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Bitcoin Price Technical Analysis for 04/26/2018 – Another Reversal Pattern in the Works?

Bitcoin Price Key Highlights Bitcoin price is correcting from its recent climb but might be on track to form a larger reversal pattern. A bounce off the area of interest could lead to the formation of an inverse head and shoulders. Technical indicators are reflecting the presence of bullish pressure. Bitcoin price looks ready to

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Bitcoin Price Key Highlights

  • Bitcoin price is correcting from its recent climb but might be on track to form a larger reversal pattern.
  • A bounce off the area of interest could lead to the formation of an inverse head and shoulders.
  • Technical indicators are reflecting the presence of bullish pressure.

Bitcoin price looks ready to form an inverse head and shoulders pattern if it completes this correction.

Technical Indicators Signals

The 100 SMA has crossed above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This means that the uptrend is more likely to resume than to reverse.

These moving averages could also serve as dynamic inflection points near the Fib levels. In particular, the 100 SMA is near the 50% Fib at $8083.3 while the 200 SMA coincides with the 61.8% Fib at $7702.8. If this holds as support, bitcoin price could bounce up to the swing high at $9695.7 which might be the neckline of the reversal formation.

Stochastic is also indicating oversold conditions to show that selling pressure is exhausted and that buyers could return soon. A shallow pullback could last until the 38.2% Fib at $8463.8.

The chart pattern spans $6000 to $9700 so the resulting rally could be of the same height. A break below the Fibs, however, could indicate that longer-term selling pressure is still present.

Market Factors

The US dollar extended its gains across the board as US bond yields continued to rise. Next week’s FOMC decision and NFP report, particularly expectations for these top-tier events, could drive dollar movements for the next few days.

Meanwhile, sentiment in the cryptocurrency remains positive but it’s also understandable that investors are being cautious. Price is testing key areas of interest that could serve as take-profit points, spurring a much-needed pullback from the latest rally.

Keep in mind that the 17 millionth bitcoin is about to be mined, which marks another milestone for the cryptocurrency as only 21 million bitcoins can ever be created.

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Cryptocurrency Traders Reported to FBI and SEC For Pump and Dumps

Discord chat group Bitcoin Bravado has been accused of scheming to create a cryptocurrency pump and dump scheme by a potential member who group leader now says has a “bone to pick.” Discord Group Accused of Planning Pump and Dump Scheme A potential member of the Bitcoin Bravado group has gone on to Steemit in order

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Discord chat group Bitcoin Bravado has been accused of scheming to create a cryptocurrency pump and dump scheme by a potential member who group leader now says has a “bone to pick.”

Discord Group Accused of Planning Pump and Dump Scheme

A potential member of the Bitcoin Bravado group has gone on to Steemit in order to expose what he says was a plan to create a pump and dump operation on a cryptocurrency token called Haven Coin. The accuser posted direct messages from a Telegram channel between members of the group who seem to be orchestrating a manipulation of the tokens price.

In the messages members of the group discuss how much Bitcoin will be needed to control 25% of trading volume, how long it should be held and when to dump it. One member even warns another about his use of the word manipulation who responds by correcting himself, rephrasing to “market making” and adding a smiling, sweating emoji.

The poster who goes by the name cryptomedication writes that he was being vetted as a member of the group and as such was invited to join their Telegram channel where he observed the messages that he eventually posted on Steamit. He opened his post by writing:

The post that you are about to read may potentially shake up the entire cryptosphere.”

He ends the post by claiming that he has already contacted the SEC and FBI and that the group will most likely respond by saying that he is disgruntled because they rejected him and therefore “has an ax to grind.”

 Bravado says Poster is a FUD Monger

Which is precisely the nature of the group’s response.  Shared as a PDF on Google drive the open letter entitled Statement on slander article posted about Bitcoin Bravado claims that none of the people involved in the Telegram messages either write content for nor have ownership or equity in the company.

The PDF contains 16 pages of messages from the group’s Telegram channel as well as Tweets which proport to show cryptomedication was demoted from “analyst” in the group and then became unhinged and began making threatening statements to individual members and the group as a whole.

Whether this is a case of He said, She said or if there is some actionable evidence will be a matter for the regulatory authorities to decide. Pump and dump schemes are illegal and the SEC considers them securities fraud. The Comodities Futures Trading Commision (CFTC) even offers a bounty of 10-30% of monetary sanctions for whistleblowers who turn in subjects planning pump and dump operations.

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Binance Denies Sequoia’s Allegation For Exclusivity Breach

Zhao Changpeng, the founder Binance, has denied the allegation for breaching an exclusivity agreement brought up by Sequoia in Hong Kong.

Zhao Changpeng, the founder Binance, has denied the allegation for breaching an exclusivity agreement brought up by Sequoia in Hong Kong.

Tom Lee Would Put “Fresh Money” into Bitcoin Instead of Bitcoin Cash

As the Bitcoin Cash hard fork date approaches wall streets favorite crypto analyst Tom Leee sides with Bitcoin over Bitcoin cash for new money. Lee Likes Bitcoin Over Bitcoin Cash Tom Lee sat down with the panel of CNBC’s Fast Money once again to talk about the differences between Bitcoin and Bitcoin cash at the

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As the Bitcoin Cash hard fork date approaches wall streets favorite crypto analyst Tom Leee sides with Bitcoin over Bitcoin cash for new money.

Lee Likes Bitcoin Over Bitcoin Cash

Tom Lee sat down with the panel of CNBC’s Fast Money once again to talk about the differences between Bitcoin and Bitcoin cash at the moment.

Lee who is a regular on such economic television shows as one of the market’s chief bullish advisors said that he prefers Bitcoin over Bitcoin cash for “fresh dollars” adding that “If I was putting new money to work, a fresh dollar, I’d be much more interested in buying a laggard that could attract inflows, rather than something that is potentially overbought.”

Lee saying that at the moment Bitcoin Cash is overbought references the recent momentum the currency is getting from the scheduled may 15 hard fork that will among other things increase its block size from 8 to 32 MB, thus increasing its transaction speed.

Bitcoin Cash itself is a result of a fork from the original Bitcoin that happened in August 2017 for the same reasons. Bitcoin was created as 1 MB block size that as the coin gained popularity as an investment proved too slow for traders. The 2017 fork increased transactions speed from days to minutes.

Ever Bullish Lee Sees Bitcoin Going to $55,000

Fundstrat’s Tom Lee was asked by the Fast Money panel to chose between Bitcoin and Bitcoin Cash as both were rising in price at the beginning of  the week but then dropped Wednesday with Bitcoin losing 2.4% and Bitcoin Cash falling 17%, to which he answered: “I prefer not to pick winners and losers when we’re looking at cryptocurrencies like Bitcoin/Bitcoin Cash.

The conversation turned to institutional money and whether money managers were now being “allowed” to speculate in the cryptocurrency market. To which Lee said

“Every week that passes there’s further progress and further clarity. I think more clients are starting to be very serious about how they want to have exposure to this asset class… We’re having more conversations with people you’d never think would actually have an interest who want to talk about it.”

Lee continued saying that the cryptocurrency space was maturing as it gained ‘clarity and custody’ which will attract money from serious investors citing the fact that Goldman Sachs plans on opening a dedicated trading desk for the crypto market this summer.

Lee who acts as head of research at Fundstrat Global Advisors has remained bullish on Bitcoin throughout the market correction of 2018 and has predicted its price will go to $25,000 at the end of the year and $55,000 by 2022.

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Ether wallet hack exploited weakness in the internet’s infrastructure

The rerouting of user traffic to Myetherwallet which led to $150,000 of cryptocurrency being taken from customer wallets may not have been the most significant hack in crypto terms but it certainly is notable for its meticulous execution.

The rerouting of user traffic to Myetherwallet which led to $150,000 of cryptocurrency being taken from customer wallets may not have been the most significant hack in crypto terms but it certainly is notable for its meticulous execution.

Ether hack exploited the buckling infrastructure of the internet

The rerouting of user traffic to Myetherwallet which led to $150,000 of cryptocurrency being taken from customer wallets may not have been the most significant hack in crypto terms but it certainly is notable for its meticulous execution.

The rerouting of user traffic to Myetherwallet which led to $150,000 of cryptocurrency being taken from customer wallets may not have been the most significant hack in crypto terms but it certainly is notable for its meticulous execution.

Ripple Price Technical Analysis – Can XRP/USD Recover?

Key Highlights Ripple price declined from the $0.9640 swing high and broke the $0.8500 support against the US dollar. There is a short-term connecting bearish trend line forming with resistance at $0.8080 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair must break the $0.8080 and $0.8150 resistance levels to

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Key Highlights

  • Ripple price declined from the $0.9640 swing high and broke the $0.8500 support against the US dollar.
  • There is a short-term connecting bearish trend line forming with resistance at $0.8080 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must break the $0.8080 and $0.8150 resistance levels to move back in a positive zone.

Ripple price broke a few key supports against the US Dollar and Bitcoin. XRP/USD has to clear the $0.8150 hurdle to start a fresh upside move in the near term.

Ripple Price Resistance

There was a downside reaction in Ripple price from well above $0.9500 against the US Dollar. The price started a new decline and broke the $0.8800 support and the 100 hourly simple moving average. The decline was such that the price even broke the $0.8500 support and the $0.8400 pivot level. XRP sellers gained traction and the price declined below a major support at $0.8080.

It is now trading well below $0.8400 and the 100 hourly simple moving average. It traded as low as $0.7576 recently and is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $0.9637 high to $0.7576 low. Moreover, there is a short-term connecting bearish trend line forming with resistance at $0.8080 on the hourly chart of the XRP/USD pair. A break above the trend line resistance at $0.8080 could open the doors for more gains. However, a proper break above $0.8150 is needed for a convincing move into a positive zone.

Ripple Price Technical Analysis XRP USD

Looking at the chart, the price may move above $0.8150 in the near term. Having said that, it is likely to face a strong hurdle near $0.8500 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is showing negative signs in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 40 level.

Major Support Level – $0.7500

Major Resistance Level – $0.8150

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Ethereum Price Technical Analysis – ETH/USD Support Turned Resistance

Key Highlights ETH price tumbled and broke a major support at $648-660 against the US Dollar. This week’s highlighted important bullish trend line with support at $660 was breached on the hourly chart of ETH/USD (data feed via Kraken). The pair retested the broken support at $648, but it acted as a resistance and prevented

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Key Highlights

  • ETH price tumbled and broke a major support at $648-660 against the US Dollar.
  • This week’s highlighted important bullish trend line with support at $660 was breached on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair retested the broken support at $648, but it acted as a resistance and prevented gains.

Ethereum price is back in a bearish zone against the US Dollar and Bitcoin. ETH/USD has to move back above $645-660 to start a fresh upside wave.

Ethereum Price Resistance

There was a fresh start of a downside move from well above $675 in ETH price against the US Dollar. The price declined and broke many supports such as $675 and $660. The decline gained pace once there was a break below the $675 support. It dropped by more than $80 and settled below the 100 hourly simple moving average. During the decline, there was a close below a crucial pivot level at $548.

More importantly, this week’s highlighted important bullish trend line with support at $660 was breached on the hourly chart of ETH/USD. There was even a downside spike below $600 and the price traded as low as $595.37. Later, an upside wave was initiated and the price moved above the 23.6% Fib retracement level of the last decline from the $711 high to $595 low. However, the upside move was protected by the previous support at $648. Moreover, the 50% Fib retracement level of the last decline from the $711 high to $595 low also acted as a barrier for buyers.

Ethereum Price Technical Analysis ETH USD

Looking at the chart, the price seems to be struggling to move back above $648. The stated $648 level was a support earlier and now it is acting as a hurdle. In the short term, there could be ranging moves below $648 before the price makes the next move.

Hourly MACD – The MACD has moved back in the bearish zone.

Hourly RSI – The RSI is now well below the 50 level.

Major Support Level – $595

Major Resistance Level – $642

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The 17 Millionth Bitcoin Is About to Be Mined: What It Means and Why It Matters – Coindesk


Coindesk

The 17 Millionth Bitcoin Is About to Be Mined: What It Means and Why It Matters
Coindesk
Bitcoin’s limited supply is about to get a bit more limited. Barring an unforeseen event, the 17 millionth bitcoin is likely to be mined in the coming day, a development that would mark yet another milestone for the world’s first cryptocurrency. That’s


Coindesk

The 17 Millionth Bitcoin Is About to Be Mined: What It Means and Why It Matters
Coindesk
Bitcoin's limited supply is about to get a bit more limited. Barring an unforeseen event, the 17 millionth bitcoin is likely to be mined in the coming day, a development that would mark yet another milestone for the world's first cryptocurrency. That's ...

Ethereum price analysis – Temporary downwards price correction

Ethereum price soared up to a day high of $712 on Tuesday before a downwards price correction attempt became evident pulling the price downwards to a day low of $596 on Wednesday. The market bulls failed to break through the resistance around $713.24, which corresponds to the 61.8% Fibonacci retracement. The upwards trend which has been evident since April 7th, bounced off this crucial resistance level. The price correction attempt is subsiding as ethereum price rose again above $600 during most of Wednesday’s trading sessions. Will ethereum price continue on dropping on Thursday? or shall we expect the market bulls

Ethereum price soared up to a day high of $712 on Tuesday before a downwards price correction attempt became evident pulling the price downwards to a day low of $596 on Wednesday. The market bulls failed to break through the resistance around $713.24, which corresponds to the 61.8% Fibonacci retracement. The upwards trend which has been evident since April 7th, bounced off this crucial resistance level. The price correction attempt is subsiding as ethereum price rose again above $600 during most of Wednesday’s trading sessions.

Will ethereum price continue on dropping on Thursday? or shall we expect the market bulls to take the upper hand again?

Bouncing off the 61.8% Fib. retracement on the 4 hour ETHUSD chart:

We will examine the 4 hour ETHUSD chart from Bitfinex, while plotting the 100 period SMA, the 200 period SMA, and the Ichimoku Cloud as shown on the below chart.  We will keep the Fibonacci retracements  we extended last week  between the low recorded on October 23rd, 2017 ($273.50), and the high recorded on January 13th, 2018 ($1,424.06). We can observe the following:

  • Ethereum price soared steadily on Tuesday to a day high of $712, before the bullish wave was reversed. The price of ether was almost a dollar short of $713.24, the 61.8% Fib. retracement (horizontal orange line on the above chart). Note that six successive bullish (green) candlesticks were formed just before the uptrend was reversed. As such, even though the bullish momentum was seemingly strong, it failed to breach this resistance level.

 

  • Ethereum price is now above the level of the 100 period SMA, and the 200 period SMA. Note that the 200 period SMA (green curve) is now acting as a support level preventing further price drop, as evidenced by the long downwards shadows of candlesticks near its level. Therefore, the price of ether will most probably start rising again as the $600 price level will prevent further price drop. However, we have to see the 100 period SMA (green curve) cross above the 200 period SMA, before a strong bullish wave becomes evident again.

 

  • Right now, ethereum price is being supported by the confluence of three important support levels:
  1.  the 200 period SMA as we stated above.
  2. the upwards trend line that has been marking price movement since April 7th.
  3. the Leading Span A Line (green line) of Ichimoku’s Cloud

Consequently, we can expect ethereum price to rise again towards $713.24 during the next 24-48 hours. On the downside, $600 represents the support level as we explained.

  • Ethereum price has dropped below the Base Line (red line) of Ichimoku’s Cloud, yet the cloud is still green (bullish) in color. Most likely, candlesticks will rise again above the Base Line within less than 48 hours as the bullish momentum rises.

Bullish alignment of the smoothed moving averages on the 1 hour ETHUSD:

Now, let’s examine the 1 hour ETHUSD chart from Bitfinex, while plotting the 50 period SMA (blue curve), the 100 period SMA (green curve), and the 200 period SMA (red curve), as shown on the below chart. We can note the following:

 

  • After failing to breach the resistance around the 61.8% Fib. retracement ($713.24), the price of ether dipped below the level of 50 period SMA, yet the 100 period SMA is acting as a relatively strong support level preventing further price drop. This is evidenced by the relatively long downwards shadows of candlesticks near the level of this moving average.

 

  • The alignment of the SMAs is bullish, as the 50 period SMA is on top, the 100 period SMA is in the middle, and the 200 period SMA is below both.

 

Conclusion:

After rising to a high of $712 on Tuesday, the bullish wave was temporarily reversed and ethereum price started dropping reaching a low of $596. However, the downwards price correction attempt is being resisted by support near $600. We expect ethereum price to start rising again towards $713.24 during the next 24-48 hours.

Charts from Bitfinex, hosted on Tradingview.com

 

Bitcoin Cash Price Technical Analysis – BCH/USD Broke Key Support

Key Points Bitcoin cash price extended its downside move and traded below the $1,350 support against the US Dollar. Yesterday’s highlighted crucial bullish trend line with support near $1,355 was breached on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair is now consolidating losses above the $1,240 level and it

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Key Points

  • Bitcoin cash price extended its downside move and traded below the $1,350 support against the US Dollar.
  • Yesterday’s highlighted crucial bullish trend line with support near $1,355 was breached on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is now consolidating losses above the $1,240 level and it remains at a risk of more declines.

Bitcoin cash price moved down further below $1,300 against the US Dollar. BCH/USD broke a key support and it may now extend its decline in the near term.

Bitcoin Cash Price Resistance

There was a fresh downside move started from the $1,574 high in bitcoin cash price against the US Dollar. The price declined and broke many supports yesterday near $1,400 and $1,360. More importantly, there was a break below the $1,350 pivot level, which ignited further gains. BCH sellers even succeeded in pushing the price below $1,300 and the 100 hourly simple moving average.

The trend change move was a break below yesterday’s highlighted crucial bullish trend line with support near $1,355 on the hourly chart of the BCH/USD pair. The pair traded as low as $1,232 and is currently consolidating losses. On the upside, an initial resistance is near $1,320 and the 100 hourly simple moving average. The next resistance is near the 38.2% Fib retracement level of the last drop from the $1,574 high to $1,232 low at $1,360. The stated $1,360 level was a support earlier and now it may prevent upsides.

Bitcoin Cash Price Technical Analysis BCH USD

Looking at the chart, it seems like the price may consolidate around $1,300 for some time. There is a chance of a downside spike towards $1,200 before the price makes an upside move. On the upside, a break above $1,360-1,400 is needed for a test of $1,500.

Looking at the technical indicators:

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

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

Major Support Level – $1,200

Major Resistance Level – $1,360

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