Category: Uncategorized

Key Points

• Bitcoin cash price started an upside correction and moved above the $450 resistance against the US Dollar.
• There was a break above this week’s followed key bearish trend line near $445 on the hourly chart of the BCH/USD pair (data feed from Kraken).
• The pair climbed above the $450 and $460 levels and it may continue to trade higher towards $500.

Bitcoin cash price recovered nicely from the $410 low against the US Dollar. BCH/USD is likely to recover further towards the $480 and $500 levels.

Bitcoin Cash Price Recovery

Yesterday, we discussed how bitcoin cash price is struggling to break the $440 and $450 resistances against the US Dollar. Later, the BCH/USD pair managed to gain traction and moved above the $450 resistance. The upside move was strong as the price broke the 61.8% Fib retracement level of the last slide from the $478 high to $410 low. The price even settled above $450 and the 100 hourly simple moving average.

More importantly, there was a break above this week’s followed key bearish trend line near $445 on the hourly chart of the BCH/USD pair. The pair traded as high as $475 and it is currently correcting lower. It already tested the 23.6% Fib retracement level of the recent wave from the $410 low to $475 high. On the downside, there are many supports around the $450 level. The stated $450 level was a resistance earlier and now it could provide support along with the 100 hourly SMA. Below $450, the 50% Fib retracement level of the recent wave from the $410 low to $475 high is at $443.

Looking at the chart, BCH price is placed nicely above the $445-450 zone and it could continue to move higher towards $480-500.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is positioned nicely above the 60 level.

Major Support Level – $450

Major Resistance Level – $480

The post Bitcoin Cash Price Analysis: BCH/USD Could Recover Towards $500 appeared first on NewsBTC.

The CEO of now-defunct U.S. crypto firm GAW Miners has been sentenced to 21 months in prison and $9.2 million in restitution to investors

A recent study states that hard forks threaten the stability of cryptocurrencies, while bad governance could lead people to lose trust in its reliability as a vehicle of exchange

This article originally appeared on Bitcoin Magazine.

The Reserve Bank of India has continued is tirade against the legalization of cryptocurrencies by filing an affidavit to the country’s supreme court. The Supreme Court will be holding a hearing on the case of legalizing cryptocurrency on September 17th, at which time the affidavit will be reviewed.

According to a recent report, the RBI claims that cryptocurrencies cannot be recognized as legal currency due to the existing legal frameworks, and that cryptocurrencies cannot be legalized unless the government adjusts the requirements for what a legal currency can be.

The RBI noted that, in addition to not meeting the legal framework for a currency, cryptocurrencies are “neither currency nor money; they can’t even be considered as a valid payment system.” This statement is exceptionally bold, considering that many investors and users of crypto see it as a better means of payment that traditional fiat currency.

A Brief History: India Bans Crypto

The ban on the trading of cryptocurrencies was first put in place this past April, when the RBI isolated Indian based crypto exchanges by banning banks from working with them. Preceding these unprecedented actions, India’s government had issued multiple warning about Bitcoin and crypto, emphasizing that they are not legal currencies and that investors should trade with caution.

At the time of the April ban, the RBI made a statement, saying that:

“It has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling cryptocurrencies. Regulated entities which already provide such services shall exit the relationship within a specified time.”

These actions infuriated Indian cryptocurrency investors and significantly reduced the liquidity from these exchanges. The amount of anger and inquisition from investors led to an unnamed government official to make a clarifying statement on the ban, saying:

“I don’t think anyone is really thinking of banning it (cryptocurrencies) altogether. The issue here is about regulating the trade and we need to know where the money is coming from. Allowing it as (a) commodity may let us better regulate trade and so that is being looked at.”

Since then, there have been contradictory actions and statements taken by various government organizations, which have led to significant confusion on what the outcome of the ban will ultimately be.

In early September, reports surfaced claiming that India’s main regulatory authority, the Securities and Exchange Board of India (SEBI), which supposedly sent teams to multiple countries in order to gain a better understanding of how multiple countries, like Japan and Switzerland, are regulating cryptocurrency.

The Supreme Court is currently reviewing the RBI’s affidavit and will be holding a hearing on the case between crypto exchanges and the RBI on September 17th.

Featured image from Shutterstock

The post India Update: RBI Claims Court Can’t Recognize Crypto as Currency Due to Existing Laws appeared first on NewsBTC.

Let’s review the pros and cons of the main protocols

Crypto security startup BitGo gets U.S. regulator’s green light to become qualified crypto custodian

An upcoming crypto exchange intends to become the leading provider for “safe, reliable, compliant and transparent” trading of cryptocurrencies and tokens #SPONSORED

In the world of cryptocurrency trading, there are a few key strategies users tend to follow. These strategies usually rely on looking for specific patterns and determining whether or not they can be lined up to the current and past price movements of specific cryptocurrencies. The following technical indicators are quite popular and for the foundation of technical analysis in every industry.

#4 Relative Strength Index (RSI)

Most people who have looked at a cryptocurrency chart will know the term RSI. Invented by J. Welles Wilder in 1978, this term pertains to the Relative Strength Index, which is used to determine the strength of current price trend and points of potential reversal. There are many ways to customize the RSI parameters traders rely on. Changing the period, for example, is something cryptocurrency traders often tend to experiment with first and foremost.

It is also worth pointing out the RSI is often used to determine if a market is overbought (above 70) or oversold (below 30). Albeit that is still not a full indicator of how markets will evolve over time, the RSI is usually a good indicator as to whether or not traders should get involved in specific markets first and foremost. It is just one of many patterns traders can rely on, but it is certainly one of the most important models.

#3 Fibonacci Retracements

Determining the proverbial levels of resistance and support in the financial world is usually done by looking at Fibonacci Retracements. It is not clear who first applied the Fibonacci ratios to stock price analysis, but the concept has been developed around the 1930s.

It is derived from the Fibonacci number sequence, and it can let traders determine potential targets to place strategic buy or sell orders alike. Three key levels are 38.2%, 50%, and 61.8% , which are often considered to be the main resistance levels for financial markets.

#2 MACD

Although it sounds like a new type of burger at McDonalds, the MACD is a Moving Average Convergence and Divergence Indicator. It was invented in the 1970s by Gerald Appel, and is a great pattern to determine histograms for specific markets, which can tell a lot about how markets will evolve in the short-term. It is another indicator usually relied on to determine overbought and oversold states of markets. Strong signals are referred to as bullish divergence and bearish divergence.

#1 Bollinger Bands

One of cryptocurrency traders’ most favorite tool is the Bollinger Bands pattern. This one is a relatively new indicator invented by John Bollinger in 1983. It is used to determine the range and rate of price volatility, which is no unnecessary luxury in the crypto world. These markets are notoriously volatile, and using Bollinger Bands can put a lot of traders’ minds at ease. It also shows how much all financial markets fluctuate first and foremost, which is an aspect not just native to cryptocurrency either.

There are many purposes to Bollinger Bands, ranging from rising and falling price trends to volatility and sudden price changes. Depending on a trader’s expertise, there are simple and strong signals, including the infamous “double bottom” and “double top” signals. It is one of the more valuable indicator to use as novice traders, although advanced traders rely on Bollinger Bands fairly often as well.

Now that you have familiarized yourself with these technical indicators, check out this chart for an example of how each looks:

4 Key Indicators Every Cryptocurrency Trader Should Know by themerkle on TradingView.com

The post 4 Technical Indicators Every Cryptocurrency Trader Should Know appeared first on NullTX.

An executive at cryptocurrency payment service BitPay has stated that he believes Bitcoin is far from dead. Sonny Singh is much less optimistic about the future of the altcoin and ICO markets, however.

Lots of Potential Catalysts for Another Bull Run for Bitcoin

Every time the cryptocurrency market takes a nosedive, those who do not believe in the financial innovation led by Bitcoin take glee in announcing the death of the space. So far, they have all been wrong. A browse of BitcoinObituaries shows over 300 different instances in which the number one digital asset has seemingly risen from the grave.

There is nothing to suggest that the latest market correction is not more of the same. In fact, the fundamentals of the space have never been better. The chief commercial officer at BitPay, Sonny Singh, told Bloomberg earlier this week that Bitcoin might be down but is certainly not out. After acknowledging that he has no idea if the market has reached a bottom in terms of capitalization, he added:

“Right now you’re hearing a lot of rumours. But next year you’ll see the talk of the big entrants become real.”

Singh went on to cite Goldman Sachs’s pending trading desk, a Bitcoin product from Fidelity, merchant payment processing from Square, and possibly a BlackRock ETF. He is confident that Bitcoin prices will rise once again following some of these potential developments.

However, he is much less sure about the future of the altcoin and ICO market. Although Bitcoin has lost around 60% of its value in 2018, many other digital assets have suffered much more. Ether has crashed down over 85% from its highs. Meanwhile, XRP has sunk by around 92%. Singh commented:

“People have stopped trading ICOs as much as they were. The ICO market is in a lot of trouble and will never get back to where they were eight months ago. At BitPay, we’ve never been more bullish [on bitcoin]. Where the issue is, is the alt-coins.”

Although the bleeding in the altcoin market is clearly worse right now, it seems unlikely that the concept of the ICO is completely done and dusted. It is probable, however, that investors will be much more discerning in the future and not simply throw money at projects offering up the perfect blend of buzzwords.

We are already seeing a move away from the entirely lawless model of ICOs to more regulated offerings. Evidently, companies still like the idea of tokenised investments. However, they are becoming much more aware that these need to be compliant with existing securities legislation. It is quite possible that these security-backed tokens will become the flavour of 2019.

Image from Shutterstock

The post BitPay Exec: Bitcoin Will Bounce Back, Not So Sure About ICO Market appeared first on NewsBTC.