlier made support (now resistance) in the amount of USD 1.15. However, the small dynamics of this rebound may indicate that it is only a temporary correction, after which the price of this cryptocurrency will return to the downward path. If that happens, it could fall as low as $ 0.88. Chainlink (LINK) Chainlink's quotations have recently slipped to an upward trend line and horizontal support of USD 6.65. A slight demand reaction appeared a few days ago in the vicinity of this support. It is worth noting, however, that each of the last three rebounds from this level, which we observed in the second half of September this year and in the first half of October this year. And now it was getting smaller. This may indicate a weakening demand pressure, increasing the probability of overcoming this support. If that happens, LINK could fall as low as $ 5.90.
Technical analysis of the leading cryptocurrency, Bitcoin, by Sebastian Seliga (InstaForex) - 27/10/22

Cryptocurrency: Weekly Crypto Market Analysis By Geco.one - 26/09/22

Geco One Geco One 26.09.2022 16:21
Bitcoin (BTC) During its September meeting, the US Federal Reserve decided to raise interest rates by another 75 bp. It is noteworthy that it was the third such a significant hike in a row and the fifth in the monetary policy tightening cycle that has been taking place since March. However, considering last week's rate hike coincided with market expectations, the dot-plot chart, i.e. the so-called dots, shows the outlook for interest rates. These have been increased, and although the Fed recently expected the federal funds rate to rise to a maximum of 3.8 %, it is currently estimated that the peak will be 4.6 %. It means that the Fed will make two more hikes in November and December, the first of which may also amount to 75 bp. All this meant that just a few hours after the Fed's monetary decision, Bitcoin plunged over $ 1,700 from almost $ 19,900 to the region of $ 18,100. Despite the fact that there was a specific demand reaction on the next day, i.e. last Thursday, it seems that the buyers' pressure is too weak to return BTC to the path of growth permanently. Nevertheless, there may be a slight upward rebound in the near future; as a result, Bitcoin's rate will return to the area of ​​previously defeated support (now resistance) of USD 20,650. However, given that this barrier coincides with the 50% Fibonacci correction measurement, a greater supply pressure may reappear in its vicinity, driving another downward rally. If it helps to beat the currently tested support of $ 18,500, Bitcoin could continue its downward rally even toward $ 12,000. Ethereum (ETH) Ethereum fell by almost 32% between September 11 and 21, 2022, beating technical support of $ 1,425. The sell-off only stopped in the following support area of USD 1,245, where there was a slight demand reaction last Thursday. Nevertheless, the ETH has remained in a horizontal trend since then, increasing the risk that the current trend will only be a temporary rebound before another downward impulse. Still, given the reversal of the poles, if ETH rebounded from the $ 1,245 support, we could expect it to rise slightly towards $ 1,425. However, taking into account that this resistance coincides with the measurement of the 38.2% Fibonacci correction from the earlier downward move, a supply reaction could appear in its vicinity, initiating another downward impulse, as a result of which the quotations of this cryptocurrency could slide down to around 1,000 USD. Bitcoin Cash (BCH) Since mid-August this year, Bitcoin Cash has maintained a horizontal trend between $ 112 support and $ 133 resistance. As a result of the depreciation that lasted from September 10 to 21, the BCH stock plunged by more than 23%, putting it not only back in the area of ​​technical support of $ 112 but also slipping below it. Despite this, the quotation of this cryptocurrency did not stay at such a low level for too long, and on the next day, it returned to above $ 112. If this increase continues, the BCH rate could return to the region of $ 122 or even to the region of $ 133. However, it seems unlikely that this will turn into a long-term bull market. Litecoin (LTC) Litecoin fell by more than 25% between September 13-21. This sale even temporarily defeated $ 52 tech support. However, the market quickly recovered above this level and is now being tested again as support. If the LTC rate rebounds from it, we could expect a slight increase towards USD 55.50 in the near future. It seems unlikely, however, that this increase could turn into a larger bull market. There is a much greater probability that it will only be a temporary rebound before the next downward impulse towards USD 47 or even USD 42. Polygon (MATIC) As expected, the increases observed between August 20 and September 12, 2022, turned out to be only a correction, after which the MATIC price returned to the downward path. Between September 13 and September 21, it slumped by almost 27%, beating technical support of $ 0.76 and reaching its lowest level since mid-July this year. Over the past few days, the MATIC has experienced some upward rebound, as a result of which the previously breached support was tested from below (as a resistance). If this barrier is now rejected, the price of this cryptocurrency could return to a downward path, slipping towards USD 0.61, USD 0.45, or even USD 0.32. XRP Looking at the XRP quotes, we will notice that the price of this cryptocurrency increased between 16 and 23 September by almost 74%, thus returning above $ 0.50. This increase stopped only in the area of ​​the technical resistance level determined based on the lows of June and July 2021. This is where the supply response appeared a few days ago. Therefore, if the declines have been taking place since then, the quotations of this cryptocurrency could even slide to the area of ​​previously defeated resistance (now support) in the amount of USD 0.39. EOS Looking at the performance of the EOS, we notice that after rebounding from the technical resistance of USD 1.90, the price of this cryptocurrency has slipped by over 39% over the past days, breaking the upward trend line and horizontal support of USD 1.35 and 1 . $ 25. This sell-off stopped only in the area of ​​the following support of $ 1.15, which we wrote about a week ago. However, if this level is broken, we could expect further depreciation towards USD 1.04 or USD 0.88. Chainlink (LINK) Chainlink quoted last Thursday from the upward trend line, then rose by almost 22%, returning to the technical resistance area of $ 8.10. If this zone is rejected again, we could expect another decline in the direction of the aforementioned upward trend line in the near future. It is the closest support.
Crypto Market Analysis By Geco.one - 12/09/22

Crypto Market Analysis By Geco.one - 12/09/22

Geco One Geco One 12.09.2022 16:23
Bitcoin (BTC) As per last week's projection, Bitcoin has plunged to the $ 19,000 region. It was in the vicinity of this support that the demand reaction appeared; as a result, the BTC quotations increased by more than USD 3,800, i.e. nearly 21%, over the past few days. This surge caused the BTC rate to break above the local resistance of $ 20,650 and is now approaching another resistance of around $ 22,500. If this barrier was also broken, then Bitcoin could continue its upward rally towards the previously defeated upward trend line, which is the lower limit of the parallel growth channel observed from mid-June to mid-August, or further up to USD 24,500. If the currently tested resistance was rejected, the BTC could at least return to the area of ​​the last defeated resistance (now support) of $ 20,650. Considering the multitude of important events in the near future, it seems that it will depend on whether the currently tested resistance will be defeated or rejected. The first of these will be the publication of a report on consumer inflation (CPI) in the United States scheduled for next Tuesday, September 13, 2022. Economists estimate that after dropping to 8.5% in July from 9.1% in June, the dynamics of consumer price growth slowed down in August to 8.1%. So it can be expected that any reading higher than expected will speak in favour of the third consecutive 75bp rate hike in the federal funds rate, which would threaten another BTC decline. Following this line of thinking, any reading below the expected level may induce the Federal Reserve (Fed) to reduce the scale of the interest rate hike to 50 basis points, which in turn would signal the approaching of the Fed's monetary tightening cycle that has been ongoing since March this year and could constitute a kind of support for further Bitcoin growth. It is worth recalling that although the US inflation report will be presented on September 13, we will have to wait until September 21 for the Fed's monetary decisions. Ethereum (ETH) Looking at the Ethereum quotes, we notice that the price of this cryptocurrency has increased by almost 26% since August 29, thus reaching the region of USD 1780. A permanent breach of this level could open the door for further appreciation towards USD 2,000, but only a break above USD 2,000 could signal a potential for larger gains. One of the key events for ETH (apart from the publication of the CPI inflation report in the US) this week will be Merge, i.e. Ethereum's transition from proof-of-work to proof-of-stake consensus, thanks to which miners will be replaced with validators, the new ETH supply and the amount of energy needed to maintain the grid. Although the transition from PoW to PoS can be described as a kind of technological revolution for ETH, the most important thing for changing the course will be the reduction of new supply, not the technological aspect itself. A smaller supply with unchanged demand could contribute to an increase in the ETH exchange rate. The question, however, is whether Ethereum will be able to break away from Bitcoin, with which this cryptocurrency is highly positively correlated. If not, the possible increase in the ETH rate could turn out to be only temporary, after which the market could again succumb to pressure from macroeconomic events, particularly the Federal Reserve’s monetary policy. Therefore, there is still a risk that the ETH exchange rate will drop further to USD 1,400 or even to USD 1,250. Therefore, there is still a risk that the ETH exchange rate will drop further to USD 1,400 or even to USD 1,250. Bitcoin Cash (BCH) Since mid-August this year, Bitcoin Cash has remained in the horizontal trend between $ 112 support and $ 133.50 resistance. The increase observed last week brought the BCH price back to the upper limit of this system. Any defeat of this resistance could therefore drive a further increase towards USD 145. However, considering consolidations are usually corrective formations, it seems highly probable that before a permanent return to the path of growth, the BCH exchange rate will slump to around $ 112 or even $ 97. Litecoin (LTC) Litecoin's prices have risen by more than 22% recently, returning to the area of ​​a highly significant resistance of $ 65. If this barrier were to be broken, the LTC could continue to rally north towards the $ 73 and downward trend line. However, a possible breakdown or rejection of the currently tested resistance will probably depend on tomorrow's US CPI inflation reading. Reading the index above 8.1% could rebound the LTC rate from the currently tested level and return to 52 USD. Polygon (MATIC) The price of the cryptocurrency Polygon fell by more than 28% between August 14 and 20 this year, slipping below the upward trend line. This sale will stop; it was low in the area of ​​technical support in the region of USD 0.75, where there was a demand response. The increase observed later made the MATIC price increase by over 22%. However, considering the small dynamics of this rebound, it seems highly probable that the market will return to the downward path shortly, slipping towards USD 0.75, USD 0.61, USD 0.45, or even USD 0.32. XRP Looking at the XRP quotations, we will notice that the price of this cryptocurrency has remained within a parallel growth channel since mid-June this year. After rebounding from the upper limit of this system at the end of July this year, the XRP rate stuck in a horizontal trend just below the local resistance of USD 0.39. The supply pressure observed on August 18 and 19 contributed to breaking the bottom out of this system. Moments later, the upward trend line was also broken, which was the lower boundary of the entire growth channel. The sell-off then stopped around $ 0.3340 technical support, where there was a slight demand response on August 20 this year. However, the subsequent rebound only contributed to a re-test of the upward trend line and the previously defeated support (now resistance) of $ 0.36, which was the lower limit of the earlier consolidation. In reaction to the hawkish speech of the Fed chairman two weeks ago, the XRP rate rebounded from this resistance and fell below the support of USD 0.3340. The sell-off only stopped around $ 0.32, and for the next few days, the XRP remained within a relatively narrow range between the support of $ 0.32 and the resistance in the region of $ 0.3340. The increases observed last week contributed to the breakout of the upper boundary, resulting in the XRP rate returning to the technical resistance area of USD 0.36 and the upward trend line being the lower boundary of the earlier channel. If this barrier is dropped, we could expect a decline toward USD 0.3340 in the near future.
Crypto: Naturally, Fed's Jerome Powell Affected Cryptocurrency Market

Crypto: Naturally, Fed's Jerome Powell Affected Cryptocurrency Market

Geco One Geco One 29.08.2022 20:01
Bitcoin (BTC) In line with market expectations, the hawkish speech of the Federal Reserve chairman last Friday contributed to a significant decline in the cryptocurrency market at the end of last week. This fact caused Bitcoin to increase the scale of the depreciation lasting from August 15 to over 22.5%, slipping to the lowest level since mid-July this year. If this sale continues, BTC could soon return to the June and July lows, that is, to the region of USD 19,000. However, it is possible that, due to the relatively calm start of the new week, Bitcoin will see a slight upward recovery soon before it returns to the downward path. The catalyst for another sell-off may be the Wednesday and Friday data from the US labour market, which will undoubtedly significantly impact the Fed’s decision on the September federal funds rate hike scale. Ethereum (ETH) Looking at the Ethereum quotes, we notice that the price of this cryptocurrency fell by over 17% in the second half of last week, increasing the range of the depreciation that has been taking place since August 14 this year to a low of 30%. This sell-off plunged the ETH price below $ 1,780 technical support and below $ 1,575. The market is currently testing another $ 1,400 support. However, if this barrier is also overcome, then Ethereum could drop to USD 1,250. Bitcoin Cash (BCH) Over the past few days, Bitcoin Cash has slumped by over 20%, increasing the extent of the depreciation that has been ongoing since July 29 this year to nearly 33%. It also pushed the BCH back to $ 112, one of its lowest levels since mid-July. If the downward trend continues and the cryptocurrency drops below the currently tested support, it could continue its rally toward $ 97, which is another crucial support zone. Litecoin (LTC) Litecoin fell by 20% between August 14 and 20, breaking the bottom from an extended bullish wedge formation. This sell-off stopped at $ 52.50 technical support, where a demand response surfaced on August 20. Due to subsequent gains, the LTC returned to the ​​previously broken support (now resistance) area of $ 57.50, measuring a 38.2% Fibonacci correction from an earlier downward move. In the area of ​​this resistance, the supply response reappeared, and the quotes of this cryptocurrency once again fell to $ 52.50. Therefore, one can conclude that the LTC rate has stalled in the past few days in consolidation between the support at $ 52.50 and the resistance in the area of ​​$ 57.50. Given that the consolidations are corrective patterns and that the market had a downward move earlier, Litecoin is statistically more likely to break the bottom from the current layout, which could drive a further depreciation toward $ 42. Solana (SOL) We notice Solana’s quotations that the cryptocurrency has been moving from mid-June inside the bullish wedge formation. The last increases stopped in mid-August this year, near the upper limit of this system, where a supply reaction appeared again. The declines since then caused the SOL price to drop by almost 38%, breaking the bottom out of the wedge formation and beating the horizontal support of $ 32.50. If this trend continues, the quotations of this cryptocurrency could soon return to the region of the June lows, i.e. to USD 26. Polygon (MATIC) The Polygon cryptocurrency fell by more than 28% between August 14 and August 20 this year, slipping below technical support of $ 0.87. This sell-off stopped around the following support in the $ 0.75 region. The MATIC course has been in the horizontal trend for over a week. So we have a similar situation here as in the case of Litecoin. So if the currently tested support is permanently defeated, the MATIC could drop further to ​​$ 0.61, $ 0.45, or even $ 0.32. Ripple (XRP) Looking at the XRP quotations, we will notice that the price of this cryptocurrency has remained within a parallel growth channel since mid-June this year. After rebounding from the upper limit of this system at the end of July this year, the XRP rate stuck in a horizontal trend just below the local resistance of USD 0.39. The supply pressure observed on August 18 and 19 contributed to breaking the bottom out of this system. Moments later, the upward trend line was also broken, which was the lower boundary of the entire growth channel. This sale stopped only in the vicinity of the technical support of $ 0.3330, where there was a slight demand response on August 20 this year. However, the subsequent rebound only contributed to a re-test of the upward trend line and the previously defeated support (now resistance) of $ 0.36, which was the lower bound to the earlier consolidation. In reaction to the hawkish speech of the Fed chairman last Friday, the XRP rate rebounded from this resistance, and on Sunday, it fell even below the support of USD 0.333. If the downward trend continues, the price of this cryptocurrency could return to USD 0.30. Nem (XEM) We could also expect a continuation of declines in the Nem cryptocurrency quotes. Its price has dropped by more than 30% since August 11 this year, beating technical support of USD 0.048 and USD 0.043. If this trend continues, XEM could return to the May, June and July lows to the technical support of USD 0.037. Chainlink (LINK) We could also expect further declines in the Chainlink quotation. The LINK exchange rate rebounded on August 13 this year from the technical resistance of USD 9.30, the upper limit of the consolidation lasting from the first half of May this year. The recent sell-off contributed to the defeat of local support around USD 7.20, which may naturally drive a further depreciation towards the lower limit of the said consolidation, i.e. to USD 5.90.
Crypto: Fed's Fight With Inflation May Lead To Decline Of Crypto Prices

Crypto: Fed's Fight With Inflation May Lead To Decline Of Crypto Prices

Geco One Geco One 25.08.2022 11:25
Bitcoin Statements from members of the US Federal Reserve suggest they are leaning to support the third consecutive 75bp rate hike in September. They will not stop tightening until they are "fully convinced" that overheated inflation is falling, contributing to a marked decline in cryptocurrency prices. Only during last Friday's session Bitcoin dropped by more than 10%, increasing the range lasting from August 15 this year depreciation to over 17%. Such a significant sell-off caused Bitcoin to slide below the horizontal support of $ 22,500 and below the upward trend line, the lower limit observed since the mid-June parallel growth channel. There was some upward rebound last weekend. Its dynamics, however, is so modest that this increase will probably not even exceed the previously defeated support (now resistance) of $ 22,500, after which the market will return to the downward path. If this happens, the Bitcoin price could drop to $ 19,000, which would be the lowest since mid-July. Considering the significant impact of the last week's statements of the Federal Reserve representatives on the BTC quotations, one can assume that an exhilarating month in the cryptocurrency market is ahead of us. The annual symposium in Jackson Hole will take place this Thursday and Friday, during which (on Friday) the Fed president will deliver his speech. He may then provide some hints on the September meeting of the Federal Open Market Operations Committee (FOMC), during which a decision will be made on the scale of the following federal funds rate hike. In addition, on September 2 and 13, 2022, we will get to know the latest reports on employment changes in the US non-agricultural sector (NFP) and consumer inflation (CPI) in the US, while the FOMC mentioned above meeting will be held on September 21 this year. Ethereum Looking at the Ethereum quotes, we can see that the price of this cryptocurrency has fallen by almost 25% in recent days, breaking the bottom of the upward wedge formation and sliding below the technical support of $ 1780. This sell-off only stopped below $ 1,600, where there was a slight demand reaction last weekend, which could signal a potential for at least a corrective upward rebound towards $ 1,780. However, it cannot be ruled out that the gains will not reach the recently defeated support (now the resistance), and the ETH rate will return to the downward path without any correction. If this sale continues, the ETH rate could soon return to around $ 1,400 or even fall further to $ 1,250. Litecoin Litecoin's quotations have fallen by almost 20% recently, slipping below the technical support of $ 57.50 and breaking the bottom from the upward wedge pattern observed since mid-June this year. The sell-off halted around $ 54 technical support, where a demand reaction surfaced last weekend, triggering an upward correction rebound towards $ 57.50. We are currently seeing a test of this resistance. However, considering that this level coincides with the measurement of 38.2% Fibonacci retracement, it seems highly probable that its rejection could initiate another downward rally towards USD 47 or even USD 42.
Is Bitcoin price correction ahead? Where is the support?

Is Bitcoin price correction ahead? Where is the support?

Geco One Geco One 01.08.2022 20:25
Bitcoin Despite the second in a row increase in interest rates by the US Federal Reserve (Fed) by 75 basis points and announcements of possible similar action at the September meeting of the Federal Committee on Open Market Operations (FOMC), US Treasury yields fell with the dollar, and stocks and cryptocurrencies rebounded on Wednesday evening. The market reaction to last week’s Federal Reserve meeting may indicate that investors are not afraid that aggressive monetary tightening will continue to weigh on the quotations of risky assets, which are undoubtedly stocks and cryptocurrencies. In September, there may be a third interest rate hike by 75 basis points. The actual chances of such a move may slowly diminish with the appearance of signals indicating some slowdown in the US economy. Fed chairman Jerome Powell himself indicated that the bank would set monetary policy at every meeting, not as it did recently when he gave clear indications on the size of the next rate hike. “While another substantial hike could be appropriate at our next meeting, it will depend on the data released by then,” Powell said at the press conference, adding that the institution will slow down the pace of interest rate hikes at some point. These comments contributed to the clear rebound observed in the cryptocurrency market's second half of last week. As a result of this fact, over the past few days, Bitcoin has been purchased for over USD 24,000. It is worth noting, however, that this increase stopped near the upper limit of the parallel upward channel that has been going on since mid-June this year, where the first supply reaction appeared at the end of the week. So if this resistance is rejected, BTC quotes could slide down to $ 21,000, where the upward trend line runs, which is the lower boundary of the formation. Ethereum (ETH) Looking at the Ethereum quotes, we can see that the price of this cryptocurrency increased after rebounding from the technical support of 1000 dollars by more than 77 %. This increase helped to overcome several technical resistances of $ 1,250 and $ 1,400. This trend only stopped around the next resistance in the $ 1720 region. If Bitcoin falls shortly, Ethereum could also suffer from it. In such a case, it would entail rejection of the currently tested resistance and drop towards $ 1,600, or even further to $ 1,400. However, there is a high probability that the sale may only be temporary and will ultimately turn out to be only a correction, after which the ETH price will return to the upward path. Polygon (MATIC) Looking at the Polygon (MATIC) quotes, we will notice that the price of this cryptocurrency increased in just one month, from June 18 to July 18 this year, by over 211 % — from less than $ 0.32 to above $ 0.98. This tendency has thus come close to the resistance we indicated in the amount of USD 1.00. Although there was a supply reaction near this level two weeks ago, the subsequent declines did not last too long, and the market returned to this resistance area after last week’s Federal Reserve meeting. However, last weekend there was a supply reaction again. Therefore, it is more and more likely that this barrier will be rejected again, which could signal a downward potential towards USD 0.75. However, it seems highly probable that these declines will prove to be only a temporary correction, after which the MATIC rate will return to the up path. A break above USD 1 will fuel a further appreciation towards USD 1.33. Avalanche (AVAX) We could also expect the Avalanche to experience at least a short-term downward trend. Over the past few days, the AVAX rate has approached the upward trend line, which is the upper limit of the parallel upward channel, where a slight supply reaction appeared already at the weekend. If only this resistance is rejected, then the AVAX rate could drop to the area of ​​USD 20.5 or even to the area of ​​USD 19. It is there that the two closest support levels are located. XRP Looking at the XRP quotations, we will notice that the price of this cryptocurrency has remained within a parallel growth channel since mid-June this year. The upward trend observed over the past few days caused the cryptocurrency’s rate to return to the upper limit of this system, where the first (so far, small) supply response appeared at the weekend. If the currently tested resistance is rejected, the XRP could slide towards the upward trend line marking the lower boundaryof the mentioned channel, i.e. in the region of USD 0.33. Cardano (ADA) Looking at the Cardano quotations, we notice that the ADA rate has been moving horizontally (in consolidation) since mid-June this year, between the support of USD 0.4150 and the resistance in the region of USD 0.55. As a result of the recent increase, the price of this cryptocurrency returned to the area of ​​the upper limit of this system, where the supply response reappeared at the weekend. So, if this resistance is permanently rejected soon, the ADA rate could drop back to the area of ​​USD 0.4150, where the lower limit of the current system is. Polkadot (DOT) Looking at the Polkadot (DOT) quotes, we notice that this cryptocurrency has been moving in a horizontal trend (in consolidation) for almost two months, between the support of USD 6.30 and the resistance in the region of USD 8.50. The upward trend observed over the last few days made the DOT quotations return to the upper limit of this system. Unlike many cryptocurrency projects, however, there has been no above-average supply response so far. If this resistance is overcome, the DOT rate could continue its rally north towards $ 10.50. If there is a more significant supply response shortly, which signals a potential rejection of the currently tested resistance, then the likelihood of a decline towards $ 6.30 increases.
Bitcoin (BTC) And Cryptocurrency Market In General May Become Volatile After The Decision Of FED

Bitcoin (BTC) And Cryptocurrency Market In General May Become Volatile After The Decision Of FED

Geco One Geco One 25.07.2022 15:09
Today we analyse ETH, ATOM, MATIC and more. Bitcoin After rebounding from the technical support of $ 19,000, Bitcoin has soared above $ 24,000. This increase meant that the quotations of BTC broke above the technical resistance of $ 22,000, marking the upper limit that has been ongoing since mid-June of this year’s consolidation. It is worth noting that the subsequent appreciation did not last too long; as a result, we have been seeing a decline in the quotations of BTC again for several days. This trend made BTC re-test the previously defeated resistance (now support) of $ 22,000 on Monday. Suppose we were to rely solely on technical analysis, we could compare the dynamics of the last two movements, i.e. the earlier (more dynamic) upward movement and the current (less dynamic) downward movement, which would lead us to the conclusion that the current downward rebound may only be a form of a temporary correction after which Bitcoin will return to the path of growth. For this to happen, the BTC rate would have to rebound from the currently tested support level. However, it is worth remembering that the plan for next Wednesday may significantly influence the market, i.e. on the 27th of July this year, a meeting of the Federal Committee for Open Market Operations (FOMC), during which the institution will probably decide on another interest rate hike. It is currently estimated that the Federal Reserve will raise the federal funds rate by 75 basis points for the second time in a row. However, there is also over a 40% chance that the FED will raise interest rates by as much as 100bp in July, putting downward pressure on the stock and cryptocurrency markets. So it seems that the first half of the week will be relatively calm on the virtual assets market, while the second half of the week, i.e. after the FOMC meeting, will bring more volatility. Ethereum Looking at the Ethereum quotes, we can see that the price of this cryptocurrency increased after rebounding from the technical support of 1000 dollars by over 65%. This increase helped to overcome the technical resistance of $ 1,250 and $ 1,400. This trend only stopped around the next resistance in the $ 1720 region. If this barrier is dropped, the ETH listings could soon slide to the region of $ 1,400 or even further to the region of $ 1,250. It is worth noting that both of these supports coincide with the significant Fibonacci measures from the last growth impulse: the first with a measurement of 38.2%, and the second with the golden ratio, i.e. 61.8%. The catalyst for another depreciation may also be the upcoming monetary decision of the Unhealthy Reserve, which will be announced on the 27th of July this year. Litecoin Litecoin’s quotes rose by more than 53 %, from $ 40 on the 13th of June to $ 62 on the 20th of July this year. This tendency stopped in ​​technical resistance, in the vicinity of which the first supply reaction had already appeared. So if the currently tested resistance level is discarded in the near future, Litecoin could return to the downward path, sliding to around $ 43. The possible defeat of this support and a lower break-even would increase the scope of the potential depreciation to the next support located at only around $ 25. Polygon Looking at the Polygon (MATIC) quotes, we will notice that the price of this cryptocurrency has increased in just a month since the 18th of June this year. Until the 18th of July this year by over 211 % from less than $ 0.32 to above $ 0.98. This tendency thus approached the resistance indicated by us of $ 1.02, and this is where the supply response appeared a few days ago. If these declines continue, the MATIC price could drop even to $ 0.61 in the near future. Interesting support may also be the slightly higher line of the local upward trend. XRP Looking at the XRP quotes, we will notice that the price of this cryptocurrency has remained for over a month in a horizontal trend (in consolidation) between support of $ 0.30 and resistance in the region of $ 0.38. In line with our last week’s projection, the XRP rate has recently returned to the upper boundary of the formation mentioned above, where a supply response reappeared a few days ago. So if the downward trend that has been going on for several days continues, the XRP should reach the support of $ 0.30. A permanent break below this barrier could open the door to further depreciation towards $ 0.25 or even $ 0.20. The realization of this scenario is also supported by the fact that the consolidations are corrective formations, which increases the risk of breaking the current formation downwards and the continuation of declines. EOS In line with last week’s projection, the stock of EOS has increased by over 42% over the past few days, reaching the technical level of resistance of $ 1.20, where the first supply reaction appeared at the beginning of the new week. As we mentioned a week ago, “at this stage, however, it seems that this is the maximum range for a short-term boost. There are many indications that this rebound is only a form of correction after an earlier sell-off; thus, the market may return to the downward path after this rebound is over. “ So if only the currently tested resistance is permanently rejected, the price of this cryptocurrency could return to the downward path and fall again below $ 0.90. Polkadot Looking at the Polkadot (DOT) quotations, we notice that the price of this cryptocurrency has been moving in a horizontal trend (in consolidation) for over two months between the support of $ 6.30 and the resistance in the region of $ 8.50. If only the declines going on for a few days continue, we could expect to re-test the horizontal support of $ 6.30 in the near future. However, considering that a current consolidation is a form of correction after earlier declines, there is a high probability that the market will eventually break the bottom out of this system, which could drive further declines, even towards $ 4.
Bitcoin: Where Could BTC/USD Go? Polkadot Has Decreased Significantly Since The End Of 2021 | Geco.one Weekly Crypto Market Analysis

Bitcoin: Where Could BTC/USD Go? Polkadot Has Decreased Significantly Since The End Of 2021 | Geco.one Weekly Crypto Market Analysis

Geco One Geco One 11.07.2022 14:43
Bitcoin Looking at the quotations of the oldest virtual currency, we notice that its rate has been maintained for almost a month in a horizontal trend (in consolidation) between the support of $19,000 and the resistance in the region of $22,000. Because Bitcoin rebounded a few days ago from the upper limit of this system, we could expect a continuation of declines towards $19,000 soon. It is noteworthy that consolidations are corrective formations, which means that the market is more likely to break out of these systems in the direction consistent with the previous move. Considering that the previous impulse was downward, there is a statistically higher probability that the BTC rate will break the bottom; i.e. it will drop below $19,000, which in turn could signal a potential for further drops to the next support area, which is located in the region of $12,000. A situation from May earlier this year can serve as an example confirming the thesis described above. After a dynamic decline, Bitcoin stuck for a month from consolidation and broke from it, i.e. in the direction consistent with the previous impulse. It should be mentioned, however, that no rule determines the moment of breaking out of consolidation. So it may happen that the BTC price will drop below the support of $19,000 already during its next test, or it will remain within this consolidation for some time. What will happen on the market on July 13 this year may be significant. On this day, we will learn the latest report on consumer inflation in the United States. A further increase in the CPI index could naturally support the decision of the Federal Committee for Open Market Operations (FOMC) on another significant interest rate hike, and this would put downward pressure on the stock and cryptocurrency markets. The factor supporting such a decision by the Federal Reserve may be the report on the US labour market published last Friday. It shows that in June this year, the American economy created as many as 372,000 new jobs, which exceeded economists' expectations, expecting 268,000. So we can assume that the Fed doesn't have to worry about the economy's health now and can entirely focus on fighting inflation. Reuters economists believe the Federal Reserve would make five more increases in interest rates in this cycle. It would raise the federal funds' rates by 75 basis points in July, half a percentage point in September, and will return to increases by a quarter of a percentage point earliest in November. According to experts, the Fed will stop the increases in the second and third quarters of 2023 and then cut rates by 25 basis points in the last quarter of next year. Another noteworthy event may also be the payment of funds to the creditors of Mt. Gox. Recall that the collapse of Mt. Gox in 2014 lost around 850,000 bitcoins, of which only 150,000 were later recovered. Recently, there have been reports that creditors can count on recovering at least some of their funds. It is said that creditors may receive 150,000 BTC soon. This information was confirmed in the correspondence of July 6 by attorney Nobuaki Kobayashi, a trustee in the rehabilitation process of Mt. Gox. He indicated that they "are preparing to make repayments." The event was long-awaited, and investors were concerned about its impact on the market. The price of Bitcoin at the time of the collapse of the stock exchange was a fraction of the current level, which leads to suspicions that creditors might want to sell large amounts of BTC on the market immediately, thus contributing to another collapse of the cryptocurrency market. The following statistics also speak for the continuation of the downward movement in Bitcoin quotations: • In 2011, after the so-called first burst of the bubble, BTC fell by almost 94% • In 2013, when the second bubble burst, the decline amounted to over 83%. • In 2014, when the third bubble burst, Bitcoin fell by almost 93%. • In 2017, when the fourth bubble burst, the decline amounted to almost 84%. So it turns out the current decline of 74% since the November peaks has not even matched the previous sell-offs observed over the years on the quotations of the oldest virtual currency. If Bitcoin, however, slipped to another support located around $12,000, then the depreciation range observed since November would exceed 82% Ethereum Looking at the Ethereum quotes, we notice that the price of this cryptocurrency has also been in the horizontal trend for almost a month. In this case, the scope of this consolidation is determined by the zone between the support of $1,000 and the resistance in the region of $1,250. It is worth noting that during the last test, the upper limit of this system also coincided with the downward trend line marking the lower boundary of the previous downward channel and with the measurement of 38.2% Fibonacci retracements from an earlier downward impulse. It also caused a supply reaction there to reappear last Friday. If only the declines occurring since then continue, the ETH rate could return to around $1000. However, before the current consolidation, the market had experienced quite a drop. Statistically, there is a greater probability that Ethereum will break the bottom, which could drive another downward impulse. The potential for further depreciation could be around $800, or even $350 where a technical support area is located. The range of depreciation is therefore considerable, although taking into account the potential extent of Bitcoin's decline and the strong positive correlation between the two cryptocurrencies, it seems realistic to be achieved in the next few months. Cardano Looking at the Cardano (ADA) quotes, we notice it is stuck in consolidation, within which another consolidation has appeared. But let's start from the beginning. What makes Cardano different from other crypto is that Cardano has been in a downward trend since the beginning of September last year and not, like most cryptocurrency projects, from mid-November. This sale caused the ADA rate to drop by more than 87%, falling from $3.10 below $0.39. Although in mid-May this year, there was a demand reaction that started a rebound, later increases turned out to be only temporary. This fact also made Cardano stall in a consolidation between support at $0.45 and resistance in the region of $0.65. It is noteworthy that within this consolidation, another — smaller one has emerged recently. It is between the support of $0.45 and the resistance in the region of $0.55. So one can see that both consolidations have two common features. They share the same lower bound — support of $0.45 — and the fact that both are corrective patterns after previous declines. This fact makes it statistically more likely that the market will break down, which could drive a further sell-off towards $0.40, $0.30, $0.25, or even further to $0.19. It is where the following levels of support are located. Solana Looking at Solana's quotations, it is worth noting that the price of this cryptocurrency has recently increased to the area of ​​previously defeated support (now resistance) in the region of $41. Considering the relatively low dynamics of these increases, it may be only a form of another correction in a downward trend, increasing the probability of a return to the downward path. So if the SOL price slips below the currently tested line of the local uptrend, the price of this cryptocurrency could then move toward $22. There is another significant level of support where a more considerable demand pressure could arise. Avalanche Avalanche's quotes returned to the area of ​​the recently defeated support (now resistance) of $21.50. Considering that this zone coincides with the measurement of 50% Fibonacci retracements, it should not be surprising that a supply reaction has already appeared in its region. If only the declines that started on Friday continue, the AVAX rate could return to around $13.50. A permanent defeat of this support would, in turn, open the door to further sell-off towards $9.50. Polkadot Polkadot's quotes have fallen by more than 88% since November. This sell-off stopped at around $6.50 tech support, the lowest level since December 2020. It is worth noting, however, that the demand response that appeared around this level is relatively modest, which may indicate that the consolidation between the support of $6.50 and the resistance in the region of $8.50, which has been observed for a month, will turn out to be only another correction in the downtrend. If that happens and the DOT price slides below the $6.50 support, it could drop to around $4.50 or even $3.50. It’s time to finally get down to business. Start serious trading with Geco.one.‍ Top 20 cryptocurrencies, 1:100 leverage, staking, low fees, intuitive design, unrivalled liquidity & instant order execution.‍ Trading on derivatives has never been easier. Join us https://app.geco.one
Market Crash: Bitcoin (BTC/USD) Has Decreased By Ca. $50k Since The End Of 2021. What Could Make Bitcoin Price Decrease Further?

Market Crash: Bitcoin (BTC/USD) Has Decreased By Ca. $50k Since The End Of 2021. What Could Make Bitcoin Price Decrease Further?

Geco One Geco One 04.07.2022 15:14
Looking at the quotations of the oldest virtual currency, we can see that the BTC rate has lowered over the last eight months by over $50,000, i.e. over 74%, from $69,000 to below $18,000, the lowest level since December 2020. Bitcoin This sale stopped only around the technical support determined based on the December 2017 peaks. However, it is worth noting that the demand response that appeared in this support area is exceptionally modest. This fact left Bitcoin in a horizontal trend between $19,000 support and $22,000 resistance. It is noteworthy that consolidations are corrective formations, which means that the market is more likely to break out of these systems in the direction consistent with the previous move. Considering that the previous impulse was downward, there is a statistically higher probability that the BTC rate will break the bottom; I.e. it will drop below $19,000, which in turn could signal a potential for further drops to the next support area, which is located in the region of $12,000. A situation from May can serve as an example confirming the thesis described above. After a dynamic decline, Bitcoin stuck for a month from consolidation and broke from it, i.e. in the direction consistent with the previous impulse. Statistics also support the continuation of the downward movement: • In 2011, after the so-called first burst of the bubble, BTC fell by almost 94%• In 2013, when the second bubble burst, the decline amounted to over 83%.• In 2014, when the third bubble burst, Bitcoin fell by almost 93%.• In 2017, when the fourth bubble burst, the decline amounted to almost 84%. So it turns out the current decline of 74% since the November peaks has not even matched the previous sell-offs observed over the years on the quotations of the oldest virtual currency.If Bitcoin, however, slipped to another support located around $12,000, then the depreciation range observed since November would exceed 82% Another argument supporting the view of further depreciation is the policy of central banks, which raise interest rates in response to high inflation, thus contributing to a decrease in liquidity, which in turn leads to the decline in the quotations of risky assets such as stocks or cryptocurrencies. What will happen on the market on July 13 this year may be significant. On this day, we will learn the latest report on consumer inflation in the United States. Suppose economists’ expectations pointing to a further increase in the index are confirmed. In that case, the Fed will be even more determined to further aggressive tightening of monetary policy by continuing the circus of raising interest rates. Reuters economists believe the Federal Reserve would make five more increases in interest rates in this cycle. It would raise the federal funds’ rates by 75 basis points in July, half a percentage point in September, and will return to increases by a quarter of a percentage point earliest in November.According to experts, the Fed will stop the increases in the second and third quarters of 2023 and then cut rates by 25 basis points in the last quarter of next year. Ethereum Looking at the Ethereum quotes, we can see that the price of this cryptocurrency has dropped over the last eight months by almost $4,000, i.e. nearly 82%, from almost $4,900 to below $900, the lowest level since early January 2021. ETH drop stopped in the technical support area of $1,000 — there, on June 19, there was a demand response. However, the subsequent rebound turned out to be only temporary. As a result, ETH — similarly to BTC — was stuck in a consolidation between $1,000 support and $1,250 resistance, measuring 38.2% Fibonacci retracements from an earlier downward impulse. This fact means that, as in the case of BTC, statistically, there is a greater probability that the market will break the bottom, which could drive another downward impulse. The potential for further depreciation could be around $800, or even $350 where a technical support area is located. The range of depreciation is therefore considerable, although taking into account the potential extent of Bitcoin’s decline and the strong positive correlation between the two cryptocurrencies, it seems realistic to be achieved in the next few months. Cardano Looking at the Cardano (ADA) quotes, we notice it is stuck in consolidation, within which another consolidation has appeared. But let’s start from the beginning. What makes Cardano different from other crypto is that Cardano has been in a downward trend since the beginning of September last year and not, like most cryptocurrency projects, from mid-November. This sale caused the ADA rate to drop by more than 87%, falling from $3.10 below $0.39. Although in mid-May this year, there was a demand reaction that started a rebound, later increases turned out to be only temporary. This fact also made Cardano stall in a consolidation between support at $0.45 and resistance in the region of $0.65. It is noteworthy that within this consolidation, another — smaller one has emerged recently. It is between the support of $0.45 and the resistance in the region of $0.55. So one can see that both consolidations have two common features. They share the same lower bound — support of $0.45 — and the fact that both are corrective patterns after previous declines. This fact makes it statistically more likely that the market will break down, which could drive a further sell-off towards $0.40, $0.30, $0.25, or even further to $0.19. It is where the next levels of support are located. It’s time to finally get down to business. Start serious trading with Geco.one.‍ Top 20 cryptocurrencies, 1:100 leverage, staking, low fees, intuitive design, unrivalled liquidity & instant order execution.‍ Trading on derivatives has never been easier. Join us https://app.geco.one
Is another wave of crypto sell-offs ahead of us?

Is another wave of crypto sell-offs ahead of us?

Geco One Geco One 27.06.2022 22:58
Looking at the quotations of the oldest virtual currency, we notice that its rate has lowered over the last seven months by over 50,000 dollars, i.e. over 74% - from $69,000 to below $18,000, the lowest level since December 2020. This sale stopped around the technical support level based on the December 2017 peaks. However, the demand response in that support area was exceptionally modest. Within nine days, Bitcoin increased as much as it previously fell in less than three days. Small movement dynamics is one of the characteristics of correction movements, so one can conclude that Bitcoin will return to the downward path after the rebound is over. Statistics also support the continuation of the downward movement: In 2011, after the so-called 'first burst of the bubble', BTC fell by almost 94%. In 2013, when the second bubble burst, the decline amounted to over 83%. In 2014, when the third bubble burst, Bitcoin fell by almost 93%. In 2017, when the fourth bubble burst, the decline amounted to nearly 84%. So it turns out the current decline of 74% has not even matched the previous sell-offs observed over the years on the quotations of the oldest virtual currency. If Bitcoin dropped to $12,000, the range of the depreciation observed since November would exceed 82%. Another argument is the policy of central banks, which raise interest rates in response to high inflation, contributing to a decrease in liquidity, which leads to a decline in the quotations of risky assets such as stocks or cryptocurrencies. Reuters economists believe the Federal Reserve would make five more increases in interest rates in this cycle. It would raise the federal funds' rates by 75 basis points in July, half a percentage point in September, and will return to increases by a quarter of a percentage point earliest in November. According to experts, the Fed will stop the increases in the second and third quarters of 2023 and then cut rates by 25 basis points in the last quarter of next year. Looking at the Ethereum quotes, we notice that its price has dropped by almost $4,000, i.e. nearly 82%, from almost $4,900 to below $900, the lowest level since early January 2021. This sale stopped in the area of ​​technical support of $1,000. If the gains continue, the ETH could return to the ​​previously defeated support (now resistance) area of $1,400. However, this resistance coincides with the measurement of 50% Fibonacci retracement from the earlier downward move. Considering the relatively low dynamics of the current upward rebound, one can conclude that this is probably only another correction in a downward trend. Perhaps after the correction, there will be a more significant supply pressure, which will trigger another move toward $1,000 or even further towards $800, where there is another technical support level. Looking at the Litecoin quotations, we can notice that the price of this cryptocurrency increased between June 14 and 26 this year by almost 50%, thus returning to the area of ​​previously defeated support (now resistance) of $61. It is worth noting that this level crosses the downward trend line, and the first supply reaction has already appeared around this confluence. Therefore, if this zone is rejected, the LTC rate could return to the downward path, to around $39 and then $30 - the two closest support levels. AVAX has increased by over 60%, returning to the ​​previously defeated support (now resistance) area of $22. It is worth noting, however, that this level coincides with the golden ratio, i.e. measuring 61.8%. Fibonacci retracement from the earlier downward move, and in its vicinity, the first supply reaction appeared last Sunday. So if this zone is permanently rejected, the price of this cryptocurrency could return to the path of decline; The barrier of 14$ or further technical support of $9.5 seems possible. It’s time to finally get down to business. Start serious trading with Geco.one. Top 20 cryptocurrencies, 1:100 leverage, staking, low fees, intuitive design, unrivalled liquidity & instant order execution. Trading on derivatives has never been easier. Join us https://app.geco.one
Bigger Crash Of Bitcoin Price!? Could (BTC/USD) Bitcoin go below $10,000? | Geco.one

Bigger Crash Of Bitcoin Price!? Could (BTC/USD) Bitcoin go below $10,000? | Geco.one

Geco One Geco One 20.06.2022 16:52
BTC has dropped by over $50,000, i.e. over 74% (from $69,000 to below $18,000) over the last seven months. Last Sunday, BTC recovered some losses, and its rate returned above $20,000 technical support. However, there are still several arguments (technical, cyclical and macroeconomic) for a further depreciation towards $12,000 or even further - to $8,000. Some of the arguments that indicate a decline are as follows: • in 2011, after the so-called 'first burst of the bubble', BTC fell by almost 94%. • In 2013, when the second bubble burst, the decline amounted to over 83%. • In 2014, when the third bubble burst, Bitcoin fell by almost 93%. • in 2017, when the fourth bubble burst, the decline amounted to almost 84%. So it turns out the current decline of 74% has not even matched the previous sell-offs observed over the years on the quotations of the oldest virtual currency. If Bitcoin dropped to $12,000, the range of the depreciation observed since November would exceed 82%; And if it dropped to $8,000, the depreciation would be 88%, which would be in the range of sales from previous years. However, it may be optimistic that after each of the abovementioned declines, Bitcoin returned to the growth path. Looking at the Ethereum quotes, we notice that the price of this cryptocurrency has been dropping continuously for eleven weeks - ETH quotes fell by more than 75%. Counting from the peaks of November last year, the depreciation amounted to almost 82%. Such a significant sale meant that Ethereum, which cost almost $4,900 just seven months ago, is now worth just over $1,000. If the downward trend continues, the ETH rate could fall to around $800 or even further to $350. However, there are many indications that even if these declines continue, their dynamics should be lower. Solana's price has recently slipped below $37 technical support. Counting from the peaks of November last year, the depreciation amounted to over 90%. Considering the low dynamics of the rebound observed for several days, we can assume that the price of this cryptocurrency will return to the downward path. It also means that we could expect to re-test the technical support of $23 soon. However, if this barrier is overcome, the sale could continue at $12. Watch the full analysis here: https://www.youtube.com/watch?v=j5VhMtjGblc It’s time to finally get down to business. Start serious trading with Geco.one. Top 20 cryptocurrencies, 1:100 leverage, staking, low fees, intuitive design, unrivalled liquidity & instant order execution.  Trading on derivatives has never been easier. Join us https://app.geco.one
It happened! Bitcoin fell to $25K Ethereum to $1300

It happened! Bitcoin fell to $25K Ethereum to $1300

Geco One Geco One 13.06.2022 12:15
Looking at the Bitcoin quotes, we notice that the exchange rate of the oldest virtual currency has dropped by almost $7,000, i.e. nearly 22%, over the last week, extending the range of the previous November depreciation to over $44,000 - i.e. almost 64%. Such a significant sale meant that Bitcoin, which still cost $69,000 seven months ago, is now worth less than $25,000. It is worth emphasizing that the BTC exchange rate broke the bottom last weekend from a monthly consolidation, which naturally confirms the potential for further depreciation. The nearest support, where a slight demand response could appear, is located for $24,000. However, this level is of minor importance and will probably be defeated sooner or later. If this happens, the BTC rate could move further south, slipping below $20,000. Looking at the Ethereum quotes, we notice that the price of this cryptocurrency has dropped in the last few days by almost $650, i.e. nearly 34%. And, from the historic peaks in November 2021, the ETH price has already dropped by $3,600, nearly 74%. Such a significant sale has made Ethereum, which cost nearly $4,900 seven months ago, worth less than $1,300. Given that this sale resulted in a defeat of $1,400 technical support, it seems highly likely that we will see a further $1,000 sell-off over the next few days. Solana's price has recently slipped below $37 technical support. This sale resulted in the SOL course being almost 90% below the highs from November last year and is currently at the lowest level since July 2021. We could expect a $23 technical support re-test if the sale continues. However, if this barrier is overcome, the sale could continue at $12. Looking at the quotations of the Polygon cryptocurrency, we notice that its rate has recently dropped to the lowest level since April 2021. Currently, it ranks as much as 85% below the highs from November last year. It is noteworthy that the MATIC price has recently dropped below the technical support of $0.56, which means it is now close to the next support of $0.45. However, if this level is broken, we could expect further depreciation towards $0.30 or even further to $0.19. Watch the full analysis here: https://www.youtube.com/watch?v=x6AnfELr0Ks It’s time to finally get down to business. Start serious trading with Geco.one. Top 20 cryptocurrencies, 1:100 leverage, staking, low fees, intuitive design, unrivalled liquidity & instant order execution.  Trading on derivatives has never been easier. Join us https://app.geco.one
What Would You Say If ETH/USD Declined To $1.6K? Bitcoin Price (BTC/USD) - Is $20K That Impossible!? | Geco.one

What Would You Say If ETH/USD Declined To $1.6K? Bitcoin Price (BTC/USD) - Is $20K That Impossible!? | Geco.one

Geco One Geco One 06.06.2022 15:49
Looking at the Bitcoin quotes, we notice that the exchange rate of the oldest virtual currency has been in the horizontal trend for four weeks between the technical support of $28,500 and the resistance in the region of $32,000. Even though we observed quite a clear upward rebound at the beginning of the new week, in practice, it does not change anything at all - no key level of resistance was broken. From a technical point of view, Bitcoin continues to consolidate, which is a form of correction after previous declines. Due to this fact, the potential for short-term increases remains quite limited. Bitcoin may limit its appreciation to a region of technical resistance of $32,000. In practice, only a permanent break above this level could open the door to higher gains in the area of ​​$34,500 or even $36,900. While the market stays inside the consolidation, the breakout is statistically more likely to be low, which would mean a further decline to around $24,000 or even further toward $20,000. Looking at the Ethereum quotes, we notice that the price of this cryptocurrency has been moving inside a parallel downward channel for nearly four weeks. Although the recent sell-off has already halted around the horizontal support of $1720 and therefore did not re-test the bottom-end of the pattern, increases since last Saturday could soon re-test the downward trend line at the top of the set. However, suppose supply pressure reappears around this resistance. This barrier could be rejected again, naturally supporting a fallback to $1720 or even further to $1600, where the channel's lower boundary trend line runs. Looking at the Litecoin quotes, the price of this cryptocurrency fell between 30 March and 12 May 2022 by over 61%, increasing ongoing depreciation to almost 83%. In turn, counting from the historic peaks in May 2021, the LTC price has dropped by over 87%. Such a significant sale meant that on 12 May this year, LTC costs only $52, which was the lowest price level since November 2020. The demand reaction that appeared around this support turned out to be very small concerning the dynamics of the previous downward movement. The consolidation observed for almost four weeks may be only another temporary correction in the downward trend. The LTC rate will return downward, slipping towards $50 or even $39. Nevertheless, in the context of the short-term outlook, there are some indications of a potential for slight increases. The rebound observed on Monday morning led to the defeat of local resistance in $64,50. This fact means that soon we could expect a continuation of this trend towards $69,50, or even further towards $74. We could also expect a short-term continuation of Avalanche (AVAX) trading gains. The exchange rate of this cryptocurrency broke on Monday morning above the downward trend line, which is the upper limit of the downward channel, which may naturally drive a further increase towards the next resistance. This one, however, is very close, already in the vicinity of $28,50. The nearest resistance has been tested recently, from the top (as a support) and the bottom (as a resistance). Moreover, this level coincides with the so-called The Golden Ratio, i.e. measuring 61.8% Fibonacci retracements from the earlier downward move, which may determine the emergence of more significant supply pressure in his area, which in turn could drive further declines. Watch full analysis here: https://youtu.be/yqOXmdSqL50 It’s finally time to get down to business. Start serious trading with Geco.one - top 20 cryptocurrencies, 1:100 leverage, staking, low fees, intuitive design, no KYC. Trading on derivatives has never been easier. Join us https://app.geco.one
Bitcoin Price Reaching $20K Is Still Possible, Even If The Crypto Market Crash Is Believed To Be Over | Geco.one

Bitcoin Price Reaching $20K Is Still Possible, Even If The Crypto Market Crash Is Believed To Be Over | Geco.one

Geco One Geco One 30.05.2022 14:22
After a fall of more than $13,000 that we saw between 5 and 12 May, Bitcoin stopped in the area of ​​$28,500 technical support. There have been many different kinds of demand reactions in this area. It was no different now. Bitcoin Price (BTC/USD) This time, however, this rebound turned out to be highly modest; as a result, Bitcoin has been moving in a horizontal trend for three weeks. The rebound from the lower bound of this formation observed last weekend may drive an increase towards its upper limit, i.e. resistance of $31,500. However, it seems highly probable that the increases observed since Saturday will not lead to a permanent change in the market attitude and the return of BTC to the path of long-term gains. For this to happen, the quotations of the oldest virtual currencies would have to break above $31,500. Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM Price Of Bitcoin Reaching $20K!? Considering that consolidations are corrective formations and, statistically, more often, the market breaks out of these systems in the direction consistent with the previous move, there is a high probability that there will be a more significant supply response in the area of this resistance. It could signal a potential for further declines in the region of $28,500, even further toward $24,000, or even below $20,000. This scenario supports the fact that the upper limit of this system coincides with the measurement of 38.2% Fibonacci retracements from an earlier downward impulse. This prediction can change if Bitcoin breaks above the technical resistance of $31,500. Then we could expect a continuation of increases towards $34,500, or further to $37,000. Ether Price (ETH/USD) Looking at the Ethereum quotes, we notice that, in line with our last week's projection, the cryptocurrency's rate in the second half of last week broke below the technical support of $1,900 and slipped as much as $1,730. Read next: Altcoins: Tether (USDT), What Is It? - A Deeper Look Into The Tether Blockchain| FXMAG.COM It is where the demand reaction reappeared last weekend. As the new week starts, it has led to a re-test of a previously defeated support (now resistance) of $1,900. The immediate future of ETH will now depend on what happens around the level currently being tested. Its permanent defeat, i.e. a break above $1,900, could open the way to further increases towards $2,150 or further towards $2,350. However, the emergence of a more significant supply response at this point, signalling a potential rejection of the resistance currently tested, could, in turn, indicate a potential for a further decline to $1730 or even further toward $1400. Polygon (MATIC) Looking at the MATIC quotations, we can see its price has been in the horizontal trend for almost three weeks between the technical support of $0.57 and the resistance of the $0.75. If the increases observed since last Saturday will continue, the MATIC quotations could return to $0.75. However, considering that this resistance coincides with the measurement of 38.2% Fibonacci retracements, it seems highly probable that more supply pressure will reappear in its vicinity. Read next: Stablecoins In Times Of Crypto Crash. What is Terra (UST)? A Deep Look Into Terra Altcoin. Terra - Leading Decentralised And Open-Source Public Blockchain Protocol | FXMAG.COM It is also worth remembering that consolidations are corrective patterns, which in this particular case increases the probability that the market will try to break out of this pattern with the bottom and further decline even towards $0.45. It’s finally time to get down to business. Start serious trading with Geco.one - top 20 cryptocurrencies, 1:100 leverage, staking, low fees, intuitive design, no KYC. Trading on derivatives has never been easier. Join us https://app.geco.one
Bitcoin Price (BTC/USD) Is In Tight Consolidation! Which Direction Will It Strike? | Geco.one

Bitcoin Price (BTC/USD) Is In Tight Consolidation! Which Direction Will It Strike? | Geco.one

Geco One Geco One 23.05.2022 14:45
Bitcoin fell between 5-12 May 2022 by over $13,000, i.e. over 33%. It increased the range of the ongoing from 28 March 2022 depreciation to over $21,000, i.e. 44%. In turn, counting from the peaks of November 2021, BTC decreased by over $42,000, i.e. 61%. Bitcoin Price (BTC/USD) Such a significant sale caused the exchange of the oldest virtual currencies to drop from $69,000 to below $27,000, which was the lowest level since December 2020. It is noteworthy that this trend did not stop around the critical level of support of $29,000, where various types of demand reactions have occurred many times in the past. It was no different now. This time, however, the rebound turned out to be extremely modest, and as a result, Bitcoin found itself in a horizontal trend. Considering that the consolidations are corrective formations, statistically, more often, the market will push out of this type of system in the direction consistent with the earlier move. This particular case increases the risk of a potential bottom breakout, which could signal a potential for further declines to the $24,000 region or even below $20,000. This scenario may also be supported by the fact that the upper limit of this system coincides with the measurement of 38.2% Fibonacci correction from an earlier downward impulse. Ethereum Price (ETH/USD)  The current situation on the Ethereum quotes is also identical. The price of this cryptocurrency fell between 3 April and 12 May this year by 52%, dropping to the Tech Support area of $1,750, the lowest level since July 2021. However, taking into account that the demand response that appeared around this support was much more modest than the rebound observed in this area already in May, June and July 2021, one can assume that in the end, it will turn out to be only a correction, after which the ETH rate will return to around $1,750. Read next: Altcoins: What Is Litecoin (LTC)? A Deeper Look Into The Litecoin Platform| FXMAG.COM A permanent drop below this price level could open the door for further declines to $1,400. There is another significant support around which we could expect a greater demand response. It is worth mentioning here, however, that although the consolidations are corrective formations, there is no rule determining when the market should break out of the system. This fact means that, although the statistics favour further declines before they happen, the ETH exchange rate may remain in the range of $1,900 to $2,150 for some time. (XRP) Ripple Price Looking at the XRP quotes, we can see that the price of this cryptocurrency fell between 28 March and 12 May this year by over 63%. This sell-off led to the breach of several important support zones and did not stop until around $0.36, where on 12 May this year, there was a demand response. Read next: Altcoins: Ripple Crypto - What Is Ripple (XRP)? Price Of XRP | FXMAG.COM However, the subsequent rebound did not last too long. As a result, the XRP price has remained in the horizontal trend for several years. It assumes a return to the vicinity of $0.36 seems more likely. If, however, this support was permanently defeated, then the quotations of this cryptocurrency could even move towards $0.20. Binance Coin (BNB) The current situation on Binance Coin's quotes is also very interesting. The price of this cryptocurrency fell between 7 November 2021 and 12 May 2022 by over 67%. This sale only stopped around $260 technical support - on Thursday, 12 May this year, there was a demand response. Due to the rebound that has continued since then, the BNB price has risen by more than 51%, thus returning to the area of ​​previously defeated support (now resistance) of $330. If a larger supply relationship is around this level, signalling its potential rejection, the BNB price could return to around $260 or even drop further to the $200 region. It’s finally time to get down to business. Start serious trading with Geco.one - top 20 cryptocurrencies, 1:100 leverage, staking, low fees, intuitive design, no KYC. Trading on derivatives has never been easier. Join us https://app.geco.one Follow FXMAG.COM on Google News
Bitcoin Price (BTC/USD) Lost $13K Reaching $42K Less Than In November 2021. Ether (ETH) Lost 52% Among April And May's Beginning. Is this not the end of the cryptocurrency bear market? | Geco.one

Bitcoin Price (BTC/USD) Lost $13K Reaching $42K Less Than In November 2021. Ether (ETH) Lost 52% Among April And May's Beginning. Is this not the end of the cryptocurrency bear market? | Geco.one

Geco One Geco One 16.05.2022 15:12
Between 5 and 12 May 2022, Bitcoin fell by over $13,000, i.e. over 33%. It increased Bitcoin depreciation which started on 28 March, to over $21,000, i.e. 44%. In turn, counting from the peaks of November 2021, BTC decreased by over $42,000, i.e. 61%. Such a significant sale caused the exchange of the oldest virtual currency to drop from $69,000 to below $27,000, which was the lowest level since December 2020. It is noteworthy that this trend did not stop around the critical level of support of $29,000, where various types of demand reactions have occurred many times in the past. However, considering that the demand reaction that appeared last weekend was much more modest than the previous ones around this support, it seems highly probable that it will be only a temporary correction, after which the BTC rate will return to losing value. Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM If this sell-off leads to a sustained drop below $24,000, we will have to prepare for a further depreciation towards $24,000 or even below $20,000. The current situation on the Ethereum quotes is also identical. The price of this cryptocurrency fell between 3 April and 12 May this year by 52%, dropping to the Tech Support area of $1,750, the lowest level since July 2021. The demand reaction that appeared last weekend was much more modest than the rebound observed in this region in May, June and July 2021. We assume that it will be only a correction, after which ETH will return to around $1,750. A permanent drop below this price level could open the door for further declines to $1,400 — around this price is another significant support around which we could expect a greater demand response. Solana (SOL) Loses Ca. 77% Looking at the Solana quotes, we notice that the price of this cryptocurrency fell between 2 April and 12 May this year by almost 77%, dropping to the area of technical support of $37, which was the lowest level since August 2021. Read next: Stablecoins In Times Of Crypto Crash. What is Terra (UST)? A Deep Look Into Terra Altcoin. Terra - Leading Decentralised And Open-Source Public Blockchain Protocol | FXMAG.COM In the second half of last week, the demand reaction appeared. Although it could signal a potential rebound towards the previously defeated support (now resistance) of $78, taking into account the general pessimism currently observed in the broad cryptocurrency market, it seems that the increases can end much earlier. The SOL rate could return to around $37 or even fall below this support if this happens. It would indicate a potential for further depreciation towards $23. The current situation on the Cardano quotes is also very interesting. The price fell between 4 April and 12 May this year by 69%, dropping to the area of technical support of $0.40, which was the lowest level since the beginning of February 2021. It is where the demand response appeared, and if the several-day increases continued, the ADA rate could even return to the area of previously defeated support (now resistance) of $0.75. However, there are many indications that this rebound will ultimately turn out to be only a correction, after which Cardano’s quotations will return to the area of $0.40, or they will drop even lower. Start your trading adventure with Geco.one
(BTC/USD) Bitcoin drops to 33k USD! Ether (ETH) Drops, Litecoin (LTC) Is Below The Technical Support, Cardano (ADA) ... What will the market do next? | by Geco.one

(BTC/USD) Bitcoin drops to 33k USD! Ether (ETH) Drops, Litecoin (LTC) Is Below The Technical Support, Cardano (ADA) ... What will the market do next? | by Geco.one

Geco One Geco One 09.05.2022 15:32
Bitcoin has fallen by more than $6,700 in recent days. It increased the range of the ongoing depreciation, which started on 28 March, to over $14,800 - nearly 31%. Counting from the all-time peak in November 2021, the BTC exchange rate dropped by almost $56,000, nearly 51%. Such a significant sale meant that you had to pay less than $34,000 for Bitcoin on Monday morning, one of the lowest levels since July 2021. Given that breaking one technical support level usually opens the door to further drops to the next support area, a decline in BTC below $34,500 could signal its continuation towards $29,500, which would be one of the lowest levels since early January 2021. Read next: Look At That! Bitcoin (BTC/USD) Has Plunged By 22%! Huge Drop Of ETH/USD (Ethereum Price) Price Is Here As Well! | FXMAG.COM The current Ethereum situation is also very interesting. The exchange rate of this cryptocurrency fell by more than $1,150 in just over a month, which was over 32%. These declines caused the ETH price to slide below the upward trend line. The subsequent sell-off also beat horizontal support of $2,735, and we also saw an attempt to go below $2,500 on Monday morning. Read next: Geco.one Crypto Update! Ether (ETH) Has Decreased By Ca. $750! Plunging (BTC/USD) Bitcoin Price! Bitcoin Has Fallen By More Than $4,000 In Recent Days, Solana (SOL) Is Below $100 | FXMAG.COM All this means that we could expect further depreciation of ETH to the region of $2350 soon. However, if this support is also defeated, then the price of this cryptocurrency could go even towards $1,750. It is only there that another significant support is found, in the vicinity of which we could expect a more substantial demand response. Looking at the Litecoin quotations, we can see that the price of this cryptocurrency has recently dropped below the technical support of $95. You currently have to pay around $90 for LTC, the lowest level since December 2020. Counting from the peaks of May 2021, the exchange rate of this cryptocurrency has already dropped by over 78%. As long as this sale continues, Litecoin could return to around $67 - only there is another important support. The current situation on the Polygon cryptocurrency prices is also interesting. Over the last five days, the Matic price has lowered by more than 22%, thus increasing the depreciation range that started on 31 March to over 47%. Counting from the peak of implant times on 27 December 2021, the price of this cryptocurrency has already plunged by 68.5%. Read next: What Is (DYDX)? dYdX Cryptocurrency Supporting Perpetual Trading - Altcoins of Interest | FXMAG.COM Such a large sell-off naturally led to several significant support zones, the last of which was at $1. If the market were to move towards another technical support now, we could see a return to the $0.69. It is only there that there is another barrier in the vicinity of which we could expect the emergence of greater demand response. We could also expect a continuation of declines in the Cardano quotations. Its price lowered since September last year by almost 78%. Such a significant sale meant that you had to pay just over $0.69 for this cryptocurrency, the lowest level since February 2021. As long as the sell-off continues, the ADA rate could drop as low as $0.40. You can watch the Market Analysis here: Start your Crypto trading adventure with https://app.geco.one
Look At That! Bitcoin (BTC/USD) Has Plunged By 22%! Huge Drop Of ETH/USD (Ethereum Price) Price Is Here As Well!

Look At That! Bitcoin (BTC/USD) Has Plunged By 22%! Huge Drop Of ETH/USD (Ethereum Price) Price Is Here As Well!

Geco One Geco One 02.05.2022 23:01
Bitcoin fell to around $37,000 at the beginning of May 2022, thus extending the depreciation range to almost $11,000, i.e. over 22% from 28th March this year. The sell-off stopped near the downward trend line, which is the lower boundary of the downward channel, where last Sunday's demand response reappeared. Since then, if the calm increase has been observed, the BTC rate could soon return to around $40,000. It is there that the downward trend line, which is the upper limit of the channel, runs. Whether these increases will continue for longer will depend on the fact whether there will be a larger supply reaction in the area of ​​the nearest resistance, indicating its rejection, or whether the market will break through over $40,000 without significant problems, which in turn could drive further appreciation towards $41,500, where there is another line of a downward trend. The current situation on the Ethereum quotes is also very interesting. The exchange rate of this cryptocurrency has recently dropped by more than $860, which was over 24%. These declines caused the ETH price to slide below the upward trend line. However, the subsequent sell-off did not last long as it stopped in the next $2,735 support area. It was there that the demand reaction appeared last Sunday, creating a bullish engulfing pattern in tandem with Saturday. This arrangement may naturally support a slight rebound in the ETH quotations. However, it seems rather unlikely that these increases would contribute to changing the market sentiment and returning Ethereum to the path of long-term gains. Polkadot (DOT) quotations have slumped by almost 28% in recent days, thus increasing the range of the ongoing from 2nd April this year depreciation to over 40%. In turn, counting from the peaks in November 2021, the DOT price has already dropped by over 74%. Such a significant sell-off caused that last Saturday, the price of this cryptocurrency fell below the technical support of $15.80, thus reaching the lowest level since July last year. Given that breaking one technical support level usually opens the door for further depreciation to the next support area, a drop below $15.80 could signal further sell-off in the DOT towards $10.50. The current situation on Binance Coin (BNB) is also very interesting. The exchange rate of this cryptocurrency has remained inside the downturn wedge for a month now. This trend led to testing the upward trend line last weekend, where there was a demand reaction on Sunday. It is hard to estimate now that it will eventually lead to a wedge breaking out of the formation in the near future. Statistically speaking, however, it is worth remembering that wedges are corrective systems, which means that the market is more likely to break out of this type of form in the direction consistent with the earlier move because - taking into account the increases in the second half of March this year. - in this particular case, it may be the breakout of the top and the subsequent continuation of increases towards $450, or further to $505, that speaks volumes. Over the past few days, the XRP price has lowered by more than 29%, thus increasing the range of the ongoing from 28th March this year's depreciation to over 38%. It is noteworthy that this sale led to a break of technical support just below $0.70 and stopped near another barrier of $0.58. If only the gains from Sunday continued, the rate of this cryptocurrency could even return to the area of ​​recently defeated support (now resistance) of $0.70. The current situation on Polygon's trading is also very similar. The MATIC course has fallen by over 32% over the last few days, increasing the range that has been held since 31st March this year's depreciation to over 42%. Notably, this sale led to the defeat of technical support of $1.33 and stopped near the next barrier of $1. If only the gains from Sunday continued, the rate of this cryptocurrency could even return to the area of ​​recently defeated support (now resistance) of $1.33. However, taking into account that this level coincides with the golden proportion, i.e. measuring 61.8%. Fibonacci corrections from the last downward move, it seems highly probable that even if the MATIC rate returns to around $1.33, this is where a more significant supply response will appear again, which could initiate another wave of sell-off on the quotes of this cryptocurrency.  
Geco.one Crypto Update! Ether (ETH) Has Decreased By Ca. $750! Plunging (BTC/USD) Bitcoin Price! Bitcoin Has Fallen By More Than $4,000 In Recent Days, Solana (SOL) Is Below $100

Geco.one Crypto Update! Ether (ETH) Has Decreased By Ca. $750! Plunging (BTC/USD) Bitcoin Price! Bitcoin Has Fallen By More Than $4,000 In Recent Days, Solana (SOL) Is Below $100

Geco One Geco One 25.04.2022 13:44
Bitcoin has fallen by more than $ 4,000 in recent days, thus increasing the range from 29 March 2022 depreciation to over 9,000 US dollars. However, it is worth noting that the BTC rate from 11 April this year moved in the horizontal trend. Therefore, the critical factor here may be that it is a correction pattern from which the market statistically breaks more frequently in the direction consistent with the previous move. It is increasingly likely that Bitcoin may soon fall below the $ 39,000 currently tested support Considering the earlier drops, we observed in the first half of April this year. It is increasingly likely that Bitcoin may soon fall below the $ 39,000 currently tested support, which would drive it further to below $ 37,000 or further toward $ 35,000. Read next: Weekly Crypto Market Analysis With Geco.one - 19.04.2022 | FXMAG.COM At this point, we cannot forget about the robust correlation that occurs in the broad cryptocurrency market, of which Bitcoin is a kind of helmsman. An apparent decline in BTC may significantly contribute to the sell-off of the vast majority of altcoins. The exchange rate of ETH has recently dropped by nearly $ 750, which is almost 21 % The current situation on the Ethereum quotes is also very interesting. The exchange rate of this cryptocurrency has recently dropped by nearly $ 750, which is almost 21 %. The declines that have lasted for several days caused the ETH rate to break down from the price that has been held since 11 April this year. Consolidation is headed straight towards $ 2,800, where the upward trend is located. Read next: Crypto Update – BTCUSD, ETHUSD, BCHUSD – 04/04/22| FXMAG.COM However, if this support is also defeated, it will be necessary to prepare for further depreciation of Ethereum, even towards $ 2,500. It is only there that there is another significant support in the vicinity of which we could expect the emergence of greater demand response. Solana (SOL) - price of this cryptocurrency remains in a horizontal trend between technical support of $ 98 and resistance in the region of $ 109 Looking at Solana’s quotations, we notice that after declines of over 31 % that we could observe from 11 April this year the price of this cryptocurrency remains in a horizontal trend between technical support of $ 98 and resistance in the region of $ 109. Given that this is a form of correction after an earlier downward move, similar to BTC, there is also a statistically higher probability that the market will break the bottom. If this happens, the SOL rate could soon slide even towards the March lows, i.e. below $ 80. Suppose there is no major demand reaction anytime soon that could negate the morning drops, and the breakout will be confirmed by closing the daily candle below $ 1.33 The current situation on Polygon's trading is also very similar. It is noteworthy that the Matic exchange rate breaks down on Monday morning from the 11 April consolidation. Related article: A Reward For A Transaction!? What Is Kishu Inu Coin? ($KISHU) Let's Take A Look At This New Altcoin | FXMAG.COM Suppose there is no major demand reaction anytime soon that could negate the morning drops, and the breakout will be confirmed by closing the daily candle below $ 1.33. In that case, the rate of this cryptocurrency could fall towards further support around $ 1.22, respectively and a further $ 1.02. XRP has slipped below technical support of $ 0.70 and is currently at its lowest level since February We could also expect further declines in the XRP quotations. The exchange rate of this cryptocurrency has dropped by over 19% over the past few days, increasing the range of the ongoing from 28 March this year's depreciation to over 29% today. As a result of such a significant sell-off, XRP has slipped below technical support of $ 0.70 and is currently at its lowest level since February. If this trend continues, we could soon see the XRP rate drop close to $ 0.59 where another critical support is located. Start your Crypto trading adventure with https://app.geco.one
Weekly Crypto Market Analysis With Geco.one - 19.04.2022

Weekly Crypto Market Analysis With Geco.one - 19.04.2022

Geco One Geco One 19.04.2022 14:58
Bitcoin has fallen by over $ 9,500 in recent days by nearly 20%. Such a significant depreciation made the quotations of the oldest virtual currency drop below several significant support lines, the last two of which are the horizontal level of $ 42,200 and the upward trend line slightly below. Thanks to Monday's rebound of BTC, we are witnessing a re-test of the previously broken upward trend line, the lower boundary of the upward wedge formation, which we have already mentioned several times in the last weeks. The emergence of a more significant supply response here could signal a potential rejection of the track currently being tested, which would indicate a potential for further declines towards $ 37,000 or even below $ 35,000. Article on Crypto: Altcoins Showing Promising Growth - Take a Look at Solana (SOL), POLKADOT (DOT) and SHIBA INU (SHIB-USD)| FXMAG.COM The current situation on the Ethereum quotes is also very interesting. The exchange rate of this cryptocurrency has recently dropped by nearly $ 700, which was almost 20%. This depreciation pushed the ETH back to around $ 3,000, one of the most recent resistance levels. It is noteworthy that for several days this market has been moving in a horizontal trend between $ 2,980 and $ 3,150. The fact that systems of this type are usually corrective formations may be of significant importance here, which in practice means that the quotes more often break out of them in the direction consistent with the previous move. If this were also the case, the ETH price would drop below $ 2,980, which in turn would threaten its further depreciation towards the upward trend line below $ 2,800. The following levels of support are located in the vicinity of where a greater demand response could appear, which could initiate another upward movement The current situation on Solana's trading is also very similar. The exchange rate of this cryptocurrency has recently dropped by over 34%, thus returning below the level of $ 105.50. For several days the market has been consolidating slightly below the defeated support (now resistance). If only this zone is rejected, we would expect the sell-off to continue, which could return SOL to around $ 88 or down further to $ 79. The following levels of support are located in the vicinity of where a greater demand response could appear, which could initiate another upward movement. Article on Crypto: Binance Academy: Immutable X Token (IMX) - What Is It? IMX Explained. How To Buy IMX?| FXMAG.COM Looking at the Avalanche quotes, we notice that the price of this cryptocurrency has dropped by more than 30% at the same time. The sell-off stopped only near the upward trend line, where there was a demand reaction on Monday. However, there are many indications that even if this support were rejected, the AVAX rate would only increase around the previously defeated support (now resistance) of $ 83. Therefore, the potential for short-term increases seems to be very limited. It is noteworthy in this case that the price of this cryptocurrency was between the horizontal resistance and the upward trend line, which is key support. These two constraints form an ascending right triangle. From a purely technical point of view, it is technically neutral, which means that the market can break both up and down, and only the direction of the break will signal a future trend. Read next: (UKOIL) Brent Crude Oil Spikes to Highest Price For April, (NGAS) Natural Gas Hitting Pre-2008 Prices, Cotton Planting Has Begun A breakout over the top could open the door to further gains as high as $ 100. On the other hand, a drop below the upward trend line would indicate a potential for further depreciation to the $ 54 region. *Subtitles for the YouTube video are available in all languages
Crypto Update – BTCUSD, ETHUSD, BCHUSD – 04/04/22

Crypto Update – BTCUSD, ETHUSD, BCHUSD – 04/04/22

Geco One Geco One 04.04.2022 14:33
Bitcoin increased between 14–28 March by over $ 10,500, which means that in just 15 days, BTC went up by almost 28 %. Such a significant appreciation led to the overcoming of significant, horizontal resistance in the region of $ 44,500, which is signalled by: a) breakout from the top of the proper triangle formation, about which we have already written several times in the last few weeks,b) establishing a new, higher peak, indicating a potential shift in market sentiment. Later increases stopped around $ 48,000, where a supply response appeared a few days ago. However, the slight dynamics of the declines that have continued since then may suggest that this tendency will ultimately turn out to be only a form of correction, after which the BTC rate will return to the upward path. However, it is possible that before this happens, bitcoin will first return to around $ 42,500 or even lower to the upward trend line. So it turns out that while the medium-term outlook looks promising, the short-term must consider the risk of at least a slight decline. The current situation on the Ethereum quotes is also fascinating. The exchange rate of this cryptocurrency has recently increased by almost $ 1,100, which is nearly 44 %. This increase led to some significant resistance levels being broken, the last of which was at $ 3,400. It also caused the ETH rate to break new higher peaks (surpassing the peaks from mid-January this year), which may signal a potential change in the medium-term trend into an upward trend. Soon, we could expect another resistance to be re-tested in the $ 3,600 area. However, there may be some downward correction before a further increase. If this happened, the ETH rate could temporarily return to around $ 3,000. Looking at the bitcoin cash quotes, we notice that the price of this cryptocurrency has been moving in a horizontal trend between 270 and 350 dollars for two months. As a result of the recent gains, however, the upper bound of this formation was overcome, which naturally opened the door to further gains. The further potential appreciation of BCH is also supported by the fact that the price of this cryptocurrency has been moving in a relatively narrow horizontal trend between $ 350 and $ 395 for several days. Consolidations are corrective formations, which means that statistically, more often, the market breaks out of this type of system in the direction consistent with the previous move. Therefore, taking into account that in this particular case, a current consolidation is a form of correction after an earlier upward move, there is a statistically higher probability that the market will eventually break out of it, which in turn could drive a further increase in the direction of $ 420, $ 480 or even $ 545. *Subtitles for the Youtube video are available in all languages

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