Key Points Bitcoin price started a nice upside move from the $10,100 swing low against the US Dollar. There is a contracting triangle pattern forming with resistance at $11,400 on the 4-hours chart of the BTC/USD pair (data feed from SimpleFX). The pair may decline or correct a few points, but it remains supported above… View Article
Archives for March 3, 2018
Blockchain technologies have been fondly called the basis and the beginning of ‘The Internet 3.0’ over the recent years. But what does this mean for the applications and technology companies of today? Blockchain technologies have undoubtedly brought about a new era of technological advancement. Applications of the blockchain as enterprise solutions have allowed for an… View Article
Key Highlights ETH price is trading above the $780 support, but with a negative bias against the US Dollar. There is a major bearish trend line forming with resistance at $850 on the 4-hours chart of ETH/USD (data feed via SimpleFX). The pair should break the $850 resistance and the 100 simple moving average (4-hour)… View Article
There has been a lot of media coverage and chatter in the crypto community over the concept of ‘decentralized’ exchanges. Unfortunately, this type of coverage magnifies the confusion among crypto enthusiasts regarding market structure and price discovery. It is vital to separate discussions of price discovery from the settlement process. Otherwise, ‘decentralized exchanges’ that have… View Article
- Bitcoin cash price is trading above the $1,120 support with a neutral bias against the US Dollar.
- There is a key bearish trend line forming with resistance at $1,295 on the 4-hours chart of the BCH/USD pair (data feed from SimpleFX).
- The pair is trading with a neutral bias as long as it is above the $1,120 in the near term.
Bitcoin cash price is finding it hard to move higher above $1,300 against the US Dollar. BCH/USD must break the $1,300 resistance to more gains in the near term.
Bitcoin Cash Price Upside Hurdle
There was no major upside move above the $1,300 resistance in bitcoin cash price against the US Dollar. The price made a nice upside move around the $1,250 and $1,300 resistance levels. However, the price was not able to move above $1,300 and started a downside move. A low was formed $1,118 from where a minor upside correction was initiated.
It moved above the 23.6% Fib retracement level of the last drop from the $1,617 high to $1,118 low. However, the upside move faced sellers near $1,300 and the 100 simple moving average (4-hour). Moreover, there is a key bearish trend line forming with resistance at $1,295 on the 4-hours chart of the BCH/USD pair. Furthermore, the 38.2% Fib retracement level of the last drop from the $1,617 high to $1,118 low prevented gains. There are a few bearish signs and it may move down back towards the $1,150 support level. Below the $1,150 support, the next support level is around the $1,120 level.
On the upside, the price must break the $1,300 resistance and the 100 SMA to gain bullish momentum toward $1,500.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is mostly flat in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD has moved below the 50 level.
Major Support Level – $1,120
Major Resistance Level – $1,300
Charts courtesy – SimpleFX
The post Bitcoin Cash Price Weekly Analysis – Can BCH/USD Hold This? appeared first on NewsBTC.
In the already exceptionally volatile cryptocurrency space, altcoins are considered an even higher risk; but with higher risk comes higher reward. Finding the specific altcoin with the highest chance of outpacing BTC’s gains should be a goal for most crypto traders. Altcoins Worth Focusing On The altcoins worth shifting immediate focus to for this… View Article
Bitcoin will remain the world’s leading cryptocurrency for some time to come. Over the past few days, the Bitcoin Dominance Index has been on the rise. This correlates with the recent BTC price increase we have seen forming on the charts. The big question is whether or not this is Bitcoin’s next big time to shine.
The Bitcoin Dominance Index
Different metrics can be used to determine which cryptocurrencies are worth keeping an eye on. Ranking them by market cap is a popular option these days. The trading volume of individual currencies is also worth exploring. One metric has always stood out: the Bitcoin Dominance Index. It is an interesting tool, although not everyone sees the added benefit in using it.
What this metric does is determine Bitcoin’s market share compared to all other currencies combined. In the early days, the Bitcoin Dominance Index was close to 70% or more. This figure has begun sliding over the years and even dips below 35% on a regular basis. Especially late last year, the BDI was not looking great for the world’s leading cryptocurrency.
As of right now, the Bitcoin Dominance Index is rising. The latest figure sits at 41.9%, which is rather spectacular. None of the other top altcoins is mimicking Bitcoin’s gains these days. It is an interesting development, although one that has a precedent. Last year, Bitcoin dominated most discussions until altcoins started making their mark. It is possible 2018 will bring us more of the same.
Max Keiser Goes Into Bullish Mode
If Max Keiser is to be believed, the Bitcoin Dominance Index is a sign of things to come. He claims the Bitcoin price will continue to rise for the foreseeable future. Right now we are looking at a BTC value of just over $11,500. That is quite significant and further confirms Bitcoin is rebounding strongly.
As predicted, #Bitcoin dominance continues to increases. 80% coming…
— Max Keiser (@maxkeiser) March 3, 2018
One also has to wonder how valuable most of these altcoins are. Even in the top 15, there are a fair few half-finished projects at best. Others are simply trying to do the same as Bitcoin and a few of them aren’t even traditional cryptocurrencies at all. Even so, all of these coins and tokens have their individual value, according to most speculators.
For the time being, the Bitcoin Dominance Index will probably continue to rise. Ethereum is stuck in sideways trading momentum, as are Bitcoin Cash, XRP, NEO, and a few others. Whether or not we will see more “big gains” for Bitcoin, remains to be seen. Right now it is the best currency worth keeping an eye on. If Max Keiser is to be believed, this Bitcoin Dominance Index will rise to 80% or more. An ambitious outlook, but anything is possible.
The post Bitcoin Enters Bull Market as Dominance Index Surges Above 40% appeared first on NewsBTC.
The post Mexico´s Congress Approves Cryptocurrency, Crowdfunding Regulations appeared first on CCN
Mexico’s lower house of Congress recently approved a bill that’s set to regulate the financial technology (fintech) sector in the country. The bill addresses both crowdfunding and cryptocurrency regulations, and puts Mexico among a small group of countries regulating the cryptocurrency space. According to Reuters, the bill seeks to “promote financial stability and prevent money
The post Mexico´s Congress Approves Cryptocurrency, Crowdfunding Regulations appeared first on CCN
BitPay is the world’s leading Bitcoin payment processor. The company is looking well beyond the world’s leading cryptocurrency as well. Their support for Bitcoin Cash has been quite interesting to keep an eye on. It is now possible to sue BCH with the BitPay Visa debit card as well. More importantly, this is done at no fee.
BitPay Continues to Surprise
It is evident there is more to cryptocurrency than just Bitcoin. Even companies such as BitPay acknowledge things are changing rapidly in this ecosystem. The company recently introduced support for Bitcoin Cash as an extra currency. This news has been received with great enthusiasm by the BCH faithful.
However, this support doesn’t extend to transactions and payment processing. BitPay has also enabled BCH as a funding method for their native Visa debit card. This change went into effect as of this week. It is an intriguing change which catches a lot of people by surprise as of right now. Owners of the card don’t need to do anything special, as this new option shows up automatically.
The introduction of Bitcoin Cash support for the Visa card exists side-by-side with Bitcoin top-ups. Giving customers more choices is always a great idea in this regard. These two options work in very similar ways, although there is one big difference between the two. Bitcoin top-ups or be subject to a 1.9% network fee. Using BCH, on the other hand, is completely free of charge, for the time being.
Fee-free Bitcoin Cash Top-Ups
It is a change few people had ever expected to see. With its lower transaction fees, it is only normal BitPay wants to make these services as cheap as possible. For now, they seem to lean toward BCH in this regard, rather than Bitcoin. It is impossible to tell if this BCH top-up option will remain free. That will mainly hinge on how the BCH network fees evolve in the coming weeks and months.
Whether or not there will be a lot of interest in this feature, remains to be seen. Users can compare both deposit options side-by-side when making a transaction. This should make it easier to determine which options work best at that given time. There are different exchange rates and confirmation times to take into account at all times, though.
In the end, this is positive news for Bitcoin Cash supporters Whether or not Bitcoin users will be happy about this change, remains to be determined, though. This ongoing spat between BTC and BCH has been going on for quite some time now. It is evident both currencies can effectively compete with one another through the BitPay platform from now on. Which one will come out on top, has yet to be determined. Right now, it clearly sees as if BCH is the better option for all intents and purposes.
The post BitPay Visa Top-Ups Become a lot Cheaper With Bitcoin Cash appeared first on NewsBTC.
Over the past six months, the vast majority of South Korea’s youth and millennials have invested thousands of dollars in the cryptocurrency market, with hopes to make big returns in the short-term.
However, the massive market correction that occurred in January led most of the investments of South Korean millennials to decline by half, especially those that have invested in cryptocurrencies like Ripple, which is down 3x since its all-time high.
Glimmer of Hope
Former Google intern 24-year-old Juwon Park told NBC News in an interview that she didn’t expect or want a fortune from her $2,500 investment in the market, but seeked for a glimmer of hope which the strict South Korean society fails to offer to most young adults.
In South Korea, many teenages are forced to a single system called the College Scholastic Ability Test, which is similar to the SAT of the US, to enter prestigious colleges. But, the lack of demand for university graduates and increase in demand for experienced individuals by companies have left millennials confounded and astray.
Consequently, many millennials have entered the cryptocurrency market, not necessarily to make a quick buck, but as a glimmer of hope.
“I didn’t want a fortune. I just wanted enough to give me that glimmer of hope. Now it’s gone,” said Park, adding that she had convinced her mother to invest another $25,000 in the market, which has decreased by more than 50 percent since January. “I wasn’t expecting 100 million won to fall from the sky. For me, because prices were rising so quickly, I thought they’d keep rising once I bought in. Then I realized I’d been too greedy.”
Park noted that she hopes the market will recover after it stabilizes, especially that the South Korean government and the US have demonstrated their willingness to efficiently regulate the global cryptocurrency market. “I am hoping that [after] this whole government regulation, once it gets sorted out, the price will normalize,” Park said.
As shown in the decline of the “Kimchi Premium,” which spiked to 30 percent at one point for most major cryptocurrencies, the speculative mania in South Korea, specifically amongst millennials, has settled down since the major correction.
Elaine Ramirez, a tech analyst based in Seoul, told NBC that the correction will allow the cryptocurrency market to gain greater opportunities, and ensure that weak hands or speculators do not lead to massive short-term bubbles.
“Its a global trend, and South Koreans are indulging in being at the forefront of it. On a macroeconomic level, it’s a way to gain greater opportunities when economic growth has been sluggish, and young adults see it as an escape from chronically high youth unemployment rates.”
The majority of speculators have also invested in many cryptocurrencies or tokens they do not have knowledge in, and solely due to FOMO, or Fear of Missing Out. Long-term corrections–as in the cryptocurrency market, a few months are a relatively long period of time–prevent speculators from taking over the market and inflating the valuations of cryptocurrencies.
This is an optimistic trend for the entire cryptocurrency market, and it will allow major cryptocurrencies to regain momentum for more robust mid-term and long-term growth.
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