Day: August 26, 2018

After all, Bitcoin is on the verge of a new revival that may bolster prices and hopefully propel them above week ending Aug 12 highs-the all important level $7,200. Technically it’s a tall order gauging by the way Bitcoin buyers are struggling to build momentum that would thrust and sustain them above $7,000—a conservative buy trigger line. On the fundamental lane, sentiment is finally shifting. Sooner-and it’s already in motion, more shorts would exit as buyers enter the market padding the foundation for the next wave of longs.

From the News

To say the Bitcoin and altcoin markets have been turbulent is an understatement considering accompanying metrics. Even as bears slow down, the market has been a bleeding ground for crypto investors. But like every other asset, Bitcoin and most digital assets are near historical reversal zones after shedding more than 80 percent from their recent peaks.

This phenomenon has been on replay since Bitcoin and other high liquid cryptocurrencies as XRP became the center of media attention back in 2011 and shortly after the Chinese pump when Bitcoin prices shot 1000 percent.

Nevertheless, when we zoom in and check the markets from a bird-eye’s view, there are more positives to take and today let’s highlight some recent announcements or developments ready to thrust Bitcoin prices above $7,000, our main resistance and bull trigger line. Remember, prices are less than $300 away from retesting this level for the third time in three months.

First, most investors think Bitcoin is bottoming out and for good reasons. In recent weeks, prices have been hovering and rejecting prices below $5,800, our sell trigger line. Accompanying this upbeat stance is Bob Lee, a market influencer and a relation of Charlie Lee, the Litecoin’s founder. Citing experience, increasing hash power and instinct, he thinks prices will hit $60,000 by the end of the year.

Secondly, political developments could further legitimize Bitcoin and similar coins. News is, Iran’s National Cyberspace Center has a draft of the country’s state backed cryptocurrency with project instructions trickling in straight from authority, Iran’s president Iran Hassan Rouhani. Whether this will be a ploy to circumvent US sanctions and provide a way out for a censorship resistant cryptocurrency for their citizens currently holding mud, we are not yet sure.

Bitcoin (BTC) Technical Analysis

Weekly Chart

Bitcoin Weekly Chart by Trading View

Like before, our stand remains the same. Yes we have these nice recoveries from a top down approach and encouragingly, Bitcoin prices did end on a high gaining a cool five percent in the last week.

Surprisingly, it is the only crypto in the top 10 registering gains—and that is odd but as a leading coin, it means there is some sort of undervaluation in the alt coin markets.

So, considering how the market is panning out, our last Bitcoin technical analysis is solid. Currently, trades are on freeze mode. We shall thaw and enter the markets either once gains are above $7,000 or bears resume sells pushing BTC below $5,800.

Daily Chart

Bitcoin Daily Chart by Trading View

The five percent gain from a week over week basis is clear in the daily chart. When we take the optimistic lane, then chances are bulls might build on last week’s momentum and thrust above $7,000.

It will be proper if buyers do close above $7,000. This shall provide the necessary impetus to reverse week ending Aug 12 bear engulfing candlestick.

On the negative side, we might end up with a nice head and shoulder pattern. That’s especially if sellers follow through on yesterday’s long lower wick bear candlestick. Either way, let’s see how the market pans and until our conditions are met, we shall take a neutral stand.

Disclaimer: This is not investment advice and views represent that of the author and not NewsBTC. Do your own research before making an investment decision.

The post Bitcoin (BTC) Price Technical Analysis: Sentiment Shift as Shorts Exit Positions Boosting Bitcoin Prices appeared first on NewsBTC.

On a second look, there is a low level altcoin loss reversal in the making. Prices are in the red but with a five percent gain in Bitcoin over the same period, we might see higher highs in EOS, Litecoin, Monero, Stellar and Cardano (ADA) today if not for the rest of the week. The reason is simple: Bitcoin leads the altcoin market. Since most are pegged to it, any gain or loss in Bitcoin would draw altcoins in that direction regardless of coin specific fundamentals in question.

Let’s have a look at these charts:

EOS Technical Analysis

From the News

• Komodo set the stage rolling for atomic swaps-where users can exchange their cryptocurrencies for another without third parties. Sources are EOS–BTC atomic swap is on the cards and might be coming through this week courtesy of Online.

Technical Analysis

EOS Daily Chart by Trading View

Though it’s positive that EOS prices are still trading within Aug 27 short term trend defining candlestick, our EOS trade plan remains solid and damping for scalpers.

Prices are trading within a tight trade range and as per our early iterations, candlesticks arrangement demands trading only when prices are above $5.5 or below $4.5-our lower limit.

Before then, we suggest taking a neutral stand aware that the longer the markets accumulate, the stronger the break out would be.

Litecoin (LTC) Technical Analysis

From the News

• There is discontent brewing in the crypto verse mainly because of Litecoin’s GitHub inactivity. As one of the largest cryptocurrency with a vibrant community, many expect high octane on chain updates but contrary to expectations, it has been a no show for four straight months. The last update came after their partnership with CoinBase on Shift Visa Debit Card according to data from GitHub charts.

This is WRONG, graphic claiming LTC has no github commits in 6 mo.#Litecoin Dev on Reddit:
"Commits are synced from developers forked repositories; little difference between $BTC Core & $LTC Core client, we’ve merged most $LTC related commits."https://t.co/DC7Bwf5ICf pic.twitter.com/1PMDjmbX9f

— CryptoBitcoinChris (@CryptoBTC_Chris) August 25, 2018

Technical Analysis

Litecoin Daily Chart by Trading View

Our last Litecoin recommendation was to go long following end of last week’s higher highs. While we shall hold on to that projection, fact that the market might slide back and snap back to bearish as it has been the case in the last eight months is destabilizing.

Notice that yesterday’s two percent loss might ignite further lower lows but before conservative sell and buy trigger at $50 and $65-$70 zone are hit, our longs would remain as it is.

Technically, short term bulls would be live once there is a breach above Aug 17 highs at $62 and that’s the recovery we are anchoring our revival on.

Stellar Lumens (XLM) Technical Analysis

From the News

• Withdrawals in USD, Euro will now be possible on the Stellar Network via Fintech LTD’s WSD coin. Fintech LTD is a DEX on the Stellar Network.

Technical Analysis

Stellar Lumens Daily Chart by Trading View

Aside from the 19 day consolidation trending inside Aug 8 bear candlestick high low and moving along 22 cents, Stellar Lumens prices are finding support along the monthly support trend line as our chart shows.

Sticking to our previous Stellar Lumens price analysis, XLM risk averse traders are advised to go long once XLM bulls edge past 26 cents on the upside.

On the flip side, sellers can tow with the general slide if there is a dip below 18 cents—which doubles up as 2018 lows.

Monero (XMR) Technical Analysis

Monero Daily Chart by Trading View

It’s a stalemate as far as Monero price action is concerned. Despite the jump in market cap pushing the coin back into the top 10, traders didn’t register major gains in the last week and technically, Monero is a sell.

Initial support stands at $70 and for short term buyers to make a comeback then we must see prices reversing above Aug 18 Evening Star highs at $110. Thereafter, we suggest buying on pull backs with stops at $100 and first targets at $150.

Cardano (ADA) Technical Analysis

Cardano Daily Chart by Trading View

On a weekly basis, Cardano (ADA) is down seven percent and trading within a break out trade pattern ignited by Aug 8 high volume bear candlestick.

That sell candlestick which broke below 12 cents, our main support trend line ushered a wave of sell pressure and at current prices, odds are ADA may found next support at 7 cents which is ADA’s all time lows.

Should there be a recovery then it’s likely that buyers might push prices back to 12 cents before dropping back to 7 cents or lower.

Though our Cardano (ADA) trade plan is active and we still hold on to sells, any jut above 10 cents invalidates this trade plan.

Disclaimer: This is not investment advice and views represent that of the author and not NewsBTC. Do your own research before making an investment decision.

The post EOS, Litecoin, Stellar Lumens, Monero, Cardano (ADA) Price Analysis: Bitcoin Adds 5% Leading the Way for Altcoins appeared first on NewsBTC.

Peer to Peer (P2P) trading is on the march in India due to the country’s banks shutting down crypto services this year.

Since the Reserve Bank of India (RBI) decision earlier this year, Indian traders are adapting as only Indians can do, and are doing it with great success too, with homemade P2P platforms and exchange adaptations using P2P trading.

Peer-to-Peer trading cuts out the banks completely. Out of this move, a new service KoinLoop has launched such a service, born out of two collaborating exchanges; KoinEX and WazirX. The latter’s CEO argues that his company also has the cheapest BTC price in India, adding:

“If banking is something the exchanges are not allowed to do, then the solution is something that direct banking doesn’t come in.”

As Bitcoin News reported recently Dabba is also taking off as a way of avoiding the RBI ban. Best described as a way of trading through something called a “hawala” network rather any system connected with an exchange, Dabba is becoming increasingly popular. The trading only takes place through an overseas bank account mainly based in the UK, with Dubai another favorite.

Mainly using the messaging app Telegram its use best explained simply thus:

“The broker accepts money in cash, buys Bitcoins using an overseas trading account and sells them when the bet placed in India is settled. The difference is paid in cash to the customer.”

The KoinEX system offers a P2P trading solution called Loop which offers clients access to the trading of BTC, ETH, and XRP. CEO Rahul Raj explains:

“…buyers and sellers on Loop can create their own listings (like a marketplace) or explore existing listings to choose their best trades,” adding, “…while it’s still early days, Loop has been very well received by the Indian trading community and we are seeing increasing traction every day.”

LocalBitcoins have also seen a local boost to trading since the ban with the Indian rupee (INR) volume increasing 25% from around 68 million rupees to 85 million rupees to August. BTC saw a similar hike in trading volumes with a hike of 23% over the same period.

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Decentralized exchanges are slowly becoming more popular in the world of cryptocurrency. Generating sufficient liquidity remains one of the key challenges, even though some trading solutions seem to be faring a lot better than others. The following DEXs are ranked by their total number of transactions over the past seven days.

6. Bancor Network

Although a lot of people seem to have forgotten what Bancor Network does exactly, it is a decentralized exchange. While its overall volume may still be on the low side, there are a fair few trades taking place on a daily basis. With support for currencies such as AION, MTL, OMG, BNB, and various ERC20 tokens, this DEX is off to a good start. At this time, it represents 2.8433% of all DEX trades indexed by Etherscan.

5. Token Store

Most people may not even know that the Token Store project exists, let alone that it’s another decentralized exchange vying for the top spot. Its volume represents 3.6193% of the trades over the past seven days, which makes it more popular than Bancor Network. Currencies supported include Paypex, ERC20 (the token), Hydro, and PCHAIN. Those are not the most liquid tokens and assets by any means, although there is still some interest in these currencies.

4. EtherDelta

Once considered to be the holy grail of decentralized exchanges, EtherDelta has been overtaken by a few platforms in terms of overall liquidity and volume. Right now, EtherDelta generates 7.62% of all trades, primarily because it supports virtually all ERC20 tokens one can think of. Competition is a good thing in the cryptocurrency world, especially among decentralized trading platforms.

3. DDEX

With over 9% of all trades in the past seven days, DDEX is well positioned to hit double digits in the near future. It supports a lot of different currencies, including BAT, Pareto Network, 0x, Dai, and IOST. Most of its markets still struggle to generate over $10,000 in volume per day, but its largest markets are usually near the $100,000 mark.

2. DEX.top

In terms of both transactions and volume, DEX.top is the undisputed number two in the rankings. Its transaction volume is twice that of DDEX, while its volume is over twice as large. Among its popular currencies are Status, PolicyPal Network, PCHAIN, and Loom Network. A lot of markets easily generate over $10,000 in volume every day, which shows that this platform continues to grow.

1. IDEX

There can only be one market leader among decentralized exchanges. At this time, it is none other than IDEX, which generates over 52% of all weekly trades. That’s a very impressive turn of events for the platform, primarily because it has numerous tokens with over $100,000 in daily trading volume. Currencies supported include Peculium, Constellation, CEEK VR, Kin, and Quant. Rivaling the volume of this exchange will be a big challenge.

Located between the mountains and the sea not far from Rio de Janeiro, Paraty is renowned among travelers to Brazil for its scenic views. It features waterfalls, tropical beaches, an historic Portuguese colonial town, and now a Bitcoin-themed hostel.

Also Read: This Week in Bitcoin: Islamic Exchange, Self-Regulation, Social Trading

Bitcoin Hostel in Paraty, Brazil

Hostel Bitcoin is an accommodation for crypto tourists in Paratay, Brazil. According to its Booking.com listing, it features a shared lounge and a bar, and provides access both to the historical town center and the hiking trails. It was created by Alessandro Santos, an architect and engineer which has lived in the city for more than three years.

The owner told local Brazilian media source, Portal do Bitcoin, that all the services offered at the establishment, including meals and tours can be paid for with cryptocurrency. The decision to accept this new means of payment, said Santos, was born of the observation that the many foreigners who visit the area are interested in Bitcoin. “I am well on the route of the waterfalls, where several jeeps pass daily with these tourists and the attention they give to the theme is notorious,” he explained. “Some even ask the jeeps to stop to take photos of the inn,” he added.

Expanding the Local Community

At first only BTC will be accepted at Hostel Bitcoin, but the owner said he plans to eventually accept whatever coins they “can get through a simple account of an exchange like Bitrex.” There are also plans to sell crypto at the hostel, but the owner was not able to share more information just yet “because of a confidentiality agreement.” In addition, the owner of the hostel said he intends to lead a movement to boost the acceptance of cryptocurrency in the area. “I believe that, having a good acceptance, we will be able to expand to the other inns and restaurants in the city,” Santos said.

If you are looking to visit a cool crypto-themed place but can’t make it to Brazil, we recently featured a new venture in China. Hash House is a BCH-accepting cafe and coworking space in the city of Xi’an, home of the famous Terracotta Army.

Are people more likely to frequent a cryptocurrency themed business? Share your thoughts in the comments section below.

Images courtesy of Shutterstock and Booking.com.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Bitcoin-Themed Hostel Opens in Scenic Brazilian Town of Paraty appeared first on Bitcoin News.

There are many interesting ways to make money with Bitcoin and other cryptocurrencies. Exploring all of these options can lead to major profits, but also steep losses. One of the safer options out there is to invest in masternodes. The following currencies support masternodes, and are ranked by the value per individual MN at the time of writing.

6. ION

One of the altcoins coming to market in the past few years, ION is slowly making a name for itself among masternode enthusiasts. Although it may not have the biggest market cap in the industry, its masternodes still offer a 26.78% annual return. At current prices, the value of one masternode is $15,486.33, and there are 558 such nodes in operation as of today.

5. Blocknet

Cryptocurrency enthusiasts who have been around for a while will remember when Blocknet was first announced. It is still a project with a lot of potential, and masternode owners see a nice 16.33% ROI every single year. Currently valued at $27,270, it is also one of the more profitable masternodes to have been running over the years. A total of 448 MNs are in operation as of today.

4. Diamond

Although this altcoin is no longer as popular as it was many moons ago, there is still a rather active masternode community in place. A total of 115 masternodes are in operation today, each of which is valued at $27,280. With an annual ROI of 26.49%, there is still some money to be made with Diamond, assuming one can offload excess coins without crashing the market.

3. LuxCoin

Whereas most people don’t even know what LuxCoin is, masternode enthusiasts quickly jumped on this opportunity when it presented itself. An annual ROI of 68.45% is very uncommon in the world of masternodes, especially because the individual nodes are currently valued at $32,659.7. With just 49 nodes in operation, however, it may prove challenging or even risky to invest a lot of money in setting one up.

2. Gold Poker

This is perhaps the most odd masternode project on the list. It is evident that setting up such a node is either difficult or forbidden, as only seven masternodes exist. That would also explain the hefty ROI of 663.45%, although those percentages are always subject to change. One GPKR masternode is currently valued at $64,559.4, making it very expensive to set one up, assuming that is even possible.

1. Dash

The undisputed king of masternodes is Dash. It is the first major cryptocurrency to support masternodes, and still boasts a 11.2% annual ROI. That may not seem high, but given the $143,420 value per MN, 11% is not all that bad. There are 3,191 masternodes active on the Dash network, making it the most profitable masternode for very early investors.

The owner of 50cycles, Scott Snaith is experiencing a banking nightmare after performing some relatively small peer to peer trades on Localbitcoins. Localbitcoins is the most popular peer to peer Bitcoin trading site in the world, where individuals can contact each other and exchange Bitcoin for every fiat payment method imaginable while using an escrow system that ensures minimum scamming. However, Scott Snaith did some deals in excess of USD 10,000, as little as 2 bitcoins, and his bank accounts with Barclays and HSBC were frozen. He received cash in his personal bank accounts in exchange for Bitcoin, but then those personal accounts and a connected business account were frozen.

Scott Snaith says “My two personal bank accounts and business account were frozen for using a well known Bitcoin trading site. No unlawful activity has taken place but just because the word ‘Bitcoin’ was mentioned my accounts were locked instantly. A ‘senior fraud advisor’ then closed my complaint off – leaving me with no choice but to take the issue to the Financial Ombudsman for appeal. This situation is a complete nightmare and the knock-on effects have been unbelievable. One of my staff left as they had just had a baby and couldn’t afford to be in a job that was unable to pay them, which isn’t surprising. I’ll never be able to bank with Barclays again. I’m a professional business owner taking advantage of new financial technologies and it looks like the banks are failing to keep up with their customers’ habits. We are the ones being punished. The banks are deliberately creating obstacles. They are anti-digital currency and displaying a new form of financial discrimination. The message is clear: your funds are not yours”.

Apparently, Scott Snaith had been exchanging the Bitcoin as part of research and development for his business 50cycles, which rewards a cryptocurrency named TOBA for every mile pedaled, about GBP 20 for every 1,000 miles. As seasoned Bitcoin traders know, frozen bank accounts are a common consequence of trading Bitcoin peer to peer, or even trading with an exchange. As Scott Snaith experienced, banks don’t have to give a reason for freezing an account and can hold the money long term or even outright seize it. Banks do this under the guise of protecting customers, while in reality, they are crippling their customers who use Bitcoin.

Perhaps some people would say Scott Snaith would have had better luck if he used his business account instead of his personal account, and the best way would have been to exchange the Bitcoin with an official regulated exchange like Coinbase via his business account. However, as Bitcoin traders know, even when doing everything with business accounts and official exchanges eventually the bank freezes the account anyways.

The most logical explanation that banks have is Bitcoins from Localbitcoins could be from money laundering, but they usually don’t explicitly say this since they are not required to give a reason. Banks have the right to freeze funds at will, that’s in the terms and conditions when people sign up for bank accounts. This logic breaks down when people have their bank accounts frozen even if they’ve only exchanged Bitcoins with an exchange like Coinbase, at that point, it becomes clear that banks have a very negative view of Bitcoin.

This incident and similar incidents that numerous other Bitcoin traders have experienced reveal a strong point of Bitcoin. Banks are centralized and can freeze money and ruin businesses at will. Bitcoin is decentralized, and can never be frozen or seized. This makes Bitcoin a much better option than banks for business and any other financial needs.

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There has always been an interesting connection between the adult content industry and cryptocurrencies. Many projects have tried to gain traction in this area, although very few of them have succeeded. The following currencies, listed in alphabetical order, stand out among the competition despite their varying degrees of success.

6. Eroiy

Initial coin offerings also tackle the porn industry in this day and age. Eroiy wants to become the new blockchain-based cryptocurrency to offer incognito payments in the adult entertainment industry. Additionally, it aims to make inroads in the online escort market in the years to come. Whether or not it will be a successful venture has yet to be determined, as its crowdsale only ended in March of this year.

5. Fapcoin

Although this project has always been marred by controversy, the initial promise of Fapcoin cannot be overlooked. It uses a ranking algorithm which promised to take proof-of-stake to a new level. The value of coins held by users was meant to increase based on how much porn content they watched on their computers. Unfortunately, the project never entered the mainstream, and its value has all but collapsed.

4. Porn Corn

Another cryptocurrency trying to make inroads in the adult industry, Porn Corn aims to be the platform for various adult entertainment services, especially video content of all kinds. Live products and services will play an integral role, as will 4K video, 3D content, VR, AR, and artificial intelligence. There is still a lot of work to be done prior to delivering on all of these promises, but it may have some merit in the long run.

3. Sexcoin

One of the older altcoins trying to break ground in the porn industry is Sexcoin. Although it has not gained the traction people had hoped for, the project is still alive and kicking. Whether or not it will gain any real traction in the coming years will heavily depend on the community and the Sexcoin developers, as there is a lot of competition to contend with these days.

2. SpankChain

Bringing adult entertainment to blockchain technology is an intriguing venture. For SpankChain, the mission is to offer low fees, provide in-browser micropayment solutions, and allow users to remain anonymous at all times. Because of its in-browser payments, accepting this token for adult content purposes may prove to be a lot more straightforward compared to other ventures.

1. Vice Industry Token

It is very difficult to ignore Vice Industry Token, as it is the only project with real industry backing as of right now. Various platforms accept VIT as a payment method, including Pornhub and StormyDaniels.com. It is evident this token is doing something most other projects have struggled with, although there is still plenty of room for competition in this space.

At press time, the father of crypto has fallen by about $100 from yesterday and is now trading for roughly $6,670.

This is still an improvement over where bitcoin has stood for the past few days. Typically swinging about the $6,400 range, the cryptocurrency remained within this region and didn’t react much to the news that the Securities and Exchange Commission (SEC) had rejected a total of nine new bitcoin ETFs. This was later followed by a $300 upswing, and many thought the cryptocurrency market was beginning to mature.

But not everyone is convinced of bitcoin’s prowess. According to Anthony Pompliano – founder and partner of Morgan Creek Capital Management – bitcoin may take another five years before it reaches new highs and incurs the bull rally that so many enthusiasts are waiting for. Pompliano had previously predicted bitcoin to strike the $50,000 mark by the end of the year. Now, it appears he’s taking a few steps back with his hypothesis.

He explains:

“Parabolic increases in price continue to take longer – each parabolic run is measured from the last all-time high to the new all-time high. The first rapid price appreciation took just over 300 days (2010 – 2011) and the second took over 900 days (2011 – 2013). The last parabolic price increase peaked at ~$20,000 (2013 – 2017) and took almost 1,500 days to complete.”

Pompliano’s latest prediction is more in tune with long-term trends involving the bitcoin price. While past behavior is never a solid indicator of what will happen in the future, it is expected that the next price high could take as many as 2,000 days to become a reality, and we may not see bitcoin strike solid ground until 2023. Previously, Morgan Creek Capital Management had predicted that bitcoin would hit the $500,000 mark by the year 2024.

In related news, interest in bitcoin continues to slump amongst members of the public. Searches for terms like “bitcoin,” “cryptocurrency” and “bitcoin price” are three time less than what they were last December, and the current bear market isn’t doing much to boost intrigue.

And yet despite all this, there remains a handful of bulls that believe bitcoin is destined for greatness – and very soon. For example, cryptocurrency portfolio manager Jeet Singh recently commented at the World Economic Forum in Davos that the present volatility investors are witnessing in the bitcoin space is completely normal, and that the asset could reach $50,000 by the end of the year.

In his speech, Singh compares bitcoin with the stocks of both Microsoft and Apple. He explains that initially, both stocks were quite volatile, and as the companies continued to develop and solidify their business models, both rose considerably and quickly.

Bitcoin Charts by TradingView