Daily Archives: March 10, 2019

Ethereum Market Analysis: 10th March 2019

During the past week, buyers tried to break the situation on the market and did not allow sellers to test the price zone of USD 115-USD 120, about which we wrote in the previous analysis. On 5 March, buyers with the help of one day candle crossed all attempts by sellers, which lasted three days, continuing the fall:

Interestingly, sellers without much volume broke the price zone of USD 135-USD 140, although, on 24 February they did not manage to pass this point even in large volumes. However, after breaking the price zone down the buyers also on small volumes turned the price back and at the moment buyers and sellers decided their relationship in the price corridor of USD 135-USD 140.

However, the price zone of USD 135-USD 140 is not too important to focus on. If you look at a short history, the price stops around this price zone, but does not unfold:

Therefore, for us, the key price zones are USD 155-USD 160 (the key area for sellers) and USD 115-USD 120 (the key area for buyers).

If we analyze the weekly timeframe, we see that the price is globally still moving in the falling channel, which was conducted from January 2018:

For a breakthrough, this trend is not of enough volume now. The excitement around this coin has passed. Although it remains the second after BTC, buyers stopped being as aggressive as they did during the growth from 18 December.

Though, the mood of ETH buyers is much better than BTC buyers. If we analyze the marginal positions of buyers, it is clear that they are increasing from 26 February:

Nevertheless, while the price is under the price zone of USD 155-USD 160 – to talk about the willingness of buyers to change the global trend is early.

Sellers continue to close their margin positions:

Estimating the situation concerning volumes which have significantly decreased, the maximum growth that we expect at this moment is USD 185 in the form of a false breakdown of the price zone of USD 155-USD 160:

At this price, the correction may end after the fall from November 2018, and the upper trend line of the falling channel will also be tested.

However, in our opinion, the continuation of consolidation in the triangle and the test of USD 115-USD 120 are more probable now.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

About the Author: Peter Oleshchuk is a trader and technical analyst.
He has spent two years studying and analyzing the crypto market.

Image Courtesy: TradingView

The post Ethereum Market Analysis: 10th March 2019 appeared first on BitcoinNews.com.

Bitcoin Market Analysis: 10th March 2019

Today, another week of trading ends, and we want to analyze what happened on the market during this period. However, we want to start with 27 January 2018. On this day, sellers were able to update a local minimum for the last time, after which buyers organized support in the form of a trend line that was kept until November 2018. All this time, buyers relied on a trend change, but the volumes of trading each day reduced this chance. What is happening now? After a sharp fall from USD 6000 to USD 3200, the price for the past 4 months is consolidated into a triangle and the volumes are even less than a year ago, when the price also consolidated for almost a year:

Despite the attractive price, buyers behave themselves very passively. This can be seen if you analyze the two previous attacks by buyers. We think you remember how the growth from 17 December 2018 shown promise and how aggressive it looked. Compare it with the following buyers attack:

Both the volumes and the look of the candles say that each subsequent attack is more difficult for buyers. And the current growth without volumes can end as unpleasant as on 24 February:

Therefore, despite attempts to grow from buyers, we still expect a fall to the price zone of USD 3500 – USD 4500, at least in order to see if there are active buyers who are ready to keep the price when real volumes on the market will appear.

Marginal positions of buyers for the third week are closed, while the price is trying to grow:

Sellers are trying to increase their positions, especially on the weak growth without volumes:

Despite the small volumes and the systematic closing of marginal positions, the rate of fear and greed is rather high (55).

Another unpleasant fact is a weak rollback after the fall from November 2018. Buyers corrected this fall by 23.6% and are currently lagging behind.

If buyers cannot break through USD 4200 – USD 4300, then the new wave of the fall will not be weaker than in November 2018.

Looking at the current situation concerning volumes, the most positive scenario for us is a test of USD 4600.

Even after such growth, we expect a new attempt by sellers to continue falling. However, taking into consideration the nature of the fall from November 2018, there is a high probability of continuing trade within the triangle. Therefore, we expect the critical points (USD 3500 – USD 3550 and USD 4200 – USD 4300) and will make a decision only in these price zones. At such small volumes, when the daily volume reaches 10,000 BTC (once it was the volume in one hour with a bullish trend), it is very difficult to build forecasts. We continue to wish you patience and endurance not to enter into risky deals and hope that the next week will be interesting and active.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

About the Author: Peter Oleshchuk is a trader and technical analyst.
He has spent two years studying and analyzing the crypto market.

Charts: TradingView

The post Bitcoin Market Analysis: 10th March 2019 appeared first on BitcoinNews.com.

Canada Revenue Agency’s Crypto Audit Raises Some Hackles

canada, cryptocurrency, taxes

Canada’s tax department appears to be ramping up the pressure on cryptocurrency holders with its latest questionnaire to taxpayers.

Canada Revenue Agency (CRA), the government body responsible for tax collection across the provinces has sent out a detailed questionnaire to those suspected of owning cryptocurrencies. The survey targets those who may not have revealed the total and circumstances of their crypto holdings.

Taxpayers are asked if they use a cryptocurrency mixing service and whether any transactions have passed through a Bitcoin tumbler. A Bitcoin mixer or Bitcoin tumbler is a cryptocurrency anonymization service that breaks the link between a user’s old and new address and makes it impossible to track transactions in the Bitcoin network.

Canada is certainly not alone as it probes into its residents and their activities around cryptocurrency. Both the US and the UK have recently upgraded their taxation legislation to incorporate a more thorough investigation of taxpayers’ cryptocurrency dealings and holdings through the annual tax return.

In one set of questions the CRA questionnaire asks:

Do you use any cryptocurrency mixing services and tumblers? If so, which services do you use? Can you please provide us with the tracing history, along with all the cryptocurrency addresses you ‘mixed’? Why do you use these services?

What is different about the CRA’s approach is the depth of questioning into crypto activity which has certainly raised the bar over other jurisdictions. The whole idea of using a ‘mixer’ is defeated by taxpayers revealing their tracing history and is sure to go down badly within the industry, as once again user privacy is in danger of being infringed by the government.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Canada Revenue Agency’s Crypto Audit Raises Some Hackles appeared first on BitcoinNews.com.

Hiring Report Suggests High Interest in Blockchain Industry

Hiring Report Suggests High Interest in Blockchain Industry

The hype surrounding blockchain industry, as well as the cryptocurrency sector, may have waned a little, but a report published by TheNextWeb suggests hiring expertise in the sector still grows, courtesy of a few ‘old-school’ tech companies.

It’s a given that prominent fintech startups had it rough in the past year, having to lay off some of their staff. Still, blockchain-related job vacancies seem to pop up every now and then, with a little spot available for cryptocurrency industry. More so, the technology appears to be fascinating enough to attract veterans in the tech space. IBM tops the chart in this regard.

IBM frequented the news with developments from its enterprise-grade blockchain project, but it’s not the only one on a blockchain hiring spree. Other legacy companies, Ernst & Young (EY), Oracle, Accenture, Deloitte, PwC, and Facebook make the list of employers looking into blockchain expertise.

Vacancies include areas in tech development and marketing, with blockchain engineer, senior software engineer, and blockchain development having more prominence. An earlier report concluded that demand in blockchain engineering expertise had increased by as much as 517 percent year-over-year.

Current estimates place the job offers at around 5,711 globally. According to information obtained from Glassdoor, the US, UK, and India seem to be largely interested in blockchain expertise and have quite a sizeable share in blockchain-related job adverts. Although China has also been know as an active blockchain hub, still more prospects are envisioned for 2023 for the nation to lead the industry.

Sentiments surrounding blockchain development centers around its premature state and while many may be optimistic about the industry, it may still be early for large scale implementation of enterprise-grade blockchain solutions. However, it is possible that most legacy players are finding their way into the ecosystem to hold a stake in the future of the emerging markets of decentralized technology.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Hiring Report Suggests High Interest in Blockchain Industry appeared first on BitcoinNews.com.