Day: March 28, 2018

In aftermath of Coincheck hack, Japan says goodbye to two crypto exchanges – but not before they return customer funds. #NEWS

January 2018 was a rollercoaster ride for the cryptocurrency market. It was marked by significant crashes of the ten biggest cryptocurrencies in terms of market capitalization, all of which suffered double-digit percentage losses. Facing such enormous sell-off, one could only dream about the usefulness of a tool like BITRUST.

 Cryptocurrencies have experienced an extremely volatile start to the year after a huge rally in the second half of 2017. The causes of these fluctuations are far from definite, with several theories going around.

By now one could only dream about having a tool to hedge the risks faced by cryptocurrency investors, an easy to use peer-to-peer cryptocurrency insurance marketplace, a tool like BITRUST. In the meantime, let’s look at the events which might have had the greatest influence on the volatility.

Time for bad news

Aside from strong South Korean regulatory pressure, where “the justice ministry is apparently working on a bill to ban cryptocurrency trading through exchanges,” according to Fawad Razaqzada, a market analyst with Forex.com, Russia is also hinting that it might get tough on the cryptocurrency market.

“It is known that cryptocurrency is not backed by anything. It cannot be a store of value. No material valuables are behind it and it is not secured by anything. It can, to a certain degree and in certain situations, be a settlement medium. This is done quickly and efficiently,” said Russian president Vladimir Putin, also noting that the country might introduce legislative regulation of the cryptocurrency market in the future.
…and more bad news
Chinese authorities have requested that locally-based bitcoin miners submit monthly reports. What’s more, in mid-January Bloomberg reported that “Chinese authorities plan to block domestic access to Chinese and offshore cryptocurrency platforms that allow centralized trading”. Let’s remember that in 2017, Chinese regulators already tried to ban ICOs, shut down local exchanges and limit bitcoin mining. However, despite these drastic measures, activity in the cryptocurrency market has continued in China through alternative channels.

The Reserve Bank of India has also joined the fray and announced more strict controls on the buying of cryptocurrency and crypto exchange services.

Lower trading volumes

Since last year South Korea has been a great market for cryptocurrencies. As Business Insider notes, Bitcoin, for instance, has traded at a more than 40% premium on exchanges in South Korea relative to US exchanges. According to Josiah Hernandez, chief strategy officer at Coinsource, that strong demand will make it hard for regulators to follow through on a full ban. However, January has already seen a drop in bitcoin trading volumes in Korean won and Japanese yen.

 Big banks threaten to restrict cryptocurrency buying

Yet another piece of negative cryptocurrency market news from January is that major US banks including JP Morgan, Citigroup, and Bank of America have declared that they will not support the purchase of cryptocurrencies by customers using their credit cards. British bank Lloyd’s joined them with a similar statement. The banks referred to the high risk involved in the cryptocurrency market as the reason for their decision.

These are the typical kinds of regulatory and financial industry news stories that make an impact on a traditional currency market which has all the developed hedging instruments in place to allow investors to insure their risks.

An imminent correction for an overheating market

But the most probable explanation for the recent events was that this is simply a bubble and it was in need of being corrected for. As it was rising by over 200% in the final three months of 2017, bitcoin and the other altcoins that saw similar growth in value, created exceptional market conditions, which could not be sustained any longer.

“At the end of the last year we saw enormous hype in the cryptocurrency market, which simply needed to be corrected for,” said the CEO of BITRUST Alex Duhamel. He added, “we will definitely see more volatility in the future, however, the whole market is definitely on course for stabilization in the next few years. And tools like BITRUST are the ones that will play a major role in this counterpoise”.    

What BITRUST can do

This is definitely not the end for the crypto market. Far from it. Despite the period of bad news and the drop in bitcoin dominance, we do see positive trends in the market for several altcoins and the number of blockchain-based businesses is growing daily to support the technology value. So let’s learn our lesson and start another day – in a more secure way.

BITRUST is an online marketplace currently being developed by BTF Project Limited, a UK-incorporated company, and is expected to be operational by January 2019. The platform is going to be the central platform, where an insurer meets a trader willing to insure a certain cryptocurrency position: i.e. to drop or raise against another cryptocurrency.

Imagine — an affordable, decentralized, easy to use, peer-to-peer cryptocurrency platform with a transparent automatic execution based on Ethereum blockchain-leveraging smart-contract technology. With BITRUST, everyone will be able to enter into an insurance contract on the agreed terms with a guaranteed execution according to their terms.

For now, we can only guess how the risks of cryptocurrency traders might have been better redistributed during the turmoil of January if BITRUST were already active!

To finance the development and launch of the BITRUST platform, a limited-supply sale of BITRUST tokens (BTFs) will be created by BTF Project Limited. The sale will start on 5^th of March — see more information about the BITRUST ICO structure and the company itself here.

The post Why the Cryptocurrency Market Is Craving BITRUST? appeared first on NewsBTC.

Repercussions from the Coincheck hack continue as more Tokyo exchanges close due to regulatory action. However Japan still remains the hub of Asian cryptocurrency.

Effect of Coincheck Hack Linger on

Blowback from the late January 500 million dollar Coincheck hack continues on as the Japanese Financial Security Agency (FSA) tightens oversight on Tokyo’s booming cryptocurrency marketplace.

According to the Nikkei Asian Review two more exchanges, Mr. Exchange and Tokyo Gateway have withdrawn their applications to the FSA for approval to provide cryptocurrency exchange services for domestic customers. These closures are only the latest two of five exchanges that have either withdrawn their applications or been shuttered by the FSA since the rollout of new regulatory requirements.

Japan has had a cryptocurrency exchange registration system in place since April of 2017.  Many exchanges including Coincheck were allowed to do business while their applications were being processed. Since the January hack when Coincheck lost over a half billion dollars worth of NEM coins to hackers who were able to funnel them from a non-secure wallet the company used to store customer assets the FSA has re-doubled their regulatory oversight.

Earlier this month the FSA handed out official warnings to exchanges including Coincheck and temporarily suspended two others, Bitstation and FSHO from doing business resulting in Bitstation withdrawing its application from the agency. Two others, Raimu and Bitexpress have withdrawn their applications ahead of any official order.

“More are expected to follow, as the FSA has given several exchanges a chance voluntarily close before ordering them to do so,” the news service added.

The Coincheck hack has dominated Cryptocurrency news since early this year as revelation was followed by controversy followed by mystery. The company responded to the hack immediately by making a statement that it would reimburse 90% of the value of the stolen coins. Since then customers have enacted two separate class-action lawsuits suing for greater compensation as they have accused Coincheck of paying out at a lower than fair value.

Meanwhile, the Tokyo police have dedicated a mass amount of manpower to tracking the stolen NEM coins which are suspected to be slowly changing hands through the dark web to be laundered on legitimate exchanges across the globe.

Tighter Regulations but Still Robust

Despite the tightening of regulations and being home to the two largest hacks in cryptocurrency’s infantile history Japan’s digital assets markets continue to boom.  As the leading early adopter of the technology in Asia, Japan continues to encourage investment and trade in digital currency. Over 10,000 companies today accept Bitcoin and other alt currencies.

Takashi Shiono, an economist at Credit Suisse in Tokyo estimates that tax revenue from the cryptocurrency market could go as high a trillion Yen ($9.2 billion) this year.

The post More Exchanges Fall to Increased Japanese Regulations appeared first on NewsBTC.

A Bank of Korea poll that has revealed the popularity of cryptocurrency in the nation. The survey shows South Koreans in their 20s and 30s are familiar with cryptocurrencies and are willing to invest in them.

A favorite among those in their 20s and 30s

Poll results, as reported by The Korea Times, showed that 21.6% of the 2,511 participants were aware of cryptocurrencies with 29.4% and 40.3% amongst respondents in their 20s and 30s, respectively. The technology doesn’t chime with those in their 60s (5.7%) and 70s (only 2.2%), which is unsurprising.

The poll also shows that nearly a quarter of the millennials surveyed are the most willing to buy into the cryptocurrency hype, and just over a fifth of the 30-somethings hold the same eagerness.

The news outlet, Yonhap News Agency also reported that an estimated 2 million of the country’s population own some of the most popular cryptocurrencies available, which is a significant number and is reflective of the growing adoption of cryptocurrencies and blockchain technologies as a whole.

Reversing the negative press

Over the past six months or so, South Korea has been in and out of initial coin offerings (ICO) and cryptocurrency-related events, with rumored crackdowns on exchanges and ICO bans being cause for concern with the native crypto-hungry populace and also that of the world.

But as BitcoinNews.com has been reporting, blockchain solutions and cryptocurrencies don’t seem to be showing any real signs of stopping. Especially not since some of the wealthiest major industrial conglomerates in South Korea have now stepped into the cryptocurrency industry; they are heading some of the most prominent exchanges in South Korea and the world, as well as developing blockchain platforms similar to that of the Ethereum network.

The poll makes for remarkable news and there are growing needs for the South Korean government as well as its regulators to hastily make sense of how they can integrate the technology practically and legally.

Though official, the poll doesn’t accurately reflect the actual level of the crypto-frenzy that is taking South Korea by storm.

South Korean prominence

Korean job portal Saramin also conducted a study back in December 2017. The poll sent via email found that more than three out of ten salaried workers are invested in cryptocurrencies; 80% of the poll’s respondents were in their 20s and 30s.

The study that polled 941 people also offered a detailed insight into the returns made, with a fifth of them making average profits of 425% on their investment.

CoinHills.com reports South Korea as being the third most abundant trader of Bitcoin in 24-hour volumes, putting it below the United States by who is second to Japan, and ahead of European traders.

Despite mounting concerns over cryptocurrencies, these enlightening and positive progressions in South Korea are going to be a large part of the global discussion as everything crypto-related moves positively onward.

The post Polls Indicate South Koreans in Twenties, Thirties, Heavily Invested in Crypto appeared first on BitcoinNews.com.

Chairman of the Israeli Bitcoin Association (IBA) Meni Rosenfeld said that “Bitcoin has matured” during an interview at the Blockchain & Bitcoin Conference in Israel. He discussed the progress of bitcoin in Israel, and his role in its progression.

Meni’s role in the IBA

Meni was questioned on his role as chair of the IBA, and the goals the association hopes to achieve. He described his role as entailing ”discussion with government to further appropriate regulation, handling the press, holding events, publishing educational material, nurturing the community, and acting as a hub to facilitate collaboration between different entities”.

He noted the goal of the IBA is to maximize the benefits for Israelis participating in the Bitcoin and blockchain economy. He acknowledged that the main barrier to promote further adoption is lack of regulatory clarity. Considering an estimated nearly 1% of Israelis have some form of Bitcoin holdings, this is a major focus of the association.

Bitcoin in Israel

Meni stressed that the 1% figure was speculative. The interview discussed the approximately 100 businesses in Israel that accept Bitcoin, acknowledging, however, that most of these don’t get a lot of Bitcoin-paying customers as most prefer to hoard their holdings.

As the local community of the IBA grew, Meni believed that there was less of an importance in interacting with other Bitcoin associations. He reasoned this because, as ”Bitcoin has matured… the challenges [Israel] are facing have become more unique”.

The impact of blockchain on the banking sector

The mantra on the Israeli banking circuit according to Meni is “blockchain, not Bitcoin”, though he claims this is espoused without a real understanding of its meaning. The banks have a reportedly hostile attitude towards cryptocurrencies, frequently refusing to allow transfers relating to Bitcoin trade. Meni suggested that this issue was worse in Israel than anywhere else in the world.

As the Israeli banks come to terms with the competition that cryptocurrencies pose, some of the banking services they offer are becoming less relevant. But as Meni noted, ”it is not clear if their aversion to Bitcoin is due to fear of competition, or due to legitimate (yet unfounded) concern for money laundering risks”.

The banks have not incorporated any Bitcoin-related services into their technological offerings.

The conference took place on 28 March 2018. Sixteen countries have previously hosted the Blockchain & Bitcoin Conferences since Smile-Expo began hosting them in 2014.

The post “Bitcoin Has Matured”: Meni Rosenfeld On Bitcoin In Israel appeared first on BitcoinNews.com.

Key Highlights

• Ripple price is trading well below the $0.5900 resistance and pivot level against the US dollar.
• There is a major bearish trend line forming with resistance near the $0.5750 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair remains at a risk of more losses below the $0.5570 and $0.5500 levels in the near term.

Ripple price is in a major bearish zone against the US Dollar and Bitcoin. XRP/USD may accelerate declines below the $0.5500 level going forward.

Ripple Price Decline

There was no upside correction above $0.5800 and $0.5900 in Ripple price against the US Dollar. The price is still in a bearish zone well below the $0.5800 level. A low was formed at $0.5570 before the price corrected slightly. However, the $0.5900 level acted as a resistance. Moreover, the 38.2% Fib retracement level of the last downside move from the $0.6500 swing high to $0.5572 low also prevented upsides.

The main hurdle on the upside is near a major bearish trend line forming with resistance near the $0.5750 on the hourly chart of the XRP/USD pair. A break above trend line resistance is needed for more gains towards $0.5900. Above $0.5900, the 50% Fib retracement level of the last downside move from the $0.6500 swing high to $0.5572 low may act as the next resistance. Only a close above the $0.6000 level could open the doors for more corrections in the near term.

On the downside, the price may soon break the $0.5572 low. The next major support is near the $0.5000 level. There can be a solid buying interest near the $0.5000 level since it is a key handle for XRP.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is still placed nicely in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower and is currently below the 50 level.

Major Support Level – $0.5570

Major Resistance Level – $0.5900

Charts courtesy – Trading View

The post Ripple Price Technical Analysis – XRP/USD May Decline Further appeared first on NewsBTC.

The Swiss Financial Market Supervisory Authority (FINMA) has reported that it is receiving increasing levels of enquiries into blockchain, cryptocurrencies and initial coin offerings (ICOs).

Switzerland makes positive steps

FINMA announced its investigation into ICOs in a September 2017 press release, creating speculation that some parts of ICO procedures may already come under existing regulations. They wrote:

“How ICOs are structured from technical, functional and business standpoints varies markedly from offering to offering. ICOs are currently not governed by specific regulations, either globally or in Switzerland.”

They also outlined the present concerns with ICOs, saying that “provisions on combating money laundering and terrorist financing, banking law provisions, provisions on securities trading and provisions set out in collective investment scheme legislation”.

Since then, FINMA has released its annual report for 2017 which shows that a whopping  60% of the enquiries they have received are to do with blockchain, cryptocurrency, smart contracts digital assets and ICOs.

Clampdown but no outright ban

Last September was somewhat of a shaky month for ICOs in Switzerland; FINMA announced the shutdown of groups and associations that had connections with sales of a cryptocurrency that acted in a centralized manner.

The “E-Coin”, being entirely controlled only by those who are selling it, came under fire as they were receiving large sums of money in a similar way to that of the deposit-taking side banks which, without the correct financial market license, is illegal.

Signs of hope in Switzerland

What’s significant is that the financial regulator appears to be treating the technology with far less cynicism than other international regulators have.

Since then, FINMA released another press release in February 2018, outlining the regulator’s intentions to treat carefully selected ICO tokens as securities.

Focusing on the economic purpose and function of tokens, it outlined three categories for the cryptocurrencies: utility tokens, asset tokens and payment tokens. It goes on to say in the release:

“FINMA regards asset tokens as securities, which means that there are securities law requirements for trading in such tokens, as well as civil law requirements under the Swiss Code of Obligations.”.

The Swiss watchdog is opening up favorable doors for the industry to begin to engage in discussions to see how the technology can exist in a compliant legal framework within the country.

It is already the home of The Crypto Valley Association, one of the world’s leaders in distributed ledger and blockchain economics, and the government is often praised by blockchain groups from all over the world for not restricting the movements and innovations up blockchain entrepreneurs and developers.

Switzerland is acknowledging the great potential within the technology and isn’t seeking to shut it down outright, but instead working toward something safer, more practical and functional for the coming future.

The post Swiss Financial Watchdog Reports Majority of Enquiries Received are Blockchain Related appeared first on BitcoinNews.com.

Bitcoin Price Key Highlights

• Bitcoin price is starting to breach support of its symmetrical triangle to signal that a downtrend is underway.
• Zooming out to longer-term charts reveals that this triangle could be a bearish flag formation, which typically signals continuation.
• Technical indicators are showing that bearish momentum could stay in play for a bit longer.

Bitcoin price is breaking below its symmetrical triangle support to signal that a downtrend is about to happen.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to continue than to reverse. The 100 SMA also recently held as dynamic resistance.

Stochastic has climbed out of the oversold region but appears to be changing its mind before gaining any upside traction. This suggests that bears are still trying to put up a stronger fight. RSI has some more room to fall before hitting oversold conditions or showing that sellers are tired.

Market Factors

Liquidity is expected to thin out in the next few days as most traders are out enjoying the Holy Week holidays. This could also mean potentially more volatile moves as price could be more sensitive to headlines and smaller positions.

Risk aversion seems to be leaving a mark in the markets as traders continue to fear geopolitical risks stemming from trade negotiations and Trump’s meeting with North Korea’s leader. A return in risk-taking, however, could prove bearish for the dollar and positive for bitcoin price.

Twitter has moved to ban ICO ads on its platform, leading to speculations of lower investor interest and activity. Reddit has also disabled bitcoin payments.

On the longer-term charts, traders are also anxious about the forming death cross, which is a crossover of the 50 SMA on the 200 SMA, which typically ushers in more selling momentum.

The post Bitcoin Price Technical Analysis for 03/29/2018 – Sellers Step on the Gas appeared first on NewsBTC.

The worlds fifth largest cryptocurrency exchange Bitfinex wants to trade the sunny British Virgin Islands for the Alpine climate of Zug in Switzerland as its new business headquarters according to Swiss business publication Handelszietung.

Bitfinex May be Heading for Zug

Following some of its smaller competitors that have settled in Switzerland since the start of the new year Bitfinex, the fifth largest Cryptocurrency platform in the world by trading volume, is now looking to pull up stakes and make the move.

CEO Jean Louis van der Velde has confirmed this saying that “We are looking for a new domicile for Bitfinex and the parent company iFinex, where we want to merge the operations previously spread over several locations.”

The Bitfinex leadership has already met with the State Secretariat for International Financial Affairs (SIF) and an exchange with Federal Councilor Johann Schneider-Ammann, the head of the Department of Economic Affairs, several times in order to cement the details of the resettlement project.

The move has garnered overwhelming support from players in the Swiss cryptocurrency circles of influence. Entrepreneur and FDP Council of States Ruedi Noser commented;

“It would be sensational if an actor of this size and importance should decide for Switzerland, It would show that Switzerland can indeed occupy a leading position in the entire blockchain industry.”

In recent years Bitfinex has established itself as one of the leading exchanges between the US dollar and the most popular cryptocurrencies Bitcoin and Ethereum while ranking as the fifth largest exchange in the world by trade volume. “In the exceptionally good month of December 2017, Bitfinex generated sales of around $ 110 billion,” Van Der Velde told told Handleszietung.

Regulation and Transparency are a Good Thing

If the plan comes to ultimate fruition Bitfinex will be located in Switzerland as a public limited company replacing the former parent company iFinex in the British Virgin Islands. With all departments of the company operating from Switzerland including the legal, finance and developing stock exchange platform.

The companies leadership sees the move as a step away from the ‘wild west’ of the cryptocurrency markets formative years toward a future that promises more stability. “We want to be the most transparent of all exchanges and meet the requirements of the Swiss regulator,” says van der Velde.

Though the move is not yet written in stone, London is also being considered as a new home by the company, Bitfinex is working with regulators to establish legal certainty. Zug has already established itself as a destination for crypto companies being home to Shapeshift, Xapo, Monetas as well as the Ethereum’s foundation and management.

The post Bitfinex Plans to Solidify Departments in Move to Switzerland appeared first on NewsBTC.

Lavenir is the latest addition to the cryptocurrency world that is going to begin its ICO on April 4 and conclude on May 4. It is all set to bring a new revolution into the market by digitizing the lending process.

Lavenir, the newly launched cryptocurrency lending platform is going to launch its ICO on April 4, 2018, that will last until May 4, 2018. The value of one Ethereum (ETH) is equal to 1000 Lavenir (LVR) and the early investors will be able to receive a variety of bonuses through the ICO. The Lavenir platform will allow the individuals to deposit cryptocurrencies onto the site and lend them to the site for interest payments. It is created with an aim to provide a more sustainable approach over many other competitor lending platforms.

Lavenir is bringing a new revolution in the cryptocurrency trading by enabling individuals to invest in professional crypto traders and receive a share of the profits made, based on a preset interest rate. Unlike several other investment sites that accept only Bitcoin, Lavenir accepts a variety of cryptocurrencies including Bitcoin, Litecoin, Ethereum, Dash, Monero and Ripple. With the possibility of new cryptocurrencies being added in the future to match the needs of investors. The platform is backed by a team of expert professionals with years of experience in crypto trading and other financial instruments such as stocks and bonds. Together, they strive to make cryptocurrency investment more profitable for the investors regardless of their level of engagement in the cryptomarket.

Lavenir is a unique platform that is created with an aim to provide long-term growth potential to the investors. It offers a variety of investment terms and rates that match the long-term vision of the platform as a stable, secure and reliable way of delivering returns on cryptocurrency investments to ultimately, provide a dependable source of income for the investors. The interest rates offered on this platform are also lower than some other similar lending platforms to accommodate this more sustainable business model. No unreasonably high interest rates are offered that would compromise the platform’s ability to pay investors unlike fraudulent lending platforms. This is not a get rich quick scheme, but investors can profit significantly from investing in the platform long-term.

Furthermore, unlike some of the other cryptocurrency lending platforms whose interest rates may fluctuate after the investment is made due to complicated formulas in calculating returns, Lavenir locks in the interest rates at the time the investment is made so that they don’t change. Also, the LVR interest payouts are guaranteed on a day to day basis, to make it preferred by the investors further.

In the regularly fluctuating cryptocurrency market, Lavenir has adapted its investment strategies to balance out the high profit and low-profit days so that investors can achieve benefits long-term.

More information about Lavenir and the ICO can be found at www.lavenir.io

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.

FOMO Moments

Another flat day starts in Asia as the bulls and bears are still in stalemate and the markets cannot gain traction in either direction. The total market capitalization is still hovering around $300 billion though the threat of a drop further still looms. Bitcoin has not moved from its level at just below $8,000 and altcoins have been lack luster for a few days now. The one showing the strongest gains in the top 25 this morning is Tron.

As reported by Coinmarketcap, TRX is trading 10% higher on the day. This often controversial altcoin is currently trading at $0.048 up from $0.043 this time yesterday and over the week gains have been even better at 26%. Tron has been one of the few altcoins to actually show gains over the past month as it is up 20% from $0.040 at the end of February. Comparing it to BTC Tron is up 9.5% on the day to 617 satoshis from a level of 560 this time yesterday. Over the month TRX has made solid gains against Bitcoin rising 57% from 390 sats to 615.

Tron fans are building up to the testnet launch of their decentralized entertainments ecosystem in two days which has spurred further interest in the token. Founder Justin Sun and the team are very active on Twitter with several posts per day on the countdown and various minor partnerships. Following the Binance Malta move announcement the Tron team followed up with their own posts about investing in the Mediterranean blockchain friendly island.

TRX is traded heavily on Asian exchanges Binance at 35%, Huobi with 20% and Upbit with 12% of the daily volume. That volume has increased over the past week and is currently at $310 million. Market cap currently stands at $3.1 billion pushing Tron back up the charts to 11^th spot where it currently sits.

The only other altcoin in the top 25 showing meaningful gains this morning is Monero which is up 5%. All others are flat or falling. Outside the top 25 Bytom is showing a 20% gain on the day and further down the list Syscoin has jumped 26%.

More on Tron can be found here: https://tron.network/

FOMO Moments is a 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 Asian Cryptocurrency Trading Roundup: Top Altcoin is Tron appeared first on NewsBTC.

Key Points

• Bitcoin cash price remains in a bearish zone and is currently trading below $880 against the US Dollar.
• There is a major declining channel forming with resistance near $880 on the hourly chart of the BCH/USD pair (data feed from Kraken).
• The pair may correct a few points in the near term, but upsides could be capped by $880 and $900.

Bitcoin cash price is struggling to move higher against the US Dollar. BCH/USD is now well below the $900 and $950 pivot levels.

Bitcoin Cash Price Trend

There is a solid bearish trend in place in bitcoin cash price since it broke the $900 level against the US Dollar. The price also broke the $880 support level recently and even pierced the $850 level. A new low was formed at $848 before the price found buyers. A minor correction is underway and the price moved above the $850 level. It is now approaching the 23.6% Fib retracement level of the last drop from the $976 high to $848 low.

However, there are many hurdles on the upsides around the $900 level. There is also a major declining channel forming with resistance near $880 on the hourly chart of the BCH/USD pair. The channel resistance is a crucial barrier for the current wave around $880. A break above the $880 level could push the price towards the next hurdle at $900. The next main resistance is the 50% Fib retracement level of the last drop from the $976 high to $848 low.

If the price fails to move above the $880 level, there could be a downside reaction. In this case, the price may even break the last low of $848 for more losses.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving higher towards the 50 level.

Major Support Level – $850

Major Resistance Level – $900

Charts courtesy – Trading View

The post Bitcoin Cash Price Technical Analysis – BCH/USD Decline Could Extend appeared first on NewsBTC.

This Part I of a three part series looks at the possibilities of blockchain as a trust and incentive machines and the cross-section with artificial intelligence.