Day: December 27, 2017

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Forex & Money EXPO is going to take place in Singapore on October 25-16, 2018. Suntec Singapore Convention Centre in the very heart of Singapore was chosen as a venue for this spectacular event.The expo itself is expected to welcome over 50 speakers and 5000 attendees from all over the world there.

Everyone will get an opportunity to take part in the biggest show filled with exhibitor booths, lounges, bars, a Speaker Hall and Workshop rooms. The two-day event will include not only large exhibition, panels and diversity of discussions but entertaining magic shows, lucky draws, fantastic prizes, live performances and huge Awards and Gala Night party as well.

The agenda of this event is in line with the latest trends and developments in the industry. Visitors will get the opportunity to meet with the best trading experts and best trading companies, banks, money brokers from around the world.

The diversity of topics of presentations and workshops is just amazing and includes retail FX heading, regulation, cryptocurrencies, global macro trading, trading in the age of fake news and many others. So far participants will be able to devote time to the current issues of the stocks, futures, options and forex markets and meet amazing people from the industry.

The panel of speakers for this event already sounds quite suggestively: Kathy Lien – co-founder of BKForex.com; Mario Singh – CEO at Fullerton Markets; Cornelius Luca – Founder of LGM, LCC alongside such inspirational and well-known trading speakers from Singapore as Karen Foo, Thomas Yin, and Collin Seow.

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After a brief day or two of recovery all cryptocurrencies except a couple were back in the red again during the Asian trading session. Bitcoin showed a strong rebound but failed to break resistance below $17,000 yesterday and fell sharply back to $14,700 where it currently trades. Likewise Ethereum, Bitcoin Cash and Litecoin have all slid back around 12% on average at the time of writing.

The cause could be a big selloff in South Korea following further regulation on crypto exchanges by the government. It has been estimated that exchanges in the Southeast Asian nation are responsible for over a quarter of global volume. A major issue Korean traders face are the discrepancies in prices which can be much higher on local exchanges than in other countries.

The government has taken a stance and issued this statement today;

“The government had warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility,” 

It has vowed to ban opening anonymous accounts for crypto trading and enforce that exchanges take further steps to ensure transparency. Currently anyone with a mobile phone and a bank account can sign up to trade on Bithumb. Most exchanges require photographic ID to increase deposit or withdrawal limits, this is certainly nothing new. The exchange responded by stating to Reuters that the right set of regulations would nurture virtual currencies and it is something that Bithumb supports.

South Korea also plans to introduce new legislation to grant it more control over exchanges and the ability to close them if needed. According to the statement this directive came from the justice ministry. A crypto tax was previously mulled by the South Korean government to tackle what it sees as the risk of excessive speculation.

Banks within the country are also backing off with some rescinding Bitcoin based reward programs and others closing virtual accounts used to trade with exchanges. The resultant selloff started a few hours ago across Asia however as we have seen time and time before things usually bounce back.

If China’s ICO ban could not keep crypto down for long it is unlikely that more regulation from South Korea will. Decentralizing finance and technology will always go against governments and banks which need the complete opposite to maintain control.

Image courtesy Bitcoin Magazine.

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DASH at $800? Yes, maybe, maybe not. Who knows, no one got future prices mapped out but if it does hit that level and some buyers jump in, please don’t look back. Just buy.

Like other crypto-currencies, the 61.8% Fibonacci level drawn from last week’s high lows is proving significant.

DASH, Monero and IOTA are turning from the same level. If sellers clear critical supports, then we all ramp up sells.

NEM SELLERS DRIVING PRICES LOWER

As per yesterday’s recommendation, sell pressure will be amplified if NEM sellers drive and close below the middle BB.

Currently, we have two whole candlesticks that are below the 20 period MA complete with a stochastic sell signal turning from the overbought territory.

Of course this bear pressure may continue today and in that case our bear targets will remain unchanged.

PICTURE DASH AT $800?

We chilled and indeed, the fruits of this minor patience seems to be paying off. While we understand the larger time frames hints of sustained bear pressure, we have to wait for confirmation in the lower time frames and trade accordingly.

As it is, DASH has a stochastic sell signal turning from the over-bought territory in our entry time frame and reversing straight from the 50% Fibonacci retracement level.

DASH bears can continue loading up their sells and aim for $800. By all accounts, DASH at $800 seems far-fetched but it is very attainable.

IOTA SEARCHES FOR EQUILIBRIUM

I will reiterate again, IOTA will continue selling maybe for the next two weeks. That is my opinion but if price action has other plans, then of course we have to see that here on the charts.

From yesterday’s set up, we wanted to see sellers jumping in at around $5. However, sellers are already pressing prices lower at the Fibonacci 61.8% level and there’s a sell signal already in the secondary chart.

The plan now is to sell and see wait for reaction at $3.3.

CLOSE BELOW MIDDLE BB CAN COLLAPSE MONERO

Yes, there is an over-extension and as sellers, we are going to ramp up sells when there is an opportunity. Zooming in to this chart, you notice two things.

The first is the obvious close above the upper BB on December 27 and the second thing got to be these bears mauling Monero. I would have paused right there but look at where this reversal is happening: at the 61.8% Fibonacci retracement levels just like other alt coins. Copying from the same script? I don’t know.

Well, our forecast remains unchanged and because of these two combinations, sellers are waiting for bears to squeeze their triggers.

Anytime bears close below the middle BB equalizer, then boom, we short and aim at last week’s lows of around $250.

LTC AND $250…WILL THEY COUPLE?

The script is the same while players are changing. See the stochastics? Bear momentum is strong and while at it, the resistance trend line and the middle BB are a perfect ceiling.

I won’t dispute chances of buy pressure in the coming sessions that is why I say, provided there are better signals to trade with the trend, I remain a bear until maybe after $200 or $150 is hit and there are some serious upswings.

According to my analysis, if LTC prices dip below $250, then kaboom! I expect red lights to flash.

All charts courtesy of Trading View

The post MOST ALT COINS ARE GIVING UP THEIR GAINS WITH DASH AT $800 A POSSIBILITY appeared first on NEWSBTC.

Blockchain supply chains are coming to market, but they might not look the same as they were once envisioned.

Key Points

• Bitcoin cash price is moving lower from the $2960 swing high against the US Dollar.
• There was a break below a major bullish trend line with support at $2840 on the hourly chart of BCH/USD (data feed from Kraken).
• The pair might continue to decline and it will most likely retest the $2500 support area.

Bitcoin cash price is trading lower from $3000 against the US Dollar. BCH/USD might decline further towards the $2500 and $2400 support levels.

Bitcoin Cash Price Resistance

There was a decent upside move in bitcoin cash price above the $2600 level against the US Dollar. The price traded towards the $3000 level, but there was no test of the stated level. A high was formed near $2960 and the price started a downside correction. It traded below the $2800 support. There was also a break below a major bullish trend line with support at $2840 on the hourly chart of BCH/USD.

The pair traded below the $2600 support and formed a low at $2543. Later, an upside wave was initiated and the price moved above the $2600 level. It also moved above the 23.6% Fib retracement level of the last decline from the $2960 high to $2543 low. However, the upside wave was protected by the $2750 resistance level. Moreover, the 38.2% Fib retracement level of the last decline from the $2960 high to $2543 low also acted as a resistance. On the upside, there is also a bearish trend line on the same chart with current resistance at $2750.

Therefore, it seems like the price is facing a major resistance at $2750. BCH might decline once again and retest the $2500 support area.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is showing signs of a trend change.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is still way below the 50 level.

Major Support Level – $2500

Major Resistance Level – $2750

Charts courtesy – Trading View, Kraken

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Bitcoin Price Key Highlights

• Bitcoin price failed to sustain its bounce past the area of interest at $16,000.
• Price now appears to be completing its right shoulder of the head and shoulders reversal formation.
• The neckline is located around $13,000 and a downside break could lead to a downtrend of the same height as the chart pattern.

Bitcoin price is completing a head and shoulders pattern, which is considered a classic reversal signal, on its 4-hour time frame.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA, so the path of least resistance is to the upside. This suggests that the rally is more likely to resume than to reverse. The 200 SMA is still holding as dynamic support for the time being.

However, the 100 SMA also recently held as dynamic resistance, sending bitcoin price close to the neckline of the chart formation. A break below the 200 SMA could be an early indication that bears are gaining the upper hand. Also, the gap between the moving averages is narrowing to reflect weaker bullish momentum.

Stochastic is also heading south, so bitcoin price could follow suit. RSI is also turning lower without even hitting overbought levels, which suggests that sellers are eager to hop in. But if support at the neckline continues to hold, another bounce to the $16,000 nearby area of interest might be underway.

Market Factors

The dollar is actually giving up ground to its peers as data has turned out mixed and positive sentiment from the tax reform announcement is fading. CB consumer confidence index fell short of expectations to reflect weaker optimism.

Meanwhile, a Massachusetts regulator said that bitcoin “doesn’t pass the smell test.”

“There is no product here. This is entirely speculation. That’s already been proven by the high gyrations of the value,” said William Galvin, secretary of the Commonwealth of Massachusetts. “It’s also subject to manipulation, because no one can explain it no one can control it.”

Reports that South Korea is looking to curb bitcoin trading further also weighed heavily on the cryptocurrency.

The post Bitcoin Price Technical Analysis for 12/28/2017 – Reversal Formation Spotted! appeared first on NEWSBTC.

Trust bank giant in Japan, Mitsubishi UFJ, prepares a system to protect crypto exchange users #NEWS

2017 will likely go down in history as Bitcoin’s first real ‘hair-on-fire’ year — and there will likely be many more to come. As the wild ride winds down though, we thought a review of some  2017’s most well-read stories might assist in putting some perspective around the events of the year — and help us prepare us for a 2018 that promises to be just as eventful. 

Sheila Bair, ex-chair of FDIC, argued that bitcoin shouldn’t be banned. Instead, policies should be in place to protect investors.

Investigation underway: crypto exchange director reportedly kidnapped leaving his office in Kiev #NEWS