October 15, 2018 BTC: Price: $6,670 | MCAP: $115.57 billion | 24-Hr Volume: $6.58 billion



Outlook: Neutral



Bitcoin spikes as tether slides



BTC jumped to $7,788 on Bitfinex in early European time - the highest level since July 31 - likely due to a sell-off in tether (USDT).



The stablecoin was down 2 percent just before BTC picked up a bid at 05:00 UTC, and fell further to an 18-month low of $0.925284 at 07:00 UTC, as per CoinMarketCap.



The unusual drop indicates investors likely moved money out of BTC into bitcoin and other cryptocurrencies – possibly on a fresh round of doubts over whether the stablecoin is fully backed by dollars.



Further, the premium carried by bitcoin prices on Bitfinex rose above $600 early in the European day. So, it seems safe to say that rotation of money mainly happened on Bitfinex – the cryptocurrency exchange that manages USDT developer Tether LLC.



At press time, BTC is changing hands at $6,950 on Bifinex, up 5 percent on the day, however, bull reversal remains elusive.



Moreover, that would be confirmed only after the cryptocurrency has found acceptance above the September high of $7,429.



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Consensus: Invest is for institutional investors, such as those at hedge funds, family offices, etc. to learn about what the crypto asset class is and what opportunities there are to invest—and how. ETH: Price: $212 | MCAP: $21.82 billion | 24-Hr Volume: $2.52 billion



Outlook: Bearish



Ether faces rejection at 5-week EMA



Ether's pullback from $220 to $203 marks another failure on the part of the bulls to hold above the bearish 5-week exponential moving averages (EMAs). Moreover, the EMA has proved a tough nut to crack for last four trading weeks.



The outlook remains bearish as indicated by the downward sloping 5-week and 10-week EMAs and if the weekly low of $190 is breached, then a deeper sell-off toward $167 could ensue.



Only a weekly close above the 5-week EMA would confirm that cryptocurrency has indeed bottomed out at $167.







EOS: Price: $5.48 | MCAP: $4.97 billion | 24-Hr Volume: $871.79 million



Outlook: Neutral



Bull breakout above $5.8



EOS is solidly bid, but needs a UTC close above $5.8. That would confirm a symmetrical triangle breakout or a bearish-to-bullish trend change.



Further, triangle breakout will likely set the stage for a convincing break above the 10-day EMA, which has been acting as strong resistance since the first week of September.



Therefore, 10-day EMA is the level to beat for the bulls. A break higher, if confirmed, would open up upside toward the immediate resistance at $6.83 (Sept. 1 high), above which a major resistance is seen directly at $9.45 (July 3 high).



Meanwhile, on the downside, last week's low of $5.00 is the key level to watch out for in the near-term.



Aussie Blockchain: Australia's Prime Minister, Scott Morrison has thrown his support behind proposed ideas to build a technology and innovation hub in Adelaide's CBD in South Australia. The plans are to build and expand upon various technological improvements for the benefit of the Australian economy said Scott Morrison at a press conference given earlier today. The proposal comes at a time when Blockchain technology is still in its infancy in the land of the Kangaroo.



FULL STORY



Head to Head: Long-time critic of cryptocurrency and blockchain technology, Peter Long A.K.A Dr. Doom is set to go head to head in a live debate with ethereum co-founder Vitalik Buterin. The decision comes after a raging discussion between the two on Twitter when Buterin decided to weigh in on some of Dr. Doom's comments re: the fundamentals of ethereum and blockchain tech. While details are still being metered out on when the debate will take place, audiences can be certain that the spectacle won't disappoint.



FULL STORY

MARKETS 101 Q: What are support levels?



A: Supports are an area or level featuring prior historical price action, whereby the price of an asset was unable to push lower.

TAKE A DEEPER DIVE

ZRX: Price: $0.715 | MCAP: $385.5 million | 24-Hr Volume: $11.8 million



Outlook: Neutral-bearish



0x has to assemble the troops



With as little as $11.8 million in total volume traded over a 24-hour basis, 0x looks to a rising small bullish candle on the daily chart.



Having closed out bearish once again, 0x has had a tough time scaling back the recent bearish retracement that sees it gifting the bulls' most recent gains back to the bears.



While the MACD shows a bull cycle underway, in the form of a topside histogram, the signal and MACD lines travel just below the neutral 0 line required to confirm a small change in the bearish trend.



The falling wedge formation could also offer hope to those animals wishin to long, but the safest and most likely scenario depends upon the total amount of volume.



Speaking of which, keep an eye on total volume as a breakdown/out could be imminent on the back of a large injection out of nowhere, as has been the case of late.









AION: Price: $0.41 | MCAP: $98.1 million | 24-Hr Volume: $7.1 million



Outlook: Neutral



AION takes a beating



Having suffered a terrible beating over the weekend, AION is down 8.2 percent and is one of today's worst performing crypto according to CoinMarketCap data.



While it would appear bad on paper, the technicals actually favor a bullish rally and a small push topside courtesy of a bull flag formation backed by falling volume and price which is a bullish volume analysis.



However stiff resistances currently face AION as it has struggled to scale the $0.50 resistance zone which has continued to hold its head under for up to 40-days thus far.



So a massive push from the bulls is required, observable in a spike in total volume as well as a push by the daily MACD to move above the 0 line in favor of a bullish revival.













Diagonals get a lot of hate in the trading community for their unreliable nature.



The price breaking through a diagonal may look more bullish or bearish that it actually is because the horizontal levels that await are often more powerful.



That said, and as @edwardmorra_btc notes, diagonals should not be completely ignored. A simple back test of a small diagonal trendline helped yield a several hundred-dollar move.



The world's largest stable coin, tether (USDT). has not been so stable as of late.



Some reports are putting the price drop down to traders losing faith in the token, amid claimed lack of transparency over tether's true USD holdings and rumored issues at partner firm Bitfinex.



Interestingly, other recently introduced stablecoins like Gemini Dollar (GUSD) and TrueUSD (TUSD) are up 1.85 percent and 4.96 percent, respectively.



Whatever the reason for the drop, it seems safe to say that traders have likely rotated money out of USDT and into bitcoin and other stablecoins.

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BitGo Jobs Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.



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