Day: February 6, 2018

Agility will share and receive information about shipments through the blockchain in hopes of reducing the cost of administration and documentation.

Key Highlights

• Ripple price recovered nicely from the $0.5180 swing low against the US dollar.
• There was a break above yesterday’s highlighted crucial bearish trend line with resistance at $0.6100 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
• The pair faced a major barrier on the upside near $0.7250 and is currently moving lower.

Ripple price recovered in a constructive fashion against the US Dollar and Bitcoin. XRP/USD traded above the $0.6500 level, but it is currently facing a major barrier at $0.7250.

Ripple Price Resistance

Yesterday, we saw a major decline in Ripple price from well above $0.7000 against the US Dollar. The price fell sharply and traded below the $0.6600 and $0.6000 support levels. It even broke the $0.5550 level and traded close to the $0.5000 level. A low was formed at $0.5180 from where the price started an upside correction. It moved above the 23.6% Fib retracement level of the last decline from the $0.9676 high to $0.5180 low.

More importantly, there was a break above yesterday’s highlighted crucial bearish trend line with resistance at $0.6100 on the hourly chart of the XRP/USD pair. The pair traded above the $0.7000 level. However, the upside move faced a major barrier near $0.7250. The mentioned $0.7250 level was a support earlier and now it is acting as a crucial barrier. XRP also failed just below the 50% Fib retracement level of the last decline from the $0.9676 high to $0.5180 low.

The pair is once again moving lower and is currently trading below $0.7000. An initial support on the downside is at $0.6200, followed by the $0.6000 level. On the upside, a break above the $0.7250 level is needed for more gains in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is back in the bullish zone, but with no pace.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is struggling to stay above the 50 level.

Major Support Level – $0.6000

Major Resistance Level – $0.7250

Charts courtesy – SimpleFX

The post Ripple Price Technical Analysis – XRP/USD Facing Barrier at $0.7250 appeared first on NewsBTC.

Bitcoin Price Key Highlights

• Bitcoin price is trending lower on its 4-hour time frame but is bouncing off support.
• A pullback to the channel resistance could be underway, but there are also nearby inflection points.
• In particular, a descending trend line connects the highs since the start of the year and lines up with Fib retracement levels.

Bitcoin price continues to trend lower but is in the middle of a correction, possibly to the long-term channel resistance or a short-term falling trend line.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA on this time frame to confirm that the path of least resistance is to the downside. This means that the selloff is more likely to persist than to reverse. The gap between the moving averages is widening to reflect increased selling pressure.

In addition, the 100 SMA lines up with the short-term descending trend line to add to its strength as a ceiling. This is also in line with the 38.2% Fibonacci retracement level around $8,000.\

Stochastic is still pointing up to show an increase in buying pressure, though, while RSI has more room to climb so bitcoin price could follow suit. A larger correction could last until the 200 SMA dynamic inflection point right in line with the channel top.

Market Factors

Risk appetite recovered somewhat in the financial markets as equities pulled up from a steep single-day drop to close in the green. This also allowed cryptocurrencies to rebound, although its also evident that there was a lot of buy orders waiting at key support zones.

Looking ahead, the focus could still be on market sentiment and how it relates to global tightening expectations. This could have a strong influence on bitcoin price action from here since there are no major catalysts driving cryptocurrencies around.

Then again, it’s important to note that bitcoin remains under pressure from stricter scrutiny by regulators and a number of financial institutions. It would take a significantly positive catalyst to shore it up once more while investors are feeling wary about bans or glitches.

The post Bitcoin Price Technical Analysis for 02/07/2018 – Another Trend within a Trend appeared first on NewsBTC.

There are several developments across most of these high cap altcoins hinting of price recovery. Of course that is dependent on price action and it shall come to pass if at all there will be a follow through of yesterday’s bullish pressure.

Besides LTC, NEM looks likely to recovery after its 95% of its initial rally was recovered by bears.

Let’s have a look at these charts:

XLM/USD

What we are seeing now is Lumens support at the triple bottoms at around $0.30. That is midway between the 61.8% and 78.6% Fibonacci retracement level marking the initial leg up.

Even though XLM buyers might push prices up, we can treat every higher highs as a shorting opportunity.

Because of this recent strong bear move, I will wait and see what happens at around $0.40. It’s a potential reaction zone which if there is a strong surge then we can begin increasing longs positions. That will be especially so if we prices tip over and close above January 6 highs of $0.45.

Ultimately, the aim is at the middle BB but at current prices, that’s $0.20 away and it offers a pretty nice resistance in my opinion.

XEM/USD

It’s pretty much the same scenario panning out in NEM but unlike Lumens, the depreciation has been deep and 95% of all the previous bullish gains have been reversed.

It may have been made worse by the heist but NEM platform is doing a pretty good job at tracking all the stolen coins. Remember, if all these coins are unloaded to the market at once, it could prove catastrophic for prices.

Anyway, we are leaning towards bears and unless otherwise, we need strong signs why we should not short.

There would be hints of that if yesterday’s bull candlestick is confirmed today and it could be nice if we have a close above $0.60.

That’s just above the 80% mark of the previous rally witnessed between December and January 2018.

EOS/USD

From previous analysis, we said that EOS might find strong support at around $7.5. This was after we placed a simple Fibonacci extension between the upper and lower limits of the minor consolidation when prices broke below $12.

Well, now, there is some reaction and yesterday actually ended up being bullish. However, bears are in control and we should not get hyped over nothing.

If you decide to load up longs then it’s better to spread out your entries in lower time frames.

In my view, we can only be assured of longs the moment EOS prices close above $9.5. Before then, sellers can find shorting opportunities and $9.5 may present sellers with entries mainly because it is a key Fibonacci and retracement level.

LTC/USD

The way price action is behaving at $114 is encouraging for buyers.

Those pin bars and hints of buyers rejecting lower prices is pretty awesome in a recovery point of view. Of course, we have laid emphasis on numerous occasions on how significant $100 or the 78.6% Fibonacci level is.

The thing is, we cannot put all our bets and go long because of this. It will be prudent of us if wait for better signal and that means a close above the 61.8% Fibonacci retracement or $170 to the upside.

Before that happens, LTC needs to weather potential sell pressure at the liquidating middle BB and of course $170 itself.

Otherwise, any surge of any form below $100 and the dice is cast for LTC. In that case, prices might crash at $50 for a 100% recovery of November-January gains.

NEO/USD

What we are seeing in the chart is a pretty resilient NEO cutting losses and rejecting any close below $85 or the 61.8% Fibonacci level which we have been talking about.

Nice developments but if there is a real attempt for higher highs, then we must see moves above $100.

Bear in mind that we are in a strong bear trend. Of course this double bar bullish reversal pattern at support is what we want to see. However, we should not be carried over and go long immediately before prices close above $100.

All charts courtesy of Trading View

The post Altcoin Analysis: NEO, EOS, LTC, NEM and Lumens appeared first on NewsBTC.

Key Highlights

• ETH price after declining further, formed a low at $553 and started an upside recovery against the US Dollar.
• There is a major bearish trend line forming with resistance at $780 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The pair is struggling to break the $780 resistance level and it is currently below the 100 hourly simple moving average.

Ethereum price recovery remains limited against the US Dollar and Bitcoin. ETH/USD is facing a lot of sell offers near the $780-800 levels, which is a major resistance.

Ethereum Price Upside Hurdle

There was an extension to yesterday’s decline in ETH price towards the $550 level against the US Dollar. The price failed to stay above the $600 level and traded as low as $553. Later, it started an upside correction and was able to trade back above the $600 level. It broke the 23.6% Fib retracement level of the last drop from the $848 high to $553 low. However, the price is facing many hurdles near the $780-800 level.

There is also a major bearish trend line forming with resistance at $780 on the hourly chart of ETH/USD. The trend line is acting as a major hurdle and preventing gains above $800. Moreover, the price is facing resistance near the 76.4% Fib retracement level of the last drop from the $848 high to $553 low. It seems like it won’t be easy for buyers to push the price above $780 and $800. Furthermore, the 100 hourly simple moving average is also positioned around the $800-810 levels.

On the downside, an initial support is around the $680 level. A break below the stated $680 support could push the price back towards the $650 level.

Hourly MACD – The MACD is now back in the bullish zone.

Hourly RSI – The RSI is moving lower towards the 50 level and is currently weakening.

Major Support Level – $650

Major Resistance Level – $800

Charts courtesy – SimpleFX

The post Ethereum Price Technical Analysis – ETH/USD Struggling Near $780 appeared first on NewsBTC.

A Nashville lawmaker wants to ensure the future of cryptocurrency as a legal form of payment for the state of Tennessee.

Legislator wants to ensure legal Bitcoin

In a city famous for not only making country music stars but also for worthless contracts and payment disputes, Democratic Representative Jim Powell introduced a bill that will officially recognize cryptocurrency and smart contracts for electronic transactions.

Among all of the voices calling doom after the new year adjustment to the cryptocurrency and fiat trading markets, Powell says that he believes in the blockchain technology behind Bitcoin and other digital currency.

“We are not just competing with other states in the technology and the space, we’re competing with the world … it is really important to say that Tennessee is supportive of this technology and we want to be a leader in this innovation.”

Powell said after a January 24 presentation on Blockchain technology.

Though it may seem unnecessary for a representative to propose legislation to ensure the legality of a technology in a single state Powell is looking at future conflicts between state and federal rulings on the use and legality of cryptocurrency.

State and Federal law in the US often conflict over controversial issues, the current prime example is the sale of marijuana which is legal in in about half the states in some form but remains against Federal law.

The US a hodgepodge of regulation

The legality of cryptocurrency in the USA is already a boondoggle of federal and state regulatory agencies.

Cryptocurrency exchanges are currently regulated as money-transmission services by the Financial Crimes Enforcement Network (FinCEN) which is an agency within the US treasury department usually dedicated to crimes like money laundering.

Meanwhile, the Securities and Exchange Commission (SEC) and the US Commodities Trading Commission (CFTC) Two other financial regulatory agencies remain as yet uncommitted but have made it known they probably will become involved.

Each state also has it’s own financial regulations and laws and approaches cryptocurrency differently.

For instance, New York and California, both financial centers in the US, have been very aggressive in their regulation of exchanges while other states like new Mexico or Montana don’t regulate money transmitting business at all.

“Federal oversight could be an opportunity to fix broken state-by-state money transmission licensing,”

Says Jerry Brito, Coin Center’s executive director.

Powell said business exchanges using the technology is not illegal in Tennessee, but his measure would establish a law ensuring it stays that way.

The post Music City to Lock in Bitcoin Legality in Tennessee appeared first on NewsBTC.

Tracking funds on the blockchain may help catch crooks, but such snooping undermines one of the most important characteristics of money: Fungibility.

Bitcoin and cryptocurrency markets have been extremely bearish over the past six weeks straight, and many investors are waiting for the light at the end of the tunnel. Last year around this time we reported on a variety of cryptocurrency dignitaries, pundits, and bigwigs and they revealed to us that their outlook for 2017 was exceedingly bullish. Now even after the long run of recent bitcoin market dips many blockchain industry luminaries and outside investors are still remarkably optimistic about cryptocurrency markets in 2018.

Also Read: UNICEF Asks Gamers to Mine Cryptocurrency for Syrian Children

The ‘Wolf of Wall Street’ Thinks BTC/USD Markets Will Top $50K But Then Crash

Ever since December 16, 2017, cryptocurrency markets have been on a downward spiral that seems never-ending. BTC/USD markets reached an all-time high globally touching $19,600 per coin and have since dropped to $7,200 six weeks later. Many traders are calling out different “bottoms” as some think the storm is almost over and others believe the price of bitcoin may drop even further. However with all the ‘doom and gloom’ charts and different ‘bottom calls,’ many cryptocurrency investors and industry executives believe 2018 will be just as phenomenal for bitcoin as it was last year.

On January 31 the infamous “Wolf of Wall Street,” Jordan Belfort explained during a recent interview with the entrepreneur Patrick Bet-David that he doesn’t believe BTC is a scam. But he does believe Wall Street investors can easily manipulate the decentralized currency’s markets. Belfort thinks bitcoin will top last year’s all-time high, and explains to Patrick Bet-David that the cryptocurrency will likely top $50,000 before dropping significantly in value.

Fundstrat’s Tom Lee: ‘Crypto Remains Intact’

Three days ago the investment firm Fundstrat’s Tom Lee published a report that details even with the current bearish sentiment he is still bullish on bitcoin. Lee believes BTC/USD markets will reach $20K by mid-year and $25,000 by the end of 2018.                  

“It has been a terrible few weeks, but the fundamental positive story for crypto remains intact,” the head of research at Fundstrat Global Advisors stated.

Past sell-offs were followed by rallies of ~150% within 84 days,” Lee said. “In other words, we think the risk/reward at these levels warrants adding here, even if there is additional downside.

Nine Executives and Investors Predict Cryptocurrency Prices by the End of 2018

This week the survey and decision helper website Finder.com surveyed nine well-known fintech investors to see their cryptocurrency predictions for 2018. Cryptocurrencies included in the study include bitcoin core (BTC), bitcoin cash (BCH), Cardano (ADA), Ethereum (ETH), and nine other popular digital currencies. Survey participants in the research include Clayton Daniel of Fintech Founder, Michael Dunworth CEO and co-founder of Wyre Inc, Joseph Raczynski from Reuters, and more well-known executives.

According to the survey, the participant’s cryptocurrency average price predictions (USD) place bitcoin core (BTC) at $14,928 by March 1, 2018. By the year’s end, the nine candidates say BTC/USD markets will top $43,472. Contributors also believe that bitcoin cash (BCH) will be $2,167 by March 1, and $3,083 at the end of 2018. The survey taken in February shows panelists believe Cardano (ADA) will have the most prosperous price climb this year (+1,669.52%) reaching $10.63. Further, each participant commented on each prediction and why they believe cryptocurrency markets will reach these levels.      

“I think [BTC] will show promise from scaling solutions, and ETFs platforms integrating the buying/selling component will provide broader reach for market adoption,” explains Michael Dunworth the CEO of Wyre.

‘We’re Really Still at the Beginning Stages’

Jen Greyson, the founder of the Neureal Network who was named one of the top eight women in crypto this past year by Chipin says cryptocurrency adoption is just getting started.   

“As adoption in the space continues, we’ll see a rise in bitcoin along with other altcoins — The usability of this new asset class continues to be a hurdle,” says Jen Greyson, CEO of the Neureal Network. 

As we find more opportunities to use crypto to pay for burgers and rent, we’ll see a continual uptick in the values across the board — We’re really still at the beginning stages.

Above all the mainstream media headlines predicting bitcoin’s price will continue downwards towards zero, there’s still many individuals who believe bitcoin and many other cryptocurrencies will continue their triumphant runs in 2018. Most of the time, unless there’s some market phenomenon the old saying ‘what comes up, must go down’ is usually correct. But at the same time, it is typically true for when markets hit a ‘bottom’ — Usually, the market is bound to go up.

What do you think about these luminaries, pundits, and executives crypto-predictions? Let us know in the comments below.

Images via Shutterstock, Jordan Belfort, Fundstrat, Finder.com, and Neureal. 

Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history. 

The post Dignitaries, Pundits, and Bigwigs Reveal Their 2018 Crypto-Predictions appeared first on Bitcoin News.

FOMO Moments

A rising sun in Asia yielded some long awaited greenery on the crypto charts. This has been a sight for sore eyes after the past week of carnage. All altcoins are showing positive gains at last, Bitcoin leading the pack with a 15% rise in the past 24 hours. We can finally find a solid performing altcoin in the top 25 market cap charts, in fact there are several during this morning’s Asian trading session.

Icon has made the largest percentage gain according to Coinmarketcap with a 52% rise in the past 24 hours. ICX is currently trading at $4, up from $2.40 this time yesterday. It is still down on the week high of $8.60 but that is the case for all cryptocurrencies that have plummeted over the past month. The all-time high for this token came on Jan 10 and was $12.30 so it is still down two thirds from there.

Icon touts itself as the largest decentralized network in the world. Its grand aim is to interconnect various organizations including financial institutions, insurance companies, healthcare, and universities together. The ambitious South Korean project is laying the groundwork for an internet of blockchains, integrating existing societies into a decentralized world.

There was a recent conference in Seoul but it is likely that this altcoin is just enjoying the general upswing from a major dip in the market following weeks of bearish momentum. The majority of ICX is traded on Binance with over 90% of the total. It has a market capacity of $1.4 billion, a supply of 400 million tokens and a circulation of 381 million.

Other altcoins enjoying over 25% growth during Asian trading today are Neo, Nem, Monero, Lisk, VeChain, Populous, Nano and OmiseGo.

More on Icon can be found here: https://www.icon.foundation

FOMO Moments is a new section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals. 

The post Morning Asian trading roundup: the leading altcoin is Icon appeared first on NewsBTC.

Key Points

• Bitcoin cash price declined as low as $748 and is currently recovering against the US Dollar.
• There was a break above a bearish trend line with resistance at $890 on the hourly chart of BCH/USD (data feed from SimpleFX).
• There is another bearish trend line on the upside with resistance at $1060 on the same chart.

Bitcoin cash price recovered nicely from the $748 low against the US Dollar. BCH/USD is currently above $900 and is facing resistances near $1,000 and $1,060.

Bitcoin Cash Price Recovery

There were further declines in bitcoin cash price below the $900 level against the US Dollar. The price even broke the $800 level and traded as low as $748. Later, the price started an upside correction and moved above the $800 level. It was able to move above the 23.6% Fib retracement level of the decline from the $1,160 high to $748 low as well.

More importantly, there was a break above a bearish trend line with resistance at $890 on the hourly chart of BCH/USD. The pair traded above the $900 level and made a decent recovery. However, there is another bearish trend line on the upside with resistance at $1060 on the same chart. Moreover, the price is currently testing the 50% Fib retracement level of the decline from the $1,160 high to $748 low. It is struggling to gain momentum above $950-960. It could move towards the $1,000 level, but an upside break above $1,000 won’t be easy.

On the downside, the broken resistance at $900 is a support. Below $900, the price may retest the $800 support level if sellers come back in the action.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD has just moved from the bearish to the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has just managed to move back above the 50 level.

Major Support Level – $900

Major Resistance Level – $1,000

Charts courtesy – SimpleFX

The post Bitcoin Cash Price Technical Analysis – BCH/USD Recovers Above $900 appeared first on NewsBTC.

Bitcoin (BTC) has continued to unwind and is now down almost 70% from the record high on December 17th. Cryptocurrencies as an asset class have followed suit. The combined market capitalization has dropped from highs over US$800 billion in December to just under US$400 billion. The BTC market cap currently stands at US$128 billion, down from US$324 billion on December 17th, with US$10 billion traded in the past 24 hours.