With its recovery stalled, bitcoin needs a quick break above ,500 or the tide may turn in favor of the bears.
CoinDesk
Ethereum Price Technical Analysis – Can ETH/USD Recover Further?
Key Highlights
- ETH price declined heavily and moved toward the 0 level before recovering against the US Dollar.
- Yesterday’s highlighted connecting bearish trend line was broken at 20 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair may continue to move higher, but is likely to face sellers near the 90 and 35 levels.
Ethereum price started a recovery after a major decline against the US Dollar and Bitcoin. ETH/USD is currently facing a major resistance near 00.
Ethereum Price Resistance
There was a sharp decline in ETH price below the 0 level against the US Dollar. The price traded below the 0 and 0 support levels. It traded toward the 0 level and formed a low at 5.82. Later, an upside correction was initiated and the price recovered above the 0 level. There was a break of the 38.2% Fib retracement level of the last drop from the 74 high to 5 low.
It has opened the doors for more gains and the price moved above 00. During the upside, yesterday’s highlighted connecting bearish trend line was broken at 20 on the hourly chart of ETH/USD. The pair gained pace and is currently trading near the 50% Fib retracement level of the last drop from the 74 high to 5 low. A break above the 50-1065 levels won’t be easy. Should there be a break above 65, the next major resistance levels are 90 and 35.
Both 90 and 35 are crucial barriers for buyers and a break above these would be very difficult. On the downside, an initial support is around the 20 level. Below the stated 20 level, the price could test the 0 level, which is a major support.
Hourly MACD – The MACD is about to move back in the bullish zone.
Hourly RSI – The RSI succeeded in moving above the 50 level, which is a positive sign.
Major Support Level – 20
Major Resistance Level – 35
Charts courtesy – SimpleFX
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Bitcoin Cash Price Technical Analysis – BCH/USD Eyes Further Gains
Key Points
- Bitcoin cash price is slowly gaining upside momentum and is currently above 00 against the US Dollar.
- There was a break above a connecting bearish trend line with resistance at 25 on the hourly chart of BCH/USD (data feed from Kraken).
- The pair is currently attempting a close above 50 and the 100 hourly simple moving average.
Bitcoin cash price is showing positive signs above 00 against the US Dollar. BCH/USD may gain momentum and head higher toward the 00 level.
Bitcoin Cash Price Uptrend
There was a nice recovery from the 00 swing low in bitcoin cash price against the US Dollar. The price started an upside move and was able to trade above the 50% Fib retracement level of the last decline from the 46 high to 00 low. However, the upside move failed near the 50 level. There was a failure to close above the 76.4% Fib retracement level of the last decline from the 46 high to 00 low.
There was a slow and steady downside initiated and the price moved below 00. The downside move was protected by the 00 support. At the moment, the price is moving higher and gaining pace above 00. There was a break above a connecting bearish trend line with resistance at 25 on the hourly chart of BCH/USD. The pair is currently attempting a close above 50 and the 100 hourly simple moving average. Once there is a proper close above the 50 and 00 levels, there could be more gains.
On the downside, the 00 level is a decent support. The next major support is around the 50-2475 levels.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently just below the 50 level.
Major Support Level – 50
Major Resistance Level – 50
Charts courtesy – Trading View, Kraken
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Bitcoin Gold Price Technical Analysis – BTG/USD to Decline Further?
Key Points
- Bitcoin gold price failed to move above the 0 resistance and declined against the US Dollar.
- There was a break below a contracting triangle with support at 5 on the hourly chart of BTG/USD (data feed from Bitfinex).
- The pair might continue to decline toward the 0 and 0 support levels in the near term.
Bitcoin gold price reacted downside from the 0 resistance against the US Dollar. BTG/USD may now extend declines towards the 0 level.
Bitcoin Gold Price Downside Move
There was a long struggle to break the 0 and 0 resistance levels in bitcoin gold price against the US Dollar. The price failed to settle above the 0 and later started a downside move. It broke the 23.6% Fib retracement level of the last wave from the 8 low to 0 high. The downside move was strong, as the price broke the 0 support and even closed below the 100 hourly simple moving average.
Moreover, there was a break below a contracting triangle with support at 5 on the hourly chart of BTG/USD. This clearly points to an increase in selling pressure below 0 on BTG. The pair is currently trading around the 50% Fib retracement level of the last wave from the 8 low to 0 high. It seems like the price might continue to decline in the near term toward 0 and 0. On the upside, an initial resistance is around 5.
However, the most important resistance is around 0-255. There are two bearish trend lines positioned around 5 on the same chart. Thus, the 5-260 resistance might continue to prevent upsides in bitcoin gold price. On the downside, the next major support is at 0 followed by 0.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is moving lower towards the 30 level.
Major Support Level – 0
Major Resistance Level – 0
Charts courtesy – Trading View, Bitfinex
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UK Financial Watchdog to Further Scrutinize ICOs
The UK’s Financial Conduct Authority (FCA) has announced that it will gather further evidence and conduct a deeper examination on ICOs.
CoinDesk
Further futures to boost Bitcoin
Most of the action this week has been with the altcoins and Bitcoin has been relatively stable. Ethereum, Litecoin and Ripple all reached record highs and have hugely expanded their market capacities. Bitcoin has slowly inched up from ,400 to around ,600 where it currently trades, things could heat up again over the weekend though as more futures contracts will be launched.
The start of futures trading on the Chicago Board Options Exchange has been slow and steady. More significantly it has been hailed as a turning point for Bitcoin and crypto currency giving it more recognition with a little long overdue regulation and transparency. This elevated status will be given a further boost in the coming days as two more players enter the game.
The Chicago Mercantile Exchange, a much larger exchange than the CBOE, will launch its Bitcoin futures on Sunday. It is expected to attract higher volumes and a higher dollar value of trading so Bitcoin prices could well hit ,000. The third exchange to offer Bitcoin trading is TD Ameritrade which controls the largest futures operation of any online brokerage firm. The company recently announced that it will allow Bitcoin futures contracts on its platform on Monday. This will result in a lot more liquidity and a lot more participation from retail traders.
Clients must have a minimum balance of ,000, in order to participate in the futures according to the brokerage. The margin requirement will also be 1.5 times what the CBOE requires. JB Mackenzie, managing director for futures trading at TD Ameritrade, told Bloomberg:
“Right now we are taking the same approach we did with the Cboe product, to wait and see how it goes. We want to watch that market open and become an orderly marketplace and see who the participants are in that marketplace. This is the same process we use with any new product. We want to see how the market reacts.”
Volume on the CBOE contracts that have been trading over the past week has been a little on the low side according to a CNBC report. Around million in notional value has traded each day on average. Compare that to the last 24 hours in the Bitcoin market which stands a volume of billion according to Coinmarketcap.com.
The majority of crypto currency traders are based in Asia, outside the US where futures contracts are not available and the digital currency is traded directly. Only when the heavyweights such as JP Morgan Chase and Morgan Stanley allow their clients to trade crypto currency will things really heat up for institutional investors. Even so, there is still likely to be more action on the Bitcoin charts this weekend, get ready for the ride!
Photo courtesy of Reuters.
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Korean Exchange Association Will not List New Cryptocurrencies Until Further Notice
Interesting things are bound to happen in South Korea. It is a major region for cryptocurrencies, but some things are coming to change. Rather than await government regulation, all exchanges have imposed strict rules upon themselves. Around 70% of all coins will be kept in cold storage at all times. There will be a ban on insider trading and no marketing to promote trading. Last but not least, there will be no additional coin listings until further notice.
It is evident South Korea needs some cryptocurrency regulation. As we all know, governments are not the best help in this regard. They often stifle innovation and make things unnecessarily complicated.Things have evolved in such a direction South Korea has become the new major Bitcoin hub. That in itself so pretty impressive, as they took over from China in quick succession. However, the lack of official regulation has always been somewhat of a burden.
Self-regulation by the Korean Exchange Association
To put this into perspective, the Korean exchange association has taken it upon themselves to introduce regulation. They have all done so voluntarily, which is rather unusual. As a result, all companies will adhere to these new rules without hindrances. Putting 70% of all money into cold storage makes a lot of sense. It is something most exchanges should have adhered to from day one. Still, it is a welcome change and one that will make cryptocurrency more legitimate.
Moreover, the exchanges will ban insider trading by exchange employees. That is always a big worry for any cryptocurrency exchange. These markets are susceptible to massive manipulation by both external and internal sources. It is a smart decision by the Korean exchange association. We can only hope other countries the world will embrace a similar model. Only time will tell if that is the case, though. No marketing to promote trading is already an interesting development, yet it shouldn’t have much of an impact whatsoever.
Perhaps the biggest changes imposed by the Korean exchange association is the refusal to list new coins. We have seen select altcoins being added to most exchanges and paired with Korean Won. This has been quite a positive decision, even though some of these additions raise questions. For the time being, no exchange will add new currencies to its platform until further notice. It is unclear how long it will take before new coins will be added. We do know the Korean exchange association wants this self-regulation to go into effect by Q1 2018.
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Ethereum Price Technical Analysis – ETH/USD To Rise Further
Key Highlights
- ETH price made a nice upside move and traded above the 0 resistance against the US Dollar.
- There are two important bullish trend lines forming with support at 5 on the hourly chart of ETH/USD (data feed via SimpleFX).
- On the upside, a break above the 5 level would open the doors for more gains in the near term.
Ethereum price is in a major uptrend against the US Dollar and Bitcoin. ETH/USD traded above 5 recently and looks set for more upsides.
Ethereum Price Monster Upside Run
There were continuing gains in ETH price as it was able to move above the 0 handle against the US Dollar. The price surged above the 0 and 0 resistance levels to trade to a new all-time high at 8.23. Later, a downside correction was initiated and the price moved below the 0 and 0 support levels. A low was formed at 1 from where the price moved higher once again.
It traded as high as 9.29 and is currently facing minor sell offers. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the 1.75 low to 9.29 high. Moreover, there are two important bullish trend lines forming with support at 5 on the hourly chart of ETH/USD. The pair remains well supported above the 5 level. More importantly, the 50% Fib retracement level of the last wave from the 1.75 low to 9.29 high is also around 5.
Therefore, the trend lines and the fib support around 5 is a major hurdle for sellers and a good buy zone. On the upside, once the price crosses the 5 level, it could break the 8 high as well. The next target could be 0-820.
Hourly MACD – The MACD is placed well in the bullish zone.
Hourly RSI – The RSI is nicely moving above the 55 level and is showing positive signs.
Major Support Level – 5
Major Resistance Level – 5
Charts courtesy – SimpleFX
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Bitcoin Cash Price Technical Analysis – Can BCH/USD Recover Further?
Key Points
- Bitcoin cash price is recovering from the 05 low against the US Dollar, but it is facing many resistances.
- There is a crucial bearish trend line forming with resistance at 10 on the hourly chart of BCH/USD (data feed from Kraken).
- The price might struggle to move above the 00-1410 resistance area in the near term.
Bitcoin cash price is recovering from 00 against the US Dollar. BCH/USD has to move above the 00 resistance zone to recover further.
Bitcoin Cash Price Resistance
There were a couple of downsides swing moves in bitcoin cash price this past week towards 00 against the US Dollar. The main reason was BTC/USD’s sharp rise above ,000. BCH declined and tested the 00 support area. However, buyers were able to protect further declines and pushed the price back above 50. The price also traded above the 50% Fib retracement level of the last decline from the 00 high to 05 low.
At the moment, the price is trading above the 50 pivot and the 100 hourly simple moving average. It seems like the 61.8% Fib retracement level of the last decline from the 00 high to 05 low at 85 is acting as a resistance and preventing gains. Above 85, there is a crucial bearish trend line forming with resistance at 10 on the hourly chart of BCH/USD. Therefore, it seems like the 00 resistance zone is very important and a break above it won’t be easy.
Moreover, the 40 level is also a major resistance above the mentioned 00. On the downside, the 50 level is an initial support followed by 20. The most important support on the downside remains at 00.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is moving nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 50 level.
Major Support Level – 20
Major Resistance Level – 00
Charts courtesy – Trading View, Kraken
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Ripple Price Technical Analysis – XRP/USD To Decline Further
Key Highlights
- Ripple price is struggling to remain above the .2400 support and moved below .2380 against the US Dollar.
- This is a major bearish trend line forming with resistance at .2450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might decline further and it could even test the .2300 support in the near term.
Ripple price is under pressure against the US Dollar and Bitcoin. XRP/USD might extend its decline and trade towards .2300 or .2200.
Ripple Price Resistance
There was no major upside move in Ripple price above the .2500 level against the US Dollar. The price struggled to remain above the .2500 level and started a downside move. During the downside move, there was a break below a couple of important supports such as .2450 and the 50% Fib retracement level of the last upside wave from the .2200 swing low to .2670 high. The worst part was a close below .2450 and the 100 hourly simple moving average.
It seems like the price could continue to move lower towards .2300 in the near term. The next major support is near .2316 and the 76.4% Fib retracement level of the last upside wave from the .2200 swing low to .2670 high. However, there are chances of it declining back towards .2200 in the near term. On the upside, there is a major bearish trend line forming with resistance at .2450 on the hourly chart of the XRP/USD.
The trend line resistance near .2450 is also around the 100 hourly SMA. Therefore, any major recovery should be limited by the .2450 level in the short term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD has now moved from the bullish to bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level and heading down.
Major Support Level – .2300
Major Resistance Level – .2450
Charts courtesy – Trading View, Kraken
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