Despite Bitcoin’s ‘Sell-Off’ The Cryptocurrency Space Continues To Attract Investors

Despite Bitcoin's 'Sell-Off' The Cryptocurrency Space Continues To Attract Investors

Despite Bitcoin's 'Sell-Off' The Cryptocurrency Space Continues To Attract Investors

Despite Bitcoin's 'Sell-Off' The Cryptocurrency Space Continues To Attract Investors

Volatility, volatility, volatility. Traders certainly love it. But the volatility witnessed of late among many leading cryptocurrencies – including the ‘Big Daddy’ of them all in the shape of Bitcoin as well as Ethereum – has been a "double-edged sword" according to some pundits. Price swings can occur dramatically and result in big profits, should you catch it right.

Equally, significant losses can be sustained should your timing be all awry, there is negative newsflow around the crypto space and/or particular digital currencies.
 

Bitcoin’s Halcyon Days?

One might say you pays your money and takes your chances in the “Wild West” of crypto land. More succinctly, caveat emptor (buyer beware). And, according to Jordan Hiscott, chief trader at ayondo markets, a brokerage in The City of London, in a note from last week (March 27) said: “Certainly the halcyon days of performance gains [for Bitcoin] from 2017 seem long gone.”

Bitcoin moved lower early last week on Tuesday and was trading at around the $7,900 mark. However, this was in stark contrast to the level of $13,275 at the start of 2018. Hiscott’s view expressed at the time in late March was that the situation around the current soggy price level could persist for “at least six months.”

He added: “My theory is based around the situation regarding the liquidation of the Mt Gox Exchange, and the appointed trustee to handle the bankruptcy. Colloquially, this individual is known at the "Tokyo Whale", and having already sold around $400 million worth of both Bitcoin and Bitcoin Cash, he is likely the main catalyst for this year’s move down.”

Interestingly, there still remains around three times that amount of Bitcoin to potentially to hit the market. “With this kind of volume yet to surface, in my view, prices on Bitcoin will remain depressed until this situation has been resolved,” ayondo’s Hiscott posited.
 

New Investors

The wild run on the crypto scene starting from late last year may have created a few sob stories for new investors, as those who bought in during the all-time highs are likely to have incurred losses due to February’s massive correction. Some might even be ruing the day they ever decided to dive in and invest.

In fact, recent statistics indicate that most people who got into bed with and invested in Bitcoin did so at a significantly higher price than the current market price, which is now well below the $10,000 market. This is a remarkable turnaround.

Having reached just slightly north of $19,000 a pop on December 17, 2017, in a something of a feeding frenzy from the month before (seeing the currency’s value almost quadruple from $5,857.32 on 12 November), Bitcoin’s price retreated and has fallen back to around $6,500 as of today (April 1) – and that’s no joke. Since the peak it equates to a decline of 65% in a matter of fifteen weeks.

Bitcoin was not alone in seeing a price a substantial correction from its peak.

Ethereum’s price, which was standing at around $366 as April 1 is down from over $1,330 – the currency's peak – reached on January 14 this year, while it’s a similar picture declining prices from their highs for Bitcoin Cash, Litecoin and Ripple.
 

Top Cryptocurrencies: Trading Prices

Dec 17, 2017 April 1, 2018

Bitcoin

$19,086.64 $6,493.84
 

Ethereum

$717.29 $366.09

 

Bitcoin Cash

$1,939.93 $633.68

 

Litecoin

$332.59 $110.86

 

XRP (Ripple)

$0.76 $0.4713

Source: CoinDesk Inc. Prices in US dollars as of April 1, 2018, 15.20 UTC.

There were stories that many had invested using their credit cards. And, some plucky investors even re-mortgaged their homes. What they are thinking now is anyone’s guess. But if you play high risk markets then there is also the possibility of getting burned big time.

And, if there is one lesson from all this, it is not to believe in all the hype that surrounded cryptocurrencies when the prices were getting pretty frothy and frankly some people were getting ahead of themselves.

This was especially so just prior to Bitcoin futures being traded on the Chicago derivative exchanges, the CBOT and CME. Between the point when it was announced late last October that futures in the cryptocurrency would commence during the fourth quarter 2017 – until Bitcoin’s peak in December – the price had surged by 211%. And, now for Bitcoin we are broadly back at those levels seen when the announcement was made first disseminated to the market by the CME.

Looking back it was unrealistic and unsustainable to expect Bitcoin and other leading cryptocurrencies to continue their explosive runs – ever upwards. And, while not wishing to say I told you so, it is something I had pointed out in some of my previous posts on Forbes. Namely that it didn’t exactly look too healthy or sustainable. Some out there think though there will be correction upwards to where it was before and well beyond, given the recent trading lows over the last 50-day trading period.

Now there has been a tightening of regulations. One of the latest examples being from the European Securities and Markets Authority (ESMA), the Paris-based financial regulator, with its communique on 26 March concerning leverage on derivative products related to cryptocurrencies amongst other financial products. Regulators in South Korea and China have also weighed in with pronouncements on bans for Initial Coin Offerings (ICOs) and other crypto prohibitions over recent months.

It was fortunate perhaps that the latest G20 meeting in Argentina did not bear down on the crypto space as they could have, which had been flagged up as a distinct possibility by French and German central bankers along with Mark Carney, Governor of the Bank of England and head of the Basle-based Financial Stability Board (FSB).
 

Investor Appetite?

All of this, however, does not appear to have dampened investors’ drive to be part of the crypto space. Hundreds of millions of dollars in tokens continue to be traded on exchanges. ICOs also continue to rake in the big bucks. Indeed, just three months into 2018 and $4.8 billion in funding has already been raised through various token sales so far.

Blockchain is widely considered to be the next disruptive technology. As such, many believe that the crypto space is a high-potential growth area that could provide massive returns of investment. For early adopters of coins like Bitcoin and Ether, it most definitely has. Although for later ones the jury is out.

As pointed out above, if you bought when the mania gripped at the end of last year you will be nursing a hefty loss. Of course, one might see this as ripe time to buy back in and average out your crypto holdings.

Even established companies are making their respective plays in crypto investing. Trading platform eToro recently secured $100 million in a Series E funding round to support its global expansion and further support of crypto and blockchain. The platform already supports major tokens including Bitcoin, Ether, Litecoin and Ripple.

But the funding round hints at the adoption of blockchain technology for its own use. Crypto exchange Poloniex was also recently bought by Circle, a fintech firm backed by Goldman Sachs, which underscores how traditional institutions acknowledge crypto’s impact.

Such developments only help inspire investor confidence, or so some pundits argue. And, even if coins remain far from their all-time highs, backers continue to stake in blockchain and crypto.

And, in that vein here are five reasons as to why the crypto space still continues to encourage more investors to participate.

 

1. The Promise of Blockchain

It’s tough to argue against blockchain as a technology since there is value in the immutable and transparent record keeping that it provides. But it should be pointed out that Blockchain projects and their protagonists have had a nasty habit of over promising and underdelivering. And, the number of ICOs that failed to deliver in 2017 isn't exactly something to shout about.

Several projects though have already made headway in the areas of finance, healthcare and security. Blockchain’s distributed nature also helps mitigate security and reliability issues that plague other technologies.

Blockchain’s appeal is even bolstered by the emergence of smart contracts and cross-chain interoperability. The possibilities for developing new applications based on blockchain now seem boundless according to the view of some. Because of this, there is no shortage of new and promising ventures building their projects on blockchain.

And, I for one can certainly vouch that hardly a day passes when I do not receive a slew of press release ICO launches in the crypto space. It seems never ending.

Traditional institutions and large enterprises are also committed to adopting the technology. Even banks are forming consortia that would enable them to use blockchain for their various services. Due to this demand, IT providers like IBM and Microsoft are even compelled to offer blockchain-related products and services and blockchain-as-a-service.

 

2. Unicorn Potential

This next wave of tech companies is attempting to bring disruption to a variety of verticals. New projects have now extended beyond blockchain’s typical use cases and have found their way even in sectors like social networks, media and gaming – all of which are billion-dollar industries.

Casting a wider net could help these ventures catch bigger fish. And, for investors, backing such companies early on could deliver significant returns down the line.

Some may be labeling this boom a bubble, in much the same way as happened with a whole host of dotcom ventures back in the naughtiest (2000’s). While this may be true in some regard, one should not dismiss the likelihood that winners can emerge – even if the bubble bursts.

And, in hindsight, who would not have wanted access to Google or Amazon stocks at pre-IPO or at IPO prices? There is always a chance that this slate of crypto-based projects may include future unicorns.
 

3. Early “In”

Clearly, not everyone is a venture capitalist (VC) or an angel investor who could find early “ins” to startups. This typically requires a certain amount of clout and reputation in the business community as well as significant wealth in the war chest. The only way ordinary people were able to invest in new companies was to wait for a public offering.

Today, ICOs have allowed just about anyone to invest early in new projects. ICOs now generates 3.5 times more capital than VC funding. This is largely due to how ordinary investors could invest even relatively small amounts right at the start, based on the promise of returns once the token hits exchanges or when the venture eventually flies.

 

4. Fundamentals Start to Matter

More investors are also realizing that they should not be rash in spending their money on any ICO that comes their way. It does take disciplined due diligence to spot potential unicorns. But even a good idea does not necessarily come to fruition until the service goes live and the market takes to it.

Fortunately, more investors are learning to look into a project’s fundamentals. The uniqueness and value of the concept, the token economy, the potential for target verticals to be disrupted by the technology, the strength of teams behind the projects, and other factors are now being considered by investors.

This rising focus on fundamentals can eventually help minimize speculation and the market’s volatility and even encourage traditional investors to participate.

 

5. Global Reach

Traditional investing has largely been geographically limited due to the regulatory constraints. ICOs, however, have opened up the game, allowing investors from all over the world to participate. This is also becoming increasingly easy given how established platforms are supporting more cryptocurrencies.

While some countries have already put up stringent regulations to limit and even ban crypto investing, many countries still only advise their citizens to be cautious when investing in crypto. Investors from these certain countries are otherwise unbridled to trade cryptocurrencies.

 

Risks and Rewards

At the end of the day, investing as a financial activity entails risks and rewards. While crypto investing seems to carry more risk due to the technology and space’s infancy, the rewards can also be significant.

Fortunately, the crypto space appears to be headed – some believe – towards normalcy as regulation and a focus on fundamentals are helping lessen speculation. Increasing support by traditional trading platforms and the participation of other established organizations also helps bring legitimacy to crypto activities, which ultimately should inspire investor confidence.

Add to all this, the space continues to make significant money. And, as long as this is the case, it will continue to attract enterprising parties from all over. But watch this space.

 

Roger Aitken , CONTRIBUTOR

 

Posted by David Ogden Entrepreneur

David

Bitcoin Cash Price Weekly Analysis – BCH/USD Struggling to Recover

Bitcoin Cash Price Weekly Analysis – BCH/USD Struggling to Recover

Key Points

Bitcoin cash price corrected higher but it struggled to move above the $1,080-1,100 against the US Dollar.

There is a significant bearish trend line forming with resistance at $1,000 on the 4-hours chart of the BCH/USD pair (data feed from SimpleFX).

The pair may continue to struggle and it could decline below the $950 support in the near term.

Bitcoin cash price is struggling to gain upside momentum against the US Dollar. BCH/USD remains at a risk of more losses below the $950 support.
 

Bitcoin Cash Price Resistance

There was a minor upside recovery initiated in bitcoin cash price from the $640 swing low against the US Dollar. The price recovered above the $800 resistance and the 50% Fib retracement level of the last drop from the $1,157 high to $640 swing low. Moreover, there was a break above the $1,000 level and the $1,020 pivot level. However, the price faced a lot of sellers near the $1,080 and $1,100 resistance levels.

 

More importantly, a significant bearish trend line with resistance at $1,000 on the 4-hours chart of the BCH/USD pair also acted as a hurdle. Lastly, the price failed to move above the 76.4% Fib retracement level of the last drop from the $1,157 high to $640 swing low. At the moment, the price is moving lower and is trading below the $1,000 level and the 100 simple moving average (4-hours). As long as the price is below the $1,000 level and the 100 SMA, it remains at a risk.

On the downside, the $950 level is a crucial support. If the price drops below the mentioned $950 support, it could move back in the bearish zone in the near term.

 

Looking at the technical indicators:
 

4-hours MACD – The MACD for BCH/USD is moving back in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Major Support Level – $950

Major Resistance Level – $1,000

 

Author AAYUSH JINDAL •  MAR 25, 2018 • 04:03

Posted by David Ogden Entrepreneur

David

Reddit Reportedly Removes Bitcoin As Payment, Cites ‘Coinbase Change’

Reddit Reportedly Removes Bitcoin As Payment, Cites ‘Coinbase Change'

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Reddit Reportedly Removes Bitcoin As Payment, Cites ‘Coinbase Change’

Reddit has reportedly removed the option for users to pay for their premium membership program, Reddit Gold, in Bitcoin (BTC) citing an “upcoming Coinbase change”, according to a Reddit post in subreddit /r/btc published March 23.

Reddit user BitcoinXio posted a video of the steps to give another user Reddit Gold, showing that the only payment options are PayPal and credit card.

Reddit user emoney40, a moderator of several subreddits but not /r/btc, commented that the change is due to the Coinbase Commerce change:

“The upcoming Coinbase change, combined with some bugs around the Bitcoin payment option that were affecting purchases for certain users, led us to remove Bitcoin as a payment option.”

Coinbase posted on its Medium page in early March 2018 about retiring Coinbase Merchant Tools in place of Coinbase Commerce, which they acknowledged “may be disruptive to Coinbase Merchant Tool customers.” As of April 30, merchants that used Coinbase Merchant Tools will no longer have access to that product, with May 31 as the final date for the required switch to Coinbase Commerce.

User emoney40 also said that adding BTC back as a payment option is not a guarantee:

“We're going to take a look at demand and watch the progression of Coinbase Commerce before making a decision on whether to reenable.”

Some Reddit users on the thread commented that they were not using BTC to pay for Reddit Gold anyway, due to the high transaction fees. However, in February BTC transaction fees dipped below the price of Bitcoin Cash (BCH) fees, which had been one of the main talking points of BTC’s competitors.

 

Author Molly Jane Zuckerman

 

Posted by David Ogden Entrepreneur

David

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS – Price Analysis, March 21

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS - Price Analysis, March 21

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS – Price Analysis, March 21

The G20 considers cryptocurrencies risky, said the head of Italy’s central bank, but the broad consensus is that they should not be banned. After days of negative news, this is a positive shift for the cryptomarket. Led by Bitcoin, most cryptocurrencies are trying to pull back from their recent lows.

The plunge in cryptocurrencies from their December highs had scared off new wannabe cryptocurrency investors. Once the tide turns, we may see fresh money trickle back into the markets.

A recent survey by Finder.com shows that only 8 percent of the Americans own cryptocurrencies and another 8 percent plan to buy it in the future. With about 92 percent of the population still untapped, the markets have a long way to go. There is still enough skepticism and fear due to the huge volatile moves in the digital currencies. However, if traders plan properly, the risks are way less than made out to be.

Let’s watch the setups that are developing on the top coins.
 

BTC/USD

Bitcoin broke out of the descending channel on March 20, which is a bullish sign. It had broken out once earlier on March 02, but it could not sustain the higher levels. Within six days, the price was back inside the channel. Will the same thing repeat again?

Just above the resistance line of the descending channel are resistances from the 20-day EMA and the 50-day SMA. We expect the bears to strongly defend this zone because once the price breaks out of this, the BTC/USD pair will rally to $12,172.

The next dip towards the $8,800 levels should offer the traders a good entry opportunity. They should purchase 50 percent of the desired allocation around $8,800 with a stop loss of $7,600. The remainder of the position can be added once the cryptocurrency is clear of both moving averages.

The target objective on the upside is a rally to $12,000.

 

ETH/USD

Ethereum is trying to break out of the descending channel (marked 2 on the chart) and the overhead horizontal resistance at $565.54. If successful, we’ll see a rally to the 20-day EMA at $650, which will most likely trigger bears selling.

Above the 20-day EMA, the resistance line of the descending channel and the 50-day SMA are the other two significant resistance levels.

Aggressive traders can buy if the price closes above $575 (in the UTC time frame). The initial stop loss can be placed at $500. If the cryptocurrency struggles to break out of $660, the positions can be closed.

On the contrary, if the ETH/USD pair turns back below $565, it will become weak, and the price will experience a retest of the recent lows.
 

BCH/USD

Bitcoin Cash has broken out of the downtrend line and is currently trying to move above the 20-day EMA. There are a number of resistances between $1,100 to $1,200.

Currently, the cryptocurrency remains in a downtrend, as both moving averages are falling and the price is still below them. Once it sustains above $1,200, we can expect the BCH/USD pair to attract buyers and rally towards $1,600. We should wait for Bitcoin Cash to break out of the 50-day SMA before suggesting any trades.

On the downside, $980 and $880 will act as strong support on declines.
 

XRP/USD

In our previous analysis, we had recommended a long position for Ripple at $0.71, which got filled on March 19. The stop loss for the trade is $0.53, which is just below the low on March 18.

On March 20, the XRP/USD pair formed an inside day candlestick pattern. The range has shrunk again today, showing indecision between the bulls and the bears.

If the consolidation of the past two days breaks out of $0.73, the pullback will gain strength.

On the upside, the bears will pose a stiff challenge in the zone between the 20-day EMA and the 50-day SMA. Once the price breaks out of the $0.9 levels, the cryptocurrency should rally to $1.1 and then to the upper end of the $1.2 range.

We need to close the position if the price struggles to break out of any of the above-mentioned resistances.
 

XLM/USD

Stellar has pulled back from the lows of $0.2 to the 20-day EMA. It has broken out of the downtrend line meanwhile, which confirms that the negative momentum is weakening.

Still, the bears will try to defend the 20-day EMA. If the bulls purchase the subsequent dip around the $0.23 mark, it will offer the traders an opportunity to initiate long positions. We are suggestingan aggressive trade on the XLM/USD pair because we find that the 20-day EMA, the resistance line of the descending channel and the 50-day SMA have not offered a strong resistance previously.

The position can be covered if the daily close (UTC) is below $0.18. On the upside, we can expect a rally to $0.35. If this level is crossed, a move to $0.47 can’t be ruled out.
 

LTC/USD

Litecoin looks strong as it has pulled back smartly from the lows of $144.544. It has broken out of the downtrend line, which is a positive sign. The current recovery might face a stiff resistance between the 20-day EMA and $187. We need to wait for the next dip to initiate long positions.

We find a large symmetrical triangle formation on the LTC/USD pair, which will break out above $205. Though the target objective is way higher, we can trade it for an up move to $240 and after that to $300.

Two possibilities are developing. Either buy on a dip towards $165 with a $142 stop loss or wait for a breakout above $205 to enter long positions with a stop loss at $180.

 

ADA/BTC

Cardano has broken out of the downtrend line for the first time since January this year. This is a major development as it shows that the trend is changing.

700

Right now, the ADA/BTC pair is facing resistance at 0.00002460. Once the bulls clear this resistance, a move to 0.000035 is possible.

Therefore, we suggest long positions if the price sustains at 0.000025 levels for four hours. The stop loss can be kept at 0.000016.
 

NEO/USD

NEO has pulled back sharply from its recent lows of $49.04. This shows that the markets have rejected the breakdown and the lower levels. We expect a stiff resistance at the $86 levels.

If the NEO/USD pair finds support at the $65 mark during the next dip, it will signal a bottom formation and can be purchased with a stop below $48.

But if the price continues to march higher, then $90 is a good level to enter long positions with an initial stop loss of $70, which can be raised later. Our first target objective is a move to $115, where we anticipate selling. If NEO breaks out of $120, the momentum should pick up and push prices towards $140 levels.
 

EOS/USD

EOS has risen sharply from its lows of $3.8723. For the past two days, it is facing selling at the 20-day EMA, but it has not given up much ground, which is a positive indication.

If the EOS/USD pair rallies above $6.3, it should move up to the resistance line of the descending channel.

Prices have turned down from the channel line on two previous occasions, hence, this will act as a stiff resistance. At the moment, we don’t have an attractive risk to reward ratio, that’s why we don’t recommend making any trades on it.

 

Author: Rakesh Upadhyay

 

Posted by David Ogden Entrepreneur

 

David

Bitcoin Cash Price Weekly Analysis – BCH/USD Remains at Risk

Bitcoin Cash Price Weekly Analysis – BCH/USD Remains at Risk

Key Points

  • Bitcoin cash price struggled to recover and moved below the $950 level against the US Dollar.

  • There is a crucial bearish trend line forming with resistance at $975 on the 4-hours chart of the BCH/USD pair (data feed from SimpleFX).

  • The pair remains at a risk of more declines and it could even break the last low of $867 in the near term.

Bitcoin cash price is under pressure below $975 against the US Dollar. BCH/USD may continue to decline towards $850 and $800 support levels.

Bitcoin Cash Price Downtrend

This past week pushed bitcoin cash price in a bearish zone below $1,000 the US Dollar. There was a sharp downside move and the price settled below the $1,000 level and the 100 simple moving average (4-hours). There was a decline towards the $850 level and a low formed at $867. A recovery was initiated and the price moved above the 23.6% Fib retracement level of the last decline from the $1,160 high to $867 low.

However, the upside wave was protected by the $1,050 level. Moreover, the 61.8% Fib retracement level of the last decline from the $1,160 high to $867 low acted as a hurdle. At the moment, the price is trading lower and is well below the $950 level. On the upside, there is a crucial bearish trend line forming with resistance at $975 on the 4-hours chart of the BCH/USD pair. It seems like the pair may continue to decline and it could even break the $900 level in the near term.

Further below $900, the last low of $867 could be tested. Moreover, there is a risk of a test of $850, which is a major support zone.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is once again moving in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Major Support Level – $850

Major Resistance Level – $975

 

Author: AAYUSH JINDAL   MAR 18, 2018  04:03

 

Postwd By David Ogden Entrepreneur
 

David

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS – Price Analysis, March 16

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS - Price Analysis, March 16

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS – Price Analysis, March 16

Fundstrat's Thomas Lee believes that Bitcoin mining is an unprofitable venture at current prices. A model developed by his data science team has pegged the breakeven price at $8,038.

If prices fall further, the miners will start to lose money on their operations. Shone Anstey, co-founder and president of Blockchain Intelligence Group opines that this may force a few miners to stop their operations.

Technical analysts watch the 50-day MA and the 200-day MA closely to forecast the path of least resistance. A death cross, a situation where the short-term moving average falls below the long-term moving average, indicates weakness. Paul Day, a technical analyst and head of futures and options at Market Securities Dubai Ltd believes that if the cross occurs, Bitcoin can sink to $2,800.

It is common to see wild price forecasts on the downside when Bitcoin is falling. We saw similar outrageous forecasts on the upside when the cryptocurrency was rising.

Though we do keep those factors in mind, we should not be worried much by them. Let’s see what our analysis forecasts.

 

BTC/USD

Bitcoin fell to $8,066.61 levels on March 15. The bulls are trying to defend the $8,000 levels and pullback towards the $9,500 levels.

The BTC/USD pair remains in a downtrend as prices are trading inside the descending channel and below both moving averages. The 20-day EMA has broken below the 50-day SMA, which is another bearish move.

If prices fail to sustain above the overhead resistance zone of $9,500 to $10,000, the cryptocurrency can fall to $7,850 and after that to the February 06 lows of $6,075.04.

Our bearish view will be invalidated if the bulls manage to sustain above the $10,000 levels.

 

ETH/USD

Ethereum extended its downtrend as it fell to $568.29 on March 15, close to the February 06 lows of $565.54. This is major support.

We expect the bulls to attempt a bounce from these levels. The pullback will face selling pressure at the 20-day EMA and the resistance line of the descending channel.

If the bounce fails to gain strength, the next down leg in the ETH/USD pair will break below the $565.54 support and move lower to $500 and then to $430 levels.

Aggressive traders can buy a very small position, about 30 percent of the usual position size at $630, if the level sustains for about four hours. The stop loss can be kept at $560. If the price fails to break out of $700, positions can be closed, else please trail the stops higher.

 

BCH/USD

Bitcoin Cash fell to $910.6798 levels on March 15. Currently, the bulls are attempting a pullback from the supports.

The downtrend line should act as the first level of resistance. Above this, the 20-day EMA and $1,150 will act as resistance. If the cryptocurrency turns down from these levels and breaks below $900, it can slide to $778.2021.

The BCH/USD pair will become positive in the short term once the price sustains above $1,150.

 

XRP/USD

Ripple found support at the $0.62681 levels on March 15. We believe that the support zone between $0.695 and $0.5627 will hold.

The bulls are attempting to pull back above the March 15 high of $0.72685. Once this level is crossed, a move to the 20-day EMA is possible where the cryptocurrency will face strong selling pressure.

During the next decline, if the XRP/USD pair does not break below $0.695, we can expect it to trade in a large range. We may try to trade this, but as we don’t see any buy setup, hence, we don’t recommend any trade on it at the moment.

 

XLM/USD

Stellar remains in a downtrend, and it continues to decline gradually. It is close to our first lower target of $0.22.

If the bulls fail to defend these levels, the XLM/USD pair can slide towards the support line of the descending channel.

We remain bearish on the cryptocurrency until it stays below the 20-day EMA, the downtrend line and $0.32.

 

LTC/USD

Litecoin is trying to pull back towards $186.823 levels, where we expect another bout of selling by the bears.

Both moving averages, the downtrend line and the horizontal line, all converge around $187 levels making it important resistance. If prices turn down from the resistance and break below $157.236, it might fall to $141.

The LTC/USD pair will indicate strength if it can sustain above $187 levels for a day.

 

ADA/BTC

We expected Cardano to trade in a range, but prices turned down from 0.00002482 levels on March 14 and are now on its way towards the next lower target of 0.00001690.

It continues to be in a strong bear grip as the cryptocurrency has not even touched the 20-day EMA for more than a month.

The ADA/BTC pair will become positive once prices break out of the downtrend line and the 20-day EMA. Until then, all attempts to recover will face selling at the resistance.

 

NEO/USD

The bulls are trying to hold the critical support level of $63.62 on NEO. We can expect a retest of the breakdown level at $86. If the bulls succeed in sustaining above this overhead resistance, it will indicate that the bears are losing strength.

If prices turn down from $86 levels, we anticipate the next down move to a breakdown of $63.62 and move towards the lower target objective of $49.

We should wait for a confirmed buy setup to initiate a long position on the NEO/USD pair.

 

EOS/USD

EOS has been declining gradually for the past few days. It fell to a low of $4.7484 on March 15. We can expect the bulls to attempt a pullback from the current levels, but the 20-day EMA has been acting as strong resistance since end-January of this year. If prices turn down once again from there, a fall to $3.26 is likely.

If the EOS/USD pair sustains above the $7 levels, we can expect it to rally to the 50-day SMA and then to $10 levels.

Currently, we don’t find any buy setups on the cryptocurrency.

 

Author: Rakesh Upadhyay

 

Posted by David Ogden Entrepreneur

David

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS – Price Analysis, March 06

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS – Price Analysis, March 06

Harvard economist Kenneth Rogoff believes that Bitcoin’s value will drop to $100 in a decade. He stated that increased regulation is one of the aspects that will bring down the value of Bitcoin. We, on the other hand, have an opinion that in a decade, the cryptocurrencies will have much more use cases and that it will increase their demand, propelling prices higher.

Bitcoin’s entrepreneurs have taken up the task of rebuilding the Puerto Rico economy that has been hit by natural disaster, and a shortage of funds. This is a new experiment, and in case it succeeds, it will be implemented at many other places.

Additionally, increased involvement of large companies with the crypto world shows their growing acceptance, which is a bullish sign.

 

BTC/USD

We had been expecting Bitcoin to break out of the neckline of the inverse head and shoulders pattern and move towards the target objective of $13,000. But the bears strongly defended the $12,200 levels.

Yesterday, Feb.5, the BTC/USD pair reached a high of $11,934.08 but could not break out of the overhead resistance. Currently, the cryptocurrency is pulling back and is likely to find support at the trendline of the ascending channel at $11,100. If this support breaks, the next support lies at the 20-day EMA and below that at the 50-day SMA.

Therefore, traders can raise their stops to $11,000 on the remaining half-position. Once the price sustains below the channel, we expect it to stay range bound between $9,500 and $12,200.

 

ETH/USD

We had recommended traders to raise their stops on Ethereum to $830 in our previous analysis, which was hit today, Feb.6. The bulls have failed to break out of the 20-day EMA for the past nine days.

As the price is below both the 20-day EMA and the 50-day SMA and is turning down from the resistance line of the descending channel, the bears have an upper hand.

Now, chances are that the bears will push the ETH/USD pair towards the $780 levels. If this level breaks, the next support is at $723.

 

BCH/USD

We had recommended buying Bitcoin Cash on a breakout above the range, however, the bulls could not push prices above the 20-day EMA and the overhead resistance.

Now, the bears are likely to push prices to the lower end of the range at $1,150. If the BCH/USD pair breaks below this support, it is likely to fall to the pattern target of $950.

Our bearish view will be invalidated if the cryptocurrency breaks out of $1,355.

 

XRP/USD

In the previous analysis, we were unsure about Ripple’s price action. Yesterday, March 05, the price broke out of the overhead resistance, but it could not clear the 50-day SMA.

Prices turned down sharply, and the XRP/USD pair is now likely to continue trading in the range once again. If the bears push prices back below the $0.85 level, it can extend its fall to $0.72.

We don’t find any trade setups on it at the moment.

 

XLM/USD

Stellar continues to trade in the range because the bears were not able to break down below the $0.32 levels.

On the upside, the XLM/USD pair is facing resistance from the 20-day EMA. If it breaks down of $0.32, we might observe a fall to the support line of the descending channel at $0.22.

The bulls will continue to face resistance from the 20-day EMA, the 50-day SMA and the upper end of the range.

 

LTC/USD

Though Litecoin continues to trade above the 20-day EMA, it has lost its momentum. Both moving averages have flattened out, which points to a range bound action in the next few days. We recommend traders to retain the stop loss at $200, at breakeven.

Yesterday, March 05, the bulls attempted to break out of the downtrend line, yet, they could not sustain above the line.
 

The LTC/USD pair is likely to correct towards the 50-day SMA. If this level breaks, a move towards $175 is also possible, where we expect strong buying to emerge.

We should turn bullish if the cryptocurrency sustains above $225.

 

ADA/BTC

Cardano has been holding above the critical support level of 0.00002460 for the past four days, but a lack of buying at the support level shows that the bulls are not interested in buying even at these levels.

If the price breaks down of 0.00002460, it can slide to 0.00001690 levels.

On the upside, the ADA/BTC pair will face resistance at the 20-day EMA and the 50-day SMA.

We need to wait for buying to emerge before recommending a trade on it.

 

NEO/USD

We expected the $108 levels to provide strong support but we were proven wrong, and NEO broke below our suggested stop loss of $105.

700

The NEO/USD pair is now likely to fall to $93.5 levels. The zone between $86 to $93.5 might offer strong support. If it breaks, the cryptocurrency will become negative.

On the other hand, the price will become positive on a sustained move above $140.

 

EOS/USD

EOS has broken down of the symmetrical triangle, which is a bearish development. Currently, the price is holding at the horizontal support of $7.5.

If this level also breaks, a retest of the Feb. 06 lows is likely. On the upside, the bulls will face resistance at the 20-day EMA and the 50-day SMA.

We shall turn bullish when the EOS/USD pair breaks out of $10.1190 levels.

 

Author: Rakesh Upadhyay

 

Posted by David Ogden Entrepreneur

David

Quarter Million Dollars Already Raised in Bitcoin Cash 48 Hour Challenge

Quarter Million Dollars Already Raised in Bitcoin Cash 48 Hour Challenge

Bitcoin Cash (BCH) is on a roll lately, scoring new mainstream adoption platforms in countries like the United States. But it’s still a relatively small player within the ecosystem, relative to Bitcoin Core (BTC) for example. For these reasons and more, BCH enthusiasts are participating in a 48 hour matching donation challenge, hoping to assist the nonprofit Fund in its mission to help bring the digital currency to one billion people in five years.

Donate to Bitcoin Cash Fund in Next 48 Hours, and it’ll be Matched

Late Friday night, BCH enthusiast @jarenfeser posted to the popular subreddit /r/btc, a popular and uncensored forum. The thread immediately turned into a challenge. “Over the next 48 hours I will match all donations made to The Bitcoin Cash Fund (up to 300 BCH),” he wrote.

The Bitcoin Cash Fund describes itself as “A community-driven, grassroots project to accelerate the adoption of Bitcoin Cash.” Bitcoin Cash, of course, forked from Bitcoin Core in August of last year in response to increasing transaction fees and mempool congestion causing long wait times plaguing bitcoin core. Since its inception, BCH has, in only a few months, stubbornly remained in the top four cryptocurrencies by market capitalization, including a brief stint as number 2, usurping ethereum.

These are heady times for BCH, as News.Bitcoin.com reported popular bitcoin payment provider Bitpay added BCH to its Visa debit card program for United States residents. And this was after a slew of other adoption news, such as bitcoin cash tip bots for Telegram and even new ATMs for the decentralized cryptocurrency.

Because BCH wasn’t created by a government nor corporation, an organic non-profit fund was set up to assist in its adoption growth. “Currently, we are looking to promote any non-profit project that will help promote the adoption of Bitcoin Cash. Examples of projects we’re funding now are Bitcoin Cash video tutorials,” the fund explains, “a BCH-specific JavaScript library, and an info pack to help businesses adopt BCH. We’ve previously funded the incredible TX Highway, as well as Bitcoin Cash meetups all over the world.” BCH supporters are encouraged to submit adoption ideas.

Redditor @jarenfeser also listed addresses he’ll monitor, promising, “I´ll check it every few hours and match any new deposits:”
 

https://explorer.bitcoin.com/bch/tx/1ecf924a7f4637faeed02135998f5bab25c9c4c93637b92b3b35cb9f63373bcf

https://explorer.bitcoin.com/bch/address/39M95ZPG2M5DJ9CizQmqSsnt2N3EJyzpSR

https://explorer.bitcoin.com/bch/tx/d567e3375d810c9602e9d489ae71769e0b419a70bf0b1b15d13dfaa55e2809f5

https://explorer.bitcoin.com/bch/tx/f1850f86e4a3f6d12a536c36e137e0fad2092559f867f218de79ef054dfa80f7

BCH supporters have already donated $250,000 to the fund as of a mere eight hours into the challenge, including support from Satoshi Dice. With only a little more than a day remaining, those wishing to maximize donations are asked to point their wallets to the QR code (see inset) or to click over to the fund itself.

 

Author: C. Edward Kelso

 

Posted By David Ogden Entrepreneur

Quarter Million Dollars Already Raised in Bitcoin Cash 48 Hour Challenge

 

David

CFTC Warns Against Cryptocurrency Pump-and-dump Schemes

CFTC Warns Against Cryptocurrency Pump-and-dump Schemes

CFTC Warns Against Cryptocurrency Pump-and-dump Schemes

The rising popularity of cryptocurrencies is of great concern. Especially when it comes to pump-and-dump schemes, there’s reason to be concerned. As such, the CFTC issued an official warning against this type of market manipulation. They advise customers to avoid such schemes, especially when it comes to small and new altcoin markets. It is evident doing one’s research is always the best course of action.

In the world of cryptocurrency, pump-and-dump schemes are nothing new. In fact, they are a lot more common than some people might think. The CFTC has issued an official warning on this topic earlier this week. This is quite a surprise, even though it is evident consumers need to be aware of these manipulative efforts. Especially smaller cap coins and new alternative cryptocurrencies pose a significant risk in this regard. Moreover, it is always best to avoid any promotion on social media altogether.
 

Avoiding Cryptocurrency Pump-and-dump Schemes

This seems to stem forth from the recent BitConnect issues. That pump-and-dump scheme caused hundreds of millions in financial losses. It was mainly promoted on social media and YouTube. The CFTC doesn’t want history to repeat itself in this regard. They now want consumers to blow the whistle on any suspicious currencies first and foremost. It’s always better to submit tips than ignore pump-and-dump schemes altogether. Whether or not the general public will follow this guideline, remains to be seen.

According to the CFTC, pump-and-dump schemes in the cryptocurrency world take place on social media first and foremost. Online chat rooms, such as the ones on Telegram, are also problematic in this regard. Ignoring these buy signals will prove to be rather difficult for a lot of novice users. It is these people the marketers and scammers prey on first and foremost. A lot of people never do any research for specific coins or projects, even though they really should.

For now, the CFTC will not undertake further action against pump-and-dump schemes. They are not in a position to do so either, unfortunately. It is evident users need to conduct their due diligence first and foremost. Those who purposefully defraud other investors will face legal issues sooner or later, though. Anyone participating in market manipulation also violates the law. It is evident this new financial industry needs some boundaries first and foremost. Cracking down on pump-and-dumps is the right way to go in this regard.

 

Author JP BUNTINX • FEB 18, 2018 • 03:02

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

David

Cryptocurrency Markets Move Back Into Green After Substantial Selloff

Cryptocurrency Markets Move Back Into Green After Substantial Selloff

Cryptocurrency Markets Move Back Into Green After Substantial Selloff

Cryptocurrency markets are rebounding today, Feb. 3, following yesterday’s multi-month low in Bitcoin's price. Most of the top 50 coins are in green, with 24 hour gains over 20 percent.

In part due to pressure from misleading reporting on regulations in India, the overall cryptocurrency market took a massive nosedive starting Thursday, Feb.1, shedding more than $100 billion in market cap in the 24 hours following the news.

However, after the substantial selloff, the market has spent today bouncing back, with Bitcoin rising back above the $9,000 level. At press time, Bitcoin was trading at an average of $9,095, up 3.54 percent on the day.

Following Bitcoin’s lead, other coins have also rallied substantially. With the except of three coins, every top 50 cryptocurrency has seen gains, with Litecoin (LTC) and Cardano (ADA), and Verge (XVG) leading the pack with gains between 15 and 20 percent.

A quick glance at the Coin360 market snapshot indicates a clear positive turn after the substantial negatives of the week.

Despite the market lows this week, figures such as Litecoin founder Charlie Lee and CNBC’s Cryptotrader host Ran Neuner have made bullish statements recently about Bitcoin. In an interview with Cointelegraph, Lee in particular offered some level-headed perspective on volatility in crypto markets, often lacking in a market crowded with fearful newcomers.

News of the first Canadian Blockchain ETF approval may well have played into today’s rally.

Bitcoin hit a record high of 20,000 in late December, only to crash, along with the rest of the market, just a few days later, Dec. 22, when Bitcoin and altcoins lost 20-30 percent.

Since then, the leading cryptocurrency has yet to fully recover, hovering roughly between $10-$15,000 per coin, until this yesterday’s multi-month lows under $8000.

The entire month of January saw a market sell off, in part due to increased regulatory news from South Korea – and misleading reporting on it – that left many investors fearful.

 

Author Jon Buck

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

David