China both helps and hurts Pakistan
Archives for July 23, 2018
- ETH price failed to move above the $468-469 resistance zone and declined against the US Dollar.
- There was a break below a major bullish trend line with support at $460 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently at a risk of more declines towards the next support at $430 in the near term.
Ethereum price is under heavy selling pressure against the US Dollar and Bitcoin. ETH/USD could continue to move down towards the $430 support zone.
Ethereum Price Resistance
Yesterday, there was a minor upside move above $455 in ETH price against the US Dollar. The ETH/USD pair traded above the $465 level, but it faced a strong resistance near the $468-469 zone. Sellers defended more gains and pushed the price below $460. There was a break below the 50% Fib retracement level of the last wave from the $430 low to $473 high.
During the decline, there was a break below a major bullish trend line with support at $460 on the hourly chart of ETH/USD. The pair is now trading well below the $460 support and the 100 hourly simple moving average. It is currently testing the 76.4% Fib retracement level of the last wave from the $430 low to $473 high at $447. If the price trades further lower, it could break the $440 level. Below this, the next stop could be the last swing low at $430. On the upside, there is a connecting bearish trend line formed with resistance at $457 on the same chart.
Looking at the chart, the price has to move above the trend line, $457 and $460 to retest the $468-469 resistance area. Finally, a push above the mentioned resistance is needed for a decent recovery above $485.
Hourly MACD – The MACD is slowly reducing its bearish slope.
Hourly RSI – The RSI is currently well below the 40 level with an upward angle.
Major Support Level – $430
Major Resistance Level – $468
The post Ethereum Price Analysis: ETH/USD At Risk of More Declines appeared first on NewsBTC.
- Bitcoin cash price traded towards the $840 level where it faced sellers against the US Dollar.
- There was a break below an ascending channel with support at $800 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is currently under pressure and it seems like it could decline back towards $750.
Bitcoin cash price is back below the $800 support against the US Dollar. BCH/USD is currently at a risk of more declines towards the $750 level.
Bitcoin Cash Price Resistance
Yesterday, we saw a nice upside move in bitcoin cash price above the $800 level against the US Dollar. The BCH/USD pair traded above the $820 level and the 100 hourly simple moving average. However, the price failed to break the $835-840 resistance area. There was also a rejection from the 61.8% Fib retracement level of the last decline from the $890 high to $741 low.
As a result, there was a downside reaction below the $820 support. Sellers gained momentum and there was a break below an ascending channel with support at $800 on the hourly chart of the BCH/USD pair. The pair is now trading well below the $800 level and the 100 hourly SMA. An initial support on the downside is at $770. In the short term, the price may perhaps trade a few points higher towards $800. However, the broken support near $795-800 and the 100 hourly SMA are likely to prevent upsides.
Looking at the chart, the price is clearly at a risk of more losses as long as it is below $800. A major support on the downside is at $750. Should there be a break below this, the price could revisit the $740 swing low.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is back moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well below the 40 level.
Major Support Level – $750
Major Resistance Level – $800
The post Bitcoin Cash Price Analysis: BCH/USD Struggling to Hold $800 appeared first on NewsBTC.
Tron Price Key Highlights
- Tron is still trending lower inside its descending channel visible on the 4-hour chart.
- Price got rejected at the resistance again and is moving lower to test the Fibonacci extension levels.
- Technical indicators are giving mixed signals on whether bullish pressure could return or not.
Tron price bounced off its test of resistance and is setting its sights back on the downside targets marked by the Fib extension tool.
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. In other words, the downtrend is more likely to resume than to reverse. Both the 100 SMA and 200 SMA have held as dynamic inflection points also.
Price has tumbled below the 38.2% extension and is now testing the 50% level at 0.03428. A break below this could take Tron to the 61.8% extension or 0.03190 or the 78.6% extension at the bottom of the channel or 0.02850. Stronger selling pressure could take it to the full extension at 0.02420.
RSI is heading lower but may hit the oversold region soon, reflecting exhaustion among sellers. Stochastic is already in oversold territory and looks ready to turn higher to signal a pickup in bullish pressure. In that case, Tron might be able to make a quick bounce back to the nearby resistance levels or the area of interest around 0.04000.
Altcoins have had quite a good run int he past week but Tron has been unable to hold on to majority of its gains. Part of this may be due to the lack of follow-through on its mainnet launch or the absence of any major catalysts particular to this digital asset lately.
Bitcoin is raking in most of the demand in this space as the focus now turns to the SEC decision on the ETF. Rejection could lead to a dip for the industry overall but approval could still favor bitcoin in terms of price gains versus its rivals like Tron.
The post Tron (TRX) Price Watch: Bears Are Back in the Game appeared first on NewsBTC.
These cypherpunk crypto wallet projects want to bring fungibility to bitcoin.
The crypto market is usually fairly disconnected from the day-to-day activities of central banks. Usually…
Last night we got a taste of what can happen when markets get a whiff of upcoming policy changes by the market’s largest players. The Bank of Japan, which has been aggressively printing money since 2013, announced last night that they’re willing to buy an unlimited amount of bonds.
The reaction came swiftly as many analysts feel that this is simply a precursor to deeper changes in the BoJ’s policy. Japanese Bond Yields went through the roof.
At the same time, the price of Bitcoin spiked notably finding fresh new highs following the BoJ’s announcement.
A quick look at the global volumes confirms that this trading action did indeed occur predominantly in Japanese Yen.
It seems that Japanese traders have their own ways to hedge the actions of their central bank.
eToro, Senior Market Analyst
- Tariffs on Everything
- Earnings Season
- Crypto Flight to Quality
Please note: All data, figures & graphs are valid as of July 23rd. All trading carries risk. Only risk capital you can afford to lose.
President Trump became even more aggressive on China last Friday.
The markets were none too happy about that and the US Dollar quickly fell to the lows.
The stock markets also took a small hit but overall, the news didn’t seem to have much impact on sentiment. Here we can see the China50’s response which was to give back just a bit of its gains from earlier in the session.
Over the weekend, we saw the G20 meeting in Buenos Aires where officials did seem to be concerned about all this trade war talk.
Investors are currently doing their best to figure out exactly which stocks and ETFs are going to be hit in the increasingly likely scenario of an all-out trade war. This could be one of the reasons that the Nasdaq has continued to attain new record highs despite the apparent market turmoil.
Very likely, we’ll see an increased focus on the upcoming earnings announcements as we get into a busy week.
Crypto Flight to Quality
The hearing in India that has been a large focus of these daily market updates over the last few weeks took place on Friday as well. The outcome…. inconclusive.
It seems that arguments were heard by the court but unfortunately, or fortunately, they’re still lacking critical input from the Securities and Exchange Board of India and a few others. The next hearing is set for September 11th.
In the meantime, the crypto market has continued to creep up over the last few days but similar to what we’re seeing in the stock markets, alternative investors are getting a bit more picky about which cryptos they pile into.
As the oldest and most well-established cryptocurrency, Bitcoin itself has been the only gainer this weekend as it continues to regain dominance over the alts.
Though I’m not very fond of using market cap as a yardstick for cryptos and even less excited about using the bitcoin dominance index that is derived from the market caps, this does seem to be the best way to explain what’s happening in the last few weeks.
At the beginning of the year, Bitcoin reached an all-time low of 32% of the total market. As we can see, it’s been rising steadily since then as investors realize that the hard cap of 21 million bitcoins that will ever be created, is Satoshi Nakamoto’s way of ensuring the rarity of cryptocurrencies and is the only way to ensure that it will remain a viable store of value going forward.
Have an amazing week ahead!
This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation.
The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.
Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose.
Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework.
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Coinbase sets up a PAC; the Winkevii donate to Cuomo; humble crypto bros beg for acceptance.
Bitcoin Price Key Highlights
- Bitcoin price busted through its short-term channel and the top of a longer-term descending triangle.
- Price is now making its way to the area of interest around $8,000 that might make or break the rallies.
- Strong bullish momentum could take it past this former support region, paving the way for an extended uptrend.
Bitcoin price has climbed enough to reach the area of interest at $8,000 and might need another catalyst to sustain its rally.
Technical Indicators Signals
The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This means that the uptrend is more likely to resume than to reverse. The gap between the moving averages is also widening to reflect strengthening bullish momentum.
However, RSI is slowly making its way down from the overbought territory to reflect a return in selling pressure. This could spur either a quick retest of the broken triangle top around $7,200 or a dip all the way back down to the triangle and channel bottom at $6,500.
Stochastic, on the other hand, appears to have some more room to climb. In that case, buyers still have the upper hand and could push for more gains until the oscillator turns from the overbought region to reflect bullish exhaustion.
Institutional interest and regulation have lifted bitcoin over the past week, and the market attention now turns to the SEC for its decision on the bitcoin ETF. An approval could mean more money flowing into the industry, which could lead to further gains and be enough to sustain the much-anticipated rebound for the year.
On the other hand, rejection could put regulators back in the negative light, likely leading to larger retracements or dips for bitcoin. Dollar demand seems to be taking some hits recently on the US spat with China, although the advanced GDP release later in the week could fuel rate hike expectations again.
The post Bitcoin (BTC) Price Watch: All Eyes on this Area of Interest appeared first on NewsBTC.
Cryptocurrency haven Malta has just seen the launch of its first two-way bitcoin automatic teller machine.
Malta Continues to Make Moves
The Maltese machine is located at the Quickelts head office on the Sliema seafront and opened to an event reportedly attended by a variety of market experts and blockchain enthusiasts. At the event, a demonstration on how to use the island nation’s first bitcoin ATM was provided.
As reported by Times of Malta, the ATM “allows users to both sell and purchase cryptocurrencies in real time and currently offers bitcoin and litecoin,” with more cryptocurrencies expected to be added in the not-so-distant future. Interested Maltese residents new to the cryptocurrency market may now easily supply themselves with a paper wallet and both public and private keys.
Stated Quicklets founder and CEO Steve Mercieca:
Quicklets has always been at the forefront of supporting new technologies in the market. This is the second cryptocurrency ATM the QLZH Group is hosting in its offices. We believe that this is a vision in the future showing us what one day will become an everyday means of transaction.
The ATM machine is operated my Moon Zebra, a Maltese startup specializing in the setup and operation of cryptocurrency ATMs. Mercieca said of the company:
When we were approached by Moon Zebra to set up this ATM in our head office we were immediately convinced as this falls perfectly in line with the prop-tech strategy we run our business on.
Popping up Everywhere
Malta isn’t the only place installing new Bitcoin ATM machines.
2133 cryptocurrency ATMs currently exist in the United States. As noted by Detroit Free Press, there were 80 bitcoin ATMs in metro Detroit and about a dozen elsewhere throughout Michigan.
Meanwhile, Canada houses 602, the United Kingdom has 166, and Austria has 144.
On June 20, Amsterdam Schiphol Airport confirmed the installation of a cryptocurrency ATM offering both Bitcoin and Ethereum — thus becoming the first European airport to offer cryptocurrency exchange options via an ATM.
While not every country in the world has a Bitcoin ATM, it’s becoming increasingly difficult to find one which fits that criteria.
What do you think about Malta installing its first Bitcoin ATM? Is there a Bitcoin ATM where you live? Let us know in the comments below!
Images courtesy of Shutterstock.
The post Malta Launches First Two-Way Bitcoin ATM as Global Acceptance Rises appeared first on Bitcoinist.com.
The Bank of England confirmed it is going to update its Real-Time Gross Settlement system to potentially interact with blockchain-based forms.