📈 Pricewise Andrew Strogoff

Bitcoin, Ethereum, Ripple Still Falling, Cardano Surprisingly Grows: Price Analysis, May 29

Pricewise
Bitcoin and other major cryptocurrencies are still looking for support while Cardano surprisingly rises
Bitcoin, Ethereum, Ripple Still Falling, Cardano Surprisingly Grows: Price Analysis, May 29

There is two news today– both bad and good. The bad one is that Bitcoin, Ethereum, Ripple are still going down without any sign of a reversal. The good one is that they have slowed down their downside tendencies. However, no one can say for how long.

Psychologically, the crypto industry is still bearish. There is no a single event to help bulls to break this negative tendency. Bears continue to dig themselves deeper into the ground, establishing new lows almost every day.

As for crypto news, there are some interesting events to mention. The South Korean Bithumb exchange has banned traders from 11 Non-Cooperative Countries and Territories including Iraq, Iran, Bosnia and Herzegovina, Tunisia, Trinidad and Tobago, Vanuatu, Yemen and others. The other interesting event for the cryptocurrency community is that six companies in Japan have opened crypto exchanges on the Tokyo Stock Exchange.

The fundamental outlook, however, is still negative. Hodlers and buyers are still waiting for some good news to come.

Bitcoin (BTC/USD) Price Analysis, May 29

BTC/USD Hourly

Bitcoin is still going along the red midterm descending trend line and shows no sign of recovery. The currency pair established new lows on Monday meaning sellers still have control over the market. BTC/USD seem to aim at $6,510 in midterm.

BTC/USD Hourly FIBO

Let’s have a closer look at what is going on the hourly chart. BTC price has jumped below the $7,199 support area and is trading there currently. Bitcoin has chosen the red scenario (bearish) on Monday. BTC/USD slides down along the red midterm descending trend line.

Possible paths for Bitcoin are the following:

  1. Red scenario (bearish). BTC/USD will continue to fall without any significant correction or after a correction towards the closest resistance area at $7,199. The closest targets for BTC/USD are 2.618 retracement level and the support area at $6,943.
  2. Orange scenario (neutral). Bitcoin will jump over the closest resistance area at $7,199 and move higher targeting the next resistance area at $7,565, which coincides with 1.618 retracement level. Once those targets are reached, BTC/USD will reverse towards $7,199.
  3. Green scenario (bullish correction). There are still chances that buyers will be able to make a kind of a correction. BTC price will reach $7,565 and move higher targeting the $7,949 resistance area, which coincides with one retracement level.

Ethereum (ETH/USD) Price Analysis, May 29
Ethereum

Ethereum has lost nearly two percent in the past 24 hours, meaning the currency pair slows down its downside tendency. There is a possibility of a bullish correction. However, ETH price still stays below the descending trend line and we have a general downside tendency. Midterm outlooks still negative. The price is able to reach $453.24 support area at least.
Ethereum

Let’s have a closer look at ETH/USD’s hourly chart situation. The currency pair has reached the support area at 3.618 retracement level and has fallen back from there. It seems that Ethereum goes towards the closest resistance area at $566.90, which coincides with 2.618 retracement level.
The possible scenarios for ETH/USD are the following:

  1. Red scenario (bearish). The currency pair will fall from the current levels or from $566.90 towards 3.618 retracement level and then lower, towards 4.236 retracement level, which coincides with $473.39 support area.
  2. Orange scenario (neutral). This one is similar to a red variation, but ETH price will not break through 3.618 retracement level and jump off it.
  3. Green scenario (bullish correction). ETH price will follow the orange scenario until $566.90 resistance area and then will break it through targeting $596.08 resistance area.

Ripple (XRP/USD) Price Analysis, May 29

Ripple has left the midterm descending trend line, but we have drawn another short-term one as the currency pair still follows a downside tendency. XRP/USD has lost over two percent in the past 24 hours. Ripple’s downtrend slows down, but it is still in place meaning bears control the market. Midterm outlook still negative. The currency pair is able to reach $0.5000.
ripple

Let’s have a closer look at the hourly chart situation. XRP/USD has reached new lows on Monday and touched $0.5444 support area. The currency pair jumps off this level later and crossed 2.618 retracement level as a part of the bullish correction. The possible scenarios for XRP/USD are the following:

  1. Red scenario (bearish). The currency pair will jump off $0.5914 resistance area and move lower aiming at 2.618 retracement level. The second target for the bears lies at $0.5444 support area.
  2. Orange scenario (neutral). XRP/USD will rise towards $0.6216 and reverse towards the current support area at $0.5914.
  3. Green scenario (bullish correction). The currency pair will move towards $0.6216 and cross this resistance area aiming the next one, which lies at $0.6515.
     

EOS (EOS/USD) Price Analysis, May 29
eos

The currency pair still follows the downtrend as it is close to descending trend line. EOS has lost over than two percent in the past 24 hours. This downside tendency seems to slow down but sellers are still in controlling the market. The next midterm target for the sellers lies at $10.00 area.
eos

Let’s have a closer look at what is going on the Hourly chart in the short term. EOS price is between 0.382 and 0.5 retracement levels. EOS/USD has almost reached one retracement level on Monday, but jumped off it, starting an upside correction. The possible scenarios for EOS are the following:

  1. Red scenario (bearish). The currency pair will break through 0.5 retracement level and move to the lower targeting 0.618 and 0.786 retracement levels.
  2. Orange scenario (neutral). The currency pair will rise towards 0.236 retracement level and reverse downwards there targeting 0.5 retracement level.
  3. Green scenario (bullish correction). The currency pair will reach 0.236 retracement level and move higher towards the zero retracement level, which coincides with $12.80.

Cardano (ADA/USD) Price Analysis, May 29
cardano
The currency pair added more than eight percent in the past 24 hours, which is surprising as the other coins declined mostly. However, ADA/USD is still unable to make a complete reverse. This upside rush is nothing more than a bullish correction, which seems to come to an end in the nearest future. Midterm targets for bears lie at $0.1544.
cardano

Cardano has reached $0.1719 support area before starting a luminous bullish correction to $0.2002 resistance area. ADA/USD is currently close to this resistance. This correction is sharp, but we still think that bears will take control in the midterm. The possible scenarios for ADA/USD are the following:

  1. Red scenario (bearish). Cardano will break through 0.236 and 0.382 retracement levels targeting 0.5. Once done, the currency pair is able to develop its downside progress.
  2. Orange scenario (neutral). ADA/USD will move towards $0.2002 and reverse downwards targeting 0.236 FIBO retracement level.
  3. Green scenario (bullish). The currency pair will leave the FIBO retracement and move higher towards $0.2081.
     

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Patrick Thompson

Uber Co-founder is Launching a Cryptocurrency

The co-founder of Uber, Garrett Camp, will be launching a cryptocurrency without an ICO
Uber Co-founder is Launching a Cryptocurrency

 

Garrett Camp – the co-founder of the peer-to-peer ridesharing service Uber – will be launching a new cryptocurrency. Camp has banded together universities, scientists, and research institutes to help create a new cryptocurrency called the “Eco”. The goal of the Eco is to act as a currency that holds true to the original doctrine of digital currencies: a nearly instantaneous means of transacting that is not limited by borders or facilitated by a third party. Camp hopes that Eco will be used as a currency in tandem with bitcoin, gold, and fiat currencies.

However, the Eco Blockchain will have a few different features than you would expect a Blockchain-based currency to have. Eco’s Blockchain will be run by verified nodes rather than an anonymous system of computers that anyone can join to support the network. A verified node system rather than a completely decentralized system of nodes is a kind of middle ground between decentralization – like the Bitcoin network – and centralization – like the Federal Reserve System. By having a system of verified nodes, Eco sacrifices a higher level of security for coordinated governance and efficiency – a system that runs on verified nodes removes the threat of a 51% attack occurring on the network.

Another difference between Eco and most Blockchain-based currencies is the incentive that the Eco network offers for mining Eco. On Eco’s Blockchain, when a verified node confirms a new block, the reward is distributed to every node and user on the Eco network. Because the system is structured like this, miners are incentivized to do as little work as possible to mine the currency. Since the mining reward is shared with every node and user on the network, there is no advantage in using powerful computers that can confirm blocks at a faster rate. Eco will be more efficient than Blockchain-based currencies that reward a single miner who confirms a block because Miners will not be incentivized to use more computing power to mine Eco coins.

Camp is looking to partner with universities and research institutions that are ranked in the 5th percentile to run the first set of nodes. Individuals who run nodes will also be known as token generators in the Eco community. Unlike most Blockchain-based tokens, the Eco will not have an ICO. To launch the Eco project, Camp is creating a non-profit organization, The Eco Foundation, that Camp and a small number of partners affiliated with Expa – the four year old startup accelerator business that Camp founded – have invested $10 mln into.

Overall, there will be 1 trillion tokens generated over the course of several years. Camp plans for five hundred billion Eco to be distributed to the first one billion users. ⅕ of the original supply will be set aside for verified nodes, 1/10 to the Eco foundation – which pays operation expenses and funds research grants, 1/10 for advisors and active contributors, and the last tenth for strategic partners.

Camp believes that the Eco test-net could be running as earlier as six months from now.

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Patrick Thompson

Hong Kong Toughens up on Cryptocurrency

The Hong Kong Central Bank has issued a new cryptocurrency warning.
Hong Kong Toughens up on Cryptocurrency

Financialnews, a news outlet under the administration of the Peoples Bank of China (PBoC) — China’s central bank — has reported that China will be taking regulatory measures against overseas trading platforms that allow Chinese citizens to participate in ICOs. This announcement comes after China’s central bank has learned that China’s “Notice on Preventing the Financing Risk of Token Issuance” is being largely neglected by domestic investors and crypto-companies.

The fact that there were defiant actors in the country prompted the PBoC to write to seven ICO issuers warning them not to trade cryptocurrencies that are defined as "securities" by the Securities and Futures Ordinance (SFO) without a license. China’s Securities and Futures Commission (SFC) is worried that defiant actors are going to neglect the fact that the risks associated with Blockchain technologies and cryptocurrency domestically also exist abroad.

The September warning

On Sep. 4, 2017, the PBoC along with seven other ministries in China released the Notice on Preventing the Financing Risk of Token Issuance. The notice called for the immediate halting of ICOs and required all virtual currency exchanges in China to shut down by Sep. 30, 2017.

One of the main reasons China’s central bank issued the Notice on Preventing the Financing Risk of Token Issuance was to combat the inherent risk of investing in cryptocurrency. It is well known that the cryptocurrency market is largely unregulated, and because it is unregulated, the market is susceptible to the illegal issuance of projects, fraud, pyramid schemes, theft, and difficulty recovering losses.

Prior to today’s warning, the Securities and Futures Commission (SFC) issued two warnings to exchanges; one in September, banning all ICOs and another in December, regarding Bitcoin futures.

Regulatory attention

Recently, the entire globe has had its eye on the future of Blockchain technologies and cryptocurrency.  Earlier this week, the SEC and the CTFC had a hearing with congress regarding cryptocurrency regulation. The outcome of the meeting was that although a free market economy is important, it is believed that implementing regulation will be beneficial to the markets. If regulation is properly implemented and is implemented in the right areas, the cryptocurrency market will be secure to the point that it can be integrated with the traditional banking and finance system.

Today’s warning states,

“The SFC may not have jurisdiction over cryptocurrency exchanges and ICO issuers if they have no nexus with Hong Kong or do not provide trading services for cryptocurrencies which are ‘securities’ or ‘futures contracts.’ If, however, there is suspicion of fraud, the SFC is open to refer cases to the Police for investigation.”

Regarding the PBoC’s new warning, the SFC’s Chief Executive Officer Ian Alder says,

"We will continue to police the market and enforce when necessary, but we are also urging market professionals to do proper gatekeeping to prevent frauds or dubious fundraising and to assist us in ensuring compliance with the law."

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📈 Pricewise Andrew Strogoff

Buyers and Sellers Balanced, BTC, LTC, XMR and NEO Show No Clear Direction

Pricewise
Bitcoin, Litecoin, Monero and NEO fluctuate with no clear direction. Who is going to take control over the markets?
Buyers and Sellers Balanced, BTC, LTC, XMR and NEO Show No Clear Direction

The currency pairs were unable to make substantial progress since our early European session review. However, the current flat is a kind of preparation for significant moves that may happen in the nearest future. We recommend paying attention to all the charts and candlestick patterns as this price consolidation will not last long.

BTC/USDD:\Пробы пера\sergeytn\10.05 follow up\btc hourly.jpgThe currency pair has left the Ichimoku cloud, but there is no momentum as the price is flat. There is no direction currently.Bitcoin  fluctuates within a very narrow channel demonstrating the balance between bulls and bears.

BTC/USD is close to the next resistance area ($9,440) and should be able to reach it in the nearest future. However, the current situation is uncertain as both buyers and sellers are in the position to take control now. The closest support lies around the $9,200 area and almost coincides with the upper boundary of the Ichimoku cloud.

There are two scenarios currently. The price may reach the above mentioned resistance, or fall towards the support line.

BTC/USD is currently above the descending trend line and the Ichimoku cloud signaling the end of the midterm downside tendency.

LTC/USDD:\Пробы пера\sergeytn\10.05 follow up\ltc hourly.jpgLitecoin moves in a more technical manner that Bitcoin does, as the price goes towards the lower boundary of the Ichimoku cloud. Litecoin is likely to test the formation in the nearest future. Two scenarios are possible.

The price may either rebound off the lower boundary of the Ichimoku cloud and start its growth towards the upper boundary at least, or break through the lower line of the Ichimoku cloud and resume its decline towards the descending trend line.

The price is currently above the descending trend line, indicating an uptrend. However, we think that to confirm the tendency, LTC/USD needs to leave the Ichimoku cloud, breaking out its upper side.

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XMR/USDD:\Пробы пера\sergeytn\10.05 follow up\xmr hourly.jpgMonero buyers seem to consolidate the progress as XMR/USD establishes new highs. The currency pair is likely to reach the resistance line area at $234 in the nearest future. The current upside tendency is quiet, and has both trend and correction movements.

The price is above the descending trend line and the Ichimoku cloud formation signaling that the uptrend is still in progress. However, we cannot exclude the possibility of a reversal towards the upper boundary of the Ichimoku cloud, which coincides with the descending trend line.

NEO/USDD:\Пробы пера\sergeytn\10.05 follow up\neo ourly.jpgThe currency pair has a neutral tendency at the moment, as the price establishes neither new highs nor new lows. It is now within the Ichimoku cloud, fluctuating in the middle of the formation. NEO/USD is still testing the resistance area at $76 but has no positive results as the price is below this level.

Two scenarios are possible currently. NEO/USD will break through the resistance line and the upper boundary of the Ichimoku cloud to move towards the next resistance line in the $79 area. However, we can see that buyers have no power to take the initiative in their hands as bears hold the price below the $76 resistance area.

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Hacking Groups Eyeing Bitcoin Points: Another Reason for Regulation and Safeguards

Hackers focusing in on Bitcoin because of lack of recourse is another call for some regulation
Hacking Groups Eyeing Bitcoin Points: Another Reason for Regulation and Safeguards

The reputation of Bitcoin has clearly hit such a wave of adoption that one can well and truly say that it is in the light of the mainstream. However, its darker reputation still lingers and could derail it should it return.

For a number of factors, Bitcoin has become less of a risk to be invested in, from safer and more secure, exchanges, to a slight level of regulation and governmental acceptance.  However, there are still tendrils of danger that hang from the advancing digital currency.

Recent news from McAfee Advanced Threat Research has shown that a powerful hacking group, with North Korean Links, is rising again to target owners of Bitcoin. Their reasoning for doing so is essentially there is nothing to stop them.

Lack of regulation, lack of safeguard

Because of Bitcoin’s decentralized nature, no one who can control how it is used or operated. If you own Bitcoin, you can do as you please with it as it remains mostly unregulated, as there is no central authority to regulate.

However, there is also no safeguards for when things go wrong, there is no one to go crying to if it all goes wrong with Bitcoin. People have also been stung already, be it exchange hacks or thefts, but that leaves it up to the exchange to react or not.

Now, with a new threat from the same people that brought the world Ransomware pointing their aim at Bitcoin with a phishing attack, the darker side of Bitcoin could once again come to the fore.

There are a lot more Bitcoin wallets out there, with a lot less know-how on security, which, with this latest rumbling of an attack, could see many people burnt. And the blame will be leveled at Bitcoin.

Need for regulation, but in balance

Unfortunately, the only way that Bitcoin can survive a focused attack from such a group is to look to the regulators, who come with safeguards. Bitcoin needs to be legitimized further by those who can offer its users protection.

If the money goes missing, there is really nothing that an exchange needs to do if they don’t feel like it. However, regulation could help ensure that people have their money returned them.

It is a fearful thing, for Bitcoin to go the same way as banks, but if it is to maintain its newly founded reputation, there needs to be some level of protection on this unregulated currency.

However, that balance must be balanced; Bitcoin needs to maintain its libertarian view, but to a point where the regulators can be happy to back it and throw their support behind it.

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🕵️‍ ICO Watch Eric Eissler

Past-ICO Review: Cryptolending seems to fail

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Lending gets a lift with Lendorid, but the dispersed team and unclear roadmap tell a different story
Past-ICO Review: Cryptolending seems to fail

Sometimes descriptions are so complex that it is best to use the company’s own words to describe what it is. So without further delay: “Lendroid is a non-rent seeking, trust-independent, open protocol enabling decentralized lending, margin trading and short selling on the Ethereum Blockchain. It aims to solve the shortcomings of centralized exchanges by creating a globally shared lending pool, and a symbiotic off-chain infrastructure supported by incentivized participants.” So back to the world of finance and lending, Lendroid seeks to capitalize on the efficiency and decentralized aspects provided by Blockchain.

Financials

In a 24-hr period, Feb. 21-22, 2018 to be exact, Lendroid raised $47 mln. It’s token, LST, is a utility token which did not have much value, to begin with, but, has been on a steady decline since its debut. Opening at $0.014483 on March 25, its entry was also its all-time high. At the time of writing, it is currently trading at $0.001420, a steep loss. According to CoinMarketCap, Lendroid’s market cap is undetermined and its daily trade volume is around $350. Therefore, it is not getting much action on the exchanges. The economy of Lendroid is built around the utility-token LST (ERC20). By means of LST creditors and traders pay to Relayers and Wranglers. In addition, a part of LST is paid in the form of a commission for the platform development and its maintenance.

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Who’s who, no really

The Lendroid website does have the team listed, but after looking at some third-party sites, it could be determined that there are some people working in their Singapore headquarters. However, all the main players are located all around the world, which is a bit strange for a startup company.

Vignesh Sundaresan- Project lead (LinkedIn says Lead and Architect)

Sundaresan is a Blockchain entrepreneur and an open protocol architect and YCombinator alumni. Before Lendroid, he has worked in various Blockchain initiatives. With more than three years of working with Bitcoins and 1.5 years of experience working on Ethereum based solution. He co-founded Bitaccess in 2013 and built the software and team that scaled the Bitaccess ATM network.

Paul Martens- Brand & UX (LinkedIn says Brand Ambassador)

Part-time brand ambassador at Lendroid. Upgrading look-and-feel of the company and helping productize the powerful Lendroid protocol with tech leads.

Vii Sundaram- Teach Lead

Could not be verified on LinkedIn

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Progress Bar- loading

While there is not an official roadmap on the website, there are several progress bars for all of the features Lendroid plans to offer:

All of these features are still in the early phase of development with each feature averaging 25 percent completion. Lendroid is still in the early phases of development with no set goal of mainnet or product launch in sight.

Red flags raised

With the lack of team centralized in one place and the company not active on social media much, raises red flags about their seriousness. Furthermore, with a worthless utility token, daily trade volumes of $350 and no indicated market cap on CoinMarketCap is worrisome. They are not going to attract much business, investment, or attention (positive in this case). It is safe to say, that until they can make progress on their product and increase their numbers, few will be interested in investing or using this product as intended.

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