Day: August 6, 2018

Despite the rags to riches tales of bitcoin millionaires, the experience of the average crypto investor is very different—at least according to one UK investment survey. 

All cryptocurrency markets are still in a relatively awkward place at this time. The Bitcoin price is not showing any real signs of life, although it remains above $7,000, for the time being. Some altcoins note some growth, with the Ethereum Classic price still going strong.

Ethereum Classic Price Momentum Remains Strong

Ever since the Coinbase rumors began to spread, there has been a lot of excitement regarding the future of Ethereum Classic. Although the exchange is in the final stage of testing compatibility, no official date for ETC trading has been announced. In anticipation of this development, the Ethereum Classic price is still on the rise, as its momentum remains rather strong.

Over the past 24 hours, the Ethereum Classic price has increased by another 4.37%. It is an interesting development, especially when considering how the Bitcoin price is still stuck in sideways trading momentum first and foremost. Now is a good time for altcoins to recover some of their lost value, albeit that is always much easier said than done under the current circumstances.

To compensate Bitcoin’s lack of momentum, the Ethereum Classic price is also fueled by the ongoing rise in the ETC/BC ratio. With a strong 4.49% increase in this regard, things are looking pretty good for Ethereum Classic. It also provides some excitement among cryptocurrency markets, as the rest of them are relatively flat, for obvious reasons.

The wait for additional fiat currency support across cryptocurrency markets is still ongoing. With a relatively low overall volume, it is all the more impressive to see Ethereum Classic note $240.89m in trades over the past 24 hours. THis volume further confirms people are quite keen on stocking up on ETC prior to it getting listed on Coinbase.

Until that listing takes place, OKEx retains its control on the ETC trading market. Its USDT pair and BTC pair are both in the top three, separated by BitForex’s USDT offering. Binance and Huobi add two more USDT trading pairs to the top five, further confirming there is no real fiat currency support to speak of. So far, that has not proven to be a problem.

As is always the case when the Ethereum Classic price rises in value one has to wonder when the momentum will turn around. Previous attempts at increasing its value have resulted in an equally steep correction. It is possible history will continue to repeat itself, although nothing has been set in stone just yet. Once the excitement regarding Coinbase calms down, the real challenge will commence.

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Key Points

• Bitcoin price recovered and moved above the $7,000 handle against the US Dollar.
• There is a crucial bearish trend line in place with resistance at $7,260 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair has to move past the $7,260 hurdle and the 100 hourly simple moving average for more gains.

Bitcoin price is slowly recovering above $7,000 against the US Dollar. BTC/USD is likely to struggle near a significant resistance at $7,260.

Bitcoin Price Analysis

After heavy declines, bitcoin price found bids near the $6,880 level against the US Dollar. The BTC/USD pair traded as low as $6,883 and later it started an upside correction. The price moved above the 23.6% Fib retracement level of the last slide from the 7,532 high to $6,883 low. More importantly, there was a break above the $7,000 handle, which opened the doors for more recoveries.

At the moment, the price is struggling to clear the $7,130 level and is consolidating in a range. Above $7,130, there is a significant resistance formed near $7,260. There is also a crucial bearish trend line in place with resistance at $7,260 on the hourly chart of the BTC/USD pair. An intermediate resistance is the 50% Fib retracement level of the last slide from the 7,532 high to $6,883 low at $7,207. Additionally, the same trend line is positioned with the 100 hourly SMA at $7,270. Therefore, there are many resistances aligned between $7,210 and $7,270.

Looking at the chart, BTC price may perhaps move further above $7,130. However, it won’t be easy for bitcoin buyers to clear the $7,260 barrier. On the downside, an initial support is at $7,000. Below this, the price may possibly move back towards the $6,800 level.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is positioned above the 50 level.

Major Support Level – $7,000

Major Resistance Level – $7,260

The post Bitcoin Price Watch: BTC/USD’s Support Turned Resistance at $7,260 appeared first on NewsBTC.

The Ethereum Name Service (ENS) is about to be integrated into the rest of the world wide web via a partnership with Mind + Machines Group (MMX), which will make .luxe a top level domain name like .com or .org. The .luxe top-level domain name will be available for purchase starting from 30 October 2018 and stands for Lets U Xchange Easily.

The .luxe top-level domain has been approved by the Internet Corporation for Assigned Names and Numbers (ICANN) and will be resolvable across the world wide web. The .luxe domain names will have a corresponding hash on the Ethereum blockchain, like any Ethereum asset.

Users will be able to use .luxe domain names instead of hashes to transfer assets on wallets that are ENS enabled, which is most Ethereum wallets. This will make transacting with Ethereum an easier process since .luxe domain names can be easily memorized, versus a 40-character hash which is impractical to memorize. It is expected that .luxe will increase the movement of Ethereum assets, and will be widely used by wallet services, Dapss, and smart contracts.

The CEO of MMX, Toby Hall, said, “MMX is committed to working alongside ICANN and leading technology partners to ensure domain names continue to have real relevance to entrepreneurs, developers and end-users in the twenty-first century. We already know from Ethereum’s test in its non-ICANN authorized .eth zone that there is a real proven demand for word-based identifiers that are blockchain enabled, ENS having received deposits of over USD 28 million on approximately 300,000 seven-character words and above in the .eth zone. We look forward to working with ENS to allow those .eth registrants the opportunity to claim their equivalent .luxe name before the Company launches .luxe for sale to the general public in late October. We are delighted to have developed a deep working relationship with the keyholders of ENS.”

The lead developer of ENS, Nick Johnson, said, “We’re very excited to be helping advance integration between existing DNS-based name services and the Ethereum Name Service, improving usability for blockchain applications and users.”

From 9 to 25 October, users who have .eth domain names registered with ENS can claim their .luxe equivalent, and after that .luxe domain names will be on a first come first served basis.

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The post Ethereum Launching Top-Level Domain Name “.luxe” appeared first on BitcoinNews.com.

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Key Highlights

• ADA price moved higher recently after forming a support near the $0.1225 level against the US Dollar (tethered).
• There was a break above a key contracting triangle with resistance near $0.1290 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
• The pair is likely to move higher once it breaks the $0.1365 resistance area in the near term.

Cardano price is slowly recovering against the US Dollar and Bitcoin. ADA/USD may perhaps continue to move higher towards the $0.1400 resistance.

Cardano Price Analysis

There was a solid support base formed near $0.1225 in cardano price against the US Dollar.  The ADA/USD pair started an upside move and traded above the $0.1250 and $0.1300 resistance levels. It gained traction above $0.1300 and settled above the 100 hourly simple moving average. Buyers also pushed the price above the 50% Fib retracement level of the last decline from the 0.1451 high to $0.1221 low.

Moreover, there was a break above a key contracting triangle with resistance near $0.1290 on the hourly chart of the ADA/USD pair. The pair traded above the $0.1350 level, but it faced sellers near the $0.1360 level. The 61.8% Fib retracement level of the last decline from the 0.1451 high to $0.1221 low also acted as a hurdle. The price is currently consolidating above $0.1300 and the 100 hourly SMA. If the price breaks the $0.1360 resistance, it will most likely surpass the $0.1380 level to test the $0.1400 level.

The chart indicates that ADA price is trading in a positive zone above the $0.1300 level. If it fails to stay above $0.1300, it may perhaps revisit the $0.1225 support. On the upside, a break above $0.1360 and $0.1400 could open the doors for a solid recovery in the near term.

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

Hourly RSI – The RSI for ADA/USD is placed well above the 50 level.

Major Support Level – $0.1225

Major Resistance Level – $0.1360

The post Cardano Price Analysis: ADA/USD Breaks Key Resistance, $0.14 Next? appeared first on NewsBTC.

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