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Archives for March 19, 2018
- ETH price is slowly moving higher and it is currently trading above the $520 support against the US Dollar.
- Yesterday’s highlighted major bearish trend line with resistance at $535 was broken on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is now facing a major resistance near $560 and the 100 hourly simple moving average.
Ethereum price is in a recovery mode against the US Dollar and Bitcoin. ETH/USD must breach the 100 hourly SMA to continue its upside momentum.
Ethereum Price Resistance
There was a decent upside move in ETH price from the $480 swing low against the US Dollar. The price traded higher and recovered above the $500 and $520 resistance levels. The best part was a close above the 50% Fib retracement level of the last drop from the $610 swing high to $454 low. It seems like the price is now trading in a positive zone above the $520 level.
During the upside move, yesterday’s highlighted major bearish trend line with resistance at $535 was broken on the hourly chart of ETH/USD. At the moment, the pair is struggling to break the $560 resistance and the 100 hourly simple moving average. Moreover, a close above the 61.8% Fib retracement level of the last drop from the $610 swing high to $454 low is needed for buyers to take control in the near term. Once the price succeeds in breaking the $560 resistance and the $570 barrier, it could easily move above the $600 level.
On the downside, there is a decent support forming near $520. Below $520, the $500 level is a short-term support. ETH price has to stay above the $500 level if it has to move higher above $560 in the near term.
Hourly MACD – The MACD is currently flat in the bullish zone.
Hourly RSI – The RSI is nicely placed above the 50 level.
Major Support Level – $520
Major Resistance Level – $560
Charts courtesy – Trading View
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Olympian Apolo Ohno may have just launched a cryptocurrency exchange, but he isn’t pulling punches when talking about his industry vision.
Morgan Stanley put out a note to its clients on Monday the 19th breaking down Bitcoin trading in comparison to the Nasdaq during the dot-com crash 20 years ago.
Bitcoin Similar to Dot-Coms Through Bear Markets
According to the report, Bitcoin is behaving very similar to the way the Nasdaq did in 2000. There is parity in the pattern of price declines and the rally of 250 -280 percent “in their most exuberant period” just before the bear market.
“Just that the bitcoin rally was around 15 times the speed,” Sheena Shah, strategist at Morgan Stanley said.
There have been four bear markets with Bitcoin since 2009 and through each, the cryptocurrency has lost between 28 and 92 percent of its value. It lost 70% of its value from it’s $20,000 high mark in December to $7,000 in February before recovering slightly to where it is today over $8,000. Averaging a loss of between 40-50% of its value through each bear market is similar to the Nasdaq’s performance 18 years ago Shah said.
According to the Morgan Stanely report trading volume can also be seen as a red flag. The Bitcoin trading volume has jumped nearly 300% since the market decline in December but each rally saw volumes fall ahead of the bear market to come. Shah said regarding the trading volumes;
“The follow-up rally for both bitcoin and the Nasdaq always saw falling trading volumes. Rising trade volumes are thus not an indication of more investor activity but instead a rush to get out.”
Tethers Effect on Market Trading
The Morgan Stanley report continued to point out the effect that the Tether cryptocurrency may have had on market trading. Citing that during the latest bear market the Tether USDT coin which is purportedly backed up one to one with US Dollars took up a bigger share of Bitcoin trading compared to the three historically major trading currencies; US Dollar, Chinese Yuan and the Japanese Yen.
“The coin USDT is not a major funding unit but its increasing use is an interesting development,” Shah wrote. “Over the coming years, we think that market focus could turn increasingly towards cross trades between cryptocurrencies/tokens, which would transact via distributed ledgers only and not via the banking system.”
Bloomberg reported in January that Tether has been subpoenaed by the US commodities trading commission under speculation that they do not hold the $2.2 billion in reserve in order to back their token. Bitcoin’s price continues to vacillate around the $8,000 mark early this week after enjoying a $1,000 price boost from the news that the G20 would not be receiving any further regulatory recommendations from the FSB.
- Bitcoin cash price is slowly gaining pace and is currently trading above $950 against the US Dollar.
- There was a break above a major bearish trend line with resistance at $925 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is now trading above the $940 support and the 100 hourly simple moving average.
Bitcoin cash price is trading nicely in a bullish zone against the US Dollar. BCH/USD may correct a few points, but it could find support near the $940-950 levels.
Bitcoin Cash Price Support
There was a slow and steady upside move initiated from the $903 swing low in bitcoin cash price against the US Dollar. The price traded higher and managed to move above a major resistance near $920. Moreover, there was a break above the $930 level and the 100 hourly simple moving average. The best part was a break above a major bearish trend line with resistance at $925 on the hourly chart of the BCH/USD pair.
The pair traded above the $950 level and tested the $1,000 resistance. A high was formed at $1,018 from where a downside correction was initiated. At the moment, the price is trading just below the 23.6% Fib retracement level of the last wave from the $903 low to $1,018 high. However, there are many supports on the downside near $940. The mentioned $940 level is also around the 100 hourly SMA. More importantly, the 50% Fib retracement level of the last wave from the $903 low to $1,018 high is at $961.
Therefore, it seems like there is a decent support forming near $940, $960 and the 100 hourly SMA. On the upside, a proper close above $1,000 could ignite more gains.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is decreasing its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 60 level with positive signs.
Major Support Level – $940
Major Resistance Level – $1,000
Charts courtesy – Trading View
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The U.S. government has pushed back against an effort to dismiss the charges in an ongoing initial coin offering (ICO) fraud lawsuit.
Markets are in the green for a second day as cryptocurrencies struggle to claw back heavy losses over the past week. Bitcoin is leading the charge and has climbed to $8,600, up 5.3% on the day. Altcoins are also predominantly green and in recovery mode, some are gaining faster than others and one way out in front this morning is Qtum.
According to Coinmarketcap Qtum is trading 56% higher during the Asian session this morning. The token was trading at $13.60 this time yesterday and has jumped to $21.15 within 24 hours. The weekly picture is also positive for this altcoin as it has shown a 15.6% gain on prices last Tuesday. Over the month however Qtum is down 34% from $32 on February 20. Against BTC the coin is up 50% at 246388 satoshis from 166331 sats this time yesterday. At its peak in early January Qtum traded at 582182 satoshis, or almost $100.
Space based Qtum was added to Shapeshift a week ago which has kept momentum going while most others have fallen. Investment app Abra has also recently listed Qtum among their top twenty tradable cryptocurrencies. Additionally a recent conference in San Francisco brought positive news for Qtum where decentralized app developments were discussed for the platform.
Qtum is traded heavily in South Korea with Bithumb and Upbit taking almost half of the trade volume in KRW. Just over $600 million has been traded in the past 24 hours and Qtum’s market cap currently stands at $1.5 billion ranking the altcoin at 18th.
Other altcoins enjoying over 20% growth this morning include Cardano, Eos, and Ethereum Classic. Total crypto market capitalization has risen 6.7% in the past 24 hours to $336 billion with many hoping that this could be the start of the recovery.
More on Qtum can be found here: https://qtum.org/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.
The post Asian Altcoin Trading Roundup: Top Cryptocurrency is Qtum appeared first on NewsBTC.
Bitcoin Price Key Highlights
- Bitcoin price is showing early bullish signals as it moved past a short-term descending trend line.
- The uptrend could gain traction as bitcoin clears the next upside hurdles from here.
- The areas of interest at $10,000 and $12,000 could contain some take-profit orders so bounces could be seen right there.
Bitcoin price is starting to get back on its feet but would need more bullish energy to bust through the next upside barriers.
Technical Indicators Signals
The 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means that the selloff still has a pretty good chance of resuming, especially if bitcoin price falls back to the latest lows close to $7,000.
In addition, these moving averages line up with the nearby support turned resistance area around $9,000-10,000. If bulls aren’t strong enough to charge past this level, sellers could return and push bitcoin price back to the lows earlier this month.
Stochastic is also indicating overbought conditions, which means that buyers are tired. RSI has some room to climb so a test of the next roadblocks could take place, but this oscillator is also approaching overbought levels.
If buying momentum keeps up, bitcoin price could make its way up to the next area of interest at $12,000. A move past this area could confirm that the longer-term uptrend is still intact as it would place bitcoin back above the ascending trend line on the daily time frame.
Risk appetite appears to have picked up in the financial markets after the Brexit deal was announced. This would mean less uncertainty for businesses, at least during the transition period that would last for 21 months.
The FOMC decision is coming up and this could mean volatility for the dollar, including the BTC/USD pair. A rate hike is widely expected and this might weigh on sentiment, although the scenario has been priced in for quite some time and profit-taking is more likely.
The post Bitcoin Price Technical Analysis for 03/20/2018 – Next Hurdles to Clear appeared first on NewsBTC.
While cryptocurrencies aren’t companies, the Elizabeth Holmes case serves as a reminder you should ignore the charisma of founders.
The US Congress continues to pass business-friendly legislation, but many in the cryptoasset space complain that ambiguities in federal securities laws will prevent initial coin offering issuers (ICOs) from taking advantage of them. Last week, the House of Representatives passed the Regulation A+ Improvement Act of 2017, which seeks to implement a 50 percent increase
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