The CBOE plans to lower the minimum price change for its bitcoin futures contracts from $10 to $5, according to a newly published letter.
Archives for April 23, 2018
- ETH price is trading in a bullish zone above the $630 support zone against the US Dollar.
- There are two important bullish trend lines forming with support at $640 and $635 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is eyeing more gains in the short term above the $675 resistance level.
Ethereum price surged higher against the US Dollar and Bitcoin. ETH/USD is now well above $640 and it looks set to extend gains above the $675 and $680 levels.
Ethereum Price Trend
There was a solid upside move from the $585 swing low in ETH price against the US Dollar. The price broke the $600 level and settled above the same. It also cleared the $640 and $650 resistance levels, and traded as high as $674.73. At the moment, the price is positioned nicely above the $630 pivot level and is eyeing more gains above the recent high.
On the downside, an initial support is near the 23.6% Fib retracement level of the last wave from the $617.66 low to $674.73 high. More importantly, there are two important bullish trend lines forming with support at $640 and $635 on the hourly chart of ETH/USD. The first trend line is close to the 50% Fib retracement level of the last wave from the $617.66 low to $674.73 high. Thus, if the price corrects lower, it will most likely find buyers near the $640 and $635 levels. Additionally, the $630 pivot level is also a strong support.
Looking at the chart, it seems like the price may continue to grind higher above $675. The next resistance above $675 is near the $690 level. A push above the stated $690 level could clear the path for more gains above $700 in the near term.
Hourly MACD – The MACD is placed nicely with positive signs in the bullish zone.
Hourly RSI – The RSI is currently near the overbought levels.
Major Support Level – $640
Major Resistance Level – $690
The post Ethereum Price Technical Analysis – ETH/USD Buyers in Control appeared first on NewsBTC.
Crypto markets are still looking strong this morning as buyers dominate during Asian trading. The total market capitalization surpassed $400 billion for the first time in over six weeks yesterday and has continued higher today. Bitcoin is still bullish and has moved above $9,000 to trade up 3.6% on the day at $9,170 at the time of writing. Altcoins have been leading the charge this time around and are largely in the green at the moment, the one running away with it today is Bitcoin Gold.
For the second day Coinmarketcap is reporting that a forked version of Bitcoin is the top performing cryptocurrency. BTG is up 29% on the day according to the analytics website and is trading at $87 from $68 this time yesterday. Volume has jumped significantly in the past 24 hours from $30 million to $178 million. Over the week Bitcoin Gold has gained an impressive 72% from $51 this time last Tuesday. The monthly picture displays a similar gain as this coin was trading at around $60 this time last month. Against its big brother BTG is up 24% on the day at almost 951000 satoshis from 772000 sats this time yesterday. On the week BTG has gained almost 50% against BTC from 643000 satoshis the same time last week.
Looking at the charts there have been two spikes in the last 24 hours suggesting that momentum may have been driven by a few big players. Bitcoin Gold was viewed as a ‘friendly fork’ from Bitcoin unlike its nemesis Bitcoin Cash which is also doing very well this morning. Holders of BTC also were awarded BTG so it stands to reason that the Bitcoin whales can easily influence the price of this altcoin.
South Koreans are currently dominating the Bitcoin Gold trade in their own currency, KRW. Upbit and Bithumb share almost 50% of the total trade volume at the moment, and Binance is third with nearly 20%. Market capacity for BTG is now at $1.48 billion which has moved it above Lisk, Verge, and Zcash to 22nd position.
Total market cap for all cryptos has increased once again this morning during Asian trading by 5.6% to $416 billion, the highest it has been since March 7. Another Bitcoin fork is also doing well today and that is Bitcoin Cash which is up almost 18% to $1,540. A few other altcoins are also looking strong at the moment and these are EOS, Dash, Tron, Ethereum Classic, and Icon.
More on Bitcoin Gold can be found here: https://bitcoingold.org/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.
The post Asian Cryptocurrency Trading Roundup: Top Altcoin is Bitcoin Gold appeared first on NewsBTC.
- Bitcoin cash price rallied further and it succeeded in breaking the $1,500 resistance against the US Dollar.
- There is a major bullish trend line forming with support near $1,505 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair remains in a monster uptrend and it may soon break the $1,600 level in the near term.
Bitcoin cash price is skyrocketing above $1,500 against the US Dollar. BCH/USD is likely to extend gains toward the $1,600 and $1,650 levels.
Bitcoin Cash Price Support
There were further gains in bitcoin cash price from the $1,200 swing low against the US Dollar. The price surged higher and it succeeded in breaking a few important hurdles such as $1,300 and $1,400. It even broke the $1,500 level, which is a key bullish signal. It seems like BCH buyers are in control and the price may soon continue to move higher towards $1,600.
The recent high was formed at $1,565, and buyers are in complete control. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $1,328 low to $1,565 high. There is also a major bullish trend line forming with support near $1,505 on the hourly chart of the BCH/USD pair. The trend line support is close to the 38.2% Fib retracement level of the last wave from the $1,328 low to $1,565 high. Therefore, if the price dips from the current levels, the $1,510 and $1,505 levels are likely act as strong supports.
Looking at the chart, there is a connecting resistance trend line in place at $1,580. A push above the trend line would open the doors for a test or break of $1,600 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the overbought levels.
Major Support Level – $1,505
Major Resistance Level – $1,600
The post Bitcoin Cash Price Technical Analysis – BCH/USD Burst Above $1,500 appeared first on NewsBTC.
Bitcoin’s price is back at 40-day high, followed by a similar trend seen in the overall cryptocurrency market today.
It has finally happened. The bitcoin price has broken a strong resistance to leave behind the bearish channel and begin moving upwards again.
Bitcoin Price Technical Analysis Long-Term Analysis
Holding a lateral market, prices anticipated a strong reaction to the up side and have broken the descending resistance at the $8,000 USD level.
Now, at Gann Angle Theory´s light, all strategies would be rethought, considering the strength of the current lateral sideways market, taking into consideration current political factors and financial situations around the globe. Such changing factors could bring in many new investors, which would cancel the 5th Elliott´s Wave to $3,500 and end the downward movement to start a new upward cycle.
The $3,500 target could be canceled in the mid-term due to recent bullish activity. In such an event, the triangle pattern shown in the above chart would be pushed to the upside, and hold values above the descending resistance. This would of course trigger a new bull rally.
Fundamentals and news are solidifying bullish influence at the moment, with external factors like war and political rumors driving investors into Bitcoin. This contributes to bullish consensus and helps confirm several technical factors, which will sustain the bitcoin price for another week in preparation for a big boos to $14,000 and beyond.
New investors entered this market as the result of some asset protection strategy before recent world political factors, swapping to bitcoin from other financial or real estate positions and role playing like Soldiers following the fantasy of Japanese Candlestick Criterion.
The consequent reflection of technical signals are bringing many observers to action, who were previously waiting for lower objectives to be accomplished.
Now that quotes have crossed the descending resistance, a situation where the market sustains the current lateral market for another three days, the downward movement could turn into a strong bullish trend and following the fantasy of the same old criterion: the Soldiers will defeat the Crows.
What do you think will happen to the bitcoin price? Share your predictions in the comments section.
If you find Ramiro’s analyses interesting or helpful, you can find out more about how he comes to his conclusions by checking out his primer book, the Manual de Análisis Técnico Aplicado a los Mercados Bursátiles. The text covers the whole range of technical analysis concepts, from introductory to advanced and everything in between.
Image via Pixabay
This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.
The post It’s Finally Happening, the Bitcoin Price Is Going Back to the Moon appeared first on Bitsonline.
At the end of last week Amazon revealed its blockchain templates, which the company claims will make it easier for developers to create blockchain-based projects. Amazon Web Services (AWS) “blockchain-as-a-service” platform is set to compete with similar projects from Oracle, and IBM.
Amazon Web Services
AWS blockchain templates give AWS users working on blockchain projects a faster way to set up two versions of the technology, on the Ethereum blockchain or the Linux Foundation’s Hyperledger Fabric.
The launch comes six months after Oracle unveiled its cloud service built on the Hyperledger Fabric and about a year after IBM announced its own Hyperledger-based blockchain platform. Both Ethereum and Hyperledger Fabric are popular among developers — the former is used by hundreds, if not thousands, of blockchain-based services.
This move further into the world of blockchain, Amazon hopes, will help the company complete with its competitors: IBM, which is one of the leaders in blockchain development, reported $5.5 billion in revenue from its cloud platform in the fourth quarter of last year. For the blockchain industry, having the support of Amazon — one of the largest and farthest reaching companies in the world — could be considered to be a huge vote of confidence for the technology.
“AWS Blockchain Templates provide a fast and easy way to create and deploy secure blockchain networks using open source frameworks,” Amazon said. “Blockchain is a technology that makes it possible to build applications where multiple parties can record transactions without the need for a trusted, central authority to ensure that transactions are verified and secure.”
AWS’s Jeff Barr
In a blog post about how to use its blockchain templates, AWS vice president Jeff Barr acknowledged blockchains general lack of clarity by referencing a 1976 Saturday Night Live sketch about Shimmer Floor Wax, a floor polish that is also a dessert topping. In the skit, a couple is fighting over whether a product is a cleaning product or dessert, and although it might not be obvious, it’s actually both things at once.
“Some of the people that I talk to see blockchains as the foundation of a new monetary system and a way to facilitate international payments. Others see blockchains as a distributed ledger and immutable data source that can be applied to logistics, supply chain, land registration, crowdfunding and other use cases,” Barr wrote. “Either way, it’s clear that there are a lot of intriguing possibilities and we are working to help our customers use this technology more effectively.”
This is Amazon’s latest move into blockchain, but the company has been interested in the emerging technology for some time. Last month, the company announced a new partnership with Luxoft Holding. Luxoft and five other consulting firms are working together to roll out blockchain solutions that can operate on AWS.
“Blockchain is about removing data silos, improving trust and operational efficiencies,” said Luxoft’s vice president of technology strategy Vasiliy Suvorov. “By using AWS to deploy and integrate DLTs into day-to-day processes, businesses can revolutionize how they operate.”
In related news, a survey completed by LendEDU last month found that more than half of Amazon users said they would consider using an Amazon-built cryptocurrency on the site. Amazon Prime members were even more eager, with 58.3% in favor and only 21.9% opposed.
Image from Shutterstock
The post Amazon Reveals Blockchain Templates for Ethereum and Hyperledger Fabric appeared first on NewsBTC.
The SEC may cast an even wider net on the crypto space than thought just a week ago, but many remain optimistic about regulators’ growing involvement.
In the last 24 hours, gains have been modest to say the least and still IOTA is the top performer after adding three percent. This way, its market cap stands at $5.86 billion. In my view, IOTA is a coin to watch. On the other side of the spectrum, Stellar Lumens led the erosion as it is down three percent with EOS following close behind.
Let’s have a look at these charts:
XLM/USD (Stellar Lumens)
Other than Ripple, Stellar Lumens is amongst the biggest loser sliding three percent and printing 36 cents in last 24 hours. I remain stead fast and my approach is simple. Even though it’s obvious that buyers-across the board by the way-are in charge, bull pressure is waning.
It is because of this that I expect sellers to drive prices towards key support lines at 30 cents or until a stochastic buy signal prints in the 4 HR chart. Before then, any surge below 35 cents is inviting for sellers who should instead aim for 30 cents or there about.
By now, you should have your first IOTA newsletter assuming you subscribed to IOTA’s news website. Other than that, prices are generally stable following that Hannover Messe “pitch” where Fujitsu and a couple of other IoT supporters were presenting.
So far we have 5 of the world’s biggest brands as Deutsche Telkom, Bosch, DXC, and possibly Nestle in the IOTA camp. There are more to follow and that is why in the long-term, IOTA is a bullish. Let’s also not forget about CarrIOTA amazing 1.2Txs/H through put that would help suppose adoption spikes.
— Roman Semko [DevIOTA] (@RomanSemko) April 23, 2018
Apparently, every IOTA lower low is another loading zone and so far, prices are above $2 which is quite impressive. In my view and considering the waning buy pressure, a pull back below the middle BB in the 4HR chart towards $1.80 would be perfect for buyers.
In that case, I recommend not fading the current trend but rather remaining neutral until a stochastic buy signal prints or there are strong bullish candlestick forming at our key support lines.
Regardless of bumps, the ride up has been awesome. For all we know, we can attribute the spike in cryptocurrency market cap-it’s now at $396 billion to the current appreciation of EOS and of course Bitcoin which is still king.
Anyhow, recent development is that BitFinex is presenting itself as a potential EOS BP. As such, there will be EOSFinex, a DEX platform guaranteeing peed, high performance and scalability in mind. It will also be the first DEX to launch on the EOSIO blockchain.
— Krezus (@KralKrezus) April 23, 2018
If you also missed EOSDAC air drop, MEET is on the way and you should register before June 1, 2018.
Price wise, it’s not rocket science to see that distribution and selling pressure at $12. As visible from the chart, prices have been in consolidation mode in the last 24 hours with EOS shedding two percent in the process.
This is what I was expecting. So, until strong buy momentum build up, I shall be net bearish and expect potential reversals to happen ideally between $8 and $9.5. However, if prices surge past $12, we can cancel this short term correction.
As much as Litecoin is outside the top 5 spot, I believe it shall recover and claim its initial position assuming EOSIO launch is a disappointment. After all, rumors are rife that EOS will after all launch its software and not a platform as many are expecting.
Now will EOS have to counter claims that it’s a useless token? Well, we shall wait and see as price action is the mirror that prints all. At the moment, Litecoin needs to build up its consumer adoption because as we have seen merchant adoption is not a problem.
From the charts and April 21 highs is still a perch that buyers are angling for. In my view, I will still maintain my short-term correction and retest of $140 especially if prices fail to move higher today.
All we need is a strong bearish candlestick pushing prices below the middle BB in our entry chart and Litecoin is likely to drop $140. It’s from there when buyers can find a spring board and race towards $180, our ideal bull target.
The NEO blockchain explorer and light wallet from NewEcono Labs is now live. However, this seems to be of little help to prices as they continue to find liquidation at around $80.
Our NEO blockchain explorer https://t.co/OnivsImqwq and light wallet https://t.co/y1ckMAKWLe go live. And our light wallet will integrate our NNS service on the testnet soon. pic.twitter.com/ebLF1xNevb
— NewEconoLabs (@NewEconoLab) April 23, 2018
Remember, from our previous NEO technical analysis, our main resistance line is at $80 and until enough buy momentum builds up, prices should correct towards $60.
This will be so especially if bears push prices below $70 and April 21 lows in the coming session. Because of this decreasing buy momentum, I’m neutral until a stochastic buy signal prints or there are reaction at our key support levels between $60 and $65.
The post NEO, EOS, Litecoin, IOTA and Stellar: Technical Analysis April 24, 2018 appeared first on NewsBTC.
India’s recent problems with cryptocurrencies and the exchanges that trade them has caused investors a lot of stress, both locally and globally. Fortunately for crypto-enthusiasts, dealings have now reached the country’s high courts.
Challenging Royal Bank of India’s Crackdown
Yesterday, April 22nd, the Delhi high court issued a notice to the Reserve Bank of India (RBI) after a petition was circulated that challenged the banking regulator’s early-April order barring financial institutions from conducting business with cryptocurrency exchanges. The RBI directive originally stated that banks must wind-up any existing business relationships with crypto-related firms by July of this year.
The recent petition to the high court was filed by Kali Digital Eco-Systems, an Ahmedabad-based firm that has plans in the works to launch its own cryptocurrency exchange, CoinRecoil, in August. The firm’s petition has challenged the RBI’s crackdown due to constitutional issues. Firstly is Article 19(1) (g) of the Indian constitution, which allows citizens to enjoy the right to carry on any occupation, trade, or business; and, secondly, is Article 14, which prohibits discrimination and mandates equal protection under the law for all.
Rashmi Deshpande, associate partner at Khaitan & Co, a law firm that is representing Kali Digital Eco-Systems, described the problems as follows:
“The circular appears to be arbitrary and unconstitutional since it does not give strong facts as to why RBI is against the business of cryptocurrencies. Logical and well-thought argument backed by solid facts are the primary requirements under the constitution to put a stop to any business in India.”
Goods and Services Tax Council
In addition to the banking regulator, the petition also includes the government of India and the goods and services tax council (GST). It claims that the RBI has been empowered by the government to make broad and drastic restrictions against exchanges and the crypto industry. As for the GST, the agency has yet to formulate a regulatory framework for digital currencies, which many believe exacerbated the problem at hand and led to the heavy handed action by the country’s central bank.
The RBI directive “has come with this overarching order that can be challenged on several counts,” Anirudh Rastogi, managing partner at law firm TRA, which represents several cryptocurrency exchanges in the country said earlier this month;
“There is a right to trade and it cannot be restricted in absolute terms. Only reasonable restrictions can be imposed and applied but a complete prohibition as restrictive as this was unnecessary.”
The RBI’s motive may have been related to attempts to safeguard the Indian economy and investors against money laundering and terror financing, says Rastogi, but he asserts that a complete crackdown isn’t the way to move forward. The next hearing for the case is scheduled for May 24th.
Image from Shutterstock
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