📈 Pricewise Vaido Veek

BTC Testing The Curve Support, LTC Breaks The Trendline, XMR Looks Bad: Price Analysis, Oct. 10, 2018

Pricewise
Bitcoin testing the curve support, Litecoin breaks below the minor trendline, Monero looks bad
BTC Testing The Curve Support, LTC Breaks The Trendline, XMR Looks Bad: Price Analysis, Oct. 10, 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 testing the curve support

Yesterday's price range was pretty small. The price was above the orange area (an important level) and below it.

Bitcoin testing the curve support

Currently, the price makes moves and it has broken below the all-important EMA’s, it has reached the curve support line and the March low level which also should start to work as a support. The Fibonacci golden ratio retracement level at 62 percent will indicate if we get a bigger or a smaller bounce upwards.

If we get a candle close below the mentioned levels, it would be the first sign of the bullish momentum gone. Our next major supports are the round number $6,500 and the strong support area at $6,460.

At the moment, altcoins also take this little hit but nothing remarkable. Watch those levels (curve support, round number, and the blue line as a strong support) and if the price breaks below then definitely stay out and wait for some better opportunities to enter again.

LITECOIN (LTC/USD) Breaks Below The Minor Trendline

Currently, the market takes some hit and so do altcoins.

LITECOIN (LTC/USD) Breaks Below The Minor Trendline

Currently, Litecoin has made a break below the minor trendline which will indicate that the red box below the price around $57 should start to work as a support. If this level doesn’t hold and if BTC drops even more, then we could see a break below the red support area and the price approaching the next support level at $55, and that would be an important level. In this case, the price structure may change. This area is the last HL (higher low) formation area and if it breaks, bad things can happen.

At the moment, BTC is on the very important area and if it gets a bounce upwards, LTC will have a good opportunity to follow this move and the targets will be on the next round number at $60 and the strong resistance at $62. So, watch closely what Bitcoin does.

MONERO (XMR/USD) - It Looks Bad

Monero has a break below the major counter trendline which is not a good sign! On the four-hour chart, it trades below the 200 EMA and it makes pretty ‘heavy’ steps downwards compared to others.

MONERO (XMR/USD) - It Looks Bad

Technically, if Bitcoin makes another leg downwards, XMR would drop like a stone because there are some support levels but nothing significant until the red box at $104.

Basically, we have a breakout from the triangle, break below the EMA's plus Bitcoin making moves downwards, so better stay out from Monero because if it drops, it drops pretty heavily. The market has to make a pretty big turn upwards then we could come back and watch it again but currently, stay away.

📈 Pricewise
views
👓 Recommended articles
📈 Pricewise Thomas Hughes

Bitcoin Bulls? Missing in Action

Pricewise
Bitcoin is reluctant to post any notable gains and seems drowned in a sideways slumber. We should expect the running movement next couple of days
Bitcoin Bulls? Missing in Action

The Digital Gold is reluctant to post any notable gains and seems drowned in a sideways slumber. The last 24 hours have been slow, with just a -0.53% change and only -1.84% for the last 7 days, with price sitting near $6345 at the time of writing.

The gap between Bitcoin’s Tether and USD valuation has diminished and reached around $50, which could be perceived as bullish. The narrowing gap is a sign of stability and a possible answer to the conundrum of whether Tether is backed by the US Dollar 1 to 1 or not. Somehow, I doubt this whole controversy will end very soon.

In other news, multiple personalities from the financial world, including Larry Fink, the Chairman and CEO of BlackRock and Reggie Browne, the “godfather” of ETFs, have expressed their belief that Bitcoin Exchange Traded Funds won’t become a mainstream reality until the crypto industry becomes “legitimate”. Sour grapes or just a bearish view from two experienced finance guys? Not sure which one is true.

Charts at the glance

Charts at the glance

BTC/USD is trading inside the horizontal channel created by 6800 resistance and 6120 support, and while this is a loose range, lately the pair has been lacking momentum. Overall, the bias is bearish, with Bitcoin and cryptocurrency in general being surrounded by a negative sentiment.

💼 Related Article
Is Bitcoin Ready to Make Stronger Move Upwards?
🔥 Hot
1 month 1 week
256
Is Bitcoin Ready to Make Stronger Move Upwards?

Choppy, low volatility markets like this one are a nightmare to trade, so I would recommend waiting until a clearer direction emerges. If you just can’t stay away, consider that price is constantly making lower highs and is on a downward path, so a break of the close vicinity bullish trend line would send the pair into the first support at 6120.

Support zone: bullish trend line followed by 6120

Resistance zone: bearish trend line seen on the chart above

Most likely scenario: choppy, ranging movement

Alternate scenario: strong breakout (probably only if news hits the market)

📈 Pricewise
views
👓 Recommended articles
Wikicoin George Shnurenko

What is DAICO? Incorporating Features of DAO and ICO

📚 Wikicoin
The next generation fundraising system for startups and new major projects explained
What is DAICO? Incorporating Features of DAO and ICO
Contents

Lately ICOs have emerged as a new way to raise funds for fintech startups and have got all the popularity with the recent boom that cryptocurrency has seen. Every other ad on the internet has to do with ICOs. It’s not just the young projects that take refuge in an ICO for raising their starting capital and implementing the ambitious ideas– old corporations also try returning positions by announcing ICOs and Kodak is a perfect example of that.

ICO is proving itself to be a perfect invention not just for investors but also for developers. It offers a chance to developers to raise money if they’re convincing enough, whereas users can make investments in a project of their choice to support it and earn profit.

What is DAICO and how it came into existence?

A question that is trending, however, is what is DAICO? Well, as ICO got popular, it attracted many frauds as well. They were able to raise massive amounts of money by simply setting up promo-websites and white papers. Due to the increasing dissatisfaction of potential investors, some countries came up with solid regulations and a few even banned cryptocurrency and ICO entirely.

This led Vitalik Buterin to come up with DAICO ICO which is simply an improvement to the existing ICO. It integrates ICO with DAO. As far as DAO is concerned, it was a venture capital fund aimed at Blockchain- and crypto-related projects. It was a promising concept but, unfortunately, it got hacked because of some existing vulnerabilities in the system and that resulted in almost 3.5 mln Ether being lost.

As a result, the community voted in favor of a hard fork that led to the creation of Ethereum Classic – the original Ether, and Ethereum, the new Ether created after the hard fork. Now, some features of DAO, like the ability of spreading the funds over time, have been incorporated into DAICO.

💼 Related Article
Top 10 ICO Scams
🔥 Hot
6 months 1 week
256
Top 10 ICO Scams

What are the features of DAO and ICO that have been put together to form DAICO? While DAO leverages crowds’ wisdom and doesn’t place complete trust in a centralized team, ICO is  based around a single project. DAO’s funding is spread over a period of time- the feature that is used in DAICO. It has to be added that in ICO, there’s no risk of 51 percent attack- DAICO will also utilize that.  

Now that you know what is DAICO, let’s do a bit of a DAICO ICO review to find out more detail on this subject.

How does DAICO work?

DAICO starts as a smart contract that is in contribution mode. This contract offers a certain mechanism that allows contributors to send their funds to a particular project while getting network-specific tokens in return. At the end of the crowd sale period, the contract prohibits any further contributions from anyone.

Once that contribution period is ended, a variable called “tap variable” gets into effect. It is usually programmed for predetermining the amount that can be withdrawn by the developers from token sale funds in a second.

The initial limit is zero; however, the contributors can increase the tap by voting on the resolution.

💼 Related Article
Where to Spend Your Crypto Earnings in 2018
🔥 Hot
7 months
256
Where to Spend Your Crypto Earnings in 2018

Which DAO elements have been incorporated?

DAICO, basically, has three key elements of DAO.

First of all, it doesn’t place complete trust in any centralized team and there’s a voting system in place that makes decisions related to funds.

Secondly, it does not release funding as a lump sum amount – rather it’s spread over time through a particular mechanism.

Lastly, there’s an opportunity for refunding the amount being contributed. The decision is again based on a voting system and contributors are allowed to vote for refunding the remaining amount of money, in case the project is not implemented properly by the team.

💼 Related Article
ICOs Performance in 2017 and Outlook For 2018: Review
🔥 Hot
6 months 4 weeks
256
ICOs Performance in 2017 and Outlook For 2018: Review

ICO vs DAICO – what’s the difference?

If you do a comparison of DAICO vs ICO, the primary difference you’ll observe lies in access to the funds.

In case of ICO, developers can fully access all contributed funds as soon as the token sale is finished. It’s the responsibility of the developers to make an advance calculation of exactly how much would be necessary for producing minimum feasible product. When this ‘soft cap’ amount is reached, the work on that product is started and money is spent wherever they feel necessary. However, if the initial ‘soft cap’ is not reached, they’re liable to refund that contributed money. And, if they’re able to reach the ‘soft cap’, there isn’t any real obligation that remains.  

When it comes to DAICO, voting is done on resolutions for either increasing the tap or for returning the remaining funds being contributed.

💼 Related Article
Vitalik Buterin: Ethereum Scalable to Millions of Transactions Per Second
🔥 Hot
6 months 1 week
256
Vitalik Buterin: Ethereum Scalable to Millions of Transactions Per Second

The major characteristics of DAICO

Even though the system hasn’t been fully implemented yet, still some of the major features of this budding concept can be highlighted with the help of a project that is aimed at conducting the very first DAICO. Here they are:

  • Only the project developers can initiate a resolution for voting on the tap increases
  • Tap increases can only be under a certain percentage limit for abuse prevention
  • There is a limit in place on the frequency at which tap increases can be made
  • Only investor tokens can be used for voting, not the ones held by the project developers
  • In case of a planned poll, the contributors are informed in advance

So, DAICO is the next generation fundraising system for startups and new major projects. Though not implemented yet, the very first project seems quite promising and will lay the foundation of a new era.

💼 Related Article
Bitcoin 51% Attack: How It Works, How Much Bitcoin 51 Attack Costs
🔥 Hot
6 months 1 week
256
Bitcoin 51% Attack: How It Works, How Much Bitcoin 51 Attack Costs

Wikicoin
views
👓 Recommended articles
Cryptotips George Shnurenko

Binance vs Coinbase- An Honest Comparison

💡 Cryptotips
Two of the most popular exchanges have a lot in common, but are definitely their own companies, so what’s the good and the bad of them both?
Binance vs Coinbase- An Honest Comparison
Contents

At first glance, they might seem very similar, but an in-depth comparison of Binance vs Coinbase reveals a stark contrast. While Coinbase is geared towards the new beginner who just wants to buy and sell cryptocurrency, Binance offers investors the opportunity to do so much more. They also have their peculiar limitations. Before we go into describing each, let’s see the different platforms for what they are.

What is Coinbase?

Coinbase is one of the most popular digital asset exchange companies and it has been adopted in over 190 countries worldwide. This platform is not just for digital assets as it also supports the fiat currency in 32 other countries. As far as reputation goes, Coinbase is undisputed. It has established itself as one of the most respected and most reliable exchanges in the world.

It was able to achieve this reputation based on the high level of security, the affordable cost of carrying out transactions, the very high volume of transactions, and the ability to support various cryptocurrency-to-cryptocurrency transactions. One more thing in favor of Coinbase is that it serves as the official exchange for currencies like Bitcoin, Bitcoin Cash, Litecoin and Ethereum.

What is Binance?

If you’re familiar with Chinese exchanges for cryptocurrency, the probability that you’ve come across Binance is very high as it is another popular exchange. One of the major reason for its popularity is the fact that this exchange has about 260 crypto-to-crypto trading pairs. It also charges a meager 0.1 percent transaction fee.

In addition to the reduced cost of transactions, users get the chance to enjoy a 50 percent discount on the transaction fee for a year (the first year). This discount is valid, irrespective of the volume of the transaction carried out. The security support is also unparalleled. 
Now that we have an idea of the different exchanges, let’s attempt to carry out an honest comparison of Coinbase vs Binance.

💼 Related Article
What is a Decentralized Exchange?
🔥 Hot
5 months 3 weeks
256
What is a Decentralized Exchange?

1. Binance vs Coinbase- The user interface

Coinbase was designed primarily for people who are new to the process of trading cryptocurrency. A novice investor will definitely have no troubles carrying out transactions on Coinbase as it has an extremely easy and friendly interface. In fact, options trading and margin trading are not supported, rather, you can just buy and sell digital assets.

Binance, however, is for the well-experienced experts in cryptocurrency trading. Some users claim that the amount of information available on the dashboard is enough to scare a novice away. But there’s an “Advanced view” and a “Basic view.” Some people sign up on both platforms, buy a coin on Coinbase, transfer it to Binance, and then carry out more advanced tasks there.

2. Binance vs Coinbase-The cryptocurrencies supported

There’s a clear winner here, Binance supports more cryptocurrencies compared to Coinbase. On Coinbase, you only have access to Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Plans are also ongoing to add ERC20 tokens. Binance, on the other hand, supports all the coins on Coinbase and hundreds of other currencies. Some of the coins include Ark, Cardano, VeChain, Ripple, NEO, etc.

3. Coinbase vs Binance- The transfer limit

Both platforms require you to fill in personal details and a photo identification before you are verified on the platform. On Coinbase, three major factors determine your transfer limit:

  1. Your track record of transactions
  2. How long you’ve had your account
  3. Your verification level

With a verified US account, you will be able to make transactions of $5,000 in a week. You also get a cap of $50 on your card. It is also good to note that the maximum amount you can deposit is much lower. If you choose to deposit using your bank account, you might have to wait for about four or five business days. If you use your card, it is effected immediately.

Binance, on the other hand, offers more flexible limits. You can deposit infinitely and your withdrawal limit depends on whether or not you’re verified. If you’re verified, you have a daily limit of 50 BTC. If you are yet to be verified, you can only make transactions below two BTC.

💼 Related Article
How to store Binance Coin (BNB): Best Wallet to Store
🔥 Hot
7 months
256
How to store Binance Coin (BNB): Best Wallet to Store

4. Coinbase vs Binance- How the accounts are funded

Coinbase generally offers more options to finance your account and Binance is a little constrained in the area. With Coinbase, you can either buy cryptocurrencies or make deposits into your account from your bank account. The various methods available are ACH transfer, using your debit card or via wire transfer. 

With Binance, the limitation is that it is solely a cryptocurrency exchange. This means that you can only finance your account with crypto. For this reason, many people will first purchase crypto coins with fiat currency on platforms like Coinbase before going to Binance.

Conclusion

In this clash of giants, there’s no winner or loser. Binance and Coinbase carry out their different jobs excellently well. Although they have their limitations, for example, you can only trade cryptos on Binance and Coinbase doesn’t support so many currencies, both exchanges are still considered top-notch.
 

Cryptotips
views
👓 Recommended articles
Coins Guide George Shnurenko

How to Mine EOS for Free

🎓 Coins Guide
As a blockchain, EOS allows for the development of high-performance dApps that can be scaled both vertically and horizontally.
How to Mine EOS for Free
Contents

Despite the current drop in the cryptocurrency hype, there is no doubt that these coins are here for the long run. So many digital currencies flooded the market in the beginning. With time, however, many have fizzled out, and only those that have intrinsic value have remained, EOS being one of them.

What is EOS?

Developed by Brendon Blumer, EOS is a decentralized operating protocol designed to provide a network for industrial devolved applications. Despite having no centralized offices, the EOS Company is based in the Cayman Islands. Brendon Blumer and his colleagues designed EOS with ambitions of solving the scalability problem and reduce the high fees associated with creating dApps. EOS is a lot like Ethereum except for the slow transaction procedure and the hefty GAS fees.

As a blockchain, EOS allows for the development of high-performance dApps that can be scaled both vertically and horizontally. The operating system of EOS also provides resources such as ledger accounts, databases, seamless intercommunication and data sharing for dApp development. The system operates on the Ethereum network thus supporting smart contracts and allowing for the occurrence of thousands of transactions per second. With such exciting technology and a strong team behind it, it’s only logical that many people will want to join the platform.

EOS uses the delegated proof of work protocol for block distribution and representation of block owners. Because of this, anyone that has coins on the network can elect a block producer.

New blocks are introduced to the blockchain every after 21 rounds. The number of blocks a producer can produce depend on the number of votes he or she gets from block owners. A pseudorandom figure is used to shuffle the producers as to restore the connectivity equilibrium within the blockchain. Also, a fork is not likely to happen since these producers are required to cooperate instead of competing with one another. The mechanism requires full participation from the producers so that transactions are completed faster.

💼 Related Article
What is Faws.com: Crypto Market News Sources Review
🔥 Hot
5 months 4 weeks
256
What is Faws.com: Crypto Market News Sources Review

Mining EOS

At the moment, you cannot mine EOS. It is only issued by developers. The ERC-20 coin isn’t mineable. Also, the EOS network relies on the Proof of Stake consensus algorithm. However, unlike that of Ethereum and Bitcoin, it is not mineable. Fortunately, since the EOS platform is based on the Ethereum blockchain, you can easily buy Ethereum and trade it for EOS using an exchange that supports it.

EOS Cryptocurrency Mining

Ethereum mining is a great way to join EOS while it is still possible. As no EOS mining pool exists so far, you have to enter an Ethereum one to ensure mining profitability from EOS. Many solo miners make use of a few rigs. Regrettably, due to the prevailing mining complexity within the blockchain, a handful of rigs are cannot achieve the computational power required to acquire a single block.

Mining pools have the merit of combining the harsh rate of all miners within the group and thus significantly improving the probability of getting blocks. In other words, even if you don’t succeed as an individual, the pool provides you a consistent payout. Then, you can convert it to EOS.

Coins Guide
views
👓 Recommended articles
Darryn Pollock

What is Holding the SEC Back From Pulling the ETF Trigger?

Regulators have always been slow and cautious beasts, but what is the real reason behind the Bitcoin ETF hold up?
What is Holding the SEC Back From Pulling the ETF Trigger?
Contents

Even since before the SEC made its move to allow companies like CBOE and CME to offer Bitcoin futures, there has been increased interest and pressure for other forms of institutionalized products to be linked to Bitcoin. The biggest in the recent months has been a push by a number of firms for Bitcoin ETFs.

However, the SEC has been very cautious in its approach to approving this, it has denied a number of applications already, delayed some others, and is still scrutinizing many others that await its decision.

There is a good reason for the SEC being so cautious, as this is still a highly unregulated space, that is still very nascent and fresh, so the need for a regulator to take care is important, but is the SEC’s process overly cautious?

A big ETF drive

While there has been a big push for ETFs in the past few months, and many are hanging their hat on them for the sake of an explosion in the Bitcoin market, the SEC has seen a Bitcoin ETF application before and turned it down.

The Winklevoss Twins, famous for their belief in cryptocurrency and their exchange, Gemini, made an application in 2017 to the SEC for a Bitcoin ETF that was quickly turned down. They again tried in 2018, with the same result.

But their ETF application is not the only one that has been turned down, in act,  a bunch of at least nine were denied by the SEC in August while one of the more promising one, by VanEck, has been delayed.

Still, there are a few left that the SEC needs to make a decision on, and the feeling is, if they approve one, it will be monumental for Bitcoin and help the asset skyrocket again.

Why the skepticism?

So, while the cryptocurrency and investment world waits with bated breath, what is the SEC thinking when it comes up against these applications?

The denial of nine ETFs in August, was actually a long and drawn out process, involving a rule change too. It took several months just for the SEC to begin its typical process for evaluating rule changes. After a required comment period, the agency gave itself one more two-month extension, which led to the final decision in August.

In its order, the SEC tried to make it clear that the agency hadn't looked at the validity of bitcoin itself. In the words of the commission, the "disapproval does not rest on an evaluation of whether Bitcoin or Blockchain technology more generally, has utility or value as an innovation or investment."

So, the SEC is not that concerned about Bitcoin and blockchain in its purest sense, but rather concerned about the cryptocurrency market because of the threat of fraud and manipulation in this nascent space.

The SEC has even rejected the idea of using the newly formed Bitcoin futures market as a yardstick to measure the success that an institutionalized investment tool would have in this precedent-breaking market.

Waiting for a strong market

Much like many arguments when it comes to Bitcoin and the related Blockchain space, it is not the technology or the cryptocurrency that is the problem, it is the way that it is used, perceived, or manipulated.

Many have made the argument that Bitcoin is a problem because it is used to buy drugs- that is a poor argument as the problem does not lie with Bitcoin, but how people use it.

The same applied for the SEC, they have stated they are not criticising the asset, rather the emerging market around it- which has been subject to many hacks, scams, manipulation and other such teething problems.

Perhaps, once the market matures a bit, and the problems abate and fall away, the time will be right for the regulator's rubber stamp of approval.

views
👓 Recommended articles