Day: June 27, 2018

Key Points

• Bitcoin price struggled to gain traction and moved below the $6,200 support against the US Dollar.
• Yesterday’s highlighted important bearish trend line with resistance at $6,200 is acting as a barrier on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair remains at a risk of a downside break below $6,000 if it fails to move above $6,200.

Bitcoin price is under pressure below $6,200 against the US Dollar. BTC/USD must stay above the $6,000 support to avoid further losses in the near term.

Bitcoin Price Analysis

Yesterday, we saw a major rejection near the $6,300 resistance in bitcoin price against the US Dollar. The BTC/USD pair slowly and steadily declined and moved below the $6,200 support area. There was a failure noted around the 61.8% Fib retracement level of the last drop from the $6,750 swing high to $5,650 low. At the moment, the price is trading in a bearish zone below the $6,200 level and the 100 hourly simple moving average.

During the recent slide, there was a break below the 38.2% Fib retracement level of the last wave from the $5,658 low to $6,339 high. However, bitcoin buyers were able to hold declines below the $6,050 and $6,000 levels. The mentioned $6,000 support is very important for the current decline. It coincides with the 50% Fib retracement level of the last wave from the $5,658 low to $6,339 high. Therefore, a downside break below $6,000 could be significant for more losses. On the upside, yesterday’s highlighted important bearish trend line with resistance at $6,200 is intact on the hourly chart of the BTC/USD pair.

Looking at the chart, the price must break the trend line, 100 SMA, and the $6,200 resistance to avoid a downside break below $6,000. The next support is around the $5,850 level.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is about to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is moving higher towards the 40 level.

Major Support Level – $6,000

Major Resistance Level – $6,200

The post Bitcoin Price Watch: Can BTC/USD Hold $6,000? appeared first on NewsBTC.

A new strategy called ‘transaction fee mining’ has propelled Singapore-based CoinBene and Hong Kong-based Bit-Z into the top spots for global cryptocurrency exchange trading volume at USD 2.3 billion and USD 1.4 billion in the past day respectively as of this writing on 26 June 2018. This dethrones Binance which usually holds the top spot, and pushes other major exchanges OKEx and Huobi into lower ranks than usual.

Binance and Huobi only have USD 0.6 billion of trading volume each in the past day, which suggests that CoinBene and Bit-Z are taking business away from them since these numbers are much lower than usual. OKEx is near USD 1 billion of trading volume. It is unusual in general for OKEx to have more volume than Binance. Overall, Bit-Z and CoinBene have caused a major disruption of the typical cryptocurrency exchange ranks.

On CoinBene and Bit-Z users are rewarded an equivalent amount of tokens for the fees they spend trading cryptocurrency. This makes them a more attractive choice than typical cryptocurrency exchanges, since traders end up paying no fees overall and get a stake in the new native cryptocurrencies of CoinBene and Bit-Z which could become more valuable in the future.

This is called transaction fee mining, since trading on CoinBene and Bit-Z is the only way to generate the new cryptocurrencies. It is essentially the same as an initial coin offering (ICO), since customers are ultimately using other cryptocurrencies to buy the new cryptocurrencies, but a unique benefit of this form of ICO is free trading.

The native cryptocurrency of Bit-Z is BZ, which is an ERC-20 token that uses the Ethereum blockchain. Only 600 million BZ will be generated in total, so eventually, the period of transaction fee mining will come to an end, and so will the incentive for traders to use Bit-Z over the typical top cryptocurrency exchanges. The native cryptocurrency of CoinBene is Coni, and the period of transaction fee mining will come to an end by 22 July 2018 when 47.48 million Coni will be distributed.

Essentially, the transaction fee mining offered by Bit-Z and CoinBene is for a limited time only, and traders rushing to seize the opportunity has resulted in those exchanges temporarily taking the top spot over Binance, Huobi, and OKEx. The success of these experiments may result in other exchanges offering transfer fee mining in the future.

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The crackdown of vendors on darkweb marketplaces lets the U.S. government seize 4,000 bitcoins and now it wants to confiscate all of them.

Key Highlights

• ADA price struggled to move above the $0.1400 resistance level and declined against the US Dollar (tethered).
• There are two key bearish trend lines formed with resistance at $0.1300 and $0.1350 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
• The pair is likely to extend the current slide below the $0.1250 support level in the near term.

Cardano price struggled to hold gains against the US Dollar and Bitcoin. ADA/USD is now in a bearish trend with supports at $0.1200 and $0.1100.

Cardano Price Analysis

There was no upside break above $0.1500 in ADA price against the US Dollar. The ADA/USD pair even failed to settle above the $0.1400 resistance level. As a result, there was a downside reaction and the price declined below the $0.1300 support area. It is now trading well below the $0.1400 pivot level and the 100 hourly simple moving average.

During the recent slide, the price broke the 61.8% Fib retracement level of the last wave from the $0.1197 low to $0.1388 high. It has opened the doors for more losses and the price is now at a risk of further slides below $0.1250. The next supports on the downside are seen near $0.1200. Below this, the price may perhaps test the $0.1100 level. On the upside, there are many resistances below the $0.1400 level. More importantly, there are two key bearish trend lines formed with resistance at $0.1300 and $0.1350 on the hourly chart of the ADA/USD pair.

The chart indicates that the price is likely to face a lot of sellers on the upside between $0.1300 and $0.1400. Only a successful close above $0.1400 might stop the current slide. If not, the price will most likely extend declines towards the $0.1100 level.

Hourly MACD – The MACD for ADA/USD is placed heavily in the bearish zone.

Hourly RSI – The RSI for ADA/USD is now well below the 50 level with bearish signs.

Major Support Level – $0.1200

Major Resistance Level – $0.1350

The post Cardano Price Analysis: ADA/USD Remains in Downtrend appeared first on NewsBTC.