Srp 19

Bitcoin Price Analysis: Welcome to ‘Bitcoin Purgatory’

Bitcoin seemed on the verge of a breakout above $6,650 but a failed third attempt, followed by a lack of buying interest has given bears an opportunity to snatch back control and it looks like BTC has dropped a shelf for a bit of sideways trading in the $6,200 – $6,400 range.


Bitcoin Price Market Overview

Earlier this week on CNBC Fast Money, host Melissa Lee described the narrow channel between $6k and $7k as ‘Bitcoin Purgatory”. Guest speaker and head of Digital Assets group at Susquehanna International Group, Bart Smith, said “Bitcoin is in show me mode” as the cryptocurrency market currently seems resistant to trend changes driven by good news and positive developments for cryptocurrencies.

Smith believes investors are searching for verifiable proof that the market has turned bullish before setting up positions, hence the sporadic spikes and trend of declining volume for bitcoin.

It seems the entire market is contingent on the SEC’s approval or denial of exchange-traded funds (ETFs) but there are a select few who advise caution against placing all one’s hopes in the approval of such an ETF for a variety of reasons.

Meanwhile, the world, or at least Americans, were introduced to a new Bitcoin Exchange Traded Note (ETN) from Coinshares subsidiary, Tracker One. This provides US investors with a listed (regulated) vehicle to invest in bitcoin via their US brokerages without carrying the burden of needing to secure coins, register on various cryptocurrency exchanges, pay the premium that Greyscale adds or worry about exchange hacks and re-compensation.

4-Hour Chart

BTC 00 completed the inverse head and shoulders formation but a decline in volume followed by a few failed attempts to cross the daily high set at $6,644 lead to BTC eventually collapsing below the bullish trendline and the 55-EMA and 20-day moving average.

At the time of writing, the RSI has worked its way down from bullish territory and BTC appears to have dropped down a leg to last week’s trading range from $6,200 – $6,400.

A pattern of lower lows and lower highs has begun and BTC’s drop below the 55-EMA and 20-MA could resurrect the pattern of rejection at overhead moving averages that has plagued BTC since the drop from $8,500.

A positive note is BTC rides right along the 50-MA and the Stoch has already entered oversold territory, but the RSI continues to slide down below 50 and continued descent could take BTC along with it.

The 55-EMA and 20-MA have been flat since August 16 and the constricting bollinger band indicator could be indicative of further range bound trading even though BTC has dropped back to last weekend’s trading range.

The bollinger band on the 4-hr chart is really starting to tighten up but simply waiting for further constriction may not be sufficient enough proof of an upside move as the Stoch, RSI and bull volume are descending. Currently, BTC trades in the lower band below the 20 simple moving average so traders may be forced to hold tight for an oversold bounce if or when the RSI slips to the twenties.  

A glance at the weekly chart shows BTC 00 in the process of setting a lower low on the daily chart and the RSI is fairly close to dropping below the ascending trendline of this week’s earlier divergence.

Below the 50-MA at $6,313, BTC has soft support at $6,230, $6,137 and $6,000. In the event of a drop below $6,300 to $6,200, BTC has a relatively strong support at $6,100.

Looking Ahead

A drop below the inverse head and shoulders neckline could prove problematic, as would a drop below the $6,300 support but BTC has shown relatively consistent support at $6,300 and $6,100.

Multiple low volume bounces off the $6,350 support point to declining interest from buyers and BTC could drop to $6,200 and below if the RSI continues to descend as bulls weakly defend the $6,300 support.

A move above the inverted head and shoulders neckline ($6,500) followed by a pop above $6,650 (100-MA) would be encouraging.

A move to the key resistance at $6,800 would place BTC above the 38.2% Fib retracement level and back above the descending trend line.

Depending on technical indicators, $6,100 – $6,200 could be an attractive entry point for range traders.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.]

Where do you think the price of Bitcoin this weekend? Let us know in the comments below!


Images courtesy of Tradingview.com, Shutterstock

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Čvc 11

Ethereum Price Analysis – Plus NEO, EOS, ADA, XRP

As prominent economists sound the death knell for cryptocurrencies and technical analysts label the current events as part of the bottoming process, investors have one question in mind. Are cryptocurrencies nearly prepped for a turnaround or is this the next leg down in a 7-month bear market?


Market Overview

Cryptocurrencies continue to waver and fumble as a few prominent world economists forecast that governments will regulate bitcoin to death. Meanwhile, other experts predict that bitcoin will become a mainstream means of payment within the next decade. To date, droves of cryptocurrency investors are still wondering exactly where the much-hyped institutional investors are and, while positive weekly developments demonstrate that the platform for institutional investors is being constructed, these events appear to be having minimal impact on cryptocurrency prices.

In other news, the Bancor hack and failure of Bitcoin to stay above $6,750 appears to be dragging the entire cryptocurrency market to new lows, yet analysts and retail investors have spent the start of the week labeling the current technical setup as the bottoming for most cryptocurrencies.

Let’s have a look at the charts to see what’s happening.

ETH

Ethereum (ETH) price chart

After two days of trading outside the descending channel, ETH managed to pop above $500 for the first time in more than two weeks. Unfortunately, the Bancor hack and Bitcoin pullback appear to have directly impacted ETH’s momentum as it dropped below the 20 and 50-day MA and back into the descending channel.

At the time of this writing, ETH is down 10% and the daily chart shows the Stoch sharply descending from nearly overbought territory whereas the RSI dips into the bearish zone at 38. ETH now trades below the $450 support and could drop as low as the $400 – $420 area which was a June low. Below this point, ETH has support at $380 and $360.

NEO

NEO Price Chart

After pulling back from an impressive 20%+ rally last week, NEO now rests on the 20-day MA at $34.25 and the RSI on the 4hr chart shows the cryptocurrency attempting a turn around at 32 which has proven to be a zone where this particular altcoin stages a reversal.

Over the last few days, NEO has done the tango with the 50% Fib retracement level ($41 – $36.33) and the technical setup suggests a further decline in the near term. $33.66 serves as the most immediate support and at press time, NEO is holding above the 20-MA as interest in NEO appears to be increasing.

EOS

EOS price chart

EOS has taken quite a hit, down 13.18% at $7.39. EOS trades far below the 20 and 50-MA and currently rests on the $7.37 support followed by a softer support at $7. Failure to hold above $7 could see EOS drop as low as $4 where buyers are likely to show strong interest.

At the time of this writing, the RSI dips into the oversold region, and the Stoch had turned downwards with plenty of room to go which suggests further selling. In the event of a price reversal, EOS will encounter strong resistance at $9 where it previously struggled to overcome the descending trendline.

ADA

ADA price chart

Following the direction of other altcoins, Cardano (ADA) is also down 9.42% today and currently trades at $0.129 which is below the $0.1350 support. The closest support after this is $0.1253. The 4-hour chart shows both the Stoch and RSI beginning to reverse to possibly rise from oversold territory as ADA has aroused purchasing interest below $0.13. As Bitcoin continues to fall, ADA could drop as far as $0.11 which would be a good point to open a position as ADA should recover to the $0.15 resistance with ease once the current clouds clear up.

XRP

At the moment, XRP is suffering as it has finally fallen below the all-important $0.45 support and is down 5.90% for the day. Both the 20 and 50-day MA are below the 100 MA suggesting further decline as the most likely outcome. Yesterday’s drop from $0.48 pushed XRP below the 61.8% Fib retracement level, along with the $0.47 support and the cryptocurrency closed below the 100-day MA.

At the moment, both the RSI and Stoch are in bearish territory and for the time being, we do not see any entry points that provide an attractive risk-reward scenario as XRP has failed to attract buying interest even below $0.45.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX and CoinMarketCap. The charts for analysis are provided by TradingView.]

Where do you think altcoin prices will go this week? Let us know in the comments below!


Images courtesy of ShutterStock, Tradingview.com

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Kvě 21

Wall Street Cryptocurrency Trading is Imminent, Former J.P. Morgan Exec Says

· May 20, 2018 · 7:00 pm

The cryptocurrency market continues to be a trending topic in the world of finance. However, the question remains; when will Wall Street banks begin crypto trading? The day is closer than we think, according to a former J.P. Morgan executive.


Big Banks to Start Trading Cryptocurrency Soon

Amber Baldet, formerly of J.P Morgan believes that the big banks will soon start trading cryptocurrency. She made this declaration during an interview with CNBC. According to her, such a move is even closer than many people think. This revelation holds a fair bit of weight given that it is coming from someone with insider knowledge of Wall Street.

Baldet used to head J.P Morgan’s blockchain division before leaving the bank in April. Goldman Sachs, another prominent Wall Street has already announced plans to establish a bitcoin trading service. When launched, it will be the first ever Wall Street crypto trading platform.

Amber Baldet

Baldet, however, identified some critical issues standing in the way of broader crypto adoption by big banks. Lack of regulatory clarity and problems concerning custodial services are among the main challenges preventing a greater institutional presence in the market. The major banks have no secure crypto custody framework at the moment. This lack of trusted safeguards for cryptocurrencies might soon be a thing of the past, however. Both Nomura and Coinbase announced last week that they were launching crypto custodial solutions.

Search Engine for the Blockchain Ecosystem

Baldet also spoke about her new venture since leaving Wall Street. The former J.P. Morgan executive unveiled Clovyr at the recently concluded Consensus conference in New York. Clovyr is designed to be an app store for blockchain DApps. Commenting on the project, Baldet said:

There’s no way to discover what’s out there right now; there’s no Google for finding applications. The ability to discover apps is helpful, but the ability to build them is also encompassed in there.

Thus, Clovyr is more than a blockchain search engine; it is also a platform that allows developers to create useful DApps. Baldet has a lot of experience with developing blockchain solutions. She was an essential member of the team that created J.P. Morgan’s legacy blockchain project, Quorum.

Will the entry of the likes of J.P Morgan and Goldman Sachs be a good thing for the crypto market? Please share your views in the comment section below.


Image courtesy of Twitter @AmberBaldet., Shutterstock

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Úno 06

FUD Storm Continues as China Steps Up Pressure Against Cryptocurrencies

· February 6, 2018 · 9:00 am

Following false fears of a Bitcoin ban in India, the FUD storm continues as China looks to completely eradicate cryptocurrency trading—but can they succeed?


Chinese FUD Strikes Again

It’s been a rough month for Bitcoin and the cryptocurrency market. The price of the dominant cryptocurrency has dropped below $8,000, and many altcoins have suffered even more significant losses, following a seemingly endless flood of FUD (Fear, Uncertainty, and Doubt) from mainstream media outlets.

Now, it appears the FUD of the day is that China, already notoriously unfriendly towards cryptocurrency, is ready to block all access to cryptocurrency trading websites and initial coin offerings (ICOs) by utilizing its notorious Great Firewall of China.

China

The troublesome story comes primarily from Financial News, a publication affiliated with the People’s Bank of China (PBOC), which is quoted as stating:

To prevent financial risks, China will step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs.

Since then, advertisements for cryptocurrencies have reportedly stopped appearing on both Baidu and Weibo—China’s largest search engine and social media platform, respectively.

Scaling the Wall

Though China continues to be an enemy of cryptocurrency, it remains to be seen whether or not their increased measures have a greater effect than their already-instituted domestic ban.

According to the South China Morning Post, the PBOC-affiliated article admitted that recent attempts to eradicate digital currencies by shutting down domestic exchanges haven’t worked as well as planned, quoting:

ICOs and virtual currency trading did not completely withdraw from China following the official ban … after the closure of the domestic virtual currency exchanges, many people turned to overseas platforms to continue participating in virtual currency transactions. Overseas transactions and regulatory evasion have resumed.

The Financial News’ article also spins the planned ban as being for the protection of the country’s citizens, stating:

Risks are still there, fuelled by illegal issuance, and even fraud and pyramid selling.

China has already banned ICOs and domestic cryptocurrency exchanges, but many eager investors inside the country have found workarounds. According to Donald Zhao, a Bitcoin trader who moved to Tokyo following China’s domestic ban, China’s new regulations might succeed in making it even harder for individuals to circumvent the law:

It is common for people to use VPNs [virtual private networks] to trade cryptocurrencies, as many exchange platforms relocated to Japan or Singapore … I think the new move literally means it would be even harder to circumvent the ban in China … people promoting related business programmes may be arrested.

Still, where there’s a will, there’s a way, and people who really want to trade cryptocurrencies will likely figure out how to do so in secret.

China

Though stricter regulations in China aren’t going to help the market recover any faster, it’s worth mentioning that other countries are set to benefit. According to Cathay Capital’s Ace Yang:

It’s positive news for Japan and Singapore, because demand for participating in trading is not diminishing and traders have got to go somewhere.

What do you think about China’s claim to increase measures against cryptocurrency trading? Do you think it will have any long-term effects, or is it just another case of FUD? Let us know in the comments below!


Images courtesy of Shutterstock, Bitcoinist archives.

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Zář 02

Commodities In Fashion: GoldMint Gives Stale Trading A Blockchain Facelift

· September 2, 2017 · 12:10 pm

Commodities were once synonymous with old money and the elite, but in the age of cryptocurrency, they are making an unstoppable comeback.

Commodities in the Age of Crypto

In 2017, commodity trading focused on precious metals particularly is becoming vogue once again – but this time for anyone with Bitcoin holdings.

While commodities naturally come in more forms than metals – energy and foodstuffs, for example – it is gold that has found a natural rebirth as a tandem partner with cryptocurrency owners.

Gold remains stable. Despite its comparatively underwhelming performance versus Bitcoin for shorters, the metal fundamentally serves its purpose as a shield from fiat controls.

“The broad masses of the population are interested in buying stable assets backed by real gold, as most local currencies experience a devaluation against the dollar. Use of Blockchain  technology simplifies this process and makes it more transparent for all participants,” Dmitry Pluschevsky, CEO of Blockchain-based gold platform GoldMint explained to Bitcoinist.

‘Backed By GOLD’

Stemming from the cryptocurrency industry, an increasing array of startups are offering investors exposure to precious metals through the medium of digital tokens instead of brokers and dealers.

GoldMint is positioning itself as a advancement which will revitalize the tired pawnbroker industry and its reputation, offering trading and storage of gold assets combined with a gold-backed digital asset, GOLD tokens.

The ecosystem is designed to be self-sufficient, swapping human links in the chain for Blockchain-powered automation, principally in the form of a so-called Custody Bot which creates an immutable record of every operation.

The machine functions are an automated pawnbroker, storing, inspecting and weighing gold while remaining independent of third parties using Blockchain-backed data.

“We think it is very important to have direct proof of the commodity backing tokens,” CTO Konstantin Pichugin continued.

“Let’s imagine there is no any proof-of-assets protocol. It means nobody really understand how much commodity we really have. In this case nobody will trust us. Such token will be the same as USDT and only people who love huge risk would use it.”

Marrying Digital Tokens With Commodity Support

The concept of a commodity backing digital tokens is already not entirely new. Bitcoin holders have long been able to use their digital assets to hold gold and even take physical delivery of ingots to cut out third party storage altogether.

Like legacy commodities trading, GoldMint also uses exchange-traded funds (ETFs) to facilitate investor exposure.

As Blockchain technology progresses at a record pace, however, so are the solutions it can support, making the GoldMint Custody Bot a newcomer to the gold industry.

“GOLD cryptoassets have to be considered as a hedging instrument,” Pluschevsky added.

“While almost all cryptocurrencies are very turbulent, GOLD cryptoassets backed with real gold bullions and ETF have extremely low volatility.”

The project is still in its infancy despite the technology rollout, however, and an ICO (link to the ICO page) on September 20 is intended to launch GOLD onto the world stage and fund the roadmap for the next few years.

Participants will receive bonus token allocations for early participation.

What do you think about commodity trading’s comeback on the Blockchain? Let us know in the comments below!


Images courtesy of

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Led 26

Venezuela Arrests 4 Bitcoin Miners as Trading Highs Continue

· January 26, 2017 · 6:00 am

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Venezuela has arrested a group of Bitcoin miners for allegedly “affecting stability” of the country’s electricity supply.


Thirsty Work Causes Problems for Miners

As reported in local news resource Criptonoticias, four people running 300 machines to mine bitcoins are now in custody in Charallave, Miranda province.

The Venezuelan Scientific, Penal and Criminal Investigation Corps said that the operation, which also involved the selling of bitcoins on the country’s border, was having a negative impact on the national grid.

conasgnb2

“The modus operandi of these citizens was as follows: through the Internet they had more than 300 miners Antminers to obtain Bitcoins, which they later monetized using a commercial website,” Corps director Douglas Rico commented.

They then went on to market them on the Colombian Venezuelan border in Cúcuta, affecting the consumption and stability of electricity services in the area.

Mining Becomes Gray Area

Facing crumbling finances and a currency shake-up, it is no surprise that the demand for bitcoins and the authorities’ urge to protect resources is resulting in clashes. Despite there being no explicit laws against Bitcoin mining in Venezuela, it appears that even a relatively modest setup can be enough to overstep the mark.

Images from the offenders’ Instagram account show them to be using Bitmain Antminers which “appear to be of the S4 model, while others appear to be SP31 / 35 of the deceased company Spondoolies Tech (sic),” Criptonoticias continues.

1414588500_antminer-05

It is reported that a previous arrest of Bitcoin mining personnel in March 2016 resulted in a three-month detention followed by release.

While Trading Breaks New Records

Strangely, it is not everywhere that Bitcoin usage is being singled out by law enforcement, despite the ongoing economic chaos in the area.

As Bitcoinist reported in December, one online travel agent has even opted to abandon Venezuela’s fiat currency, the Bolivar, altogether and accept only Bitcoin for payment. The company, Destinia, stated it “had decided to operate exclusively in Bitcoins in order to further facilitate reservations by local travelers.”

Trading volumes meanwhile also continue to strengthen in the face of factors affecting Bitcoin such as China. Data from Coin Dance based on Localbitcoins shows the week ending January 21 was one of the biggest on record for Venezuela, volumes advancing again following fervent activity around the new year period. 

coin-dance-localbitcoins-vef-volume-4

The trend is being broadly repeated across other South American markets, with Chile and Brazil also climbing throughout January.

What do you think about the authorities’ arrests of Bitcoin miners in Venezuela? Let us know in the comments below!


Images courtesy of Shutterstock, Coin.dance, cryptomining.net, g4svenezuela.wordpress.com

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Dub 13

CEX.IO Adds USD and BTC Ethereum Trading Markets

Source: bitcoin

Bitcoinist_Ethereum

Many people know CEX.IO as a platform to buy and sell Bitcoin in exchange for various fiat currencies. But the company recently announced a new addition to this platform in the form of Ethereum trading. This modern digital currency can be traded against both Bitcoin and the US Dollar as of today.

Also read: BIT.AC Launches Innovative Multi-Currency Crypto Wallet Platform

CEX.IO Adds Ethereum Trading Markets

It is always positive to see digital currency exchange platforms expanding their offerings, and CEX.IO is doing exactly that. The addition of Ethereum to their list of tradeable currencies is quite noteworthy, as users will be able to trade ETH against both Bitcoin and the US Dollar from now on.

In doing so, CEX.IO joins a growing list of digital currency exchange platforms which have added Ethereum trading in recent times. Bitfinex, one of the world’s largest Bitcoin exchanges, gave in and added ETH trading a few weeks ago, which was followed by exchanges in Korea and Japan shortly afterwards.

The CEX.IO exchange is keeping tabs on the current trends and demands by digital currency traders, and the addition of two ETH trading markets seems to be a smart decision. Bearing in mind how platform users can use their plastic cards to buy digital currency, this news opens up exciting opportunities for the Ethereum community.

Keeping in mind how the Ethereum price is currently in a slump, it will be intriguing to see how this decision by CEX.IO will play out in the long run. Digital currency traders have been selling their Ethereum across all exchanges for the past few days, which has lead to a decrease in overall market capitalization. However, Ethereum remains the second largest digital currency in the world, according to its market cap.

The biggest interest in the Ethereum ecosystem comes from developers who are exploring blockchain technology and smart contracts. The Ethereum ecosystem seems to lend itself towards the developer crowd, and CEX.IO decided it would be a good idea to add ETH trading and give everybody a chance to buy some Ether through convenient payment methods.

Based on the information we have received, CEX.IO servers over half a million users to this very date. Although the company has pivoted from their initial cloud mining business model, the exchange side of things appears to be a lot more lucrative for the UK-based company. Moreover, the platform is available in over 95% of the countries around the world, although availability in the US is limited due to FinCEN regulatory requirements.

What are your thoughts on CEX.IO adding Ethereum to their trading markets? Let us know in the comments below!

Source: Press Release Via Email

Images courtesy of Forex Bitcoin News, CEX.IO

The post CEX.IO Adds USD and BTC Ethereum Trading Markets appeared first on Bitcoinist.net.

CEX.IO Adds USD and BTC Ethereum Trading Markets

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Úno 16

BitMEX Adds China A50 Bitcoin Futures To Its Offerings

Source: bitcoin

Bitocinist_Futures Contract

Bitcoin traders have been reaping the benefits of arbitrage opportunities for many years now. In fact, there is a growing need for arbitrageurs and market makers, as they are the main providers of liquidity in any financial context. BitMEX, a platform specialized in trading Bitcoin derivatives, has integrated Bitcoin futures contracts with China stocks. This is a major step forward for the legitimacy of Bitcoin as a viable trading tool, both for investing and speculation across other markets.

Also read: Bitcoin Liquidity: Why Are we so Stingy?

China A50 Bitcoin Futures On BitMEX

It goes without saying that Bitcoin and traditional financial trading platforms could prove to be a very potent mix. The popular digital currency providers arbitrage opportunities to anyone in the world with an Internet connection. Traditional finance, on the other hands, is a vastly different creature, as not everyone can start trading futures on the China A50.

But that is no longer an issue, thanks to BitMEX and the Singapore Exchange. Especially this latter party deserves a bit of praise, as they launched a futures contract in USD on the FTSE China A50 Index a few years ago. If this foundation had not been available, BitMEX would not have been able to provide this type of functionality to its users today.

Investors have been jumping at the bit for an opportunity to go long or short on the Chinese market, and Singapore Exchange has provided them with exactly that opportunity. Particularly in these days of market volatility, there is plenty of liquidity to be found where these futures contracts are concerned.

BitMEX decided to jump on this opportunity and put Bitcoin in the mix of China A50 futures contract trading. By copying the contract terms of the same product offered by the Singapore Exchange, BitMEX opened the doors for traders with access to the SGX platform to diversify their trading strategies with Bitcoin. It hardly comes as a surprise to learn many Bitcoin users have been waiting for a hybrid futures contract option such as this one.

One thing to take into account is how the BitMEX China A50 futures contract will be open for trading 24/7. However, market makers will only be able to use the SGX futures price as BitMEX price during trading hours, which range from 00:45 AM to 6:00 PM in the GMT timezone. A detailed table of trading hours can be found here.

But There Is More!

As most market makers will be well aware of, the China A50 futures market is not accessible 24/7. During the “ceased trading” periods on SGX, BitMEX users will be able to choose from other China ETFs to trade with. However, there will be a certain period every day where no product is being traded using the China A50 as an underlying. If all goes to plan, this gap will be filled in the coming years, assuming BitMEX futures contracts become the new leading market indicator by then.

Last but not least, BitMEX has come up with a plan to incentivize traders to provide liquidity on this new futures contract. Passive and makers orders will both be subject to a trading rebate, and makers will earn a 0.10% “commission” on the Bitcoin value of their orders on each individual fill.

What are your thoughts on BitMEX offering futures contracts linked to the China A50? Let us know in the comments below!

Source: BitMEX

Images courtesy of Shutterstock, BitMEX

The post BitMEX Adds China A50 Bitcoin Futures To Its Offerings appeared first on Bitcoinist.net.

BitMEX Adds China A50 Bitcoin Futures To Its Offerings

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