Month: June 2018

Key Highlights

• ADA price climbed higher and broke the $0.2050 and $0.2150 resistance levels against the US Dollar (tethered).
• There is a key bullish trend line forming with support at $0.2080 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
• The pair is currently correcting lower towards the $0.2150 and $0.2080 support levels.

Cardano price is moving nicely in a bullish zone against the US Dollar and Bitcoin. ADA/USD is likely to resume its uptrend once the current correction is over.

Cardano Price Analysis

There were solid gains in ADA price from the $0.1900 swing low against the US Dollar. The price surged higher and broke many resistance levels such as $0.2000 and $0.2080. More importantly, there was a break above a crucial resistance at $0.2150. It traded as high as $0.2280 before sellers appeared. It is currently correcting lower and moved below the $0.2250 level.

There was a break below the 23.6% Fib retracement level of the last wave from the $0.1966 low to $0.2280 high. However, there are many supports on the downside on the way up to $0.2000. An initial support is at $0.2150, which was a resistance earlier and now a major support. Below $0.2150, the 50% Fib retracement level of the last wave from the $0.1966 low to $0.2280 high is near $0.2120. Moreover, there is a key bullish trend line forming with support at $0.2080 on the hourly chart of the ADA/USD pair.

The chart indicates that the price may correct a few points in the near term towards $0.2150 and $0.2080. Later, once the correction is over, it is likely to resume its upside move. On the upside, a break above $0.2280 may perhaps clear the path for more gains towards the $0.2500 level.

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

Hourly RSI – The RSI for ADA/USD is showing positive signs and is currently near the 50 level.

Major Support Level – $0.2080

Major Resistance Level – $0.2280

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

Crypto hedge fund founder advises that today is the time for buying Bitcoin to take advantage of the coming influx of institutional money.

Crypto is Cheap Today

Dan Morehead, CEO of Pantera Capital appeared on CNBC’s cryptocurrency round-up show Fast Money again to talk about the current price of Bitcoin and the issue of custody. He told anchor Mellisa Lee that Bitcoin may have found it’s bottom for the year so that today is a good time to go shopping. “All cryptocurrencies are very cheap right now,” Morehead who also acts as Pantera’s co-Chief investment officer added that the cryptocurrency market is down about 65% from its high right now so “It’s much cheaper to buy now and participate in the rally as it goes,”

The take away from Morehead’s appearance is his suggestion that by buying a currency after it breaks its 230-day moving average and after a year “without even thinking about it, you make an average of 239 percent.” He said that this has happened with Bitcoin “about five times in the last six years,” Summing up the strategy he said,

 “That’s the essence of this trade: It rarely ever gets cheap to its long-term average, So today is a good day to be buying.”

Custody is The Silver Bullet

The volatile nature of Bitcoin prices over the last six months and the ever-looming but seemingly never reconciled questions about regulatory practices have kept many investors at bay. When the issue of how unsettled custody is affecting institutional investment was broached by Lee,  Morehead said that his fund has had institutional investors in the crypto market since 2013.

He went on to say that having an SEC-approved custodian is “the silver Bullet everyone is waiting for.” In terms of risk to reward he pointed out that last year there was a lot of reward in exchange for the same amount of risk that remains today but there is no switch that can be thrown to turn it back on.

In anticipation of the SEC resolving the custody issue he said  “Many institutions are essentially buying the rumor [of potential SEC regulations] and selling the fact, Getting invested now so that in three, four, five months when the institutional, quality-regulated custodians that we’re hearing about come online, they’ll already have their positions.”

Morehead founded Pantera Capital Management in 2013 as one of the first hedge funds to handle Bitcoin. Today the firm owns 35 pre-auction ICO’s and handles 25 blockchain based currencies.

 

The post Bitcoin Bull Dan Morehead Reveals His 239% Profit Making Tip in Crypto Investing appeared first on NewsBTC.

The Huobi cryptocurrency exchange has set up an office in Brazil’s largest city, Sao Paulo, and has announced its intent to enter the Brazilian market, according to an interview with Coindesk.

Employees from Huobi were seen distributing their cards and talking to well-known industry leaders at a local cryptocurrency event in Sao Paulo. On LinkedIn, Huobi is seeking to hire staff for their Brazilian office including a chief compliance officer who is responsible for preventing money laundering and fraud, and a digital marketing manager who is supposed to develop Huobi’s brand in Brazil.

This expansion into the Brazilian market follows China’s cryptocurrency trading ban last year; Huobi was originally founded and headquartered in Beijing, China. Three of the largest cryptocurrency exchanges in China were forced to close after the ban, a major hit to the global cryptocurrency market.

Huobi has not only opened an office in Brazil, it has opened offices in the United States and Canada and moved its headquarters to Singapore. Clearly, Huobi has used the Chinese cryptocurrency trading ban as an impetus to spread across the world.

Huobi is one of the biggest cryptocurrency exchanges in the world, with USD 1.2 billion of trading volume in the past day comprising 10% of Bitcoin’s total volume. Only Binance and OKEx had more trading volume than Huobi in the same period but were within a few hundred thousand dollars of Huobi’s volume.

The volume of the main exchanges in Brazil is equivalent to only 0.265% of Huobi’s volume. Huobi will provide a massive amount of liquidity to the Brazilian cryptocurrency market, leading to lower cryptocurrency prices and increased trading. Also, fees on Huobi are 0.2%, half that of Brazilian cryptocurrency exchanges.

Bitcoin, Ethereum, EOS, and Huobi Token are the main cryptocurrencies traded on Huobi, but in total there are 224 cryptocurrencies listed on the exchange providing a multitude of trading opportunities.

 

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Key Points

• Bitcoin price is still struggling to break the $7,580 and $7,600 resistance levels against the US Dollar.
• Yesterday’s highlighted important bullish trend line is in place with support at $7,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is about to make the next move either above $7,600 or below $7,400 in the near term.

Bitcoin price is approaching a crucial break against the US Dollar. BTC/USD breakout levels are $7,600 on the upside and $7,400 on the downside.

Bitcoin Price Analysis

There were mostly ranging moves above $7,400 in bitcoin price during the past two sessions against the US Dollar. The BTC/USD pair struggled to break the $7,580 and $7,600 resistance levels. As a result, there was a minor downside reaction from the recent high of $7,602. There was a break below the 23.6% Fib retracement level of the last leg from the $7,260 low to $7,602 high.

However, the decline was limited by the $7,400 support area. More importantly, yesterday’s highlighted important bullish trend line with current support at $7,450 held declines on the hourly chart of the BTC/USD pair. Additionally, the 50% Fib retracement level of the last leg from the $7,260 low to $7,602 high protected losses below the $7,400 support. The pair is on the move again and it retested the $7,580 and $7,600 resistance levels. Both the mentioned levels are important barriers and preventing gains above $7,650.

Looking at the chart, the price seems to be approaching a crucial break either above $7,600 or below $7,400. On the upside, a break and close above $7,600 could set the pace for a push towards $7,800 and $8,000. On the flip side, a break below $7,400 may perhaps take the price to $7,260.

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 heading higher towards the 60 level.

Major Support Level – $7,400

Major Resistance Level – $7,600

The post Bitcoin Price Watch: BTC/USD About to Explode appeared first on NewsBTC.