Day: May 16, 2018

Thailand joined a pool of countries that have introduced regulatory frameworks for cryptos, but local exchanges still don’t know what to do

Tron Price Key Highlights

• Tron is forming a double bottom on its 1-hour chart to signal that the climb could resume.
• Recall that TRX is in a correction from a strong rally, and it looks like bullish pressure could return here.
• Price has yet to break past the neckline to confirm the potential uptrend.

Tron has formed a double bottom reversal pattern and is ready to test the neckline to confirm an uptrend.

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This suggests that the selloff is more likely to resume than to reverse.

However, Tron has broken past the 100 SMA dynamic inflection point and is currently testing the 200 SMA. A break higher could lead to a test of the neckline at 0.075 and a move past this ceiling could spur a rally of the same height as the chart formation. This spans 0.060 to 0.075.

RSI is also on the move up to signal that buyers are in control of Tron price action but this oscillator is approaching overbought levels to signal exhaustion. Stochastic is already in the overbought zone to show that bulls are ready to let bears take the upper hand soon. In that case, another dip to the bottoms could take place.

TRXUSD Chart from TradingView

Market Factors

The slump in cryptocurrencies has weighed on Tron over the past few days but it looks like bulls are ready to return at this point. For now, investors are holding out for the mainnet launch at the end of the month as this could mean more capabilities for the network.

For now, consolidation has been in play while some exchanges freezed Tron holdings in order to support the upgrade. This includes Bit-Z, Bitrex, and Bitfinex. More recently, Bitpie Wallet announced  their to support TRON’s mainnet launch and blockchain upgrade.

The post Tron (TRX) Price Watch: Short-Term Reversal Formation Sighted! appeared first on NewsBTC.

Bitcoin Price Key Highlights

• Bitcoin price could pause from its drop as a double bottom formation can be seen on the 1-hour chart.
• Price has quite a way to go before testing the neckline at $8,800.
• An upside break could lead to an uptrend of the same height as the double bottom formation.

Bitcoin price formed a double bottom pattern on its 1-hour time frame and needs to break past the neckline to confirm the climb.

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. This means that the downtrend is more likely to resume than to reverse. In addition, the 200 SMA lines up with the pattern’s neckline to add to its strength as a ceiling. If it holds, another bottom could be formed.

RSI is on the move up to indicate that buyers have enough energy to push for more gains, but the oscillator is also nearing overbought levels to reflect exhaustion. Stochastic is also heading north but could be due to turn back down form overbought levels soon, so bitcoin price might follow suit.

BTCUSD Chart from TradingView

Market Factors

Investors continue to hold out for positive updates in the industry but until those come out, caution has prevailed after bitcoin price was rejected at one resistance level after another. Traders are also keeping close tabs on the investigation into South Korea’s largest crypto exchange as this revives issues on regulation and security.

In contrast, the dollar has been firmly supported by stronger rate hike hopes, particularly for the Fed meeting in June. Although some data points have fallen short of estimates, traders are paying closer attention to positive figures on inflation and shrugging off downbeat remarks from FOMC members.

Looking ahead, it could be all about market sentiment from here as a week without industry developments could draw more sellers in.

The post Bitcoin Price Watch: Eyes on This Classic Reversal Pattern appeared first on NewsBTC.

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Regardless of the slow price action and dip in prices, Bitcoin is still king of cryptocurrencies and many altcoins anchor their moves on it. While we remain hopeful of future recoveries, it is likely that the past few days’ price appreciation is but short coverings. Notice that there is a clear failure to march past $9,000 since volumes are low and half below March 11 bear spike. I recommend shorts in lower time frames with targets at $6,800 in the short term.

From the News

In less than five months, traders all over the world shall gain access to a crypto trading app backed by a traditional exchange, Börse Stuttgart. Bison is the name of the app and it has one main objective: make crypto trading as easy as possible. In fact in the spirit of accessibility, registration and verification time would be done in minutes all thanks to the survey done by the company as they tried to pick pain points in customer crypto experience.

After an internal audit, UpBit is now free of damaging accusations of fraud and money laundering. Within a 12 hour span, close to $50 billion in market cap evaporated following news of a search warrant from the South Korea’s Intelligence Unit against UpBit. This was ironical because shortly before this directive, UpBit CEO was on the front line asking investors to report any form of ICO scam in exchange for cash reward. Among some of the accusations UpBit is not clear from include accusations of insider trading, trading using customer funds and money laundering. According to UpBit, the whole thing was a simple misunderstanding and at any time, as per the audit findings, they have never traded any coin(s) they never own.

Ironically, the world second largest Bitcoin mining hardware producer, Canaan is planning on listing at the Hong Kong stock exchange. In a bid to expand their services and revenue, they are looking for a $1 billion investment through an IPO sponsored by Deutsche bank, Goldman Sachs and Morgan Stanley.

Bitcoin mining rig maker Canaan Creative is filing for a $1 billion IPO, sources say https://t.co/15pKVrugRz pic.twitter.com/Kv3XXFJrRX

— Bloomberg (@business) May 15, 2018

The money shall help them venture more into research now that they are looking on developing AI chips. Besides, they are now venturing into cryptocurrency mining as well as creating innovative home appliances that mine coins in the back ground.

Bitcoin (BTC) Technical Analysis

Weekly Chart

Bitcoin Weekly Chart by Trading View

If we were to simplify, then we would say Bitcoin is moving within a $6,000 range defined by February 2018 high and low. Now, after periods of consolidation between those two highs, what stands out for me is the week ending February 4 candlestick which asserts the bear trend and week ending April 1 candlestick confirming this assertion.

So, with this in mind and the fact that the general trend is bearish, selling on resistances or retests would be akin to aligning trades with the trend. From this technical development, our first level of support is at $7,800. Any break below that means our $6,000 target is likely to be hit. This would be case especially if there are high volumes accompanying a consolidation bear break out.

Daily Chart

Bitcoin Daily Chart by Trading View

So, like the weekly chart, Bitcoin prices are still trading inside a range but with a bearish skew. See those lower lows and most importantly the reaction from $6,000 in line with the current trend? That is important in our analysis and what is drawing my attention is May 11 candlestick.

Trade volumes are high relative to previous days and there is a mid-range push below $10,000-a region of minor support. Follow through bull candlesticks have been short on volumes.  On May 15 we saw relatively high volumes confirming the bear pin bar at $9,000.

Aggressive traders can short now while aiming for $7,800 and $6,600. On the other hand conservatives can stay out of this trade and watch till prices are out of this consolidation.

The post (BitMain’s Main Competitor is Planning for a $1 billion IPO) Bitcoin (BTC) Technical Analysis appeared first on NewsBTC.

Other than Tron which somehow found support following their website overhaul, sellers are in charge in month coins. To give you a perspective, IOTA is down 20 percent in the last week for example and Litecoin is struggling to edge past $140. Instead what could happen is a slow down past $130 and $110 in the short term.

Let look at these charts:

EOSUSD (EOS)

EOS Daily Chart by Trading View

Cryptocurrencies is a new wing of investment which even though is at its nascent stage continues to gain traction attracting investors and facilitators. Good news is eToro plans to expand its services to the US by launching an exchange and wallet later this year. This announcement was made at the Consensus 2018 meet up in New York and already it’s in Beta phase, being tested by select customers. Besides Bitcoin and Ethereum, investors should right away invest in EOS and seven other coins once the services are available.

It's happening! We will be officially launching in the U.S this year! We will also be rolling out a #crypto wallet starting with selected users this week and, will be launching a crypto exchange later this year. – @yoniassia pic.twitter.com/U3IJ4o1e0e

— eToro (@eToro) May 15, 2018

In line with our previous projections, EOS is down nine percent in the last 24 hours and trending below our main support at $13. Aside the bear candlestick, note that consistent bear pressure might see prices testing $9.7. For that to happen, we must see strong volumes usurping last week’s average volume range and that’s exactly what is happening. Because of this, selling at every high-ideally at $14- with targets at $9.7 is ideal.

LTCUSD (Litecoin)

Litecoin Daily Chart by Trading View

Soon, you shall crypto trade at Börse Stuttgart, German’s exchange handling more that $100 billion in volumes, through Bison. As it stands, Bison is the first app that stands behind a traditional exchange that does nothing more than simplify cryptocurrency trading. Trading on this exchange shall be free and there is no clear way stating how they are going to make money. Besides, new user registration and verification shall be completed within minutes.

According to our previous preview and price forecast, Litecoin continues to slide and is still moving within May 11 high low. Here’s the thing: as long as Litecoin sellers are in charge, it’s better to short. Therefore, in my view and of course considering support resistance zone, conservatives should find for over-valuation in lower time frames and sell. Ideal shorting triggers lie at $130 and if a break out happens with a surge in volumes, stops should be at $140 and targets at $110 as indicated before.

XLMUSD (Stellar Lumens)

Stellar Lumens Daily Chart by Trading View

At long last, there is movement in Stellar and this time, we are about to see one of the first corporate tokens on issue. In an announcement, IBM said that they shall be partnering with Veridium Labs to create what they call Credit Tokens. Veridium Labs is by itself a carbon rating company and Carbon Ratings for those who don’t know is the permitted amount of carbon a company or even a country is allowed to emit per year. These credit tokens shall be launched from the Stellar Blockchain and shall go forward towards aiding the conservation of Indonesian rain forest and reducing pollution.

.@cnbc featured the recent partnership of @VeridiumLabs and IBM, who are working together to combine crypto with environmental credit trading. Read the article: https://t.co/ny6Rxj9cc9

— Blonde 2.0 (@Blonde20) May 15, 2018

Of course this is a novel idea and if this goes on well on this project, they may decide to scale and make this global further exposing Stellar Lumens to demand. Now, this is good news but there is nothing much to drum about when it comes to price action.

Sellers are in charge and volumes are within average. Before anything happens, I shall wait for a retest of 30 cents and observe how prices react. If there is a bounce then well and good, my buy triggers would be at 40 cents. Otherwise, any break below 30 cents with extra-ordinary volumes might see sellers driving Stellar Lumens towards 20 cents, our ultimate bear target.

TRXUSD (Tron)

Tron Daily Chart by Trading View

Could Tron overhaul of their website help support prices? Well, of course there is excitement about everything Tron and EOS on extension especially when it comes to the mainnet count down. For us though, what is important is value and since Tron is down 14 percent for the week, we need participation if at all there would be reversals.

Indeed, that’s exactly what’s happening and after yesterday’s higher highs and moving within a wedge. So, while we are bearish in the short term, those who are yet to trade this can wait for a break out in either direction. Notice that yesterday’s volumes were higher and instead of moving lower, it inched higher further bringing prices to an accumulation. Therefore, for us to trade confidently, today’s candlestick holds all the clues. If it moves higher and break above 7.5 cents, buy on the break out. If not, sell when they are below 5.5 cents and aim at 5 cents.

IOTUSD (IOTA)

IOTA Daily Chart by Trading View

Already, IOTA is the main form of payment for the eCommerce site, Tanglefy. It might be the first IOTA themed store in the crypto-verse but surely not the first. As demand for IOTA continue to rise, expect more stores to crop up. After all, a platform with a market cap exceeding $5 billion needs to have more than 99 projects as it currently stands.

Price wise, May 11 candlestick is that constant bear shadow scaring demand. After yesterday’s bear candlestick, aggressive traders can short and aim for $1.5 and $1.1 in line with the 20 percent week over week slide.

The post (IBM Through Stellar Blockchain Has A Grand Plan For Indonesian Rain Forests) IOTA, Stellar Lumens, Tron, Litecoin, EOS Technical Analysis for May 17, 2018 appeared first on NewsBTC.

Jack Dorsey shared crypto enthusiasts’ vision that virtual currencies are the future of a legitimate means of global payment