Volatility continues to grind lower as we approach Q4. The leading bias of any upcoming move, as well as a bullish and bearish roadmap, can be determined using Bollinger Bands, Pitchforks, exponential moving averages, Wyckoff Method, chart patterns, and the Ichimoku Cloud.
- Bitcoin price is placed well above the $6,440 support level against the US Dollar.
- There is a crucial bullish trend line formed with support at $6,540 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to break the $6,625 and $6,665 resistance levels to trade further higher.
Bitcoin price is trading above key supports against the US Dollar. BTC/USD needs to clear the $6,665 resistance to revisit $6,800 and $6,850.
Bitcoin Price Analysis
There was a sharp downside correction from the $6,794 high in bitcoin price against the US Dollar. The BTC/USD pair traded below the $6,600 support level, but declines were protected well above $6,400. A low was formed at $6,451 and it seems like there is a strong support formed near $6,440. Later, the price recovered above the $6,500 level and the 23.6% Fib retracement level of the downward move from the $6,794 high to $6,451 low.
BTC price traded above the 100 hourly simple moving average, but the upside move was protected by the $6,625-6,640 zone. Moreover, the 50% Fib retracement level of the downward move from the $6,794 high to $6,451 low is acting as a hurdle for buyers. Besides, there is a short-term connecting bearish trend line in place with resistance near $6,625 on the hourly chart of the BTC/USD pair. A break above the trend line could push the price towards the $6,665 resistance. It represents the 61.8% Fib retracement level of the downward move and a pivot level. If buyers push the price above $6,665, bitcoin will most likely surge towards the $6,800 level.
Looking at the chart, bitcoin price is trading nicely above a crucial bullish trend line formed with support at $6,540 on the same chart. As long as the price is above $6,540 and $6,440, it may perhaps trade towards $6,800.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is currently flat in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is just above the 50 level.
Major Support Level – $6,440
Major Resistance Level – $6,665
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The investment bank’s new financial derivative would be based on Bitcoin futures, which are also financial derivatives.
Vault wants to boost crypto adoption with its new iOS wallet that stores non-fungible tokens and other crypto collectibles.
German automobiles and motorcycles manufacturer BMW is working with blockchain startup Bloom on a solution to streamline customers’ journey and lending experience, Bloom said in a blog post on Tuesday. Bloom uses public-private key encryption underpinning blockchain technology to allow individuals to secure their data on their local device and easily apply for credit. It […]
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The cryptocurrency market capitalization on Thursday recovered by almost 6.8 percent after establishing its yearly low just yesterday. All the top coins recorded decent bullish corrections, with Ethereum and Monero leading the charts with maximum gains. of 17 percent each. Dash, Cardano, IOTA, Tron, and Litecoin closely followed with a double-digit percentage rise in their
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Members in 29 countries are taking advantage of wealthcare
CoinMD is lifting people out poverty around the world using blockchain technology, which according to the Wall Street Journal and Forbes possesses the potential to end poverty. Over the last year, CoinMD has changed the lives of members in India, Asia, Europe, Africa and the United States.
It’s no secret that healthcare is expensive. According to the Wall Street Journal, healthcare costs are outpacing worker earnings and the US dollar continues to lose value. CoinMD is growing at a rate of more than 50% per month because people are realizing they need a different solution to the healthcare challenge. According to a Harvard study, more than 60 percent of bankruptcies are medical related.
Healthcare represents a massive problem in need of a serious solution – enter Tom McMurrain.
Tom, a serial entrepreneur, since the mid 90’s internet era, had raised capital and invested in more than 200 startup companies, helped create one of the largest travel blog sites in the world and wrote an Amazon bestselling booked called The 7th Disruption – The Rise of the Digital Currency Billionaire.
A quote from Patrick Byrne, CEO of Overstock.com discussing the idea that blockchain technology held the potential to lift more people out of poverty than any technology in history caught Tom’s attention. Tom became an early investor in Bitcoin as he began to add to his knowledge surrounding distributed ledger technology.
Applying his technology expertise, Tom saw that blockchain was analogous to TCPIP – a bedrock of the Internet. Drawing this connection, Tom soon concluded that blockchain was an underlying technology that could disrupt any company or industry that serves as an intermediary to create trust between two parties. He concluded that the companies that blockchain technology would disrupt were 10 to 100 times larger than the ‘information’ companies that TCPIP disrupted by way of the Internet.
It all began, two years ago when Tom ran an errand for his wife. She asked him to go to the store to buy some chocolate and while driving the genesis for CoinMD – a serious solution to the obvious healthcare problem – came to him. Tom came from a healthcare family – three cardiologists, a fertility specialist, an OBGYN, a biologist, a medical director and a physical therapist, which meant he was familiar with the healthcare industry. In addition, he had seen the explosive growth of the Internet since its infancy, knew the power of crypto currency and had more than 25 years of experience in the network marketing world.
While returning from that errand, Tom called his wife and told her, “we are going to create the world’s largest healthcare marketplace that accepts cryptocurrency – we’re going to create the Bitcoin of Healthcare.” His wife simply said, “really?”
He returned home, drew the business plan on a whiteboard and went to work building the technology for CoinMD. Tom explained, “CoinMD is a lean startup project – we established our minimum viable product in the first year and proved the financial model and customer validation through $5.9M in gross sales. Fast forward two years, CoinMD is now projected to grow by approximately 75,000 people per month at the current growth rate, with numbers compounding daily.
What is CoinMD?
CoinMD is a membership organization with an Amazon-style business model where people can join for free to purchase CoinMD’s cryptocurrency, called CMD, and spend it on the CoinMDChoice marketplace. The marketplace contains health-related products and services, such as traditional medicine, Chiropractic, Dentistry, massage, health foods, weight loss, acupuncture and even health tourism destinations. All the providers on the marketplace are member recommended and are required to take a minimum of 20 percent of their payment in CMD. If people want to gain additional benefits they can upgrade to the “CMDPrime” membership for $149 and then $29.95 per year thereafter. There are no monthly commitments or interest rates promised. Tom explains CoinMD is one of the few actual utility coins in the world in that it can be spent like real currency on a healthcare marketplace that features about 400 products and services to date.
Members of CoinMD earn CMD through health and wealth related activities. For example, they have the CMDXFit, which is a biometric wrist monitoring device that allows you to earn CoinRewards points for exercising, burning calories, sleeping and running. You can also earn points for referring other members, going to training events, winning contests and referring providers to their healthcare marketplace. What makes CoinMD unique is the members-only cryptocurrency exchange, which also serves as a payment settlement platform between the members and provider purchases.
CoinMD has a combination of a centralized know your customer and anti-money laundering complaint exchange, marketplace and membership program. It offers a pooled web browser mining system, public blockchain and hard wallet for crypto assets. In the future, CoinMD’s wallet will hold the member health data through a cloud based EHR system that will be encrypted by the CoinMD blockchain.
CoinMD is designed to make better health more affordable, powered by a network marketing membership sales organization, leveraging Tom’s more than 25 years of industry experience. All of this is combined with an ecommerce marketplace, a member only cryptocurrency exchange and a loyalty and rewards program. In addition, CoinMD encourages its members to help fund “passion projects,” which focus on making a difference around the globe through CoinMD.
Tom is very passionate about building a healthier and wealthier life and doing something significant with that wealth. When asked about how CoinMD is doing, most CEOs would point to the number of members, CMD’s price and overall revenue. Tom will mention those things but he likes to boast about the impact of passion projects. He will proudly point to pictures he has received from families in India, the Philippines, Africa, and from around the globe, as a key measure of CoinMD’s impact and success. These pictures include a table full of groceries, enough to feed a large family, and people and their kids holding more money than they have ever seen before in their life. This is the true impact of CoinMD.
CoinMD’s stated mission is to help people live a healthier, wealthier and happier life. With a focus like that, the sky’s the limit for CoinMD.
An executive at cryptocurrency payment service BitPay has stated that he believes Bitcoin is far from dead. Sonny Singh is much less optimistic about the future of the altcoin and ICO markets, however.
Lots of Potential Catalysts for Another Bull Run for Bitcoin
Every time the cryptocurrency market takes a nosedive, those who do not believe in the financial innovation led by Bitcoin take glee in announcing the death of the space. So far, they have all been wrong. A browse of BitcoinObituaries shows over 300 different instances in which the number one digital asset has seemingly risen from the grave.
There is nothing to suggest that the latest market correction is not more of the same. In fact, the fundamentals of the space have never been better. The chief commercial officer at BitPay, Sonny Singh, told Bloomberg earlier this week that Bitcoin might be down but is certainly not out. After acknowledging that he has no idea if the market has reached a bottom in terms of capitalization, he added:
“Right now you’re hearing a lot of rumours. But next year you’ll see the talk of the big entrants become real.”
Singh went on to cite Goldman Sachs’s pending trading desk, a Bitcoin product from Fidelity, merchant payment processing from Square, and possibly a BlackRock ETF. He is confident that Bitcoin prices will rise once again following some of these potential developments.
However, he is much less sure about the future of the altcoin and ICO market. Although Bitcoin has lost around 60% of its value in 2018, many other digital assets have suffered much more. Ether has crashed down over 85% from its highs. Meanwhile, XRP has sunk by around 92%. Singh commented:
“People have stopped trading ICOs as much as they were. The ICO market is in a lot of trouble and will never get back to where they were eight months ago. At BitPay, we’ve never been more bullish [on bitcoin]. Where the issue is, is the alt-coins.”
Although the bleeding in the altcoin market is clearly worse right now, it seems unlikely that the concept of the ICO is completely done and dusted. It is probable, however, that investors will be much more discerning in the future and not simply throw money at projects offering up the perfect blend of buzzwords.
We are already seeing a move away from the entirely lawless model of ICOs to more regulated offerings. Evidently, companies still like the idea of tokenised investments. However, they are becoming much more aware that these need to be compliant with existing securities legislation. It is quite possible that these security-backed tokens will become the flavour of 2019.
Image from Shutterstock
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Dogecoin, a top 20 altcoin inspired by a dog meme, has recently increased over 160 percent in value in the last month. According to Business Insider, Dogecoin is the only cryptocurrency token that has strong positive returns in August 2018. Dogecoin Comes Out On Top in the Crypto Market Unlike the general cryptocurrency market, Dogecoin, the token that features the…The post %%POSTLINK%% appeared first on %%BLOGLINK%%.