The first quarter of the financial year has ended with bearish trends reflecting in most cryptocurrency markets. While most market experts expected a bull run in the past week, the trends only spiralled downward until April 6, 2018, when the prices of digital tokens started showing signs of recovery. Q1 has been slow for the cryptocurrency markets due to unprecedented changes in global markets and new regulations and taxation laws on cryptocurrencies in various jurisdictions. Read more about such events that took place in the Indian economy
This blog is the first in a series of Technical Analysis (TA) by experts at Koinex and this aims at educating users and empowering them by sharing technical details and trends in the prices of digital tokens and coins. TA is taken as a reference by investors, traders looking forward to diversifying their coin portfolio, users who want to understand market dynamics and the entire trading community for making informed investment decisions.
A few assumptions made for the TA presented here are:
The market discounts everything.Price moves in trends.History tends to repeat itself.
We have analysed trends of three major cryptocurrencies — BTC, ETH and XRP against INR in this blog.
BTC/INR
BTC is currently trading at INR 4,04,000 (as of April 7, 2018 07:10 PM IST) with a rise of 3.86% in the last 24 hours.
BTC has broken off a triangle pattern and gone up to INR 4,20,000 , but there are signs of further correction to INR 3,80,000 and a break from that will lead to further fall of the same.
ETH/INR
ETH is currently trading at INR 22,232 (as of April 7, 2018 07:10 PM IST) with a rise of 1.60% in the last 24 hours.
ETH has been trading between INR 29,000 and INR 26,000 since March 31, 2018, before dropping to INR 20,000 on April 5, 2018. It’s a reverse flag and pole in this chart and INR 23,000 remains a crucial level to watch.
The trend is negative and the above two tops will be a long term tops for the currency.
XRP/INR
XRP is currently trading at INR 28.22 (as of April 7, 2018 07:10 PM IST) with a rise of 3.29% in the last 24 hours.
XRP has been trading between INR 34 and INR 38 since March 31, 2018, before dropping to INR 25 on April 5, 2018. XRP is showing a positive trend. We are bullish about XRP if it breaks the INR 30 mark.
Weekly TA Contest Results
We congratulate the winners of the TA contest — Paras Lehena and Farhan Syed. Their entries are shared below.
Winning Entry 1:
Name: Paras Lehana
Occupation: Student (Final year BTech CSE, JIIT Noida)
Because of the unusual price difference between Indian exchanges and global prices due to the recent Indian FUD, I preferred analysing global markets as these news constitutes to the Fundamental Analysis and we are participating for the Technical Analysis. Nevertheless, I have included Koinex analysis as well. The next part consists of the analysis and corresponding charts:
Trendline: On 1D timeframe (Binance), we can infer that BTC hasn’t broken the trendline support since Nov 2011 not even during the 6th Feb dip. It’s the yellow line on the above graph (you can see my LIVE chart here also — ). During the recent 04 April dip, the price bounced back exactly from the trendline I had drawn (see below). I had also published this idea before the bounce here —
For the coming week, this support would be around $6500+ and I’m positive that BTC would not break it.
Moving Averages: On 1D chart, you can see the infamous death cross happening near 25 Mar (violet 50MA crossing red 200MA downwards). This generally signifies price drop and you can relate how is that happening on every cross. When a lower MA (like 50 MA) crosses greater MA (like 200MA) upwards, the price is seen increasing. How cool is that when BTC follows general TA studies! On a lower timeframe like 4H (below), we can see 50MA going to cross the 200MA upwards again (signifies price increase — needs the below variables to be studied as well).
MACD/RSI: On 1H timeframe, we can see the MACD with upwards crossing — signifies price increase (red line is the signal line) while the RSI has recovered from the oversold region.
Koinex: Both on 1H and 8H timeframes, the MAs are in order (signifies general trend). But to note (important) that the MACD signifies bearish divergence — that is the trend is soon going to be reversed with increasing prices. It’s a golden opportunity to get BTC at such a cheap price! The RSI on 8H timeframe looks much below the normal oversold region (start BUYING!).
Conclusion: Though there is a bearish trend in the global market, BTC doesn’t seem to break the trendline support and since it’s very near to it, you can start accumulating. The death cross FUD will soon pass away and 50MA would not take much time to overtake 200MA. Additionally, on Indian exchanges you may not get these cheap prices ever again — the RSI looks significantly oversold, prices are less compared to dollar equivalent, and MACD bearish divergence is signalling trend change soon. Let’s see how this works.
Winning Entry 2:
Name : Farhan Syed
Occupation : System Analyst
ETH Description : ETH is currently hovering around $360-$370. Eth chart is the weakest in the market in top 5.Most recently, ETH has broken below a key level of rising support and it’s now heading down to the first level of support, at about 335. If we break down below there, the next major support level is at 277.33. If you look closely, the recent bear flag that was made has a corrective projection that extends down to the 277 level exactly. So, there is a formation on the chart, that shows a potential for the 277 level to be reached, in the near future. Additionally, you can see that ETH has printed several failed attempts to get back above the support level .But on other hand RSI indicates that it is oversold that might attract investors.
LTC Description.: In this bear market Litecoin is the strongest that is holding its value. It’s in final stage of Elliot ABC correction.
I can see it pull back to $100 which is great buy point and physiological buying point.
TRX Description: bounced off retracement level to start wave 3.Confluence zone swing-high acts as tough resistance in orderbook.Needs a little more time to reset before pushing through.Working its EW
It has heavy resistance around 700 sat. Needs to breakout in that triangle.
Disclaimer: This article is for information purposes only and should not be treated as an investment advice. Investments in cryptocurrencies is speculative and are subject to market risks. No one should make any decision regarding investment in cryptocurrencies without conducting his/her own research and due diligence. Koinex does not warrant the accuracy of the information provided herein, either expressly or impliedly, for any particular purpose and expressly disclaims any warranties of merchantability or fitness for a particular purpose. You agree and acknowledge that neither Koinex and its affiliates, nor their directors, representatives, or employees accept any liability for any direct or consequential loss or damage arising out of the use of all or any part of the information provided hereunder.
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How to explain to people what is a blockchain ? Something that looks very unusual for a few, too much in space or in the future for others. The task isn’t easy at all. In general, many people doesn’t care about innovative tech or new technologies, until they see daily applications. But sometimes when it reminds them something they are used to, they consider one’s and try to catch its sense.
So, how to make a link between the real world and people ?
Books.
What’s more common than books ?
Most people in the world, have already seen a book, and (I hope) a lot have also read books. No matter if it was only for school purpose, in the train, in daily commutes or whatever. Literature contains countries cultures (such as science, history or art to name a few) and is seen as a stable reference.
With some friends we built a little app few months ago : Dwor.
This application allows everybody to say what they have in mind, once a day, with only 20 characters. The aim was more to create something fun than to create the next 1 billion dollards app. But we saw something interesting, little by little, some people were writing a story together, each contributing with one word a day. I have to admit that the story was a bit weird but it was nice to watch the app’s evolution and people’s imagination.
All these things led us working on a new project called WordInChain. We wanted to let people write a global and collaborative novel. For this project we planned to use Blockchain technology. Stable, available and immutable, just as the books are. It is for us the perfect link between the real world and the Blockchain. WordInChain allows people to let their imagination speak, and, as soon as the book will be published in paper, it will remind them what they are used to.
On the website , people can contribute by proposing words to continue the story. These words will automatically show up on the website, and they will be saved in the book if the community chooses them. They write the book together, and everyone can contribute to the choice of the proposals, by voting. WordInChain is running 24h a day and 7 days a week but is divided into multiples sessions whose durations are adjusted to demands (between 15 min and 12 hours). At the end of each session, a proposal is saved in the book (written in the blockchain) according to the number of votes it received. People can only vote once per session. Choices are made by the community and not a single person.
When the book will contain 20 000 proposals (words), the novel will stop. Then we are going to publish this book and we plan to give eventual profits from selling to associations that fight for literacy.
This amazing project has just launched few days ago.
If you are interested by WordInChain, feel free to share this article with your friends, to like it or clap it !
Visit the website:
You can also follow us on twitter :
or on Facebook :
If you want to take a look at the stories written by the community of Dwor, do not hesitate to download the app :
– iOS:
– Android :
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The Queen might not know of this blockchain thing and Harry might not have any bitcoins, but the prince might become a little bit hip and down with his millennial…
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