Month: April 2018

Bitcoin Price Technical Analysis for 18th April – Look Out for this Reversal Pattern

Bitcoin Price Technical Analysis for 18th April – Look Out for this Reversal Pattern

 

Bitcoin Price Key Highlights

  • Bitcoin price is forming a head and shoulders on its 1-hour time frame to signal a potential selloff.
  • Price already seems to be breaking below the neckline to confirm that sellers have the upper hand.
  • Technical indicators are still suggesting that the uptrend could carry on, though.

Bitcoin price formed a short-term head and shoulders pattern, which is a classic selloff signal.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA on the 1-hour time frame to indicate that the path of least resistance is to the upside. In other words, the uptrend is more likely to resume than to reverse.

Bitcoin price has broken below the 100 SMA dynamic support, though, so selling pressure could be picking up. Price could test support at the 200 SMA dynamic inflection point around $7600 next. The gap between the two is narrowing to signal weakening bullish momentum.

The head and shoulders pattern spans $7750 to $8400 so the resulting drop could be of the same height. If the current support levels hold, bitcoin price could recover to the shoulders around $8200 or past the head at $8400.

Stochastic is pointing up to show that there’s some bullish pressure left, but this oscillator is nearing overbought levels to reflect exhaustion among buyers. RSI is just starting to make its way out of the oversold region to signal a return in bullish momentum.

Market Factors

Traders had been expecting a strong rebound in bitcoin price after the tax deadline has passed, but it looks like market watchers are holding out for more clues. Sentiment has mostly been positive, coming off reports that big hedge funds are ready to place bets on the industry and the acquisition of Earn.com by Coinbase.

Dollar demand has been able to stay supported in recent sessions thanks to mostly upbeat economic data and hawkish Fed commentary. Easing geopolitical tensions have also lifted US bond yields, drawing traders back to the US currency as well.

Nonetheless, Q2 has historically been a positive quarter for bitcoin price and traders would likely try to take advantage of this tendency.

 

Author SARAH JENN | APRIL 18, 2018 | 4:31 AM

 

Posted by David Ogden Cryptocurrency Entrepreneur

David

Bitcoin Price Technical Analysis for 17th April 2018 – Another Pullback Zone to Watch

Bitcoin Price Technical Analysis for 17th April 2018 – Another Pullback Zone to Watch

Bitcoin Price Key Highlights

  • Bitcoin price recently broke out of its descending channel to show that an uptrend reversal is underway.

  • Price hit resistance at $8450 and is gearing up for a pullback, possibly until the broken resistance.

  • This lines up with several inflection points, so plenty of limit orders may be located in this area.

Bitcoin price looks ready for a pullback to a key area of interest visible on the 4-hour time frame.

 

Technical Indicators Signals

 

The 100 SMA is still below the longer-term 200 SMA on this time frame, though, so the path of least resistance is to the downside. In other words, the selloff is still likely to resume. Then again, the gap between the moving averages is narrowing to reflect slowing bearish pressure.

 

Bullish pressure could kick in once an upward crossover is completed. The 100 SMA is in line with the broken channel resistance to act as an additional inflection point. The 200 SMA lines up with the 50% Fibonacci retracement level and an area of interest that might be enough to keep losses at bay.

 

Stochastic is already indicating oversold conditions and looks ready to turn higher, drawing more buyers in. RSI, on the other hand, has plenty of room to fall so the correction could keep going for a bit longer.

Although bitcoin price is retreating from its recent climb, analysts have reason to believe that the gains could continue. For one, the second quarter of the year has historically been positive for cryptocurrencies and once the tax deadline has passed, investors could reopen their long positions.

 

Besides, Coinbase reportedly bought former bitcoin mining company 21 Inc, which is now known as Earn.com. This company has rebranded itself as a social media platform that incentivizes users to complete tasks in exchange for cryptocurrency rewards.

 

The deal was reportedly valued at over $100 million and reminds traders of the consistent developments in the space amid regulatory concerns.

 

 

Author:SARAH JENN | APRIL 17, 2018 | 3:46 AM

 

Posted by David Ogden Bitcoin Miner

David

HODL On – In Defense of Bitcoin’s Best Investment Strategy

HODL On - In Defense of Bitcoin's Best Investment Strategy

HODL On – In Defense of Bitcoin's Best Investment Strategy

In 1987's Black Monday stock market crash, Sam Walton, the world's richest man, lost more than half a billion dollars in a few hours.

When reached for comment, Walton said, "It's paper anyway. As far as I'm concerned we're focusing totally on the company doing well and taking care of our customers."

He didn't care about dollars; he cared about his asset Wal-Mart, and he still owned that.

History of the #HODL
In bitcoin's volatile and roller coaster past, "HODL" was the meme that bound the cryptocurrency community together. It stood for the proposition that we all believe in the future of bitcoin. It's both funny and insightful.

Here is the original post by GameKyuubi on a Bitcoin Talk forum (spelling errors and profanity included):

It was not about bitcoin versus bitcoin cash or 1,000 other cryptocurrencies. It was bitcoin vs. the world and we ALL embraced it.

It only took 11 minutes for this post to become a meme that became the rallying cry for the entire crypto world. We were all on the same rollercoaster ride and GameKyuubi, in the depths of his frustration, had (sort of) elegantly articulated both what it feels like and the best trading strategy for an asset this volatile.
Buy and HODL.

The good traders
GameKyuubi was wrong about only one thing: There aren't any good traders.
There are lots of us who believe we are good traders. But we aren't. Of course, some of the loudest voices on Reddit regularly remind us about how well they time the market. Except when they don't time the market well.

A paper published last October by the Haas School of Business at UC Berkeley entitled "Do Day Traders Rationally Learn About Their Ability?" used nearly 15 years of stock market day trading data to conclude that all day traders are irrational, the vast majority of day traders lose money, and even when day traders are successful, they "irrationally attribute success disproportionately to their ability rather than luck."

This sounds exactly like the crypto trader. Any post you see mocking HODL is likely someone who thinks they are really smart because they made money by trading crypto last year.
Of course, their success was due to their unique trading ability and not the fact that the entire market rose like a rocket.

HODLing works
Still, empirically, even in volatile assets like bitcoin, carefully choosing an asset and holding long-term positions has proven to offer the best return.

Warren Buffett, the most successful investor of modern times, has often said that he only invests in what he knows. His preferred holding period: forever. With that model, his company, Berkshire Hathaway, has averaged a 19 percent annual return since 1965 which means it has risen more than 1 million percent.

Theoretical models that assume participants know when markets will move against them can offer better returns but, in practice, market movements cannot be reliably predicted so even when people like Bernie Madoff try to make us think that they've figured it out, they haven't.

Long-term investment in quality assets remains the only reliable investment strategy.
Simply put, HODLing works.

More possibilities
For those not interested in limiting their activity to HODLing, there are two new and useful ideas that have begun bouncing around that really do advance cryptocurrencies: #BUIDL and #SPEDN.

BUIDL has been used to help remind us that, in the words of a CypherPunk's Manifesto, "Cypherpunks write code." In order for the blockchain to really be useful and valuable, we need to build stuff on it. Watching the price go up and down either as a trader or a HODLer does nothing to make bitcoin work better.

We need to create some of the promised applications that can really change the world. To date, the blockchain community has fallen short in this regard outside of the areas of payments but there are some real wins.
Just this weekend, Voatz, a Medici Ventures portfolio company is running party county convention voting in Utah, state convention voting in Michigan and state primary voting for overseas and military voters in West Virginia, all on a blockchain platform.

Blockchain voting is a simple application, but it is one that can bring a much-needed security and transparency to elections. And we are doing it now.

SPEDN is a nod to the many of us who realize that, for bitcoin to be useful, we need to be able to spend it to buy things. And I mean everything. It really doesn't matter whether it is through second-layer solutions like lightning or forks like bitcoin cash; we need more ways to use cryptocurrencies in real-world transactions.

A focus here, rather than complaining about HODLers would be helpful. We need many more merchants to accept cryptocurrency before it becomes useful. Options to spend bitcoin remain severely limited in most areas and this will ultimately limit bitcoin's value

.
As for me, I will HODL until I can buy useful stuff and SPEDN.

HODL on
This year has seen intense regulatory pressure on cryptocurrencies and its time we stop pretending that HODL was stupid. It isn't and it wasn't. Anyone who doesn't like the HODL mentality needs to give HODLers something else they can do with their bitcoins.

Trading is no solution for intelligent people. What we need are new ways to use cryptocurrency.
We need BUIDLers and merchants who will let us be SPEDNers.

 

Author Steven Hopkins  Apr 16, 2018 at 04:00 UTC

Steven Hopkins is chief operating officer and general counsel of Medici Ventures, an Overstock.com subsidiary focused on the advancement of blockchain technology.

 

 

Postedby David Ogden fellow HODLer
 

David

Tim Draper Predicts Bitcoin price to hit $250,000 in 4 years

Tim Draper Predicts Bitcoin price to hit $250,000 in 4 years

Tim Draper Predicts Bitcoin price to hit $250,000 in 4 years

According to Bitcoin bull Tim Draper, cryptocurrency could reach $250,000 in four years.

 

Tim Draper, the founder of Draper Fisher Jurvetson, wrote on Twitter about this on:

He also mentioned that earlier he tweeted a prediction about mistakenly posting $25k instead of $250k.

The investor, who commenced investments in Skype, Tesla, Twitter, and SpaceX, is known to have bought Bitcoin worth $30,000 from the U.S. government in 2014. However, those funds fell into government hands after an exchange that massively used the cryptocurrency, Silk Road, was shuttered.

According to Draper, he was fascinated by the idea that a digital currency is not bound to a government.

He told Fortune in January:

“So when Bitcoin showed up, I was all over it.”
 

DFJ also includes investments in other cryptocurrency-linked companies, such as exchange Coinbase.

The prediction was made based on the fact that the price of Bitcoin rose 17% to about $8,000. The cryptocurrency has been struggling since the start of 2018, with investors bothering about hints of regulatory crackdowns from governments including that of South Korea. Currently, the value of Bitcoin remains below its price at the start of the year, at about $14,000.

 

According to Barron’s estimates, It is uncertain on what basis Draper estimated a price of $250,000 by 2022. Investors, like Murray Stahl of Horizon Kinetics, hypothesize that Bitcoin is worth the value of all the currency in the world—about $361,000 per Bitcoin.
 

Anyhow it seems that Bitcoin would become a worldwide currency. Investors and critics also agree to the fact that, Bitcoin does face scalability issues. The Bitcoin network is presently handling about eight transactions in a second. Meanwhile, Visa says it can manage about 65,000 operations per second at maximum. And while the cryptocurrency community has at times tried to address the issue, it’s also divided the group.

And even now, the debate between Bitcoin Cash and Bitcoin continues, with early Bitcoin believer Roger Ver now batting for Bitcoin Cash.

“Bitcoin Cash is Bitcoin,” the investors wrote in a Twitter post, asserting that Bitcoin Cash is what Bitcoin should’ve been.

 

Author Renita April 14, 2018 12:04 pm

David Ogden Cryptocurrency Entrepreneur

David

A Bullish Sign Returns For Bitcoin, Ethereum, Ripple, EOS, And Other Cryptocurrencies

A Bullish Sign Returns For Bitcoin, Ethereum, Ripple, EOS, And Other Cryptocurrencies

A Bullish Sign Returns For Bitcoin, Ethereum, Ripple, EOS, And Other Cryptocurrencies

Major cryptocurrencies like Bitcoin, Ethereum, Ripple and EOS have been on fire lately. Over the last seven days, Bitcoin is up 21.80%, Ethereum is up 39.36%, Ripple is up 40.89% and EOS 51.84%–see table 1.

Table 1

7d Price Change For Major Cryptocurrencies

Cryptocurrency %7d

Bitcoin 21.80

Ethereum 39.36

Ripple 40.89

EOS 51.84

Source: Coinmarketcap.com 4/13/18 at 10:30 a.m.

 

The cryptocurrency rally extends across the entire chain. Only one cryptocurrency out of the top 100 dropped in the last seven days, while 99 advanced–see table 2.

Table 2

Number of Cryptocurrencies That Advanced/Declined In The Top 100 Ranks

Cryptocurrencies Advance/Decline Number

Advance 99

Decline 1

Source: Coinmarketcap.com 4/13/18 at 10:30 a.m.

And that’s the return of a bullish technical indicator that helped cryptocurrencies stage a big rally back at the end of last year.

Some cryptocurrency experts aren’t surprised by the renewed interest in cryptocurrencies. Matthew Spoke, CEO of AION and Founding Board Member of the Enterprise Ethereum Alliance is one of them. “The fundamentals have not changed,” says Spoke. “A large portion of the crypto market value is reflective of the real innovations happening around the world. Although investor confidence will sometimes falter, long term growth across the market will continue if you zoom out far enough. I’m very bullish for 2018.”

Larry Temlock, CFO and Co-Founder, Sun Exchange is another cryptocurrency bull. “In recent months, volatility masked the rising average intrinsic value of the top coins gained during the 4Q17 boom,” says Temlock. “All it took was a few events like Cambridge Analytica and an FBI raid to spur reversion to the (rising) mean. Advances like Lightning Network and other second layer tech will just keep those intrinsic value gains coming.”

Shidan Gouran sounds rather skeptical on the recent cryptocurrency rally, attributing it to the end of the taxing season.

"The recent upward swing in cryptocurrencies is an apparent symptom of tax season,” says Gouran. “It all follows a pretty logical pattern; people got their paychecks for the end of March, paid their bills, and realized they would need to have a certain amount of funds handy to pay their taxes – which many crypto traders will owe. If they'll come up short, they need to sell off some of their cryptocurrencies to pay their taxes. Hence, the big drop at the beginning of April, which was likely because of an excess of supply. Now that we're less than a week away from the April 17th deadline for US taxes, most people will know if they're getting a refund (or may even have gotten it already).“

And apparently, they rushed to invest that refund back into cryptocurrencies at “bargain” prices.

[Author. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. Disclosure: I don't own any Bitcoin.]

That means that new money is flowing into the entire sector rather than to major currencies only.

 

Author Panos Mourdoukoutas

Posted by David Ogden Entrepreneur
David ogden Cryptocurrency Entrepreneur

David

Bitcoin Breakout – Price Jumps $1K in 60 Minutes

Bitcoin Breakout – Price Jumps $1K in 60 Minutes

 

Bitcoin rallied over $1,000 in an hour this morning, having spent a better part of the last two weeks trading sideways in a narrow price range.

The cryptocurrency clocked a two-week high of $8,055 soon before press time and is currently trading at $7,850, according to CoinDesk's Bitcoin Price Index. The move marks a 13 percent gain from the previous day's close of $6,939.

Bitcoin Breakout - Price Jumps $1K in 60 Minutes

It appears short liquidation or unwinding of short (sell) BTC trades has played a big role in the sudden rally, according to some sources.

The cryptocurrency picked up bids at $6,766 at 07:00 GMT and scaled the $7,000 mark at 11:00 GMT – a move that seems to have triggered stop losses on short trades, as reported by WhaleCalls.

Further, technical buyers may have jumped in as the move above $7,000 also marked an upside break of the falling wedge pattern.

It's worth noting that, while it took two hours to move from $6,766 to $7,000, the next $1,000 jump happened in just 45 minutes.

The speed of the ascent should not come as a surprise as wider the range and the longer the duration of the consolidation zone, the more violent a breakout tends to be.

For now, it appears bitcoin's period of consolidation has ended with a notable bullish breakout. Next, a move to $8,500 cannot be ruled out if the cryptocurrency closes (as per UTC) above $7,510, confirming a bullish double bottom breakout.

 

Author Omkar Godbole Updated Apr 12, 2018 at 19:47 UTC

Posted by David Ogden Entrepreneur

David

Bitcoin Cash Price Technical Analysis – BCH USD Could Test $700

Bitcoin Cash Price Technical Analysis – BCH USD Could Test $700

Bitcoin Cash Price Technical Analysis – BCH USD Could Test $700

Key Points

  • Bitcoin cash price is moving higher and is currently placed above $650 against the US Dollar.

  • Yesterday’s highlighted connecting bullish trend line with support at $650 is intact on the hourly chart of the BCH/USD pair (data feed from Kraken).

  • The pair is showing bullish signs and it seems like it could break $680 to test the $700 handle.

  • Bitcoin cash price is gaining pace against the US Dollar. BCH/USD is likely to accelerate higher as long as it is above the $650 support level.

Bitcoin Cash Price Support

There was a decent start of an upside wave from the $625 swing low in bitcoin cash price against the US Dollar. The price traded above the $640 and $650 resistance levels to move back in a positive zone. More importantly, the price is now well above the $640 pivot level and the 100 hourly simple moving average. It recently traded as high as $676 before a minor downside correction.

It tested the 23.6% Fib retracement level of the last wave from the $625 low to $676 high. However, the downside was limited and it seems like the price is about to resume its uptrend. A break above the $676 high could push the price towards the last swing high at $685. Above the mentioned $685 level, the price may even test the $700 resistance in the near term. On the other hand, if there is a downside correction, the $650 support may stop losses.

Moreover, yesterday’s highlighted connecting bullish trend line with support at $650 is intact on the hourly chart of the BCH/USD pair. Therefore, the pair remains supported on the downside above the $650 level and it could continue to move higher towards $700.

Looking at the technical indicators:

 

Hourly MACD – The MACD for BCH/USD is moving nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the overbought levels.

Major Support Level – $650

Major Resistance Level – $685

 

Charts courtesy – Trading View

 

Author: AAYUSH JINDAL | APRIL 12, 2018 | 4:08 AM

 

Posted by David Ogden Entrepreneur

David

Bitcoin Price Technical Analysis for 11th April – Can Bulls Keep This Up

Bitcoin Price Technical Analysis for 11th April – Can Bulls Keep This Up

Bitcoin Price Technical Analysis for 11th April – Can Bulls Keep This Up?

Bitcoin Price Key Highlights

  • Bitcoin price has formed lower highs and higher lows to consolidate inside a triangle on its 1-hour chart.

  • Price found support at the bottom of its symmetrical triangle once more and looks ready for a test of the top.

  • Technical indicators mostly seem to be hinting at more gains ahead.

  • Bitcoin price bounced off the triangle bottom and could be gearing up for a test or break of the resistance.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. However, the gap between the moving averages is narrowing to signal weakening bearish pressure and a potential return in buying momentum.

Stochastic is already on its way down to signal that bears are regaining control. In that case, another test of support could be due, especially since the 100 SMA is holding as dynamic resistance so far.

RSI, on the other hand, is moving higher to reflect the presence of bullish pressure. This could be enough to lead to a test of resistance near $7000 or perhaps even a break higher. Note that the triangle spans $6300 to $7800 so the resulting rally could be of the same height. Similarly, a break lower could lead to a drop of the same height.

 

Market Factors

The recent drop in bitcoin price is being pinned on the looming tax deadline, as the rush to close out positions led to a flurry of profit-taking. However, the sentiment in the industry remains mostly positive as the ban in India and Pakistan has been overshadowed by headlines of big hedge funds investing in the space.

Looking ahead, dollar demand could still play a role in bitcoin price direction as easing trade tensions between the US and China are starting to spur demand for riskier assets like cryptocurrencies. However, strong PPI has renewed focus on fundamentals leading up to the release of CPI and FOMC minutes later today.

 

Author SARAH JENN | APRIL 11, 2018 | 3:50 AM

 

Posted by David Ogden Entrepreneur

David

Gemini to Roll Out Bitcoin and Ether Block Trading

Gemini to Roll Out Bitcoin and Ether Block Trading

Gemini to Roll Out Bitcoin and Ether Block Trading

Cryptocurrency exchange Gemini said Monday that it will roll out block trading for bitcoin and ether starting later this week.

The feature – which will allow customers to make high-volume trades that won't appear in the exchange's order book until they've been filled – will go live at 9:30 a.m. ET on Thursday, Gemini explained in a blog post. There's a minimum threshold of 10 bitcoin or 100 ether for the block trades, meaning that smaller traders won't be able to use the feature.

Gemini has positioned the block trading addition as a way to create "an additional mechanism to source liquidity when trading in greater size."

Block trading allows large traders such as hedge funds to buy or sell large quantities without having large immediate effects on the price. The alternative is to place over-the-counter trades, which happen outside of exchanges, or to split trades up into smaller chunks in order to minimize the impact to supply and demand.

Market takers – who place the orders – specify whether the trade is a buy or sell; the minimum quantity; and a price limit. This information, called an indication of interest, is broadcast to all market makers simultaneously.

"In accordance with our commitment to an equitable, transparent, and rules-based marketplace, block orders will be electronically broadcast to participating market makers simultaneously, ensuring best execution and price discovery for those participating in the program," the exchange explained in its blog post.

Gemini, founded by investors Cameron and Tyler Winklevoss, had indicated last month that the exchange may move to add additional cryptocurrencies for trading in the future. Potential selections include bitcoin cash and litecoin, as reported at the time.

 

Author David Floyd Updated Apr 10, 2018 at 02:14 UTC

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

David

Bitcoin Price Technical Analysis for 9th April – More Bullish Confirmation!

Bitcoin Price Technical Analysis for 9th April – More Bullish Confirmation!

Bitcoin Price Technical Analysis for 9th April – More Bullish Confirmation!

Bitcoin Price Key Highlights

  • Bitcoin price is holding its ground as it makes another attempt to test the double bottom neckline.
  • Price has also surged past the descending trend line connecting the latest highs to signal that bulls have the upper hand.
  • Technical indicators, however, still suggest a potential return in bearish pressure.
  • Bitcoin price is showing more factors favoring the bulls, and a test of the reversal pattern’s neckline seems imminent.

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 downtrend is more likely to resume than to reverse.
However, bitcoin price has also broken past the moving averages’ dynamic inflection points to reflect a pickup in bullish momentum. It has also moved past a short-term descending trend line to indicate that buyers are in control.
From here, bitcoin price could make its way up to the double bottom neckline at the $7500 mark to possibly push for a stronger climb. A break past this resistance could mean a climb of the same height as the chart formation, which spans $6500 to $7500.
Stochastic is on the move up to signal the presence of bullish pressure, but the oscillator is approaching overbought levels to hint at potential exhaustion as well. If resistance holds, another bottom at $6500 could be formed.

Market Factors
Dollar weakness came in play towards the end of the previous week as risk-taking stayed supported while weak NFP data dampened tightening hopes.

Besides, a change in tone from renowned trader George Soros regarding bitcoin also propped the industry higher. Soros Fund Management recently announced that the enterprise had received permission to begin trading cryptocurrencies within the next few months

.
To top it off, the venture capital firm Venrock has partnered with Brooklyn-based cryptocurrency firm Coinfund, also marking a significant step forward and points for approval for cryptocurrencies in general.

 

Author:  SARAH JENN | APRIL 9, 2018 | 4:36 AM

 

Posted by David Ogden Entrepreneur

David