Crypto market recover pace

Image rights - Pixabay

As mentioned many times during the "Big Correction" we were inside a cyclical market correction, which has been happening for the last few years with BTC, and by extension to the whole crypto space. It is related to the end of the year in Europe, and then in February continued by China. This time of calm takes enormous volumes off the market, which triggers next, massive profit takings and sell.

This time it was also pushed by the Tsunami of FUDsters which were advertising against the whole market.

Thank the Lord; we are now transitioning to Asia being more active. What a coincidence, after mid-Feb starts there is a significant confirmation that we are out of the down pattern in BTC, which began in late December 2017.

large view

As we can see in the chart, a critical resistance was located on the 9.2K BTC/USD. On the 9th and 13th of this month the market tried to break without success, even out of the monthly downward channel, it was not strong enough.

Today finally with the help of the Asian market, we get above the 9.2-9.4 level attacking almost without break the psychological roof at 10K. As mentioned in other opportunities, five digits figures are of psychological impact for traders. Only by then, we could confirm a significant trend, that could retake us to 12K levels, and probably above.

Ripple Effect (pun intended)

Talking about Ripple, BTC move was like a big rock falling to a calm pound, making other smaller leafs floating it to move quickly once again.

According to CMC , see larger image there is a considerable Market Cap rise of around 90Bn USD from the low of Feb. 11th. The suspect are Asians (Thank guys!) as also a serious of positive news, which started with the hearing at the congress as reported previously.

Divas of the Week; XRP and LTC

Going more in-depth to the positive news, this is so far a good week for XRP (Ripple) which as reported on their Twitter account announced a great deal with the two biggest money remittance companies, we are talking about Western Union and Money Gram!!!

You may think; "Yes, and what now, another company saying will use Ripple... bah". Well, my friend, we are talking about xRapid here, and not xCurrent. It means that XRP will be use!!! So, I know, "Hold down the Horses," but To the Moon!!!!

So far I have been and still am, reluctant to support in the long run to Ripple, one of my main concerns, was xRapid vs. xCurrent. Now, we have a company stating it will use the actual Ripple, and this means; more demand = increase in price. At 1.13 USD it has a market cap of 44 Bn and growing.

TA indicates it has still some room to grow for sure until 1.14 again, which has been testing, and same as 10K for BTC is a tough cookie.

On the upper side, we could see 1.40 levels again. If in December there was so much hype around xCurrent, now with xRapid it should be even more excitement.

So, for now, 1.14 is the target to break above, if not a little discount could be seen overnight, and probably an excellent re-stocking opportunity.

LTC - Satoshi Lite

LTC took a 100% growth from Feb. 6th due to rumors about a Litepay network major release, as also some "fake" fork news.

First, the LitePay option is a major milestone, with the goal of competing with BitPay it will provide the coin with real-life applications. It was announced on their official;Twitter acc.

We started because the people asked @Bitpay to accept LTC. They wouldn’t, so we took the challenge. Infrastructure for LTC February 26 🚀#PayWithLitecoin #LitePay
0:56 - 13 feb. 2018

So far, LTC has outperformed the rest of the top 20 coins at length, having a double-digit increase in the few last days.

Regarding the "fork" there is an official statement from LTC founder himself, Charlie Lee;

PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it's related to Litecoin. Don't fall for it and definitely don't enter your private keys or seed into their website or client. Be careful out there!

Litecoin Cash may or may not be an actual contricant for LTC, still, traders will easily fall for a probable airdrop of 10 to 1 (10 Cash for 1 LTC).

Fake or not the repercussion was felt on the market, and many people still are convinced it will happen around March. So be careful once more, trade the rumor, sell the news!

200 followers treshold

So, I did it, got to 200 followers, currently 212 and I keep growing. It makes me really happy therefore I will giveaway 5 SBD among those who comment what do they like about my posts, and what they would like;

1. To keep seeing;

2. to stop me from doing or sharing :)

To participate you need to be a current or new follower and upvote this post.

The idea is to create a space for people to share and grow together, hence I think supporting minnows by promoting comments and participation is a good way to build a sustainable community.

The winner will be chosen by me after 7 days of posted this article, hence there is plenty of time for you to take a chance!!!

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I use and vouch 100% for SmartSteem!