Day: November 21, 2017

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

ETH/USD

Ethereum continues to grind to the upside, reaching the $380 level during the day on Tuesday. This market continues to find buyers near the 20 SMA on the 4 hour chart, suggesting that there should be dynamic support near the $355 level, and the pullbacks offer buying opportunities that we can take advantage of. A break above the $400 level is probably coming longer-term, but expects significant psychological resistance initially when we get to it.

ETH/BTC

This market is essentially “dead money” currently, as both currencies are finding strength. However, longer-term I believe that this market will probably dip, perhaps reaching down to the 0.042 level. Rallies will have to deal with a massive amount of resistance at the 0.048 level.

Thanks for watching, I’ll be back tomorrow.

A group of CFOs polled by CNBC are split on whether bitcoin is a bubble, according to newly published results.

Key Points

• Bitcoin gold price recently gained momentum and moved above the $200 handle against the US Dollar.
• This is a short-term contracting triangle forming with support near $240 on the hourly chart of BTG/USD (data feed from Bitfinex).
• There can be a downside break, but the price remains supported above $230-220.

Bitcoin gold price is currently in a nice uptrend against the US Dollar. BTG/USD might retest $220 but remains positioned for more gains in the near term.

Bitcoin Gold Price Resistance

After forming a low near $150, bitcoin gold price traded sharply higher against the US Dollar. The price was able to move above the $200 handle and is currently trading well above the 100 hourly simple moving average. It traded as high as $260 recently from where a minor correction wave was initiated. The pair is currently just below the 23.6% Fib retracement level of the last wave from the $204.00 low to $259.84 high.

It seems like there is a short-term contracting triangle forming with support near $240 on the hourly chart of BTG/USD. The pair might decline a few more points toward $230 or even $220 in the short term. However, the 50% Fib retracement level of the last wave from the $204.00 low to $259.84 high is likely to act as a support and prevent declines. Only a close below $220 would call for a retest of $200 in the near term.

On the upside, the triangle resistance is near $259. A break above the $259 and $260 levels are needed for a push towards $280. Above the mentioned $280, the price could even test the $300 handle.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is currently moving lower toward the 55 level.

Major Support Level – $230

Major Resistance Level – $260

Charts courtesy – Trading View, Bitfinex

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

DASH/USD

DASH continues to rocket to the upside, as we have fulfilled the move by Headley now several days ago. By breaking the top of the descending triangle, we have now reached the top of that triangle, and even broke above it. The $500 level of course is offering a significant amount of psychological resistance, so I prefer to buy short-term dips that show signs of support, especially near the $480 handle.

LTC/USD

Litecoin fell rather significantly overnight, but found enough support at $68 to turn around and rally towards the $72 handle. Because of this, the market looks likely to go much higher, and a break above the $73 level should send Litecoin towards the $75 level next. $68 looks massively supportive.

Thanks for watching, I’ll be back tomorrow.

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

BTC/USD

Bitcoin remains volatile, as we have cleared the 8200 level now. It looks as if we are going to continue to find a “buy on the dips” mentality, and therefore selling is all but impossible to do at this point, as Bitcoin seems hell-bent on going to the $10,000 level. Overall, there should be a “hard floor” at the $7800 level now.

BTC/JPY

Bitcoin fell rather sharply against the Japanese yen initially during the trading session, but found enough support near the ¥900,000 level to bounce significantly and go looking towards the highs again. At this point, I suspect that it’s a given that we are going to go looking towards the ¥1 million level. There is a massive psychological significance to that level, so don’t be surprised if we pull back once we reach it.

Thinks for watching, I’ll be back tomorrow.

A hodgepodge of state laws intended to sanction blockchain technology could end up making nationwide solutions commercially impracticable.

On Monday November 20, the cryptocurrency-based hardware wallet manufacturer, Satoshi Labs, revealed that the Bitcoin Gold (BTG) network is now accessible through the Trezor beta wallet. Further, the BTG development team has recently revealed that the wallet “mybtgwallet” may be a scam, alongside information on the team’s premine endowment process.

Also read: Internet Archive Adds Bitcoin Cash and Zcash for Donations

Trezor Adds Bitcoin Gold Support

The forked cryptocurrency bitcoin gold is having an interesting week as market liquidity is starting to hit exchanges. BTG markets have increased 100 percent in the past 24 hours jumping from $150 per token to $275 on November 21. The day before the Prague-based Satoshi Labs, the makers of Trezor, revealed they would enable BTG retrieval for customers within the wallet’s beta client. Trezor’s blog gives a step-by-step process on BTG claiming, just as it did when bitcoin cash forked this past August. Users are required to use the firm’s beta wallet and upgrade their firmware to 1.6.0.  

“For the time being, your Bitcoin Gold wallet will only be accessible from the Trezor beta Wallet,” explains the company.

Bitcoin Gold is not Bitcoin — It merely uses bitcoin’s history similarly to the case of Bitcoin Cash — This process will not affect your Bitcoin wallet at all.

Removing an Alleged Fraudulent Wallet from the BTG Homepage

In addition to getting BTG support from Satoshi Labs this week, the development team has revealed a wallet called “mybtgwallet” may be fraudulent and removed the wallet from their homepage. The development team says they are investigating the situation and the team is working with security experts covering the issue.     

“When we receive verifiable reports that a website or app is a problem, we removed it from our site,” explains the BTG development team.

Preliminary investigations indicated that at least some of the claims of theft by the mybtgwallet site are reliable — Like all third-party sites, that site was not in our control, but we immediately removed it from our pages and the team is working with security experts to get to the bottom of this issue — It appears the mybtgwallet online wallet site was modified by unknown parties long after it was originally published.

BTG Developers: “The ‘Premine’ Wasn’t a Premine”

Lastly, the BTG development team has also addressed the controversial bitcoin gold premine this week. The founding developers say that the premine is not like traditional instamine processes that most teams utilize and that it shouldn’t even be considered a ‘premine.’ The “premine” wasn’t a pre-mine,” says the BTG team.

Bitcoin gold was replicated from the bitcoin (BTC) blockchain at block height 491407, and at that point there were 16.5M BTG in existence, explains the organization.

“After this, the project mined 100,000 coins (8000 blocks at 12.5 coins per bock), so it’s more of a post-mine, but we still call it a premine,” reveals the BTG endowment announcement. 

 A true premine is when the makers of coin start a new blockchain with a genesis block and do private mining to accumulate a number of coins, and only then make mining public for others earn coin rewards. With that approach, the makers obviously start out with a huge proportion of the initial coin supply – 100%! That would have been a serious problem.

In addition to describing what they believe is a ‘fair premine,’ the BTG team claims 95 percent of the coins are locked up in an endowment. Some (35%) will possibly be available for use immediately, and 60% was locked up for the future. The core development team has gathered 5% of the BTG premine to cover initial infrastructure costs.

The BTG team concludes by saying that if there is anyone who is technically proficient enough to verify the development team’s time-locked premine wallets, they can validate the procedure here and here.  

What do you think about the latest news from the BTG team? Have you tried to access your bitcoin gold? Let us know what you think in the comments below.

Images via Shutterstock, Bitcoin Gold, and Crypto Compare.

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The post Bitcoin Gold Addresses ‘Scam’ Wallet and Premine Endowment Process appeared first on Bitcoin News.

Consortium of 27 banks aim to develop Blockchain solutions for the banking industry in India, State Bank of India begins pilot test.

Key Points

• Bitcoin cash price is in a correction mode and holding the $1100 support against the US Dollar.
• There is a major bearish trend line forming with resistance at $1200 on the hourly chart of BCH/USD (data feed from Kraken).
• The price has to move above $1200 and the 100 hourly simple moving average to gain traction.

Bitcoin cash price is holding an important support near $1100 against the US Dollar. BCH/USD needs to move past $1200 and 100 hourly SMA for further gains.

Bitcoin Cash Price Resistance

It seems like there is a consolidating phase forming in bitcoin cash price above $1100 against the US Dollar. The price recently moved below the 38.2% Fib retracement level of the last leg up from the $838 low to $1380 high. Earlier, the price was able to hold the 100 hourly simple moving average and $1200 support. Later, the price moved below the $1200 support and the 100 hourly simple moving average. Both are now acting as a resistance and preventing further gains.

There is also a major bearish trend line forming with resistance at $1200 on the hourly chart of BCH/USD. The pair needs to break the trend line, $1200 resistance and the 100 hourly SMA to gain traction. On the downside, the most important support is near $1100. Moreover, the 50% Fib retracement level of the last leg up from the $838 low to $1380 high is also around $1100.

Therefore, the price remains in a range of $1100-1200. A break above $1200 is needed for more gains. On the other hand, the $1100 level is a crucial support and must hold declines in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is almost flat in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently moving higher and is above the 50 level.

Major Support Level – $1100

Major Resistance Level – $1200

Charts courtesy – Trading View, Kraken

Litecoin (LTC) has remained stable throughout the recent Bitcoin bull run. The cryptocurrency is now seventh by market cap, at US$3.77 billion, with US$230 million in trading volume over the past 24 hours. LTC has risen 111% since the lows in mid September and is up 1488% this year.