Day: July 4, 2018

A U.K. lawmaker proposes the government should appoint a public-facing blockchain chief officer in order to boost blockchain adoption in the country.

A blockchain-based platform managed by several European banks, We.trade, went live on 3 July 2018 and has successfully completed seven commercial trades between ten companies in the past five days using four different banks. We.trade is built on the IBM blockchain platform, and claims that these are the first commercially-viable trades that harness blockchain technology.

Chief operating officer Roberto Mancone said, “The We.trade platform is a live, blockchain-based trade platform. These transactions prove that we.trade is a robust and commercially viable proposition… The next step will be getting buy-in from additional banks and their customers in Europe and further afield”.

Parm Sangha from IBM, which developed the technology, believes the platform demonstrated blockchain application in an enterprise setting, converging a large network of banks to give them efficiency and greater transparency in live transactions.

We.trade was established by HSBC, Deutsche Bank, KBC, Natixis, Nordea, Rabobank, Santander, Societe Generale, and UniCredit. Currently, it is available in 11 European countries: Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden, and the United Kingdom.

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Key Points

• Bitcoin price started a downside correction after trading as high as $6,680 against the US Dollar.
• There is a new contracting triangle forming with support near $6,410 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair must stay above the $6,400-10 support area to avoid further downsides in the near term.

Bitcoin price is currently correcting lower against the US Dollar. BTC/USD should stay above the $6,400 support to resume its upward move towards $6,800.

Bitcoin Price Analysis

Yesterday, bitcoin price traded towards the $6,700 level against the US Dollar. The BTC/USD pair traded as high as $6,680 before sellers took a stand. As a result, a downside correction was initiated and the price declined below the $6,600 level. During the decline, the price broke the $6,550 and $6,500 support levels. Moreover, it cleared the 50% Fib retracement level of the last wave from the $6,260 swing low to $6,680 high.

However, the downside move was protected by the $6,400 support, which was a resistance earlier. More importantly, the 100 hourly simple moving (currently at $6,440) also acted as a support. The price tested the 61.8% Fib retracement level of the last wave from the $6,260 swing low to $6,680 high. At the moment, the price is consolidating losses above the $6,400 support. It seems like there is a new contracting triangle forming with support near $6,410 on the hourly chart of the BTC/USD pair. A bearish break below the $6,400 support and the 100 hourly SMA could be a bearish sign in the short term.

Looking at the chart, the price is likely to hold the $6,400 support. However, it has to break the triangle resistance at $6,600 to gain traction. If bitcoin buyers fail to gain momentum, there is a risk of a break below $6,400.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is now well below the 40 level.

Major Support Level – $6,400

Major Resistance Level – $6,600

The post Bitcoin Price Watch: Can BTC/USD Hold $6,400? appeared first on NewsBTC.

Key Highlights

• ADA price started a downside correction after trading above the $0.1500 level against the US Dollar (tethered).
• There is a major bullish trend line formed with support at 0.1450 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
• The pair must stay above the $0.1450 support and the 100 hourly simple moving average to stay in a bullish zone.

Cardano price is currently correcting lower against the US Dollar and Bitcoin. ADA/USD must hold the $0.1450 support to resume its upside move back above $0.1500.

Cardano Price Analysis

During the past three days, there were decent gains above $0.1500 in ADA price against the US Dollar. The ADA/USD pair traded above the $0.1600 level and formed a high at $0.1610. Later, a downside correction was initiated and the price declined below the $0.1500 support area. There was also a break below the 50% Fib retracement level of the last leg from the $0.1345 low to $0.1610 high.

However, the price is now trading near a major support at $0.1450, which was a resistance earlier. There is also a major bullish trend line formed with support at 0.1450 on the hourly chart of the ADA/USD pair. Moreover, the 61.8% Fib retracement level of the last leg from the $0.1345 low to $0.1610 high is at $0.1446. Finally, the 100 hourly simple moving average is positioned near the trend line and $0.1450. Therefore, the trend line and the $0.1450 support holds a lot of importance. A break below this could push the price back towards the $0.1300 level.

The chart indicates that the price is likely to stay above the $0.1450 support. On the upside, it has to move above the $0.1500 resistance once again to resume its upside move in the near term.

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

Hourly RSI – The RSI for ADA/USD is currently near the 40 level with neutral signs.

Major Support Level – $0.1450

Major Resistance Level – $0.1500

The post Cardano Price Analysis: ADA/USD Testing Key Support appeared first on NewsBTC.

Malta is writing laws for tomorrow’s economy rather than trying to impose yesterday’s rules upon it. Consider the way it is legally recognizing DAOs.