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Japan’s Coincheck Removes Monero and Three Other Privacy Coins Under FSA Ban

Coincheck will delist Monero and three others cryptocurrencies deemed to grant too much anonymity to holders under orders from the Japanese FSA. Japan’s FSA Bans Monero, Zcash, Dash and Augur According to Sputnik Coincheck has confirmed rumors that they will be removing Monero (XMR), Zcash (ZEC), Dash and Augur’s Reputation (REP) coin from trading on

The post Japan’s Coincheck Removes Monero and Three Other Privacy Coins Under FSA Ban appeared first on NewsBTC.

Coincheck will delist Monero and three others cryptocurrencies deemed to grant too much anonymity to holders under orders from the Japanese FSA.

Japan’s FSA Bans Monero, Zcash, Dash and Augur

According to Sputnik Coincheck has confirmed rumors that they will be removing Monero (XMR), Zcash (ZEC), Dash and Augur’s Reputation (REP) coin from trading on its exchange by June 18 in accordance with Japan’s Financial Services Agency’s new policy which aims at banning cryptocurrencies that offer significant anonymity. The exchange has reported that any of the banned cryptocurrencies remaining in users wallets after June 18 will be converted to Japanese Yen at the market rate.

Coincheck has had a raucous 2018 already; being the target of the second largest ever cryptocurrency heist in January when they lost approximately $530 million of traders money which they then struggled to pay back from their own coffers. The hack brought them under heavy scrutiny by the FSA, circumstances that may have led to them being acquired by Monex and now this ban.

The FSA re-structured its regulatory measures on exchanges after the Coincheck hack to enforce more transparency in the crypto market. A ban on tokens that offer high levels of privacy and anonymity coming under their axe is of little surprise as they continue to search for the tokens stolen from Coincheck that seem to have been moved from wallet to wallet as anonymously as possible.

Coincheck Adheres to FSA Ban

Monero has been among the top ten cryptocurrencies and is enormously popular in Japan but has garnered criticism for being the new crypto for criminals mostly due to it being favored by drive-by miners. The FSA has established the ban as a way to crack down on digital currency it sees as useful for money laundering and other nefarious enterprises.

In the wake of the January hack, Coincheck suspended all withdrawals which it has been lifting since on a coin by coin basis. In a bid to regain customer trust they have been promoting zero-fee trading since March. The exchange has also claimed the right to deny any transaction being made without a valid reason and has imposed new verification standards for all users. Still, Coincheck announced it will “drastically review”  its own controls and continue to comply with regulations from the FSA in order to strengthen its efforts against the exchange being used to support any criminal or terrorist activity.

 

Image from Shutterstock

The post Japan’s Coincheck Removes Monero and Three Other Privacy Coins Under FSA Ban appeared first on NewsBTC.

Crypto Tribalism Is Holding Back Blockchain

A more united front among all who believe in blockchain tech’s sweeping potential could help ensure a more constructive legal environment.

A more united front among all who believe in blockchain tech’s sweeping potential could help ensure a more constructive legal environment.

Unblock the Stream: Bitcoin Cash clears the way for global financial inclusion at CoinGeek Conference – CoinGeek


CoinGeek

Unblock the Stream: Bitcoin Cash clears the way for global financial inclusion at CoinGeek Conference
CoinGeek
Significant developments are on the way as the Bitcoin Cash community cuts through the noise and gets right down to the things that really matter. the Barbecue Becky’s of Bitcoin. Bitcoin Cash (BCH) and its community members have endured and continue

and more »


CoinGeek

Unblock the Stream: Bitcoin Cash clears the way for global financial inclusion at CoinGeek Conference
CoinGeek
Significant developments are on the way as the Bitcoin Cash community cuts through the noise and gets right down to the things that really matter. the Barbecue Becky's of Bitcoin. Bitcoin Cash (BCH) and its community members have endured and continue ...

and more »

Marvel, The Simpsons Go Crypto

Marvel, The Simpsons Go CryptoCrypto is set for yet another banner year, especially if mainstream portrayals of it are any indication. Marvel Comics’ Hunt for Wolverine – Adamantium Agenda #1 and The Simpsons: Tapped Out video game are both working-in references to cryptocurrency into their respective storylines and quests in attempt to capture some of the excitement regarding money’s […]

The post Marvel, The Simpsons Go Crypto appeared first on Bitcoin News.

Marvel, The Simpsons Go Crypto

Crypto is set for yet another banner year, especially if mainstream portrayals of it are any indication. Marvel Comics’ Hunt for Wolverine – Adamantium Agenda #1 and The Simpsons: Tapped Out video game are both working-in references to cryptocurrency into their respective storylines and quests in attempt to capture some of the excitement regarding money’s future.  

Also read: Alec Baldwin’s Lambo Movie Backed by Crypto Tech

Marvel, The Simpsons Go Crypto
Way back in 1997, The Simpsons foreshadow

The Simpsons are Crypto Cool

Mobile games have been the rage for years now, and among the so-called freemium games, The Simpsons: Tapped Out is a very popular choice within the genre. In the world of the game itself, Who Shot Mr. Burns, Part 3 (2018) is what’s known as the third minor event of this year, and is the 35th minor event in the game’s history. It comes directly after The Springfield Jobs 2018 Event which ends in just a few days. Crypto Cool is a limited-time quest-line, and it is the first quest in the series.

Marvel, The Simpsons Go Crypto

Crypto Cool begins as per usual: Homer is not taking his nuclear power plant job seriously, playing games on his tablet instead of working. Players are to keep the nerdy character Martin talking about blockchain, mentioning it a zillion times, never explaining exactly what it is he’s talking about. At a key point in the game, Martin admits he’s only heard of of blockchain “last week. But now I act like I’m an expert on it,” echoing a very real occurrence in the current ecosystem.

Marvel, The Simpsons Go Crypto

Available in iOS, Android, and Kindle Fire, The Simpsons: Tapped Out has been around for over half a decade, and is owned by EA Mobile. The game seems to print cash, having earned much more than $100 million due to in-game purchases as players attempt to progress. And at still another point in the game, Martin references the world’s most popular cryptocurrency, bitcoin. He brags at having “mined some bitcoin with my computer, and then the value went through the roof.” Players who complete the task with Martin are then asked to get three more characters to mine bitcoin on their devices.

Marvel, The Simpsons Go Crypto

Enthusiasts are hip to the fact this isn’t the first cartoon-oriented theme to reference crypto. Bitcoin has seen light on shows like Supernatural, Family Guy, among others. The Good Wife, Almost Human, Person of Interest, and House of Cards have also kissed the phenomenon’s metaphorical ring, as it were. For The Simpsons, of course, this isn’t a first either. About five years ago, Krusty has to admit he’s busted because “all it takes is bad luck at the ponies, worse luck in the bitcoin markets.” A year later, Jimbo is advertising his bullying services, adding he “accepts bitcoin.” As far back as 1997, The Simpsons also alluded to cryptography with scenery in the background: a store called Crypto Barn, A Place for Codes.

Marvel, The Simpsons Go Crypto

Marvel Comics’ Hunt for Wolverine – Adamantium Agenda #1

Written by Tom Taylor and illustrated by RB Silva, Marvel’s Hunt for Wolverine – Adamantium Agenda #1 is the story of how, at one point, Wolverine rescued New York City by essentially helping it avoid being hit by a bomb. The act evidently involved self sacrifice, saving the entire city. After, he is nowhere to be found. Iron Man, Spider Man, Luke Cage, and Jessica Jones all join in the adventure, involving black markets, familial cliffhangers, and more.  

Marvel, The Simpsons Go Crypto

Marvel has been around in one form or another for nearly 80 years. Now owned by The Walt Disney Company, Marvel Comics boasts creators such as Stan Lee, Jack Kirby, and Steve Ditko. Black Panther, Spider Man, Iron Man, Captain America, Wolverine, the Hulk, Thor,  Daredevil are among its most notable heros. Marvel has captured slightly more market share than chief rival DC Comics.

Because it is ruled by math, and its distributed ledger tech is immutable, Hunt for Wolverine assumes bitcoin as a universal power delivery system often used by robots. At one point, without giving too much away, Tony Stark needs to make payments. It is assumed, considering the type of characters he’s dealing with, he’ll used the usual unmarked cash. This time, instead, he must use cryptocurrency. And reference is made to crypto’s “risky” reputation, to which Tony Stark has a hilarious response.

Marvel, The Simpsons Go Crypto

Both The Simpsons and Marvel have incredible reaches, from average gaming Joes to nerds perhaps more inclined toward crypto. Any push into mainstream culture seems to help ease fears and dispels mystery surrounding decentralized money. And that can only be a good thing.

Are video games and comics important avenues to encourage crypto curiosity? Let us know what you think of this subject in the comments below.


Images via Pixabay, Twitter


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Ripple Price Analysis: XRP/USD Could Extend Upsides

Key Highlights Ripple price is slowly on the move and is currently trading above the $0.6800 resistance against the US dollar. There is a crucial ascending channel forming with support at $0.6850 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is currently placed nicely in an uptrend and it

The post Ripple Price Analysis: XRP/USD Could Extend Upsides appeared first on NewsBTC.

Key Highlights

  • Ripple price is slowly on the move and is currently trading above the $0.6800 resistance against the US dollar.
  • There is a crucial ascending channel forming with support at $0.6850 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently placed nicely in an uptrend and it could extend gains above $0.7100 in the near term.

Ripple price is moving nicely in a positive zone against the US Dollar and Bitcoin. XRP/USD may well rise further above $0.7100 and towards $0.7400.

Ripple Price Trend

There was a decent support base formed near the $0.6500 level in Ripple price against the US Dollar. The price started an upside move and traded above the $0.6600 and $0.6800 resistance levels. The upside move was positive as there was a close above the $0.6800 resistance and the 100 hourly simple moving average. There was even a spike above the $0.7000 level where sellers appeared.

The best part is the fact that the price is now above the 38.2% Fib retracement level of the last decline from the $0.7483 high $0.6481 low. At the moment, there is a crucial ascending channel forming with support at $0.6850 on the hourly chart of the XRP/USD pair. The pair is trading with a positive bias with resistance near the $0.7100 level. It also represents the 61.8% Fib retracement level of the last decline from the $0.7483 high $0.6481 low. The channel resistance is also close to $0.7100. Therefore, a break above $0.7100 won’t be easy.

Ripple Price Analysis XRP USD

Looking at the chart, the price may well move above $0.7100 if it stays inside the channel. A push above the $0.7100 resistance will most likely clear the path for more upsides in XRP towards $0.7300 and $0.7400.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently flat in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher towards the 60 level.

Major Support Level – $0.6850

Major Resistance Level – $0.7100

The post Ripple Price Analysis: XRP/USD Could Extend Upsides appeared first on NewsBTC.

Bitcoin Price Back at $8500: Cryptocurrency Market Rebounds After Poor Week – CCN

CCNBitcoin Price Back at $8500: Cryptocurrency Market Rebounds After Poor WeekCCNOn previous reports, CCN noted that the $8,200 resistance level is an important threshold to observe given that a drop below the $8,200 mark could lead the bitcoin price b…


CCN

Bitcoin Price Back at $8500: Cryptocurrency Market Rebounds After Poor Week
CCN
On previous reports, CCN noted that the $8,200 resistance level is an important threshold to observe given that a drop below the $8,200 mark could lead the bitcoin price back to the $7,900 region. Over the past 24 hours, the cryptocurrency market has …

Tom Lee Owns his Bad Consensus Bitcoin Prediction | NewsBTC – newsBTC


newsBTC


newsBTC

Tom Lee Owns his Bad Consensus Bitcoin Prediction

Much has been written about what went wrong at last weeks Consensus 2018. Why despite the massive increase in attendance the energy surrounding the conference felt so muffled and ultimately why it failed to provide the market bump that analysists and pundits predicted. Crypto Bull Tom Lee Owns His Bad Prediction In hindsight, some of the

The post Tom Lee Owns his Bad Consensus Bitcoin Prediction appeared first on NewsBTC.

Much has been written about what went wrong at last weeks Consensus 2018. Why despite the massive increase in attendance the energy surrounding the conference felt so muffled and ultimately why it failed to provide the market bump that analysists and pundits predicted.

Crypto Bull Tom Lee Owns His Bad Prediction

In hindsight, some of the problems are clear to see; the tickets were expensive and it didn’t support cryptocurrency for any event transactions. Those who attended said the discussions were outdated and even NPR’s Wait Wait Don’t Tell Me took a dig at the rented Lambos. Uber crypto bull Tom Lee though at least had the decency to own up to his misreading of the events influence on Bitcoin’s price.

Fundstrat’s Tom Lee predicted in a note to clients on May 7 that taking into account the low trading price of Bitcoin going into the conference which began on May 14th coupled with the way the market had reacted to previous years Consensus gatherings Bitcoin could gain anywhere from 10-70%. He wrote to Fundstrat’s clients;

Already one of the largest crypto conferences in the world, attendance this year is up dramatically and coming at a time when Bitcoin/Crypto is down YTD. Hence, we expect the Consensus rally to be even larger than past years.”

As we know now Consensus did not create a market pump. In fact, Bitcoin slumped through the three day period about 10% taking the rest of the market down with it losing $45 billion since May 10, according to Coinmarketcap.com.

Consensus was More of a Dump than a Pump

Lee owned up to his bad prediction in a new report to clients in which he exams why the annual gathering failed to push up the price of Bitcoin. Lee wrote his investors that the continued lack of clarity from regulators like the Securities Exchange Commission and the slow pace of adoption by traditional companies were factors. According to Bloomberg, he wrote;

 “Crypto still faces significant internal resistance and hurdles within traditional financial institutions, but it is encouraging, nonetheless, that a large share of incremental attendance are financial institutions.”

Others who attended Consensus 2018 would agree with Lee on some of his points but were less moderate in the way they expressed their disappointment with the conference. Reddit Poster U/korgijoe started a thread entitled “Consensus 2018: It sucked. Here’s why” in which he broke down the reasons he thought the conference was a failure which included clarity, presenters being out of touch with their core audience and the overall failure of presenters to deal with the most pressing issues of scalability and centralization.

The Reddit post which was followed by a stream of comments agreeing with and adding to the analysis ended with this conclusion as to why Bitcoin was falling during the gathering “It was embarrassing for crypto. The market spoke.” Ever bullish Fundstrat reports they still expect to see Bitcoin hit $25,000 by the end of 2018.

 

Image from Shutterstock

The post Tom Lee Owns his Bad Consensus Bitcoin Prediction appeared first on NewsBTC.

Ethereum Price Analysis: Can ETH/USD Continue Higher?

Key Highlights ETH price gained traction and moved above the $690 and $700 resistance levels against the US Dollar. There is a key connecting bullish trend line formed with support at $704 on the hourly chart of ETH/USD (data feed via Kraken). The pair has to stay above the $704 support and the 100 hourly

The post Ethereum Price Analysis: Can ETH/USD Continue Higher? appeared first on NewsBTC.

Key Highlights

  • ETH price gained traction and moved above the $690 and $700 resistance levels against the US Dollar.
  • There is a key connecting bullish trend line formed with support at $704 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair has to stay above the $704 support and the 100 hourly simple moving average to move higher.

Ethereum price is back in a positive zone against the US Dollar and Bitcoin. ETH/USD has to remain above the 100 hourly SMA to extend gains above $715.

Ethereum Price Support

The past few sessions were mostly positive for ETH price as it moved above the $690 and $700 resistance levels against the US Dollar. The price even spiked above the $720 level, but it failed to extend gains towards $740. A high was formed at $724.80 before the price started a downside correction. It declined and moved below the $720 and $715 levels.

During the decline, there was a break below the 23.6% Fib retracement level of the last wave from the $683.40 low to $724.80 high. However, there are many supports on the downside above the $700 level. There is also a key connecting bullish trend line formed with support at $704 on the hourly chart of ETH/USD. The same trend line is positioned near the 50% Fib retracement level of the last wave from the $683.40 low to $724.80 high. More importantly, the 100 hourly simple moving average is near $700-702. Therefore, the price is likely to find strong bids near the $700-704 zone.

Ethereum Price Analysis ETH USD

Looking at the chart, the price is likely to move higher as long as it is above $704 and the 100 hourly SMA. On the upside, a break above the recent high of $724 could open the doors for a push towards the $740 resistance.

Hourly MACD – The MACD is slightly placed in the bearish zone.

Hourly RSI – The RSI is struggling to hold the 50 level.

Major Support Level – $700

Major Resistance Level – $724

The post Ethereum Price Analysis: Can ETH/USD Continue Higher? appeared first on NewsBTC.

Asian Cryptocurrency Trading Update: Tron Trounces Other Altcoins, Surpasses Iota

FOMO Moments Another Monday morning in crypto land brings us a little more hope as markets are once again climbing back towards $400 billion. Bullish technical signals are aplenty and Bitcoin is currently 2.9% up on the day at $8,500. The weekend has been flat with no news or momentum in either direction. Altcoins are

The post Asian Cryptocurrency Trading Update: Tron Trounces Other Altcoins, Surpasses Iota appeared first on NewsBTC.

FOMO Moments

Another Monday morning in crypto land brings us a little more hope as markets are once again climbing back towards $400 billion. Bullish technical signals are aplenty and Bitcoin is currently 2.9% up on the day at $8,500. The weekend has been flat with no news or momentum in either direction. Altcoins are pretty much all in the green this morning making steady gains. The altcoin everybody loves to hate is shooting off again this morning, Tron.

Take a look at any social media crypto group and you’ll see posts taking jibes at Tron and its founder. But there is no denying that TRX is traded heavily in Asia where they seem to have a different opinion. Coinmarketcap is reporting a 19% climb for Tron since this time yesterday with strong technical signals for further gains. Currently trading at $0.084 from $0.070 24 hours ago Tron is on a charge again. Weekly gains have been a similar 17% and the Monday momentum is pushing this altcoin higher than all of the others in the top 25. Over the past month TRX has climbed 66% from $0.050 this time in April. Against Bitcoin Tron is up 15% on the day to 975 satoshis from 850 sats this time yesterday. Monthly gains on BTC have been over 70% from a level of around 570 satoshis the same time last month.

Tron is heavily hyped on social media and Twitter where founder, Justin Sun, seems to spend most of his waking hours. Buildup to the launch of Tron mainnet and the separation from the Ethereum blockchain is driving current upwards momentum. The launch of a virtual machine this week to enable cross-compatibility with Ethereum dApps has also added to the upside swing;

Many still view this altcoin as way undervalued but with over 100 billion tokens in total supply it will take a few more coin burns to get price up significantly. The major factor will be how many dApps adopt the new network and choose it over alternatives such as Ethereum or Neo.

As expected, South Koreans have been loading up on Tron this morning with local currency, KRW, dominating trade on Upbit and Bithumb. Asian exchanges are taking nearly all of that trade volume which has increased over 170% in the past day from $217 million to almost $600 million. As a result the market cap for TRX has climbed to $5.4 billion pushing it above Iota to 9th position.

Total crypto market capitalization has climbed slightly since the slow weekend and is currently up 2.9% to $390 billion. Bullish signals are forming on most cryptocurrencies and the upward momentum looks set to continue. Other altcoins having a good Monday during Asian trading this morning include Cardano, Neo, Bytecoin, Lisk and Ontology.

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 possible fundamentals.

The post Asian Cryptocurrency Trading Update: Tron Trounces Other Altcoins, Surpasses Iota appeared first on NewsBTC.

Bitcoin Cash Price Analysis: Can BCH/USD Hold Gains?

Key Points Bitcoin cash price recovered and managed to move above the $1,250 resistance against the US Dollar. There is a key bullish trend line forming with support at $1,255 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair may continue to rise, but it could correct lower to test

The post Bitcoin Cash Price Analysis: Can BCH/USD Hold Gains? appeared first on NewsBTC.

Key Points

  • Bitcoin cash price recovered and managed to move above the $1,250 resistance against the US Dollar.
  • There is a key bullish trend line forming with support at $1,255 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair may continue to rise, but it could correct lower to test the $1,240-50 support area.

Bitcoin cash price is showing a few positive signs above $1,250 against the US Dollar. BCH/USD is currently correcting lower and it remains supported above $1,240.

Bitcoin Cash Price Support

After forming a base around the $1,150 level, bitcoin cash price started an upside recovery against the US Dollar. The price traded higher and it managed to move above the $1,200 and $1,240 resistance levels. The upside move was very positive since the price closed above the $1,250 resistance and the 100 hourly simple moving average. It even spiked above the $1,300 level before starting a downside correction.

A high was formed at $1,315 and the price corrected below the 23.6% Fib retracement level of the last wave from the $1,165 low to $1,315 high. However, there are a few key supports on the downside near $1,250. At the moment, a key bullish trend line with support at $1,255 on the hourly chart of the BCH/USD pair is protected losses. Moreover, the 50% Fib retracement level of the last wave from the $1,165 low to $1,315 high is placed near the $1,240 level to prevent declines.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price is likely to break the trend line support at $1,255. However, there are high chances that the price could find a strong support near $1,240. On the upside, a close above $1,300 will most likely accelerate gains.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently holding well above the 50 level.

Major Support Level – $1,240

Major Resistance Level – $1,300

The post Bitcoin Cash Price Analysis: Can BCH/USD Hold Gains? appeared first on NewsBTC.

Tron (TRX) Price Watch: Bullish Run Ready to Resume, Upside Targets

Tron Price Key Highlights Tron broke out of a consolidation pattern previously highlighted to reflect a return in bullish momentum. Price could move up to the Fibonacci extension levels next, especially with catalysts underway. Technical indicators, however, have yet to catch up to reflecting bullish pressure. Tron broke higher from its short-term consolidation to confirm

The post Tron (TRX) Price Watch: Bullish Run Ready to Resume, Upside Targets appeared first on NewsBTC.

Tron Price Key Highlights

  • Tron broke out of a consolidation pattern previously highlighted to reflect a return in bullish momentum.
  • Price could move up to the Fibonacci extension levels next, especially with catalysts underway.
  • Technical indicators, however, have yet to catch up to reflecting bullish pressure.

Tron broke higher from its short-term consolidation to confirm that bulls are back in play, taking it up to the next upside targets.

Technical Indicators Signals

The 100 SMA has just crossed below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This suggests that there’s still a chance for the selloff to resume from here. However, the gap is still pretty narrow so a new upward crossover might still be in the works.

RSI is heading up to show that buyers have the upper hand but is also in the overbought zone to signal exhaustion. Turning back down could draw sellers in and lead to another dip in Tron. Stochastic also has some room to climb so Tron might follow suit, but the oscillator is also dipping into overbought territory.

TRXUSD Chart from TradingView

Sustained bullish momentum could take Tron up to the 38.2% Fib at 0.08848 or the 50% Fib near the swing high around the 0.10000 level. Stronger bullish momentum might lift it to the 61.8% extension at 0.10600 or new highs closer to the 78.6% extension of 0.12000. The full extension is located at 0.13433.

Tron is scheduled to launch the mainnet by the end of this month so it’s understandable that investors might be positioning ahead of the event. Apart from that, they also announced the launch of a virtual machine by May 25. The creators wrote:

“[We] will be able to break away from Ethereum and its low-efficiency, congestion-prone network, high fees, and steep learning curve. We will open the doors to a new cryptocurrency stage focused on scaling and commercialization, providing next generation infrastructure and express lanes needed for global dApp development.”

The post Tron (TRX) Price Watch: Bullish Run Ready to Resume, Upside Targets appeared first on NewsBTC.

Bitcoin (BTC) Price Watch: Support Holding, Bullish Pattern Forming – newsBTC

newsBTCBitcoin (BTC) Price Watch: Support Holding, Bullish Pattern FormingnewsBTCIf bulls are able to stay in control, they could push bitcoin price up to the next potential resistance at the 38.2% extension or $9279. The 50% extension is near the $970…


newsBTC

Bitcoin (BTC) Price Watch: Support Holding, Bullish Pattern Forming
newsBTC
If bulls are able to stay in control, they could push bitcoin price up to the next potential resistance at the 38.2% extension or $9279. The 50% extension is near the $9700 major psychological level while the 61.8% extension lines up with the swing ...

and more »

Bitcoin (BTC) Price Watch: Support Holding, Bullish Pattern Forming

Bitcoin Price Key Highlights Bitcoin price looks tired from its selloff as it starts to show bullish moves. Applying the Fibonacci extension tool on this potential bounce shows the next upside targets. Technical indicators are still suggesting that sellers have the upper hand. Bitcoin price seems to be done with its correction and ready for

The post Bitcoin (BTC) Price Watch: Support Holding, Bullish Pattern Forming appeared first on NewsBTC.

Bitcoin Price Key Highlights

  • Bitcoin price looks tired from its selloff as it starts to show bullish moves.
  • Applying the Fibonacci extension tool on this potential bounce shows the next upside targets.
  • Technical indicators are still suggesting that sellers have the upper hand.

Bitcoin price seems to be done with its correction and ready for a climb, but technical indicators have yet to catch up.

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, price has moved past the 100 SMA dynamic inflection point as an early signal of bullish momentum.

RSI is on the move up to show that there’s some buying momentum left, but the oscillator is nearing overbought conditions to reflect exhaustion. Similarly, stochastic is heading north so bitcoin price could follow suit, but the oscillator is also approaching overbought levels. Turning back down could draw sellers in once more.

BTCUSD Chart from TradingView

If bulls are able to stay in control, they could push bitcoin price up to the next potential resistance at the 38.2% extension or $9279. The 50% extension is near the $9700 major psychological level while the 61.8% extension lines up with the swing high around $10,000. Stronger bullish pressure could take it up to fresh highs at the 76.4% extension or $10,705 level or the full extension at $11,461.

For now, though, market watchers are paying extra close attention to the energy costs related to mining bitcoin. This casts doubts on the sustainability of this particular cryptocurrency, but the improved sentiment in the industry to start the week appears to be providing enough support.

Looking ahead, the FOMC minutes could turn the spotlight back to dollar movements as stronger tightening hints could boost the US currency higher against bitcoin price once more. To top it off, a return in geopolitical risk could weigh on the riskier asset.

The post Bitcoin (BTC) Price Watch: Support Holding, Bullish Pattern Forming appeared first on NewsBTC.