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BTC Looks Bullish, XMR Has Waited For Opportunity, ETH Is In Trouble: Price Analysis, Oct. 5, 2018

Pricewise
Bitcoin is technically good to make another ‘leg’ upwards, Monero is getting ready for breakout, Ethereum is in trouble
BTC Looks Bullish, XMR Has Waited For Opportunity, ETH Is In Trouble: Price Analysis, Oct. 5, 2018
Contents

*** Please note the analysis below is not investment advice. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of U.Today. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin is technically good to make another ‘leg’ upwards

Yesterday was bullish-day and the "Hammer" worked nicely as a bullish pattern. BTC price found a resistance from the trendline which is pulled from July 24. Several attempts in the lower time frames to break upwards have failed, and currently, it makes a healthy little throwback (movement downwards). Healthy, because after impulse wave (yes, this is tiny impulse) there is always a correction before we can start another movement upwards.

The current correction has founded a support from the golden Fibonacci ratio at 62 percent, and we discovered a very strong area on the chart between the $6,530-$6,550 (marked with the orange 'box'). This area has worked historically as a strong support and as a strong resistance and no single candle close inside this orange area, only powerful candles through the area up-and-down, this makes this area super strong. If the current scenario holds us, then there is almost a perfect starting point to go to the higher levels.

First bullish confirmation is a trendline breakout, if we get at least a four-hour candle close above the trendline then it could mean another leg upwards to the next strong resistance at $6,767.

Let's count down all the bullish price action criteria:

1. Oct. 3. we got a bullish candlestick pattern "Hammer"

2. Yesterday (Oct. 4) we got a nice impulse upwards

3. Current throwback has  found a support from the golden Fibonacci level at 62 percent

4. Current throwback has found a support from the super-strong area

So, technically Bitcoin is ready to break that trendline!

To confirm bearishness then the candle close below the orange area will guide us to the lower levels and the full bearish confirmation is then when we also get a candle close below the $6,460 (blue line).

Monero (XMR/USD) awaiting breakout

Monero looks a little bit suspicious and looks like it needs to wait a moment and for the opportunity to break upwards from the triangle.

Currently, there have been several attempts to break through the counter trendline, but it has held the price nicely. Slowly, XMR’s move into the triangle tip to explode and if Bitcoin makes a move upwards and it breaks the trendline then definitely Monero has waited the perfect moment to do the same. At the moment it trades above the 200 EMA on the four-hour chart.

The counter trendline and the 200 EMA make together a strong support area below the current price. So, the only way that we could see a Monero coming down is if the BTC can't break that resistance and starts to come down, a candle closes around $6,450. In this case, we can say that Monero comes down also but currently, doesn't looks like that.

For breakout from the upper trendline, there are two target areas at $128 and $140. Those are the recently worked resistances, and we would recommend to take out some profits in this area because around $150 is just hell. There are multiple monthly supports and resistances that you never want to be on Monero if we reach into this area. The bounce downwards could be probably massive if the scenarios matching each other.

Ethereum (ETH/USD) is in trouble

Ethereum is in trouble. Almost all the altcoins trade above the major counter-trendline but Ethereum is not on the list anymore.

It has a break downwards from the trendline and from the strong area which is not a good sign, but we can find something positive also. Currently, it has an opportunity to make a new higher low on the market structure, and it shows that the power is still there, but we lost the momentum. It has difficult times ahead to break above the first strong area at $225, and it is even harder because on the four-hour chart there are also 50 and 100 EMA's which started to work as a resistance.

To see a bullish Ethereum:

1. BTC and the whole market has to start to grow, Ethereum can't push the price upwards by itself!

2. It has to break above the blue line at $225

3. It has to break above the counter trendline

4. And the final confirmation is a break above the second strong resistance at $236

If the market can't find that power, then we may come down to the "smoother trendline" (brown line) and even lower than that! So, be careful!

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Bitcoin Price is Reaching Critical Support Level As Wall Street Dives

Pricewise
An investor’s worst nightmare or an opportunity to take a fresh look at old assets?
Bitcoin Price is Reaching Critical Support Level As Wall Street Dives
Contents

During the previous trading session, Dow Jones fell a record (since its foundation!) 4.6 percent, which could not leave the price of alternative investment assets unaffected. The official reason for the aggravation of the cryptocurrency market situation was the news of China’s blocking its citizens from accessing foreign exchanges and ICO websites. It seems that Chinese regulations have become a bottomless source of possibilities for speculation and price manipulation, although this approach is deplorably uninventive.

Nevertheless, as a result of Monday's events and news, on Feb. 6, the total market capitalization fell to $300 bln- the lowest value since the beginning of December 2017. Bitcoin price lost another 21 percent and predictably dragged the rest of the assets down with it. NEO and Bitcoin Cash were hit the hardest, with losses of 30 and 25 percent respectively. Well, what goes up, must experience a correction. Cardano got tired of carrying the outsider banner and fell “only” by 20 percent. Stellar is looking slightly better than the other coins: it’s also down 20 percent, but not preceded by a painful correction as was the case with Cardano. In general, the decline was 23-25 percent for the top 10 group. Bitcoin dominance continues to grow and is now 36.2 percent.

BTC/USD

As expected, buyers tried to take the initiative at the $7,700-$7,500 level, but the increasing negativity in US markets didn’t allow them to succeed. Thus, Bitcoin price broke through the psychological boundary of $7,000, the level of resistance at the 0.786 Fibonacci retracement, and headed toward the last bastion — $6,000.

Picture 1

 

At the moment, bears don’t even need to make a significant effort, because the decline has acquired its own impulse, supported by panic sales. Still, there is a large accumulation of pending purchase orders at the $6,000 level, which means there’s a possibility of a turnaround. Below, there is a set of additional resistances formed by the mirror levels $5,500 and $5,000. Our recommendation: don’t panic and be patient. The denouement is near.

ETH/USD

At the time of writing, Ethereum price reached $625 and found support in the form of an upward channel from November 2017 and the 0.786 Fibonacci retracement. Buyers are actively fighting for this milestone, but further developments will depend on the outcome of the Bitcoin struggle.

Picture 2

 

The next supports for Ethereum are strong mirror levels of $550 and $500. An impressive volume was traded at $500. Moreover, it is psychologically significant, which means that buyers will protect it. We recommend that our readers increase purchases in this range.

XLM/USD

Stellar investors had a very good start to the year, but since then the price has dropped more than thrice. Is this a reason to panic? We believe not because the asset is now firmly established both in the top 10 and the minds of crypto-enthusiasts. At the same time, there may never be a better time to invest in Stellar than now. Even though the lower boundary of the rising channel from the end of November 2017 was unable to stop the fall, the situation is far from critical.

Picture 3

 

First of all, the current Stellar price of $0.28 updated the minimum of the previous global decline of Jan. 17 by only 10 percent. Second, in case of further correction, strong support is provided by the $0.22-$0.24 range, where the mirror level and the 0.786 Fibonacci retracement are located. In a negative scenario, we can expect a spike in buyers' activity at $0.20. We recommend building up positions in the specified range, especially for those who have not yet added this asset to their portfolio.

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Why ICOs Are Uglier, Worse Stock Market: Opinion

Opinions
Here, on Blockchain territory, we are thought to be making a revolution. Horseshit. In fact, what we are doing here, is uglier, worse stock market.
Why ICOs Are Uglier, Worse Stock Market: Opinion
Contents

 

Here, on Blockchain territory, we are thought to be making a revolution. Horseshit. In fact, what we are doing here, is uglier, worse stock market. The thing is, many businesses (along their private investors) that opted for ICO, literally put their balls into the crocodile jaws of the speculators or have no intention to come up with a product whatsoever.

Most of the recent crashes have a simple explanation: trading in money is more profitable than any meaningful job or enterprise. It didn’t matter if someone’s profitable, employs people, has a product, only stock quotes matter. The totally Nietzschean situation of a clown replacing a priest as a central figure.

Bad enough, but… Amazon has lost 95 percent of its stock price in 2000 dotcom crash, and look at it now. The company continued running, its stock recovered eventually and Jeff Bezos is one of the richest persons in the world today.

What if Amazon’s everyday operations depended on its stock quote? Like, any stuff you buy on Amazon, is valued not in dollars, but in fractions of their stock? “What’s this dishwasher price? - 10 mAMZN.” Funny? But it is the case of many ICOs, who think to have escaped the SEC supervision by claiming their tokens are utility, not an investment instrument.

Now, remember George Soros attacking the pound sterling? If a national currency of a first world country can be brought to its knees by a bet (trading is essentially betting), how about a small-time coin used to pay for a certain service? One can imagine a small-time, by Wall Street standards, trader playing George Soros with crypto assets under certain conditions. It is imminent that futures and short trading on major crypto assets are to become available. Brokerages already allow borrowing BTC for short trading. It is risky, given its volatility, but with a little help from an AI, why not? Tokens will be probably available to borrow, too.

How you could kill Filecoin

Let’s look at Filecoin ICO, the biggest, the savviest and one of the greediest ICOs of 2017.

Raised hell lot of money in 2017. At the start, there’d be maximum 280 mln tokens on the market (80 mln pre-sell +  200 mln ICO), and another 280 mln FIL held by Protocol Labs and Filecoin Foundation. Advisors and other pre-sale participants have bought their FIL at max price $0.75, and the general public was paying up to $5. There are already enough skeptic commentaries on Filecoin model both financial and business model (1, 2) but let’s assume that the product is live, have actual users, and is listed on exchanges.

It is self-evident that bullish speculation may kill Filecoin’s business. If there’s steep growth of FIL valuation, there will be less incentive to spend FILs, and also, the price of storage may increase beyond what users are willing to pay.

Miners would rush to offer more storage, but fewer people actually spend FILs to pay for it, so organic demands diminishes. The reliability of the storage service suffers, and the word gets out, sending a negative signal to non-user (investor) FIL holders.

By this moment, a savvy operator has already sold their bought FILs, fixed profits from the inflated price, borrowed it from the brokerage, preparing for the plunge. Then borrowed tokens are sold below market value. If the splash is big enough, a panic ensues.

Filecoin Foundation will then start buying FILs back in order to protect their business. If FILs drop, there’d be less incentive for the nodes to provide storage, so the underlying product becomes unreliable even more.

Giving up and gutting it

So Filecoin foundation may end up in the position of Bank of England in 1992 - buying pound sterling until it gives up. The token price plunges and the initial operator buys it on the exchange, returning it to the brokerage.

Essentially, the same people who brought the prosperity to Filecoin will gut it, if there’s an opportunity.

Anyone with sufficient access to media and enough money can play the same game with anything, including the very Ethereum or Bitcoin. There is no law on the crypto arena, so no holds are barred (including insider trading) - since everybody keeps pretending tokens aren’t securities.

Back in 2000, I was a faithful reader of fuckedcompany.com, a fresh corporate recruit in a cheap suit, half-world away from the Valley. It was somehow gratifying to see them suckers suffer. It seems that this long forgotten pleasure is bound to return.

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How to Create Your Own Cryptocurrency- Beginner's Guide

💡 Cryptotips
Cryptocurrencies are enjoyed because of their accessibility in terms of owning it, but even beginners can access the technology to build their own versions
How to Create Your Own Cryptocurrency- Beginner's Guide
Contents

The recent surge in the value of cryptocurrency has triggered many responses as more and more cryptocurrencies have started popping up on the scene. Still, many are looking for answers to how to create a cryptocurrency? And even if you’re not much into coding, but have always observed different cryptocurrencies keenly, you’d also be looking to find out how to create my own cryptocurrency?

Well, creating a cryptocurrency of your own is very much possible, but you need to consider different options and have some caveats in your mind before actually taking this route.  So, let’s just not drag it further and find out how to create own cryptocurrency.

How to create your own cryptocurrency?

To be honest, with all the technological advancements and improved methodologies, it’s now become quite easier to create a Blockchain or an altcoin. All you need to do is follow some basic steps and you’ll be able to set up your own cryptocurrency. Here’s what you can do to start with:

1.     If you don’t have a technical background, you should better get someone with technical knowledge involved in the process. Your technical partner would help take care of the coding thing.

2.     Decide whether you’d like to create an all-new cryptocurrency or would like to set up your own Bitcoin fork. Just make sure that you go with the option that fulfills your requirements.

Let’s take a look at how you can approach both these options for setting up your own cryptocurrency.

Creating your new Blockchain

If you’re an expert who knows cryptocurrencies inside out and have a background in coding as well, you should better take this route. Setting up your cryptocurrency from scratch will allow you to have new, unique features and you’ll be the one to set up all its parameters as well. Here’s what you’ll be able to achieve when you take this route:

1.     There are quite a few customization options available and you’ll be able to create something that easily stands out from the crowd.

2.     It’s your decision whether you want to have minters or miners depending on earnings as per proof of stake or proof of work rewards.

3.     It’s you who decides the block size, maximum coin supply and the rate at which new coins will be issued.

Creating your Bitcoin fork

Even though it sounds tempting to have control of everything, there can be certain drawbacks associated with it as well. So, the alternate option for you is to create your Bitcoin fork. If you want to know how to create your own cryptocurrency for free, this might be the best option available to you.

Here you’ll be using a dependable open-source code that is readily available. For creating a unique coin that serves your purpose, it’s possible to use the code available for a coin that is the closest in features to what you want your cryptocurrency to look like. Here’s why you should be taking this route.

1.     When you launch your cryptocurrency with some secure Blockchain, it will help you keep it protected against any fraudulent attacks. For instance, you’re not exposed to double spending attacks because many miners are already on the network to secure it.

2.     Built-in decentralized exchanges and other similar features are already available, allowing everyone to trade using your cryptocoin to acquire digital assets.

3.     You’re also able to save so much of your time as you don’t have to do the coding and development.

So, that’s exactly how are cryptocurrencies created. Besides, there are a few aspects that you should take care of in order to launch a successful cryptocoin.

What to do for making your cryptocoin successful?

Now that you know how to create cryptocurrency let’s look into the aspects that you should be careful about to make it a successful launch. Here’s everything you need to know:

1.     What it has to offer to consumers

With everyone ready to find out how to create a cryptocurrency exchange and set up one of their own, it’s important that you come up with a unique offering. It’s really important to clearly define your currency’s USP so that it’s appealing to end users.

2.     Use the community

You’re mistaken if you believe that people will readily accept the cryptocurrency as soon as you push it out. Rather you should keep your focus on finding out points where other currencies lack and come up with use-cases as well as reasons why your currency should exist and survive. Once you’re done with that, you can go ahead and do the coding.

3.     Know which development method you’ll be going with

Both the methods for creating your cryptocurrency have been described above but if you want to keep things under your control, you should code everything on your own or with the assistance of your technical partner. Just make sure you know which language you’ll be coding in and then stick to your choice.

4.     Use a prototype to begin

Forgetting everyone in the community onboard, you should have a prototype ready for approval so that you don’t have to explain everything to everyone. It will help ensure your concept’s clarity.

5.     Security is important

Go with a hacker’s mindset and find loopholes or drawbacks of your cryptocurrency so that you can work to improve it. Try to think like a hacker to find vulnerabilities and then do everything you can to fix them.

6.     Find your miners

Once your product is ready, you’ll be in need of miners. Just make sure you don’t oversell your product, rather you should build trust and express your intentions and vision to get them onboard. This will give everyone a clear understanding of what you’re going to achieve with your product and the idea behind it and they’ll be ready to stick to it for long.

7.     Don’t rush for investors

This should be the last thing on your list of to-dos. People often start looking for investors when they even don’t know how unique their product is. Simply avoid it and your first point of focus should be exceptional execution only.

So, that’s how to create a cryptocurrency and make it successful. Just make sure that you lay down a perfect plan and execute it. You’re sure to make it big in the world of Blockchain!

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Why Do Banks Still Hold Bitcoin’s Puppet Strings?

Cryptocurrency is supposed to be putting the final nail in bank’s coffins, and yet the market jumps and falls on any announcement from the likes of Goldman
Why Do Banks Still Hold Bitcoin’s Puppet Strings?
Contents

 

There is little doubting that Bitcoin, and by extension, all cryptocurrencies, are heavily affected by the institutionalized investor and banking model. Cryptocurrencies have encompassed a lot of different facets of society, and one of the major ones is finance and investment.

This means that a big, and powerful, sect of society is sitting on the fence about Bitcoin and its potential- traditional investors. These traditional investors will be the next big wave of adoption, but they are still mostly skeptical as they wait to see how regulators, governments, and legislators deal with this digital currency.

It means that the powerhouses of institutionalized investors, banks and other major financial institutions, are the gateway for this flood of adoption, but it also means that their decisions in dealing with cryptocurrencies affect the investors, and thus effects Bitcoin heavily.

It is as ironic as when Bitcoin was created, its aim was to offer an alternative to the centralized banking model. People were meant to be handed back the power and banks were supposed to fear Bitcoin as the next revolution in finance that would make them obsolete.

Now, what has transpired is the biggest of banks can make one small decision and the entire cryptocurrency market falls or flies.

Goldman’s market sinking move?

Yesterday, the cryptocurrency market suddenly took a sharp and unexpected drop as Bitcoin fell almost five percent in less than an hour. It affected the entire market which was previous to this, showing good and steady gains.

At the time, no one really had an answer for the sudden drop, but a few commentators have come out and pinned the drop to a decision from Goldman Sachs. The Wall Street Bank has deceased to backtrack on its decision to launch a trading desk, citing legal concerns.

Since then, Bitcoin has fallen as low as $6,200- a loss of over $1,000 in less than 24 hours. But is Goldman’s decision really to blame for this?

There is no doubting that banks, especially on the scale of Wall Street giants, have an effect on the price of cryptocurrency as they are building hype about the potential that they will test out the waters of Bitcoin.

There are instances of where Goldman has been linked to cryptocurrency through other companies which they control, such as Circle, but they have yet to take the plunge. It also comes off the back of a period where major banks laughed off Blockchain and Bitcoin.

JP Morgan and their head Jamie Dimon have had a bipolar relationship with Bitcoin since Dimon called it a fraud last year. So, as these banks keep mulling over offering Bitcoin, and thus opening the floodgates to a lot of money for the market, they are building a lot of hype.

The hype bubble

This excitement and anticipation has been personified recently with the potential of a Bitcoin ETF in the offing. The idea being that should an ETF be approved by the SEC, the entry into the cryptocurrency market by some big Wall Street players would be massive.

The hype around this has been tangibly felt though as first, in the lead up to a potential positive decision by the SEC, Bitcoin steadily rose above $8,000, and when the decisions were either delayed or denied, the price collapsed to almost a new year-long low.

Still, the ebbing and flowing continue as the institutionalized banks, and financial institutions, take their time in deciding whether to jump headlong into the market or not. This in itself is handing more power of the market to the banks as they keep the rest of the market on tenterhooks.

Naeem Aslam, Chief Market Analyst at ThinkMarkets, believes that this hype is being fueled by the likes of Goldman, although the bank is just doing what it would do in any case.

“I have openly talked about one thing many conferences- there is no doubt that the Bitcoin price is supported by this hype that institutional banks are going to get involved. Of course, Goldman Sachs sits on the top of this ladder, and my concern has been what if Goldman Sachs says that it wants to review its plans of getting involved in the crypto market? Goldman’s initial announcement to get involved in this cryptocurrency market provided a lot of support for investors and the spillover effect also attracted several other major tier-one banks,” Aslam said.  

An asset game

What this reliance on institutionalized banks means for the cryptocurrency market is that it is still heavily seen as an asset first- more than a currency or a technology. This may not be the case forever, but as the nascent technology finds its place in the world, it is exploring the asset-class first.

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