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Japan May Eliminate Cash Following Sweden’s Lead, is it Good for Crypto?

As the Bank of Japan tries in futile to reach their goal of a 2% inflation rate through monetary stimulus, new methods for lifting the economic constraints caused by deflation are being discussed.  Japan may find that following in Sweden’s footsteps by abolishing cash may solve many of their economic problems. How Abolishing Cash Could End

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As the Bank of Japan tries in futile to reach their goal of a 2% inflation rate through monetary stimulus, new methods for lifting the economic constraints caused by deflation are being discussed.  Japan may find that following in Sweden’s footsteps by abolishing cash may solve many of their economic problems.

How Abolishing Cash Could End Japan’s Problems

Over the past five years, the Bank of Japan has tripled its monetary base and implemented policies in an effort to reach an inflation-rate target of 2% by 2019.  The issue with the Bank of Japan’s goal is that the injection of new money into the economy simply hasn’t gotten the country close to any of its fiscal goals.

The recently implemented policies were drafted and implemented under BOJ chief Haruhiko Kuroda, who began his tenure in 2013 by expanding the central bank’s holdings in government bonds and bills, raising the BOJ’s holdings from 12% to 48% of outstanding securities.  Kuroda also made the BOJ one of the top 10 shareholders in 40% of publicly traded companies in Japan.  These aggressive and unprecedented actions were taken in an effort to stop the country’s slide into deflation that had been occurring for many years prior to when Kuroda took his seat as the BOJ chief.

Although promising, increasing the BOJ’s ownership in outstanding securities and publicly traded companies did little to stop deflation.  Because of this, Kuroda decided to lead the BOJ to adopt a policy of negative interest rates.  Although European countries like Sweden, Denmark, and Switzerland had all seen positive effects from negative interest rates, Japan’s economy didn’t see any benefits stemming from the policy change.

In a recent Bloomberg Opinion piece, Andy Mukherjee speculates that the issuance of a national digital currency could be worth trying.

Mukherjee notes that the side effects of negative interest rates led to another issue: a surplus of bank notes.  The negative interest rate policy forced banks and lenders to pay the BOJ interest on their surplus funds, which, in turn, caused the negative interest to be passed onto depositors. Because it effectively costs individuals to store money in a bank account, cash has become the popular, and free, storage alternative.

The negative interest rates have led Japan to be a cash dependent society, with the cashless payment rate at a mere 20%.  Mukherjee speculates that in order to save the BOJ’s monetary policy, which is being damaged by cash-dependence, the government must forcibly integrate digital alternatives.

Mukherjee states:

“To rescue it, [Prime Minister] Abe must go beyond private-sector initiatives…What’s required is a public-sector push to replace all physical cash with a national digital currency.”

The author continues on to hypothesize a state-backed digital currency that would allow for greater and more seamless experimentation of monetary policy.  He explains how they government would back and value the digital currency, saying:

“The BOJ would create new electronic money and give it to the government against a perpetual bond sold by the finance ministry to the monetary authority. The ministry would then credit the electronic money to people’s bank accounts with the proviso that every month that the gift is saved—and not spent—its value will go down by, say, one-twelfth of 1 percent…Thus a part of Japan’s money supply would be effectively under negative interest rates. Higher spending would spur inflation.”

Japan Could Follow in Sweden’s Footsteps

Ultimately, the move could prove successful and act as a foray into an entirely cash free society.  Recently, Sweden has been moving towards becoming a cashless society at a rapid rate, and according to a new study, the nation is on track to completely remove cash transactions by 2023.  In addition to allowing for greater control over monetary supply, the move to a fully digital economy is more efficient for consumers, banks, and retailers, as cash causes many woes including secure storage and transportation. Cashless transactions also allow governments to better understand consumer spending and allow for lenders to add more tailored services for borrowers.

Although Japan is currently ranked as one of the lowest users of financial technology, Mukherjee is confident that Japan could make a quick transaction to a cashless society, saying “Sweden may stop using cash by 2023. There’s no reason why technologically savvy Japan can’t get there even sooner.”

Featured image from Shutterstock

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Ripple Price Analysis: XRP/USD Sets Eyes on $0.4500

Key Highlights Ripple price is forming a solid support base near the $0.4270 level against the US dollar. There was a short-term break above a bearish trend line at $0.4320 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could move above $0.4370 to gain traction towards the $0.4500 level

The post Ripple Price Analysis: XRP/USD Sets Eyes on $0.4500 appeared first on NewsBTC.

Key Highlights

  • Ripple price is forming a solid support base near the $0.4270 level against the US dollar.
  • There was a short-term break above a bearish trend line at $0.4320 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could move above $0.4370 to gain traction towards the $0.4500 level in the near term.

Ripple price is showing positive signs against the US Dollar and Bitcoin. XRP/USD has to move past $0.4370 to test the next hurdle near the $0.4500 level.

Ripple Price Resistances

There were many rejections noted near the $0.4270 level in Ripple price against the US Dollar. The XRP/USD pair formed a solid support base around $0.4270 and moved higher. The price traded above the 23.6% Fib retracement level of the last slide from the $0.4446 high to $0.4266 low. These are positive signs, but the price is facing a key resistance near $0.4370.

During the recent upside, there was a short-term break above a bearish trend line at $0.4320 on the hourly chart of the XRP/USD pair. However, the price faced a strong selling interest near $0.4365-70 and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last slide from the $0.4446 high to $0.4266 low also acted as a resistance. Therefore, there could be a minor downside push towards the $0.4300-20 zone in the near term. On the upside, a break above $0.4370 could open the doors for more gains towards the $0.4500 level.

Ripple Price Analysis XRP

Looking at the chart, the price remains well supported above the $0.4270 level. Should there be a break below this, the price may perhaps move towards the $0.4100 level. The overall bias is positive as long as the price is above $0.4270.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving lower towards the 50 level.

Major Support Level – $0.4270

Major Resistance Level – $0.4370

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Ethereum Price Analysis: ETH/USD’s Recovery Capped Near $412-428

Key Highlights ETH price is holding the $400-402 support area and is currently consolidating against the US Dollar. There is a crucial bearish trend line in place with resistance at $412 on the hourly chart of ETH/USD (data feed via Kraken). The pair is facing many resistances on the upside near $412, $416 and $428

The post Ethereum Price Analysis: ETH/USD’s Recovery Capped Near $412-428 appeared first on NewsBTC.

Key Highlights

  • ETH price is holding the $400-402 support area and is currently consolidating against the US Dollar.
  • There is a crucial bearish trend line in place with resistance at $412 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is facing many resistances on the upside near $412, $416 and $428 for more recoveries.

Ethereum price remains in a downtrend against the US Dollar and bitcoin. ETH/USD must clear the $412 and $728 resistances to gain traction in the near term.

Ethereum Price Upside Hurdles

There were heavy losses below $440 this past week in ETH price against the US Dollar. The ETH/USD pair traded below $400, but it later recovered and started consolidating in a range. It seems like the price is forming a decent support near the $400-402 zone. It recently traded above the 50% Fib retracement level of the recent slide from the $420 high to $399 low.

However, the price is currently facing a major resistance near $412 and the 100 hourly simple moving average. There is also a crucial bearish trend line in place with resistance at $412 on the hourly chart of ETH/USD. Moreover, the 61.8% Fib retracement level of the recent slide from the $420 high to $399 low is also near $412. Therefore, a break and close above $412 is needed for more gains in the near term. Above this, the next important hurdle for a larger recovery is around the $428 level. It represents a significant pivot level and a barrier for a push towards the $440 level.

Ethereum Price Analysis ETH USD

Looking at the chart, ETH price is currently attempting a recovery above $410, but it facing many hurdles near the $412, $416 and $428 levels. On the downside, the $402 and $400 levels are important supports.

Hourly MACD – The MACD is slowly moving in the bullish zone.

Hourly RSI – The RSI is currently positioned nicely above the 50 level with positive signs.

Major Support Level – $402

Major Resistance Level – $428

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Coinbase Seeks Online Merchant Crypto Adoption by the Millions

Coinbase Seeks Online Merchant Crypto Adoption by the MillionsAdoption news keeps flowing this week, from Wall Street to Australia, and now San Francisco. The United States largest cryptocurrency bank, Coinbase, announced it is expanding its commerce section to include Woo Commerce via a plugin downloadable from Github. It could be just what more online merchants need to get comfortable with cryptocurrency. Also read: […]

The post Coinbase Seeks Online Merchant Crypto Adoption by the Millions appeared first on Bitcoin News.

Coinbase Seeks Online Merchant Crypto Adoption by the Millions

Adoption news keeps flowing this week, from Wall Street to Australia, and now San Francisco. The United States largest cryptocurrency bank, Coinbase, announced it is expanding its commerce section to include Woo Commerce via a plugin downloadable from Github. It could be just what more online merchants need to get comfortable with cryptocurrency.

Also read: Bitcoiners Hope to Have a Friend in Top US Regulator Jay Clayton

Coinbase Seeks Online Merchant Crypto Adoption by the Millions

More than a quarter of all online merchants use Woo Commerce. It’s easily one of the most popular payment platforms around. This week, Coinbase announced it is releasing a Woo Commerce plugin as part of its proprietary Coinbase Commerce offering which can be downloaded from Github.

Coinbase Seeks Online Merchant Crypto Adoption by the Millions

Coinbase Commerce is itself a payment solution focusing on getting more online merchants to use cryptocurrency. Woo Commerce businesses will “have access to cryptocurrency payments from customers around the world,” Coinbase stressed. “This increased access will lead to more widespread adoption, and ultimately, moves us closer to our goal of an open financial system.”

At present, ethereum and bitcoin cash (BCH) are still being tested on the platform, but users who hold bitcoin core (BTC) and litecoin can send theirs from Coinbase Commerce. The team is working on building similar functionality for bitcoin cash and ethereum.

Huge Market

Merchants who use the payment button React now have the option of embedding Coinbase functionality as well. The San Francisco-based crypto bank is also incorporating programming languages such as Python, and are said to even be considering Ruby. The idea seems to be keeping merchants happy by not asking them for acceptance payment fees. 

Coinbase Seeks Online Merchant Crypto Adoption by the Millions

These are just a scant few moves Coinbase has been making as a unit this year. They are now involved with institutional financial products, and are launching a crypto index fund, gobbling up licenses such as the Bitlicense, have purchased Paradax exchange, and are plotting a move into Japan.

The payment processing market is a giant one. All the proof anyone would need to measure just how huge is, say, the recent announcement by Wall Street and its entrance into all things retail with Bakkt (includes Microsoft and Starbucks). And while the space is getting crowded a bit, Coinbase has a built-in advantage being a relatively early mover in the ecosystem, a very positive brand identification, and a host of lincenses and general trust among weathermen. 

Do you think Coinbase’s new plug-in will encourage merchant adoption? Let us know in the comments section below. 


Images via Pixabay. 


Be sure to check out the podcast, Blockchain 2025; latest episode here.

The post Coinbase Seeks Online Merchant Crypto Adoption by the Millions appeared first on Bitcoin News.

Cardano (ADA) Price Watch: Channel Break and Retest

Cardano Price Highlights Cardano price recently broke below its ascending channel to signal that a reversal is underway. Price found support around 0.1200 and may need a correction before resuming the drop. Applying the Fibonacci retracement tool shows where more sellers might be waiting to join in. Cardano price could be in for a correction

The post Cardano (ADA) Price Watch: Channel Break and Retest appeared first on NewsBTC.

Cardano Price Highlights

  • Cardano price recently broke below its ascending channel to signal that a reversal is underway.
  • Price found support around 0.1200 and may need a correction before resuming the drop.
  • Applying the Fibonacci retracement tool shows where more sellers might be waiting to join in.

Cardano price could be in for a correction from its breakdown before gaining more traction on its slide.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA on the 4-hour time frame to signal that the path of least resistance is to the upside. However, the gap has narrowed enough to suggest that a bearish crossover is looming, giving bears more energy to push Cardano price down.

Using the Fib tool on the latest swing high and low shows that the 38.2% to 50% levels are in line with the broken channel support that might hold as resistance from here. These are also close to the dynamic inflection points at the moving averages.

RSI is still moving up to show that buyers still have the upper hand for now and could keep the correction going for a while. Similarly stochastic is heading higher to signal the presence of bullish pressure as well. Once both oscillators hit overbought levels and turn back down, selling pressure could return and lead to a drop back to the swing low.

ADAUSD Chart from TradingView

There might still be a chance for Cardano bulls to return, though, as the group released its road map and key principles for future growth. In the latest update, it stated:

“We are currently in Byron, the bootstrap phase, where we are making improvements. These include to the code, for example in the wallet backend, and debugging. We will improve the design of Daedalus and make integration through APIs to third parties simpler. We will then move from Byron to Shelley, where the network becomes decentralized.”

The post Cardano (ADA) Price Watch: Channel Break and Retest appeared first on NewsBTC.

Bitcoin (BTC) Price Watch: Last Chance for Bulls?

Bitcoin Price Key Highlights Bitcoin price is in the middle of a larger correction to the area of interest previously highlighted. If support holds, bitcoin could recover to the Fibonacci extension levels marked on the 4-hour time frame. Technical indicators appear to be suggesting that there’s still a chance for bulls to charge at these

The post Bitcoin (BTC) Price Watch: Last Chance for Bulls? appeared first on NewsBTC.

Bitcoin Price Key Highlights

  • Bitcoin price is in the middle of a larger correction to the area of interest previously highlighted.
  • If support holds, bitcoin could recover to the Fibonacci extension levels marked on the 4-hour time frame.
  • Technical indicators appear to be suggesting that there’s still a chance for bulls to charge at these levels.

Bitcoin price is making a deeper correction from its earlier rally, and technical indicators suggest that the climb could resume.

Technical Indicators Signals

The 100 SMA is safely above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This basically means that it’s more likely for the uptrend to resume than to reverse. However, bitcoin price is below the 200 SMA dynamic inflection point to signal weaker bullish pressure.

Price is still within the area of interest or former resistance around $6,800 to $7,000, which might hold as support from here. A rising trend line can also be drawn to connect the lows since the third week of July.

RSI is already turning higher after indicating oversold conditions and showing a bit of bullish divergence. This means that buyers are ready to return and push bitcoin price back up. The 38.2% extension is near the 100 SMA dynamic inflection point at $7,826 then the 61.8% extension lines up with the swing high near $8,500.

Stronger bullish momentum could take bitcoin price up to the 78.6% extension at $8,827 or the full extension at $9,357. Stochastic is also starting to climb out of the oversold region, also indicating a pickup in buying pressure.

BTCUSD Chart from TradingView

Bitcoin price took some hits after Starbucks clarified that it is not accepting bitcoin payments in stores, even after partnering with ICE for a digital platform called Bakkt. Traders could continue to hold out for the next set of major updates to determine whether a bounce or a break is due at these levels.

The post Bitcoin (BTC) Price Watch: Last Chance for Bulls? appeared first on NewsBTC.

Bitcoin (BTC) Price Watch: Last Chance for Bulls? – newsBTC

newsBTCBitcoin (BTC) Price Watch: Last Chance for Bulls?newsBTCBitcoin price took some hits after Starbucks clarified that it is not accepting bitcoin payments in stores, even after partnering with ICE for a digital platform called Bakkt. Traders could…


newsBTC

Bitcoin (BTC) Price Watch: Last Chance for Bulls?
newsBTC
Bitcoin price took some hits after Starbucks clarified that it is not accepting bitcoin payments in stores, even after partnering with ICE for a digital platform called Bakkt. Traders could continue to hold out for the next set of major updates to ...
Bitcoin (BTC) Price Analysis: Will Sellers Return Here?Ethereum World News (blog)

all 2 news articles »

Bitcoin Cash Price Analysis: BCH/USD Could Recover To $740

Key Points Bitcoin cash price found support near the $684 level and started a recovery against the US Dollar. There was a break above a short-term bearish trend line with resistance at $705 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair could continue to trade higher towards the next

The post Bitcoin Cash Price Analysis: BCH/USD Could Recover To $740 appeared first on NewsBTC.

Key Points

  • Bitcoin cash price found support near the $684 level and started a recovery against the US Dollar.
  • There was a break above a short-term bearish trend line with resistance at $705 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair could continue to trade higher towards the next resistance at $740 in the near term.

Bitcoin cash price is slowly recovering above $700 against the US Dollar. BCH/USD may perhaps recover further towards the next hurdle at $740.

Bitcoin Cash Price Recovery

This past week, we saw heavy declines below the $750 support in bitcoin cash price against the US Dollar. The BCH/USD pair declined and broke the $720 and $700 support levels. It traded as low as $684 and later started an upside correction above $700. It broke the 23.6% Fib retracement level of the last decline from the $736 high to $684 low. It seems like the price moved into a short-term positive zone above $700.

During the rise, there was a break above a short-term bearish trend line with resistance at $705 on the hourly chart of the BCH/USD pair. At the moment, the price is trading near the $7220 resistance and the 100 hourly simple moving average. Moreover, the 61.8% Fib retracement level of the last decline from the $736 high to $684 low is at $716. Therefore, a break and close above the $720 resistance could open the doors for more gains.  The next major hurdle on the upside is near the last high at $736 and $740.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, BCH price is slowly moving higher, but upsides may well be limited near the $735-740 zone. Above this, the price could trade above $750 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 55 level.

Major Support Level – $700

Major Resistance Level – $740

The post Bitcoin Cash Price Analysis: BCH/USD Could Recover To $740 appeared first on NewsBTC.

Coinbase Resumes Service in Wyoming After License Renewal

Three years since Coinbase pulled out from Wyoming, it is now returning to the Cowboy State after renewing its money transmitter license.

Three years since Coinbase pulled out from Wyoming, it is now returning to the Cowboy State after renewing its money transmitter license.

Chinese Investor Sues Okcoin Over 38.748 ‘Unclaimed’ BCH

Chinese Investor Sues Okcoin Over 38.748 'Unclaimed' BCHA cryptocurrency investor has brought a lawsuit against cryptocurrency exchange Okcoin regarding 38.748 BCH. The plaintiff accuses the exchange of failing to allow him to claim the Bitcoin Cash that were created following last year’s fork, to which the exchange allegedly responded that he had failed to claim the coins within an apparently undisclosed deadline. […]

The post Chinese Investor Sues Okcoin Over 38.748 ‘Unclaimed’ BCH appeared first on Bitcoin News.

Chinese Investor Sues Okcoin Over 38.748 'Unclaimed' BCH

A cryptocurrency investor has brought a lawsuit against cryptocurrency exchange Okcoin regarding 38.748 BCH. The plaintiff accuses the exchange of failing to allow him to claim the Bitcoin Cash that were created following last year’s fork, to which the exchange allegedly responded that he had failed to claim the coins within an apparently undisclosed deadline.

Also Read: P2P Markets Report: Selling Drives Upswing in Emerging Markets’ Volume

First Chinese Lawsuit Pertaining to Bitcoin Fork Filed Against Okcoin

Chinese Investor Sues Okcoin Over 38.748 'Unclaimed' BCHA Chinese bitcoin investor has filed a lawsuit against Okcoin in what Legalweekly has described as the first Chinese suit pertaining to last year’s bitcoin fork.

According to the publication, the plaintiff, who is known by the pseudonym Feng Bin, alleges that “at the beginning of December 2017,” upon attempting to withdraw the 38.748 BCH corresponding to his BTC balance held with the exchange at the time of the fork, Feng Bin “found that there was no ‘button’ to extract the [BCH] that the platform promised.”

Plaintiff Claims No Deadline Was Given for Okcoin Users to Claim BCH

Chinese Investor Sues Okcoin Over 38.748 'Unclaimed' BCHFeng Bin claims that after contacting the company to report the issue, Okcoin responded by stating that “The claim ‘button’ was a program that automatically executed BCH input to user’s account. You cannot claim BCH anymore as the program has been removed from our platform. If you didn’t withdraw it at that time, it will be impossible to make later withdrawal,” despite the company’s announcement on August 1st, 2017, stating: “If you hold bitcoins on the platform, the platform will give users Bitcoin cash equal ownership in accordance with the user.”

“I have been paying attention to the announcement of the Okcoin currency release. In all the announcements, there is no declaration of the deadline for receipt and the removal of the program,” Feng stated.

Plaintiff Seeks Reparations for Inability to Sell BCH During Price Peak

Chinese Investor Sues Okcoin Over 38.748 'Unclaimed' BCHMr. Feng is also seeking reparations for the “losses” caused as a result of being unable to sell his BCH at peak prices. As such, the plaintiff is seeking 169,969.22 yuan (approximately $25,000 USD in total).

Okcoin has reportedly questioned the legitimacy of Mr. Feng’s claim to the holdings, purportedly describing the lack of trading activity conducted by the account during 2017 as “not normal” given the market conditions of last year.

What is your response to the lawsuit against Okcoin? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Chinese Investor Sues Okcoin Over 38.748 ‘Unclaimed’ BCH appeared first on Bitcoin News.

Bitcoin (BTC) Price Analysis: Will Sellers Return Here? – Ethereum World News (blog)

Ethereum World News (blog)Bitcoin (BTC) Price Analysis: Will Sellers Return Here?Ethereum World News (blog)Bitcoin is still in a weak spot even as it broke to the upside of a short-term consolidation pattern. Price is currently testing the 38.2% Fibona…


Ethereum World News (blog)

Bitcoin (BTC) Price Analysis: Will Sellers Return Here?
Ethereum World News (blog)
Bitcoin is still in a weak spot even as it broke to the upside of a short-term consolidation pattern. Price is currently testing the 38.2% Fibonacci retracement level on the 1-hour chart, and this lines up with a descending trend line so far this month ...
Bitcoin (BTC) Price Watch: Last Chance for Bulls?newsBTC

all 4 news articles »

Don’t Expect New Bitcoin Price Highs in 2018 – Coindesk


Coindesk

Don’t Expect New Bitcoin Price Highs in 2018
Coindesk
Despite an already six month cool-off period, for 2018 we see more sideways and downside potential in the bitcoin price due to sluggish retail demand, hesitation from institutions and a current market cap that seems too high relative to the activity


Coindesk

Don't Expect New Bitcoin Price Highs in 2018
Coindesk
Despite an already six month cool-off period, for 2018 we see more sideways and downside potential in the bitcoin price due to sluggish retail demand, hesitation from institutions and a current market cap that seems too high relative to the activity ...

Bitcoin (BTC) Technical Analysis: Star Bucks Yet To Accept Bitcoin Payments – newsBTC


newsBTC

Bitcoin (BTC) Technical Analysis: Star Bucks Yet To Accept Bitcoin Payments
newsBTC
Regardless of all these strong fundamentals ranging from CoinBase custodial services to Star Buck “acceptance of Bitcoin” via International Exchange, Bitcoin (BTC) isn’t finding any support. As a matter of fact, it looks likely that sellers might drive

and more »


newsBTC

Bitcoin (BTC) Technical Analysis: Star Bucks Yet To Accept Bitcoin Payments
newsBTC
Regardless of all these strong fundamentals ranging from CoinBase custodial services to Star Buck “acceptance of Bitcoin” via International Exchange, Bitcoin (BTC) isn't finding any support. As a matter of fact, it looks likely that sellers might drive ...

and more »

Don’t Expect New Bitcoin Highs in 2018

While bullish on bitcoin’s long-term prospects, an economist and investor heeds caution for more short-term price optimism.

While bullish on bitcoin’s long-term prospects, an economist and investor heeds caution for more short-term price optimism.

Bitcoin (BTC) Technical Analysis: Star Bucks Yet To Accept Bitcoin Payments

Regardless of all these strong fundamentals ranging from CoinBase custodial services to Star Buck “acceptance of Bitcoin” via International Exchange, Bitcoin (BTC) isn’t finding any support. As a matter of fact, it looks likely that sellers might drive prices below $6,800 this week. Of course, when this happens, our long position would no longer hold.

The post Bitcoin (BTC) Technical Analysis: Star Bucks Yet To Accept Bitcoin Payments appeared first on NewsBTC.

Regardless of all these strong fundamentals ranging from CoinBase custodial services to Star Buck “acceptance of Bitcoin” via International Exchange, Bitcoin (BTC) isn’t finding any support. As a matter of fact, it looks likely that sellers might drive prices below $6,800 this week. Of course, when this happens, our long position would no longer hold.

From the News

  • It’s back to Mt Gox bankruptcy proceedings and while Koyabashi, the trustee holding more than 250,000 BTCs, won’t be liquidating BTCs as before, investors won’t have a lee way to receive compensation in altcoins either. In recent details, it has been revealed that payments would be made in Bitcoin (BTC) and Bitcoin Cash (BCH) via cryptocurrency exchange accounts of the victims. On top of that, there is cash Koyabashi posses as proceeds after disposing BTC in Q1 and 2 of this year. That, August details shows might be moved to “monetary creditors”. All in all, deliberation is in progress, the final decision might lag but everything would be dusted by February 2019.
  • In the mean time, following their hack, deposit and withdrawals of Bitcoin (BTC) and nine other coins has resumed at BitHumb. Bithumb is one of the leading South Korean cryptocurrency exchanges and such news is a morale boosting liquidity injection in the fledgling market.

  • For mass adoption purposes, there is a new CoinBase’s Woo Commerce plugin that would give WP-built websites power to accept payment in cryptocurrencies. The Woo Commerce plugin allows users to purchase goods or services and settle in Bitcoin, BCH, Litecoin or Ethereum (ETH) depending on their preference. This Woo Commerce plugin is free and open source.

  • Contrary to “trending” news, Star Bucks is yet to accept Bitcoin as payment. It’s in the public domain that they have a partnership with Microsoft and are actually looking into cryptocurrencies. Furthermore, in days to come Star Bucks shall collaborate with International Exchange (IE) for operation of Bakkt. Together, they shall work on a platform that would allow easy expenditure of Bitcoin and other digital assets in a “global network”.

Bitcoin (BTC) Technical Analysis

Weekly Chart

Overly, Bitcoin (BTC) prices didn’t build enough momentum to warrant further upsides.

From the charts, it’s clear that bulls are finding resistance at key resistance line and what we have after close of last week bearish engulfing candlestick mirrors events of those double bar bearish engulfing patterns of early May and March.

So, if past events influence future price movements, then most likely we might see further depreciation this week. After all, bears are in charge. They have been for the last 70 days or so. What we need to do is sync in with them and execute trades accordingly.

Daily Chart

Breaking below the upper limit of our buy zone was Aug 4 bearish engulfing and high volume candlestick. Not only did we see conclusive breaks but there was a volume spike accompanying that lower low.

Now, as laid out in our last Bitcoin (BTC) analysis, we exited our longs with plans of purchasing anywhere between $6,800 and $7,200.

However, for now, my suggestion is to take a wait and see approach knowing that there is a clear double bar bear reversal pattern right at resistance in the weekly chart.

In our case, any break below $6,800 means bear trend resumption and I will recommend selling with stops at Aug 5 highs and first targets at $6,000 our main support line.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

The post Bitcoin (BTC) Technical Analysis: Star Bucks Yet To Accept Bitcoin Payments appeared first on NewsBTC.