Bitcoin’s recent sideways action has given us some time to reflect upon the movements of the past few days and project where we might go from here. What we’re seeing on a macro scale is a continuation of the positive trend that we have been seeing for Bitcoin all year. Bitcoin was able to close a few different daily candles above our drawn resistance, as you can see below:

On this daily chart, we can see that Bitcoin appears to have been forming a bull flag to continue its upward trend. At this moment in time, we would project that Bitcoin rides the support that it has currently established above the upper resistance of the bull flag while altcoins recover from brutal stretches.

While Bitcoin has been enjoying relative success over the past few months, altcoins have not been experiencing the same thing at all. This week many altcoins marched once again to new all-time lows and the altcoin market as a whole remains very unhealthy. Luckily, we think that Bitcoin’s progress and subsequent sideways movement provides for the perfect opportunity for many altcoins to gain some ground back and restore some of their former value.

At the moment, all eyes are on altcoins. But if BTC beings to move again, we’ll be looking for it to hold that support in the top line of the bull flag that we depict above.

 

August 10, 2019 Caleb Lombardo

David

Bitcoin Falls as Facebook Warns Libra Might Never Launch

Investing.com – Bitcoin fell on Tuesday in Asia after Facebook (NASDAQ:FB) said in a report that Libra might not “be made available in a timely manner, or at all.”

Bitcoin dropped 2.6% to $9,517.9 by 12:15 AM ET (04:15 GMT). Litecoin fell 1.6% to $89.133, while Ethereum was down 3.3% to $205.25. XRP slipped 1.2% to 0.30800.

In its latest quarterly report, Facebook warned a number of factors could hinder the expected launch of its own cryptocurrency, Libra.

The company originally planned to launch the digital coin in 2020.

“Libra has drawn significant scrutiny from governments and regulators in multiple jurisdictions and we expect that scrutiny to continue,” Facebook said in its filing with the Securities and Exchange Commission.

“In addition, market acceptance of such currency is subject to significant uncertainty. As such, there can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all. We do not have significant prior experience with digital currency or blockchain technology, which may adversely affect our ability to successfully develop and market these products and services,” the social media giant added.

In other news, the Iranian cabinet authorized crypto mining as an industrial activity with the move taken as a first step towards legalizing cryptocurrencies, according to Mehr News Agency.

The government cautioned that users of alt coins were solely responsible for the risks involved and that the use of digital currency was still not permitted.

 

David

Florida Court Summons Wife and Associates of Craig Wright in Billion Dollar Lawsuit

As part of a pending lawsuit, a Florida judge has requested international judicial assistance from the Queen’s Bench Division in London to summon and question Craig Wright’s wife and associates in court. The Kleiman estate had filed a $10 billion federal lawsuit against self-proclaimed Bitcoin founder Wright in February 2018.

The court filed the petition on behalf of Ira Kleiman, wife of the now-deceased computer scientist, Dave Kleiman. According to Ira, Wright allegedly embezzled over $5 billion worth of Bitcoin at the time of the lawsuit, from her husband, who worked with Wright from 2009 to 2013. The Kleiman estate is looking to recover at least 30,000 BTC from Wright, along with any forked assets.

Wright’s Business Associate and Author Summoned

The Kleiman estate has filed for the motion to question Ramona Watts, the wife of Craig Wright, since she “was identified in his initial disclosures as an individual with knowledge of the facts underlying the plaintiffs’ claims.”

According to the estate, Wright had revealed his mining partnership with Kleiman to his wife, who became the co-director of Bitcoin-related companies with her husband after their marriage.

I addition to questioning Ramona Watts, the Kleiman estate is also looking to obtain the testimony of Andrew O’Hagan, author of the book “The Satoshi Affair.” To prove that he was indeed the founder of Bitcoin, Satoshi Nakamoto, Wright provided O’Hagan “extensive access” to his life. The estate claimed:

“During this 6-month process, O’Hagan recorded many hours of tape” of his many dozens of hours of conversation with Wright” where they discussed information relevant to the lawsuit.”

Wright’s business associate, Robert MacGregor, was also named since he is acquainted with the details of the partnership between Wright and Kleiman, in addition to being the buyer of “Satoshi Nakamoto’s” life rights.

Bitcoin Inception Partnership: A Betraying Affair?

According to the initial lawsuit filed by the Kleiman estate in 2018, Wright forged Kleiman’s signature to steal his share of the partnership. The value of the overall Bitcoin mined by the duo was worth approximately $10 billion in 2018 when Kleiman’s estate sued Wright.

Addressing claims that the two individuals were involved in the creation of Bitcoin, the estate said that “it was unclear whether Craig, Dave, and/or both created Bitcoin.” Reiterating their demand to receive a fair share of Kleiman’s digital assets, they said,

“It is undeniable, however, that Craig and Dave were involved in Bitcoin from its inception and that they accumulated a vast wealth of bitcoins from 2009 to 2013”.

 

Author Rahul N.

David

Crypto billionaire Mike Novogratz: Bitcoin will reach $20,000 this year

In a recent interview, crypto personality Mike Novogratz gives his view of the crypto world for the rest of the year.
 

Earlier this summer, crypto personality Mike Novogratz gave a somewhat modest forecast for bitcoin. He said that the price would stabilize between $10,000 and $14,000.
 

Sometime later, Novogratz, who founded Galaxy Digital (a company that helps institutional clients invest in cryptocurrencies), stated that this time he will not sell any bitcoin when the price hits $14,000.

 

In a recent interview with Bloomberg, Novogratz gives his view on the bitcoin price for the rest of the year. He believes the price will reach the previous record highs around $20,000 – as soon as institutional investors start showing great interest again.

This will happen towards the end of 2019, according to Novogratz, something he also mentioned in another prediction in June, Cointelegraph reports.

 

Number of users is crucial

Novogratz also highlighted Facebook’s entry into the crypto world with its planned cryptocurrency libra. He said the social media giant’s over two billion users will be crucial in getting many people to start experimenting with the cryptocurrency.

 

The hard part about doing business is usually to attract customers, according to Novogratz, who also emphasized that the messaging service Telegram will release its cryptocurrency “ton” in just a few months.
 

“In about two or three months Telegram is launching their blockchain. Telegram is about 218 million users. So before Facebook launches, we are going to have a real view at an experiment called Telegram, where they also have a user base”, Mike Novogratz said in the interview, according to Cointelegraph.
 

 

Christian Ploog

christian.ploog@trijo.co

 

David

Survey says that Americans prefer Bitcoin over Facebook's Libra

• Only 2% of the people trust Facebook's Libra over public cryptocurrencies like Bitcoin.

• 77% of people say they do not trust Facebook with their personal data due to previous scandals.

According to a recent survey, people from the US trust Bitcoin more than Facebook's upcoming stablecoin, Libra. 1,799 adults took part in this survey, which started after Facebook's white paper launch in June. Consumer insights provider CivicScience revealed that only 2% of the people that expressed a view would trust Libra and its Calibra wallet more than Bitcoin.

By comparison, 40% of the participants said that they'd trust Bitcoin more while 19% said they'd trust both the cryptocurrencies about the same. It's noteworthy that less than 10% of the surveyed group has actually bought any crypto.

A staggering 77% of the people said that they do not Facebook with their personal data at all, while only 2% said that they trusted Facebook. The poll also revealed that there is also a significant lack of interest in the project. When asked if they were interested in Libra and the wallet, 86% replied that they weren't and 5% said that they were interested.

Regarding the age demographics, the survey showed that age groups between 18 and 24 showed more interest (30%) in Libra. The next biggest age group was the one between 25-29, of whom 18% showed interest. Only 7% of the 65+ age group had any interest in Libra.

Regarding the study, CivicScience said:

"Similar to when Bitcoin first mysteriously surfaced ten years ago and brought with it the cryptocurrency gold rush, no one really knows what to expect when some of the largest corporations in the world collaborate to create their own version. Regardless, it's definitely an exciting trend to watch unfold."

 

Rajarshi Mitra

FXStreet

David

Cryptocurrencies price prediction – Bitcoin, Ethereum & EOS – 25 July

Bitcoin price prediction: BTC/USD faces two healthy resistance levels in path back to $10,000

BTC/USD has had a bearish Wednesday wherein the price fell from $9,856 to $9,771.50. In the process, BTC/USD has strung together four straight bearish days where the price fell from $10,768 to $9,771.50, falling by 9.25%. The daily confluence detector shows two prominent resistance levels in its path back to the $10,000-level. On the downside, there aren’t any healthy support levels, indicating a further drop in price.

 

Ethereum price analysis: ETH/USD in recovery mode, gains over 8%

Ethereum, the second-largest cryptocurrency with the current market capitalization of $23.7 billion, is hovering above critical $220,00 ??????. The coin tested area above $225.00 during early Asian hours; however, this barrier remains unbroken so far.

EOS price analysis: EOS/USD trending in an upwards channel formation

EOS/USD has had a bullish Wednesday, as the price went up from $4.15 to $4.46, charting a 7.47% increase in valuation. In the process, EOS/USD managed to have two bullish days in a row. Plus, four out of the last five sessions in the EOS/USD daily price chart were bullish.

 

David

 

The Crypto Daily – The Movers and Shakers 24/07/19

The bears eye a 4th day in the red, with sub-$8,000 levels for Bitcoin investors likely to cause some angst for the broader market.

Bitcoin slid by 4.57% on Tuesday. Following on from a 2.29% fall from Monday, Bitcoin ended the day at $9,859.

A particularly bearish morning saw Bitcoin slide from an early intraday high $10,330.9 to an early afternoon intraday low $9,820.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $10,188 and second major support level at $10,048.

Holding above the 38.2% FIB of $9,734 and third major support level at $9,657 was the only positive from the session.

Finding support through the afternoon, Bitcoin recovered to $10,200 levels before sliding back to sub-$10,000 levels.

It was Bitcoin’s first sub-$ 10,000-day end since 17th July.

Bitcoin’s market cap slid back from $183bn levels to $173.02bn at the time of writing.

 

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed bag for the majors on the day.

Bucking the trend on the day were Bitcoin Cash SV and EOS. Bitcoin Cash SV rallied by 2%, while EOS rose by 0.91%.

It was red for the rest of the pack, however. Tron’s TRX led the way down on the day, sliding by 8.95%.

Litecoin (-5.36%) and Binance Coin (-4.51%) also saw heavy losses on the day. It was a somewhat better story for Ethereum, which fell by 2.39%.

Bitcoin’s dominance eased back to 64% levels before recovering to 65% levels. Bearish sentiment across the broader market outweighed the effects of Bitcoin’s losses over the course of the last day.

On the day, the total crypto market cap slide from $281.9bn levels to $265.97bn at the time of writing

 

This Morning,

At the time of writing, Bitcoin was down by 1.94% to $9,667.3. A particularly bearish start to the day saw Bitcoin fall from a morning high $9,861.7 to a low $9,612.7

The early sell-off saw Bitcoin fall through the 38.2% FIB of $9,734 and first major support level at $9,675.70.

Bitcoin left the major resistance levels untested.

Elsewhere, Bitcoin Cash ABC (-4.02), Binance Coin (-4%), and Bitcoin Cash SV (-4.69%) also saw heavy losses.

 

The rest of the pack weren’t far behind, in the early part of this morning. Ethereum also struggled, down 3.77% at the time of writing.

For the Day Ahead

A move back through the 38.2% FIB of $9,734 would bring $10,000 levels back into play. Bitcoin would need the support of the broader market, however, to break out from the 38.2% FIB.

In the event of a broad-based crypto rebound, a move back through to $10,000 would bring the first major resistance level at $10,186.6 into play.

We would expect Bitcoin to fall well short Tuesday’s high $10,330.9, however.

Failure to move back through the 38.2% FIB of $9,734 could see Bitcoin fall deeper into the red. A fall through to $9,500 levels would bring the second major support level at $9,492.4 in play.

Barring an extended crypto sell-off through the day, the second major support level should limit any downside on the day.

 

 

Bob Mason

Jul 24, 2019 04:04 AM GMT

David