Day: August 9, 2018

Key Points

• Bitcoin price declined further and traded below the $6,200 support level against the US Dollar.
• There is a short-term connecting bearish trend line in place with resistance near $6,380-6,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is currently rebounding but it is likely to face many hurdles near $6,450 and $6,510.

Bitcoin price extended losses below $6,200 against the US Dollar. BTC/USD traded towards $6,100 and is currently rebounding on the road to the $6,510 resistance.

Bitcoin Price Analysis

There was no recovery in bitcoin price yesterday above the $6,600 level against the US Dollar. The BTC/USD pair extended losses and broke the $6,400 and $6,300 support levels. It traded close to the $6,100 level and formed a low at $6,106. Later, buyers took a stand the price started an upward move. It corrected above the $6,200 and $6,250 levels to set the pace for a decent recovery.

At the moment, the price is trading near a key hurdle at $6,400. The 23.6% Fib retracement level of the recent slide from the $7,157 high to $6,106 low is acting as a resistance. Moreover, there is a short-term connecting bearish trend line in place with resistance near $6,380-6,400 on the hourly chart of the BTC/USD pair. It seems like the price may dip a few points before it could move past $6,400 and $6,450. The next important resistance above $6,450 is near $6,510. It represents the 38.2% Fib retracement level of the recent slide from the $7,157 high to $6,106 low. Therefore, recoveries from the current levels are likely to face resistances near $6,450 and $6,500.

Looking at the chart, the current price action is indicating a short-term recovery in bitcoin above $6,400. However, gains could be limited and the price may perhaps resume its slide below $6,300 in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is currently near the 40 level.

Major Support Level – $6,200

Major Resistance Level – $6,510

The post Bitcoin Price Watch: BTC/USD Rebounds After Dipping To $6,100 appeared first on NewsBTC.

Following the SEC’s recent announcement regarding the VanEck and SolidX ETF, the cryptocurrency industry saw a substantial pullback. However, some industry leaders are confident that Bitcoin will shake off this drop soon enough.

Pantera Capital CEO Calls The Market Drawback An “Overreaction”

As it stands, the market has established a new year-to-date low, with the collective valuation of all cryptocurrencies currently sitting at a disappointing $223 billion. Many speculated that Bitcoin over $800 pullback was directly correlated to the SEC’s most recent verdict regarding one of the most promising ETF proposals on the chopping block.

Despite the fact that the American regulator didn’t outright deny the proposal, some investors saw this as a preemptive sign of what is to come when the eventual verdict hits the public spotlight.

Nonetheless, Dan Morehead, Pantera Capital’s CEO took to CNBC Fast Money to explain why this decline was a case of investor “overreaction.” Joining CNBC panelists on the show’s near-daily coverage of the cryptocurrency market, the Pantera executive brought attention to Bitcoin’s so-called “real-time price feed.”

Waiting for a #bitcoin ETF? Don't hold your breath, says @dan_pantera, CEO of @PanteraCapital. pic.twitter.com/JUvZy2FWRw

— CNBC's Fast Money (@CNBCFastMoney) August 8, 2018

Elaborating, the investor explained that the market often overreacts to pieces of news, as the non-stop nature of the industry has worldwide traders making predictions on how a piece of news will impact prices. With this most recent case being no different from any previous occurrence.

Notwithstanding of Morehead’s history as a Bitcoin bull, he doesn’t expect a Bitcoin ETF to hit the public market anytime soon. He stated:

“I think the SEC has been very cautious with an ETF… I still think it will be quite a long time until an ETF is approved. Here’s a perspective, the last asset class to be approved for ETF certification was copper, and copper has been on Earth for 10,000 years and it just got approved in 2012. I think Bitcoin in ETFs still have quite a ways to go.”

While he is by no means saying that a crypto-backed ETF is over a millennium away, the executive is implying that there is still regulatory uncertainty around this relatively immature space.

Staying in line with his Pantera’s product catalog, Morehead added that crypto hedge funds are the way to go, or at least while this industry remains in its infancy.

Bakkt Cryptocurrency Platform Is “The Biggest Crypto News Of The Year”

Instead of focusing on this piece of “uninteresting” news, the CEO told CNBC viewers to take note of the Intercontinental Exchange’s foray into the cryptosphere. As covered by NewsBTC last week, the NYSE’s parent company has joined forces with Starbucks, Microsoft, and other household names to create an innovative crypto platform.

Issuing this announcement through a press release, ICE, as the Intercontinental Exchange has been dubbed, intends to form a new company named Bakkt, with a focus on creating an “open and regulated, global ecosystem for digital assets.” The firms involved intend to collaborate to first launch a physically delivered Bitcoin contract by November of this year, with this date being subject to regulatory approval.

As the platform matures, the conglomeration of firms behind the platform hopes to produce a “scalable on-ramp for institutional, merchant and consumer participation.” Speaking more on what this means for the industry, Morehead concluded his time on-air stating:

“This is huge news… This will have a very profound impact over the next five or ten years for the markets and in my mind, that’s what people should be focused on.”

As Brian Kelly fittingly put it, “this announcement is the biggest (crypto) news of the year.”

Featured Image from Shutterstock

The post Pantera Capital CEO: Bitcoin Traders “Overreacted” To SEC News appeared first on NewsBTC.

Key Highlights

• Ethereum classic price trimmed most of its Coinbase gains and declined below $16.00 against the US dollar.
• There is a major bearish trend line in place with resistance at $15.30 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
• The pair remains at a risk of more losses below the $14.50 and $14.00 support levels in the near term.

Ethereum classic price is under heavy selling pressure against the US Dollar and Bitcoin. ETC/USD could accelerate losses below the $14.00 support if sellers remain in action.

Ethereum Classic Price Decline

There was a major downside move from well above $18.00 in ETC price against the US dollar. The ETC/USD pair declined and broke the $17.50 and $16.00 support levels. The decline was such that the price even broke the $15.00 support level. A low was formed at $14.55 and the price is currently consolidating losses. An initial resistance on the upside is near the $15.00-15.10 zone.

There is also a major bearish trend line in place with resistance at $15.30 on the hourly chart of the ETC/USD pair. Above the trend line, the 23.6% Fib retracement level of the last decline from the $20.23 high to $14.55 low is at $15.89. If the price manages to move above the trend line and $15.80, the next hurdle is near the $16.80 level and the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last decline from the $20.23 high to $14.55 low is also at $16.72.

The chart suggests that ETC price trimmed most its last week gains and traded back in a bearish zone below $16.00. Should there be an upside move, the price will most likely face sellers near the $15.80 and $16.00 levels. On the downside, a break below $14.55 could push the price below the $14.00 level.

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

Hourly RSI – The RSI for ETC/USD is now well below the 50 level.

Major Support Level – $14.00

Major Resistance Level – $15.80

The post Ethereum Classic Price Analysis: ETC/USD Could Decline Below $14 appeared first on NewsBTC.

The bank’s DerivHack event will attempt to suss out which of the major enterprise DLT platforms works best for derivatives life cycle smart contracts.