Day: December 2, 2017

Key Points

• Bitcoin cash price corrected lower, but remains supported above $1200 against the US Dollar.
• There is a major contracting triangle forming with resistance at $1480 on the 4-hours chart of BCH/USD (data feed from Kraken).
• The pair might soon break the triangle resistance and trade above $1500 in the near term.

Bitcoin cash price is in an uptrend above $1200 against the US Dollar. BCH/USD might soon break $1500 for more gains toward $1800.

Bitcoin Cash Price Resistance

There was a slow and steady decline in bitcoin cash price from the $1780 swing low against the US Dollar. The price declined below the $1400 and $1300 support levels. However, the downside move found support near $1200 and later the price started moving higher. It has moved above the 38.2% Fib retracement level of the last decline from the $1780 high to $1203 low.

The current price action is positive and it seems like there is a major contracting triangle forming with resistance at $1480 on the 4-hours chart of BCH/USD. The triangle resistance is near the 50% Fib retracement level of the last decline from the $1780 high to $1203 low. Therefore, it would be interesting to see whether the price can break the $1450-1500 resistance or not. Should there be a break and close above $1450, the price could move further higher towards the $1700 and $1800 levels.

On the downside, an initial support is around the $1400 level and the 100 simple moving average (4-hours). Below the mentioned $1400, there is a crucial support around $1350 and the triangle. However, the most important trend support is close to the $1200 level in the near term.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is slowly moving back in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level and is moving higher.

Major Support Level – $1350

Major Resistance Level – $1500

Charts courtesy – Trading View, Kraken

The post Bitcoin Cash Price Weekly Analysis – BCH/USD Reaching Breakout appeared first on NEWSBTC.

Key Points

• Bitcoin price remains in a super bullish trend above $10,000 against the US Dollar.
• There are two bullish trend lines forming with supports at $10,300 and $9200 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
• The pair is currently trading in a range above the $10,500 level and is preparing for more gains.

Bitcoin price is very bullish above the $9500 level against the US Dollar. BTC/USD might soon break $11,200 for more gains in the near term.

Bitcoin Price Bullish Trend

It was an amazing week for bitcoin price as it moved above the $10,000 and $11,000 levels against the US Dollar. The upside move was very strong and the price traded as high as $11,386 before it faced sellers. The price corrected sharply lower, but downsides were limited by the $9000 level. There were strong bids near the mentioned level $9000, and the price recovered well.

It moved back above the $10,500 level and is currently trading around the $10,800 level. It seems like the price is consolidating and preparing for more gains above $11,000. Once there is a break above a bearish trend line at $11,200, there are chances of BTC moving past $11,400 in the near term. The next major target could be $12,000. On the downside, there are two bullish trend lines forming with supports at $10,300 and $9200 on the 4-hours chart of BTC/USD.

The second trend line is the most important above $9200 since it is near the 100 simple moving average (4-hours). As long as the price is above the $9000-10,000 levels, it remains in an uptrend. Upsides targets are $11,800 and $12,000 in the near term.

Looking at the technical indicators:              

4-hours MACD – The MACD is placed nicely in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently well above the 50 level and is slowly moving higher.

Major Support Level – $9200

Major Resistance Level – $12000

Charts courtesy – SimpleFX

The post Bitcoin Price Weekly Analysis – BTC/USD Sights More Upsides appeared first on NEWSBTC.

Key Highlights

• ETH price after a dip found support near the $390 level and moved higher against the US Dollar.
• There is a crucial bullish trend line forming with support near $415 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
• The pair might correct once again towards the trend line or $420, but downsides remain limited.

Ethereum price remains bullish against the US Dollar, but struggling against Bitcoin. ETH/USD might dip a few points, but remains supported.

Ethereum Price Trend

This past week was a roller coaster ride for ETH price as it traded above the $500 handle against the US Dollar. The price traded to a new all-time high at $513.75 before facing strong selling interest. There was a sharp decline and the price moved below the $500, $440 and $400 support levels. A low as formed near $390.00 from where the price started an upside move.

The downside move was mainly protected by a crucial bullish trend line with current support near $415 on the 4-hours chart of ETH/USD. Moreover, the $400 handle and the 100 simple moving average (4-hours) also acted as a strong support. The pair recovered and moved above the 50% Fib retracement level of the last decline from the $513.75 high to $390.74 low. The current price action is positive above the $440 level, but the pair is struggling near $466. The mentioned $466 level is the 61.8% Fib retracement level of the last decline from the $513.75 high to $390.74 low.

The pair is struggling to break the $466-470 levels. Therefore, there are chances of it declining once again towards $430 or the trend line support. However, downsides remain limited below $410 and the bullish trend remains intact for more gains.

4-hours MACD – The MACD is moving back from the bearish to bullish zone.

4-hours RSI – The RSI is currently just above the 50 level.

Major Support Level – $430

Major Resistance Level – $466

Charts courtesy – SimpleFX

The post Ethereum Price Weekly Analysis – ETH/USD Remains Bullish appeared first on NEWSBTC.

CryptoKitties game brings a humorous approach to Blockchain, goes viral in only four days.

According to the document, there are six possible benefits that a central bank can reap for the issuance of a virtual currency.

Proposed law would cover digital currency holders, exchanges and tumblers, essentially forcing users to reveal digital currency holdings to US government.

Skeptics and supporters alike are scratching their heads about the massive run Einsteinium (EMC2) has taken over this path month, rising from less than $.06 to over $.80 USD. It is currently fluctuating between rank 49 and 51 on Coinmarketcap, jumping over 200 spots throughout these last few hectic weeks.

Einsteinium has been around since 2014, and since it’s inception, has served the same purpose, which is to fund scientific projects voted on by holders. 2% of every block is donated to these projects. Throughout the past three years, there has not been much progress made beyond this. In fact, there have been no changes to the code in the past month. Overall, there were just six commits made in the past year.

As far as what is happening with the coin, a hard fork is taking place next week. Through the fork, close to 50 million coins will be burnt, reducing supply by around 25%. In addition, mining rewards will be reduced significantly. This does explain some price appreciation, however a 25% decrease in supply does not justify a more than 10 times increase in price. The only other news is a big announcement coming up. There’s no substance behind what this announcement might mean, just that there is an announcement.

What may be even more troubling than the lack of substance behind this project is what this hard fork means for what it actually does. A flat % of mining rewards is donated to these scientific projects. By lowering block rewards, the amount donated will effectively be slashed, as well. This seems highly counter-intuitive to the perceived goal of this project.

The major question Einsteinium fails to answer is what holding the coin actually does. Yes, you get a vote in where the scientific donations go to. Beyond that? Nothing. This begs the question- if you are looking to support donations to science, why would you purchase a cryptocurrency rather than placing donations yourself, where you have 100% control over where those donations go to?

Community members in Telegram and Reddit (which are both comparatively small for a top 50 coin and one that’s existed for over three years, at under 2,000 members each) seem to be struggling to find an answer as to what the value behind Einsteinium is. When the question was posed in Telegram, one user, Ahmat, attempted an answer. “By holding you help the price grow, this means more funding for science.” He is right that a higher priced EMC2 means bigger donations. As stated previously, however, the upcoming hard fork seems to directly oppose a philosophy of raising money to fund science.

Realistically, the first part of his statement is what reigns true to current supporters. By holding the coin, the price goes up. Of course, this pumping ideology only reigns true so long as people continue to buy in, and current investors choose not to take their profits and sell their coins. This current rally is destined to collapse upon itself at some point, likely sooner rather than later.

LONDON – Dec 2, 2017 – 4NEW, the company operating Waste to Energy treatment plants today announced a series of groundbreaking developments. 4NEW has successfully secured $30.5 million USD from institutional investors collectively. This enables 4NEW to complete its soft cap requirement facilitating the construction and realization of its first plant in its entirety. The realization of the plant ensures widespread adoption for its coin since consumers can start paying for their utility bills using the 4NEW services. Additionally, 4NEW has also received a number of mandates to beta test its timed blockchain payment system concept from a number businesses within multiple and diverse sectors. “Our business to business strategy is demonstrating great results. We anticipate widespread consumer adoption through users of these businesses in 2018” said Sandeep Golechha.

4NEW’s Initial Coin Offering (FRNC) for its utility token is currently underway for the general public ending December 15, 2017. While this coin does not provide investors any share of the corporate profits currently, given that it is strictly speaking a utility token which represents sale of future goods and services of 4NEW, nevertheless, it does offer holders of the coin an opportunity to avail various services such as global money transfer services, insurance payments, telemedicine services, online pharmacy services and Waste and Energy bill payment opportunities starting 2018.

4NEW management is looking forward to listing on premier public exchanges such as Bittrex, Poloniex, and Cryptopia in the coming weeks.

Earlier this month 4NEW ordered the production of its first Waste to Energy plant for a staggering USD $24.83 Million with delivery and subsequent installation of equipment to occur within 6 to 8 months between May and July 2018.

The first 4NEW plant will have a waste processing capacity of 72 tons per day of RDF, SRF, TDF, tires, plastics, medical waste, carpets, textiles, wood wastes, oil liquid waste, chemical waste, raw food packaging, animal by-products and any type of hazardous and non-hazardous waste.

The plant will be able to generate 120 megawatts of power per day which totals 43,800 megawatts of power per year. As part of the deal, 4NEW will also procure insurance coverage to secure its revenue from any equipment failure, or unforeseen acts of god.

The first plant will drive annual sales of approximately $5 Million USD under current capacity, however, 4NEW can add additional waste processing lines to their plant as additional funds are raised thereby increasing output by 4 times per site. 4NEW also has options with lenders to explore debt financing in order to complete targeted acquisitions over the next 6 to 9 months.

The plant equipment has been ordered through Eco-Green Power Limited, a UK based plant production company. Eco-Green currently has three sites where their plants are in operational use. These include 2 sites in Finland and 1 site in Denmark.

Last month, 4NEW successfully secured a $25 million round of funding from its first investor Mirach Capital Group, a US-based private equity fund.

About 4NEW

 4NEW, will revolutionize and standardize the industries of Waste and Energy by offering services as a wholesaler within the Utilities sector that is fully integrated onto a decentralized, distributed ledger enabling all actors within the industry to trade waste and energy transactions using the 4NEW Coins towards payments within the 4NEW ecosystem.

The 4NEW coins are utility tokens with built-in smart contract capabilities. They establish a binding relationship between two transacting parties and provide a value for each transaction. The ledger on the 4NEW ecosystem provides an immutable and audit-able journal of all transactions related to the buying and selling of energy and waste. Each transaction is transparent to all parties which allows them to see the same ledger entry and cost of reconciliation thus controlling issues of dispute and revenue leakage to a great extent.

Website: www.4new.co.uk
Video Link: https://www.youtube.com/watch?v=UjqcsBQkAwE
Telegram – https://t.me/joinchat/EgIZbBDLYGHlhtbSS58i-Q
Facebook – https://www.facebook.com/4newcoin/
Twitter – https://twitter.com/4newcoin
Instagram – https://www.instagram.com/4newcoin/
LinkedIn – https://www.linkedin.com/company/4new/

The post 4NEW – Could It Be the Next Bitcoin? appeared first on NEWSBTC.

Bitcoin futures are the next investment vehicle all banks want to focus on. For the longest time, these institutions have opposed this cryptocurrency. Slowly but surely, they are not ready to embrace this concept as a new revenue stream. One of the regions where such future will be offered without too many problems is Russia. Or that is what the Moscow Stock Exchange claims, at least.

Russia has always had a very complicated relationship with cryptocurrencies. Government officials and the central bank aren’t on the same page in this regard. Some groups want to ban Bitcoin, others may seek to legalize it as an official currency. It remains to be seen which cap will win in the end, as all options are still on the table. The Moscow Stock Exchange is taking a very interesting approach in this regard. They aim to offer Bitcoin futures contracts without regulatory approval.

Moscow Stock Exchange and Bitcoin Futures

More specifically, the Moscow Stock Exchange claims they don’t need regulation to offer such a product. It is a pretty controversial idea, to say the very least.Whether or not they will be able to do so, remains subject to debate at this point.  It is true the largest stock exchange in Russia has some leverage in this regard. The Moscow Stock Exchange is building a new infrastructure to trade cryptocurrencies in different formats. At the same time, the country’s central bank forbids them to offer Bitcoin futures contracts.

How this situation will play out, is subject to a lot of speculation. The decision by the central bank is, for all intents and purposes, final in every way one can imagine. Bitcoin futures are a very interesting trading vehicle, though. Large financial players provide exposure to such tools as we speak. Russia can’t afford to be left behind in this regard whatsoever. This conflict of opinions will need to be resolved somehow.

After all, one could argue trading futures is not the same as trading futures. Whether or not the central bank and the government will see it that way, is a different matter entirely. Bitcoin is making headlines in the country on a regular basis. Interest in the world’s leading cryptocurrency is surging. Providing this degree of exposure to price volatility makes a lot of sense. However, Russia isn’t exactly known for following the path that makes sense.

Header image courtesy of Shutterstock

The post Moscow Stock Exchange to List Bitcoin Futures Despite ban by Central Bank appeared first on NEWSBTC.

A Ukrainian shipping company has become the first to accept payment in bitcoin. Its motivation for taking the digital currency? To evade economic sanctions. Shipping companies are obliged not to trade with sanction-hit countries such as Sudan, Yemen, and Qatar. Bitcoin provides a means of ensuring payment whilst enabling shippers to continue trading with these nations.

Also read: How to Protect Your Bitcoin and Your Privacy When Passing Through Customs

Shipped on the Blockchain

Bitcoin’s real-world use cases are often regarded from a consumer perspective. Increasingly, however, the digital currency is proving its worth not with P2P but B2B. Odessa-based Varamar Ltd, a Ukrainian shipping operator, has turned to bitcoin as a global payment solution. Unbothered by borders, bitcoin can be sent and received anywhere, regardless of geopolitics.

Varamar’s founder Alexander Varvarenko told Bloomberg:

Paperwork for transactions is a complicated issue with banks, and bitcoin payments will help solve that by being faster. It could also help solve payment problems in countries like Pakistan, Russia, Sudan, Yemen, and Qatar, which have safe companies but are victims of sanctions being imposed against their governments.

Grey Areas and Murky Waters

High transaction fees and sporadic blockchain congestion are making bitcoin less suited for personal shopping. These issues are all but eliminated at enterprise level however, where bitcoin is a safer and faster alternative to traditional banking. One of the greatest risks shipping companies face is banks refusing to process payments from countries that have been blacklisted or from rogue states where the regulatory and financial environment is unclear.

If the Ukrainian company’s trial of bitcoin proves successful, it is likely that other firms will follow their example. Russian broker Interchart LLC are reportedly also looking at bitcoin as a means of circumventing banking restrictions. Ivan Vikoulov, managing partner at Quorum Capital who have been helping Interchart investigate bitcoin, said:

The industry has been under stress as majority of vessels are registered offshore and many vessel owners have banks in the Baltics, where there is a squeeze to send and receive payments in dollars.

Shipping companies often have little choice who they work with due to the global nature of the industry. Given the political pressure companies face not to conduct business with sanctioned states, it is likely that some firms will keep their bitcoin involvement discreet.

Fly With Bitcoin, Live With Bitcoin

In the consumer sector, meanwhile, bitcoin can now be used to pay rent and charter flights. U.S. firm Rentalutions allows tenants to pay their rent in bitcoin, with the landlord receiving their dues in fiat currency through Coinbase.

Bitcoin whales whose cryptocurrency is burning a hole in their hot wallet may also be interested in Surf Air. “The future of travel meets the future of money” proclaims the charter flight company, which now accepts bitcoin and ethereum. For around 6.5 BTC a year, customers can enjoy unlimited global flights, or unlimited U.S. flights for approximately half that figure. From the high seas to the high skies, bitcoin is certainly proving its uses.

Do you think companies should be using bitcoin to evade sanctions? Let us know in the comments section below.

Images courtesy of Shutterstock, and Surf Air.

Need to calculate your bitcoin holdings? Check our tools section.

The post This Ukrainian Shipping Firm is Using Bitcoin to Evade Sanctions appeared first on Bitcoin News.

The past few weeks have been pretty busy for Tether.The company has printed a lot more USDT than people would like to see. Even today, things are still firing on all cylinders. With another 50 million tokens in circulation, the speculation will only intensify. These new tokens once again coincide with a new Bitcoin price increase.

People have given up on tracking the number of Tethers brought into circulation these past few weeks. The company keeps adding batches and batches of new funds whenever they see fit. Over the past 24 hours, 50 million USDT were brought into circulation. That means the company needs to have $50m worth of financial assets to back up this demand. So far, that still seems highly unlikely. Especially when the company still doesn’t undergo a proper and legally binding independent audit.

Tether Presses are Printing More Money

The big question is where this demand is coming from. Rumor has it Bitfinex and Tether collude to artificially push up the Bitcoin price. So far, these claims have not been proven, despite the voices growing louder every single week. It is uncanny how most of the”print jobs” occur whenever the Bitcoin price seems to go up shortly afterward. Coincidence is an interesting concept, for those who believe in such things.

There are also allegations as to how these USDT are not backed by fiat currency. Instead, Tether is potentially issuing tokens in exchange for cryptocurrency payments. That is not exactly illegal either, although it would certainly skew the image people have of this company. After all, they never said all assets have to be backed by fiat currency alone. Nor do all tokens need to be redeemable for fiat currency either. It is a very interesting construction, which may eventually blow up in people’s faces.

Rest assured these 50 million new tokens will cause a lot of discussions. It is evident Tether faces a ton of scrutiny right now, which is only to be expected. Their business model raises questions and their day-to-day operations appear shady. Until there is any evidence to back up such claims, however, they are nothing but rumors. It is still possible something nefarious is going on, but no one can say for sure right now. This will not be the last time we touch upon this story either, that much is rather evident.

Header image courtesy of Shutterstock

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