Bitcoin and Other Cryptocurrencies Test Crucial Supports

Before Bitcoin can hit the target price most cryptocurrency analysts have predicted, a lot of ups and downs will be involved. For starter’s, its price trend which has revolved around the $3,800 and $3,900 levels may be one way that these predictions will be attained. However, yesterday March 11, the virtual asset declined below the $3,900 and $3,850 supports.
 

Bitcoin May Have Revolved Around its Price Level for Too Long

Many may assume that the most popular virtual currency has revolved around its current price level for too long, while others may be thankful that it is where it is instead of declining lower than $3,000. Yesterday, Bitcoin found support around $3,825 before rebounding to $3,850. As at press time, it is trading at $3,918 and it may retest a resistance of $3,980 and $4,000.
 

As is usually the case, other virtual currencies in the market were affected by this price volatility. Ethereum, for instance, which is currently priced at $134.64 traded below the $132 support, yesterday. It could be purchased at a price that is slightly higher than $130. The asset could test resistance levels of $135 and $136, for it to move onwards.

 

XRP’s Price Increments After Finding Support at $0.306

The same can be said about Ripple’s XRP, the third most popular virtual currency based on its market cap. The asset was sold for less than $0.310 and tested its support at $0.306 before correcting and trading above $0.308. It is also worthy to note that XRP, like the first other 10 cryptocurrencies asides from Bitcoin cash is slightly bearish. Its price as at the time of press is $0.311 which may likely draw in more buyers.
 

EOS is another virtual currency that is worth mentioning and it is ranked fifth on Coinmarketcap’s platform. Its price of $3.66 is expected to increment and test the resistance of $3.70. Hours ago, it found its support level at 3.50, before breaking beyond $3.55 to the 3.60 level which it is valued at.

 

Bitcoin Cash’s Price Increments and May Test Resistance of $132

Bitcoin cash which is currently the sixth most popular cryptocurrency today by its market capitalization is valued at $128. Yesterday, it has declined below the $128 support to rade at around $126. Consequently, predictions have been made that the asset may correct itself to trade as high as $130 to $132.
 

These market prices may be on an hourly basis, but it sets the trend of what is to come in the near future. Many like Tim Draper have predicted that its price will gradually increment and $8,000 is what can be expected this year. Others have chosen to base their predictions on two to three years from now and in the long run.

By Grace Joseph

March 13, 2019

 

David

Bitcoin analysis – The recent Bitcoin rally signals a downward spiral

An analysis of the latest Bitcoin rally has shown that the price of Bitcoin may be heading towards a downward spiral.

The analysis by Bloomberg has indicated that the recent Bitcoin rally that projected a “long-term buying demand” is slowly cooling down. In turn, massive selling is likely to be witnessed. The Moving Average Convergence Divergence indicator for Bitcoin has recorded a negative vibe around the price of Bitcoin since February 14th. As per the analysis, the negative vibe was witnessed shortly after Bitcoin came out of a 7-month low.

The size of Bitcoin’s average daily gain has dropped from February through the start of March, potentially indicating that the rally could be running into a wall… But Bitcoin’s hitting a resistance level of $4,000, and until that level is breached, its price may continue to come under pressure.

Between Feb and March, the Bitcoin rally has been losing momentum with the price of Bitcoin recording a 0.57 percent gain in Feb and losing it in March to record a 0.22 percent gain. This movement has been acknowledged by Mike McGlone, Bloomberg’s intelligence analyst, who noted that this not only affects the Bitcoin rally but the entire cryptocurrency market is likely to resume a downward spiral.

According to McGlone, the movement of the Bitcoin rally resembles the one witnessed in November before the crypto prices started collapsing. Mike added, “Prices are consolidating within narrowing ranges, with a few sharp bear-market rallies that appear fleeting.”

Mati Greenspan, eToro’s senior market analyst has noted that in the last 3 months, the Bitcoin rally has only attracted a 20 percent appreciation to the Bitcoin price. However, for Greenspan, this is because investors are shifting their investments to the altcoins. “We are now in what industry insiders like to call alt-season,” Mati added.

Is the recent Bitcoin rally an indication of a downward spiral or a bullish momentum throughout the year?

 

March 13, 2019Philip Maina

David

BITCOIN Bitcoin [BTC] volume drop could be linked with end of VeriBlock

Bitcoin [BTC], the world’s largest cryptocurrency has not had a tremendous start to the beginning of March, as indicated by the transaction numbers and the volatile market volume.

The latest report from Coin Metrics shows a stark decline in the Bitcoin transaction rate as the numbers fell from a high of 353,537 transactions to the current 239,345 transactions. The downtrend is the biggest slip of transaction rate over the past three months as the disparity between the top and the bottom came up to almost 114,000 transactions.

Many users speculated that the drop could be linked to the end of the Veriblock testnet that occurred on March 4. Reports also showed that the testnet process accounted for almost 20%-30% of occurring Bitcoin transactions. Veriblock’s testnet created a lot of ruckus in the cryptocurrency space, with many users complaining about repeated spams and other problems. Veriblock’s website had then said:

“As a result, the reinforced security provided by PoP will encourage further adoption of these alternative blockchains. The transition of transactions from Bitcoin to alternative blockchains will also facilitate Bitcoin scaling, while continuing to drive value back to Bitcoin miners.”

Veriblock’s website shows that the organization aims to provide double-spend attack prevention, protection against sustained 51% attacks, and early attack detection against frauds and thefts.

Users in the cryptocurrency sphere have also pointed to some other reasons for the decline, one standout option being the power and communications outage in Venezuela. Reports from within the country showed that the BTC transaction in Venezuela plunged from 370,000 to 240,000. The reason why the drop in Venezuela made news was that the country’s BTC transactions on LocalBitcoin were more than that of Europe and the United Kingdom.

Bitcoin and its associated technologies had made news earlier when Bitcoin millionaire Erik Finman said that the coin’s Lightning Network will demolish the future. He elucidated that the LN was effectively transforming Bitcoin into an international payment network like Mastercard and Visa. He even stated that ‘Bitcoin is dead’ and that the LN will be the main cause for it.

 

Published 1 min ago on March 12, 2019By Akash Anand

David

Examining Both Sides of Bitcoin Bulls and BTC Bears – What Separates Supporters from Opponents?

Of Bulls and Bears: What Distinguishes Bitcoin Supporters from BTC Opponents?

Bitcoin (BTC) is the first and largest cryptocurrency in the market that currently features over 2,100 digital coins. However, ever since it appeared, BTC had those who supported it and those who did everything in their power to discourage others from dealing with it. While it is true that BTC has its own problems, it is still interesting to notice that those who support it tend to be people who understand new technologies, while the new trend's opponents are mostly those who represent the current financial structure.

What Separates Bitcoin Bulls from the Bears?

According to a recent tweet by Digital Currency Group's CEO, Barry Silbert, it is very clear to see what separates Bitcoin bulls from Bitcoin Bears.

The list of bulls mainly consists of some of the best-known names in the tech industry, such as Jack Dorsey, the CEO of Twitter and Square, who expressed interest in digital currencies several times. He has also supported many crypto-based projects, such as the browser extension that would bring Lightning Network tipping to the Twitter platform. He also provided monetary support to a leading firm in the area of Lightning Network development, indicating that Dorsey wishes to see Bitcoin's scalability problems resolved.

He even said many times that he believes that the internet will have its own currency some day. As far as he is concerned, it might as well be Bitcoin.

Then, there is the CEO of Tesla and SpaceX, Elon Musk. Musk has mostly been neutral regarding the whole crypto and Bitcoin dilemma, although his attitude seemingly started to change recently. Not long ago, Musk said that he thinks that Bitcoin is quite a brilliant innovation, while he also found many altcoins to be just as interesting.

Then, there is the co-founder of Apple, Steve Wozniak. Wozniak had the misfortune to be a victim of a crypto-related scam some years ago, during which he lost a number of coins. Even so, he still believes in the idea of Bitcoin, and crypto, in general. After 2018 was struck by a crypto winter and the markets turned bearish, Wozniak stated that it should now be seen in a negative light, as there were many positive developments in other areas of the crypto industry, even though the prices were continuously dropping.

The Opposing Side: Bears Strike Down and Bulls Strike Up

Now, let's take a look at who is opposing the cryptocurrencies. Names like Jamie Dimon and Warren Buffett are well known in the anti-Bitcoin team. They, as well as many others who are against cryptocurrencies, are quite interestingly all coming from the world of traditional finances. Considering Bitcoin's potential to disrupt this world and bring radical changes to how money is used, controlled, and transferred, it is hardly surprising that they found themselves endangered and did everything in their power to bash Bitcoin whenever possible.

Dimon and Buffet have called Bitcoin a fraud, a delusion, and Buffet even went as far as to call it ‘rat poison squared.' Meanwhile, they never gave any clear arguments as to why they believe this to be true, and they simply continued to repeat their claims.

There is also Ben Bernanke, the former Federal Reserve Chair, who was also mentioned on the Bitcoin bears list. However, while Bernanke opposed Bitcoin from the start, at least he found the concept of blockchain technology to be interesting. He still sees BTC as an attempt to evade regulations and expects the government to crack down on it, which is unlikely to happen since the SEC itself confirmed the Bitcoin is not a security.

Finally, there is Nouriel Roubini, the lecturer from the New York University, who criticized Bitcoin many times, even calling it a ‘stinking cesspool.' Of course, this is not the end, and there are many others who took a swing at Bitcoin, but Barry Silbert's point remains — BTC is mostly attacked by those who are not familiar with new and advanced technologies.

One recent development indicates that even these people may end up changing their mind, provided that they understand the benefits of cryptocurrencies. That is, of course, the announcement of JPM Coin, a supposed cryptocurrency (which is not a real cryptocurrency), and which is launchedby JP Morgan, despite Jamie Dimon's previous claims and criticisms. It is unknown whether Dimon actually changed his mind about cryptocurrencies, but the move means that the institutions are learning, and that they are taking steps towards crypto, instead of continuously running away from them.

Cryptocurrencies still have a long way to go before reaching mass adoption, and bears are unlikely to stop that process. They may slow it down, as there are many who respect their opinion, and will likely be more hesitant to go crypto becouse of it. However, the crypto trend is rising continuously, the coins are developing further, becoming better, faster, and their issues are slowly but surely being taken care of. It may take years, or even another decade, but it is highly unlikely that Bitcoin and the rest of the coins are going away.

 

By Bitcoin Exchange Guide News Team – March 11, 2019

David

Bitcoin (BTC) Price Weekly Analysis – Trend Overwhelmingly Bullish To $4,200

• Bitcoin price slowly moved higher and dips remained supported above $3,800 against the US Dollar.

• The price fell significantly recently, but buyers protected the $3,800 support area.

• There is a crucial ascending channel is in place with support at $3,830 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

The pair remains in an uptrend and it is likely to accelerate above $4,000 and $4,100 in the near term.

Bitcoin price is grinding higher with a positive bias above $3,800 against the US Dollar. BTC/USD buyers are in control and they seem to eye a test of the $4,200 resistance level.

Bitcoin Price Analysis

This past week, there was a steady rise from the $3,700 support area in bitcoin price against the US Dollar. The BTC/USD pair climbed higher and settled above the $3,800 resistance level and the 100 simple moving average (4-hours). However, the price faced a strong resistance near the $3,900 level. There were many attempts to clear the $3,900 barrier, but buyers failed to gain momentum. As a result, there was a sharp decline recently below the $3,850 level. The price even spiked below the $3,800 support and the 100 simple moving average (4-hours).

Buyers took a stand near the $3,760 level and later the price bounced back sharply. It broke the $3,900 resistance and settled well above the 100 simple moving average (4-hours). A new high was formed near the $3,945 level and the price is currently consolidating gains. It is testing the 23.6% Fib retracement level of the recent wave from the $3,765 low to $3,945 high. On the downside, there is a strong support formed near the $3,850 level. The 50% Fib retracement level of the recent wave from the $3,765 low to $3,945 high is also near $3,855.

More importantly, there is a crucial ascending channel is in place with support at $3,830 on the 4-hours chart of the BTC/USD pair. Therefore, the pair remains well supported on the downside near the $3,850 and $3,830 levels. On the upside, the price must break the $4,000 barrier for more gains in the near term.

Bitcoin Price Analysis BTC Chart

Looking at the chart, BTC price is clearly trading in an uptrend above the $3,850 and $3,830 supports. The main support is at $3,800, below which there is a risk of more losses. To the upside, a break above the $4,000 resistance may clear the path for a test of the $4,100 and $4,200 levels.
 

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is correcting towards the 55 level.

Major Support Level – $3,830ser

Major Resistance Level – $4,000

 

AAYUSH JINDAL | MARCH 10, 2019 | 5:00 AM

David

Seized Bitcoins soon to be disposed by the oldest law enforcement agency in the U.S

The oldest law enforcement agency in the United States, U.S Marshals Service, is calling on cryptocurrency firms to help in disposing seized Bitcoins.

The law enforcement agency is looking for cryptocurrency firms that have a secure way to store the seized Bitcoins and also firms that are capable of facilitating a refund of the Bitcoins or other cryptocurrencies to their owners.

This will lead to the first U.S Marshals’ Bitcoin and cryptocurrency disposal event this year. Last year, the law enforcement agency auctioned Bitcoin worth more than 80 million U.S dollars. However, in its current request for help in disposing and storing seized Bitcoins, the law enforcement agency did not quote the amount it is seeking to be disposed.

In an announcement posted on FedBizOpps, titled ‘Cryptocurrency Management and Disposal Services’ the U.S Marshals Service which falls under the United States Department of Justice, issued a Request for Information (RFI) where it is urging cryptocurrency companies to furnish the agency with how best to store and maybe dispose seized Bitcoins and other cryptocurrencies.

The announcement noted that:

Once all submissions have been received and reviewed, the Government anticipates posting a Request for Proposal (RFP).

Those who may be interested in working with the U.S Marshals Service must be able to convert the seized Bitcoin to fiat which can be conducted through an auction using sealed bids. The RFI expires on March 19 this year.

During last year’s auction of seized Bitcoins, the law enforcement agency required bidders to deposit $200K which would be returned to non-winning bidders. For registration purposes, the bidders had to submit a manually signed copy of the registration form, a government-issued ID, and a copy of the EFT receipt.

In the past, sealed-bid auctions of seized Bitcoins manifested a chance for Bitcoin whales to pile up their Bitcoin reserves. For example, in 2014, during the auction of the Silk Road proceeds, Tim Draper, a venture capitalist, increased his Bitcoin reserves by over 30,000 Bitcoins.

After the completion of the RFI phase, do you think Bitcoin whales will use the seized Bitcoins to increase their reserves?
 

Philip Maina

March 9, 2019

David

Bitcoin (BTC) Following Parabolic Trend, $50,000 By 2022 Expected

Bitcoin Holding Parabolic Trend, Even In Crypto Winter

Over the course of 2018, Bitcoin (BTC) broke a number of key technical levels. In some cases, the cryptocurrency fell so fast (and hard) that its moving averages didn’t catch up to it for months. And while nearly every notable support line, like the $10,000 and $6,000, have been snapped, an analyst argues that BTC remains in its most essential uptrend to date, one that could bring the digital asset to the moon.

Cane Island Crypto, the creator of Network Value to Transactions (NVT), a popular fundamental measure used for cryptocurrency valuation models, recently took to Twitter to explain that when BTC isn’t “manipulated by jack leg exchanges,” it remains in a perfect parabolic trend. Giving his point further credence, he posted a chart, which showed that since BTC started trading at sub-$1, it has held a consistent uptrend, save for a few nuances here and there that came after a significant drawdown.

Extending the trend, the Texas-based analyst determined that if Bitcoin’s implied price for 2019’s end will be $7,800, 2020’s end will be $15,426, and so on and so forth. The Cane Island investment manager noted that if Bitcoin continues to hold this line, by the end of 2022, BTC will be valued at $52,321 and just under double that just 12 months later.

The Cane Island analyst isn’t the only industry commentator to claim that BTC remains in a multi-year uptrend. Magic Poop Cannon, a seeming BTC permabull, recently took to TradingView to explain why he believes that the leading cryptocurrency remains in a “very clear cyclical uptrend,” in spite of the downturn seen last year.

He argues that the logarithmic uptrend line (seen in pink below), which is kept in place by two upper bound and lower bound trendlines, is still being held. Doing some calculations and historical analysis, Magic argued that while Bitcoin will range between $3,000 and $5,000 for much of 2019, the asset could begin to rally as the uptrend line begins to gain steam, as it were.

In fact, he notes that by August of 2023, if BTC holds above the aforementioned key level of support, it will be worth right around $150,000 a piece. This is bounds ahead of the aforementioned $93,382, but more and more analysts seem to be coming to the conclusion that the sky’s the limit for Bitcoin.

But, some have made it clear that the journey past $20,000 and beyond won’t come easy. Leah Wald, for instance, who subscribes to the Hyperwave theory, claims that BTC moving under $2,000 is far from off the table. To accentuate her belief in this theory, the popular trader recently took up a one BTC bet with Filb Filb, as she believes the Bitcoin price will hit $1,500 before it trades above $6,500 on Bitstamp.

 

By Nick Chong March 8, 2019

David

Canadian Police Call Bitcoin Expert Witness In $1.4 Million BTC Case

In a case against drugs, CipherTrace CEO David Jevans testifies as a Bitcoin expert

CipherTrace, a blockchain forensics company, makes headlines today for its role in the seizure of $1.4 million in bitcoins that may have been destined for illicit usage. In the resulting court case, David Jevans, CEO of CipherTrace was called upon to serve as the first ever Bitcoin expert witness.

As with any medium or store of value, those with specific intentions can use Bitcoin for illicit transactions. Thus, the “Darkweb” or online black market has created cause for concern for law enforcement, regulators and cryptocurrency speculators alike, because users can purchase and sell virtually anything using crypto without having to reveal their identity.

As the volume of illegal Bitcoin transactions rises, so does the demand for blockchain intelligence firms like CipherTrace.

CipherTrace played a pivotal role in convicting a suspect accused of using 288 bitcoins (valued at approximately $1.4 million today) to purchase a handgun and facilitate the sale of illicit drugs. In an Ontario court, the Bitcoin expert witness testified that his firm was able to trace transactions from dark web markets into the defendant’s account. Jevans reports:

“If I knew nothing about the case, other than being presented with the bitcoin addresses that Mr. Phan controlled, my analysis would indicate that this individual was dealing in drugs online,”

During the seizure, Canadian police also discovered $2.5 million in illegal narcotics, addressed envelopes, scales, and other drug trafficking paraphernalia.

Blockchain forensics groups like CipherTrace will likely continue to play a crucial role in thwarting cyber crimes in the future, according to the lead investigator on the case, Detective Dwayne King.

King said:

“I would have loved to have access to a tool such as CipherTrace when I originally conducted this investigation in May of 2015. The report prepared by Dave really was the pivotal piece in the Crown’s case for forfeiture.”

The courts are currently pursuing confiscation of all the defendant’s Bitcoins, among other legal consequences, while he argues that half of his digital assets should be retained since they were not realized through nefarious actions.

 

 

By Jalen Fargharson On Mar 6, 2019

 

David

Bitcoin update -BTC bulls claws back some ground

• Bitcoin has reversed the losses of the previous week.

• Short-Term recovery needs a new stimulus.

A move above $3,800 ended in a sharp recovery that followed a strong sell-off on Monday. BTC/USD is changing hands at $3,823 at the time of writing, gaining over 3% in recent 24 hours. Also, the coin managed to claw back ground lost since the end of February. The trend remains positive, though a short-term bearish correction cannot be excluded.

Looking technically, DMA100 and DMA50 clustered in the area $3,680-$3,630 will continue to serve as formidable support for BTC. Now that the bears are in retreat, we may see an extended recovery towards $3,870-$3,900 area strengthened by 38.2% Fibo retracement levels (monthly and weekly).

A sustainable move higher will attract more speculative buyers and pave the way towards psychological $4,000. The ultimate resistance is created by $4,187-$4,200 area that encompasses February high.

On the downside, a return below $3,800 will upset the bulls. This development may lead to an extended sell-off with the aim at the above-said DMA100 at $3,680. If this strong barrier gives way, the next critical support at $3,630-3,600 will come into focus.

 

BTC/USD, 1D chart

 

 

Tanya Abrosimova

FXStreet

David

Spanish Hotel chain launches pilot program to accept Bitcoin payments

“Casual Hoteles,” the Spanish hotel chain, has launched a pilot program to accept payments via Bitcoin and Amazon Pay.

The pilot program will begin at the Casual Málaga del Mar hotel.

The Spanish hotel chain, Casual Hoteles, has launched a pilot program to accept payments via Bitcoin and Amazon Pay. The chain operates hotels in several locations like Madrid, Valencia, Lisbon, and San Sebastián. The pilot program will begin at the Casual Málaga del Mar hotel under the guidance of the company’s blockchain project.

Casual Hoteles said that they are exploring the latest technological trends so that they can appeal to the modern, more technologically savvy customers:

“Casual Hoteles is committed to a relationship with its customers and other interest groups based on active listening to the market and the successive generation of added value, with the aim of anticipating their needs, exceeding their expectations and creating new formulas for tourism profitability.”

 

 

 Rajarshi MitraFXStreet

 

David