Day: January 17, 2018

Crypto markets are no stranger to volatility however this past week has been particularly painful. The total market capacity of all cryptocurrencies fell from $740 billion to $420 billion in just four days, a brutal drop of over 40%. At the time of writing markets appear to be showing signs of recovery and are on the way back up again with over a hundred billion dollars added back since yesterday.

Speculation on the cause of the crash is rife but it would be more pertinent to simply look at historical charts to see if there is a pattern. It turns out that this has occurred every January since 2014. In what appears to be a natural cycle in the markets the price of Bitcoin and its siblings has dropped significantly at this time of year for the past five years at least (source: Coinmarketcap.com).

This year’s market slump has been amplified by the fact that Bitcoin and cryptocurrencies are now household names, covered by mainstream media, which is adept at disseminating fear, uncertainty and doubt. Big names such as Reuters, CNBC and Bloomberg have repeatedly got things wrong about outright crypto bans in South Korea which simply haven’t happened (yet). FUD has fueled the fires and panic selling from largely inexperienced and new participants to cryptocurrencies has created a wave of fear over the entire market collapsing. As one famous investor once said; “be fearful when others are greedy and be greedy when others are fearful.”

Crypto is not going to die, markets are cyclical and need to correct on occasion, and January is as good a month as any. There are a number of possibilities for this; firstly we need to look towards Asia where a large proportion of digital currency trading occurs. Chinese Lunar New Year is typically a time when millions of people have time off work to travel back home to visit family. They need fiat for this so some profit taking and a selloff is expected.

Other factors such as the approach of the end of the tax year when people need to get their financial houses in order could also contribute. Additionally there have been other big influences such as the expiration of the first ever Bitcoin futures contracts this week. All could and probably have affected market sentiment and price action.

Waves of new traders feeding off unsubstantiated Facebook groups and Tweeter feeds trying to make a quick buck have added to the volatility. FUD (fear, uncertainty, doubt) and FOMO (fear of missing out) have created unnatural spikes in altcoin charts and coins come in and out of favour on a shill or a whim. Only when it is realized that crypto has not collapsed and markets do go down as well as to the moon will things settle down. We are still at the emergent stage of what is gearing up to be a mushrooming market and a technological life changer, there is no need to panic!

The post Can we predict a crypto crash? appeared first on NewsBTC.

A new state bill introduced to the Colorado Senate is looking at using blockchain technology to secure private data from cyberattacks. 

South Korea is considering to ban all cryptocurrency exchanges or just those that have violated the law, and vows to make a decision today.

Most alt coins are correcting and even in the midst of all this bear pressure, NEM slow down reveals potential support at $0.53.

It might be temporary, who knows but similar traits can be seen in several other alt coins including IOTA, LTC and DASH.

Of course catching reversals at key supports can be dopamine triggering but I urge confirmation and patience.

Otherwise, if the dump continues, I see NEM testing $0.34 while LTC buyers might find refuge at $115 which is around the main support line and the origin of the recent rally.

Let’s have a look at other alt coin charts

NEM SLOWS DOWN AND FINDS SUPPORT AT $0.53

The cool thing about Fibonacci retracement is that it is not choosy and applies to every tradable asset.

When we paste it on NEM daily time frame, we identify a couple of interesting formations. We shall not talk about bears because that is obvious but instead focus shall be on January 16 bearish engulfing candlestick and especially its lows.

Notice something? If not, then that level is square with the 78.6% Fibonacci level and despite lower lows, yesterday’s candlestick couldn’t test it.

It remains an harami and unless there is some drastic break below, today might end up slow with potential recovery towards $0.88.

BEAR TARGETS $0.17 IF LUMENS BREAK BELOW $0.30

Indeed there was a bullish statement yesterday, bears sliced through $0.40 as if it was nothing and at current prices, I expect some sort of support.

To the left of the chart and $0.30 is previous resistance now support. Possibilities of lower low is high especially in the daily chart. If prices do break below, support might be found at December 6, 2017 highs of $0.17 which is another break out resistance now support below $0.30.

However, any form of consolidation may welcome XLM buyers who could wave back prices to immediate resistance at $0.43.

IOTA BREAK BELOW $3 MIGHT OPEN THE DOOR FOR $1.1

Of course, considering price action, IOTA bearings is clear. Yesterday, bears sliced through $3 but couldn’t penetrate and close below $1.9 which happens to be January 16 lows.

IOTA price action is definitely cooling off but chances of prices tipping $1.1 is likely after all, it is December 22 lows and marks the 78.6% Fibonacci retracement of this charged IOTA rally.

In my opinion, any test and close below $1.9 in the coming session might welcome more sell pressure.

Conversely, if this bull candlestick opens up a gate for buyers, then we might soon be testing $3 but odds for that remain slim.

DASH BEAR BREAK OUT

As it is, our bear targets were hit after yesterdays lower lows and what next? Since DASH price are bearish, there is no room for fading trend unless several conditions are met.

One of them is for prices to close above $800. For a solid signal, a follow through on Friday and a consequent close above $900 is ideal for buy entries.

If not, trade the bear break out and eyeball $400 with immediate targets at $525 just like yesterday’s projection.

LTC PRICES CLEAR $150 AS SELLERS AIM $115.

Considering the speed of LTC depreciation, using the daily chart for projection is worthy.

Now, the first support and bear targets at $150 no longer holds.  However,  it looks like sellers are not planning on slowing down. From the Fibonacci, prices are just below the 61.8% retracement levels. As such buyers are looking  at $115 as the last stand.

Reason? Well, that price tag is around the break out price and any retest might trigger a rally.

Alternatively, assuming prices finds $150 fair, we shall need confirmation. That can only happen if buyers push prices above $180 or the 61.8% Fibonacci extension level.

All charts courtesy of Trading View

The post NEM SLOWS DOWN WITH POTENTIAL SUPPORT AT $0.53 appeared first on NewsBTC.

For the first time in history, a digital token (BETR) will be available during the World Cup, the biggest sporting event in the world, for true peer-to-peer betting with no central party, providing a robust escrow and settlement service.

BetterBetting, an innovative new secure peer-to-peer sports betting system, aims to reach  their $30m hard cap limit and close their BETR token sale to the public. The digital BetterBetting currency will be the industry standard for a transparent and provably fair sports betting system, and available for use during the World Cup in Russia, June 14th- July 15th and beyond.

There is no requirement for a regulated entity, since there is no central intermediary and there is no licensable entity (such as a bookmaker or exchange). The role of bookmaker is filled by a smart, automated system.  This doesn’t mean bookmakers and exchanges cannot participate; they will simply be another entity on the system. And since no operator is necessary or utilized on the system, access to betting in jurisdictions where dealing with operators is illegal is not an issue.

No more credit cards, wire transfers and other outdated payment mechanisms. BETR (Betting tokens) will take their place and can always be sold and traded with coins such as bitcoin and ethereum.

BetterBetting and its BETR token afford sports fans access to large wholesale bets too. There is a massive market for betting where the amounts exceed those that individual operators are prepared to risk. This system will provide the liquidity to enable these bets to be placed as there are no system limits. Bets are pooled so many parties can match a single bet.

Punters have no risk of operators who have insufficient funds to lay their bets – in this system all bets are pre-funded on both sides. And again, the system facilitates interactions between participants, not human operators. Punters know that they will be paid their winnings – no questions asked!

After purchasing your BETR tokens here, placing your bets at the World Cup and seeing your bets pay off, you can rest assured your winnings will be distributed as soon the bet is resulted.

Sports enthusiasts can purchase their share of BETR only until January 31st, 2018 or until the hard cap of $30 million is reached.

BetterBetting to Sports Fans: Get Tokens Before They Sell Out

Once the hard cap is reached, a total of up to 650,000,000 BETR will have been released (with some locked in reserve). These tokens will immediately be usable as a value token by sports bettors for wagers in sportsbooks that cater to BETR clients, and in peer-to-peer bets.

The target date for the launch of the fully fledged, much-awaited, Better Betting Nodes compatible with BETR will be on March 31st, 2018 , but owners of the token will be able to use their BETR with select sportsbooks before the official launch date.

BetterBetting encourages savvy sports fans and crypto investors to purchase their BETR tokens now, as its low price is expected to appreciate in value within a short time after the hard cap. There is minimal risk in buying tokens as they are tradable within two weeks after purchase, and will almost immediately start being used as value tokens on associated sportsbooks. On January 31st, 2018, when the ICO ends, the hard cap for BETR cannot be increased beyond the 650M limit.

BETR: Transparency and Provable Fairness

Adriaan Brink, the CEO and Founder of Better Betting Foundation, stated,

“We are hugely excited by the traction BetterBetting has already gained within the gaming space. Most of our support thus far has been within the industry – people who understand sports betting just get the idea and are keen to jump on board. By removing friction and providing transparency and fairness for a bet between two parties who have no relationship with one another we will change the way that betting works for many people.

He continued,

“By going down a peer-to-peer and also peer-to-sportsbook route we do not compete with existing industry players – rather we add to their potential user base and facilitate a much slicker method for instant betting. Our software will enable instant one-click bets from all sorts of widgets that don’t exist yet – think messenger widgets, one-click betting buttons on media and so on.”

Get your BETR tokens before January 31st and in time for the World Cup at https://www.betterbetting.org/ico and take your game up to the future.

About BetterBetting

The BetterBetting Foundation was established in 2017 in Estonia, aiming to integrate blockchain technology into sports betting for a decentralized gambling system. Founded by Adriaan Brink and David Vanrenen, BetterBetting is a non-profit group of ICO and sports betting experts inclusive of the supervisory board members David Vanrenen, Hilly Ehrlich, and Mitchell Rankin; and the advisors Jon Matonis, Ronnie O’Sullivan, Jez San, and Eric Benz. For more information, go to https://betterbetting.org/.

For enquiries please contact:

Lindsey Lewis

Better Betting

[email protected]

Support: [email protected]

The post Betting Tokens Ready for The World Cup appeared first on NewsBTC.

With long-term fixes like sharding a ways off, ethereum developers are making the software run more efficiently to ease growing storage requirements.

Key Highlights

• ETH price declined heavily and moved toward the $700 level before recovering against the US Dollar.
• Yesterday’s highlighted connecting bearish trend line was broken at $1020 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The pair may continue to move higher, but is likely to face sellers near the $1090 and $1135 levels.

Ethereum price started a recovery after a major decline against the US Dollar and Bitcoin. ETH/USD is currently facing a major resistance near $1100.

Ethereum Price Resistance

There was a sharp decline in ETH price below the $900 level against the US Dollar. The price traded below the $850 and $800 support levels. It traded toward the $750 level and formed a low at $755.82. Later, an upside correction was initiated and the price recovered above the $900 level. There was a break of the 38.2% Fib retracement level of the last drop from the $1374 high to $755 low.

It has opened the doors for more gains and the price moved above $1000. During the upside, yesterday’s highlighted connecting bearish trend line was broken at $1020 on the hourly chart of ETH/USD. The pair gained pace and is currently trading near the 50% Fib retracement level of the last drop from the $1374 high to $755 low. A break above the $1050-1065 levels won’t be easy. Should there be a break above $1065, the next major resistance levels are $1090 and $1135.

Both $1090 and $1135 are crucial barriers for buyers and a break above these would be very difficult. On the downside, an initial support is around the $1020 level. Below the stated $1020 level, the price could test the $900 level, which is a major support.

Hourly MACD – The MACD is about to move back in the bullish zone.

Hourly RSI – The RSI succeeded in moving above the 50 level, which is a positive sign.

Major Support Level – $1020

Major Resistance Level – $1135

Charts courtesy – SimpleFX

The post Ethereum Price Technical Analysis – Can ETH/USD Recover Further? appeared first on NewsBTC.

Having gained over 11,000% last year and making a new all time high, Ethereum (ETH) dropped sharply this week. The market cap currently stands at US$97.1 billion, with US$7.1 billion traded over the past 24 hours.

Poloniex has faced numerous customer service challenges over the past year; the most recent involve buggy order cancellation and incorrect displaying of user balances. #NEWS

GDAX has started trading Bitcoin Cash (BCH) this morning as of 9 AM PST with little fanfare, price jumps. #NEWS