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Social Media Race for Decentralization

This year, a large number of decentralized social networks have been created: some of them are already functioning and some are undergoing different stages of testing. The real battle for users is just beginning, and the content creators can yet again feel their value, being rewarded for their work. The era of decentralized Internet is … Continue reading Social Media Race for Decentralization

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This year, a large number of decentralized social networks have been created: some of them are already functioning and some are undergoing different stages of testing. The real battle for users is just beginning, and the content creators can yet again feel their value, being rewarded for their work. The era of decentralized Internet is gaining its momentum.

STEEMIT

In 2016, the world’s first decentralized blockchain-based social network was launched. Now Steemit is considered one of the most important blockchain projects.

Roughly speaking, this resource is in some ways similar to Reddit, with the only difference is that users can get real profit in the form of Steem cryptocurrency for creating interesting content. And the entry barrier is minimal: it’s enough to just create an account and start making money.

GOLOS

Due to the geographical limitations of Steemit in Eastern Europe, the platform was forked creating the Golos project. The main difference with Golos is that it is designed specifically for Russian-speaking users: the platform’s developers believe that users who do not speak English have very few chances to participate in the daily distribution of awards for Steemit. The economic model of Golos is at the moment the same as in Steemit.

AKASHA

It would be strange if there was no project of a decentralized Ethereum-based social network.

The social network Akasha has similar functionality and capabilities as Steemit, at least at the alpha release stage. It allows users to publish articles, vote for the articles they like, post comments and, in the long run, get paid for it. But, unlike Steemit, transactions on Akasha are quite expensive, because they use gas, as in any other Ethereum-based application. And this is the main drawback of the Akasha platform.

E-CHAT

In the development stage, the project looks quite attractive to ordinary users. It includes possibilities of social networks, such as Instagram, as well as instant messengers, it has a Steemit-like earning model, but payments for likes are paid in the two most popular cryptocurrencies:  BTC and ETH.

Users can feel confident using the app, knowing their data is protected through the blockchain, which stores all of the information in a decentralized network.

As a digital transformation leader, e-Chat builds distributed platforms and next-gen capabilities like machine learning, IoT, and speech/image recognition. Our unique blend of user-design, data disciplines, and understanding of the customer journey delivers a richer user experience, easier consumption, and powerful emotional insights.

As a result, we can say that decentralized social networks are only in their initial stage of getting attention. The above-mentioned services are likely to be one of the first major blockchain applications. Maybe they will be able to go as far as changing traditional media and how they work.

Yes, right now these platforms are small, slow, and expensive. But once viable strategies are identified, Twitter, Facebook, and Instagram can begin to worry about their future.

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Substratum answers censorship call

Web censorship is on the rise, according to research by Freedom on the Net, two-thirds of all internet users live in countries where criticism of the government, military, or ruling family is subject to censorship. The World Economic Forum reported that global internet freedom declined in 2016 for the sixth consecutive year, 2017 is likely to be … Continue reading Substratum answers censorship call

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Web censorship is on the rise, according to research by Freedom on the Net, two-thirds of all internet users live in countries where criticism of the government, military, or ruling family is subject to censorship. The World Economic Forum reported that global internet freedom declined in 2016 for the sixth consecutive year, 2017 is likely to be even worse.

Internet freedom in the US was dealt a huge blow yesterday when the Federal Communications Commission voted to rescind regulations governing companies that provide broadband services to consumers. This essentially gives broadband providers in the US the power to control what they serve to their customers, and more importantly what they block.

These net neutrality regulations were originally introduced by the Democrats under the previous administration. Trump’s administration evidently does not approve of a free and unfettered internet so has decided to unravel the regulations that gave net neutrality lawfulness. The rules prevented internet service providers from blocking content, throttling access speeds and enforcing paid prioritization upon their customers. Once through US broad band companies would have a “green light to discriminate and manipulate your internet traffic” according to one Democrat on the FCC panel. Top ISPs such as Comcast, Verizon, AT&T, Charter and CenturyLink will have more freedom to control what they allow their users to see on the internet. According to Wikipedia these top five US providers have almost 80 million subscribers combined.

As America moves to join many of the Middle Eastern and Asian nations that regularly and actively censor the internet we need to look towards the blockchain for a solution. It just so happens that a recent ICO provides a token that does just that.

Substratum provides a method of serving decentralized web content via a range of operating systems and browsers without the need for technical knowledge of crypto currencies and blockchains. Their websites states:

“Information wants to be free, not locked down by censorship or net neutrality laws. Substratum provides tools anyone can use to help keep the internet accessible through decentralization. We support an equal, fair, and open internet.”

By installing a Substratum node participants will get rewarded with the crypto currency for serving content to others living in countries that filter the web. Traders reacted to the news quickly and SUB price jumped from $0.36 to a record top of $0.50 within a couple of hours. A small correction brought prices back down to $0.40 but they soon began to ratchet back up. At the time of writing Substratum had a market capacity of just shy of $100 thousand and was trading at $0.44, it is likely to head upwards in the next few hours.

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Bitcoin: The Big Short Is Coming – Seeking Alpha


Seeking Alpha

Bitcoin: The Big Short Is Coming
Seeking Alpha
Bitcoin’s price has exploded in recent weeks, and with the most recent ramp up certain warning signs are beginning to emerge. As the price in Bitcoin has moved up seemingly exponentially in recent weeks many retail investors appear to be using cheap
What the World’s Central Banks Are Saying About BitcoinBloomberg
UK finance watchdog head says no plans to push bitcoin regulationFinancial Times

all 50 news articles »


Seeking Alpha

Bitcoin: The Big Short Is Coming
Seeking Alpha
Bitcoin's price has exploded in recent weeks, and with the most recent ramp up certain warning signs are beginning to emerge. As the price in Bitcoin has moved up seemingly exponentially in recent weeks many retail investors appear to be using cheap ...
What the World's Central Banks Are Saying About BitcoinBloomberg
UK finance watchdog head says no plans to push bitcoin regulationFinancial Times

all 50 news articles »

Ripple Price Technical Analysis – XRP/USD Surges Toward $1.00

Key Highlights Ripple price is surging higher and it recently moved above the $0.9000 level against the US Dollar. Yesterday’s highlighted monster bullish trend line with current support at $0.6500 is intact on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might continue to move higher and it will most … Continue reading Ripple Price Technical Analysis – XRP/USD Surges Toward $1.00

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Key Highlights

  • Ripple price is surging higher and it recently moved above the $0.9000 level against the US Dollar.
  • Yesterday’s highlighted monster bullish trend line with current support at $0.6500 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might continue to move higher and it will most likely resume uptrend above $0.9000.

Ripple price is rocketing higher against the US Dollar and Bitcoin. XRP/USD is now set for a move towards the $1.00 handle in the near term.

Ripple Price Next Target

There were solid gains in Ripple price as it surged above the $0.8000 level against the US Dollar. The price was able to move above the $0.9000 level as well and traded to new all-time high of $0.9025. It seems like the pair is in a major uptrend above $0.6000 and the current move is only corrective. The best part is the fact that yesterday’s highlighted monster bullish trend line with current support at $0.6500 is intact on the hourly chart of the XRP/USD pair.

There was a dip below the 50% Fib retracement level of the last wave from the $0.4000 low to $0.9025 high. However, the downside move was protected by the trend line support and the $0.6000 level. Sellers succeeded in pushing the price lower below $0.8000, but the current price action is only corrective. XRP tested the 61.8% Fib retracement level of the last wave from the $0.4000 low to $0.9025 high. It has likely completed the correction and is currently above the $0.7000 level.

Ripple Price Technical Analysis XRP USD

As long as the trend line support remains intact, there can be a retest of $0.9000. A break above $0.9000 would call for a test of $1.00.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently in the bearish zone, but recovering.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is once again moving higher toward 65.

Major Support Level – $0.6000

Major Resistance Level – $0.9000

 

Charts courtesy – Trading View, Kraken

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NEMS BULLS CLOSE ABOVE $0.58 AS BUYERS AIM AT $0.76 TECHNICAL ANALYSIS FOR DECEMBER 15, 2017

NEM bulls are on the upper hand after bouncing off the middle BB which is our immediate support. For all we know, NEM push and close above $0.58 means resumption of bull pressure and as such buyers should be aiming for $0.76. Monero, LTC and DASH are still correcting and we expect some form of … Continue reading NEMS BULLS CLOSE ABOVE $0.58 AS BUYERS AIM AT $0.76 TECHNICAL ANALYSIS FOR DECEMBER 15, 2017

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NEM bulls are on the upper hand after bouncing off the middle BB which is our immediate support.

For all we know, NEM push and close above $0.58 means resumption of bull pressure and as such buyers should be aiming for $0.76. Monero, LTC and DASH are still correcting and we expect some form of bull pressure in the coming sessions.

IOTA is bearish and currently USD bulls are trending below $3.9 support with bear candlesticks banding along the lower BB as sellers aim at $2.8

Let’s look at the charts:

NEM BULLS DRIVE PRICES ABOVE $0.58

alt coin NEM Bulls 4HR chart technical analysis
XEMUSD 4HR Chart for December 15, 2017

As mentioned yesterday, NEM prices were consolidating and finding resistance at December 12 highs of $0.58.

From this set up we notice that the resistance trend line connecting December 8 and 12 was the main obstacle preventing appreciation.

At the same time, the 20 period MA defined our support line. After the consolidation, there was a dip.  However, NEM bulls picked up from the main support pushing prices above the minor resistance trend line and closing above $0.58.

Even though prices might correct in a “retest”, bulls can comfortably enter long and gear up for last week’s highs of $0.76 as their immediate bull target.

DASH BULLS SLOWING EVEN AFTER TESTING $1000

alt coin DASH 4HR chart technical analysis
DASHUSD 4HR Chart for December 15, 2017

Even though DASH inched up higher and tested $1000, there is considerable bear pressure at those levels.

Not only are we seeing lower highs relative to the upper BB, but we have bearish stochastics complete with a bear divergence.

Despite this, the general trend is bullish. In line with this, we shall only initiate long trades with immediate support at the 20 period MA and December 3 highs at around $820.

Any dip to these levels which is confirmed by strong bulls mean we go long after close.

IOTA BEARS DRIVING PRICES LOWER

alt coin IOTA 4HR chart technical analysis
IOTUSD 4HR Chart for December 15, 2017

Judging from IOTA price action, bears might end up driving prices to $2.8 support.

This largely because of price action and bearish momentum in the daily chart. Despite this short term bear trend, there is a strong uptrend in the weekly chart.

In the 4HR chart, we see that bear candlesticks are already banding along the lower BB meaning momentum is high. To signal further bearish pressure, IOTA bears are trending below the first support at $3.9. As it is, the middle BB is our immediate resistance.

So, unless there is a strong bull candlestick in the next sessions, the short term trend is bearish. That’s until maybe when bears test $2.8 and a stochastic buy signal prints at the oversold territory.

MONERO BULLS CONSOLIDATE AT MIDDLE BB RETESTED

alt coin Monero 4HR chart technical analysis
XMRUSD 4HR Chart for December 15, 2017

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

Already, we can see some lower highs relative to the upper BB. Furthermore, there is a stochastic sell signal turning from the overbought territory as prices continue consolidating.

If today’s prices close below $300,then 20 period MA should act as support in the coming sessions.

Otherwise, if bear momentum is strong and prices close below both support levels then we shall wait until a stochastic buy signal prints.

Conversely, any close above $330 should mean bull trend continuation and a path towards $400.

LTC SHED $130 AFTER TESTING HIGHS OF $420

alt coin LTC 4HR chart technical analysis
LTCUSD 4HR Chart for December 15, 2017

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

There is a stochastic sell signal in place. This means USD bull pressure is strong. Moreover, LTC prices are trending below the 20 period MA for the first time in a month. This is a milestone for USD bulls.

Even though prices are trending within our buy zone, we shall have to wait until strong bull candlestick forms. If LTC prices close below $255, then we expect them to fall to around $210. This level is the 61.8% Fibonacci retracement drawn from last week’s high-low.

All charts courtesy of Trading View

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‘Be Prepared to Lose Your Money.’ A British Regulator Has a Warning for Bitcoin Buyers – Fortune


Fortune

‘Be Prepared to Lose Your Money.’ A British Regulator Has a Warning for Bitcoin Buyers
Fortune
Buying bitcoin carries a similar level of risk to gambling and people who invest in it should be ready to “lose all their money” according to the head of one of Britain’s leading financial regulators. Andrew Bailey, CEO of the Financial Conduct
Bitcoin buyers should prepare to lose all their money, says regulatorThe Independent
Regulator warns Bitcoin buyers: Be ready to lose all your money …BBC News
UK’s FCA Chief Warns Bitcoin Investors: Be Prepared to Lose Your …Coindesk
Fox Business –Business Insider –Financial Times
all 25 news articles »

Fortune

'Be Prepared to Lose Your Money.' A British Regulator Has a Warning for Bitcoin Buyers
Fortune
Buying bitcoin carries a similar level of risk to gambling and people who invest in it should be ready to “lose all their money” according to the head of one of Britain's leading financial regulators. Andrew Bailey, CEO of the Financial Conduct ...
Bitcoin buyers should prepare to lose all their money, says regulatorThe Independent
Regulator warns Bitcoin buyers: Be ready to lose all your money ...BBC News
UK's FCA Chief Warns Bitcoin Investors: Be Prepared to Lose Your ...Coindesk
Fox Business -Business Insider -Financial Times
all 25 news articles »

Race to launch bitcoin futures stirs anger – Financial Times


Financial Times

Race to launch bitcoin futures stirs anger
Financial Times
“Get Exposure to Bitcoin Price Moves without Holding Bitcoins,” the website of Cboe Global Markets says about the exchange’s new bitcoin futures, which began trading this week. Why someone would voluntarily seek out bitcoin’s gyrations might not be
The Huge Price Gap Between Bitcoin Futures and Bitcoin Is ShrinkingBloomberg
Bitcoin-futures contracts create as many risks as they mitigateThe Economist
The State Of The Bitcoin ETF RaceSeeking Alpha
Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
all 54 news articles »

Financial Times

Race to launch bitcoin futures stirs anger
Financial Times
“Get Exposure to Bitcoin Price Moves without Holding Bitcoins,” the website of Cboe Global Markets says about the exchange's new bitcoin futures, which began trading this week. Why someone would voluntarily seek out bitcoin's gyrations might not be ...
The Huge Price Gap Between Bitcoin Futures and Bitcoin Is ShrinkingBloomberg
Bitcoin-futures contracts create as many risks as they mitigateThe Economist
The State Of The Bitcoin ETF RaceSeeking Alpha
Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
all 54 news articles »

Coinbase CEO: more services and coins in 2018

Coinbase may be the bane of many traders’ lives, their customer support is pretty much non-existent, their fees are higher than most other exchanges, coin prices are often higher than elsewhere, transaction times are woeful, and don’t even bother trying to access the site when there is high traffic – it probably won’t be online. … Continue reading Coinbase CEO: more services and coins in 2018

The post Coinbase CEO: more services and coins in 2018 appeared first on NEWSBTC.

Coinbase may be the bane of many traders’ lives, their customer support is pretty much non-existent, their fees are higher than most other exchanges, coin prices are often higher than elsewhere, transaction times are woeful, and don’t even bother trying to access the site when there is high traffic – it probably won’t be online. Trading is often suspended when there is a lot of demand as in the recent case with Litecoin. So how can Coinbase get on top of things during this unprecedented spell of crypto mania.

Crypto traders needed some feel good news about Coinbase and it came in the form of a recent CNBC interview with co-founder and chief executive Brian Armstrong. During the brief dialogue he mentioned how the Bitcoin boon has made crypto trading in general ‘Stock Market 2.0’. To facilitate this Coinbase will be offering a new service called ‘Coinbase Custody’ which is seeking to become the first qualified custodian for institutions that are looking to store digital currency.

Continuing on the theme of stock market evolution into crypto markets Armstrong said that Coinbase has plans to expand its altcoin listings from the current three they have available next year.

“The ones that are the most exciting to us that we have on the platform today are bitcoin, ethereum and litecoin, but there’s many more that are going to be added to the platform in 2018 and I think this is going to be a really exciting space for all kinds of institutional investors to make money.”

There is a lot of conjecture at the moment as to how many and what altcoins they will be adding to their marketplace. The likelihood is that they will choose the ones that have the greatest demand; a good indicator for this is the market capacity. In addition to Bitcoin, Litecoin and Ethereum already listed the others in the top ten are Bitcoin Cash, Ripple, Iota, Dash, Monero, Nem and Bitcoin Gold.

He went on to state that the firm has avoided listing any ICOs on the exchange due to regulatory uncertainty and SEC legislation. A number of factors needed careful consideration before a new asset can be listed;

“these include regulatory risk, diligence on the team, security audit on the coin, and the customer demand.”

Armstrong signed off by stating Coinbase is

“looking to provide a safe place where customers can have assets that they trust and participate in this market.”

The post Coinbase CEO: more services and coins in 2018 appeared first on NEWSBTC.

Bitcoin: too risky or too good to miss? What the experts think – Financial Times


Financial Times

Bitcoin: too risky or too good to miss? What the experts think
Financial Times
As the bitcoin price began to nosedive — just a day after the cryptocurrency smashed through a $10,000 milestone — Alfred Churchill was frantic. Despite desperate attempts to withdraw thousands of dollars’ worth of bitcoin from his account with
How to decide if bitcoin is safe for you to tradeChicago Tribune
Bitcoin is failing as a currency – EngadgetEngadget
Commentary: Why Bitcoin Would Make a Great Holiday GiftFortune
Telegraph.co.uk –Reuters –Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News) –CoinMarketCap
all 398 news articles »

Financial Times

Bitcoin: too risky or too good to miss? What the experts think
Financial Times
As the bitcoin price began to nosedive — just a day after the cryptocurrency smashed through a $10,000 milestone — Alfred Churchill was frantic. Despite desperate attempts to withdraw thousands of dollars' worth of bitcoin from his account with ...
How to decide if bitcoin is safe for you to tradeChicago Tribune
Bitcoin is failing as a currency - EngadgetEngadget
Commentary: Why Bitcoin Would Make a Great Holiday GiftFortune
Telegraph.co.uk -Reuters -Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News) -CoinMarketCap
all 398 news articles »

2018: The Year We Make Cont(r)act

2017 may have been a historic year in blockchain, but Banca IMI’s Massimo Morini argues the seeds for this revolution were sown in 2016.

2017 may have been a historic year in blockchain, but Banca IMI’s Massimo Morini argues the seeds for this revolution were sown in 2016.

NAGA: Making Your Life More Convenient

It is quite common to find yourself being an owner of the bunch of stuff you don’t really need. If it’s the usual junk, you can just take it to the flea market and make a bit of cash out of it. But if it’s digital junk, the situation can get really complicated. If there’s no … Continue reading NAGA: Making Your Life More Convenient

The post NAGA: Making Your Life More Convenient appeared first on NEWSBTC.

It is quite common to find yourself being an owner of the bunch of stuff you don’t really need. If it’s the usual junk, you can just take it to the flea market and make a bit of cash out of it. But if it’s digital junk, the situation can get really complicated. If there’s no specialized selling platform, it’s gonna be a pain in the rear for you. You are not gonna face this problem with NAGA.

NAGA has developed an entire marketing ecosystem that allows you to sell digital things or exchange them for Apple shares or anything else that you’d like to invest in on the financial markets. A couple of clicks – that’s all that it takes. Of course, this works not only for in-game skins but for all types of goods that can be sold or exchanged inside the Switex platform. The exchange is performed through the NAGA Wallet by using NAGA Coins.     

Basically, the company’s main goal is to merge the financial markets, cryptocurrencies, and the digital items market, so that the sales transactions can be conducted in the most convenient way possible. Moreover, this has to be achieved within a strict legal framework. NAGA has a history here after having gone public on Frankfurt Stock Exchange in July. To do this, the company passed through all the necessary inspections and got all the licenses needed in Germany. Besides, the important NAGA feature is that its popularity is supported by the substantial sales of tokens. There is considerable demand for NAGA services, so the platform will be able to receive profit directly after the ITS. And, as they say, there is no business without profit. One should avoid companies that don’t have a clear monetization system.  

Anton Kryvko, big data scientist and technology evangelist definitely thinks so. According to him, among the dozens of other offers on the markets, NAGA is an outstanding one:

“NAGA’s idea to exchange virtual currencies for services and goods, in general, is not a novelty. A lot of local startups try to create something similar with their own social network and virtual currency that, potentially, could have been exchanged for goods, but generally they failed. NAGA seems to be way more perspective. It has already issued the working product and taken the obligations to serious investors (backed by FOSUN Group). This decreases the risk that the project might “suddenly” disappear, as often happens after an ICO is conducted.   

Potentially, it looks really good, taking into account that NAGA offers workshops for traders and great cashback bonuses too. The project’s success will ultimately depend on the amount of people, who use it. But given the rates of NAGA token sales, it already has a wide community that is more than ready to support it.”

Above all, NAGA aims at not only making the item trade less complicated but also making it accessible to everybody who avoided it earlier. People tend to avoid the trades because of an immense bureaucracy embedded into the contemporary financial systems. Now you don’t need to go to the bank and fill in tonnes of papers before entering the markets. All you need is your enthusiasm and NAGA tokens, which can be used to buy and sell whatever you like.

Halyna Herasym, a grad student at San Diego State University, plays DOTA 2 several times a week. She rarely uses the dropping in-game skins:

“After spending more than 3000 hours in DOTA 2 I realized that I own a great deal of useless stuff. I am just not a great fan of all the cosmetic items, moreover, I usually find them really annoying. I would have sold all the equipment by now, but the platforms, that allow the transactions with the in-game items are usually unreliable, extremely inconvenient, or, sometimes, both. So, as a gamer, when I found out about Switex I was really thrilled. It would be really handy for people like me, since it’s convenient and reliable. Can’t wait till it is be launched, so I can get rid of all the items I own and spend the resources on something more useful”.   

It is hard to predict the way NAGA and similar platforms will influence the market in general. Nevertheless, we can be certain about one thing: they will make life of many people way more comfortable. Now gamers know not only “what to sell”, but also “how to sell”.

Join NAGA’s Telegram, that has more than 10,000 active members, to stay tuned.

The post NAGA: Making Your Life More Convenient appeared first on NEWSBTC.

Japanese company to start paying employees in bitcoin – The Guardian


The Guardian

Japanese company to start paying employees in bitcoin
The Guardian
“We hope to improve our own literacy of virtual currency by actually using it.” The offer will be open to around 4,000 employees of the GMO group in Japan, she said. The company started a Bitcoin trading and exchange business in May. And next month, it
A company in Japan wants to start paying employees in BitcoinBusiness Insider
Japan’s GMO Internet Group Will Pay Thousands of Workers in BitcoinBitcoin Magazine

all 6 news articles »


The Guardian

Japanese company to start paying employees in bitcoin
The Guardian
“We hope to improve our own literacy of virtual currency by actually using it.” The offer will be open to around 4,000 employees of the GMO group in Japan, she said. The company started a Bitcoin trading and exchange business in May. And next month, it ...
A company in Japan wants to start paying employees in BitcoinBusiness Insider
Japan's GMO Internet Group Will Pay Thousands of Workers in BitcoinBitcoin Magazine

all 6 news articles »

Bitcoin Price Technical Analysis for 12/15/2017 – Bulls Are Returning!

Bitcoin price has bounced off its mid-channel area of interest and is resuming the climb to the resistance.

The post Bitcoin Price Technical Analysis for 12/15/2017 – Bulls Are Returning! appeared first on NEWSBTC.

Bitcoin Price Key Highlights

  • Bitcoin price looks ready to resume its climb and the Fib extension levels show how high it can go.
  • Price is currently testing the 38.2% extension and could still make its way up to the ascending channel resistance.
  • Technical indicators are reflecting bullish momentum but could also be hinting at rally exhaustion soon.

Bitcoin price has bounced off its mid-channel area of interest and is resuming the climb to the resistance.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. This means that the rally is more likely to resume than to reverse. Also, the 100 SMA recently held as dynamic support.

The gap between the moving averages is narrowing to signal weakening bullish momentum. Stochastic is on the move up but is closing in the overbought level to indicate that buyers are feeling exhausted and may let sellers take over. RSI is also heading north and is approaching the overbought area.

If sellers return, a deeper pullback could be underway, taking bitcoin price to the 200 SMA dynamic support or the channel bottom at $15,000. Stronger selling pressure could lead to a downside break of the channel support and a prolonged selloff for bitcoin price.

On the other hand, a sustained bull run could take it up to the 50% extension at $17,728.38 or the 61.8% extension near the channel resistance at $18,23.31. The 76.4% extension is located at $18,862.54. The full extension is at $19,876.41, close to the closely-watched $20,000 handle.

CME is moving close to launching its own bitcoin futures, which is expected to bring more investor interest. A number of funds have also included bitcoin futures in their portfolios while some are offering short contracts at high margins.

Meanwhile, the dollar has been moving sideways against most of its peers lately but could draw more support once US lawmakers approve the final version of the tax bill.

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