Říj 31

Technical Analysis: Bitcoin Price to Hit $1500 By Year-End?

Source: bitcoin

bitcoin price

The bitcoin price has recently launched into an upward rally, with technical indicators showing the rise slowing down at $820 while bullish consensus builds to send it further to $1500 by 2017.

Also read: Zcash: Where Is All the Hype Coming From?

Technical Analysis: $1500 and Beyond

Long-Term Analysis

After bullish signs flooded the markets, the bitcoin price has shifted into an upward rally. According to technical indicators, this rally should last until we hit $820, after which a sideways market will prevail.

If this scenario gets confirmed, quotes would be able to double again to the year-end objective beyond $1800. The current Elliott Wave Theory 5th phase could be evaluated at the same size as the 1st wave that took place on 2015´s 3rd quarter.

Following the “ABC ending,” that would happen at $820, which should be thought as a lateral sideways market

Mid-Term Analysis

Bullish consensus is still getting stronger. According to indicators, the technical objective is a lateral sideways market near $820.

If confirmed, that scenario be seen as another bullish sign, allowing the chance for another climb into an euphoric bubble, more than doubling the price to $1500 and beyond.

Short-Term Analysis

Prices have entered a synchronization process, recovering their lag against technical indicators. A full synchronization in the short-term shows a continued rise to $820.

Japanese Candlesticks Analysis reflects the chance of another upward movement after the arriving to the technical lateral market at $820. However, the time extension of that lateral movement would determine the next bubble´s size.

Staff opinion: We believe the bitcoin price will stay near $700 for a while, acting as a psychological resistance to further increases. After being tested by profit-taking, the bulls will likely attempt to push beyond $700, triggering a rally that confirms the present technical analysis. The timeline for this prediction is uncertain, we believe that it may or may not happen by the end of 2016

What do you think will happen to the bitcoin price? Let us know in the comments below.


Cover image courtesy of Pixabay.

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Říj 24

Technical Analysis: Explaining the Weekend Bitcoin Price Rally

Source: bitcoin

Technical Analysis: Explaining the Weekend Bitcoin Price Rally

The prevailing bitcoin price resistance was overcome by a little flag pattern this past week, which ultimately launched prices up to recover a technical objective at $820.

Also read: CoinAgenda Brings Blockchain Leaders to Vegas on October 25

Bitcoin Price Technical Analysis

Long-Term Analysis

After prices overcome the psychological trigger zone area among $620 and $650, the current phase points to a technical goal near $820.

According to Elliott Wave Theory, the current movement should reach a higher scenario through the 5th phase, from where profit taking would be considered. The old trendline, started in 2013, could be very useful at this stage because quotes still recognize its reference, reflecting that pioneer bitcoin holders could be back in the action with a big hedging marketplace.

Mid-Term Analysis

According to indicators, prices could climb to the next congestion area at the $800 level. From there, a big bout of profit taking is expected through another lateral sideways market—like the one we had seen since August—without any bear movement.

Instead, traders will capitalize on the idea of a renewed, upward march, building a level of support that should be confirmed during November. B

Bullish consensus is still getting stronger, and many technical analysts are coinciding on the bullish chance for late October, while the late 2016 period could be analyzed into a euphoric bubble beyond $820 in a third technical phase.

Short-Term Analysis

A little flag pattern has launched prices to the up side, overcoming the psychological trigger zone at $650. Now quotes are recovering to their technical objective at $820.

According to Japanese Candlestick Analysis, the prices are going up and the next technical scenario could be a continuous rise backed by fundamental data and political factors. The same-sized field recovered in August 2016, and was followed by a lateral sideways market.

The bitcoin price could be recovered now, and may follow with a similar lateral sideways market again.

What do you think will happen to the bitcoin price? Let us know in the comments below!


Cover image courtesy of MPR News.

This technical analysis is meant for informational purposes only. Bitcoinist is not responsible for any gains or losses incurred while trading bitcoin.

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Říj 21

Bitcoin Price Drops: Where do We Go From Here?

Source: bitcoin

bitcoin price

A bit of a fall has occurred on bitcoin’s side. Since our last price piece, the bitcoin price has stumbled by about $12 and now hovers at $628.

Also read: Bitcoin Price Breaks $640, Are We About to Go Even Higher?

Bitcoin Price Heading South?

One source writes:

“The levels in focus moving forward are in terms support to the downside at 629, and in-term resistance to the upside at 632. Just as with this morning, this width of range is far too tight to go at with an intra-range approach, so it’s all about breakout for now. If price closes above in terms of resistance, we will get in long towards an immediate upside target of 637. A stop on the trade at 630 defines risk. Conversely, if price breaks below support, a close below this level will put us short towards 625.”

It appears most analysts are not fully able to predict where bitcoin will travel from here. The market is showing mixed activity, and there’s nothing specific to give us a better understanding as to whether things will become bullish or bearish. Present sentiment seems to suggest a bull run, but caution remains that a bearish market could emerge from the darkness.

One analyst explains that bitcoin is presently stuck in an “arc,” and whether it will move north or south is relatively left open to chance:

“Price is meandering its way through the third arc pair. Longer term, this is bullish because when it gets out of the arc pair it is likely to rise again, but until it gets to the other side with a strong close above the arc, it’s not so clear what will happen while it’s in the pair itself. Tomorrow is 120 degrees since the spike low of 6/22, so we are at a point in time that we can expect something might begin tomorrow. But what? A reversal or acceleration?”

This same source suggests that if bitcoin closes below $638 in the next day, a bearish market wouldn’t be terribly unlikely. Still, however, one can see that there is no clear evidence to suggest where bitcoin will go or when, and if support breaks, a massive drop may occur.

Investors are warned to lay off major trading until the market “makes a decision,” and clear signs about where things will go are offered.

Do you think bitcoin’s price will rise or sink? Post your comments below!


Image courtesy of Bitcoinist.

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Říj 19

Poloniex Seeks Regulatory Clarity From CFTC Following Allegations

Source: bitcoin

CFTC

Popular Bitcoin and altcoin exchange Poloniex has submitted a request for no action relief to the Commodities and Futures Trading Commission (CFTC) around potential allegations that required timing of the “actual delivery” of cryptocurrency, regulated by a 28 day period in the Commodity Exchange Act (CEA), has been violated.

Also read: ‘GAME Changer’ Announced at Coinsbank Blockchain Summit in Turkey

The digital nature of cryptocurrency, however, does not mend well to the wording of existing laws, thereby hurting attempts to determine the full, or “actual” delivery of the commodity. Poloniex, in turn, has responded by saying that their business practices of providing cryptocurrency exchange and margin trading do not fall under this stipulation.

Poloniex Makes a Case for Constructive Bitcoin Regulation

Due to the unique, abstract nature of cryptocurrency, determining when an “actual delivery” occurred is grey in relation to the black and white delivery of traditional commodities such as wheat or oil.

The CEA, enacted initially in 1936, states, “physical… delivery [of] the entire quantity of the commodity purchased by the buyer, including any portion of the purchase made using leverage, margin, or financing.”

While the blockchain is time-stamped, delivery of cryptocurrency itself to customers is the main question in play here. Poloniex, however, argues that the cryptocurrency at hand is delivered to the recipient immediately after the completion of an order. Whether these transactions are traditional or for lending or margin trading, the recipient takes possession, ownership, and legal control of the cryptocurrency as soon as an order is completed.

While it seems that this would free such services from this particular regulatory obligation, such questions will have to be answered in court.

Speaking to the difficulty faced by many organizations navigating the murky regulatory waters in the space and the subsequent need for further clarification, Poloniex’s press release states:

“This privilege isn’t without its challenges, because we are operating in an emerging space against a backdrop of regulations honed and crafted for yesterday’s technology — the bygone era of analogue trading. As stakeholders, stewards, and charter members of a nascent technology, it is our collective responsibility to respectfully request for laws that make sense for this new technology.”

Do you think Poloniex is right? Let us know in the comments below.


Images courtesy of Hedge Think, Poloniex.

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Říj 17

Bitcoin Price Breaks $640, Are We About to Go Even Higher?

Source: bitcoin

buy bitcoin

The bitcoin price has undergone another small rise, hovering around $640 at press time. Nothing huge, but every step counts.

Also read: Bitcoin Price Makes Huge Gains as Yuan Crashes

Bitcoin Price at Highest Level Since Bitfinex Hack

As one analyst points out that bitcoin has reached its highest level since August, when Hong Kong-based bitcoin exchange Bitfinex saw over $70 million in BTC stolen from its storage wallets. Bitcoin immediately plummeted following the attack, and has been relatively slow regain ground. For now, though, the currency does appear to be making headway.

According to some, this is only the beginning. One source explains that further rises are likely to occur in the coming weeks, and investors should keep their eyes open:

“BTC price managed to climb higher and registered a close above the $635 resistance. There was a nice upside move, which took Bitcoin price above a couple of important hurdles. There was a new weekly high posted at $647, and currently, the price is consolidating. There is a flag pattern forming on the 4-hours chart of BTC/USD. It may play a major role in the short term, and could spark yet another rally.”

A separate source speaks of growing activity in China. Investors and miners in China make up the majority of bitcoin-related activity, and as the country’s wealthiest individuals look for new ways to solidify their assets, bitcoin is on the verge of spiking in both price and reputation:

“We are finally showing progress in the long-term chart. All of our core key indicators are showing bullish confirmations across the boards. First, we can see that we are starting to break out of the lower part of the trend channel, which is a very bullish signal. We can also see that the volume in the recent breakout has picked up to levels we haven’t seen in almost a year… We remain bullish on Bitcoin as we are in a long-term trend.”

However, there is still the vague warning that bitcoin runs the risk of stepping into bearish territory granted it support areas fail, dropping the price into a wedge:

“BTC still has some tough resistance to break through… There is the possibility that BTC is in a rising wedge, which could be considered bearish. BTC should test that upper trend line in the coming days which will act as some resistance. We should see a major short squeeze if BTC is able to break above the rising wedge.”

Do you think bitcoin will undergo another massive price change soon? Post your comments below!


 

Cover image courtesy of Getty Images.

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Srp 22

Technical Indicators Say Bitcoin Price Will Rise — but When?

Source: bitcoin

bitcoin price

The most recent balance between bid and ask prices is over, setting the bitcoin price on an upward path to $820, where another congestion area may be observed.

Also read: India Plans to Enforce Internet Censorship with 3 Years Jail Time

Technical Analysis: Bitcoin Price Still Looking Upwards

Long-Term Analysis

Aside from the market determined by the biggest traders, which can be seen through volume indicators during the previous two sideways lateral movements, natural demand supremacy allows prices to leave the $580-$600 support area.

Now, the new technical objective is the $820 level without intermediate resistances, in a bull pattern that could be a fast rally to place the quotes into a new formation that would drive the action even higher.

Mid-Term Analysis

Mathematical indicators suggest that buying activity and prices are going up across the Fibonacci fan lines that every trader is considering right now to place their profit objectives, stops and hedge orders.

Taking this data into consideration through the lens of Contrary Opinion Theory, the present stage could be a rally move to $820, from where another lateral market would consolidate the new cycle with new all time objectives over $1200.

Short-Term Analysis

Japanese Candlestick analysis shows that prices are ready to go across the theoretical trading box to the resistance at $820, perhaps in a rally mode.

The first resistance level could be calculated at $700 because of last month’s congestion, which sent prices to the current figures that mark the start of a new bull cycle. However, signals at oscillators are strong enough to dismiss every intermediate level and the entire trading box, which could be considered over as well.


Staff Opinion: Although the recent Bitfinex hack has shaken up markets, leaving the bitcoin price down longer than we expected, we strongly suspect that the price is preparing for another upward launch, indicated by the technical analysis provided in this article. When this rally will take place, though, will be determined through a balance of stabilized fundamentals and optimistic technical signs. 

– Evan Faggart, Senior Editor


What do you think will happen to the bitcoin price? Let us know in the comments below!


Cover image courtesy of Bitcoinist.net.

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Srp 16

Can a Company Called ‘Lawnmower’ Reinvent Blockchain Investment?

Source: bitcoin

Lawnmower

In a recent video, young startup Lawnmower explained their recent pivot from “spare change” investing of bitcoin to becoming a more comprehensive research and trading hub for multiple blockchain assets. The founders also introduce the Lawnmower Blockchain Index (LBI). 

Also read: Bet on MMA with Bitcoin: UFC 202, McGregor vs Diaz 

Lawnmower: From Spare Change to Big Time Blockchain Investment

One year ago, Lawnmower introduced its new mobile application to the public, along with its unique “spare change” functionality, allowing users to easily build up savings in the form of bitcoin. The functionality, along with its slick, modern design was heralded by many as the easiest and slickest way to create a portfolio of bitcoin.

The company, which is comprised of three recent University of Florida graduates, was rewarded with a placement in Boost VC’s San Francisco start-up program.

“We spent time in San Francisco developing the first version of our application and building strong relationships with partners such as Coinbase,” Alex Sunnarborg, CFO of the company said. “However, we soon realized that although our ‘spare change’ model helped us to gain a foothold with users, we needed a longer term strategy to take advantage of the growing cryptocurrency markets and to provide a more robust investment platform for our users, who told us that they wanted additional capabilities for saving and investing as well as additional research and information.”

This “pivot” in strategy was met with criticism from many of their users.  The uniqueness and ease of the “spare change” model was, for many of them, the reason that they used the Lawnmower application.

“We recognized that we would get some negative reactions from users for dropping the ‘spare change’ model,” Sunnarborg said. “It’s important to listen to what they had to say and we knew that we had  a longer term strategy that required a different focus for the business that we would have to communicate to our users.”

This new strategy led the company to accept entry into a program in New York City with Startupbootcamp FinTech New York.

“With our new strategy, it was clear that we were more of a fintech company and not just a bitcoin company, and New York is the center of the financial world,” said Pieter Gorsira, CEO.

Now that the Startupbootcamp FinTech New York program has ended, the company has left San Francisco for good and is in the process of setting up permanent headquarters in New York City.

The company is working with its investors and advisers to solidify their longer-term strategy, which includes building a robust analyst-level research capability to evaluate all of the major blockchain assets — not just bitcoin.

Lawnmower will soon include the ability to easily buy multiple blockchain assets based on personal allocation, with the option of a recurring purchase program.  They have also expanded the number of blockchain assets that they provide real time pricing for, as well as enhanced the performance reporting for clients’ portfolios.

Pieter Gorsira, CEO of Lawnmower speaking at an investor meeting

“We want users to use Lawnmower as their home to easily see what’s going on in the blockchain asset market throughout the day,” said Gorsira.

To this end, the company has introduced their Lawnmower Blockchain Index, which is a real time tracking index of the top blockchain assets.  “Since we began, blockchain assets have grown in number and influence.  We wanted to create an easy to use and understand way for anyone to track the pricing performance in these markets,” said Gorsira.

“We knew that our strategy was best for our users, but we realized that we needed to be very clear with them about why we changed and what our vision for the future was,” said Patrick Archambeau, CTO of the company.  To that end, the company created a message to their community that is part of their regular communications to their users.

“Our users are the key to our success,” Archambeau said. “We plan on actively engaging with them on a regular basis and invite them to contact us directly or visit us at our new New York location.”

The team also hinted that their spare change model may come back at some time in the future, but for now they’re focused on developing the application to take advantage of the current and longer term trends in the blockchain asset markets, and to provide it in an easy to use and elegant manner for their users.

“Ease of use is in our DNA,” said Sunnarborg.  “It’s what brought our users to us and it’s the platform that we’ll always build upon.”

What do you think?  Does the future look bright for a company like Lawnmower and the blockchain asset market they’re targeting?


Images courtesy of Wikimedia Commons, Lawnmower.

DISCLAIMER: Jack, the author of this article, is an angel investor and currently an advisor to Lawnmower.

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Srp 02

Indacoin: Buying Bitcoin, Litecoin with a Credit Card

Source: bitcoin

Indacoin

Indacoin is an exchange service that allows users to buy bitcoin and litecoin with debit or credit cards. With customers across the world, in areas such as the US, Canada, Europe and the CIS region, this platform aims to make bitcoin more accessible to the average person.

Disclaimer: This article was sponsored by Indacoin. Bitcoinist is not responsible for this firm’s products and/or services.

How Indacoin Works

 To use the service, customers enter a credit card number, along with a valid phone number and email address. After specifying how much bitcoin or litecoin the customer would like to purchase, users enter the bitcoin address where they would like to have their coins deposited. Indacoin notes that all details provided must match customer bank record.

After completing this process, Indacoin will purchase the cryptocurrency and then send it to the provided wallet address. According to the website, coins should appear in the customer’s wallet within 10-15 minutes after the order is completed. Indacoin transactions should appear on the customer’s credit card statement as “indacoin.com +44 207 048 25 82.”

The Indacoin service can be used with both USD and EUR-denominated credit cards, making debit and credit card bitcoin purchasing available to a large portion of the global cryptocurrency community

New clients will have purchasing limits during their first month of using the service. First-time users will be able to buy up to $100 in bitcoin with their bank cards. After four days, users will be able to make a second purchase up to $200 dollars. These limits are in place for one month, after which users can purchase bitcoin and litecoin with no limitations.

For those who would like to earn discounts on their purchases, Indacoin’s affiliate program allows individuals to share referral links on social media, giving them discounts based on the dollar amount of the cryptocurrency purchased through the referral link.

Customers seem pleased with Indacoin’s bitcoin purchasing service, with several testimonials posted on the company’s website.

“I have bought 5 bitcoins with my Brazilian credit card,” Rafael de Toledo says. “It was simple and safe, I’m really glad about the service!!!”

Anna Shadcheva from Russia recommends the service for “anyone [who] wants to buy bitcoins with a credit card.” “It took less then hour [sic] to receive bitcoins,” she says.”

The list of positive customer reviews continues, with other people from  France, Netherlands and Indonesia praising the website for its effective bitcoin purchasing service.

Indacoin also hosts a trading platform, where people can buy and sell bitcoin and litecoin in a more traditional exchange environment. Traders can deposit money into their Indacoin trading wallets with debit and credit cards, as well as online fiat wallets such as Payeer, PerfectMoney and OKPay. Users can withdraw money from the exchange into their cryptocurrency wallets, and can use Payza for fiat withdrawals.

For more information about Indacoin’s bitcoin purchasing service, view their Frequently Asked Questions page.

To check out the bitcoin and litecoin exchange, visit Indacoin’s website.


Images courtesy of Indacoin

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Čvc 08

New EU Cybersecurity Laws to Cover Online Banking, Markets

Source: bitcoin

EU flag

The European Union (EU) parliament has approved a new set of cybersecurity laws, ordering firms in “essential service” industries like banking, health, energy and transport to bolster their defenses against cyber-attacks.

Also read: Industry Report: How China, France, and the FBI Do Bitcoin

The EU network and information security (NIS) directive represents the first EU-wide standards on cybersecurity. According to an EU parliament statement, they are designed to increase cooperation between member states as well as to prevent attacks on EU countries’ interconnected infrastructure.

EU Parliament rapporteur Andreas Schwab said:

“Cybersecurity incidents very often have a cross-border element and therefore concern more than one EU member state. Fragmentary cybersecurity protection makes us all vulnerable and poses a big security risk for Europe as a whole.”

Requirement to Report Breaches

Of note is a provision within the laws covering digital service providers — such as cloud services, search engines and online marketplaces.

As well as taking measures to protect their infrastructure, these companies will also have to report any major breaches or security incidents to national authorities.

Given the law’s specific mention of online financial services, and KYC/AML requirements for bitcoin exchanges falling in line with those covering banks, there’s no doubt digital currency service providers will need to take extra care to protect their clients’ property and personal data.

The European parliament approved new regulations to cover bitcoin exchanges earlier this year. While not seen as particularly restrictive, the regulations called for “precautionary monitoring” of the industry and the appointment of a watchdog to keep an eye on its development.

Another set of proposed rules are aimed at making trading more transparent and preventing tax evasion. It should be noted, however, that most digital currency exchanges operating in the EU already have customer identification requirements similar to those of banks.

What EU Countries Will Need to Do

For NIS, Union member states will need to identify which companies are operating as “essential services” using set criteria, e.g: is the service critical for society and the economy? Is a security incident at those companies likely to have “significant disruptive effects” on providing their services?

A new EU-wide strategic co-operation group will form to share information and assist EU member states in building their cybersecurity capacity. The existing European Network and Information Security Agency (ENISA) will assist with implementation.

They will be required to form a network of “Computer Security Incident Response Teams” (CSIRTs) to handle incidents, identify risks, and formulate a set of responses.

The NIS directive will come into force 20 days after publication in the EU Official Journal, after which member states will have 21 months to draft individual national laws that comply.

Will the new laws make any difference to the way European bitcoin exchanges handle security and customers’ personal information?


Images courtesy of User Irinawave, Wikimedia Commons.

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Čvc 06

The Halving Month Is Here; What Will Happen to the Bitcoin Price?

Source: bitcoin

Bitcoin halving

Another rise in the bitcoin price — since our last price piece, bitcoin has jumped up by about $3, and is hovering around $673 at press time. With the highly-anticipated block reward halving drawing ever-near, this bump might be an indicator for an even larger rally in the coming days.

Also read: Are the Winklevoss Twins Bringing the Bitcoin Price Back Up?

The Halving: What’s Going to Happen?

The halving month has finally arrived, and this could potentially be the first of several jumps in the coming days and weeks. While no one is making any real predictions yet, the fact is that there is no going back. Bitcoin has reached ‘the point of no return,’ and production of the virtual currency is set to be significantly cut.

One plausible action might be to stock up on bitcoins now.

While we’ve witnessed heavy drops in the past, some still believe that bitcoin is the strongest and most stable currency in today’s financial markets, so unless their stashes are already massive, it may be best to take matters into their own hands with what little time they have left. With their savings and earnings all chalked up in the Bitcoin arena, their best-case scenario is to add to their stashes and buy bitcoin now before it surpasses the $700 mark.

But this is merely a suggestion. Some analysts don’t see a $700 bitcoin as a sure thing (one never can in the world of digital currency), and advise Bitcoinists to be careful (as usual) with whatever coins they already possess. One source relays the unpredictability of the ongoing market in full fashion:

“There is no telling what the market will do next. One scenario is that price consolidates into the next wave of advance – and gives us the expected buy signal in the coming days. Another scenario is that decline continues. In the case of the latter, we’d expect to see the price revisit the previous low near $560… If there is an upside, the market should find support at $650 and begin advance toward $755. If $650 breaks, then $560 could be the target.”

The bottom line is that one should invest, but do so carefully. While this may sound like typical advice, we don’t know which way the market will turn presently. With the halving approaching, ready to strike us hard in the chest, the circumstances may be more unpredictable than ever, so investors are advised to look both ways before crossing the street.

Will the bitcoin price rise significantly in the coming week? Post your thoughts and comments below!


Images courtesy of Shutterstock, Crypto-Graphics. 

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The Halving Month Is Here; What Will Happen to the Bitcoin Price?

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