Day: December 7, 2017

Bitcoin Price Key Highlights

• Bitcoin price has been on a tear and seems unstoppable in its climb.
• Price has barely retraced from its rally, but potential dips on short-term time frames can be spotted.
• But with bitcoin price surging to unprecedented levels at an unprecedented pace, there’s a rising risk of a tumble as it goes.

Bitcoin price is once again setting new records but the chance for sharp profit-taking moves is building as it climbs.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA across all time frames, indicating that bullish momentum is very strong. The gap between the moving averages has also been widening to reflect strengthening bullish pressure.

On the 15-minute chart, it can be seen that bitcoin price is trading above an ascending trend line. Price has just made another bounce to new highs but might be due for another dip soon.

Stochastic is indicating overbought conditions once more and is starting to turn lower, possibly drawing some sellers back in. RSI has a bit more room to climb so bitcoin price might break out of the tiny consolidation to set new highs yet again.

Market Factors

Anticipation is building up over the launch of CBOE bitcoin futures, drawing an influx of demand from retail and institutional investors. Apart from that, the fact that bitcoin is hogging the financial headlines once more on its stellar climb has drawn more market interest.

Of course, as it establishes one new high after another, bitcoin price is seen as being more and more vulnerable to a crash. Nonetheless, price seems indifferent from these naysayers and continues climbing, especially as there seems to be no catalysts that could lead to unwinding.

CME and Nasdaq are also prepping to launch their bitcoin futures products soon, which means more availability and higher volumes. In the past, this has consistently led to strong gains and this phenomenon could carry on until the situation changes.

The post Bitcoin Price Technical Analysis for 12/08/2017 – Riding on Small Dips appeared first on NEWSBTC.

Asian markets have blazed ahead of the U.S. and Europe today as data from Brave New Coin’s Bitcoin Liquid Index (BLX) shows the price of Bitcoin, denominated in South Korean Won, surpassing US$20,000 at around 5:00pm Friday EST. Japan followed suit soon after — with the USD / YEN pairing hitting $20,000 at 7:30pm EST.

I really wanted to write about a cryptocurrency other than Bitcoin today. But Bitcoin price just won’t give us a break! After reaching a new high above $14,000 on Wednesday, the market decided to break yet another record. Testing almost $20,000 on Thursday!

Bitcoin Price Action

Bitcoin price sure did erase some of the gains at the end of the day. But it started Friday’s trading session on yet another bullish momentum.

At the pace the Bitcoin price bubble is growing, it appears we may not even see any point in counting on periodic pullbacks to any psychological market levels.

But if Bitcoin price were to test a support level after these massive gains, it might be the 23% Fibonacci retracement level $16,425.

Bitcoin Market Cap

As the king of cryptocurrencies, Bitcoin’s $297B market value has now passed Bank of America’s $288 billion. So basically, if we were to compare Bitcoin to the largest companies in the US by market cap, it would rank number 11 right after JPMorgan Chase and Exxon Mobil.

But is this enough for investors to keep pouring money and investing in Bitcoin?

Bitcoin Investment Strategy

Bitcoin backers view it as a currency and payment system of the future as well as a new kind of investment. They say it’s an emerging alternative to the USD, euro and yen and an investment such as gold, stocks or bonds.

Skeptics say Bitcoin is impossible to value, wildly volatile and a speculative play that may never gain widespread acceptance.

Should You Invest in Bitcoin?

This really depends on your personal risk tolerance, current financial situation, and future goals.

But even if you are an investor of high-risk appetite, at this point I would recommend thorough risk management ahead of time.

Personally, I believe we could see the $50,000 price level for Bitcoin before the bubble bursts. However, for all Bitcoin investors out there, it is important to set target limit orders and at least take partial profit as the Bitcoin price goes higher.

This way, they will be able to manage the risk of a potential Bitcoin bubble burst.

Needless to say, and as we always recommend to all traders, only invest the money that you can afford to lose!

xoxo

Kiana Danial

The post Bitcoin price Approaching $20,000 – Market Value Passes Bank of America appeared first on NEWSBTC.

A rise in the number of cryptocurrency projects and hence the ICOs has opened up a lot of opportunities for different kinds of people to make a quick buck. While most of these opportunities are clean and legitimate, there are some which aren’t, and can be classified as “borderline extortion.”

For any crowdsale or an ICO be successful, the promoters of the project have to work hard and even spend a small fortune on marketing and promotional campaigns, so that they can build trust among the community members, who will, in turn, contribute towards the project.  If there are any doubts about the legitimacy of a project, community participation in the crowdsale could be severely impacted, leading to a failure of the ICO and in turn the project itself.

Given the scenario, various reports have emerged where crypto-project promoters and developers were approached by people claiming to help in promoting the project and crowdsale over various platforms for a hefty fee. While one can’t really comment on their efficiency, turning them down could turn detrimental to the project. According to few people in the industry, these “so-called” influencers have threatened to malign the project when their services are turned down. It is claimed in few cases that some of them have attempted to extort money from the project creators, and when their demands aren’t met, the projects were targeted with negative comments and reports on BitcoinTalk, other forums, and social media platforms.

In recent days, one of the projects Zabercoin has claimed that it is being targeted by someone in a similar fashion.  Juan Engelbrecht, the CEO of Zabercoin offering details about the ordeal said,

“We were recently approached by an individual by the name of Alexander Moyo on Facebook (FB). He threatened us with a bad review on our ICO page if we refuse to pay him for a favorable review. Since Zabercoin is a company with integrity and high morals, his request was declined. “

Following the rejection, the person allegedly launched a smear campaign against Zabercoin by repeatedly posting bad reviews on Facebook by using different accounts. These messages posted in every three-minute intervals further escalated beyond the social network to Twitter and BitcoinTalk. The result of such an attack is said to have caused some damage to the company’s reputation.

“According to my knowledge and analysis, we have one of the strongest FB followings for an ICO. For example, Zabercoin has more than 65,000 followers and only had 5-star ratings before him.  We had no other choice but to remove all these negative and harmful reviews on FB, after which he added “SCAM” to all our FB posts. Thereafter this individual by the name of Alexander Moyo was blocked on FB.

Unfortunately, his blatant abuse did not stop with FB. He continued to victimise Zabercoin ICO by inserting the word “SCAM” to several of our posts on Twitter from @tokenspot. Subsequently, this individual was also blocked on Twitter.

As if his victimisation on FB and Twitter was not enough, he continued with this unethical and abusive practice on our BitcoinTalk (BTT) threads only five minutes after he was blocked on Twitter. He claimed that our website has a Trojan which is a very negative post. The user is strangely enough also based in the London area. The Zabercoin management team feels extremely disappointed, victimised and helpless since it was through no fault of them. The team replied with a link to verify that the website is clean:   “https://www.virustotal.com/ – type our URL – all is clean!”

While speaking to NewsBTC, Engelbrecht expressed serious concern about the attack and the damage it could potentially cause not just to Zabercoin but also other projects which could become his next targets. He also urged the community to beware of such scammers who could end up destroying the whole ecosystem. At the same time, using the opportunity to defend his company against these allegations, he offered the following statement.

“As CEO of Zabercoin and a person of integrity and high morals, I strongly believe in our very innovative and good product. Therefore, I have serious concern for such unlawful victimisation not only towards us as a company but also towards other new and upcoming ICOs in the future. The crypto community should make it a priority to address such undeserved abuse and unacceptable behavior towards upcoming ICOs since launching an ICO is a very costly process.

Our website is SSL certified, contract audited by ICOrating, all team and advisor members can be verified on social platforms, our team has a proven strong track record which can be verified as well via other company websites, and then one individual dares call us a “scam”. In order for the success of crypto we need to work together to filter these scammers.”

It is indeed a cause of concern that such actors could easily destroy thousands of dollars’ worth of investment made into projects and their crowdsale with ease and it is up to the cryptocurrency community to decide how they would like to tackle such an issue. It is always advisable for those interested in investing in ICOs to conduct a thorough due diligence of any project. At the same time, they would have to keep their eyes open to spot patterns which could indicate a targeted slander campaign against the very projects they are interested in investing in. After factoring in all the inputs from various sources, it is up to the investor to decide on whether to go ahead and purchase the tokens or not.

The post ICO Scammers: A New Breed of Cybercriminals? appeared first on NEWSBTC.

The post It’s A Wonderful Life for Bitcoin Evangelist as Community Expresses Its Gratitude appeared first on Bitcoin Magazine.

Cryptocurrency mining marketplace NiceHash has confirmed that yesterday’s hack resulted in the loss of over 4,700 BTC.

ICOs offer great flexibility for startups seeking to raise funds, but have certain drawbacks and challenges too. One startup is looking to change this.

The post Out of Steam: PC Gaming Platform Ends Bitcoin Payment Option appeared first on Bitcoin Magazine.

Goldman Sachs has quite the reputation – both good and bad. However, nobody can dispute that the firm is considered one of the most elite on Wall Street, and they are effectively giving their imprimatur to Bitcoin by offering to clear upcoming futures contracts for clients.

The post New Bitcoin Mining Centers Set to Increase North American Market Position appeared first on Bitcoin Magazine.