Day: December 31, 2017

Interesting price formation as we usher in the New Year. To begin with, a DASH Evening Star pattern is clear in the weekly chart and even though we expect short term buy pressure, the higher time frame pattern shall take precedence in our analysis.

Besides DASH, we can see buy pressure building up in LTC–where there’s a bull divergence pattern, Monero and to some degree IOTA.

AFTER CLEARING $1.1, WHAT’S NEXT FOR NEM?

So, after stringing some impressive higher highs and NEM closing the year with a strike at $1.1, nothing could be better for buyers.

We have this strong buy signal in the weekly chart encouraging buyers to continue ramping up their long positions. In line with this, buyers should be doing the same in our entry chart. It’s a no brainer really.

Now, in light of this and the weekly candlestick characteristic, it’s better to wait for a retracement before going long because last week’s candlestick ended up closing above the upper BB.

Before that, the upper limit or the minor resistance trend line of the current ascending wedge shall be a minor trigger.

DASH EVENING STAR PATTERN IN THE WEEKLY CHART

Before last week’s close, DASH had closed as an inverted hammer complete with that long signature upper wick and sellers expected a confirmation of that bear pressure.

Well, sells were confirmed and prices are back and trending within the BB. Because of last week bear candlestick, a 3-bar reversal pattern called the Evening star pattern was completed and sellers were also gifted with a stochastic sell signal turning from deep the overbought territory.

The combination of these three patterns mean one thing: Loading up sells. However, there is no need of excitement now.

For obvious reasons of course! As it is, its better to wait for a stochastic sell signal. Ideally, this should happen at around the minor resistance trend line or at around $1200.

IOTA BUYERS MAY PUSH PRICES TO $5

Despite persistent lower lows in the last three weeks, IOTA sellers didn’t manage to push prices below $3.3 main support.

In fact as we can see, prices actually rebounded from that level after that stochastic buy signal on December 31.

As it is, the minor resistance trend line no longer holds. In line with this break through, should there be more buy pressure, immediate take profit lies at $5.

Coincidentally, that is where we expect sell pressure to jump in the fray and drive prices lower.

MONERO PRICES MIGHT TOUCH $400 THIS WEEK

In our entry chart, there is a stochastic buy signal. Furthermore, from our entry chart, Monero higher highs are pushing towards last week’s highs of $400.

This is encouraging to buyers. You see, after last week’s doji candlestick, buyers are now getting their grind back.

Despite the higher highs, I recommend short term buying and liquidation at around $400 especially if there is a bear reversal pattern or a stochastic sell signal forms.

LTC BULL DIVERGENCE MEANS LOADING LTC BUYS

Like everything in nature, nothing continues on in perpetuity. LTC buys or sells is no exception. Interestingly-and painful for buyers, LTC prices appreciated to as high as $400. However, at current prices its value is about 50% less than it was 3 weeks ago.

That’s how volatile price action has been. Well, there is a ray of hope at least from my technical point of view. From price action, we expect buy pressure after that bounce from $200. Furthermore, there is a bull divergence pattern and a buy signal in place.

Judging from the chart, the current bull candlestick might push prices above the middle BB. If it does, it definitely trigger buy pressure and that’s why I recommend buying.

All charts courtesy of Trading View

The post ALT COIN ANALYSIS: WILL DASH EVENING STAR PATTERN IN THE WEEKLY CHART DAMP PRICES? appeared first on NEWSBTC.

The flash boys of the FX markets are starting to dip their toes into cryptocurrencies. High-frequency traders thrive on volatility and speed and maximize market data with alogrithmic trading strategies ideal for crypto markets. It’s not just electronic market makers getting in on the act, certain banks and asset managers are also in the mix.

Key Points

• Bitcoin cash price is preparing for the next move with support on the downside at $2300 against the US Dollar.
• There is a crucial bearish trend line forming with current resistance at $2400 on the hourly chart of BCH/USD (data feed from Kraken).
• The pair might soon make the next move either above $2400 or below $2300 in the near term.

Bitcoin cash price is consolidating above $2200-2300 against the US Dollar. BCH/USD may soon break higher above the $2400 resistance for more gains.

Bitcoin Cash Price Upside Hurdle

There was a downside reaction in bitcoin cash price from the $2880 swing high against the US Dollar. The price traded below the $2500 support area and moved toward $2100. A low was formed at $2145 from where the price started an upside correction. It moved above the 23.6% Fib retracement level of the last decline from the $2890 high to $2145 low. However, the price struggled to move above the $2500 resistance.

There is also a crucial bearish trend line forming with current resistance at $2400 on the hourly chart of BCH/USD. The pair seems to be struggling to move above the trend line resistance at $2400. Moreover, the 50% Fib retracement level of the last decline from the $2890 high to $2145 low also acted as a hurdle for buyers. Above, the 100 hourly simple moving average is positioned at $2400 and is acting as a hurdle. It won’t be easy for buyers to break the $2400 resistance. Once they succeed, the price could accelerate above the $2600 level in the near term.

On the downside, there is a bullish trend line with support at $2300 on the same chart. A close below $2300 could negate the possible upside move and push the price toward $2100.

Looking at the technical indicators:

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

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

Major Support Level – $2300

Major Resistance Level – $2400

Charts courtesy – Trading View, Kraken

The post Bitcoin Cash Price Technical Analysis – BCH/USD Preparing for Break appeared first on NEWSBTC.

One of the greatest things about having true wealth is offering a helping hand to those less fortunate. A new venture, Pineapple Fund, is showing the luckiest members of the bitcoin community how can this be done best. 

Also Read: Paxful to Help Fund 100 Schools in Africa #BuiltWithBitcoin

Pineapple Seeds

Pine, the anonymous bitcoin whale behind the $86 million Pineapple Fund, has announced a $5 million donation to the organization Give Directly, for its “seed capital for the poor” project. The donation will help sponsor direct cash transfers to people living in extreme poverty conditions in Kenya, Uganda, and Rwanda.

The charity, supported by Google and others, is known for its rigorous analytical approach to finding the most impactful ways for distributing donations. It boasts a 91% efficiency rate, a high benchmark in a field full of organizations that waste much more on administration and fundraising costs.

Only revealed to the public earlier this month, the Pineapple Fund has already donated to six previous charities. These include Watsi ($1Mn), The Water Project ($1Mn), the Electronic Frontier Foundation ($1Mn), the Bitgive Foundation ($500K), MAPS psychedelic studies ($1Mn), and the Open BSD Foundation ($500K).

Universal Basic Income

Beyond helping the specific families that will be supported by the cash transfers, the project is also used to test the efficacy of universal basic income (UBI). Unlike social welfare and many traditional charity schemes, one of the central tenets of UBI is that it is not tied to specific requirements and demands from the recipients. This is meant to prevent people from falling into a poverty trap where they can’t try to improve their financial conditions without losing their support.

UBI was one of the hottest economic topics of 2017, mostly talked about as a possible solution to technological unemployment – keeping people from falling behind once robots take over all the jobs we have today. By working in countries such as Kenya, where the average Give Directly recipient lives on just 65 cents per day, the organization is able to test the UBI concept with modest costs before it’s implemented in more expensive regions of the world.

What other good causes should the bitcoin community should get behind? Share your thoughts in the comments section below!

Images courtesy of Shutterstock.

Want to create your own secure cold storage paper wallet? Check our tools section.

The post Pineapple Fund Donates $5 Million in Bitcoin as Seed Capital for the Poor appeared first on Bitcoin News.

Anyone who took a look into Experience Points (XP) over the summer is undoubtedly wondering how the project grew from the tiny $350,000 market cap over 1000 times to what it is currently trading at. XP is currently trading at a price of about 1/5 of a penny, and sits at rank 61 on Coinmarketcap.

Experience Points, which first launched in 2016 and was relaunched this past summer, is reminiscent of the types of coins launched in 2014 and 2015. Like older coins, the only real distinction XP provides is the mining algorithm, distribution rates rates, and total supply. XP does provide an interesting approach to Proof-of-Stake, which gives small holders a higher PoS rate than larger balances.

Beyond this, XP doesn’t really offer anything. There have been a few initiatives by community members: a faucet, a game, and a store. The store allows users to purchase gift cards from places such as Steam for XP. However, the XP costs of these cards are, at least currently, very inflated. A $20 Steam gift card costs 36,000 XP, which is $72. The game, which pays players in XP, barely works. It is a simple match’em game, where players allegedly earn more XP for higher scores. However, pieces often fail to fall after matches are completed, causing an unplayable board filled with holes. It may be possible to earn multiple XP, but the game breaks so quickly that earning more than one XP per play is unobtainable. Beyond this, the game mines Monero using coinhive while you play. In the end, you are actually paying to play a broken game. Fortunately, the faucet does appear to work. You can receive five to 50 XP every eight hours.

Pieces often fail to fall, causing many empty spaces and an unplayable board.

While the XP team claims a plugin will soon exist to allow game developers to implement XP, no current developments have been revealed. In the initial reboot announcement, there were a number of progressions on the road map that should have been completed already. That thread has since been locked, and a new reboot announcement thread was created, with further dates on the road map.

With zero substance behind the project, it’s illogical to think that this coin’s growth has been natural in any way. The coin is primarily traded on Coinexchange.io, which has built a reputation as a playground for market manipulation. The exchange has made it clear they don’t mind bots forging volume or manipulate the price of a coin. Because of this, Experience Points is a strong candidate for a massive pump and dump.

Other evidence that highlights foul play is Binance’s coin of the month competition. In this competition, users of the exchange can vote for their favorite coin to be added to the exchange. When voting opened this morning, XP instantaneously received over 600 votes, which suggests some heavily coordinated botting activities, As there is no major community to explain the huge support. Of the social media platforms XP participates in: it has under 200 followers on Instagram, under 400 subscribers on YouTube, just over 400 subscribers on Reddit, and 350 members on its Facebook group (of that, 324 joined within the past month). There are a large number of users on Discord, but that can be attributed to general Discord users exploring the most popular global channels.

With just a few minutes of research, it is very clearly that this project is pure vaporware. Unfortunately, some unlucky buyers have helped to contribute to this massive dump. Anyone who unknowingly invested into XP within the past few days will surely get burnt.

Many investors find it difficult to make profits while trading cryptocurrencies, which is mainly due to the complicated nature of the industry which is subject to high volatility and manipulation. Beginners tend to follow unrealistic passing trends rather than following the “buy low and sell high” approach or using sophisticated trading tools. OptiToken solves this — one of the industry’s biggest problems.

About OptiToken

OptiToken is the world’s first “hyper-deflationary cryptocurrency.” It uses algorithmic trading activity to jet-fuel its adoption and nurture demand. By holding this cryptocurrency, users may benefit from constant price appreciation nurtured by round the clock automated trading driven by special algorithms. These trading algorithms embed strategies frequently used by professionals at high levels to often outpace bitcoin and other top cryptocurrency indexes such as top-3 or top-5 for example.

OptiToken- Disrupting the Traditional Industry Model

OptiToken works differently by incorporating exclusive features like Algorithm trading, Strategic scarcity and Buy pressure. Algorithmic trading exposes investors to the algorithm that consistently outpaces Bitcoin trading, 24/7. It has been developed upon data taken from professional traders and enables escalating integration of machine learning.  Strategic scarcity helps OptiToken to positively impact price through deflation as the percentage of the tokens bought back, is sent to an unspendable address that can be verified in a transparent way. It will be the first token who’s circulating supply will always be a decreasing function and never a constant or inflating supply which is something the founder Sean Donato argues, “should potentially be a feature of 99% of cryptocurrencies and that is something even Satoshi Nakamoto hinted is something special about cryptocurrency inadvertently in his original whitepaper when he said ‘Dead bitcoins are good bitcoins.’” The second disruptive feature employed by OptiToken is the Buy Pressure Strategy, in every buy cycle, a percentage of profits generated is used to purchase Optitokens on the market, hence, resulting in upward price pressure and garnering adoption and value for token holders. It’s similar to a stock buy-back tactic used in traditional finance, but by destroying the “buy-back” tokens and thus sending the value back to the network in the form of deflation.

In simple words, OptiToken generates profits from on-going trades and infuses it into OptiToken markets to ensure upward price pressure. The tokens bought are sent in proportions to the community supporting the infrastructure and unspendable address to create strategic scarcity. It will, in turn, stop the tokens from re-entering the ecosystem as selling pressure. The remaining Optitokens held by users of the currency gain value each time this cycle happens. These features make the project one of its kind to demonstrate the superiority of the cryptocurrency over traditional fiat.

To know more about the platform and register for its pre-sale and ICO, please visit https://www.optitoken.io/ or access the official Whitepaper at https://optitoken.io/White_paper.pdf or for Twitter follow @OptiToken

The post The Exclusivity of OptiTokens Features May Also Impact Traditional Stock Market Model appeared first on NEWSBTC.

After three years of hard work, countless hours of programming, passion and perseverance for a shared vision, CloakCoin has reached a new milestone in building the world’s safest cryptocurrency.

ENIGMA, the in-house payment system is open source as of 31st December 2017. Anyone can now take advantage of CloakCoin’s Transaction System.

At the heart of CloakCoin is ENIGMA, protecting you from access by third parties, such as hackers, official bodies or any unwanted parties. The blockchain payment system encrypts the transactions of users and prevents transaction tracking while providing secure transactions with a maximum processing time of 60 seconds.

Thus, CloakCoin’s ENIGMA ensures full privacy combined with speed.

Many advantages that are hard to find at other cryptos and which are now easily accessible to you, the end user.

By making ENIGMA freely available, CloakCoin aims to provide its community with the transparency it deserves and gives prospects the opportunity to leverage their proven payment system.

While your own privacy is being eroded day by day, piece by piece, CLOAK rebuilds it where it matters most. ENIGMA protects your finances and transactions from sightings by unwanted parties. With the Open-Source, the team of the CloakCoin expressly declares this security. The team now stands behind the promise of making its technology freely available.

A clear manifesto at a time when heroes like Edward Snowden are being persecuted by the law and espionage is being run by the state on a grand scale, protection is more important than ever before. Nobody should give away more information than he or she wants to reveal.

Along with this manifesto and the resulting enhanced transparency, there is an opportunity to collaboratively advance CLOAK. The community, technology experts and prospects are encouraged to use its technology freely and share these improvements with the Cloak team. By doing so, CLOAK expects to receive new impulses from outside and acceleration of its establishment in the markets. The common welfare stands in the foreground.

CloakCoin is aiming for a whole new level, which will be confirmed by a quality audit of an external company in January and increased promotion of the ENIGMA technology. Already CLOAK’s current increasing value confirms its growing prominence.

CloakCoin redefines data privacy and makes its vision become reality.

Website: http://www.cloakcoin.com
Chat. http://chat.cloakcoin.com
Open Source: https://github.com/CloakProjectDev

The post Cloak’s Transaction System Enigma is Open Source – A Milestone for Privacy appeared first on NEWSBTC.

ICO segment is still in its infancy, yet this baby is gaining weight alright. In 2017 ICOs proceeds have surged almost 40-fold #NEW YEAR SPECIAL

Platform to Unite all Blockchain Networks

Open Trading Network, the first 100% collateralized decentralized exchange, is breaking new grounds in the industry by making exchanges between the blockchain networks fast and secure like never before. The company’s vision is to build a set of applications aimed at making the crypto world open to the common man and all market participants.   

December 31, 2017

Open Trading Network Foundation, a non-profit organization based out of Zug, Switzerland, is all set to revolutionize the rapidly expanding global crypto economy by developing a secure system combining numerous isolated blockchain networks into a unified open network. World’s first 100% collateralized decentralized exchange, OTN will allow instant transactions between a wide myriad of blockchain networks. Open Trading Network Foundation claims that this innovation will make lives easier for businesses, individuals, traders, and regulator, while addressing the need for speed and liquidity.  

The global market for cryptocurrency has developed at a breakneck speed in the recent years with an exponential growth in the number of cryptocurrencies. The objective of OTN is to make the benefits of this growing crypto economy available to common users and all market participants. They want to accomplish this by creating a set of mass market applications for efficient management of crypto assets, performing cross-market transactions, secure storage of savings, accessing the global marketplace, working with tokenized loyalty systems, and making purchases from a crypto wallet.

The maiden product from the network, OTN.Wallet is in the final stages of development, and expected to be launched very soon.  This multi-currency wallet will serve as a universal tool to store and exchange all types of cryptocurrencies or digital assets.  Users will also enjoy several other important features such as fast and safe transactions, a balanced portfolio, direct exchange, P2P transfers, analytical tools, profitability reports, asset tokenization and detokenization, and much more.

Following the launch of OTN.Wallet, the network’s next two products OTN.Business and OTN.Exchange are expected to arrive shortly. OTN Business is a business application supporting several widely-used operations, including issuing tokens and listing them on exchanges, issuing tokenized loyalty cards, crowdfunding, tokenization of services, integrating payment schemes that use a large number of tokens and cryptocurrencies, integrating custom centralized matching engines, etc.  Whereas, the OTN Exchange will enable superfast placement or orders, maintaining complete transparency of all orders.

Instead of following the common path of collecting funds via an ICO, Open Trading Network has been created in partnership with the distinguished trading business IQ Option. In addition to financing the creation of the network, IQ Option is also providing the platform for its first commercial use.

Staring from October 7, 2017, Open Trading Network Foundation has initiated the process of issuing a total of 100 million OTN tokens every Monday and over the following 104 weeks. The exact distribution plan for the tokens is as follows.

• 42 million to the holders, traders and wallet users on the OTN platform
• 28 million to the shareholders and IQ Option team members
• 30 million will remain with the OTN foundation for the purpose of future distribution and attract strategic partners.

To find out more about Open Trading Network and their unique venture, please visit https://otn.org/

About Open Trading Network: Open Trading Network is the first 100% collateralized decentralized exchange which will allow fully secure exchange between the blockchain networks. OTN foundation is committing itself to develop the network described in the white paper and also several applications to help the different stakeholders to benefit from the network.

Website: https://otn.org/
Contact: Dmitrii Kutuzov, Head of Development
Email: [email protected]

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.

2017 saw Bitcoin permeate all walks of life, from Google searches to sold-out graphics cards. #NEW YEAR SPECIAL