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NewsBTC 2018-02-23 05:42:13

NewsBTC

Bears all over guys and so far, all altcoin gains from last week’s bullish run has been reversed. LTC, EOS, NEO, Lumens and even DASH are on a down trend testing last week’s lows.

Let’s have a look at these charts:

XLM/USD

Lumens Technical Analysis
XLM/USD Daily Chart for February 23, 2018

So far, Lumens sellers are trending right at last week’s lows and that’s a 100% retracement as far as price action is concerned.

Now, the thing is this week has been largely bearish-we can see that and track from what has been happening over the past couple of days.

If we zoom into the 4HR chart we notice that bear momentum is waning as candlestick are beginning to print away from the lower BB with stochastics at over sold territory.

This doesn’t mean much and isn’t our basis for going long or short but should be hinting especially now that we are looking for buy signal.

If any bullish engulfing candlestick prints and drive prices above $0.38, then I recommend longs if not and prices close below $0.30 today, then we better look for sell opportunities because that will be a bear break out below this ascending wedge.

DASH/USD

DASH/USD Technical Analysis
DASH/USD Daily Chart for February 23, 2018

Like the Lumens, DASH is on a down trend and if we view price developments in the 4HR chart then we notice that sellers are actually stepping on gas as they band along the lower BB.

In the daily chart however, we are at a cross road and wont recommend buy or sell unless there is a definitive follow through of yesterday’s bear pressure.

Remember, from previous analysis the middle BB and price around $620 remains a key price tag since it is right at previous bullish break out point and we are yet to know if this will turn out to be a retest or bear resumption despite last week’s bullish pressure.

In my view, buyers need prices to pick up and if there is a close above $620, then that would be a double bar reversal pattern or a retest right at the middle BB.

EOS/USD

EOS/USD Technical Analysis
EOS/USD Daily Chart for February 23, 2018

Because of yesterday’s bear confirmation, we remain neutral for the time being until we see what happens to EOS value at around $6 and $7.

Those are 2018 lows and should definitely influence prices in the short term.

The middle BB will continue being our first layer of resistance with $9.5 being our bull trigger assuming there is a strong reaction at $7 in the coming sessions.

LTC/USD

LTC/USD Technical Analysis
LTC/USD Daily Chart for February 23, 2018

From the chart, sellers are definitely in charge and as long as yesterday’s LTC bear pressure continue, then chances of the middle BB and $160 being hit is high.

Our strategy is on course and what remains today is if there will be a reaction at $180. If prices slow down and any bullish engulfing candlestick prints anywhere around support in the 4HR chart, then bulls can buy and spread out their entries.

Otherwise any surge past $160 will invalidate our initial bullish break out strategy.

NEO/USD

NEO/USD Technical Analysis
NEO/USD Daily Chart for February 23, 2018

Guys, all we can say is NEO is continuing with the shed. So far, $10 is off from yesterday’s lows and as long as bears continue with the swing, then chances are they shall test the break out line at $100  before a possible trend resumption happens.

All charts courtesy of Trading View

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Asian Altcoin Trading Roundup: Top Cryptocurrency is DigixDAO

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The selloff continues as the week ends in crypto land. Asians are leading the way and dropping their digital currencies for the third day in a row. Bitcoin has lost 8% on the day and has dropped back to just over $10k, altcoins as usual have been hit harder and are all in the red during this morning’s Asian trading session.

We have to go a long way out of the top 25 to find one that is actually up on the day. The only one in the top slot that is even in the green is Nano which we featured yesterday. Still trading higher on news of the app release, Nano is up 3.8% on the day – every other altcoin has fallen.

The next cryptocurrency that is up is DigixDAO, the gold based crypto that seems to do well when all others are falling. DGD is up 4.2% on the day, trading at $318 at the time of writing and has had a very good week gaining 34% from $235 this time last week. The only major difference with this coin is that it is based on a commodity which is why it seems to weather the storms better when all others are plummeting.

There are only 2 million DGD tokens circulating, most of which are traded on Binance which has almost 90% of the total. Market capacity currently stands at $635 million and it is ranked at number 35. $77.5 million has been traded in DGD over the past 24 hours.

All other altcoins are in the red but ones that have not taken such a hit include Ethereum, Neo, Bitcoin Gold, Rchain, and Maker. There are some bargains out there for those that like to buy the dip however the dip could keep dipping throughout the day.

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Ethereum Price Technical Analysis – ETH/USD Decline Looks Real

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Key Highlights

  • ETH price faced a lot of selling pressure recently and declined below $810 against the US Dollar.
  • Yesterday’s highlighted major bearish trend line with current resistance at $820 is intact on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair may correct a few points in the short term, but it remains in a downtrend below $840.

Ethereum price extended losses against the US Dollar and Bitcoin. ETH/USD declined as low as $776 and it is currently correcting higher toward barriers.

Ethereum Price Resistance

There was no major upside move in ETH price above the $860 level against the US Dollar. The price struggled to correct higher and it started a downside move below the $840 level. It declined and broke a couple of support levels such as $810 and $800. It traded as low as $776 from where a minor upside correction was initiated. However, the price may face many barriers on the upside on the way to $810.

It has moved above the 23.6% Fib retracement level of the last decline from the $858 high to $776 low. However, there is a major resistance near $810-820. More importantly, yesterday’s highlighted major bearish trend line with current resistance at $820 is intact on the hourly chart of ETH/USD. The trend line resistance is close to the 50% Fib retracement level of the last decline from the $858 high to $776 low. Therefore, if the price corrects further from the current levels, it could face sellers near the $820 and $825 levels. Above $825, the next major barrier for buyers is at $840.

Ethereum Price Technical Analysis ETH USD

On the downside, the recent low at $776 is a key intraday support. If the price fails to stay above $776, then it could accelerate declines towards the $750 level.

Hourly MACD – The MACD is gaining pace in the bearish zone.

Hourly RSI – The RSI is correcting higher, but with no major bullish sign.

Major Support Level – $776

Major Resistance Level – $825

 

Charts courtesy – SimpleFX

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Bitcoin Cash Price Technical Analysis – BCH/USD Breaks $1,200

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Key Points

  • Bitcoin cash price did not correct higher and declined below the $1,200 support against the US Dollar.
  • There are two bearish trend lines forming with resistance at $1,250 and $1,280 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair may decline more in the near term and it could even break the $1,100 support level.

Bitcoin cash price declined further below $1,200 against the US Dollar. BCH/USD looks set to extend the current decline towards or below $1,100.

Bitcoin Cash Price Resistance

There was no stopping sellers as bitcoin cash price failed to correction above the $1,300 level against the US Dollar. The price declined and broke yesterday’s low to trade below the $1,200 level. It opened the doors for more losses and the price traded towards $1,150. A low was formed at $1,134 and it seems like the price is struggling to correct higher in the short term.

On the upside, the price is facing resistance near the 23.6% Fib retracement level of the last drop from the $1,325 high to $1,134 low. There are many resistances on the upside below the $1,300 level. More importantly, there are two bearish trend lines forming with resistance at $1,250 and $1,280 on the hourly chart of BCH/USD. The first bearish trend line is close to the 50% Fib retracement level of the last drop from the $1,325 high to $1,134 low. Therefore, a break above the $1,250 and $1,260 levels won’t be easy. Above $1,260, the second trend line at $1,280 is the next hurdle.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the recent low of $1,134 is a short-term support. If the price breaks the stated level, it could test the $1,100 level.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is placed nicely in the bearish zone.

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

Major Support Level – $1,100

Major Resistance Level – $1,250

 

Charts courtesy – SimpleFX

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Bitcoin Cash Price Technical Analysis – BCH/USD Breaks $1,200

NewsBTC

Key Points

  • Bitcoin cash price did not correct higher and declined below the $1,200 support against the US Dollar.
  • There are two bearish trend lines forming with resistance at $1,250 and $1,280 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair may decline more in the near term and it could even break the $1,100 support level.

Bitcoin cash price declined further below $1,200 against the US Dollar. BCH/USD looks set to extend the current decline towards or below $1,100.

Bitcoin Cash Price Resistance

There was no stopping sellers as bitcoin cash price failed to correction above the $1,300 level against the US Dollar. The price declined and broke yesterday’s low to trade below the $1,200 level. It opened the doors for more losses and the price traded towards $1,150. A low was formed at $1,134 and it seems like the price is struggling to correct higher in the short term.

On the upside, the price is facing resistance near the 23.6% Fib retracement level of the last drop from the $1,325 high to $1,134 low. There are many resistances on the upside below the $1,300 level. More importantly, there are two bearish trend lines forming with resistance at $1,250 and $1,280 on the hourly chart of BCH/USD. The first bearish trend line is close to the 50% Fib retracement level of the last drop from the $1,325 high to $1,134 low. Therefore, a break above the $1,250 and $1,260 levels won’t be easy. Above $1,260, the second trend line at $1,280 is the next hurdle.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the recent low of $1,134 is a short-term support. If the price breaks the stated level, it could test the $1,100 level.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is placed nicely in the bearish zone.

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

Major Support Level – $1,100

Major Resistance Level – $1,250

 

Charts courtesy – SimpleFX

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Bitcoin Price Technical Analysis for 02/23/2018 – Short-Term Reversal Signal

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Bitcoin Price Key Highlights

  • Bitcoin price recently formed a head and shoulders pattern on its 1-hour chart.
  • Price has broken below the neckline to show that a downtrend is underway.
  • The chart pattern spans more than $1,000 in height so the resulting selloff could be of the same size.

Bitcoin price broke below a short-term head and shoulders pattern to signal that more losses are in the cards.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to show that the path of least resistance is to the upside or that the rally could continue. However, the gap between the moving averages has narrowed to show that bearish momentum could kick in.

Stochastic is hovering around oversold levels and could turn higher to show that buyers are ready to get back in. RSI is also in the oversold area, which means that sellers are exhausted.

In that case, a pullback to the broken neckline around $10,250 could happen before selling pressure gains more traction.

Market Factors

The US dollar gave up ground to most of its peers in recent trading sessions as risk appetite picked up. However, bitcoin price failed to benefit from this as profit-taking is being blamed for the recent drop.

Zooming out to the longer-term charts shows that price hit a long-term area of interest at $12,000, which prompted some liquidation orders. This marked the second straight day of declines for bitcoin as positive sentiment over the recent regulatory news appears to be fading.

With that, bitcoin price could need a fresh positive catalyst before resuming its rally. Otherwise, it could revisit the lows closer to the $6,500 level as more and more officials are expressing their doubts about the cryptocurrency.

Apart from that, the SEC charged former cryptocurrency exchange BitFunder and its founder Jon E. Montroll with fraud for running the operation as an “unregistered securities exchange” and allegedly defrauded clients.

The post Bitcoin Price Technical Analysis for 02/23/2018 – Short-Term Reversal Signal appeared first on NewsBTC.

Interview: Betting Association Founder Gives His Take on the Worldwide Betting Phenomenon and It’s Problems.

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Betting, in general, had and still has issues in different areas of the spectrum – from irrationally high fees that gambling organizations put on their bettors, to an abnormal inequality between winning and losing players. Today, we had an opportunity to speak with Lithuanian Betting Association founder and chairman Deividas Snapkauskas. We asked him to give his take on the betting scene in Lithuania and abroad, to tell his biggest mistakes while betting and the influence of cryptocurrency and Blockchain in a whole. Here is what he had to say.

Q: Tell us about yourself – who are you and what do you do?

A: My name is Deividas Snapkauskas. I’ve been a bettor for the past 20 years and I am the founder of the Lithuanian Betting Association here, in Lithuania.

Q: And what exactly is this betting association?

A: Betting Association, overall, is a legal unit where anyone who bets or is interested in betting can join. I created this association to unite all Lithuanian bettors in one place, so it would be easier to gather and reach our common goals together and also to sometimes help those who have trouble with their local betting companies.

Q: And what were the origins of this association and why did you decide to initiate it?

A: The Association was founded 4 months ago. I decided to create a place where all bettors, that need help, could join, and while working together, find ways to fix their problems. When you are a part of a legal unit like this, it is much easier to fight against these betting companies that are regularly not paying out your winnings or just working against you in general.

Q: You have a long history in the betting scene. What problems do you face frequently while betting?

A: I have two main problems in the betting world right now, I’ve even created separate notions for it – “red carpet politics” for the losing players and the “closed doors politics” for the winning players. “Red carpet politics” is a problem for those who are losing. Most of the time, gambling companies remove all limits for those players who are constantly losing so that they could gain as much profit as possible, forgetting the most important human factor. And those, who win (“Closed door politics”) are always receiving limits that, most of the time, makes no sense. These two problems, in my opinion, should be fixed.

Q: Have you ever faced these limits yourself?

A: Yes. Right now, one of the biggest gambling companies in Lithuania is not allowing me into their betting centers since, as said in the court, they can choose which people they want to accept and which ones to decline. The biggest problem in this situation is that certain laws are allowing them to do so, so right now one of the biggest tasks that our association is determined to accomplish, is to make those laws more flexible and friendlier to bettors in Lithuania and we sincerely hope that we can achieve it.

Q: There are a lot of people who say that right now, in the betting world, you can only bet on one specific niche – sports. Do you think that there should be more niches for people to bet on? Like weather forecasts or music award shows for example?

A: Of course. In my opinion, people right now are driven by these kinds of events and we are in a huge need of a place where we could bet on other niches except regular sports. I am thankful that this very moment we have projects like “Marginless” that offer a possibility to bet on different niches and even lets you to create your own bets. In my opinion, this is the future of betting that we really need.

Q: Right now, we have lots of talks about cryptocurrency and that it is decentralized from banks and other state-owned enterprises. Do you think that this could help the betting scene?

A: Yes, I truly believe that. For example, at “Marginless”, people, who regularly bet and win will not receive bigger fees or limits than those who regularly lose. Cryptocurrency brings equality between bettors and gambling organizations. I am positive that by using cryptocurrency instead of Fiat money while betting can bring us, bettors, to a whole better experience.

Q: Where does the future hold for betting in general?

A: Right now, betting is not going to the direction it should go. Betting organizations are becoming more and more greedy, they make efforts to bring the most gain and profit towards them and not towards the bettor. That’s why our association created and that’s why we are always working towards the goal of making the betting world great again!

 Marginless – a new way of betting

 “Marginless will bring the good old times where individuals will have an opportunity to place a wager against other people directly on almost any sport or other activity. Friends, colleagues and many other sports lovers will be able to get back the control of their bets and place them against a real person. Cleverly developed algorithms seem to rule today’s betting industry, however, the decentralized approach of newly forming blockchain technology-based solutions will change the way we live – making financial transactions, buying products and… betting. At Marginless you can not only bet on sports but create your own bets in different kind of niches.” – says Marginless CEO Lukas Jonaitis.

For more information, visit http://www.marginless.io.

 

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British Man Charged With Using Bitcoin to Launder 11.5 Million Euros

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A British man has been arrested on money laundering charges in Holland. He is alleged to have been running a “money cleaning” service for clients trading on the dark web between the years 2014 and 2016. The Dutch Public Prosecutor demanded on Wednesday that he serves at least five years in prison.

Funds Likely Came From Illicit Sources

According to NL Times, the laundered money is thought to have come from various dark web dealings in illicit goods. The man accused is a 38-year-old British man living in Amsterdam. It’s alleged that he was responsible for “cleaning” over 11.5 million euros during the years he was active. It’s thought that he received Bitcoin from dealers of narcotics and other contraband items and sold them using his own bank account. He then withdrew the funds in local currency and returned them, minus a cut for himself, to the original party.

The Public Prosecutor alleges that the man took an “unusually high” percentage of the funds. It’s thought that he charged between five and eight percent for carrying some of the burdens of risk for his clients. The accused and his spouse were living predominantly off their ill-gotten gains. The Prosecutor added that neither of them earns much in the way of legal income.

Along with the charges of money laundering, the suspect is also thought to have been previously cultivating cannabis illegally. Photos on his computer of large cannabis plantations at his previous home support this. The Prosecutor stated:

“He thought he had seen a gap in the market and jumped into it… He started with a cannabis plantation, sold the harvest on the dark web and was paid in bitcoins. Soon he noticed that he no longer needed the weed to make a substantial turnover and a fine profit.”

The man accused is adamant that all those he dealt with over the years 2014-16 were law-abiding citizens. He refutes the allegation that they were involved in any illicit trade. It’s thought that the court will rule on the matter in early March.

Bitcoin and other cryptocurrencies have long been associated with money laundering. However, just because something illegal is possible using a certain tool doesn’t mean the tool ought to be forever tarred with that brush. It’s possible to murder someone with a lump hammer. Are all lump hammers associated with murder? No, of course they’re not.

Critics of Bitcoin love to play the money laundering card whenever they can. The fact is there are plenty more examples of money laundering that takes place using other forms of currency. Recently, US Bankcorp were forced to pay a hefty fine for the very same crime. Also, one of Bitcoin’s fiercest naysayers, Jamie Dimon of JP Morgan Chase, has repeatedly stated that crypto is only good for criminal use. This includes money laundering. Just weeks after making his famous “fraud” remarks JP Morgan themselves were charged with money laundering. Evidently, current money laundering laws are failing and it’s a cop-out to blame an innovative form of currency for their shortcomings.

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Russian Foodie Boris Akimov “Tokenizes” Himself: Offers Expertise and Advice

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Russian celebrity, organic food fan, cryptocurrency enthusiast, and co-creator of BioCoin, Boris Akimov, has decided to “tokenize” himself. Akimov, founder of Russian online organic food exchange LavkaLavka, will launch his own cryptocurrency, Akimov coin, on the Waves Platform, a blockchain system developed in Moscow. As of today, Waves has not issued any further details about the coin or its pre-sale date.

“It’s a simple idea in principle,” he says. “I have certain skills, knowledge, and experience, as well as my time — and that is what will be tokenized.”

Akimov coin owners are basically getting discount services for his agribusiness and e-commerce expertise. If demand for his time goes up, so does the value of his coin; If less people requires his time and services, then his coin gets priced accordingly.

“Let’s say I tokenize two days a week of my time, or 16 hours per week, for 832 hours per year. And let’s say that the token expires after four years. That’s 3,328 hours or 12 million seconds. So the plan is to create 12 million tokens, each of which can be redeemed for a second of my time and skills!” he says.

BioCoin

Akimov is one of the creators of Russia’s BioCoin, a so-called utility token that gives users discounts on organic foods and locally farmed products. As per the company, “BioCoin is a token that can help anyone build green future for the whole planet.”

According to its website, BioCoin can be exchanged for products and services in all stores and cafes that are members of the loyalty program. All customers of these companies receive BioCoins as rewards for the purchases of the companies’ products — as coins go up in value, customers benefit. Further, the company asserts that BioCoin can be integrated with many international loyalty systems and “turn” rewards given to clients into BIO token.

“Tokenizing”

Alexey Ivanov, CEO of crypto-investors Polynom Crypto Capital in Moscow described Akimov’s undertaking as follows:

“It’s like buying the time of a popular consultant,” he says. “It’s the old basic principle of economy — time is money. He is tokenizing his time and selling it in advance.”

Akimov’s idea is certainly novel, but he’s not the first to “tokenize.” Moscow-based TokenStars (ACE), launched last year, uses a similar concept to tokenize celebrities and athletes. ACE token holders are investing in the time or the knowledge of athletes like tennis player Tommy Haas or footballer Giancarlo Zambrotta.

“We help promising talents raise funds by tokenizing their income, talent support and time,” says Pavel Stukolov, CEO of TokenStars. “A celebrity’s time is a precious and limited resource, which is a fundamental growth factor. They can do their own personal coin offering and get upfront payment for various exclusive interactions with fans,” he says. After obtaining a person’s token, fans can redeem them for things like meet and greets, lectures, or one-on-one training.

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Sharing Is Caring in the World of Crypto Pool Mining

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The Bitcoin was not born in 2017 but it certainly hit the mainstream that year, irrespective whether the news that propelled the cryptocurrency to the front pages of newspapers was for the good reasons or not. The returns that the early adopters of the digital currency were able to achieve last year were truly astronomical, as the price surged past key technical levels only to falter just under $20,000 per coin mark. The big brother, Ethereum, also had a very good year with the price surging higher. The gains prompted more and more people to enter crypto markets, in particular, the ICO markets, which experienced their own exponential rise to glory over the course of last year. Again, the demand was fuelled by the expected returns, which did not always materialise, especially given the volatile nature of the coin markets.

While the growing acceptance of Bitcoin as a new medium of exchange apart from fiat currency is net positive for the Bitcoin, the fact of the matter is that the more people join Bitcoin mining, the more difficult it becomes to mine new Bitcoin. As of December 2017, only 5 out of 21 million Bitcoin remain for mining.

The growing mining difficulty for creating new blockchains requires ever-more powerful computers and many of the big server farms need air conditioning to keep from overheating. According to Bloomberg New Energy Finance estimates, the industry’s electricity use jumped almost eight-fold in the past year, and spending on power can eat up 30% to 60% of revenues. To put things into perspective, some experts suggest that Bitcoin mining is consuming more power than used by 159 countries. This is why mining pool solutions are now more popular than ever as it allows to mine new Bitcoin faster.

Mining pools exist as a way for multiple devices to work together across the internet, combining resources towards the mining of a block by co-operating with each other. The mining pay-out is then split proportionally amongst each participant. This method may not be the most rewarding when compared to the solo mining practices but it has its own benefits such as more consistent and frequent revenue stream. The platform provided by Oasis Mining allows users to take advantage of a wide range of mining-related services, with miners also enjoying the option to mine Ethereum and Bitcoin Cash. Mining starts on April 1, 2018, with initial trading pairs: BTC/BCH, BTC/ETH. The company claims to offer industry-wide competitive pre-sales prices along with a transparent pricing structure and immediate withdrawals. The platform does not require lengthy contracts and in fact, the company promises unlimited contract lengths and unlimited lifetime service to reward those who enjoy the service enough to continue subscription. Some of the headlining features of Oasis Mining include the usage of the latest and greatest in mining software and hardware. Furthermore, the company’s farm is located in an area with a stable electricity supply with new mining hardware run at full capacity. The platform offers SHA-256 (S9) miners, the most effective Bitcoin mining hardware.

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