Day: December 13, 2017

Key Highlights

• Ripple price is climbing higher and is currently placed well above the $0.5500 level against the US Dollar.
• There is a monster bullish trend line forming with support at $0.5200 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair will most likely accelerate higher above the $0.6000 and $0.6500 in the near term.

Ripple price is flying higher against the US Dollar and Bitcoin. XRP/USD is now placed nicely for more gains above $0.6000 and $0.6500.

Ripple Price to Continue Higher

There were solid gains in Ripple price above the $0.4500 resistance against the US Dollar. Once the price was able to move above the $0.4500 resistance, there were sharp gains above $0.5000. The price was able to move above the $0.6000 level. The recent all-time high was formed at $0.6033 and it seems like the price might continue to move higher. An initial support is around the 23.6% Fib retracement level of the last wave from the $0.4005 low to $0.6033 high.

There is also a monster bullish trend line forming with support at $0.5200 on the hourly chart of the XRP/USD. The trend line support at $0.5200 is a crucial buy zone. It is also near the 38.2% Fib retracement level of the last wave from the $0.4005 low to $0.6033 high. As long as the price is above the $0.5200 and $0.5000 support levels, it might continue to rise in the near term. Below $0.5000, the $0.4800 level is also a major support area, where buyers are likely to take a stand.

On the upside, a break above the $0.6000 handle is on the cards. Above $0.6000, the price will most likely rocket above $0.6500.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the overbought levels.

Major Support Level – $0.5200

Major Resistance Level – $0.6000

Charts courtesy – Trading View, Kraken

The post Ripple Price Technical Analysis – XRP/USD Upside Surge above $0.60 appeared first on NEWSBTC.

There are plenty of challenges in the gaming industry where game designers feel that they are underpaid for their efforts and gamers never seem to earn enough by playing. Over that, the existing platforms charge higher fees for hosting these games. In order to solve this long-standing issue, Game Machine has come up with a decentralized system that utilizes blockchain technology and smart contracts to allow game developers build and deploy games and watch their creation bring enough revenues.  The same platform also enables gamers to earn by sharing the processing power from their gaming rigs while playing. In short, Game Machine is a meeting point for gamers and developers.

The Unique Solution from Game Machine

Smart contracts do the work – no fraud

All the fraud that mar the traditional game industry will be a thing of the past. With Proof-of-Authority, Proof-of-Work, and Proof-of-Stake, transactions and all game developments will be self-executory, removing third parties, and helping increase trust and system reliability.

An exchange-ready platform

Game Machine is already a hot cake. Exchanges can be seamlessly undertaken between advertisers, developers, and gamers. Thus, with the use of smart contracts, every asset is easily tokenized to ensure transparency and safety in the entire process.

A fully-fledged, fully functional ecosystem for launching games

Whether you are a gamer or investor, the Game Machine platform has a built-in integration tool and functional programming for PC, which ensures easy access and offers high-tech, state-of-the-art mining and cryptocurrency exchange, as well as gaming technologies.

These technologies, integration capabilities, and the power of the blockchain all combine to make Game Machine a platform for developers to easily launch their games through crowdfunding and claim their earnings will less cost.

Safe and industry certified

Game Machine has been tried and tested and has worked for many game developers and gamers as well. With GMIT — the platform’s currency, operations are fully compliant with industry standards, which has given full certification to the CCSS standards.

The token sale that will change the gaming industry

The Game Machine crowdsale is set to go live on December 14, 2017. On the first day, the platform will offer a 15% bonus to early participants.

Whilst gamers invest cryptocurrencies with security through smart contracts, developers will use CPA, Game Machine community, and smart contracts to create an enabling environment for games to thrive.

Don’t be left out. Join the token sale changing the gaming industry.

The post Launch Your Game Crowdfunding ICO on the Largest Blockchain-Based Platform: Game Machine appeared first on NEWSBTC.

Retail giants Walmart and JD.com are among several companies backing a new blockchain effort in China focused on food safety and traceability.

Key Highlights

• ETH price made a nice upside move and traded above the $720 resistance against the US Dollar.
• There are two important bullish trend lines forming with support at $685 on the hourly chart of ETH/USD (data feed via SimpleFX).
• On the upside, a break above the $735 level would open the doors for more gains in the near term.

Ethereum price is in a major uptrend against the US Dollar and Bitcoin. ETH/USD traded above $755 recently and looks set for more upsides.

Ethereum Price Monster Upside Run

There were continuing gains in ETH price as it was able to move above the $700 handle against the US Dollar. The price surged above the $720 and $750 resistance levels to trade to a new all-time high at $758.23. Later, a downside correction was initiated and the price moved below the $700 and $650 support levels. A low was formed at $631 from where the price moved higher once again.

It traded as high as $739.29 and is currently facing minor sell offers. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $631.75 low to $739.29 high. Moreover, there are two important bullish trend lines forming with support at $685 on the hourly chart of ETH/USD. The pair remains well supported above the $685 level. More importantly, the 50% Fib retracement level of the last wave from the $631.75 low to $739.29 high is also around $685.

Therefore, the trend lines and the fib support around $685 is a major hurdle for sellers and a good buy zone. On the upside, once the price crosses the $735 level, it could break the $758 high as well. The next target could be $800-820.

Hourly MACD – The MACD is placed well in the bullish zone.

Hourly RSI – The RSI is nicely moving above the 55 level and is showing positive signs.

Major Support Level – $685

Major Resistance Level – $735

Charts courtesy – SimpleFX

The post Ethereum Price Technical Analysis – ETH/USD To Rise Further appeared first on NEWSBTC.

Bitcoin Price Key Highlights

• Bitcoin is in another day of consolidation and may be in for a few more losses as it formed a short-term reversal pattern.
• Price has formed a small head and shoulders on its 1-hour time frame and appears to have broken below the neckline.
• This comes after a move below a short-term ascending trend line.

Bitcoin could be in for a few more losses from here as price made a reversal pattern and broke below a short-term trend line.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. This signals that the uptrend is still likely to resume soon. In addition, the 100 SMA is holding as dynamic support.

However, the gap between the moving averages is narrowing to reflect slowing bullish momentum. If a downward crossover materializes, more sellers could join in. The head and shoulders spans $16,500 to $17,500 so bitcoin price could fall by around $1,000.

Stochastic is pointing down to show that sellers are in control while buyers take a break. RSI appears to be treading sideways to indicate further consolidation.

Market Factors

The dollar actually weakened against its fiat counterparts after the FOMC decision but it still managed to hold on to its gains versus bitcoin price. Yellen reiterated her cautious inflation outlook while taking a swipe at bitcoin for being a highly-speculative asset.

Still, the updated economic projections hinted at further tightening in 2018 and it also helped that growth and jobs forecasts were upgraded. In other US news, lawmakers agreed on the tax bill and are set to vote on it next week.

As for bitcoin price itself, the launch of CBOE futures has propped price up but traders appear to be more skeptical as price goes on to reach more record highs. CME and Nasdaq are set to launch their own futures soon, bringing another influx of investor interest, which typically translates to higher volumes and increased trading activity.

The post Bitcoin Price Technical Analysis for 12/14/2017 – Short-Term Selloff Underway? appeared first on NEWSBTC.

IOTA bears are driving prices lower and are now aiming at $3.9 support level. At the same time, LTC bulls are slowing down and after an over-extension on December 12, bears followed through and price action is seeking for equilibrium as it makes lower lows.

LTC should found support at around $280 which is the 50% Fibonacci retracement level drawn from December 2017-November 2016 high lows.

Let’s look at the charts:

NEM BULLS SLOW DOWN AND RETEST MIDDLE BB

Buyers are finding it hard to push prices above the 61.8% Fibonacci level.

We notice that even after yesterday’s strong buy momentum, NEM is now back peddling and over the past few sessions, we are seeing that horizontal consolidation with lower highs relative to the upper BB.

The middle BB is our immediate support and any retest presents a buying opportunity since the stochastics are still positive.

AFTER TESTING $960, DASH BULLS SLOW DOWN

DASH bulls are finding resistance at $960 as we can see from the charts. Even if there is resistance, that strong bearish engulfing pattern could not be confirmed in consequent sessions. DASH prices inched up before dipping as we can see.

The general trend is bullish. Therefore, our immediate support is the 20 period MA and December 3 highs of $820.

Two things can happen today. First, DASH bears can continue driving prices lower according to the stochastic sell momentum. In that case, our support will be as mentioned.

If DASH prices recovers and bulls surge past $960, then we should be targeting our second take profit level as Fibonacci Extension projects at $1070.

IOTA BEARS NOW AIMING AT $3.9 SUPPORT

After consolidation and a fake bullish breakout on December 12, IOTA bears are now leading the way. In fact prices are now trending below the minor support trend line.

By doing so, it broke the 20 period MA-a level which has been reliable for the past one month. As such, odds of IOTA prices recovering once a stochastic buy signal forms is high.

That recovery will be ideal if it happens around the first support level at $3.9 or $2.8.

$300 IS NOW SUPPORT AFTER MONERO BULLS BREAK AND CLOSE ABOVE

Now that Monero bulls are trending above $300.  By the way $300 is a sensitive round number and  we expect some sort of a retest.

Already, we can see some lower highs relative to the upper BB and a stochastic sell signal turning from the overbought territory.  If today’s prices close below the main support line at $300,then 20 period MA should act as a point of equilibrium and support in the coming session.

Otherwise, if bear momentum is strong and prices close below both levels then we shall wait until a stochastic buy signal prints at the oversold territory. A confirming bullish candlestick will further smooth our long entry.

Conversely, any close above $330 should mean bull trend continuation and a path towards $400. Anyway, we are now seeing some long lower wicks.

LTC BEARS DRIVING PRICES LOWER…$280 NEXT TARGET?

Following our over-extension has mentioned yesterday, LTC bears are now driving prices lower.

There is a stochastic sell signal in place meaning USD bull pressure is strong. However, we expect some support and or consolidation after the middle BB is tested.

If consolidation follows, the formation of a stochastic buy signal and a confirming bull candlestick shall trigger entry of long positions. This would  probably happen at around $240-80 buy zone.

All charts courtesy of Trading View

The post AFTER TESTING $5.5 IOTA BEARS NOW PARING LOSSES TECHNICAL ANALYSIS FOR DECEMBER 14 appeared first on NEWSBTC.

Key Points

• Bitcoin cash price is slowly moving in an uptrend above the $1550 level against the US Dollar.
• This is a crucial ascending channel forming with support at $1550 on the hourly chart of BCH/USD (data feed from Kraken).
• The pair might continue to move higher and it could even break the $1680 resistance in the near term.

Bitcoin cash price is moving nicely towards $1800 against the US Dollar. BCH/USD is in an uptrend and remains well supported above the $1500 level.

Bitcoin Cash Price Trend

There was a slow and steady rise in bitcoin cash price above the $1500 level against the US Dollar. The price was able to move above the $1600 and $1650 resistance levels before starting a downside correction. A high was formed at $1677.1 from where a minor downside reaction was initiated. Sellers pushed the price below the 38.2% Fib retracement level of the last upside wave from the $1350 low to $1677 high.

However, the downside move was prevented by the $1500-1510 support area. Moreover, there is a crucial ascending channel forming with current support at $1550 on the hourly chart of BCH/USD. It recently acted as a support above $1520 and prevented further losses. More importantly, the 50% Fib retracement level of the last upside wave from the $1350 low to $1677 high acted as a strong support.

The pair is now moving back higher and it is likely to extend gains above the $1600 level. On the upside, an initial resistance is at $1600 followed by the last swing high at $1677. A break above the $1677 level could open the doors for a move towards the $1800 level.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is placed nicely above the 50 level and is positive.

Major Support Level – $1550

Major Resistance Level – $1670

Charts courtesy – Trading View, Kraken

The post Bitcoin Cash Price Technical Analysis – BCH/USD is In Uptrend appeared first on NEWSBTC.

A tech meetup at a dimly lit New York City bar – so far, nothing out of the ordinary. But what’s peculiar about this particular meetup is that other locations throughout the East Village are being connected to the bar’s Wi-Fi-enabled node, allowing anyone in the area to not only piggyback off all the signals […]

South Korean regulators have announced a plan to ban banks from activities involving cryptocurrencies, prompting major banks in the country to declare they will no longer issue accounts required for crypto trading. South Korea’s top bitcoin exchanges are all effected, including Bithumb, Coinone, and Korbit. Banks that have made announcements include Shinhan Bank, Korea Development Bank, and Industrial Bank of Korea.

Also read: South Korea Clarifies Position After Reports of Possible Ban on All Crypto Transactions

Crypto Ban Planned for Banks, Minors, and Foreigners

The South Korean government has been holding meetings daily to discuss cryptocurrency regulation. On Wednesday, local publications reported that the regulators are planning to ban banks from activities involving cryptocurrencies. According to AFP:

The Prime Minister’s Office said Seoul would ban financial institutions from dealing in virtual currencies – including buying, possessing, or holding them as collateral.

In addition, Korea Herald reported that “banks in Korea that provide virtual bank accounts for cryptocurrency trades will have to verify the identification of account holders when creating new ones,” according to the plan. Furthermore, the regulators plan to ban minors and foreigners from both trading in cryptocurrency and creating bank accounts in the country.

Virtual bank accounts are issued by traditional banks for customers of cryptocurrency exchanges. A customer wanting to start trading at a crypto exchange must first open a virtual bank account and deposit money into it. All major Korean exchanges, including the country’s largest bitcoin exchange Bithumb, require customers to open virtual bank accounts before trading. The Kyunghyang Shinmun described:

Virtual currency can be traded only after joining a virtual currency exchange and depositing money in a virtual account assigned to the exchange.

Banks Ditching Crypto Accounts

Wednesday’s announcement marks the first time the regulators have applied restrictions on virtual bank accounts.

The country’s major state-run and commercial banks immediately responded by announcing that they will stop issuing new virtual bank accounts for cryptocurrency exchanges. Some are even canceling existing accounts, Arirang News reported, adding that:

Such measures will effectively freeze most traders out of the cryptocurrency market as the country’s leading virtual currency exchanges such as Bithumb and Coinone require users to create a virtual account before they can conduct any transactions.

If a bank closes an exchange’s virtual bank accounts, then “it is fundamentally impossible to sell and buy virtual currencies through the bank,” Business Korea noted.

Major Banks Jumping Ship

Among the banks that have decided to stop issuing virtual accounts are Shinhan Bank, Korea Development Bank (KDB), Industrial Bank Of Korea (IBK), Woori Bank, KB Kookmin Bank, and KEB Hana Bank.

Shinhan Bank, which issues virtual accounts for Bithumb and Korbit, will not issue new virtual accounts but will not cancel existing accounts, according to the Kyunghyang Shinmun. In November, news.Bitcoin.com reported on the bank launching a cryptocurrency custody service.

The state-run KDB which issues virtual bank accounts for Coinone announced that it will “stop all the businesses related to cryptocurrency transactions, including bitcoin, from January next year,” Business Korea reported on Wednesday.

Woori Bank which issues virtual bank accounts for Korbit is taking the same approach as KDB. The bank will cancel existing virtual accounts as well as suspend issuing new ones. IBK Bank, KB Kookmin Bank, and KEB Hana Bank have all stopped issuing virtual accounts.

At the time of writing, Nonghyup Bank has not made an announcement regarding the matter. According to the Investor publication, this bank provides virtual account services to several exchanges including Bithumb, Coinone, and Korbit.

What do you think of the South Korean government’s plan to ban banks from dealing with cryptocurrencies? What do you think will happen to the Korean crypto market? Let us know in the comments section below.

Images courtesy of Shutterstock, Shinhan Bank, Nonghyup Bank, IBK, Woori Bank, KB Kookmin Bank, KEB Hana Bank, and KDB.

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The post South Korean Banks Drop Crypto Accounts as Government Plans a Ban appeared first on Bitcoin News.