Jumat, 31 Mei 2019

Bitcoin (BTC) Price Recovers Sharply: Can Bulls Overcome Hurdles?

  • Bitcoin price declined heavily and tested the $8,000 support area against the US Dollar.
  • The price recovered nicely and traded above the $8,300 and $8,450 resistance levels.
  • There is a rising channel forming with support near $8,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is facing a solid resistance near the $8,600 area and the 100 hourly simple moving average.

Bitcoin price is currently recovering above $8,450 against the US Dollar. BTC needs to surpass the $8,600 barrier to move back in a positive zone and climb further higher.

Bitcoin Price Analysis

Recently, bitcoin price declined sharply after pumping to a new 2019 high at $9,091 against the US Dollar. The BTC/USD pair collapsed below the $8,800 and $8,600 support levels. The decline was strong and gained pace below the $8,450 support plus the 100 hourly simple moving average. Moreover, there was a clear break below the $8,300 support and the $8,220 pivot level. The price traded close to the $8,000 level, where the bulls protected further losses.

A swing low was formed near $7,999 before the price started a strong recovery. There was a pump above the $8,300 level and the 23.6% Fib retracement level of the recent decline from the $9,091 high to $7,999 low. More importantly, the price traded above the $8,450 resistance. At the moment, the price is trading above the 50% Fib retracement level of the recent decline from the $9,091 high to $7,999 low. Besides, there is a rising channel forming with support near $8,450 on the hourly chart of the BTC/USD pair.

On the downside, there is a strong support forming near the $8,450 level. If there is a downside break below $8,450, the price might restart its decline towards the $8,300 level. The next key supports are near the $8,220 and $8,150 levels. On the upside, the main resistance is near the $8,600 level and the 100 hourly SMA. The 61.8% Fib retracement level of the recent decline from the $9,091 high to $7,999 low is also near the $8,670 level. Therefore, a successful break above the $8,600 and $8,670 levels is needed for more gains in the near term.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price recovered nicely above $8,450 and it is currently showing positive zone. If the bulls remain in action and push the price above $8,600, there are chances of bullish continuation.

Technical indicators:

Hourly MACD – The MACD is back in the bullish zone, with positive signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD climbed back above the 50 level, with a positive angle.

Major Support Levels – $8,450 followed by $8,300.

Major Resistance Levels – $8,600, $8,670 and $8,800.

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Why All Bitcoin and Crypto Investors Should Consider U2F Security Keys

The Chief Information Security Officer at Coinbase, Philip Martin, has revealed that the firm has enabled its Coinbase and Coinbase Pro accounts to support securing Bitcoin and other crypto assets using U2F Security Keys – a safer, and somewhat ironclad alternative to SMS-based two-factor protection of accounts.

With SIM-based hacks picking up in pace and severity, and with crypto being so attractive to cyber criminals due to the pseudo-anonymity and general unfamiliarity associated with it, U2F protection via Security Keys are likely to become a necessary investment for any and all crypto investors who care about the safety of their assets.

Coinbase: Secure Your Bitcoin With U2F Security Keys

This week, San Francisco-based crypto giant Coinbase revealed that its customers can now secure their crypto assets and Bitcoin using Security Keys and WebAuthN.

In a blog post shared by Chief Information Security Officer Philip Martin, the firm revealed that support for U2F (Universal 2nd Factor) has now been enabled. The completely optional feature arms crypto investors with the highest level of personal asset security – far safer and secure than traditional SMS-based two-factor authentication, and even safer than authenticator apps like Google Authenticator or Authy.

Related Reading | Google U2F Security Expert: Crypto is Like Catnip for Cyber Criminals

Coinbase calls Security Keys the “gold standard of modern account security,” and recommends users secure additional accounts using Security Keys, such as Twitter, Dropbox, Youtube, Instagram or Gmail – which oftentimes is tied to the login of crypto exchange accounts and acts as another backdoor for cyber criminals to access.

Why Crypto Investors Need To Consider U2F Security Keys

The emergence of Bitcoin ten years ago brought with it the creation of an entire new asset class in crypto. The young, budding financial technology has the potential to completely transform money as we know it. Bitcoin and most cryptocurrencies that came after it were designed to be decentralized, and borderless, with no controlling party that can intervene in transactions, freeze assets, and more the same way governments can govern the fiat currencies held by its citizens. But putting complete control, ownership, and therefore responsibility over significant wealth in the hands of the average person, is a recipe for disaster.

Even Coinbase concludes the”vast majority of theft is due to human error.”

In a recent Medium post entitled The Most Expensive Lesson Of My Life: Details of SIM Port Hack, the author, Sean Coonce, Engineering Leadership at BitGo – the self-proclaimed “leader in the storage of digital assets” – details an account where the developer had his entire crypto accounts drained in a SIM port hack.

Related Reading | Pro League of Legends Gamer Robbed of $200K in Crypto in Sim-Hack

SIM port hacks are an emerging trend where cyber criminals gain unauthorized access to a user’s phone number, which is then used to receive SMS-based two-factor codes allowing the hackers to access sensitive financial accounts and steal all of the crypto assets held there.

In this example, even a crypto industry developer working for the “leader” in the storage of crypto had his assets stolen right out from under his nose while he slept – it’s foolish to think it couldn’t happen to you.

By investing in a U2F Security Key, cyber criminals would need access to the physical Security Key to be able to access accounts secured using this method, bringing the highest level of protection possible. The downside is that the user will experience a minor inconvenience each time they need to log into an account, or may be locked out themselves if they don’t have immediate physical access to the Security Key. But it’s an inconvenience worth experiencing for the added safety and security.

Pro tip: The Ledger Nano S doubles as a security key, and can be used to secure even Gmail accounts.

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Ethereum: Despite Recent Bearishness, ETH Still Has Incredibly Strong Fundamentals

The aggregated crypto markets have been incurring significant amounts of downwards pressure over the past couple of days as a result of Bitcoin’s inability to climb past $9,000. This has led Ethereum to face considerable selling pressure that has led its price to drop significantly from its recent highs.

Despite this latest drop, it is important to note that recent data suggests that ETH is incurring significant fundamental strength, which may ultimately allow it to surge higher.

Ethereum Finds Support Around $250 After Plunging

At the time of writing, Ethereum is trading down nearly 8% at its current price of $258, down significantly from its 24-hour highs of nearly $290.

ETH’s plunge coincided closely with Bitcoin’s drop, as it ran to highs of nearly $290 as Bitcoin surged to $9,000, and then subsequently plunged to lows of $250 right as BTC dropped to lows of roughly $8,100.

Although Ethereum has since recovered slightly from these lows and is now expressing some stability at its current price levels, it is important to note that some analysts believe it could face further downwards pressure in the near-future.

DonAlt, a popular cryptocurrency trader on Twitter, expressed a bearish sentiment regarding the cryptocurrency in a recent tweet, noting that he believes it may plunge as low as $200 before finding significant support.

“$ETH Entered a short here, looks very much like a top to me. Target just above 200. If I get stopped out, I’ll flip long and take it to $400 with everyone else,” he noted.

Although it remains unclear as to whether or not this sentiment is valid based on ETH’s ability to recover slightly from its recent lows, it is highly likely that where it goes next will be at least partially based on how Bitcoin trades in the near-future.

ETH Still Has Strong Fundamentals

While looking away from Ethereum’s price, it is clear that the cryptocurrency still has incredibly strong fundamentals that are significantly improving, and recently released data may lay out a bullish case for ETH’s future.

Binance Research, the research and analytics arm of the popular cryptocurrency exchange Binance, recently elucidated a few key data points regarding Ethereum from a fundamental perspective, noting that its chain is currently seeing a massive surge in active addresses and on-chain transactions.

“A brief look into the Ethereum $ETH chain: Active addresses reaching 10 month high. Daily on-chain transactions reaching 12 month high. Marketcap approaching 8 month high. Can ETH return to its former glory?” They explained in a recent tweet while referencing the below charts.

Although Ethereum’s near-term price action is likely somewhat dependent on that of Bitcoin, its improving fundamentals signal that the markets are recovering from both a price perspective and a fundamental perspective, which may mean that further price gains are imminent.

Featured image from Shutterstock.

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Venture Investor: Use of Bitcoin as Hedge Against Uncertainty Will Send it to 7 Figures

Entrepreneur, investor, and author James Altucher is one of a growing number of individuals who believe Bitcoin will astound the planet with its price in the relative short-term. Appearing on Kitco News earlier, he stated that a $1 million dollar Bitcoin was indeed possible by 2020.

Altucher bases his speculations on the rising levels of geopolitical instability around the world today, as well as increases in general Bitcoin acceptance from the likes of Whole Foods and others.

Could BTC Be On Track for $1 Million by 2020?

A $1 million dollar Bitcoin by the year 2020 might sound like an absolute pipe dream. However, for some, it is as good as an inevitability. Venture investor, entrepreneur, and author James Altucher is one amongst their ranks and has been since 2017.

In an interview with Kitco News, Altucher reaffirmed that it was indeed possible but the timeline was so uncertain that one can’t rule out a seven-figure Bitcoin by 2020. In his reasoning, he states that his opinions from 2017 haven’t changed. He still holds that crypto assets solve many of the problems of fiat currency – excessive inflation caused by reckless currency printing, privacy, and the potential for counterfeiting are just a few of those issues.

Altucher believes that it is inevitable that these genuine crypto assets that offer some benefit over the current system will increase in value:

“Long-term, all cryptocurrencies that are safe and not scams are going to go up.”

In his 2017 interview, Altucher stated that he felt 95 percent of all crypto assets were scams and has since reasoned that the number of them collapsing is evidence that he was correct.

When addressing the short-term outlook for Bitcoin, Altucher spoke about the geopolitical turmoil in the world today. Brexit, trade tariff wars, and rogue states such as Iran were all mentioned as factors contributing to the global instability the author and entrepreneur believes is already driving and will continue to drive Bitcoin up.

When explaining the recent rally, he states:

“It’s a flight to safety and there’s a lot of companies now announcing that they’re going to be accepting it.”

So, What About That 2020 Million Dollar Bitcoin?

Perhaps the most interesting part of Altucher’s interview was when he directly addressed his earlier million dollar price call. In 2017, he stated words to the effect that he wouldn’t be surprised if Bitcoin went to $1 million by 2020.

When asked if he still held that view, he confirmed that indeed he did and that $1 million might even be a healthy discount for a single unit of the digital asset.

To justify his seemingly wild possible Bitcoin price, Altucher stated that there is about $200 trillion in paper currency out there today. He compared this to the market capitalisation of all of crypto – less than $267 billion. Whilst the percentage difference isn’t quite the 200,000 he stated, it’s not far off. He continued:

“That could give Bitcoin a price of, I don’t know, $8 million. So, $1 million is actually a discount on where it could go.”

He continued, stating that whilst he doesn’t know when it will get there, the general trend will take it to prices unthinkable almost unthinkable today.

When pressed on whether he still thought it was possible to sell a single Bitcoin for more than $1 million specifically by 2020, he confirmed that he did think it possible:

“Will it be $1 million in 2020? Maybe. Will it be 2021, 2022, who knows? At some point, some country, their currency is going to collapse, who knows which country it will be – Argentina, Iran, many countries in South America are a potential… The population of that country will say, ‘Let’s all move to Bitcoin, and then you’re going to see mass adoption.”

Whilst Altucher hasn’t put quite as much on the line for his $1 million Bitcoin call as John McAfee, he clearly feels that given the right conditions, the rise to enormous prices will be swift. The necessary collapse of a national currency that he believes will send prices skywards could happen at any time and a sudden increase in buying pressure on an asset with a fixed supply can only result in higher prices.

 

Related Reading: The Million Dollar Bitcoin Club and its Uber-Bulls

Featured Image from Shutterstock.

 

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Analyst: Despite Latest Bitcoin Pullback, BTC Is Still in the Very Early Stages of an Uptrend

The upwards momentum the crypto markets have incurred in recent times was put into jeopardy yesterday after Bitcoin failed to surge past $9,000 and found itself reeling back down to the lower-$8,000 region.

Despite this less-than-positive price action, one analyst is quick to note that while looking at BTC from a long term perspective, it is still abundantly clear that Bitcoin is in the early stages of the next noteworthy uptrend, which means that investors shouldn’t fret too much about choppy price action in the near-term.

Bitcoin Finds Support Around Low-$8,000 Region

At the time of writing, Bitcoin is trading down nearly 4% at its current price of $8,426 and is down significantly from its recent highs of over $9,000 that were set yesterday.

Although BTC’s bearish reaction to the $9,000 range does appear to spell trouble for the cryptocurrency, while zooming out on BTC’s chart, it is clear that it is still firmly in the bull’s control over a longer-time frame.

Despite this, if the crypto’s bulls want to maintain control of the cryptocurrency going forward, then it is important that they hold the price steady above roughly $8,100, as a dip below this price level could lead to significantly further losses.

Josh Rager, a popular cryptocurrency analyst on Twitter, discussed the importance of this aforementioned price level in a recent tweet, noting that a close below it “wouldn’t be good.”

“$BTC: Small range & no position currently, I like to make my way through different time frames to at look various support/resistance. If it breaks down and closes below $8193 especially $8114, wouldn’t be good. Above $8330 on LTF would push up for a retest of previous support,” he said.

BTC Still in a Firm Uptrend, Despite Recent Drop

Although it is easy to believe that the latest pullback could mark the end of the cryptocurrency’s massive upwards surge that has occurred in recent times, it is important to note that it is still in the very early stages of the next uptrend, which means that pullbacks are to be expected.

Josh Rager also discussed this in a recent tweet, explaining that he believes BTC is less than one fourth into its next uptrend, based on historical data.

“$BTC Bull Market Cycles: As you look at the historical cycles on the Bitcoin chart, you will notice that each bull market cycle exceeds the length of the previous uptrend. Don’t worry about pullbacks, Bitcoin is likely less than 1/4 into the current uptrend to the next peak high,” he bullishly explained while referencing the below chart.

Although many short-term traders and investors fear that BTC may see increased bearish pressure in the coming days and weeks, as long as it continues to trade above its key support levels, it is highly probable that further gains are imminent.

Featured image from Shutterstock.

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Think Bitcoin is Wasteful? Have You Ever Thought About the True Cost of Fiat?

One of the most commonly repeated criticisms of Bitcoin is its energy consumption. It seems that every few months, some new report is penned stating that Bitcoin uses the same amount of electricity as an ever larger country.

However, demonising Bitcoin on such grounds is highly reductionist. After all, there is a lot more that goes into our current monetary system than just ten thousand or so supercomputers running day and night.

Bitcoin Can Clean Up Its Act, Can Fiat?

The main gripe environmentalists seem to have with Bitcoin is that it uses a lot of electricity. This, of course, is true. However, it doesn’t tell the whole story.

Electricity around the globe is gradually getting greener. Renewable energy technology is improving every year. The shift from fossil-fuel-intensive Bitcoin mining operations based in China to those harnessing geothermal power or hydroelectricity is clear evidence that those running the equipment to secure the Bitcoin network are keen to increase profits margins by turning to these vast, largely untapped, and ultimately renewable energy sources.

Compare this to how the Federal Reserve and national banks operate. Buildings, manufacturing plants, machinery, and many other things all need constructing and operating to create a system that enough people will trust in for it to be of any use whatsoever.

This is bad enough. However, there is a hidden environmental cost of the current financial system that is rarely considered – the cash itself.

Around 7.4 billion bank notes were produced last year in the United States alone. The following Tweet highlights the financial cost of many of the processes involved with operating a functioning financial system:

People rarely consider that they actually fund the very fiat system that slowly (or rapidly) depletes the value of their labour over time. The Federal Reserve doesn’t foot the bill, the taxpayer does. By contrast, taxes don’t pay for Bitcoin miners, the Bitcoin network doesn’t need external funding. The users and the system itself pays for the security and trust is ensured mathematically – it doesn’t need to be bought.

Not only this but the notes themselves require immense resources to get into circulation. Of course, there is the cotton paper. However, there is also the special ink required to ensure the bills are difficult to counterfeit, the gelatin used to give them extra durability, and the cost to design a new note every few years to keep counterfeiters on their toes. This latter step often involves increasingly elaborate methods of printing that require more use of colour shifting inks, more intricate designs, raised printing techniques, and many other methods to make sure it’s easy to check that you have a real note and difficult to make a convincing fake.

Notes then need transporting, their quality checking (some are, of course, rejected causing greater waste),  and all of this on top of the cost (both economically and environmentally) of running the institutions that we must request permission to transact through.

As if that wasn’t bad enough but the above Tweet reminds us that it’s a downright inefficient system. Despite the $800 million spent on just the manufacture of new money, there is still an estimated $3 billion in counterfeit bank notes circulating around the globe.

It is understandably incredibly difficult to quantify the total cost of the fiat monetary system. However for an environmentalist to lambaste a new technology for being energy intensive ultimately holds back human progress. Technology gets more efficient over time. It always has. There is nothing to suggest that Bitcoin mining will not get more efficient too. In fact, it already is doing thanks to operations tapping into hydro power in Canada and geothermal energy in Iceland.

 

Related Reading: Malaysian Prime Minister Proposes Gold-Backed Currency, But Why Not Bitcoin?

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Litecoin Leads The Way: Does LTC/BTC Price Chart Hint at Bitcoin Correction Target?

Throughout 2019, the entire crypto market has been led by the silver to Bitcoin being digital gold, Litecoin. The crypto asset’s halving is in less than 70 days, and investors are eagerly loading up their bags in anticipation of the pre-halving pump that’s become a meme across the crypto community.

Since Litecoin often leads rallies, dragging other crypto assets along for the ride, price charts of the asset paired against BTC could be telling as to where the Bitcoin price may be targeting if the parabolic rally is truly over and a short-term downtrend is ahead.

LTC/BTC Chart Could Show Sub-$5K Bitcoin Price Target

At the start of 2019, it was Litecoin that led the initial crypto rally out of the depths of the bear market. During that time, some altcoins had been exploding in value relative to BTC prompting many crypto investors to believe an alt season had been brewing. They were wrong.

Once Bitcoin breached resistance at $4,200 sparking a massive rally in the first ever crypto asset, altcoins diverged and dropped in value significantly relative to their BTC counterpart. The bleeding led to many altcoins reaching new bear market lows in BTC value.

Related Reading | Can Litecoin Halving Spark Crypto Alt Season and Boost Bitcoin Price Higher?

Now that Bitcoin’s rally is seemingly over following yesterday’s violent rejection at $9,000 that sent Bitcoin downward to retest support at $8,000, crypto analysts are looking to price charts in an attempt to determine the targets for Bitcoin’s short-term downtrend. One analyst, Bitcoin Jack, believes there are similarities between Bitcoin’s price chart and the LTC/BTC chart that could be telling about where Bitcoin may be headed.

In the charts, Litecoin painted a bottoming pattern, then rallied through two levels of resistance higher, followed by a rejection at the third level that resulted in a retest of the first resistance turned support. This would place Bitcoin’s short-term correction target at roughly $4,700, according to the above the pattern on the LTC/BTC chart.

Parabolic Rally Correction Was Long Overdue

As the saying goes, what goes up must come down. And after Bitcoin’s parabolic rally that took the price up well over 100% in the matter of two months, crypto investors, traders, and analysts have been anticipating a somewhat large correction.

Related Reading | Crypto Analyst: Litecoin is a “No Brainer”

While Bitcoin declines, it could present an opportunity for that alt season to rear its head once again. BTC dominance has broken through support, and while there was a bounce yesterday, BTC dominance is expected to drop further, giving altcoins room to shine once again. And with Litecoin’s halving just ahead, all of the conditions are right for Litecoin to lead the crypto market recovery.

However, at times, Bitcoin price falling often pulls the value of altcoins down along with it. Should that happen, altcoins could reach further lows while Bitcoin finds support outside of the bear market depths.

Featured image from Shutterstock

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Bitcoin to Zero: Bitcoin Price Flash Crashes 99% on BTC/CAD Trading Pair

Over the last two months, Bitcoin price has rallied from the depths of the bear market to a well over a 100% gain for crypto investors who bought when there was “blood in the streets.” Those who did catch the bottom have watched at their investment in Bitcoin double in short order, with little to no corrections throughout, expect for a flash crash that saw Bitcoin filling gaps left on the chart during after hours futures trading.

However, last night, another flash crash occurred on the price charts for BTC/CAD – a flash crash that eliminated 99% of Bitcoin price in the matter of seconds, filling orders as low as just over $100 Canadian.

BTC/CAD Pair Flash Crashes 99% on Kraken

Bitcoin is going to zero. We’ve all heard the repeated doom and gloom predictions from pundits and critics of digital assets. As recently as last week, the New York Post published an article that was barely a few sentences of useless counterarguments against Bitcoin’s recent rally, asserting the cryptocurrency would soon reach zero.

But have you ever watched Bitcoin almost hit zero right before your very eyes? That’s what happened overnight last night on the Kraken cryptocurrency exchange during trading sessions of the BTC/CAD pair. BTC as you know is the “cashtag” or trading symbol of Bitcoin, and CAD is the symbol for the Canadian dollar.

Chart courtesy of TradingView

During the flash crash, the price of Bitcoin in Canadian dollars fell from its trading range around $11,250, to a low of $101.20. Clever Kraken traders with orders at $100 were missed by just over a buck before the price of the cryptocurrency rocketed back into the range, leaving the longest wick this writer has ever witnessed on a price chart.

Related Reading | Bitcoin Price Recaptures 50% of All-Time High, But Google Search Remains Stagnant

Some lucky trader had their orders filled for $101 Bitcoin. But there’s a seller for every buyer, and some poor investor on the other side of the trade took a massive loss on their Bitcoin sale.

The fall represented a 99% drop in price, essentially eliminating all value from Bitcoin and bringing it as close to zero that the asset has been since the early days of the asset and before the public knew what a cryptocurrency was.

In traditional markets, failsafes called circuit breakers are put in place on exchanges like NYSE by regulators to avoid flash crashes, or other rapid declines due to panic-induced selloffs. These measures were put in place following October 19, 1987 when the Dow Jones Industrial Average fell over 22% in one day. The flash crash that prompted the placement of circuit breaker was later dubbed “Black Monday.”

Crypto traders who keep a small amount of fiat on reserve with bid orders for crypto assets placed extremely low in case of a flash crash, may get filled and experience the most profitable trade of their lives in a matter of seconds.

Featured image from Shutterstock

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Bitcoin Price Recovers 5.50% Following $1,100 Dip – Still Bullish

It took bitcoin just five hours to drop from its year-to-date high of $9,090 to $7,972. But, according to Crypto Michaël, the world’s leading cryptocurrency is still bullish.

The prominent cryptocurrency analyst said on Friday that bitcoin’s 13 percent drop could be a “normal retracement,” notably after a giant move that pushed the cryptocurrency’s rate up by almost $5,000 in just two months. Michaël further noted that traders bought bitcoins immediately after its latest dip. As a result, the cryptocurrency recovered by up to 5.50 percent, which hinted that the cryptocurrency market is still biased towards bulls.

“We all know what happened after the parabolic ended in December ‘17 on bitcoin,” stated Michaël. “BTC just has to find a floor normally, calm down and then altcoins can start running.”

The statement followed a string of bearish predictions made after bitcoin’s $1,100 dip on Thursday. Famous cryptocurrency analyst, the Crypto Dog, switched his interim bias from bullish to flat, stating that he found bitcoin’s latest buyback action uncompelling.

“For the first time during this rally, I feel like that may have been the top,” said the Crypto Dog. “I don’t have any strong confidence either way – so I’m out, sitting flat.”

Mainstream publications also fueled bearish sentiments, with Bloomberg publishing an exclusive discussing how nobody uses bitcoin. The headline appeared today — just 12 hours after the bitcoin price dropped massively. News items from other publications also read bitcoin’s downside correction as “fakeout dump,” or “price crash,” which might have stirred selling action in the market.

Where’s the Pullback Level?

Josh Rager, a cryptocurrency analyst who earlier predicted a 30 percent pullback for bitcoin, reiterated his bullish stance once again while defending the ongoing price downtrend.

bitcoin

Bitcoin Pullbacks in Recent History | Source: Josh Rager

“As you look at the historical cycles on the Bitcoin chart, you will notice that each bull market cycle exceeds the length of the previous uptrend,” Rager said. “Don’t worry about pullbacks; Bitcoin is likely less than 1/4 into the current uptrend to the next peak high.”

In his earlier analysis, Rager said an interim pullback was lurking anywhere between $9,400 and $9,700 that could push bitcoin 30 percent lower. The analyst based his prediction on the outcome of a symmetrical triangle formation, a technical indicator that projected a $1,500 price increase for bitcoin, as NewsBTC covered in this report.

Meanwhile, Coinbase’s small-timeframe chart showed bitcoin trending comfortably inside a Rising Channel, with its latest drop appearing to have been reversed upon testing the lower trendline.

bitcoin

Bitcoin Trending Inside Ascending Channel | Image Credits: Coinbase

Traders visibly have a long opportunity as the bitcoin price hints a run at channel’s upper trendline. Coupling that with the general market sentiment, which is bullish, bitcoin has a high probability of breaking above the channel resistance, and meanwhile retest mid-$9,500 for a pullback. The Relative Strength Indicator, meanwhile, is also hinting a buying opportunity in the bitcoin market, which could mean that the ongoing rally is far from over.

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Binance Coin (BNB) Slides 6.1%, Margin Trading Could Kickstart Demand

  • Binance Coin (BNB) falls 6.1 percent
  • If the rumor is true, Binance is close to activating Margin Trading

After six months of stellar performance, Binance coin (BNB) is correcting. Even so, if Binance enables margin trading, the demand for BNB will increase, buoying bulls aiming at $43.

Binance Price Analysis

Fundamentals

They may be centralized and prone to hacks, but exchanges play a crucial role in the crypto ecosystem. Not only do create a market place for even the most illiquid digital assets, but these ramps bridge fiat and cryptocurrencies. However, this space is heating up. There is ingress of Wall Street behemoths. Leading the line is Fidelity Investments whose express ambition is to build a digital asset vault for high net worth investors as well as institutions.

Meanwhile, exchanges are stepping up. Coinbase is diverging from their conservative stance, offering more support for coins with the latest beneficiary being EOS. Although the timing was wrong as investors didn’t reap benefits from the “Coinbase Effect,” others as Binance are keen and “listening to customer feedback.”

It is yet to be confirmed, but rumor has it that they plan to roll-out margin trading. Undoubtedly, these features will be introduced to cement its position as the world’s leading exchange by adjusted volumes. TechCrunch is reporting that Binance has already launched the feature to a select group of traders.

Candlestick Arrangements

Binance Coin BNB

Binance Coin (BNB) is in an uptrend. Shoring prices are fundamental factors which are overwhelmingly bullish. Up more than five folds after bottoming up in mid-Dec 2018, BNB is trading within a bullish breakout pattern. However, there is an over-extension.

From the chart, not only do we have a three-bar bear reversal pattern, but prices are consolidating inside May 26th high-volume bear bar. It is for this reason why the bar will determine the trajectory of the asset in the coming few days.

Furthermore, note that bars are printing away from the upper Bollinger Bands (BB). Because of this, what we have are lower lows. Nonetheless, otherwise, unless there is a breach of May 26th low at $30, buyers are in control with targets at $43 as laid out in previous BNB/USD price analysis.

Technical Indicator

From the above, May 26th anchors this trade plan. Behind the bar are high trading volumes-4 million. With support at $30, any bear bar closing below that mark signaling a correction ought to be accompanied by high participation exceeding 4 million.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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Bitcoin (BTC) Correcting to $5,600 On the Table, Buyers Beware

  • BTC down 6.3 percent
  • Law enforcement could be behind Bitcoin Blender’s closure

In a week, Bitcoin Blender is the second BTC mixing service to close shop. It comes at a time when bulls are losing traction, casting doubt on the overall strength of the underlying momentum.

Bitcoin Price Analysis

Fundamentals

In a day that saw crypto assets, including Bitcoin (BTC), register losses, investors are unfazed. Their optimism stems from a firm conviction that fundamental factors will end up supporting prices. In turn, the foundation will be the springboard from where prices will rally to $10,000 and beyond.

According to Tom Lee, real FOMO is after prices inch past $10,000. It is a psychological mark, a base from where bulls will swing from even clearing the $20,000 mark. But even then, there is active liquidation as visible from Bitcoin trading charts.

After several attempts, it appears as if BTC at $9,000 is “expensive” with yesterday’s dump a testament. Unless there is strong momentum and bulls stem liquidation, absorbing sell shocks preventing drawdown below $7,500, bulls will be in control.

While at it, Bitcoin Blender, a BTC mixing service, is willingly shutting down. For those unaware, Bitcoin Blender is “a hidden service that mixes your Bitcoins to remove the link between you and your transactions. It adds an essential layer of anonymity to your online activity to protect against ‘Blockchain Analysis.’”

A report from Bleeping Computer reveals that users were given short notice to withdraw their funds. It is also the second mixer to fold in a week following BestMixer shutdown.

Candlestick Arrangement

Bitcoin BTC

At the time of writing, Bitcoin (BTC) is down 6.3 percent but up 6.8 percent from last week’s close. All the same, the uptrend is solid unless otherwise there is further sell-off by today’s close.

As it is, support is at $7,500, and because of May 30th losses slowing down the match to $10,000, BTC is back to the $1,000 range with limits at $7,500 and $8,500. Accordingly, and drawing our conclusion from the chart, any dip below $7,500 could see prices slide to $6,600 and even $5,600. That is if the breakout bar has above-average trading volumes.

Conversely, any spike, erasing gains of May 30th and invalidating the three-bar bear reversal pattern ought to be with high trading volumes cementing bulls.

Technical Indicators

With a three-bar bear reversal bar, May 30th’s bear bar remains a reference bar. It has high trading volumes of 31k exceeding May 26th of 19k affirming bears.

As such, if today ends up bearish or with a long upper wick, odds are prices could slide to $7,500 or lower as aforementioned.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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Bitcoin Investors Prefer To Speculate, Would it Hurt Merchant Adoption?

While major retailers have become increasingly receptive towards Bitcoin as a payment method, research from Chainalysis Inc shows that just over 1% of transactions relate to merchants, whereas speculation makes up the dominant use for Bitcoin. However, the idea behind BTC always related to parties transacting without an intermediary, and never as an investment. With that in mind, has BTC become a parody of itself?

Hodling Bitcoin Will Lead To Network Failure

According to Chainalysis Inc, in the first four months of this year, only 1.3% of BTC transactions related to merchants. And despite on-going infrastructure development over the past two years, the proportion of merchant related transactions has remained consistently low during this period.

The data shows the most extensive use relates to speculation via exchanges. And much like merchant transactions, this has also remained at a consistent level over the past two years. On analyzing the data, Kim Grauer, senior economist at Chainalysis Inc said:

“Bitcoin economic activity continues to be dominated by exchange trading. This suggests Bitcoin’s top use case remains speculative, and the mainstream use of BTC for everyday purchases is not yet a reality.”

And so, as things stand, there is a belief that BTC is too valuable to spend. Which, if taken to the extreme, creates a paradox within the Bitcoin ecosystem that will lead to its eventual demise. A Twitter user explained it as:

“If people do not use Bitcoin, there will be no transactions, with no transactions there would be no need for miners, without miners the blockchain will not function…”

No-one Wants To Spend Bitcoin

The issue of investment versus spending is further compounded by the tale of Laszlo Hanyecz, who paid 10,000 Bitcoin for pizza almost a decade ago. While he draws acclaim as a Bitcoin pioneer, his story is tinged with anguish over what could have been. And nobody wants to be the next Hanyecz.

But, when Satoshi Nakamoto published his whitepaper for Bitcoin, the cypherpunk philosophy underlying the project was about rebelling against the system. And using technology to liberate people from the status quo.

However, in the present, BTC has become a beacon for investors hoping to get rich in fiat. The very thing Nakamoto expected to free us from. More than that, its perceived value has investors thinking in scarcity. And hoarding becomes the order of the day, which makes little sense considering how easy it is to obtain.

Balanced Approach To Managing Bitcoin

Instead, a more balanced approach to managing Bitcoin would ensure longevity of the network. This involves treating BTC as you would fiat. By hodling some and spending some. One Reddit user wrote:

“The point is that bitcoin would not have any value if everyone refused to spend their bitcoins. The only reason bitcoin has any current and future value is because people currently use it, and because it is expected that this usage will increase in the future. If you don’t want to use bitcoin, that’s fine, that’s everyone’s right, you can just let others spend theirs, but at least realize that all your expectations for future price is dependent on other people spending their bitcoins as intended.”

And so, Bitcoin was conceived as a payment system. But as a first generation blockchain, it lacks the qualities that make it a competitive payment system. However, that’s not to say scalability and speed concerns cannot be overcome in the future. All the same, what BTC has become is an affront to Nakamoto’s vision. Is it too late to go back?

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Bitcoin Starting to Show Signs Of Local Peak, Crypto Collapse Inbound

Bitcoin (BTC) may have tapped $9,100 on Thursday, rallying by 5% within minutes, but analysts are starting to fear that the crypto market is cooling… rapidly. The cryptocurrency is now down by 5% in the past 24 hours, finding itself at $8,250 after bouncing off $8,000 in a characteristic bout of volatility. This, in the eyes of countless traders, lends to the conclusion that Bitcoin is peaking in the short-term, and may be poised to collapse.

Bitcoin May Be Topping Out

Last week, Bitcoin Bravado’s lead analyst, Jack, suggested that bulls were quickly losing traction. Many quickly laughed this harrowing comment off as BTC rallied past $8,300 earlier this week, breaking above a triangle formation that had seemingly been the last stand for bears in a surprising weekend move.

Yet, with Bitcoin falling from $9,100 to $8,000 today, Jack has doubled-down on his idea that “we have reached the bull exhaustion point” in this short-term market cycle. In a recent Twitter thread, the analyst broke down his thoughts, explaining why Bitcoin’s upside is limited and why the $4,900 to $5,125 region will act as somewhat of a price “magnet” in the coming months.

Firstly, Jack admitted that Bitcoin, more likely than not, will not see newer lows in this cycle, looking to the fact that from a high time frame point of view, the bull run is most likely on.

Yet, he notes that Bitcoin is most likely topping out, looking to the fact that when BTC moved above $8,300, that marked the fifth portion of the Elliot Wave pattern, and that the $8,800 resistance hasn’t been decidedly closed above. Bitcoin’s chart on shorter time frames also looks somewhat bearish. In fact, BTC has just broken below a descending channel and a medium-term trend line, and has topped twice at $8,900.

With this, Jack explained that if Bitcoin revisits and closes under $8,000, he would be inclined to suggest a steady pullback to $4,900 into late-2019. Analyst Dave the Wave, like Jack, also believes that a collapse and close under resistance from here will send Bitcoin to the $5,000 range, which is where this bullish move started.

Related Reading: Billionaire Investor: Bitcoin Likely to Consolidate Between $7k and $10k; Will BTC Plunge Lower?
Although Jack has been more bearish than most, he isn’t the first to think that Bitcoin is topping here. On Twitter, Ledger Status suggested that the top is in, looking to the fact that BTC has just encountered and failed to break past a bearish part of the Ichimoku Cloud. It isn’t the most optimistic sign, that’s for sure.

Fuel To Run

Bitcoin may have room and the fuel to run, despite what the aforementioned technical levels say. In a recent TradingView analysis, Filb Filb remarked that in early-2018, 7,300 BTC worth of shorts opened on Bitfinex in the $11,600 to $13,800 level. Assuming that some of these positions have yet to close, Filb explains that as the cryptocurrency market continues to push higher, shorts will become increasingly under pressure to cover, thereby buying BTC spot and pushing up prices as a result.

What’s more, he expects for the “Fear of Missing Out” (FOMO) and the 0.618 Fibonacci Retracement level to act as a magnet, potentially giving Bitcoin the legs to run to the $12,000 range. With this, he concludes that “Bitcoin has enough in the tank to break $10,000”.

He isn’t the first to have made such a suggestion. In a comment obtained by MarketWatch, Think Markets’ chief financial analyst Naeem Aslam revealed that he believes Bitcoin is still in a decidedly bullish state. He suggests that BTC is about to “blast past the level of $10,000”. The analyst explains that BTC being far above its 50-, 100-, and 200-day moving averages suggest that bulls currently have their hand over the cryptocurrency wheel, opining that these technical levels “define the trend.”

Related Reading: Will Bitcoin Margin Trading Help Binance and Coinbase Survive Big Banks Entering Crypto?

Indeed, Bitcoin sure has the capacity to hit $10,000. But, as put by Peter Brandt, “once a majority of sold-out crypto bulls capitulate [around $10,000]… a more sizable correction will likely occur.”

Featured Image from Shutterstock. Charts Courtesy of TradingView.

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Bitcoin Dumps 11 Percent in Hours, Has the Big BTC Pullback Started?

The latest crypto market movements have not been unexpected. The moment Bitcoin hit $9k it instantly recoiled like a reaction from a bee sting. The following candles were big red ones sending BTC down a thousand dollars in a couple of hours. Has the big correction finally begun?

Bitcoin Dumps 11% in a Couple of Hours

For the best part of yesterday Bitcoin hovered just above $8,700. One big spike a few hours ago sent BTC up to a new high for the year at $9,100 according to charts from Tradingview. It did not stay there long though and the reaction was swift and heavy with the following hourly candle dumping $500 back to $8,600.

BTC price 1HR candles – Tradingview.com

From there BTC declined even further as fears of the big pullback started to set in. The low point came six hours later when Bitcoin touched $8,000 again. Again it did not stay there long and instantly bounced off the support level back to $8,250 where it has currently settled.

Crypto trader Josh Rager had already predicted that any pullback would occur before Bitcoin reached its next resistance zone which was in the mid $9,000s.

“$BTC pullback came before the level everyone was expecting. Please read retweets from the last couple days. Majority have been front run all year and this is another case. Could still bounce from low $8ks to $9k+ but would like to see a daily close above $8200. Bulls stepping in,”

This appears to be what is currently happening as Bitcoin starts to consolidate just above $8,200 during Asian trading today. In a subsequent tweet, Rager adds that the move could be a prelude to a larger drop. He has been quite accurate so far.

Altcoins Hammered Again

As usual the altcoins have been hit harder by Bitcoin’s big movement. Total crypto market capitalization has been smashed by $20 billion as it slides back to $260 billion from yesterday’s ten month high. Volume has surged to over $100 billion indicating that bigger things are about to happen.

A sea of red has enveloped the top fifteen crypto assets this Friday and some a dropping double digits. Ethereum has plunged over 8 percent as it slides back towards $250, EOS and Litecoin are not far behind. The biggest loss, as expected, is Bitcoin SV which has been smashed 20 percent following its fake news induced pump yesterday.

Day trading aside, most are in agreement that the next big upswing has already started and these corrections are just natural components of the ebb and flow of markets. If this is the start of the big 30 percent pullback then Bitcoin will return to $6k and total market cap will back below $200 billion. The uptrend will still be intact and accumulation will start leading to the next run up.

Image from Shutterstock

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Crypto Avalanche Continues as Bitcoin Correction Concerns Mount

Crypto markets correcting hard; BSV, BCH, bleeding, double digit losses for ADA, Tron, IOTA and Tezos.

Market Wrap

Following another 2019 high, Bitcoin and crypto markets are dumping this Friday as the red hot momentum could not be sustained. Wider fears of a larger correction are sending prices south at the moment as markets shed over $28 billion falling back below $260 billion total capitalization.

Bitcoin finally broke the $9k barrier a few hours ago when it touched $9,100 on Tradingview.com. That must have triggered a wave of automated sell signals that sent BTC plunging $600 in less than an hour. The rout did not stop there and Bitcoin fell all the way back to $8k before recovering slightly over the past couple of hours.

Ethereum, which is still painfully tied to the movements of Bitcoin, dumped 10 percent to send it back to $250 before a slight recovery and temporary stabilization just above it. A dump usually follows a new high so none of this has been unexpected.

The move has sent the usual cascade effect across the rest of the crypto markets. A sea of red can be seen during Asian trading today as the top ten altcoins get dumped. Following its manipulated pump yesterday Bitcoin SV is suffering the greatest dumping 20 percent back to $185 today. Its brother, Bitcoin Cash, is also in pain with a ten percent slide to $420. EOS could not escape despite a Coinbase listing as it too lost 8 percent on the day falling back to $7.40. The rest are shedding a similar amount at the moment.

Top twenty losses are even more painful with Cardano, Tron, IOTA, Tezos and NEO all losing between 10 and 12 percent on the day. Only Cosmos has survived with a 6 percent pump to $5.50 through no obvious fundamental reason.

FOMO: Monacoin Spikes

It is hard to find fomo when markets are bleeding but there is always one altcoin topping the top one hundred. Japan’s Monacoin is today’s big performer with a 20 percent pump to $1.30. There is nothing in the news to suggest why the Japanese are loading up on this one at the moment. Maximine Coin and Bytecoin are the only two other altcoins in double digits, making 10 percent each.

The two Bitcoin offshoots, Bitcoin Diamond and SV are bleeding out the most today with losses of around 20 percent each.

Total market capitalization 24 hours. Coinmarketcap.com

From a new 2019 and ten month high of $286 billion total market cap has hemorrhaged $29 billion to fall back to $257 billion. It is currently back over $260 billion, which is still up on the week, but further declines could be on the cards over the weekend. Bitcoin dominance is back over 56 percent as a result of the altcoin avalanche.

Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.

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Kamis, 30 Mei 2019

Bitcoin (BTC) Price Nosedives: Is This The Start Of Major Correction?

  • Bitcoin price spiked above the $8,950 and $9,000 levels, but failed to hold gains against the US Dollar.
  • The price declined heavily and traded below the $8,720 and $8,440 support levels.
  • There was a break below a crucial bullish trend line with support at $8,560 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently trading in a bearish zone below the $8,300 level and it could continue lower.

Bitcoin price failed near the $9,000 level and declined sharply against the US Dollar. BTC is currently trading in a bearish zone, with a risk of a drop towards the $7,880 support.

Bitcoin Price Analysis

Yesterday, there was an upside extension in bitcoin price above $8,800 against the US Dollar. The BTC/USD pair spiked above the $8,950 and $9,000 levels, but failed to hold gains. As a result, there was a major bearish reaction below the $8,800 level. The price declined heavily below the $8,600 support level and the 100 hourly simple moving average. Moreover, there was a clear break below the 50% Fib retracement level of the upward move from the $7,897 low to $8,960 swing high.

More importantly, there was a break below a crucial bullish trend line with support at $8,560 on the hourly chart of the BTC/USD pair. The pair is currently trading below the $8,200 level and recently tested the 76.4% Fib retracement level of the upward move from the $7,897 low to $8,960 swing high. If there is an upside correction, an initial resistance could be near the $8,400 level. The main resistance might be $8,440, above which the price could revisit the $8,700 level.

On the downside, an immediate support is at $8,000. If there is break below $8,000, the price could retest the $7,880 support area. If there are more losses, the next target for the bulls might be $7,646. It represents the 1.236 Fib extension level of the upward move from the $7,897 low to $8,960 swing high. The current price action is bearish and there is a risk of more losses below $8,000.

Bitcoin Price Analysis BTC Analysis

Looking at the chart, bitcoin price clearly started a major downside correction below $8,500. There could be range moves in the short term, but the price is likely to extend downsides below $8,100. Once the current correction is complete near $7,880 or $7,646, the price is likely to bounce back.

Technical indicators:

Hourly MACD – The MACD is slowly reducing its bearish slope, with no major positive sign.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD declined heavily and it is currently flat in the oversold zone.

Major Support Levels – $8,000 followed by $7,880.

Major Resistance Levels – $8,300, $8,440 and $8,500.

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