Mastodon

Bitcoin Price Watch; Here’s What We Want To See Today

The week is pretty much over now and it’s time to take a look at how action over the last three or four days has brought us to where things trade right now in the bitcoin price in an attempt to try and figure out a strategy moving forward into the European session today and, … Continue reading Bitcoin Price Watch; Here’s What We Want To See Today

The post Bitcoin Price Watch; Here’s What We Want To See Today appeared first on NEWSBTC.

The week is pretty much over now and it’s time to take a look at how action over the last three or four days has brought us to where things trade right now in the bitcoin price in an attempt to try and figure out a strategy moving forward into the European session today and, beyond, into the late US session this evening.

Anybody who has been with us all week will know that we have relished in the volatility that price has presented us this week, given the fact that said volatility often serves up plenty of opportunities to jump in and out of the markets according to the rules of our intraday strategy.

However, it can be a double-edged sword.

Sometimes, when we get volatility like this, it is choppy enough to mean that we get repeated stop loss hits and – in turn – get pushed out of the market frequently.

So, the hope is that we will see continued volatility but also some sustained momentum post-breakout, which will allow us to clear some nice trades as the session matures today.

With this in mind, let’s get some levels in place that we can use going forward. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand and where we are looking to jump in and out of the markets according to the rules of our intraday strategy. It is a one-minute candlestick chart and it has our range overlaid in green.

As the chart shows, the range we are looking at for the session today comes in as defined by support to the downside at 7180 and resistance to the upside at 7234.

We will enter long on a close above resistance towards a target of 7260. Conversely, we will enter short towards a downside target of 7130 if we see a close below support. Stops on both positions will ensure we are taken out of the trades if things turn against us.

Charts courtesy of Trading View

The post Bitcoin Price Watch; Here’s What We Want To See Today appeared first on NEWSBTC.

Ethereum to ICOs: You’re Doing It Wrong

Ethereum devs have harsh words for many ICO launches, but outline the steps issuers can take to make their projects less sketchy.

Ethereum devs have harsh words for many ICO launches, but outline the steps issuers can take to make their projects less sketchy.

NEO ABOVE $30 RESISTANCE ZONE AS SEGWIT 2X IS PUT OFF (November 10, 2017)

After impressive rallies, alt coin DASH and Monero are testing critical resistance levels. Of course this pump is largely because of that aborted Bitcoin Segwit 2X hard fork after lack of consensus. Should price action close above these levels, then we expect more bull pressure to build up. Here is a review of other alt … Continue reading NEO ABOVE $30 RESISTANCE ZONE AS SEGWIT 2X IS PUT OFF (November 10, 2017)

The post NEO ABOVE $30 RESISTANCE ZONE AS SEGWIT 2X IS PUT OFF (November 10, 2017) appeared first on NEWSBTC.

After impressive rallies, alt coin DASH and Monero are testing critical resistance levels. Of course this pump is largely because of that aborted Bitcoin Segwit 2X hard fork after lack of consensus. Should price action close above these levels, then we expect more bull pressure to build up. Here is a review of other alt coin price action.

ALT COIN NEM BROKE ABOVE RESISTANCE $0.20

alt coin NEM Daily chart
NEMUSD Daily Chart for 10.11.2017

Alt coin NEM bullish momentum continued after November 9 surge and close above $0.20. Because of NEM breaching the 20 period MA and the main support line, testing of this bullish momentum was necessary.

The resulting bullish confirmation moved NEM $0.05 to the upside and tested the main resistance trend line at $0.23. In sync with our prediction, the lower limit of the bull target at $0.22 has been hit as a result.

Should alt coin NEM bulls extend their rally and price close above $0.22, the upper limit at $0.25 looks feasible.

ALT COIN DASH DASH IS TESTING $335 THE LOWER LIMIT OF RESISTANCE ZONE

alt coin DASH Daily chart
DASHUSD Daily Chart for 10.11.2017

Because there is a break above resistance line at $300, alt coin DASH bulls are rallying. Bull momentum is high and alt coin DASH price action is trending along the upper band of the diverging BB.

Pasting the Fibonacci retracement tool between August and September Hi-Lo, we notice that the zone between $335 and $370 represents a 60%-80% correction from September lows of $220. As such, there must be some reaction. A sell signal at 38.2% or 23.6% Fibonacci retracement levels is definitely a hint of USD bull pressure.

Overly, we remain bullish as the weekly chart price action charted higher after bouncing off the 20 period MA main support line.

KEY RESISTANCE LEVEL ABOVE $0.50 BROKEN BY IOTA

alt coin IOTA Daily chart
IOTUSD Daily Chart for 10.11.2017

IOTA as a digital asset is at very important price levels. Remember since the alt time highs of $1.3, it is trading at less than 30% of its original price and this is awesome if you want to invest long term.

Buying now means that you are getting this token on a discount. Technically, alt coin IOTA achieved another milestone after breaking above $0.50 resistance level. As previous price action shows, this was a level of resistance at October 12 and 24. $0.50 was also previous support between September 16 and 22.

If alt coin IOTA bull pressure continues, the likelihood of take profit execution at   $0.61 is high.

AFTER CLOSING ABOVE BB SQUEEZE, MONERO IS $34 SHY OF $155

alt coin Monero Daily chart
Monero Daily Chart for 10.11.2017

First thing first, after alt coin Monero price action broke and closed above the squeeze at $100, it has gained a massive $18. At current prices, it is $34 shy from $152 all times high.

Most importantly, price action closed above the resistance line connecting August 28 and September 2 highs at $114. It is worth noting that alt coin Monero price action found significant support at $80. This perfect anchor was also the 23.6% of August September Hi-Lo retracement between $152 and $62. Historical price action behavior shows that any bounce off the Fibonacci 23.6% leads to a retest of the 100% level.

In our case that is August highs at $152. Before then, we should anticipate resistance at around $133.  But since buy momentum is high, buyers should move their stop loss to break even.

NEO IS TRADING ABOVE BULL FLAG PRICE RANGE

alt coin NEO Daily chart
NEOUSD Daily Chart for 10.11.2017

Alt coin NEO bull pressure continue to push prices higher with yesterday’s closing above the main resistance line at $32.

In fact that is above the upper limit of our resistance zone of $30. Additionally NEO price action shows that $32 is a close above the bull flag. This flag has been confining prices between October 2 highs of $40 and November 3 lows of 24.

Immediate bull target is at $40 but there is a chance that alt coin NEO might test the 161.8% Fibonacci extension level at $55 drawn between $40 and$13 Hi-Los. Coincidentally, that is NEO’s all time highs of $55.

All charts courtesy of Trading View

 

The post NEO ABOVE $30 RESISTANCE ZONE AS SEGWIT 2X IS PUT OFF (November 10, 2017) appeared first on NEWSBTC.

Bitcoin: The World’s Most Dramatic Bubble Ever? – Wall Street Journal


Wall Street Journal

Bitcoin: The World’s Most Dramatic Bubble Ever?
Wall Street Journal
First it was tulips. More recently it was tech stocks and then the housing market. Lately, it’s all about bitcoin. All four share a common denominator: They suffered through financial bubbles, or bubble-like conditions. The first three ended badly. The

and more »


Wall Street Journal

Bitcoin: The World's Most Dramatic Bubble Ever?
Wall Street Journal
First it was tulips. More recently it was tech stocks and then the housing market. Lately, it's all about bitcoin. All four share a common denominator: They suffered through financial bubbles, or bubble-like conditions. The first three ended badly. The ...

and more »

It is Highly Inaccurate to Describe Bitcoin as a Bubble, Here’s Why – Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)


Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)

It is Highly Inaccurate to Describe Bitcoin as a Bubble, Here’s Why
Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
Many public figures in the traditional financial sector including JPMorgan CEO Jamie Morgan have criticized Bitcoin, describing it as a bubble. However, because of its decentralized, mathematical and transparent nature, it is highly inaccurate to call
Bitcoin May Be In A Bubble But Blockchain Is Here To StaySeeking Alpha

all 6 news articles »


Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)

It is Highly Inaccurate to Describe Bitcoin as a Bubble, Here's Why
Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
Many public figures in the traditional financial sector including JPMorgan CEO Jamie Morgan have criticized Bitcoin, describing it as a bubble. However, because of its decentralized, mathematical and transparent nature, it is highly inaccurate to call ...
Bitcoin May Be In A Bubble But Blockchain Is Here To StaySeeking Alpha

all 6 news articles »

It is Highly Inaccurate to Describe Bitcoin as a Bubble, Here’s Why

Analysts are quick to claim that anything is a bubble, given its rapid increase in value and exponential growth rate. But was it true with Amazon, Tesla and Bitcoin?

Analysts are quick to claim that anything is a bubble, given its rapid increase in value and exponential growth rate. But was it true with Amazon, Tesla and Bitcoin?

BitGo Engineer: Customers are Saving $100,000 in Bitcoin Fees Due to SegWit

Jameson Lopp, a prominent bitcoin developer and lead engineer at BitGo, revealed that some of the largest customers using bitcoin and blockchain security services of BitGo are saving as much as $100,000 on a monthly basis in transaction fees due to SegWit. Our largest customers who have upgraded to SegWit are saving nearly $100,000 a … Continue reading BitGo Engineer: Customers are Saving $100,000 in Bitcoin Fees Due to SegWit

The post BitGo Engineer: Customers are Saving $100,000 in Bitcoin Fees Due to SegWit appeared first on NEWSBTC.

Jameson Lopp, a prominent bitcoin developer and lead engineer at BitGo, revealed that some of the largest customers using bitcoin and blockchain security services of BitGo are saving as much as $100,000 on a monthly basis in transaction fees due to SegWit.

Does SegWit Actually Decrease Transaction Fees?

By reducing the size of bitcoin transactions, SegWit decreases fees by at least 35 percent, as major bitcoin hardware wallet manufacturer Ledger revealed.

“When computing a Segwit signature, the previous transactions do not need to be processed by the device, and each input is only processed once during the signature process, leading up to a 60% time optimization in the signature process. Segwit introduces the concept of block weight which changes the way the transaction size is computed by splitting the signatures in a different area — you can typically save 35% of the fee paid when sending a transaction immediately,” explained the Ledger development team.

Bitcoin users depending on SegWit-enabled platforms such as Ledger, Trezor, and ShapeShift likely have experienced substantial decrease transaction fees and overall optimization of the bitcoin blockchain over the past few weeks. Most recently, ShapeShift became one of the leading bitcoin service providers and exchanges to integrate SegWit, which has had a major impact on the adoption of SegWit as ShapeShift processes around three percent of the bitcoin network’s transactions.

Transaction fees of bitcoin are still high because the adoption of SegWit has been stalled by major bitcoin and cryptocurrency businesses that have not integrated SegWit upon its release. Unlike Ledger and Trezor, some of the most widely utilized bitcoin wallet and trading platforms such as Blockchain and Coinbase have not implemented SegWit.

Blockchain CEO Peter Smith Does Not See Scaling in SegWit

Earlier this week, Peter Smith, the CEO at Blockchain, the most popular bitcoin wallet platform in the bitcoin industry, criticized the “centralization of bitcoin” and expressed his unenthusiastic stance towards SegWit.

Smith stated:

“Trend over last few years in bitcoin is increasing centralization. More coins within fewer entities / systems, fewer mining hw manufactures & pool ops, fewer Core devs with decision making agency. Sadly, likely trend will accelerate partly due to high fees and other system pressures.”

In a response to Alan Silbert’s inquiry on Blockchain’s process of integrating SegWit, Smith added, “Where are these lower fees? BitGo has SegWit. BitGo customers still paying higher fees than pre-SegWit.”

However, the statement of Smith was immediately refuted by BitGo lead engineer Lopp, who emphasized that the company’s customers have been saving $100,000 per month with BitGo’s SegWit-enabled bitcoin transaction processing platform.

Evidently, in the upcoming months, as the bitcoin price increases exponentially and the user base of bitcoin rises at an unprecedented rate, on-chain scaling will be necessary to further decrease bitcoin transaction fees. But, since SegWit was activated as a scaling solution, the industry should at least attempt to see SegWit through by integrating it and optimizing the bitcoin blockchain.

The post BitGo Engineer: Customers are Saving $100,000 in Bitcoin Fees Due to SegWit appeared first on NEWSBTC.

Ethereum Classic Price Technical Analysis – ETC/USD’s Steady Uptrend

Key Highlights Ethereum classic price is in a slow and steady uptrend above the $14.50 level against the US Dollar. This week’s highlighted major bullish trend line with current support at $14.40 is intact on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair might continue to move higher and it … Continue reading Ethereum Classic Price Technical Analysis – ETC/USD’s Steady Uptrend

The post Ethereum Classic Price Technical Analysis – ETC/USD’s Steady Uptrend appeared first on NEWSBTC.

Key Highlights

  • Ethereum classic price is in a slow and steady uptrend above the $14.50 level against the US Dollar.
  • This week’s highlighted major bullish trend line with current support at $14.40 is intact on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair might continue to move higher and it will most likely break the $15.20 resistance.

Ethereum classic price is slowly moving higher against the US Dollar and Bitcoin. ETC/USD might soon break $15.20 for more gains.

Ethereum Classic Price Trend

This week, we saw an upside break above $13.00 in ETC price against the US Dollar. The price was even able to break the $14.00 and $14.50 resistance levels. A new high was formed above the $15.00 handle before the price started a downside correction. It traded sharply lower and moved below the $14.00 handle. However, the downside move was limited by the $13.20 support area.

ETC price is now again moving higher and is trading above the 50% Fib retracement level of the last decline from the $15.16 high to $13.20 low. The best part is the fact that this week’s highlighted major bullish trend line with current support at $14.40 is intact on the hourly chart of the ETC/USD pair. The pair is placed well above $14.50 and the 100 hourly simple moving average, which are positive signs. As long as the pair is above $14.00, it is likely to move back above $15.00.

Ethereum Classic Price Technical Analysis ETC USD

It could even break $15.15 and $15.20 for more gains toward $15.50 in the near term. Later, the price might trade towards the $16.00 handle during the coming days. Therefore, the overall trend is positive above the $14.40 support in the short term.

Hourly MACD – The MACD for ETC/USD is placed well in the bullish zone.

Hourly RSI – The RSI for ETC/USD is currently well above the 60 level.

Major Support Level – $14.40

Major Resistance Level – $15.20

 

Charts courtesy – Trading View, Kraken

The post Ethereum Classic Price Technical Analysis – ETC/USD’s Steady Uptrend appeared first on NEWSBTC.