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Crytocurrencies bitcoin and litecoin surged today. Last year around this time, these two virtual currencies also exploded upwards. This year, after steep corrections in both, bitcoin and litecoin are looking bullish again.

Bitcoin (BTCUSD) 4H Chart 11/12


Surging from a Double Bottom: Bitcoin found support at 318 last week, above its October and 2014 low around 285. After a double bottom, the market started to how bullish signs. Today, it surged above 400, and is around 420 by the end of the 11/12 global session.
Turning Bullish: Note the price is above the cluster of 200-, 100-, and 50-period simple moving average (SMA). These are signs that the market has turned bullish this week. At this point, if there is a pullback, we can expect buyers around 375, and also 360. Here price would be just above the cluster of SMAs, a support/resistance pivot, and a rising speedline from last week. A break below 360 would keep the mode neutral instead of bullish.
Next Target: In the bullish scenario, the upside risk in the short-term is towards a resistance pivot near 450.

Litecoin (LTCUSD) 4H Chart 11/12



Consolidation, Triple Bottom: Looking at litecoin, we can see that price was also consolidating since last week. It was flatter, but did form a triple bottom above 3.50 by the start of this week. Then, we saw a breakout followed by a pullback to test this price bottom.
Today’s price action confirmed the triple bottom, as litecoin price surged above the moving averages, and pushed the 4H RSI to 80, showing a shift to bullish bias and momentum.
Price broke above 4.00, and is settling around 4.15 at the end of the 11/12 global session. If it pulls back, we can expect buyers at the 3.75 level, which was a previous resistance pivot, as well as where the 200-period SMA resides. It might also be reinforced by a rising trendline from last week.
A break below 3.70 might shelve the bullish outlook, otherwise, the bullish outlook has upside risk toward 4.20 then 4.52 resistance pivots.



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Bitcoin sometimes feel like the locomotive of some train, with multiple bogies (altcoins) tied to its back. As a result, wherever it goes, the altcoins follow.

To prove this analysis, one can see how each and every top cryptocurrency has reacted to the Bitcoin’s explosive price rally to the north (currently above $450). Even the so-called dead coins are rising from their virtual graves, and the entire marketplace seems to be painted with green upward arrows. In this section, we will see which altcoins have been benefitting the most from the current Bitcoin bullish sentiment.

Litecoin


The nearest, most-traded cryptocurrency to Bitcoin is Litecoin. The silver-unit was previously subjected to too much criticism, as it value was faltering rapidly due to low demand, manipulation from the miners’ end, and increasing competition. However over the last 24 hours proved that Litecoin still holds potential of being the next-best cryptocurrency for masses. When Bitcoin bullish rally began to appear, Litecoin prices also advanced north and rose from $3.65 to the current $4.05. It is almost 18%.

Dogecoin



The fun-filled cryptocurrency is less about market caps and values and more about community strength. Even then, it had its shares of downfalls in past. Like Litecoin, its market has also suffered a range of issues like increasing mining difficulty, low hashrates, less merchant demand, etc. But in last few days, the meme-based cryptocurrency displayed a vast improvement after following the Bitcoin market’s optimism. Over the last week, the DOGE/USD has surged from $0.00021 to $0.00024 (about 12%).

Peercoin



Even with the less media coverages, Peercoin currently holds a substantial community for being among the only cryptocurrency having a steady and long-term sustainability. However in terms of market cap and value, this PoS coin is facing competitions from the new, feature-rich altcoins. But in last few days, the coin is slowly adopting the current optimism in the market, initiated after the Bitcoin upward rally. Over the last week, the PEER/USD value has jumped from $0.73 to $0.88 (around 10% up).

Darkcoin



Darkcoin, even though rising impressively, is still unable to adopt the current market’s optimism It might be because of an ongoing patchwork in its Darksend platform, due to which the obfuscation service is unavailable to its users. Outside the Darkcoin community, investors without an adequate knowledge of Darkcoin may be just waiting for this patchwork to finish before making any trades. Even though, the DRK/USD is at a better place, rising from last week’s $1.97 to $2.53.


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Bank of Canada Says Currently, Bitcoin Does Not Pose a Risk to Stability in Country

By Forexminute - Deepak Tiwari | Bitcoin | Nov 13, 2014 9:47PM GMT




When a lot of governments are banning Bitcoin as they consider that the digital currency is illegal and may cause instability in their economies, the statement from an official from the Bank of Canada has come that says that it is not a concern at least for now. The top official from the national bank said electronic money does not currently pose a risk to stability in Canada.

It has come out that the bank official is Senior Deputy Governor Carolyn Wilkins. She outlined the risks that e-currencies can pose to consumers, such as a lack of recourse if money is lost or stolen or if an exchange fails, as in the high-profile case of Mt. Gox earlier this year. However, it looks for now, she is not bothered much about Bitcoin’s disturbing role.
Talking to media professionals the official gave her opinion wherein she admitted that the evolution of cryptocurrencies such as Bitcoin bears close watching for any threats to the financial system that could arise from more widespread use. However, according to her electronic money does not currently pose a risk to stability in Canada.

Wilkins believes that there could also be ramifications for the central bank if e-money were to gain more widespread acceptance since changes in the benchmark interest rate would have less effect on a system that uses cryptocurrencies alongside the Canadian dollar. Canada was the first country that had got the first Bitcoin ATM at Vancouver.

Bitcoin is not a Reliable Investment Option

Though Bitcoin is popular in Canada, Wilkins believes that in the unlikely situation in which cryptocurrencies were used broadly, a significant proportion of economic transactions would not be denominated in Canadian dollars. Putting her views at Waterloo, Ontario, she said this would reduce the bank’s ability to influence macroeconomic activity through Canadian interest rates.

However, she clarified it that Canada is nowhere near that point that it can be alarming. She believes that as money and payment technologies progress, the Bank of Canada is helping the federal government modernize oversight frameworks. According to her the central bank is also undertaking research on the merits of issuing e-money.

Wilkins said Bitcoin was not a reliable store of value, as its worth soared from pennies to more than $1,100 and then fell back to $300 in just four years.


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Last 24 hours in the cryptocurrency market witnessed Bitcoin and Litecoin’s fall from their respective peak levels. It was nothing but the sudden arrival of short-term profiteers that pulled the market price down by legs. Other than Bitcoin and Litecoin, almost every altcoin suffered a stroke in the name of panic selling. The major ones to suffer were Dogecoin, NXT, Peercoin and Darkcoin.

BTC/USD


After rallying upwards constantly since its last low around 360, the BTC/USD finally found the resistance level at the peak of 453, during the 11/13 trading session. However, the comparatively high selling volume there rebounded the price from its previous rally, and it crashed to 416 within few hours. There were few attempts from bulls’ side to revive the market, but 416 acted as a weak support, following which the price further went south to the oversold zone (below the orange bar). A certain price corrections at the strong 383-support level shot the BTC/USD a little upwards to 420. The pair ultimately closed around 417.

Currently, the BTC/USD is consolidating sideways in the 1H BitStamp chart, amid low trading volume. The RSI is near 50, indicating a neutral sentiment in the market, with more inclination towards the bears. There will be certain attempts to break below the prevailing 380-support level, which will ultimately put the market in the hands of bears. There we can expect it to fall below 360, just like the previous month.

However, if the market consolidates above the 380-level, the bulls might want to pump it once again to the previous resistance level of 450-453. Any attempt to cross above it will make the price test 475 as the next resistance level.

LTC/USD


Staying almost identical to Bitcoin 1-H chart, the LTC/USD price is also trading in a selling zone, though still above the oversold threshold on 1H BTC-e charts. This indicates a neutral sentiment, with more inclination towards bulls. At press time, the pair is valued at 3.9, trending in a sideways channel with support at 3.89. The technical indicators are indicating a moderate buying pressure in the market, with near term bullish sentiment in sight. In this case, the LTC/USD might try 4.17 as the next resistance level during the 11/14 trading session. In case the price rebounds, it might get a hold around 3.85-3.89 level.


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US stocks dropped to near record lows as losses in energy and small caps shares weighed on corporate deals and the better than expected results from Wal-Mart Stores Inc.

Wal-Mart rose 4.4% after its earnings topped forecasts. Cisco Systems Inc. rose 2.6% and Viacom Inc. rose 4.2% as the results beat estimates. DreamWorks Animation SKG Inc. rose 15% after people briefed on the situation said that Hasbro Inc. is holding talks to acquire the company.

According to Bloomberg, Exxon Mobil Corp. paced losses in energy shares with crude oil dropping to a low of three years.
The Dow Jones Industrial Average gained 0.1% or 16.55 points to 17,628.75 supported by Wal-Mart and Cisco and the Standard & Poor’s 500 Index dropped 0.1% to 2,036.01. The Russell 2000 Index of stocks dropped 0.6% to halt its rally of six days. The Nasdaq Composite Index gained 0.04% or 1.85 points to 4,676.98.

Fund manager at Huntington Asset Advisors Inc., Peter Sorrentino said, “The market is just churning right now, looking for an indication of which direction the future is going to take.”

Reuters quoted Hugh Johnson Advisors LLC chief investment officer Hugh Johnson as having said, “It’s great to see stocks going up, but at the same time investors are troubled about something, and what they are a little bit troubled about is valuation. That’s why you get this creep higher, not euphoria.”

Investors are selling the recent rally’s biggest winners as the Russell 2000 halted its six-day rally. The small caps index surged 13% the past month through yesterday, the largest increase of 30 days since Aug. 2009.

Joe Bell, Investment Research Inc. senior equity analyst said, ‘We had a pretty big run-up within the month of November and late October and we’ve seen a slowing of the momentum recently. From the context of a price standpoint, we’re due for a breather.”


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In times when Bitcoin is taking two-steps forward to reach mass adoption, a recent report from the Pennsylvania Department of Banking and Securities (PDBS) can single-handedly push the cryptocurrency four-steps back.
The anonymous report, compiled by the North American Securities Administrators, listed a number of investing mediums that they consider as the most threatening to investors throughout the next year. They mediums they highlighted are: Binary Options, Marijuana Industry Investments, Stream-of-Income Investments and Virtual Currency and Cyber Security Risks.

By exemplifying Bitcoin, the report directly warns the investors about the risk associated with its volatility and demand for the units. It further speaks of the cyber risks associated with Bitcoin that can lead the investments to the verge of being stolen or lost. For obvious reasons, the report cites a case like Mt. Gox as the prime example of why Bitcoin must not be used for investments.

“We are living in an age where traditional financial and investing relationships are being transformed rapidly and sometimes in confusing fashion by technology and innovation,” said Glenn E. Moyer, Secretary of Banking and Securities. “It is especially important that investors fully understand where they are putting their money, and with whom they are investing it.”

Legal Criteria for a Safe Investment

One must focus on the criteria on which certain reports are made at first place. PDBS might consider an investment safe if it is a legal tender. Bitcoin, or any other cryptocurrency, are more of an independent solution to exchange or trade money as the form of payment. No government owns or controls it, making it an unsafe investment for the masses in the absence of a properly centralized body.

On other thing that ditches a safe investment criteria is Bitcoin’s inability to get refunded. Once a user completes a transaction, it cannot be reversed. Purchases can be refunded, but that depends solely on the willingness of the establishment to do so.

Bitcoin’s Role in Shaping Future Payments

Bitcoin was never launched as a vehicle to trade and make quick money at first place. It was more about providing a medium via which two users can exchange money cheap, and without requiring any third party. The technology is the key factor why Bitcoin is booming in terms of both user and mass adoption. Indeed, the arrival of manipulating trading techniques are giving this entire sector a bad name. But the ultimate aim of Bitcoin is to create a free and decentralized payment ecosystem. Do not just use it for investment purposes, try creating a payment medium out of it.


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On Monday, prices of oil dropped after the one-day rally with Japan, the fourth largest importer of crude falling into recession and the OPEC meeting nearing without agreements to cut the production.

The strength of the dollar against the euro, yen and other currencies weighed on oil prices.
According to Reuters, the benchmark Brent crude’s contract for the front month dropped 80 cents to $78.61 per barrel after dropping $1.47 earlier to a $77.94 session low.

Front month US crude was 66 cents lower to $75.16 per barrel after a $74.71 session bottom.

President of Lipow Oil Associates, Andrew Lipow said, “Arguably, the Japanese recessions is pulling everything down, crude included. But the oil market has another and bigger problem: that the OPEC meeting will come and go without any change in production.”

Nasdaq reports that Japan’s economy dropped 1.6% in Q3 following a decline of 7.3% the previous quarter. Economists had forecast an increase of 2.3%.

Crude traders are waiting for clear signs that the Organization of the Petroleum Exporting Countries’ meeting of November 27 will act to reduce the glut caused by abundant production in shale oil.

Saudi Arabia finance minister, Ibrahim Alassaf, reinforced speculations on Monday that the largest oil exporter of OPEC would not cut supplies when he said the plunge in prices of oil has no direct impact on government spending on the kingdom’s budget next year.

The oil minister of Iran accused some OPEC members for making up excuses not to lower production.
Prices of Brent have fallen around 30% since the above $115 June high amid concerns on oversupply. On Friday, the market rose almost $2 per barrel, the largest climb in three weeks as support emerged after price hit lows of four years at below $80.

Saxo Bank senior commodity strategist, Ole Hansen said, “We are fast and furiously giving away most of the gains we had on Friday.”



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US stocks declined Wednesday; just a day after the Dow and the S&P 500 closed at record highs with investors waiting to hear from the Federal Reserve and after the data indicated the housing market regaining traction.

The Fed is scheduled to release the October policy meeting at 2 pm. The central bank finished the bond-buying program during the session and stuck with its pledge to keep interests rates at a low for a considerable period.

CNBC quoted Earnings Scout CEO, Nick Raich as having said, “A lot of people think they start dropping the considerable time language and start hinting at raising interest rates. The economy has been improving, the jobs picture has been improving, but the key for markets, and why a lot of people are skeptical, is can it continue to do that without Fed support, is this economy going to be strong enough to handle it.”

Raich added, “Prolonged weakness out of Europe is having an impact on multinational earning expectations.”
According to Reuters, the Dow Jones Industrial average dropped 0.23% or 40.71 points to 17,647.11 and the S&P 500 dropped 0.37% or 7.6 points to 2,044.2 while the Nasdaq Composite dropped 0.64% or 28.89 points to 4,672.55.

Chief investment officer of Multi-Asset Strategies and Solutions at Voya Investment, Paul Zemsky, said, “I can understand the market being a bit jittery here after making a new high and pausing ahead of the Fed minutes. Data was good today, so it’s hard to find a reason for the slight decline in stocks in the data.”

Target Corp gained 5.3% to $71.10 while Lowe’s climbed 5.9% to $61.98 after reporting their results.


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SpectroCoin launched a new Bitcoin-to-Cash remittance service in 25 countries across Central Asia and Europe. The UK and Lithuania-based Bitcoin Company proclaimed its service to be focusing specially on the underbanked section in its business regions.


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The Dubai Gold and Commodities Exchange saw its trading volumes for October surge 28 percent from the previous year, and expanded its Emerging Markets portfolio through inclusion of four new products.* Volumes in October were also the second highest this year, reaching 1,044,396 contracts.

The DGCX’s currency category rose 31 percent from the previous year, contributing to 93 percent of the total trading volumes with the number of contracts traded reaching 978,169. The exchange boosted its product portfolio by introducing two index products as well as two mini-Indian Rupee contracts last month.

The new products include 2 MSCI India index contracts; one is a price return index that tracks the price performance of 67 Indian Rupee-denominated stocks, while the second is a total return index that considers the dividend payments as well as the price performance, all measured in U.S. dollars.

The exchange also introduced two fresh mini currency futures-the Indian Rupee/Euro and the Indian Rupee/British Pound.
Commenting on the report, DGCX’s Interim CEO Gaurang Desai said in a press release: “The strong performance of Indian Rupee products and Sensex Futures in October reflects the heightened interest from market participants to trade these products, especially during the period of high volatility witnessed in the middle of October.”

Meanwhile, Chi-X Australia Pty Ltd, which is owned by alternative trading venue firm Chi-X Global Holdings LLC, has appointed Peter Warton to the position of the Head of Market Operations. Previously, Warton was the Global Head of IT operations at securities firm Tibra. He also worked at Chi-X from August 2011 to March 2014.





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