Day: January 27, 2018

Key Points

• Bitcoin price is slowly moving higher and is currently trading above $11,000 against the US Dollar.
• There was a break above a monster bearish trend line with resistance at $11,000 on the 4-hours chart of the BTC/USD pair (data feed from SimpleFX).
• The price is likely forming a solid support base above the $10,500 level, which can be seen as a pivot level.

Bitcoin price is preparing for further gains above $12,000 against the US Dollar. BTC/USD is now well supported on the downside at $10,500 and $10,200.

Bitcoin Price Trend

It seems like there is a decent support base forming above $10,000 in bitcoin price against the US Dollar. The price formed a bottom at $9,781 and it later started an upside move. BTC traded above the 23.6% Fib retracement level of the last drop from the $12,886 high to $9,781 low. It opened the doors more gains and the price was able to move above the $11,000 resistance.

More importantly, there was a break above a monster bearish trend line with resistance at $11,000 on the 4-hours chart of the BTC/USD pair. The pair seems to be back in the bullish zone with a break above the $11,000 resistance. It is currently trading just above the 50% Fib retracement level of the last drop from the $12,886 high to $9,781 low. The next major resistance is around the $12,000 level and the 100 simple moving average (4-hours). A successful close above the $12,000 level could further spark upsides in bitcoin. Above $12,000, the next important barrier for buyers is at $12,800.

On the downside, there is a bullish trend line with support at $10,500. Overall, the price remains well supported above $10,500 and it is poised for further gains.

Looking at the technical indicators:              

4-hours MACD – The MACD is slowly gaining pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is now well above the 50 level and is moving higher.

Major Support Level – $10,500

Major Resistance Level – $12,000

Charts courtesy – SimpleFX

The post Bitcoin Price Weekly Analysis – Can BTC/USD Break $12,000? appeared first on NewsBTC.

Key Highlights

• ETH price is trading higher and it recently moved above the $1010 resistance against the US Dollar.
• There was a break above a significant bearish trend line with resistance at $1006 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
• The pair is gaining momentum and it could move above the $1160 level in the near term.

Ethereum price is moving higher against the US Dollar and Bitcoin. ETH/USD is moving nicely in the bullish zone towards $1160 and $1200.

Ethereum Price Support

There is a solid bullish wave pattern forming in ETH price above the $900-910 support area against the US Dollar. The price started a nice upside move and traded above the 23.6% Fib retracement level of the last major decline from the $1415 high to $753 low. It opened the doors for more gains and the price was able to move above the $1000 and $1020 resistance levels.

More importantly, there was a break above a significant bearish trend line with resistance at $1006 on the 4-hours chart of ETH/USD. The pair is gaining momentum and is currently trading above the $1070 level. It also broke the 50% Fib retracement level of the last major decline from the $1415 high to $753 low. These are positive signs above $1050 and the price is attempting a close above the 100 simple moving average (4-hours). A successful close above the $1120 level could clear the path for more gains.

The next major resistance is at $1162 and the 61.8% Fib retracement level of the last major decline from the $1415 high to $753 low. On the downside, there is a decent support and a bullish trend line forming at $1050-1060, acting as a buy zone. Overall, the price is back in the bullish zone above $1050.

4-hours MACD – The MACD is gaining momentum in the bullish zone.

4-hours RSI – The RSI is moving higher and is currently well above the 50 level.

Major Support Level – $1050

Major Resistance Level – $1160

Charts courtesy – SimpleFX

The post Ethereum Price Weekly Analysis – ETH/USD Gaining Momentum appeared first on NewsBTC.

Key Points

• Bitcoin cash price has formed a support base around the $1480 level against the US Dollar.
• There was a break above a crucial bearish trend line with resistance at $1630 on the 4-hours chart of BCH/USD (data feed from Kraken).
• The pair is still struggling to gain upside momentum above the $1700 and $1800 resistance levels.

Bitcoin cash price is holding the $1500 support against the US Dollar. BCH/USD needs to gain momentum above $1700-1800 to recover further in the near term.

Bitcoin Cash Price Support

There were mostly ranging moves in bitcoin cash price above the $1500 level against the US Dollar. The price has formed a base around the $1480-1500 levels and is currently consolidating in a range. It recently moved a few points higher and was able to move above the $1600 resistance. It also traded a few points above the 23.6% Fib retracement level of the last major decline from the $2125 high to $1480 low.

More importantly, there was a break above a crucial bearish trend line with resistance at $1630 on the 4-hours chart of BCH/USD. The pair is trading above the $1600 level and is trading in a range. It seems like BCH buyers are struggling to gain momentum above $1680-1700. However, the most important resistance is near the $1800 level. It also coincides with the 50% Fib retracement level of the last major decline from the $2125 high to $1480 low. Therefore, a 4-hour close above $1800 is must for the price to move above $2000 in the near term.

On the downside, the $1480-1500 support area holds a lot of importance. A break and close below $1480 could ignite further declines toward $1200.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is slightly moving up in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 50 level.

Major Support Level – $1500

Major Resistance Level – $1800

Charts courtesy – Trading View, Kraken

The post Bitcoin Cash Price Weekly Analysis – Can BCH/USD Recover? appeared first on NewsBTC.

It’s been six months since the inception of the Bitcoin Cash (BCH) network, and the decentralized currency’s infrastructure continues to grow. Over the past week, there’s been many new announcements surrounding the BCH chain and its ecosystem.

See also: Bitcoin ABC Developers Announce Medium-Term Bitcoin Cash Roadmap

Six Months In, the Bitcoin Cash Network Celebrates a Successful Hard Fork and Address Serialization Change

Six months have passed since the birth of the cryptocurrency bitcoin cash, and so far the protocol and economy continues to thrive despite the coin’s adversaries. Since the August 1st hard fork that produced the network, there’s been over 36,000 blocks mined, and the BCH chain is 8406 blocks ahead of the core chain. The Bitcoin Cash network recently had a successful hard fork which changed the protocol’s difficulty algorithm, and has kept mining profitability more consistent ever since the implementation. At 12.76 percent of the core chain’s difficulty, BCH is currently 5.6 percent more profitable to mine than BTC. Additionally this month BCH wallet providers and businesses implemented a new address format making it very difficult to send BCH to a BTC address.

Bitcoin Cash Compatible Bitcoin Unlimited 1.2.0.1 Released, While Kucoin Exchange Launches BCH Trading Pairs  

Lots of infrastructure and support was added to the BCH ecosystem over the past seven days. This week the Bitcoin Unlimited development team released its Bitcoin Cash compatible client version 1.2.0.1. The release adds a few optimizations like a new and more performant logging system. In other news, the exchange Kucoin added BCH pairs section to its trading engine, bringing more liquidity to the BCH environment. The exchange details that the new BCH pairs section stemmed from lots of “community demand.”

The Village Catalog, an Online General Store, Focuses On Bitcoin Cash Acceptance; a New Woocommerce Plugin for BCH Released

Another addition to the BCH economy was the announcement from the Village Catalog an online general store that focuses on bitcoin cash acceptance. The Village Catalog sells a wide variety of healthy food products and cooking accessories for bitcoin cash.

“The Village Catalog is a place to find a quality product and have it shipped quickly and at a reasonable price — We use bitcoin cash because it’s peer-to-peer electronic cash in its original form: it is easy and cheap to transact with and secure to use,” explains the Village Catalog.

Another announcement that adds more bitcoin cash merchant adoption is the new Woocommerce plugin called ‘Cryptowoo’ that offers an API to take orders paid in BCH. Woocommerce version 1.2.1 allows any merchant using Word Press the ability to accept cryptocurrencies much like Bitpay and Paypal integrations. Additionally, if BCH supporters want to wait for Bitpay’s plugin the company announced its Woocommerce, WHMCS, and Prestashop new implementations will include bitcoin cash support.

Tokenstars Organization Plans On Switching to Bitcoin Cash

Following the merchant plugin release the charity organization Tokenstars has announced it is making the switch from BTC to BCH because bitcoin core fees are “too expensive.” Tokenstars hosts charity auctions tied to luminary autographs, celebrity products and even a chance to dine with well-known individuals. During the company’s ‘Crypto Xmas Charity Auction’ the team decided to accept bitcoin cash.

“The projects we launched in December, ‘Tokenstars’ Team’ token sale and Crypto Xmas Charity Auction, have shown that bitcoin is being used less for payments now — When compared to our ACE ICO from fall 2017, there is a sharp decline in bitcoin transactions — Bitcoin became too expensive for making regular payments and instead, bitcoin’s volatility and high commissions turned it into an investment tool,” Tokenstars CEO, Pavel Stukolov explains to news.Bitcoin.com.

In order to expand the number of Crypto Xmas Charity Auction participants, we now accept bets in bitcoin cash. We will also start accepting bitcoin cash as payment currency for Team tokens during TokenStars’ ICO.     

Bitcoin Cash: What’s In Store for the Next Six Months?

Overall bitcoin cash had a decent few weeks minus the downwards market action that most cryptocurrencies experienced this January. Bitcoin cash has remained relatively stable compared to many digital assets in the space. And as we mentioned in our last Markets Update BCH markets have been strongly correlated with BTC’s market action. Bitcoin cash has remained consistently between 12-15 percent of BTC’s value. Usually, for every $1,000 BTC price drop, BCH dips about $100 and vice versa during more bullish market sentiment. BCH supporters believe the price will regain strength as proponents wait for more infrastructure support like Bitpay’s upcoming BCH invoice conversion. However, even though the two markets share a relationship right now the Civic CEO and entrepreneur, Vinny Lingham thinks bitcoin cash will someday outpace bitcoin core. 

“Bitcoin and bitcoin cash are focusing on two totally different markets right now,” Lingham said in a recent Fast Money interview on January 25.

When I look at it from the product standpoint, I think the greater demand is for peer-to-peer cash than for digital gold.

In addition to the past couple of weeks, the six months of life the Bitcoin Cash network has experienced has been very fruitful. The pace of transactions continues to rise while fees remain cheap and confirmation times come quickly for users. Moreover, BCH developers have released their roadmap recently which discusses some of the proposals going forward for the next six months. Bitcoin cash could see another hard fork that increases the block size, and a variety of other features like colored coins. Not only is Bitcoin Unlimited donating its resources, but developers and representatives from several projects including Bitprim, Nchain, Bitcrust, ElectrumX, Parity, and Bitcoin XT are also all collaborating to bolster the BCH protocol’s growth.

What do you think about the growth of bitcoin cash and it’s latest infrastructure additions? Let us know in the comments below.

Images via Crypo-graphics.com, Pixabay, Tokenstars, The Village Catalog, Coin Dance, and Bitcoin Unlimited.

Bitcoin Cash Games Has Arrived — Play Your Favorites Faster With BCH!! 

The post Bitcoin Cash Supporters Prepare for the Network’s Next Six Months appeared first on Bitcoin News.

Reports surfaced late Saturday night that Tether and their auditor, Friedman LLP, had severed their relationship. No official statement was released and independent confirmation has not been forthcoming. #NEWS

The statement, provided Saturday evening, confirms the suspicions of online sleuths and is likely to raise new questions about the company’s finances.

NEM Developers Create System to Trace $530 Million Stolen Funds From Coincheck #ANALYSIS

We tried Stellar this time. What do you say? #PRICE_ANALYSIS