Key Points Bitcoin cash price is trading with a positive bias and is placed well above the $1500 level against the US Dollar. There is a key bullish trend line forming with support at $1750 on the 4-hours chart of BCH/USD (data feed from Kraken). The pair might continue to trade higher above $1800 and… View Article
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- Bitcoin cash price is trading with a positive bias and is placed well above the $1500 level against the US Dollar.
- There is a key bullish trend line forming with support at $1750 on the 4-hours chart of BCH/USD (data feed from Kraken).
- The pair might continue to trade higher above $1800 and $1900 in the near term.
Bitcoin cash price is placed nicely above $1700 against the US Dollar. BCH/USD may soon break the $1900 level to challenge the $2000 level.
Bitcoin Cash Price Trend
There was a good upside wave in bitcoin cash price from the $1300 swing low against the US Dollar. The price was able to move above the $1500 and $1700 resistance levels. The upside move was strong as the price traded above the $1950 resistance level. It traded as high as $1997 from where a correction wave was initiated. It has moved below the 23.6% Fib retracement level of the last wave from the $1201 low to $1997 high.
However, there are many support levels on the downside such as $1700 and $1750. There is also a key bullish trend line forming with support at $1750 on the 4-hours chart of BCH/USD. The trend line support is just above the 38.2% Fib retracement level of the last wave from the $1201 low to $1997 high. Moreover, the $1675 pivot area could also act as a strong support in the near term. Therefore, it won’t be easy for sellers to push the price below $1700.
On the upside, the recent high at $1997 is only a short-term resistance. The pair might soon break the stated level and trade above $2000 during the coming sessions.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is slightly in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 50 level.
Major Support Level – $1700
Major Resistance Level – $2000
Charts courtesy – Trading View, Kraken
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Key Points Bitcoin price is gaining pace once again and is currently trading above $18,000 against the US Dollar. There is a monster bullish trend line forming with support at $17,000 on the 4-hours chart of BTC/USD (data feed from SimpleFX). The pair is moving higher and it might soon break the $20,000 level for… View Article
- Bitcoin price is gaining pace once again and is currently trading above $18,000 against the US Dollar.
- There is a monster bullish trend line forming with support at $17,000 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
- The pair is moving higher and it might soon break the $20,000 level for more gains in the near term.
Bitcoin price is surging higher towards $20,000 against the US Dollar. BTC/USD might soon break the $20k level and gain further traction in the near term.
Bitcoin Price Trend
There were nasty gains in bitcoin price above the $16,000 level against the US Dollar. After a major correction, the price found support above $15,000. Later, buyers gained momentum and were able to push the price above the $17,000 level. It opened the doors for more gains and the price was able to trade to a new all-time high above $19,000. The recent high was $19,426 and it seems like the current upside move is far from over.
During the upside move, the price was able to break a major connecting resistance trend line at $18,000 on the hourly chart. The current price action is positive above $17k and it seems like the price might continue to move higher. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $15,590 low to $19,426 high. Moreover, the broken trend line at $18K could act as a strong support in the near term.
Moreover, there is a monster bullish trend line forming with support at $17,000 on the 4-hours chart of BTC/USD. Therefore, the current trend is very positive and the pair might accelerate above $20K in the near term.
Looking at the technical indicators:
4-hours MACD – The MACD is gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is reaching the overbought levels, but with no signs of a major correction.
Major Support Level – $17,000
Major Resistance Level – $20,000
Charts courtesy – SimpleFX
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- ETH price is trading higher and is placed well above the $650 support area against the US Dollar.
- There is a crucial bullish trend line forming with support near $680 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair might continue to move higher and it might aim the next target as $780 and $800.
Ethereum price is back in the bullish zone against the US Dollar and Bitcoin. ETH/USD is gaining pace and is about to move higher towards $800.
Ethereum Price Trend
There was a nice upside move this past week above the $600 and $700 levels in ETH price against the US Dollar. The price traded as high as $758 before starting a downside correction. It traded lower sharply and tested the $620 support area and did not test the $600 handle. Later, buyers appeared and pushed the price above the 23.6% Fib retracement level of the last decline from the $758.24 high to $611.12 low.
The current price action is very positive and suggest more gains in ETH/USD in the near term above $650. There are decent technical signs forming and the price has already moved above the 50% Fib retracement level of the last decline from the $758.24 high to $611.12 low. There is also a crucial bullish trend line forming with support near $680 on the 4-hours chart of ETH/USD. Therefore, there are many supports on downside near $680 and $650 to act as a buy zone.
As long as the price is above $650, it would continue to move higher. The next upside target could be the recent high near $758. Above the mentioned level, the price might event trade above the $800 handle in the near term.
4-hours MACD – The MACD has slightly reduced the bullish slope, but it is still showing positive signs.
4-hours RSI – The RSI is currently well above the 50 level.
Major Support Level – $650
Major Resistance Level – $758
Charts courtesy – SimpleFX
The post Ethereum Price Weekly Analysis – ETH/USD is Back Bullish appeared first on NEWSBTC.
The opinions on the current state of Bitcoin are rather divided, to say the least. Some people think it’s doing well, whereas others grow increasingly worried. According to Crunchbase, Bitcoin is no longer a means of exchange. Instead, it has become slow, expensive, and anything but convenient. This is anything but a popular opinion, mind you, but there is some truth to this statement as well.
For a cryptocurrency with such a high market cap, Bitcoin lacks some basic functionality. Sending transactions is a bit of a gamble if it has to happen quickly. Including high fees is always an option but it shouldn’t even be necessary. Unfortunately, Bitcoin is no longer a means of exchange, according to Crunchbase. The value of the world’s leading cryptocurrency certainly doesn’t represent the state of the ecosystem. At the same time, these issues are nothing new under the sun either.
Crunchbase Doesn’t Like the Current State of Bitcoin
In its current form, Bitcoin is slow and expensive to use as a means of exchange. It makes for a worthwhile store of value, though. In fact, it may outperform any other financial asset in existence today in that regard. Crunchbase confirms Bitcoin shouldn’t be looked at a peer-to-peer version of electronic cash whatsoever. That situation may reverse again in the future, though. For now, it seems unlikely anything will change in the near future.
The first-mover advantage Bitcoin has is slowly eroding, to say the least. It is evident this cryptocurrency still has plenty of potential if something changes. Pushing down the fees will be very difficult until SegWit adoption increases or the Lightning Network comes around. Either of those outcomes is still months away, at best. The amount of money one pays for the speed of confirmations imply doesn’t add up. Crunchbase also touches upon the growing transaction backlog. It has been another problem for Bitcoin due to the lack of scaling.
Granted, one could easily adorable this to growing pains. It is evident Bitcoin is still maturing in front of our eyes. However, the currency has been around for many years. These issues have been known for many years as well. A lot of time was wasted due to political bickering over how scaling should work. The community eventually settled on a solution which has an adoption rate of under 15% months later. An uneasy situation, to say the very least
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Cryptocurrency exchanges have seen major user growth in 2017. In some cases, this also means their services are subject to degraded performance. Bitstamp seems to be doing quite well in both aspects, though. Not only is their platform pretty solid, they also welcome around 100,000 new users every day. An astonishing number, to say the very least.
There are few exchanges out there which can handle an increased workload. Coinbase has struggled quite a bit throughout 2017 in this regard. Kraken has a bad infrastructure, but an upgrade is on the way. Even non-fiat currency exchanges struggle from time to time Poloniex has seen multiple outages this year alone. Not to mention the number of DDoS attacks performed against these platforms on a regular basis. Cryptocurrency is very hot right now and exchanges are struggling a bit. Bitstamp, on the other hand, seems to do relatively fine in most cases.
Bitstamp is Coping With Major Our Growth
More specifically, their platform seems to hold up quite well without issues. No major problems have been reported with performance, orders going awry, or anything like that. Getting your account verified, on the other hand, is a waiting game in its own regard. It is not uncommon for people to wait a week or longer to complete this process. It causes some friction, but there’s a good reason for these days. Around 100,000 new users register for Bitstamp every single day right now.
Please understand that we currently have over 100,000 new accounts opened daily. It is challenging to cope with such surge. We are expanding our capacity to on board clients faster but this takes a bit of time.
— Nejc Kodrič (@nejc_kodric) December 16, 2017
This is quite an interesting statement by the Bitstamp CEO. Most companies aren’t as transparent regarding such delays or new user signups. The demand for Bitcoin and various altcoins has been surging as of late. It is evident this demand will not slow down anytime soon either. Given the recent value increases of all major cryptocurrencies, people are going crazy for anything in this industry right now. For Bitstamp, this means a lot more users who have yet to sign up for this platform in the very near future.
At the same time, using a third-party service provider for user verification may be an option worth exploring. Veteran cryptocurrency users don’t want their information in the hands of too many entities right now These KYC and AML procedures are a necessary evil in the world of cryptocurrency exchanges. At the same, it may only be a matter of time until centralized platforms become obsolete. These are incredibly exciting times in the world of cryptocurrency, to say the very least.
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