Day: December 7, 2017

The age of Bitcoin investments going mainstream is nearly upon us, at least for traders in the US market. Last Wednesday, the highest-volume derivatives market in the world, CME Group, announced that it open its upcoming Bitcoin Futures market on December 18th. The second largest market, the Chicago Board of Exchange (CBOE), then one-upped the CME and announced that they’ll be the first to launch Bitcoin futures trading on December 10th.

Cryptocurrency exchange Huobi and financial services giant SBI Group are partnering to launch a pair of Asia-based digital exchanges.

Key Highlights

• Ripple price after a major dip found support near the $0.2050 level against the US Dollar.
• Yesterday’s highlighted major bearish trend line was broken at $0.2350 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might is currently correcting lower and it might find support near $0.2300 and $0.2200.

Ripple price spiked sharply against the US Dollar and Bitcoin. XRP/USD is now able the $0.2200 and is eyeing more upsides in the near term.

Ripple Price Support

There was an extension to yesterday’s decline in Ripple price below the $0.2200 support against the US Dollar. However, the price was able to find support near $0.2100 and $0.2050. A solid support base was formed near $0.2050 from where the price bounced sharply. The upside move was strong as the price broke the $0.2200 and $0.2350 resistance levels. There was also a break above the 61.8% Fib retracement level of the last decline from the $0.2580 high to $0.2050 low.

During the upside move, yesterday’s highlighted major bearish trend line was broken at $0.2350 on the hourly chart of the XRP/USD pair. The pair even moved above the $0.2400 handle and the 100 hourly simple moving average. A high was formed at $0.2497 from where the price started a downside correction. It has moved below the 23.6% Fib retracement level of the last wave from the $0.2050 low to $0.2497 high.

On the downside, the $0.2300 level is an immediate support. Below the $0.2300 support, the $0.2200 level might also come into picture as a major support in the near term where buyers are likely to appear.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is now back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level and is currently correcting lower.

Major Support Level – $0.2300

Major Resistance Level – $0.2450

Charts courtesy – Trading View, Kraken

The post Ripple Price Technical Analysis – XRP/USD Bounces Sharply appeared first on NEWSBTC.

Should the prospect of regulated futures trading be pushing up the bitcoin price? CoinDesk’s Noelle Acheson isn’t quite so sure.

NEM bears were the talk of the day yesterday coming after a NEM dump on Poloniex exchange.

While this caused volatility, we expect the markets to cool down today.

IOTA, Monero and DASH bulls look to be recovering and should NEO bulls bounce from $34 as it is now, then they could end up testing $40 and $50.

Let’s look at the charts:

NEM BEARS AFTER POLONIEX DUMP

Yesterday it didn’t matter if you were long or in the NEM bears camp. First there was a swing high and if you had a take profit in place then it definitely got hit.

Conversely take profits on the sell side got hit because of that bear squeeze that followed. Technically, we were set for longs but that has been invalidated as there was no confirmation of higher highs at $0.25 support.

The cause of this NEM bears squeeze was a wholesale dump at Poloniex.

Price is not stable yet and we have to wait until a clear trend forms.

Any NEM higher highs and we are back in the trade because there is a buy stochastic signal in place.

CLOSE ABOVE $670 WILL SIGNAL DASH RECOVERY

DASH price action is still below the 20 period MA and actually trading below the main support-now resistance line at $670.

We are net bullish meaning that we are waiting for opportune signals to enter longs. As we can see there is a stochastic buy signal in place turning from oversold territory. Additionally, the current candlestick is actually bullish.

DASH bulls shall wait for this candlestick buy confirmation. Any close above $670 should actually begin price recovery towards $820 highs.

IOTA BOUNCES FROM MAIN SUPPORT

$3.2 is turning out to be a strong and reliable support as IOTA price action shows.

Now that we have a double bar reversal candlestick at confluence buy zone made up of the 20 period MA-our long term support and the second level of the Fibonacci extension level at $3.2, we continue loading longs with stop losses below December 7 lows at $3.

By initiating long trades, we will be in sync with the higher time frame trends.

MONERO TESTS THE MIDDLE BB AND REVERSE TOWARDS $300

There were two main support levels Monero bulls were watching: The 20 period MA and the minor support trend line. After a rally and close above $250 take profit level projected by Fibonacci extension, it was only natural for prices to correct.

This correction which is actually in progress is our buying opportunity as the bullish trend resumes.

Notice that this is happening at our first layer of support with previous candlestick closing as a bullish pin bar at support accompanied by a stochastic buy signal turning from oversold territory.

NEO BEARS FIND RESISTANCE AT $34

From the chart, it is evident that NEO bulls are preventing further price depreciation after those two pin bars at support.

This consolidation also means minor higher highs relative to the lower BB. As always we remain patient for price action to confirm this reversal from support.

If this current candlestick closes at or around $35, NEO bulls should look to enter long. Otherwise any close below $34 means USD bulls are in charge.

All charts courtesy of Trading View

The post NEM BEARS CAUSE WILD PRICE SWINGS AS DASH AND MONERO BULLS RECOVER Technical Analysis for December 8, 2017 appeared first on NEWSBTC.

Key Points

• Bitcoin cash price remained under pressure and moved below the $1200 support against the US Dollar.
• There are two main bearish trend lines forming with resistance at $1250 and $1430 on the hourly chart of BCH/USD (data feed from Kraken).
• The price might move a few points higher, but it remains in downtrend as long as it is below $1400.

Bitcoin cash price struggled further below $1200 against the US Dollar. BCH/USD remains in a downtrend and it might continue to face sellers.

Bitcoin Cash Price Decline

There were non-stop gains in BTC/USD, which pushed bitcoin cash price below the $1200 support against the US Dollar. The price made a minor correction, faced sellers near $1400 and started a fresh downside move. It failed to move above the 38.2% Fib retracement level of the last drop from the $1550 high to $1300 low. The recent decline was such that the price broke the $1300 low and even cleared the $1200 support.

A new low was formed at $1150.10 from where the price is currently correcting. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $1470 high to $1150 low. On the upside, there are two main bearish trend lines forming with resistance at $1250 and $1430 on the hourly chart of BCH/USD. The first trend line is also near the 38.2% Fib retracement level of the last decline from the $1470 high to $1150 low.

Therefore, the $1250 level and the $1300 handle are likely to act as a major barrier for a recovery. The most important resistance on the upside remains at $1400 and the 100 hourly simple moving average.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now near the oversold levels.

Major Support Level – $1150

Major Resistance Level – $1250

Charts courtesy – Trading View, Kraken

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

A stable cryptocurrency is the holy grail. EXANTE со-founder (and a prominent cypherpunk) Anatoliy Knyazev describes why all attempts so far have failed and offers a new, potentially game changing solution.

Bitcoin (BTC) is currently undergoing parabolic growth in the setting of unprecedented institutional and retail demand. The market cap is currently US$287.6 billion on US$22 billion worldwide volume over the past 24 hours. The market cap is approaching that of a major bank, such as JP Morgan and Bank of America.

As the world’s financial institutions experiment with Blockchain tech, Australia’s leading stock exchange is first to announce they will implement the technology.

During an interview, Dr. Sanger discussed the reasons why he has decided to become an official of Everipedia, which he considers as the next evolution of online encyclopedias. He claimed that the current issue confronting online information is that it is centralized and controlled by a few players and they are about to change that.

Regulators in South Korea have reportedly banned the trade of futures contracts and other derivatives tied to bitcoin.

Bitcoin’s market cap has crossed the $300 bln mark, nearly doubling in just two weeks, with substantial investment coming into the market ahead of the futures trading which starts December 10.

Eight percent of the respondents in Paul’s survey claimed that they want to receive the money in a 10-year US Treasury bond.