Day: November 15, 2017

Hello and welcome to News BTC’s Market Outlook November.

ETH/USD

Ethereum continues to run to the upside during the trading session on Wednesday, but the $340 level looks to be offering a bit of resistance. Because of this, I think a pullback might be necessary, but that pullbacks should only offer a fresh buying opportunity. I believe that the $312 level will now offer a bit of a “floor” in the market, and that we should go looking towards the $350 level above.

ETH/BTC

Ethereum initially fell against Bitcoin during the day, but you can see we are starting to turn around near the 0.046 region. By doing so, looks as if we’re going to try to fight our way to the upside, but I think now we are entering a potential consolidation area between the 0.045 level on the bottom, and the 0.053 level on the top.

Thanks for watching, I’ll be back tomorrow.

The post ETH/USD and ETH/BTC Technical Analysis November 16 2017 appeared first on NEWSBTC.

Tezos, a company with over half a billion dollars in crypto assets, have been rocked by yet another lawsuit. Following a record-breaking ICO four months ago, founders Arthur and Kathleen Breitman have endured a torrid time after falling out with the head of the Tezos Foundation. Concerned investors filed a class action lawsuit on October 25. Now, it’s emerged that a second suit has been filed in Florida.

Also read: Parity Disable Multi-Sig in the Wake of Bug That Nuked $168 Million Ether

When ICOs Go Wrong

When husband and wife team Arthur and Kathleen Breitman raised $232 million in a high profile token sale this year, they were hailed as paragons of success. Their decentralized governance model was going to be the benchmark against which future tokenized projects would be measured. Following a well-publicized fallout with Tezos Foundation overseer Johann Gevers, however, the project became embroiled in controversy.

Investors, who were promised a stake in “a new digital commonwealth”, are still waiting for their decentralized wonderland to materialize. Frustrated and fed up, a group of them have lost patience and filed a class action lawsuit, the second to be leveled against the Breitmans in three weeks. The Tezos lawsuit, which was filed in a U.S. District Court in Florida, alleges that the couple sold unregistered securities in violation of federal law.

Court In The Act

With SEC chairman Jay Clayton recently opining that the majority of ICOs constitute securities, Tezos’ plaintiffs may have a prima facie case. In a wide-ranging complaint, the Breitmans, the Tezos Foundation, and Dynamic Ledge Solutions, the company which owns Tezos’ intellectual property, are all cited as defendants.

The damning complaint reads:

Notwithstanding the defendants’ attempts to avoid governmental and private scrutiny, it is clear that the financiers were indeed profit-seeking investors in a security and that Defendants promoted and conducted an unregistered offering of securities, not a charitable fundraiser.

It also cites “many misrepresentations, factual omissions and unlawful activities engaged in by the defendants – it appears [the plaintiffs] cannot, and potentially will not, see any return on their investments”.

They Were Promised Tezzies But Wound Up With a Tote Bag

In a quote that has come back to haunt Kathleen Breitman, the project founder likened the company’s fundraiser to contributing to a public television station. Dismissing suggestions that “Tezzies” tokens could be securities, she said it was more like receiving “a tote bag”. With the Tezos project yet to get off the ground, and investors forced to watch in anguish as the cryptocurrencies they parted with appreciate in value, the event has cast a shadow over 2017’s ICO bonanza.

The $232 million of ethereum and bitcoin that Tezos raised back in July would be worth $590 million at today’s prices. There should be more than enough in the pot to cover legal fees and compensation, should the courts find against Tezos in either of their impending lawsuits. Whatever the outcome, the experience has left a bitter taste in the mouths of investors.

Do you think investors are right to file a class action lawsuit? Let us know in the comments section below.

Images courtesy of Shutterstock, and Tezos.

The post Half a Billion Dollar ICO Tezos Stung by Second Lawsuit in Under a Month appeared first on Bitcoin News.

Hello and welcome to News BTC’s Market Outlook November.

BTC/USD

Bitcoin exploded to the upside yet again on Wednesday, slicing through the $7000 level. However, there is a lot of noise extending to the $7600 level, and it does look like we are getting a bit overbought on the 4-hour chart. With the stochastics crossing in the overbought zone, I suspect that it’s only a matter of time before we do pull back. I look at these pullbacks as buying opportunities, and believe that the $6500 level will offer a bit of a “floor” below.

BTC/JPY

Bitcoin rallied against the Japanese yen as well, breaking above the ¥800,000 level. We do look a little stretch now here as well, and I see that we are trying to form a shooting star on the 4-hour chart. Because of this, we will probably get a pullback, but I would anticipate that there should be plenty of buyers below, especially near the ¥775,000 level.

Thanks for watching, I’ll be back tomorrow.

The post BTC/USD and BTC/JPY Technical Analysis November 16 2017 appeared first on NEWSBTC.

IOTA rally was perhaps November 15 highlight. Price action gained $0.18 by the end of the day. NEM, Monero, NEO and DASH were whipsawing with bull and bear pressure cancelling each other out.

Let’s look at the charts:

NOVEMBER 12 HI-LO DEFINES NEM SHORT TERM TREND

The Hi-Los of November 12 continues to define price action over the last 4 days. In essence, NEM price action around the 20 period MA and the main support or resistance line at $0.20 is important.

So far, there have been a break and close above the two resistances. What will be important especially today is if price action will confirm yesterday’s bull candlestick and close above the minor $0.7 range or if it will reverse lower.That has not been made clear by price action.

Nevertheless, intraday traders should continue taking long positions in shorter time frames.

USD AND DASH BULLS FIGHT FOR CONTROL

What we are seeing in the daily chart is a balanced price action. DASH and USD bulls are cancelling as revealed by November 14 and 15 dojis. It’s worth noting that this is happening at resistance zone with clear lower lows relative to the upper BB.

Secondly, despite the bearish pressure and a stochastic sell signal in place, the support line or August’s highs at $405 remains intact. At the moment we recommend patience and if USD bulls push DASH prices below $400, we initiate sells and sync with the short term trend.

However, be ready to buy anywhere around the marked between $370 and $410. Conversely and this is desirable, if there is a break above $435, we go long and be in sync with the main bull trend defined last week.

IOTA RALLY AND GAIN $0.18

As per our recommendation, IOTA demand triggered our set buy stops. The weekly chart defines our trend according to our stochastics default settings.

It’s obvious that bullish momentum is strong but buying IOTA now is buying at  peaks. If you didn’t catch the last week’s rally, wait until a buy signal is shows say in the 4HR chart. Ideally, that should be at around $0.60-$0.64 support line.

ALT COIN MONERO FINDING BALANCE AT AROUND $120

Monero bulls should just wait for a buy signal at support zone and be in sync with the general bull pressure in the weekly chart.

If today’s price fails to close below September 14 and October 25 highs of $120, bull pressure is evident. In that case,buy stops should be at $130. Overly, USD bulls are pushing Monero prices towards equilibrium as we can see with these lower highs and minor divergence after November 10.

In a case where Monero trickles lower, the Fibonacci retracement price levels at around $012 and $110 shall form our minor buy zone.

NEO BULLS ARE IN CHARGE AND ABOVE MAIN RESISTANCE LINE

Despite the whipsaws, there are two bullish formations that maintain our bullish skew especially for intraday traders.

First, NEO price is above the main resistance trend line. Secondly, price action is above the 20 period MA with bullish momentum as stochastic shows.

Trend traders should wait for a break away from this $10 range. On the same vein, intraday traders should continue buying as long as price action is above $25.

All charts courtesy of Trading View

The post ALT COIN IOTA RALLY. GAINS $0.18 appeared first on NEWSBTC.

‘Big four’ consulting firm KPMG has announced it is joining the industry trade group, the Wall Street Blockchain Alliance.

Key Highlights

• ETH price is correcting lower and is currently trading near a major support at $326 against the US Dollar.
• Yesterday’s highlighted major bullish trend line with current support at $326 is intact on the hourly chart of ETH/USD (data feed via SimpleFX).
• The price should hold the trend line support near $326 to remain in the bullish zone.

Ethereum price is correcting lower against the US Dollar and Bitcoin. ETH/USD has to maintain bid tone above $326 to gain upside momentum.

Ethereum Price Support

There was a new minor high formed at $337.29 in ETH price against the US Dollar. Later, the price started correcting lower and moved below $335. There was a break below the 23.6% Fib retracement level of the last leg up from the $314.44 low to $337.29 high. The downside correction was decent since the price even broke the $326 level once before recovering.

It tested the 61.8% Fib retracement level of the last leg up from the $314.44 low to $337.29 high. The $323 level held the downside move along with yesterday’s highlighted major bullish trend line with current support at $326 on the hourly chart of ETH/USD. The highlighted trend line support could play an important role near $326 in the short term. Therefore, the pair has to remain above $326 and $323 to avoid further declines.

On the upside, the $335 level is an initial resistance followed by the recent high at $337.29. A close above $337.29 could open the doors for more gains may be toward $360 in the near term. The 100 hourly simple moving average is currently positioned at $318 and is showing positive signs. If the price continues to stay above the $323 level, there is a chance of it gaining momentum.

Hourly MACD – The MACD has reduced most of its bullish slope.

Hourly RSI – The RSI has just moved below the 50 level.

Major Support Level – $323

Major Resistance Level – $337

Charts courtesy – SimpleFX

The post Ethereum Price Technical Analysis – ETH/USD Testing Key Support appeared first on NEWSBTC.

Creators believe that Blockchain is the missing link in the architecture of an effective and secure online voting system.

By putting a house up for sale in Bitcoin, real estate agents are seeing some surprising benefits.

Key Points

• Bitcoin cash price is slowly moving lower and is currently trading below $1300 against the US Dollar.
• There is a new connecting bearish trend line forming with resistance at $1200 on the hourly chart of BCH/USD (data feed from Kraken).
• The price has to overcome sell offers near $1200 and $1300 to make an upside move.

Bitcoin cash price is slowly moving down toward $1100 against the US Dollar. BCH/USD is facing two important resistances near $1200 and $1300.

Bitcoin Cash Price Decline

There is a slow and steady decline forming from the $1500 swing high in bitcoin cash price against the US Dollar. The price has declined below the $1300 level and the 50% Fib retracement level of the last leg up from the $1005 low to $1530 high. The current bias is bearish since the price struggled to settle above the $1300 level. It is currently trading well below the $1300 level and the 100 hourly simple moving average.

The price recently broke the 61.8% Fib retracement level of the last leg up from the $1005 low to $1530 high, which is a bearish sign. On the upside, there is a new connecting bearish trend line forming with resistance at $1200 on the hourly chart of BCH/USD. The pair is struggling to move above $1200 and $1220 resistance levels. On the downside, there is a support trend line forming near $1100. There is a chance that BCH/USD would test $1100 before it attempts an upside recovery.

To sum up, the current momentum is bearish as long as the price is below $1200 and $1300. It could test the $1100 and $1000 levels in the near term if the momentum remains intact.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving south and is well below the 50 level.

Major Support Level – $1100

Major Resistance Level – $1300

Charts courtesy – Trading View, Kraken

The post Bitcoin Cash Price Technical Analysis – BCH/USD Grinding Lower appeared first on NEWSBTC.

Bitcoin is far too volatile to classify as money, and likely never will serve that purpose. However, it’s still useful.

The court asked India’s central bank and several government agencies to respond to a petition that expressed concern about tax dodges and ransomware.

Bitcoin Price Key Highlights

• Bitcoin price is starting to trend higher once more, depending on whether or not the support on the 1-hour time frame holds.
• An ascending trend line can be drawn to connect the lows over the past few days and the support lines up with the 38.2% retracement level.
• A bounce off this level could take bitcoin price to the swing high or higher, but tech indicators are suggesting a continuation of the drop.

Bitcoin price appears to be reviving its uptrend on the 1-hour time frame, but there are still signs that bears could win out.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA on the 1-hour time frame, so the path of least resistance is to the downside. However, it’s also worth noting that the gap is narrowing to suggest a potential upward crossover and return in bullish momentum.

The 200 SMA is close to the 61.8% Fib also, adding to its strength as a potential floor even if the trend line breaks. A move below the moving averages, on the other hand, could draw more selling pressure in.

Stochastic is heading lower so bitcoin price might follow suit while bears remain on top of their game. RSI has more room to tumble so there could still be plenty of losses in the cards.

Market Factors

The dollar has been treading carefully as traders bite their nails ahead of the House vote on tax reform. Postponing the vote, similar to the Obamacare repeal earlier this year, could lead to fresh doubts that anything productive will happen before the end of the year.

Meanwhile, bitcoin price is still struggling to recover from its selloff since the suspension of the network upgrade earlier this month. Traders are also keeping close tabs on rival versions like bitcoin cash and bitcoin gold to see if they could overtake the core version while the community waits for the next fix.

The post Bitcoin Price Technical Analysis for 11/16/2017 – Bulls Back on their Feet? appeared first on NEWSBTC.