n Bosch has revealed its ideological view on technologies such as blockchain and IoT, stating that it needs to keep mistrust out of the reaction to new techn
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Important Reaction of Ripple (XRP) From Q1 2019 Lows, Add 8.1 Percent
- Ripple (XRP) react from 30 cents, add 8.1 percent
- Supportive fundamentals would likely fan the next wave of higher highs
At long last, Ripple (XRP) is responding. Because of bullish fundamentals, there are a series of higher highs in the daily chart that hint of increasing demand in lower time frames. All the same, it is until prices print above 34 cents that traders can begin loading on dips with ideal targets at 80 cents.
Ripple Price Analysis
Fundamentals
To reiterate, cryptocurrencies must find their way main-street if investors want to register positive ROI. Of the many digital assets, Ripple (XRP) valuation depends on marketing. Since Ripple Labs and Ripple Inc are two distinct companies with the former, the issuer, and the latter, the majority holder, the expansion of XRP prices is bullish for the ecosystem.
Although different from Ripple Inc, the InterLedger Protocol (ILP) is vital to the success of XRP as a settlement tool. ILP is building a platform that fronts interoperability and at the center of this is XRP which will act as a liquidity tool with its main value proposition being its stability. Already, there is work in progress, and even if the momentum is not as high, the foundation is strong. Complementing ILP connection is the success of xRapid.
David Schwartz is on record saying technical reasons are slowing down adoption but there are regulatory concerns which should there be clarification on, then more financial institutions and payment processors will instantly jump to xRapid by upgrading to xCurrent version 4.0 boosting prices as the demand of the third most valuable asset surge to 60 cents or even 80 cents.
Candlestick Arrangement
At the time of press, Ripple (XRP) is up 6.4 percent in the last 24 hours as buyers flow back. Of interest is the development in the daily chart. Notice that for the umpteenth time, XRP prices are bouncing back from 30 cents or Q1 2019 lows.
Even though none of our trade conditions are correct in line with our XRP/USD trade plans, odds are prices will edge higher in days ahead. Our triggers lie at 34 cents, the first liquidation level of interest.
If bulls build enough momentum and prices rally, then the resulting wave could see XRP break out of this six-months consolidation drawing demand as traders push for 60 cents—Dec 2018 highs and 80 cents, the tops of our trend defining bull bar of Sep 2018.
Technical Indicator
Our anchor bar is May-11 wide-ranging bar. It has high volumes—47 million against 14 million as it prints higher highs from Apr-25-26 double bar bull reversal pattern. Since prices are ranging inside the bull bar, any break above its top at 33 cents must exceed averages of 16 million or 47 million as demand finally trigger our first lot of bull positions with a target at 40 cents.
Chart courtesy of Trading View
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Bitcoin Price Reaction to Tether Fiasco May Signal Strong Fundamental Strength
The crypto community was once again shaken earlier this week when news broke regarding the New York Attorney General’s (NYAG) office pursuing further investigative action into the controversial stable coin Tether and related crypto exchange Bitfinex.
Concerns surrounding Tether have plagued the crypto markets for well over a year, but Bitcoin’s relatively small drop that ensued after the latest development may signal growing fundamental strength behind BTC.
Concerns Surrounding Tether Rekindled
In a press release that was posted on April 25th, the NY Attorney General’s office boldly stated that iFinex – the parent company of both Bitfinex and Tether – may be defrauding NY-based investors who trade cryptocurrencies.
According to the press release, Bitfinex sent a whopping 0 million to a company based in Panama that resulted in the exchange losing access to these funds. In response to this, Bitfinex granted itself access to a significant amount of Tether’s cash reserves that are supposed to be used to maintain USDT’s 1:1 USD backing.
This news spread throughout the crypto industry like a wildfire, and rekindled concerns that USDT – which remains one of the most popular stable coins – is not actually backed 1:1 by USD, which would undoubtedly have a massive impact on Bitcoin’s price.
Bitcoin’s Price Barely Reacts to Tether News
Although the Tether news certainly validates some of the concerns that are circling through the community, investors clearly aren’t too afraid that anything will truly come about as a result of the NYAG’s investigation, as Bitcoin’s price has remained relatively stable.
At the time of writing, Bitcoin is trading down marginally at its current price of ,250, down from its weekly highs of roughly ,650.
Chris Burniske, a partner at venture capital firm Placeholder VC, spoke about the relatively small impact the Tether imbroglio had on Bitcoin’s price, noting that the spread between BTC’s price on Bitfinex versus other exchanges is making him “queasy.”
“On one hand, I’m impressed with how $BTC has held given the #Tether news, on the other hand the ~0 spread between @bitfinex & other exchanges is making me queasy,” he noted.
On one hand, I’m impressed with how $BTC has held given the #Tether news, on the other hand the ~0 spread between @bitfinex & other exchanges is making me queasy.
— Chris Burniske (@cburniske) April 26, 2019
Furthermore, Burniske also said that Bitcoin’s minor reaction to the news is emblematic of the current market sentiment, but further noted that he believes BTC needs to drop back towards either ,000 or its 200-week SMA in order for the bull market to truly begin.
“On the other hand, we’ll see if Bitfinex can withstand the run on the bank & what further Tether boots drop. With $BTC needing to retrace to either K or the 200 week SMA to have a rock solid base for the bull market to come (IMO), we could get our last great opp of 2019,” he explained.
On the other hand, we’ll see if Bitfinex can withstand the run on the bank & what further Tether boots drop.
With $BTC needing to retrace to either K or the 200 week SMA to have a rock solid base for the bull market to come (IMO), we could get our last great opp of 2019.
— Chris Burniske (@cburniske) April 26, 2019
As the imbroglio surrounding the Tether and Bitfinex situation continues to unfold and as investors continue to migrate away from USDT and towards other stable coins in preparation for the worst, it will likely become increasingly clear as to just how large of an impact it will have on the markets long-term.
Featured image from Shutterstock.
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Ripple Price Weekly Analysis: XRP At Risk of Sharp Bearish Reaction
- Ripple price is struggling to clear the .3000 and .3100 resistance levels against the US dollar.
- There is a crucial bearish trend line formed with resistance at .3000 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair must gain momentum above .3000 and the 100 simple moving average (4-hours) for more gains.
- On the downside, a break below the .2940 support could trigger bearish moves in the near term.
Ripple price corrected lower after a decent upward move against the US Dollar and bitcoin. XRP/USD is likely to make the next move either above .3000 or below .2900.
Ripple Price Analysis
After forming a support near the .2850 level, ripple price made a nice upward move against the US Dollar. The XRP/USD pair rallied and broke the .3000 and .3150 resistance levels. The price traded close to the .3200 level, where sellers emerged. A high was formed at .3198 before the price started a downside correction. There was a sharp decline below the .3100 and .3000 support levels. Sellers pushed the price below the 50% Fib retracement level of the last wave from the .2853 low to .3198 high. Besides, there was a close below the .3000 level and the 100 simple moving average (4-hours).
Similarly, there were bearish moves in bitcoin, Ethereum, eos, litecoin and other altcoins. Later, ripple found support near the .2940 and .2950 levels. It traded close to the 76.4% Fib retracement level of the last wave from the .2853 low to .3198 high. Finally, the price started trading in a range between the .2940 and .3050 levels. On the upside, there is a crucial bearish trend line formed with resistance at .3000 on the 4-hours chart of the XRP/USD pair. Therefore, a break above the trend line and .3040 could open the doors for more gains. The next key resistance is near the .3110 level, above which the price may test .3200.
Looking at the chart, ripple price seems to be trading in a range above .2940 and preparing the next move. If there is a downside break below .2940, the price could test the .2850 support area. The next key support is near .2770 and the 1.236 Fib extension level of the last wave from the .2853 low to .3198 high. The overall price action is slightly bearish, but the .2940 support might continue to hold losses.
Technical Indicators
4 hours MACD – The MACD for XRP/USD is showing a few bearish signs in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD just moved below the 50 level.
Major Support Level – .2940
Major Resistance Level – .3000
The post Ripple Price Weekly Analysis: XRP At Risk of Sharp Bearish Reaction appeared first on NewsBTC.
Tron Price Analysis: TRX Up 4.1 Percent, Reaction at 2.1 Cents Important
Latest Tron News
Some individuals like Roubini have no kind words for Bitcoin. There are others like Jed McCaleb who think most ICO projects lack the technical merit to come through from their flowery white papers. He thinks Tron–and 90 percent of other ICO projects, is garbage.
In a recent interview with Yahoo Finance, he is astounded and yet to comprehend why investors continue to pour funds to projects that might not lift off.
“The allocation of capital and resources is wild to watch when these projects that have zero technical merits get millions of dollars. It seems like a big shame. Hopefully, that will start to change. One of the nice things that come with the market calming down—I still say it’s not a bear market—it means there’s less of that.”
Indeed, he may or may not be right. Considering the bear market of 2018 that saw crypto projects die, increasing the list of Dead Coins, there is some element of truth in his words. But, Tron—despite his rather harsh comments, is a solid project whose native coin, TRX is liquid and listed at most mainstream exchanges.
2018
: Main Net launch, more transaction volume vs ETH, more accts vs EOS, 1M users in 183 days, 80+ DApps in 60 days, top 10 crypto. 2019
: Top 4, larger ecosystem vs ETH, @BitTorrent on the #blockchain,
largest decentralized ecosystem. Happy New Year & thank you! $TRX
— Justin Sun (@justinsuntron) December 31, 2018
Besides, there is a vibrant development team ensuring that deadlines are met while honchos consistently strike deals attracting developers and users. Because of this, the New Year started with a storm with Justin Sun defending his project saying if anything Stellar is not their competitor. He added that the platform is technically centralized and though it claims to support dApps, none are running on Stellar.
We don't think @StellarLumens is our competitor at all since they have extremely low transaction volume, centralized&non-democratic system and 0 Dapps. #TRON will take their place within 2019 anyway. #TRX $TRX #XLM https://t.co/kPuTIwiI0r
— Justin Sun (@justinsuntron) January 1, 2019
Tron (TRX) Price Analysis
The path of least resistance is encouragingly, upwards. At spot prices, TRX is up 4.1 percent against the USD but trading at last week’s close. Overly, we retain a bullish outlook, and as long as prices continue to oscillate, trading within a tight trade range with caps at 2.1 cents and 1.8-9 cents on the lower side, we shall take a temporary neutral stand—but with a bullish outlook.
As mentioned in previous TRX/USD trade plans, buyers are in prime position to reap more if there is a follow through of Dec 17-21 surge that propelled TRX prices from 1.2 cents to spot rates.
In this bull flag, the best approach is to trade breakouts and therefore, we expect participation to pick up once TRX rally above 2.1 cents. The first target will be at 2.5 Cents and later 3 Cents with stops at 1.9 cents.
Our TRX/USD trade plan is as follows:
Buy: 2.1 Cents
Stop: 1.9 Cents
Target: 2.5 Cents, 3 Cents
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
The post Tron Price Analysis: TRX Up 4.1 Percent, Reaction at 2.1 Cents Important appeared first on NewsBTC.
EOS SHORT TERM TREND DEPENDS ON BEAR REACTION AT $12
Besides Lumens-where buyers may found support at .43, most alt coins are on a slide. EOS is our focus today and while at it, the significance of should be brought to your attention.
If you check the weekly chart, there was an over-valuation after last week’s close and this week might be full of correction especially if bears drive prices below the middle BB in the 4HR chart.
In comparison, LTC, NEM and NEO are bearish and we should be actively looking for sell set ups in lower time frames.
Let’s dissect these charts:
NEM SELLERS BREAK BELOW MINOR SUPPORT TREND LINE
![NEM Sellers](https://s3.amazonaws.com/main-newsbtc-images/2018/01/23051541/XEMUSD-4HR-Chart-23.01.2018.png)
The bearish engulfing candlestick on January 2016 was met with a double bar reversal pattern on January 17. What we saw next was series of higher highs back to the main resistance line at .14.
In the daily chart, January 16 candlestick broke below support signaling bear pressure and the same bearish set up is visible in the weekly chart.
This confluence of sell signals in all time frames is the reason why we should be looking to short now that we have that minor break out below the support trend line on our entry chart.
Look at that blast!! The more NEM sellers unload their position, the higher the chances of lower BB banding and the faster our bear targets at .50 would be hit.
XLM INVERTED HEAD-AND-SHOULDER FORMATION
![Lumens Sell pressure](https://s3.amazonaws.com/main-newsbtc-images/2018/01/23051548/XLMUSD-4HR-Chart-23.01.2018.png)
The significance of .43 in the 4HR is clear.
From first glance, can the current price action trending as the last leg of an inverted head and shoulders formation?
The head bottoms and support is at .30 and that is where bulls entered the trade pushing prices higher while the neck line is at .43 from where XLM buyers are finding support.
If indeed it is, then prices could appreciate and the minor resistance trend line shall be a perfect selling zone.
Pasting a Fibonacci tool between last week’s high low put potential reversal zones at around .55 and .63.
IMMEDIATE NEO BEAR TARGETS AT LAST WEEK’S LOWS
![NEO Sellers](https://s3.amazonaws.com/main-newsbtc-images/2018/01/23051535/NEOUSD-4HR-Chart-23.01.2018.png)
On January 22, NEO depreciation was spectacular and went against our forecast. Our potential sell zone was at around 5 and 0 but look at these sweet lower lows in line with last week’s bear trend.
It’s disruptive but now, here’s our plan. When we paste a Fibonacci retracement tool between last week’s high lows, our intermediate resistance is above January 20 highs at 5 and that is where the 38.2% Fibonacci resistance level lies.
However, because of the lower BB candlestick hugging and strong bear momentum, we should look at initiating sell positions with first bear targets at .
LTC CANDLESTICK BANDING ALONG THE LOWER BB
![LTC Sellers](https://s3.amazonaws.com/main-newsbtc-images/2018/01/23051527/LTCUSD-4HR-Chart-23.01.2018.png)
Sellers are in charge and besides the change in LTC price, bear candlestick are now hugging the lower BB meaning sell momentum is strong.
Otherwise, our forecast remains constant.
EOS SHORT TERM TREND DEPENDS ON PRICE ACTION REACTS AT
![EOS short term trend and support at](https://s3.amazonaws.com/main-newsbtc-images/2018/01/23051521/EOSUSD-4HR-Chart-23.01.2018.png)
This is the first time in 3 days when EOS sellers are testing the middle BB. Check out the shift of momentum and retest of the middle BB within the last 24 hours.
In my view, will be an important support zone and should prices close below it today, then don’t hesitate to short and ride bears as they aim at .
All charts courtesy of Trading View
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South Korea’s ICO Ban A Reaction to Serious Concerns Over Cryptocurrency Investment Practices
The South Korean Financial Services Commission FSC has announced it will ban all forms of initial coin offerings ICOs. After a meeting to discuss virtual currency control, the vice-chairman of financial affairs, Kim Yong-bum, made this comment as part of an official statementWe expressed a serious concern that the recent inflow of funds into the nonproductive speculative direction is showing up. As a result, we believe that additional measures are inevitable in order to switch to productive i
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South Korea’s ICO Ban: A Reaction to “Serious Concerns” Over Cryptocurrency Investment Practices
The South Korean Financial Services Commission (FSC) has announced it will ban all forms of initial coin offerings (ICOs). After a meeting to discuss virtual currency control, the vice-chairman of financial affairs, Kim Yong-bum, made this comment as part of an official statement:
“We expressed a serious concern that the recent inflow of funds into the nonproductive speculative direction is showing up. As a result, we believe that additional measures are inevitable in order to switch to productive investment.”
The statement concludes by saying:
“All forms of ICO prohibition including securities issuance [and] monetary lending and coin margins are prohibited, blocking all business related business alliances.”
Korean blockchain expert and entrepreneur Ash Han told Bitcoin Magazine that “the FSC is concerned about ignorant investors becoming victimized by scammers using crypto.” Specifically, Han is referring to multi-level marketing or network marketing, an infamous way to raise money using existing distributors to recruit new distributors. This type of business strategy is often fraught with pyramid schemes in which raising money from new recruits buying in is the primary focus of the business instead of actual product development and sales.
Because the FSC has judged that virtual currencies such as bitcoin and ether are electronic representations of value and not financial products such as securities, the government has chosen to indirectly regulate virtual currencies through banks.
In addition to the FSC, several government organizations including the Korean Fair Trade Commission (KFTC), the National Tax Service (Korean IRS) and the police have formed a joint inspection system that will examine the current conditions of virtual currency exchanges through on-site inspections.
The FSC will examine the customer information leakages caused by hacking, strengthen penalties for similar behavior to prevent money laundering, and open a joint inspections system with several other government entities to examine the current conditions of digital currency traders and exchanges. The joint inspection system will also examine the regulatory and taxation trends of other countries and international organizations to form consensus on the character of virtual currency trade and taxation.
Until December, virtual currencies such as bitcoin and ether will be traded on an exchange only if a bank has confirmed the authorization of an account.
“We will begin the transaction by checking the identity of the bank account and monitoring the flow of funds,” stated an official from the Financial Services Commission. According to Han, employing banks to keep track of all new accounts opened on exchanges will permit the FSC’s further investigation of violations regarding Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols. The only change for virtual currency exchange customers is that now these customers need to be able to prove that the bank accounts they have connected to an exchange belong to them.
While these new regulations could be efforts to correct South Korea’s frenzied ICO market, Han points out that if the South Korean authorities tightened control over virtual currencies much like China, they could “put a huge tax on crypto-related activities.”
Jay Kim, a.k.a The Crypto Lark, a Korean digital currency YouTube host, says the country’s ICO ban will not affect individual investors who participate in foreign ICOs. “In Korea, people actively investing in ICOs will not be affected. The government is concerned with scams. I think it’s a temporary measure until there are some regulations in place for ICOs.”
Scams and Bad Actors
This news comes as no surprise given an overall global move to regulate ICOs in some way. China has banned the issuance of virtual currencies as illegal public funding. In July, the U.S. Securities and Exchange Commission issued a warning that token sales would be regulated as securities and thus would have to comply with reporting and consumer protection requirements. On August 1, the Monetary Authority of Singapore (MAS) clarified that the issue of digital tokens would be regulated by MAS if the digital tokens constitute products regulated under the Securities and Futures Act.
Also, the South Korean digital currency exchanges have been consistently targeted by hackers over the last several months. According to a report by security firm FireEye, North Korea has been targeting digital currency exchanges since April 2017.
Since May 2017, North Korean actors have targeted at least three South Korean digital exchanges with the intent of stealing funds. This type of attack has been predominantly targeted at the “personal email accounts of South Korean employees of digital exchanges using a tax-themed lure to deploy malware.”
On July 5 2017 Bithumb was victim to a major hack. Bithumb remains South Korea’s largest digital currency exchange, the world’s second-largest Ethereum exchange by daily volume. At the time of the hack, 13.5 percent of the the total ether market was going through Bithumb’s exchange. Attacks such as this one would certainly have attracted scrutiny from Korea’s Internet and Security Agency.
Growth and Opportunity
This latest blow to South Korea’s cryptocurrency community comes at a time of recent growth and opportunity, despite the persistent scams and hacks of bad actors. Since China’s ICO ban in early September, South Korea has quickly been overtaking China in daily trading volume of digital currencies.
The country’s connection to the internet and technology in general cannot be underestimated. According to a 2015 study by content delivery network Akamai, South Korea had the fastest internet speed in the world based on the unique IP count, and its largest export company, Samsung Electronics, made a profit of .5 billion USD in 2016.
South Korea’s third-largest exchange, Coinone, recently opened “the world’s first blockchain 4D zone,” a brick-and-mortar exchange complete with a bitcoin ATM, a large display with real-time market information and a face-to-face consultation service.
The South Korean fintech firm Dunamu has announced the launch of a new crypto-trading platform through a partnership with the U.S.-based exchange Bittrex. The platform, called Upbit, will be released in beta in October. It will support over 110 different digital currencies including bitcoin, litecoin, ripple and ether.
In terms of popularity, the digital currency community in Seoul alone is enormous with 16 registered cryptocurrency Meetups, the largest of which is the Seoul Ethereum Meetup with approximately 3,550 members. In the past year the government has even taken part in the digital currency industry by auctioning off confiscated bitcoin.
The post South Korea’s ICO Ban: A Reaction to "Serious Concerns" Over Cryptocurrency Investment Practices appeared first on Bitcoin Magazine.
Market Reaction to China News Shows Bitcoin Too Big to Kill
n Bitcoin dropped from ,000 to ,000 on news of Chinese ICO and exchange bans, then rebounded to ,000. Apparently nothing can stop the bull.n
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