Day: November 4, 2017

A bull divergence is what is common across all these alt coin pairs. It is even clearer in Monero and NEO where price action is trending from overbought territory and accompanied by a clear sell signal. Let’s review what happened in other alt coin pairs:

BEAR OVER-EXTENSION  IN NEM ALT COIN CHART

After NEM prices closed below the lower BB on November 2, price was overextended and is now correcting following that slide that begun on October 31.

Because this NEM appreciation might end up as a retest of  resistance trend line and a continuation of the larger bear trend as per the weekly chart, I recommend long entries to take advantage of this correction.

There is a buy signal in place and the two previous candlesticks are confirming higher highs relative to the lower BB after that over-extension. Also note the volumes driving this NEM rise is above the daily average. That gives this NEM appreciation some legitimacy.

BULL DIVERGENCE CLEAR IN DASH ALT COIN  CHART

Our main support line at $250 is firm and while DASH sunk below $230 yesterday, its close was above $250 which is important for DASH bulls.

Price action and candlestick characteristics shows that November 1 to 3 forms a morning star pattern. A clear price action relative to stochastics bull divergence pattern is also clear. All these technical patterns hint of DASH pressure which is important for bulls.

Also, note how November 2 and 3 volumes were above the daily averages and drove prices higher as a result.The 20 period MA and the resistance trend line are still significant for DASH bulls. If there is a break above, then DASH bulls should enter long.

SUPPORT RETEST IN IOTA ALT COIN TRADING CHART

IOTA is barely 5 months old and after testing $1.3 on launching week, alt coin IOTA is trading 77% below its highs. USD bull pressure is driving prices lower below our main support line at $0.38.

Notice that price action have been on this same level 5 times and alt coin IOTA end up appreciating thereafter. Initiating a trade at this precarious point without a break out will be careless. Note those two different Morning Star patterns between October 21 and 24 and November 1 and 3. In both instances  stochastics buy momentum is building up.

Price action is trending within a wedge. Therefore, I shall wait for a break and close above resistance trend line and 20 Period MA at $0.43 and buy IOTA.

 SUPPORT RETEST  IN MONERO ALT COIN CHART

Yesterday, further alt coin Monero depreciation anchored on two things. The first was dependent on the ability of Monero bulls to break and close above the 20 period MA given that stochastics is now in the oversold territory.

Monero did appreciate moving $14 in the process as bull volumes countered November 2 bear pressure. So with these two pin bars closing above $80 support , it looks likely that the BB squeeze shall continue.

Technically, the higher time frame is bearish and a clear pin bar is present after last week’s close. That was confirmed by this week’s lower lows in the daily chart. However, as it is, the 20 period MA remains a bear barrier and is definitive for USD bulls.

Fact is, that $100 surge in week ending August 21 still confines price action. The base of this bull flag is at $72. It is also a point of confluence with the 20 period MA.  So going forward, we pay close attention to candlestick characteristics contributing to any break below $80 in the daily chart.

BULL DIVERGENCE CLEAR IN NEO ALT COIN  CHART

From a top down approach, $24 remains a strong support level both in the weekly and daily charts. That level was broken on November 2 and right now, alt coin NEO is retesting the 20 period MA and probably the resistance trend line.

Because of that surge lower and the fact that price action is playing within a break out strategy, USD bulls should wait for short entries. It is a conditional entry.  Bear entry will happen as long as there is a stochastics sell signal turning from the overbought territory.

That is not the case now. In fact after that bear pressure eroding $9 off NEO price, a bull divergence followed through with a buy signal.

All charts courtesy of Trading View

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One of the largest bitcoin wallet providers in the world, Blockchain, has announced its plans for the upcoming Segwit2x fork. After block 494784 takes place on the network, the firm has decided it will follow the chain with the most accumulated difficulty.

Also read: Blockchain Wallet Adds the Ability to Exchange and Store Ether

Blockchain: ‘Segwit2x Is a Capacity Upgrade’

Blockchain is one of the oldest bitcoin wallet providers in the industry, servicing over 18 million issued wallets. This week the company has revealed its contingency plans for the Segwit2x block size increase. According to the wallet provider, Segwit2x is “essentially a software upgrade that will bring improved capacity to the Bitcoin protocol.” Blockchain says the team is working 24-7 to make sure users’ funds will be protected and safe throughout the fork. In order to ensure safety, the wallet service says specific features will be inoperable for a period of time.       

“To keep your funds safe while the network is in transition, we will temporarily suspend bitcoin send, request, buy, sell, and exchange functionality roughly 24 hours before the time of the fork until the network stabilizes,” explains Blockchain.

Blockchain’s Services Will Follow the Chain With the Most Accumulated Difficulty

The company explains there is no immediate action required by users but does advise them to make sure they have saved their passwords and seed phrases. Additionally Blockchain acknowledges the chance of a blockchain split resulting in two tokens and separate networks. The firm has decided on the token names and which chain it will support after the fork.

“There is a significant possibility that the planned hard fork will result in two bitcoin blockchains,” Blockchain emphasizes. 

In this case, we will follow the chain with the most accumulated difficulty and refer to that chain as bitcoin. If the minority chain has significant value, we will make that value available for customers to hold or exchange for a period of time, as we have done with Bitcoin Cash. If the minority chain is the one with 1MB blocks, we plan to call it BT1. If the minority chain has 2MB blocks, we plan to call it BT2.

The Firm Will Temporarily Suspend Transactions

The London-based company further explains users will be able to view their bitcoin holdings, but Blockchain will “temporarily suspend transactions for bitcoin.” Moreover, even though the platform’s buy and sell functionality will be suspended, the firm notes Blockchain wallet users can transact with ethereum during the fork. In addition to the Segwit2x contingency plan announcement, the company has created a “status page” called blockchain-status.com. A place where Blockchain wallet users can get regular updates concerning the pending fork alongside other announcements in the future.

What do you think about Blockchain’s decision to follow the most accumulated PoW? Let us know what you think in the comments below.  

Images courtesy of Shutterstock, and Blockchain.

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The post Blockchain Announces Service Plans for Segwit2x appeared first on Bitcoin News.

As was somewhat expected, the Bitcoin bulls have finally calmed down a bit. After some spectacular gains all week, the weekend will seemingly bring the opposite. Although losses are still minimal, it is evident there will be some changes moving forward. The Ethereum price, on the other hand, is approaching US$300 again. It has been a rough week for the second-largest cryptocurrency by market capitalization.

Ethereum Price is Heading North Again

Whenever the Bitcoin price goes up – or down, for that matter – altcoins will inevitably suffer. Strong Bitcoin price gains have made the world’s second-largest cryptocurrency by market cap almost look like play money. More specifically, not too long ago, there were discussions regarding Ethereum potentially surpassing Bitcoin in terms of its market cap. Those plans – known as the flippening – have been thrown out the window completely for the time being.

More specifically, Bitcoin’s market cap is almost seven times larger than Ethereum’s right now. However, that doesn’t mean the Ethereum price can’t make a strong comeback and close that gap over time. To that end, we’ve seen a 2.06% Ethereum price increase over the past 24 hours. That may not be all that spectacular to the untrained eye, but there are very few coins reporting bigger gains right now. The 3.56% gain against Bitcoin itself shouldn’t be overlooked either by any means.

The past week has been pretty rough for the Ethereum price overall. More specifically, there was no real stable ground all week, despite an extended period above US$304 a few days ago. Over the past 48 hours, the Ethereum price has dipped again and reached a low of US$282.5. These woes are seemingly behind us now that the price is heading back to the US$300 mark. This doesn’t mean we will see the Ethereum price suddenly stabilize, though.

One thing clearly working in Ethereum’s favor is its increased trading volume of late. On any other day, a volume of nearly US$600 million would seem pretty spectacular for an altcoin, but things have changed a lot. During its recent uptrend, Bitcoin has generated between 3 and 4 billion USD in volume per day. This makes Ethereum pale in comparison, although things are slowly changing in favor of this digital currency again. If the volume were to pick up a bit more, we might see some price stability achieved above the US$300 mark before the weekend is over.

Bithumb is dominating most altcoin markets in terms of trading volume these days. The same applies to Ethereum, as this Korean exchange is generating over 12% of all trades. Bitfinex and Poloniex complete the top three, with no other platform coming close right now. It is also worth mentioning all Korean exchanges currently value Ethereum at over US$300. This may be a sign of things to come, although there have always been minor price discrepancies across exchanges.

In the end, it is hard to predict where the Ethereum price is headed next. There will be some momentum to carry it over US$300 sooner or later. Maintaining that value while Bitcoin is still going strong – despite a small dip – will be a very tough challenge. This weekend may prove to be rather interesting when it comes to cryptocurrency trading, as everything is possible and nothing has been set in stone. A volatile weekend may be the only logical outcome, although it is still too early to make accurate predictions.

Coinbase became the first unicorn of the crypto industry after it raised $100 Mln in August 2017. The number of users of Coinbase has already doubled in 2017 to reach 11.9 mln users.

The largest futures market in Argentina, called Rofex, will begin offering futures trading by the end of the year.