NiceHash has officially announced that it will reimburse stolen funds, but is yet to initiate the process.
Archives for January 1, 2018
Have we been looking for the successor to Bitcoin in the wrong place?
Key Points Bitcoin gold price has recovered well from the $205 support zone against the US Dollar. There is a contracting triangle forming with current resistance at $255 on the hourly chart of BTG/USD (data feed from Bitfinex). The pair might make the next move soon either above $255 or below $235 in the near… View Article
- Bitcoin gold price has recovered well from the $205 support zone against the US Dollar.
- There is a contracting triangle forming with current resistance at $255 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The pair might make the next move soon either above $255 or below $235 in the near term.
Bitcoin gold price is moving nicely above $200 against the US Dollar. BTG/USD is now preparing for the next break with resistance at $255.
Bitcoin Gold Price Resistance
Recently, we saw a declining pattern in bitcoin gold price from the $300 swing high against the US Dollar. The price traded below the $280 and $250 support levels and moved closer to the $200 handle. A low was formed at $207 from where the price started an upside recovery. It has moved above the 50% Fib retracement level of the last decline from the $275 high to $207 low.
However, the price is struggling to move above the $260 resistance level. Moreover, the 61.8% Fib retracement level of the last decline from the $275 high to $207 low also prevented gains. It seems like there is a contracting triangle forming with current resistance at $255 on the hourly chart of BTG/USD. The triangle resistance at $255-260 is a major hurdle for buyers. On the positive side, the price is currently above $240 and the 100 hourly simple moving average.
On the downside, there is a connecting trend line with support at $240. Therefore, it seems like the pair is approaching a breakout either above $255 or below $235. Above $255-260, the price could trade higher towards the $300 level. On the other hand, below $235, the price could retest $200.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is moving higher towards the 70 level.
Major Support Level – $235
Major Resistance Level – $260
Charts courtesy – Trading View, Bitfinex
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Marko Kobal, co-founder of NiceHash, the Slovenian startup that serves as a marketplace for matching spare computing power to miners, stepped down from his role as CEO last week. This comes just weeks after NiceHash lost over $60 million to a high profile cyber attack. Christmas came early for many Bitcoin enthusiasts this year, reaping… View Article
Bitcoin has started a new year, after defeating all bonds, stocks, gold, and assets in terms of price growth and profitability in 2017. 1,300% Annual Return According to StockTwits, S&P 500, Dow Jones, Nasdaq, Long 20+ Year Treasuries, Gold, Emerging Markets, and Junk Bonds have all recorded yearly gains below the 35 percent mark, despite… View Article
Bitcoin has started a new year, after defeating all bonds, stocks, gold, and assets in terms of price growth and profitability in 2017.
1,300% Annual Return
According to StockTwits, S&P 500, Dow Jones, Nasdaq, Long 20+ Year Treasuries, Gold, Emerging Markets, and Junk Bonds have all recorded yearly gains below the 35 percent mark, despite the strong performance of the US stock markets.
On the contrary, as it did in 2015 and 2016, bitcoin has surpassed the growth rate of all of the conventional assets in the traditional finance industry. After starting 2017 at $900, bitcoin price has closed the year at $13,500, recording nearly a 1,300 percent annual return.
Within the global cryptocurrency market however, bitcoin has not been the most profitable asset. Litecoin, IOTA, Ripple, Ethereum, and several others have outperformed bitcoin, with Ripple recording a staggering 333-fold yearly return.
$1,000 invested in bitcoin in early January would have earned an investor $13,000 while $1,000 invested in Ripple in the same time period would have earned an investor $330,000.
Regardless of its strong performance, the dominance index of bitcoin has declined significantly, from 90 percent to 38.3 percent. Analyst have attributed such a sharp decline in its dominance over the cryptocurrency market to the cryptocurrency’s high transaction fees, which increased to $20 per median-size transaction in December.
Stil, relative to other assets and currencies in the finance sector and global economy, bitcoin has recorded a strong return for investors.
2018: Big Year For Bitcoin
In December 2017, Bitfury vice chairman and prominent bitcoin investor George Kikvadze noted that the $10,000 mark was a psychological threshold for bitcoin investors and once that was passed, anything was possible thereafter.
Billionaire investor Mike Novogratz reaffirmed his target of $50,000 and has publicly stated that he is confident the market valuation of bitcoin would surpass a trillion dollars by the end of 2018. Investors also expect innovative scaling solutions to be integrated into the Bitcoin network to reduce transaction fees, which would drastically improve its usability and adoption.
“Bitcoin could be at $40,000 at the end of 2018. It easily could. What’s different about these coins than other commodities … there is no supply response here. So it’s a speculator’s dream in that as buying happens there’s no new supply response that comes up. So every price move gets exaggerated. It’s going to get exaggerated on the way up,” said Novogratz.
As NewsBTC previously reported, large-scale financial institutions such as the New York Stock Exchange (NYSE), Nasdaq, and Chicago Board Options Exchange (CBOE) plan to provide regulated investment vehicles for institutional investors and retail traders. Most recently, NYSE and CBOE filed for six bitcoin exchange-traded funds (ETFs) to the US Securities and Exchange Commission (SEC).
Things to look out for in 2018 in #Bitcoin:
1. Nasdaq Bitcoin Futures
2. NYSE Bitcoin ETFs
3. Cboe Bitcoin ETFs
4. Scaling / Lower Fees
5. More Adoption Due to ↑
6. Many Billion of Institutional Money Coming to Bitcoin / Crypto
No wonder analysts are so optimistic!
— Joseph Young (@iamjosephyoung) December 26, 2017
The post Bitcoin Outperformed All Bonds, Stocks, Gold, and Assets in 2017 as Usual appeared first on NEWSBTC.
Interesting price formation as we usher in the New Year. To begin with, a DASH Evening Star pattern is clear in the weekly chart and even though we expect short term buy pressure, the higher time frame pattern shall take precedence in our analysis. Besides DASH, we can see buy pressure building up in LTC–where… View Article
Interesting price formation as we usher in the New Year. To begin with, a DASH Evening Star pattern is clear in the weekly chart and even though we expect short term buy pressure, the higher time frame pattern shall take precedence in our analysis.
Besides DASH, we can see buy pressure building up in LTC–where there’s a bull divergence pattern, Monero and to some degree IOTA.
AFTER CLEARING $1.1, WHAT’S NEXT FOR NEM?
So, after stringing some impressive higher highs and NEM closing the year with a strike at $1.1, nothing could be better for buyers.
We have this strong buy signal in the weekly chart encouraging buyers to continue ramping up their long positions. In line with this, buyers should be doing the same in our entry chart. It’s a no brainer really.
Now, in light of this and the weekly candlestick characteristic, it’s better to wait for a retracement before going long because last week’s candlestick ended up closing above the upper BB.
Before that, the upper limit or the minor resistance trend line of the current ascending wedge shall be a minor trigger.
DASH EVENING STAR PATTERN IN THE WEEKLY CHART
Before last week’s close, DASH had closed as an inverted hammer complete with that long signature upper wick and sellers expected a confirmation of that bear pressure.
Well, sells were confirmed and prices are back and trending within the BB. Because of last week bear candlestick, a 3-bar reversal pattern called the Evening star pattern was completed and sellers were also gifted with a stochastic sell signal turning from deep the overbought territory.
The combination of these three patterns mean one thing: Loading up sells. However, there is no need of excitement now.
For obvious reasons of course! As it is, its better to wait for a stochastic sell signal. Ideally, this should happen at around the minor resistance trend line or at around $1200.
IOTA BUYERS MAY PUSH PRICES TO $5
In fact as we can see, prices actually rebounded from that level after that stochastic buy signal on December 31.
As it is, the minor resistance trend line no longer holds. In line with this break through, should there be more buy pressure, immediate take profit lies at $5.
Coincidentally, that is where we expect sell pressure to jump in the fray and drive prices lower.
MONERO PRICES MIGHT TOUCH $400 THIS WEEK
In our entry chart, there is a stochastic buy signal. Furthermore, from our entry chart, Monero higher highs are pushing towards last week’s highs of $400.
This is encouraging to buyers. You see, after last week’s doji candlestick, buyers are now getting their grind back.
Despite the higher highs, I recommend short term buying and liquidation at around $400 especially if there is a bear reversal pattern or a stochastic sell signal forms.
LTC BULL DIVERGENCE MEANS LOADING LTC BUYS
Like everything in nature, nothing continues on in perpetuity. LTC buys or sells is no exception. Interestingly-and painful for buyers, LTC prices appreciated to as high as $400. However, at current prices its value is about 50% less than it was 3 weeks ago.
That’s how volatile price action has been. Well, there is a ray of hope at least from my technical point of view. From price action, we expect buy pressure after that bounce from $200. Furthermore, there is a bull divergence pattern and a buy signal in place.
Judging from the chart, the current bull candlestick might push prices above the middle BB. If it does, it definitely trigger buy pressure and that’s why I recommend buying.
All charts courtesy of Trading View
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