Day: January 8, 2018

GPU maker Nvidia has tweaked its software license agreement to limit the use of its products by data centers – unless they’re mining cryptocurrencies.

Are these bear flashes important for NEM buyers? Maybe, maybe not. In fact the deeper, the better and for most coins, we now need simple confirmations before we initiate longs.

A point in case is LTC, DASH and Monero. These are BTC alternatives which have been on the receiving end for pretty much the better part of December 2017.

For DASH, buyers were ramping up their long below $1000 and if it continues this way, prices could be on their way snapping back trend.

Let’s have a look at other alt coin charts

CLOSE ABOVE $1.62 IS SUPPORTIVE OF NEM

It’s a pretty nice dip and bounce from $1.35 and what do we do from now? Well, as we can see, the long lower wick hints of intra-day buy pressure and it would be a total confirmation if NEM  inch higher in the coming sessions.

I would like to see a double bar reversal pattern after this candlestick pushing prices above the 38.2% Fibonacci retracement level.

Until that happens, I don’t recommend long entries.

DASH FIND SUPPORT BELOW $1000

Before this bear pressure, all we needed was a bullish confirmation above $1300 but that didn’t happen. Instead, sellers continue to push prices lower leading to that close below the minor support trend line which in turn opened the gates for sellers.

Our indispensable Fibonacci retracement tool anchoring on last week’s high low shows that DASH reacted at the 78.6% level.

From similar patterns in the past, even if DASH continues to pump prices, the best it can do is test last week’s highs which is also the main short term resistance line at around $1300.

That is where buyers should be aiming in the coming sessions assuming there is no collapse below $950. Therefore, I recommend long entries the moment there is a bull candlestick closing above $1100.

IOTA BACK TO OSCILLATION MODE

After January 6 close above $4.2 turned out to be a fake break out, yesterday’s IOTA lower lows temporarily invalidates our short term bull projection.

As prices continue to oscillate within a $1 range, any close below or above any of these bounding limits might be a break out trade but only if the candlestick is strong enough.

Because last week’s range was low, I still hold on to a bullish narrative especially if buyers push IOTA prices above $4.2 despite the recent bear candlestick testing $3.

MONERO DOUBLE BAR REVERSAL PATTERN AT $350

As per our trade recommendation on January 8, our sell limits were at $350.

From the charts and especially if you paste a Fibonacci retracement tool between last week’s Monero high low, you find that this is the 50% retracement level.

Now, look at what is happening. A clear double bar reversal pattern is in progress and assuming buyers triumph and close above $400 in the coming sessions then buyers should begin placing their eyes on $500.

WITH A RETEST ON COURSE LTC PRICES COULD END UP AT $300

After dipping to as low as $231, LTC found support. Now, as per my recommendation, any test of $255 is a retest and that is what we are seeing now.

The deal here is simple.

If this double bar reversal pattern printing out at around the 61.8% and 50% Fibonacci retracement level acts as a spring board for buyers, I recommend longs the moment LTC prices close above $270.

All charts courtesy of Trading View

The post CLOSE ABOVE $1.62 IS SUPPORTIVE OF NEM appeared first on NewsBTC.

Pharma heavyweights open up about how they envision a blockchain system improving the research and development process of new drugs.

Venezuela plans to integrate cryptocurrency as a state payment method, said Venezuelan President Nicolas Maduro. The state considered the option of creating their own cryptocurrency “El Petro”, but the ATB Coin creators suggested that the authorities consider the option of introducing the ATB Coin cryptocurrency as a coin used at the state level.
“This option has numerous advantages,” the company said in a statement.

“Firstly, the blockchain paradigm can be the best choice at the governmental level and eliminate the deficit in the financial sector of the country, making ATB Coin an alternative currency; secondly, ATB Coin can be an excellent solution for the Venezuelan economy, since it is transparent and works without intermediaries; Thirdly, ATB Coin is one of the fastest and safest cryptocurrencies, and finally ATB Coin is an excellent new source for the country’s economic recovery, since public debt denominated in US dollars or euros can be returned in a cryptocurrency that is not subject to inflation”.

The latter is particularly relevant, since at the moment the Venezuelan economy is in stagnation and suffers from a high level of inflation. At the same time, the ATB Coin project has significant experience in working with the real sector of the economy and creating solutions for small and medium-sized businesses.

In the near future, the ATB Coin project will get even more widespread around the world – the company approved the marketing budget for the first quarter in the amount of $ 2.5 million. This amount will be spent on comprehensive coin promotion, offline activities, development of partner network, co-branding activities with partners, development and promotion of the site, sponsorship of events and participation in conferences.

All this news has already led to an increase in the coin price by more than 100% in 1 day.
The main advantage of ATB Coin is the high speed of transactions, security, ecological POS mining, offline codes for payments under the “guaranteed check” principle, etc.

The post ATB Coin Offers the Government of Venezuela to Use Coins as a Payment Method appeared first on NewsBTC.

While Bitcoin remains firmly planted at the top of the crypto pile the race for second, third and fourth continues. The two main contenders for market capacity supremacy and second spot are Ethereum and Ripple, and ETH has just taken that position. XRP has suffered at the hands of analytics website Coinmarketcap.com which capriciously decided to omit South Korean exchanges from its price and volume calculations yesterday.

Metrics aside Ethereum has been making solid ground on Ripple which has held the number two position for a couple of weeks. ETH is up 35% for the week rising from $870 to a record high of $1,260 over the seven day period. After a correction in the market – or Coinmarketcap’s figures – the altcoin is currently trading at just over $1,200 during the Asian trading session. The upswing has vaulted Ethereum’s market capacity to $117 billion at the time of writing and pushed it back into second spot behind Bitcoin with $258 billion market cap.

Ripple conversely has been on a downward slide since its all-time high of $3.81 five days ago, it has dropped 35% during this period. XRP is still on a high from months of trading below $0.30 but rumours of Coinbase adoption being quashed and concern over company stakes and control over the crypto coin have caused the resultant selloff.

Ripple received an additional kick when Coinmarketcap removed Bithumb, Coinone and Korbit from its prices yesterday. XRP is traded heavily in South Korea and dropped by 16% in a couple of seconds on the website however this was not a true reflection of the market. Ripple’s chief cryptographer David Schwartz took to Twitter to clarify why the coin has fell so sharply;

“Coinmarketcap’s decision to exclude Korean prices from the displayed XRP price made the price appear to drop, likely triggering some panic selling. Look closely at the data and don’t be mislead.”

South Korea and Japan together are responsible for almost 30% of global trade volume, so excluding Korean exchanges with so much influence on the markets could be considered folly. The purported reason of the omission is that crypto prices are significantly higher on South Korean exchanges than elsewhere, primarily due to local demand. At the time of writing the price of XRP on Coinmarketcap was $2.45 and on Bithumb $3.62. This could make the overall market appear more inflated than it actually is however excluding the exchanges entirely will have the opposite effect.

Maybe it is time to seek a number of metrics sources for reference instead of relying on just the one.

The post Ethereum tops Ripple amid confusion on crypto prices appeared first on NewsBTC.

Key Points

• Bitcoin cash price traded further lower and tested the $2300 support area against the US Dollar.
• There is a new connecting bearish trend line forming with resistance at $2450 on the hourly chart of BCH/USD (data feed from Kraken).
• The pair needs to break the $2450 resistance and the 100 hourly simple moving average to gain momentum.

Bitcoin cash price declined towards $2300 against the US Dollar. BCH/USD is attempting recovery, but is facing hurdles near $2450.

Bitcoin Cash Price Resistance

Yesterday, we discussed that bitcoin cash price could test the $2300 support area against the US Dollar. The price did move down and tested the $2300 and $2280 support levels. Buyers were successful in preventing further declines and the price started a recovery above $2325. It moved above the 23.6% Fib retracement level of the last decline from the $2725 high to $2255 low.

However, the price is facing many upside barriers around $2400 and $2450. There is a new connecting bearish trend line forming with resistance at $2450 on the hourly chart of BCH/USD. The trend line at $2450 is positioned along with the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last decline from the $2725 high to $2255 low is around $2440. Therefore, the $2450 area seems be a major upside hurdle for buyers in the near term.

A close above the $2450 and the 100 hourly SMA is needed for a push above the $2500 handle. An intermediate resistance is at the 50% Fib retracement level of the last decline from the $2725 high to $2255 low. On the downside, the $2300 and $2280 levels may continue to act as crucial supports.

Looking at the technical indicators:

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

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

Major Support Level – $2300

Major Resistance Level – $2450

Charts courtesy – Trading View, Kraken

The post Bitcoin Cash Price Technical Analysis – BCH/USD Upside Hurdles appeared first on NewsBTC.

Nvidia expected to launch more GPUs based on new Volta architecture, following the launch of the Titan V in December 2017. #ANALYSIS

According to some Harvard economics professors, Bitcoin will eventually collapse, in large part due to the undue weight of government regulation as a result of the danger of anonymous transactions. #NEWS

Advocate Bivas Chatterjee filed a public interest litigation (PIL) on Friday in the Calcutta court to immediately regulate the flow of Bitcoin in and out of India. #NEWS

Bitcoin Price Key Highlights

• Bitcoin price recently broke below a short-term ascending trend line, indicating that a selloff is underway.
• Price popped up from the $14,000 support zone to make a retest of the broken trend line support.
• Applying the Fib tool on the breakout move shows the nearby resistance levels on this pullback.

Bitcoin price broke below a rising trend line to signal a reversal, which might gain traction after this pullback is completed.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA, though, so the path of least resistance might still be to the upside. The 200 SMA could hold as dynamic resistance since it lines up with the 38.2% Fib retracement level around $15,000 while the 38.2% Fib lines up with the 100 SMA at $16,000.

Stochastic is on the move up to indicate the presence of bullish momentum but the oscillator is already in the overbought zone to reflect rally exhaustion. RSI has plenty of room to climb before reaching overbought levels, so bulls could keep the correction going for a bit longer.

Market Factors

Bitcoin volumes have taken a significant hit last week on increased regulation in South Korea and appetite for altcoins, as well as equities. Traders continue to liquidate some of their holdings as bitcoin price appears unable to regain ground enough to attempt creating new highs.

Meanwhile, the dollar has drawn some support from stronger expectations of Fed tightening owing to the tax reform package. Data has been mixed, with the NFP falling short and consumer credit signaling a pickup in spending.

US CPI and retail sales figures are due later in the week, and the attention could be fixed on inflation data. After all, several policymakers spoke of weaker price pressures that might weigh on rate hikes this year, so confirmation from CPI data could be crucial.

As it turned out, several bitcoin ETF proposals have been withdrawn recently due to concerns about SEC regulation, undermining confidence in the cryptocurrecy.

The post Bitcoin Price Technical Analysis for 01/09/2018 – Break and Retest appeared first on NewsBTC.