Crypto Contest July 11: Ankr Network

Ankr Network (Bithumb: ANKRKRW) has broken out of the triangle pattern in the daily chart.

(Chart courtesy of Tradingview.com (log scale))

Elliott Wave Analysis

In Elliott Wave terms, Ankr began a wave one advance on May 17. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on June 11, and the red wave two (blue sub-waves a-b-c) correction ended on June 27. If this wave count is correct, Ankr should be heading next towards the June 11 peak in the red wave three.

(Chart courtesy of Tradingview.com (log scale))

Funnymentals

Ankr Network is a distributed cloud computing platform. You can watch their intro video below.

(Sources: Ankr Network and YouTube)

How can I vote? Where is the contest?

You can vote by following this link.

Be Careful If You Hold Monero On Exchanges

In May of this year, even the best and largest crypto exchange in the world, Binance.  Binance called the attack a “large-scale security breach,” in which hackers stole 7,000 bitcoin which was about $40 million.  Monero just made some headlines, warning owners who  hold Monero on exchanges.

Not one, not two but nine security flaws have been revealed to be on Monero from developers. One of these nine bugs could actually be exploited and used to steal XMR from cryptocurrency exchanges.
The developers have also found five DoS attack vectors and they labelled one of them as a critical issue.  Another security flaw was found in relation to the application layer used in the Monero ecosystem to increase the privacy of the transactions, CryptoNote. If hackers were able to exploit such a bug, they would be able to take Monero nodes down via a method that includes the malicious request of a big bulk amount of blockchain information from the cryptocurrency’s network.

Source

Note: An offline wallet, also known as cold storage, is probably the best way to secure your cryptos provides because one stores their cryptos in a digital wallet that is not connected to the network. When done properly, it can offer a very good protection against computer vulnerabilities.

I’m sure the developers of Monero will address these flaws.  Thus, the chart suggests, momentum is to the upside, so if price can pull back to the weekly demand at $67, look for a first target at $160.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

Litecoin Answers Quick as Market Sells Off

Roughly 24 hours ago I did an analysis on litecoin discusses the upside and downside scenarios out there.  Price had been consolidating for a while and a move was bound to happen in the near future – it didn’t take long!

Battle at Support

I mentioned in the downside 108 was a key level (give or tack a point) as it is evident when looking at both the weekly and the daily chart.  Much history at this level of reversals both up and down.

We saw the level come into play earlier today after price puked to 102.  Here is a chart of the hourly price action from the afternoon.  When it finally bounced look where it struggled and then ran out of gas.

Yep right around 108!  Price ended pushing back up against the level and the daily candle closed right up in the mix of it so really the answer of weather support was broken or not is debatable.

However, looking at the weekly chart, where this price support is vital shows that price is already pushing lower again…..

What is crazy is that when you look at weekly candles your “intra-week” highs and lows give you quite the spread.  You can see that 102 and even 98 are intra-week lows that if held is fine if we end the week above 108.  Atleast that is my opinion for LTC to remain bullish.

I’d rather buy 102 and 98 if I get the chance, knowing my downside exit is near, which is why the coin I got at 110 from an open order I forgot I had (doh!) I quickly closed out at 107 for a tiny loss as I want that capital available for purchases at the lower price points if they become available.

Either way, it will be interesting to see how LTC reacts in regard to BTC, which sparked the market sell-off and on the weekly chart has me skeptical about going higher before pulling back a bit more over the next week or so.

ICX technical analysis

ICX seen from the temporality of 1W we can see how the previous candle has recovered the zone of demand in 1W, the current candle is doing the test of this support located at 0.3236, I have enclosed within a blue circle this area where you can make a reading of the price and determine the course that could follow the price.

ICX seen from the temporality of 1D we can observe more closely the movement that has followed the price in the most recent candles, after the price recovered the support we can see how they have formed two doji candles, signal accumulation, however, what I consider more important to take into account in this structure are the three minimums that have formed previously on the support located at 0.2925, if the price in 1D closes below the weekly demand support located at 0.3236 the odds of the price breaking support in the fourth touch, if this happens we should see the price fall to the zone of demand that I have pointed out in the chart above within a blue rectangle located within the price range of 0.2173 – 0.2308, at that level the price could find a recovery.

ICX seen from the temporality of 4H we can confirm a bearish movement if the candle closes below the horizontal marked in the image above in blue located at 0.3313.

In conclusion, ICX currently looks bearish from my point of view, the support of 0.32 has been weakening with every touch, a new approach and the break will occur, what I recommend is to wait for a better entry into the price range of 0.2173 – 0.2308, above all I recommend to pay attention to the closing of the candle in 4H and take into account the movement of BTC.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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