n Crypto markets are seeing a mix of red and green, with some small fluctuations and total market cap holding positionn
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Japan’s FSA Head Signals Support for Continued Crypto Industry Growth
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Cryptocurrency Market Update: Waiting For Signals on a Flat Monday
FOMO Moments
Markets are flat this morning with few coins moving; ChainLink doing well but Aelf, TenX and Bitcoin Gold suffering.
As we start another working week crypto land remains flat after a weekend of inactivity across the markets. There have been virtually no movements in total market capitalization which remains under 0 billion.
Bitcoin hasn’t moved at all and is still trading at ,160 where it was this time yesterday. Likewise with Ethereum which is trading at 5, the same level as the weekend. Altcoins are mostly in the red but by very small amounts, the top ten is pretty much the same as yesterday. Stellar has fallen back the most once again with a 4% decline to .30. Over the week XLM is still up 3.5% since last Monday.
The top twenty is also red at the moment with all coins in decline aside from Ethereum Classic which is up 1.6% to . The biggest loss is from Binance Coin which has dropped 5.8% to .60 followed by Monero which is down 4.4% to 5. The rest are losing between 1-2% at the moment.
Further down the list the losses are greater with over 5% declines for 0x, Zilliqa and Bitcoin Gold. Icon however is in the green by 2.6% to trade at .33. ChainLink is the top performing altcoin at the moment with a climb of 6.8% to .342. At the opposite end of the crypto spectrum is Aelf which has dropped 10% followed by TenX down 8%.
Markets are poised for another movement over the next couple of days. Total capitalization has not changed in the past 24 hours and remains just below 5 billion at the time of writing. Since last Monday crypto markets have gained a marginal 2.7% and are still up trending slightly since mid-July. Trade volume is currently at .5 million which is slightly higher than this time yesterday.
A further upswing will take markets over 0 billion and Bitcoin to its next major resistance level near ,000. More bearish selling though could see things go back to the lows earlier this month.
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
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XRP Technical Analysis: Spike in XRP FUDs Signals a Bottoming Market
On a weekly basis, XRP lags and is up one percent in the same time frame. This comes at the backdrop of FUDs and talk of SEC anticipated clarification of XRP. Despite all, XRP is still trading above key support lines. It is likely that weekend’s price action would shape the short to medium term trajectory of this coin.
From the News
The sore, iterative and tired debate of whether XRP is a security or a utility is quickly degenerating into drivel. If anything, ordinary investors don’t care about SEC position. XRP traders on the other hand are after playing the market and are always angling to clip some profits. Of course, SEC oversight on cryptocurrencies-an emergent and a complex market-is but welcomed. This is solely because of the inherent architecture and unregulated nature of cryptocurrencies in general.
Overly though, what commentators will argue is about the utility of XRP and the number of companies that are currently using the technology to improve on efficiency. That cannot be overstated and while we understand how SEC comments on the coin will always be that dark shadow, it is way better to look into the medium term and bask in the glory that BTC resurgence is tagging along with.
Anyhow, Brad Garlinghouse, the CEO of Ripple the company said the XRP-BTC coupling will probably take years before it wears off. Therefore, as long as BTC is trending, XRP shall closely follow suit.
By popular demand, we have added @Ripple trading on CoinFlux.
In order to buy/sell @Ripple via CoinFlux you’ll need an active account.
And, as always, our helpful colleagues from Customer Support are online to assist you for any inquiries you might have.https://t.co/dGKU0lHeRm pic.twitter.com/UOScfVvkjQ— CoinFlux (@CoinFlux) July 19, 2018
After all, there are numerous channels of buying or trading with XRP. Most recently, CoinFlux announced their support of XRP. Initially, this Cluj based cryptocurrency exchange focused on ETH and BTC but considering the demand, XRP had to be an addition.
XRP Technical Analysis
Weekly Chart
Regardless of the general crypto market revival, XRP sellers are determined to clip this week’s gain. So far, we have this bear pin bar right at the 45 cents main support line printing despite our bullish stand.
Now, for that position to hold true then we might see rejection of lower lowers and that means XRP must print above 45 cents and ideally reverse July 18-20 losses. If not and there is a convincing close below 45 cents then next week we shall initiate shorts with targets at 15 cents.
Daily Chart
In any case, XRP is moving within a 10 cent trade range with buy triggers at 55 cents and main support at 45 cents. Because of July 16 and 17 higher highs, we remain bullish despite the low volume accompanying that thrust. As we have mentioned above, should we see sellers driving prices to 45 cents, then my suggestion is to short on pull backs with stops at 50 cents.
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.
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Mixed Signals: China’s PBoC Doesn’t Recognize Digital Currencies Like Bitcoin, But Are They Looking to Create Their Own?
Speaking at a press conference on the sidelines of the annual session of the National People’s Congress, Zhou Xiaochuan, the governor of the People’s Bank of China (PBoC), made it clear that the country does not recognize Bitcoin and other digital currencies like it does traditional banking tools such as paper money, coins, and credit cards: “The banking system does not accept it.”
Xiaochuan added that direct trading between Bitcoin and yuan is not supported by the central bank, and also made comments that represent a sort of philosophical or cultural view regarding money, saying:
“We don’t like speculative cryptocurrency products since it is not a good thing to give people an illusion of getting rich overnight.”
Xiaochuan’s statement comes after months of negative sentiments from Chinese authorities, including the PBoC, who have taken a series of steps to clamp down on the cryptocurrency market both domestically and internationally.
In another interesting turn, and in sharp contrast to the attitudes of many other governments and large corporations across the globe, Xiaochuan warned that even an expansion of blockchain and distributed ledger technologies may have a negative impact on consumers — adding that it could also bring some unpredictable effects on financial stability and monetary policy transmission.
Digital Currency For Electronic Payment
That said, the country is developing some crypto-related plans: a few weeks ago Xiaochuan announced that the PBoC is planning to launch a digital currency called DCEP, or Digital Currency For Electronic Payment. The digital currency is expected to go through initial test phases in 2019. As of now, it’s not certain whether this digital currency will take the form of a cryptocurrency or perhaps just utilize blockchain-technology.
Any potential development of a digital currency must suit the needs of the country, Xiaochaun declared. These being a digital currency that focuses on “convenience, rapidity, and low cost in a retail payment system, while taking into account security and protection of privacy.” They should also not conflict with the current financial order, Xiaochuan added.
Mixed Signals?
The governor pointed out that PBoC had organized digital currency related seminars more than three years ago. That was followed by the establishment of a research institute for blockchain technology. Just a year ago, PBoC executives had spoken in favor of digital currencies.
And just last week a delegation of Chinese technology leaders visited Australia to explore the implementation of blockchain into the fintech industry. The delegation was comprised of top-level Chinese companies, including Ant Financial, WeBank, JD.com, ZhongAn, Wanxiang, and OnChain.
As of now it’s hard to pinpoint hardline truths regarding the country’s real attitudes towards cryptocurrencies considering the mixed signals that the Chinese government and central bank has been sending the crypto and blockchain communities. It look as though the country will continue to shy away from cryptocurrencies like Bitcoin, though they may be interested in further applying blockchain-based technologies, perhaps even using them to underpin a state-sponsored digital currency in the future.
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Do-It-Yourself Trading Strategies for All With Signals
You check the buy wall in the order book or the latest tweet on the coin’s feed for market-moving announcements or perhaps it’s your favorite Telegram chat room that you turn to for trading signals or a notification from a news site you rely on for up-to-the-minute information on cryptocurrency news and the coins you follow.
And of course, there’s also the tried and trusted technical indicators honed in the stock markets over many years that have been transferred wholesale for use in crypto trading markets.
Whichever is your favored channel or method to source and interpret the vital information you need to make your trading and investment decisions, chances are you are doing it by spending a lot of valuable time in a probably fairly haphazard and unscientific manner.
Squeezing cognitive bias and emotion out of trading
There has got to be a better way, right?
Yes, and there is. Blockchain projects such as Enigma and Signals, are attempting to fill the gaps between the world of professional traders, the many millions of crypto investors worldwide who are now turning to more active trading as they look to diversify their portfolios and the data scientists who are turning the firepower of new technologies such as machine learning to target crypto trading.
Technical indicators, social media and the Telegram messaging service that has become the go-to app for market participants seeking trading signals for crypto, are just some of the tools of this new breed of traders.
However, more often than not, things are more rudimentary. It would be fair to say that many traders rely on nothing more sophisticated than gut instinct or are drawn to make rookie errors such as buying high at the end of a rally and panicking into selling low because they let emotion get the better of them.
Human psychology plays games with traders. For example, it is psychologically easier to buy Litecoin at 0 than it is to buy Bitcoin at ,700. This phenomenon of traders and investors overlooking the fundamentals of a coin in favour of selecting it on the basis of a seemingly low price, especially when it sells for less than a dollar or better still, less than a cent, is rampant and is similar to the penny stock phenomenon in equity markets.
New tools for new times
All of these mistakes, or at any rate skewed decision-making, can be avoided by bringing data science to the toolset already being used by professionals, and then putting these re-fashioned tools into the hands of today’s ordinary crypto traders.
On the face of it, this is being done by any number of new blockchain projects, but if you look a little closer none has developed an easy-to-use system that provides a robust testing ground for newbies and professionals alike to build their very own trading algorithms.
Mainstream indicators derived from the world of the chartists are being applied all the time in the cyryptomarkets but are often confined to the world of more experienced traders and they are not systematically married to other metrics such as in sentiment analysis.
Recognising chart patterns such as “head and shoulders”, “bull trap”, “cup and handle”, the “triple bottom” and so on are well-known patterns in price movements that the human eye and brain can be taught to recognise. These patterns can be analysed alongside other information such as tweets pertaining to a coin that contain the word “burn” and perhaps a date string, that taken together could provide a valuable price signal to trigger a buy trade. This is all commonplace in investment banking where resources have been ploughed into quantitative analysis for many years now.
Signals makes it easy for all of us to play
But now its time for the little person to have a look. Signals is creating a platform to achieve this by the application of machine learning and artificial intelligence to recognise patterns, both the established ones we have just mentioned in addition to the ones yet to be discovered – new asset classes have their own characteristics as far as price movements are concerned and crypto is no different.
There are also likely to be patterns that appear more often or less often as the crypto market matures. Assigning software as opposed to humans to the task of tracking, recording, collating and then analysing all those price points and their relation to other data will be a more complete, and therefore successful approach.
What is unique about Signals, compared with competitor Enigma, is its focus on enabling the average person with no computer programming skills or extensive trading experience to select indicators such as moving averages or the relative strength index simply by dragging them on to a canvas – or playground – along with, for example, sentiment analysis from crowd-sourced data, to create trading strategies built with a programmatic flow of statements and calculations.
If you are familiar with the drag-and-drop computing language developed by MIT Media Lab called Scratch, which is used to teach programming, then you’ll see where Signals is going with its fresh approach and how important it could be in jump-starting a revolution in trading technology and how investors interact with it.
Artificial intelligence that can interpret indicators and make decisions based on them – and learn from past decisions – is also part of the mix and will be extremely powerful not just in and of itself but precisely through the mass adoption platforms such as Signals are designed to facilitate. Many humans experimenting with many strategies, and learning from each other, is going to be more powerful than less complex arrangements.
Not just another trading algorithm platform
To take this further, Signals needs to be understood not as yet another trading algo offering in a one-too-many set up with the blockchain being used to deliver one trading strategy to any number of clients, or perhaps a handful of tweaked strategies depending on a clients risk profile in the manner of the robo-advisor approach that is spawning in mainstream financial services market. Or perhaps a platform does let you develop and test strategies but in a set-up that is so difficult to use it represents a barrier to entry for the average trader.
Signals is radically different because the trader is in charge of designing their own strategy.
And more than that, traders can also choose to follow the strategy of another platform user by copying a strategy from the marketplace. In other words, if your signals are good at what they do, you can make money from them by letting other make money from. Alternatively, you many still be developing, back-testing and tweaking your own strategy on historical data and may wish to buy a trading strategy from the marketplace while yours is still in development.
For machine learning to work to its full potential it must be able to train on massive amounts of data which requires the utilisation of the power of supercomputers. Signals has got that covered too because it plans to use the decentralised supercomputing power of blockchain projects such as SONM.
All of this, taken together, gets rid of the emotionally driven trading mistakes rooted in the cognitive dissonance that clouds judgement and will lose traders money. There is an old saying that 90% of new traders lose 90% of their money within the first 90 days of activity. That is scary, but it doesn’t have to be that way, as the innovative Signals project shows.
The token sale for its “data science powered marketplace off data-science powered signals for trading cryptocurrencies” starts on 26 February or if you want to get a bit more hands on first, take a look at the alpha.
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USD BULL PRESSURE YIELDS MIXED SIGNALS FOR ALT COIN TRADERS
After yesterday’s close, most alt coin candlesticks closed as bears after sustained USD bull pressure. Alt coin prices are moving towards support today’s candlestick will likely determine our short term trend. Let’s review alt coin price action: ALT COIN LSK PRICE ACTION ANALYSIS After 24.10.2017 bullish thrust, alt coin LSK has been correcting lower but … Continue reading USD BULL PRESSURE YIELDS MIXED SIGNALS FOR ALT COIN TRADERS
The post USD BULL PRESSURE YIELDS MIXED SIGNALS FOR ALT COIN TRADERS appeared first on NEWSBTC.
USD BULL PRESSURE YIELDS MIXED SIGNALS FOR ALT COIN TRADERS
After yesterday’s close, most alt coin candlesticks closed as bears after sustained USD bull pressure. Alt coin prices are moving towards support today’s candlestick will likely determine our short term trend. Let’s review alt coin price action: ALT COIN LSK PRICE ACTION ANALYSIS After 24.10.2017 bullish thrust, alt coin LSK has been correcting lower but … Continue reading USD BULL PRESSURE YIELDS MIXED SIGNALS FOR ALT COIN TRADERS
The post USD BULL PRESSURE YIELDS MIXED SIGNALS FOR ALT COIN TRADERS appeared first on NEWSBTC.