Key Highlights ETH price was under immense bearish pressure and it declined below the $560 support against the US Dollar. There is a major bearish trend line forming with resistance at $575 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair may continue to slide and it could even break the $500… View Article
Archives for March 17, 2018
- ETH price was under immense bearish pressure and it declined below the $560 support against the US Dollar.
- There is a major bearish trend line forming with resistance at $575 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair may continue to slide and it could even break the $500 level in the near term.
Ethereum price declined sharply during the past few days against the US Dollar and Bitcoin. ETH/USD could continue to move down below the $500 level.
Ethereum Price Decline
This past week, a major downside move was initiated from the $750 swing high in ETH price against the US Dollar. The price declined and moved below the $700 and $600 support levels. The decline accelerated recently and sellers succeeded in pushing the price below the $560 support. ETH price is now trading well below the $600 level and the 100 simple moving average (2-hours).
The recent low was formed at $508 and it seems like the price may even not correct in the short term. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $738 high to $508 low. Moreover, there is a major bearish trend line forming with resistance at $575 on the 4-hours chart of ETH/USD. The pair remains at a risk, and if there is a correction from the current levels, the $575 level could act as a major resistance.
On the downside, the recent low of $508 is a tiny support. It seems like the price may test the $500 level in the near term. A break below the $500 level could really put buyers under a lot of pressure. In the mentioned case, below $500, the price could move into a medium term downtrend with chances of more losses.
4-hours MACD – The MACD is placed well in the bearish zone.
4-hours RSI – The RSI is currently near the oversold levels.
Major Support Level – $500
Major Resistance Level – $575
Charts courtesy – Trading View
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South Korea continues to make headlines in the cryptocurrency world as authorities raided and confiscated property from three cryptocurrency exchanges following a January investigation. Raiding Party Last month, legal authorities in Seoul raided three cryptocurrency exchanges. The raids followed a government investigation in January, which concluded that a certain amount of customer’s assets had been… View Article
- Bitcoin cash price struggled to recover and moved below the $950 level against the US Dollar.
- There is a crucial bearish trend line forming with resistance at $975 on the 4-hours chart of the BCH/USD pair (data feed from SimpleFX).
- The pair remains at a risk of more declines and it could even break the last low of $867 in the near term.
Bitcoin cash price is under pressure below $975 against the US Dollar. BCH/USD may continue to decline towards $850 and $800 support levels.
Bitcoin Cash Price Downtrend
This past week pushed bitcoin cash price in a bearish zone below $1,000 the US Dollar. There was a sharp downside move and the price settled below the $1,000 level and the 100 simple moving average (4-hours). There was a decline towards the $850 level and a low formed at $867. A recovery was initiated and the price moved above the 23.6% Fib retracement level of the last decline from the $1,160 high to $867 low.
However, the upside wave was protected by the $1,050 level. Moreover, the 61.8% Fib retracement level of the last decline from the $1,160 high to $867 low acted as a hurdle. At the moment, the price is trading lower and is well below the $950 level. On the upside, there is a crucial bearish trend line forming with resistance at $975 on the 4-hours chart of the BCH/USD pair. It seems like the pair may continue to decline and it could even break the $900 level in the near term.
Further below $900, the last low of $867 could be tested. Moreover, there is a risk of a test of $850, which is a major support zone.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is once again moving in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Major Support Level – $850
Major Resistance Level – $975
Charts courtesy – SimpleFX
The post Bitcoin Cash Price Weekly Analysis – BCH/USD Remains at Risk appeared first on NewsBTC.
Key Points Bitcoin cash price struggled to recover and moved below the $950 level against the US Dollar. There is a crucial bearish trend line forming with resistance at $975 on the 4-hours chart of the BCH/USD pair (data feed from SimpleFX). The pair remains at a risk of more declines and it could even… View Article
ICOs raised approximately $4 billion in 2017 alone, outpacing all venture capital raised in the United States. Because anyone with an idea for a project can gain financial backing without going through the formalities of an IPO, however, there are obvious chances for the public to be scammed, and we likely have only begun to… View Article
The Mt. Gox trustee who sold over $400 million in Bitcoin (BTC) and Bitcoin Cash (BCH) from December to February had denied affecting the market prices of both cryptocurrencies. A Whale’s Tale According to a transcript of a Q&A session from the 10th Mt. Gox creditors’ meeting, the defunct exchange’s trustee Nobuaki Kobayashi had denied affecting… View Article
What happened in crypto this week? Price Watch Bitcoin is down about 8% this week to $7,800.This has been attributed to low volume, FOMO, and the ICO hearing. The news isn’t all bad though, several experts are saying now might be a good time to buy. Ethereum is down about 16% this week to $560. This is
The post Market Crashes, Binance Pivots and OpenBazaar Developments: This week in Crypto appeared first on CCN
We are not surprised by the announcement from Halong Mining about their new DragonMint X1 and DragonMint X2 Cryptonight ASIC miners as the company had already mentioned on twitter a few days ago that they will be releasing such miners. The Halong Mining DragonMint X1 miner should be capable of 124 KH/s hashrate with 245W power usage, costs $1714 USD with a power supply and should start shipping in April 25-30. The more Halong Mining DragonMint X2 miner, as the name suggests, should be offering double the performance or with other words 248 KH/s at 490W of power usage at a slightly better price than ordering two X1 miners – $3115 USD with a power supply and shipping should also start by the edn of next month (April).
This offer is more like a real competition to Bitmain’s X3 Cryptonight ASIC miners performance wise and at a much better price and shipping earlier. What is there not to like in some real competition on the Cryptonight ASIC miners, but then again these devices might also end up as expensive door holders as well by the time they start shipping. With Monero (XMR) and other Cryptonight-based crypto currencies announcing plans to fork to a new version of the algorithm that should make them ASIC proof again things are not looking very favorable for ASIC miners. So again a word of warning if you are interested in the recent wave of Cryptonight ASIC miners, be extra careful when making your plans should you decide to order any of the miners already available or coming soon to the market.
A study found that cybercriminals launder $80-$200 billion a year and are moving away from Bitcoin as Monero offers greater anonymity.
Cybercriminals Launder Up To $200 Billion Each Year, Says Report
Virtualization technology-focused security firm security firm Bromium announced the findings of an independent study into the macroeconomics of cybercrime. “Into the Web of Profit,” a report released by the company, concludes that cybercriminal proceeds make up an estimated 8-10 percent of total illegal profits laundered globally, which amounts to $80-$200 billion each year.
Additionally, the report found that virtual currencies are now the primary tool used by cybercriminals for money laundering. Monero, a cryptocurrency that provides greater anonymity, is becoming criminals’ favorite as they move away from Bitcoin.
Dr. Mike McGuire, Senior Lecturer in Criminology at Surrey University and author of the report, said:
“It’s no surprise to see cybercriminals using virtual currency for money laundering. The attraction is obvious. It’s digital, so is an easily convertible way of acquiring and transferring cybercrime revenue. Anonymity is also key, with platforms like Monero designed to be truly anonymous, and tumbler services like CoinJoin that can obscure transaction origins. Targeted organizations must do more to protect their customers.”
The study also found that in-game purchases and currencies are spurring a rise in gaming-related laundering, as China and South Korea become hotspots for gaming-currency laundering; PayPal and other digital payment systems are employed by cybercriminals to launder money; and digital payment systems laundering often involves the use of micro-laundering techniques where multiple, small payments are made so laundering limits aren’t triggered.
Gregory Webb, Chief Executive Officer of Bromium, commented: “We invested in this research to instigate a meaningful conversation about how to disrupt the economic systems and poor security practices that enable cybercrime around the world; frankly because it’s far too easy for them.”
“Today it is easy for hackers to infect machines, steal data, and hold businesses and individuals for ransom or sell stolen IP because enterprise defenses are not fit for purpose. It is equally easy for them to wash that money and convert it into cash – and the rise in the use of unregulated, virtual currencies is making this even easier. We need to attack the problem in a different way. Law enforcement, the cybersecurity industry and both the public and private sectors need to be vigilant about disrupting cybercrime. Protecting applications that access sensitive data is an absolute requirement. We need a whole new approach to cybersecurity or these figures will continue to increase over time.”
While cryptocurrencies have become more popular within the cybercrime industry, it remains unclear whether the impact of digital currencies is large enough to attract the attention of regulators, given that the majority of criminal operations globally are still funded by fiat money, or cash.
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