Kvě 09

BitcoinAverage: Craig Wright Can’t Keep Bitcoin Down For Long

Source: bitcoin

BitcoinAverage

BitcoinAverage (May 9, 2016) — The unraveling of the supposed mysterious inventor of Bitcoin, Satoshi Nakamoto, made headlines this week across mainstream media outlets. Yet, despite the potential implications of the identity of Satoshi, who owns 7% holdings of the total BTC supply, the price held steady, only selling off a measly 4.6%.

This article was provided by the Vanbex Group. Bitcoinist is not affiliated with the firms represented by the Vanbex Group and is not responsible for their products and/or services.

Satoshi Hoax can’t Break Bitcoin!

The market dismissed this news as a hoax, and traders who are long and bullish remained unfazed so this week’s price action remained bullish.

This week’s close is the highest since August 2014.

After a run up to the peak at $471, a resistance level dating back to Nov. 4, 2015, a retracement was only natural, with a sell-off to a low $436 where the price found support. As with most bottoms, a confirmation of support is often necessary.

The price moved up to $460 and then sold off again to $440, simultaneously with the Satoshi Nakamoto hoax.

The resilience of the price during this chaos suggests support at $440 is solid. As of writing this, the price is trading slightly below $460, at $456 as per bitcoinaverage.com.

The weekly chart above shows a bullish continuation pattern, an ascending triangle that has been forming over the past six months.

The $465 resistance line has held up against any price advances back in November 2015, late December to early January 2016, and, most recently, a late April to May 2016 attempt at breaking up.

Western and eastern exchanges differ marginally on price levels.

So, the top for this ascending triangle could be $470, $504 or 3100 CNY or 3350 CNY, depending on the exchange.

If this line finally breaks, FOMO and panic may ensue as the next level after is up to $650. The nature of this pattern is bullish and a lot of traders will have their eye on trading when this break out.

Reddit user, Greencheckmark, commented in r/BitcoinMarkets, “Bitfinex longs were at $20,000,000 on Feb. 20 when it was $451 and since then the price has held above $400 nearly the entire time with $31,000,000 long now at $460.”

The weekly close was the highest since August 2014. This level is crucial.

On breaking up above this level, $680 is a reasonable target. In September 2015 (marked above), the price edged sideways for a while, trading within a narrow range before continuing with the trend.

The same price actions are unfolding now, hugging a $470 resistance level.

BitcoinAverage Weekly Bitcoin Price Forecast

The forecast for the next two-to-three months is bullish, with targets of $650, $680, $800 and possibly $1,000 on the horizon. Patience is key going forward as the set up plays out.

With the expected price-halving just nine weeks away, coupled with the bullish price-level of bitcoin, a run-up could fuel another halving bubble, and send the price as high as the previous all-time high of $1,163.

Zerohedge this week ran an article titled, “Mother Of All Short Squeezes” Looms For Bitcoin where serial entrepreneur, Vinny Lingham, said:

I don’t know if the price is going to $1000 or $10,000? – ?but I do know that it is going up. If I was forced to predict, I would say that it would hit $1000+ in 2016 and $3000+ in 2017. Looking forward to seeing how this all plays out!

However, the price will not shoot up overnight, so, the price action over the next two-to-three weeks is equally important if a trade position is yet to be taken.

The price should trade within a narrow range this coming week, even if gradually moving up to $465. This level is not yet ready to break, and a possible dip downward, to as low as $430 is on the table, without invalidating the bullish case scenario.

Bitcoin Community Reacts Sharply to Satoshi Nakamoto Identity Hoax

This week, cryptographer Craig Wright outed himself as the mysterious Satoshi Nakamoto, causing a stir in the Bitcoin community. In a secret meeting in London, Jon Matonis, Gavin Andresen and three media organizations, the BBC, GQ and the Economist, confirmed Craig possessed control over keys to addresses in Block 9, linked to the earliest block. Subsequently, both Jon and Gavin blogged that indeed, Craig was Satoshi.
The Bitcoin community lashed out at the claim, declaring the only proof that mattered was moving the coins contained in the genesis Block 0. Craig agreed to perform this ask to the BBC, but, pulled out at the last minute. He went on to post a public apology letter, declaring he would retire quietly.

The price was rather unfazed by the potential implications of access to 7% of the Bitcoin supply.

State of New York Approves Gemini to Trade Ether

Together with the Governor of New York, the Winklevoss twins, founders and investors of Gemini Trust Company, announced their exchange was approved for the trading of Ether.

It is the first consent by the NY Department of Financial Services for digital currency trading besides bitcoin. Gemini currently only conducts bitcoin trading, and Ether trading began on Monday, May. 9.

Speaking on the need for compliance, Tyler and Cameron said:

“It’s pretty clear that in the U.S. if you’re an exchange, you are required at the minimum a money transmission license in each state. Anybody who’s operating an ether exchange [and] doesn’t have a license and [sic] is on borrowed time.”

Coinbase and Ripple Edge Closer to securing New York Licenses

Reuters ran an exclusive on bitcoin company, Coinbase, and payment firm, Ripple.

According to unnamed sources, the two companies based out of San Francisco are close to securing a BitLicense from the NY Department of Financial Services after their applications were received on Apr. 28.

The coveted BitLicense, rolled out in 2015 in response to a growing number of digital currency businesses, is aimed at consumer protection and anti-money laundering checks.

A spokesman from Ripple said, “We are committed to being fully compliant with all state and federal laws and applied for the license to ensure we remain so.”


Images courtesy of BitcoinAverage, Ward Aguilar Financial, Inc.

The post BitcoinAverage: Craig Wright Can’t Keep Bitcoin Down For Long appeared first on Bitcoinist.net.

BitcoinAverage: Craig Wright Can’t Keep Bitcoin Down For Long

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Dub 24

BitcoinAverage Announces Newest API in Beta

Source: bitcoin

Vanbex Report

London, UK, April 24, 2016 — BitcoinAverage, the world’s most trusted Bitcoin price index, will be releasing new system features, revamping its pricing index to accommodate the needs of users at every level, from casual to enterprise-grade.

Disclaimer: This is a press release. Bitcoinist is not responsible for this firm’s products and/or services.

“We are launching a closed beta of our API,” said BitcoinAverage’s Founder, Shaun Gilchrist. “Access will initially be provided to existing users, and then opened up to the wider community. It is our aim to continue providing the most comprehensive price data for the industry, and we hope that with the help of the community and their feedback, we will be best placed to do that.”

The London-based company established itself as the leading source for Bitcoin pricing in 2013 and have since been developing open-source application programming interface (API) tools to provide real-time Bitcoin data to mobile apps, web services and businesses worldwide.

In its latest offering, BitcoinAverage is preparing for the launch of a new full-featured API that will be bundled with an updated front-end interface following beta testing and subsequent finalization of the programming interface.

In addition, the company will also be providing a tiered subscription program along with customizable packages tailored for users in need of something more robust.

The tiered structure will still offer a free plan for users, which has been a staple of BitcoinAverage’s service offerings. The gratis-level entry package will cater to existing users of BitcoinAverage’s API and will ensure no one is forced out following the system upgrade.

One of the biggest changes will be the availability of packages to scale up for enterprising needs and otherwise; service offerings which have been asked of the Bitcoin price index since launching a few years ago.

Following the beta launch, users will be able to generate API keys for authenticated endpoints, allowing users finer control over the API and in turn provides a far better service to clients.

Further, customizable endpoints and custom indices — an industry first — will be made available to higher-tier users.

As Gilchrist explained, these are important features, introduced because of the debate that surrounds what exchanges should or should not be included in an index.

“Going back to Mt. Gox and the downtime or withdrawals issues, currently, chinese exchanges and the issue of inflated volume due to 0% fees, or sites like Localbitcoins.com and the high premiums that skew averages across the board,” said Gilchrist, “the playing field is far from uniform.”

“So we provide clients with the ability to exclude one or multiple exchanges they may feel don’t belong in an index.”

BitcoinAverage’s new system will also allow the freedom to compile an index or indices from scratch.

“Our roadmap includes a far superior algorithm (soon to be complete) than our current volume weighted average price,” Gilchrist said. “We can’t wait to unveil it in its final form soon.”

For more information visit bitcoinaverage.com.

About BitcoinAverage

Since 2013, BitcoinAverage has been the leading source for Bitcoin pricing data, currently comprising and analyzing 50+ exchanges worldwide to ensure the most accurate Bitcoin price is delivered to its users. BitcoinAverage initially launched as an open source project and is now the most widely used bitcoin price ticker in the world. Its Global Bitcoin Price Index (GBX) was the first of its kind in the industry and is still recognised as the most widely used price source for applications, services and businesses worldwide.

Press Contacts

Brandon Kostinuk

Communications Lead, Vanbex Group

Ph: (604) 312-2463

Email: b@vanbex.com

Kevin Hobbs

Director, Vanbex Group

Ph:(604) 379-9032

Email: k@vanbex.com

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BitcoinAverage Announces Newest API in Beta

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Dub 12

The BitcoinAverage Report: The Boring Week of Bitcoin

Source: bitcoin

Financial Markets

BitcoinAverage, April 12, 2016 — The price of bitcoin had little to show last week relative to the range of price movement mostly sideways trading, which hit $423 on the upper limit and $415 on the lower end. 

This article was provided by the Vanbex Group on Behalf of BitcoinAverage.

The Weekly BitcoinAverage Report

The most exciting activity was a run up to $424 on April 8th, applying counterweight to the previous week’s low of $416.

Later, a sell-off to $412 after failing to break to break up wards ruffled some feathers.

The low shook out the feeble hands, turned traders bearish and tossed off weak bulls as many had been expecting a final break of $425.

Seen above — a 12-hour chart on Bitstamp — it shows how little activity there has been since the $389 dip in first week of March.

Clearly, $424 has proved itself a hurdle with three consecutive failed attempts to break the mark. There is optimism however, as all the low dips have respected increasing lows establishing a rising trendline, which included this week’s $412 low on Apr. 9.

 

The one-day chart of exponential moving averages (EMA) shows support by both 30- and 50-day EMA lines.

The pattern highlighted in the rectangle resembles a squeeze before a pop in either direction, similar to that seen from Jan. – Feb. 15.

The price could break out to $440 if EMAs continue to support, otherwise, a failed break could fall to $400 or below.

Furthermore, the direction of a breakout is not clear on one-day charts with simple moving average (MA) lines.

It seems there is no real support from 30-, 50- and 100-day MA lines. The whipsaw (up, then down movement) seen certainly adds to uncertainty.

A price fall is possible with projections slated at $375, at worst.

 

The one-week chart above best captures the state of traders’ ambivalence at this price level.

Highlighted areas (1) and (2) are similarly large corrective patterns in the middle of directional trends and coincidentally occur at the same price level. There is a lot to be said about this level, as it also matches with a 38.2% Fibonacci retracement. It extends from a $152 low on Jan. 12, last year, to the $504 high by Nov. 3.

The chart above shows that Fibonacci levels extend across the whole bear market since the $1,163 all-time high in December 2013 up until the point the price fell to $152 in January 2015. It emphasizes an imminent break out, without revealing much about direction.

Elliott Wave theory puts forth one of 2 high probability alternatives. The theory assumes the market has been in a corrective state since the high of $1,163.

The illustration on the left, above, represents A as a $152 low from the high, and B as the current top at $504. It can also be incomplete hence leaving room for a higher B. Depending on what form this correction takes, the market could fail to break and head down to C.

Alternatively, on the right, it could continue on its bull run from  October 2015 to a high B, close enough to the all time high at $1163. Thus, B would reach upwards of $650, with an allowance for up to $1000.

Below is a better illustration on a price chart.

  • In Black is the correction that happened from $1163 to $152
  • In Blue is a similar corrective pattern but on a higher fractal. This would mean $504 is B top
  • In Red is a different corrective ABC, with a B top that is not complete yet. Target is as high as $1000 and $504 will be surpassed in a continuation trend

With the upcoming price halving in July, speculation is leaning to a continuation of the trend, at the very least up to $650. The convergence of events makes it a risky trade, with a high potential payoff. The block size debates seems to have flamed out and core developers are churning out updates to Bitcoin core and testing Segregated Witness. All of a sudden, Bitcoin is looking stable both on the protocol development front and price wise.

About BitcoinAverage:

BitcoinAverage.com is the first aggregated bitcon price index that was initially launched in August 2013 with a goal to aggregate rates from all available Bitcoin exchanges around the world and provide a weighted average bitcoin price.
As of March 2014 we have over 30 exchanges integrated and are directly serving over 50,000 users monthly plus providing data to numerous other websites and resources.

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


Images courtesy of BitcoinAverage

The post The BitcoinAverage Report: The Boring Week of Bitcoin appeared first on Bitcoinist.net.

The BitcoinAverage Report: The Boring Week of Bitcoin

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