Talking Points
- Bitcoin and Ethereum continue to move higher as Korean Won turnover increases.
- NEO jumps 25% on chatter of talks with Chinese authorities.
The DailyFX Bitcoin Glossary is designed to provide traders with a reference for important terms and concepts essential for understanding the emerging cryptocurrency universe.
Bitcoin (BTC), Ethereum (ETH) push above resistance levels
Bitcoin continues its recent march higher, taking out resistance levels as it points towards $4000 and higher. As noted yesterday, resistance from both the downtrend line from the September 2 high of $4987 and the 38.2% Fibonacci retracement level failed to hold the move higher with the September 18/19 highs around $4120 the next upside target.
Chart: Bitcoin (BTC) Price Daily Timeframe (August 5 – September 26, 2017)
Ethereum continues to build a flag formation with an upside target of $315 ahead of the 78.6% Fibonacci retracement level at $333.
Chart: Ether (ETH) Price Daily Timeframe (June – September 26, 2017)
Alt-Coin NEO Surges on Chinese Chatter
NEO, a Chinese-based alt-coin, formerly known as antshares, jumped around 25% overnight after an article quoting NEO founder Da Hongfei hit the wires. The Dutch financial news outlet Het Financieele Dagbladwrote that Hongfei was consulted by Chinese authorities on the recent ICO ban, while also speculating on the possibility that NEO may play a part in the Chinese blockchain infrastructure. In August, NEO surged from around $10 to $60 in less than two weeks on talk of a potential Chinese tie-up, entering the top 5 crypto-currencies by market capitalization.
Chart: NEO (NEO) Price Daily Timeframe (July – September 26, 2017)
The upcoming Chinese ban on CNY pair trading in digital currencies can be clearly seen in the latest 24-hour turnover charts for both Bitcoin and Ethereum with no CNY trade seen in either in the top 10 exchanges.
I will be discussing all things Bitcoin and Ethereum every Wednesday at 12:00 pm – if you would like to join me, please click here.
Market Moves/Top 8 Capitalizations – September 26, 2017
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--- Written by Nick Cawley, Analyst.
To contact Nick, email him at nicholas.cawley@ig.com
Follow Nick on Twitter @nickcawley1
