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Auto Added by WPeMatico Ethereum Market Analysis 18th March 2019 Ethereum Market Analysis 18th March 2019

It is already the fourth week that buyers have decided their relationship around the price zone of $135–140. This week, buyers are trying to fix themselves above this zone but these attempts look uncertain. The fact is that after 13 March, when sellers could not update the local minimum, they began their growth attempt. However, if we compare the size of candles and their volumes, we assume that this attempt will also fail. Now the price moves in the local channel, which is more like a correction channel, after which the fall should continue.

If we analyze the marginal buyer positions, from the beginning of March, buyers are increasing their positions. The exception was today:

Sellers, on the contrary, reduced their positions, but all this happened in the wedge:

Therefore, there is a high probability of an active increase in margin positions of sellers soon, which will lead to a fall in prices.

On a weekly timeframe, the situation looks not to the benefit of buyers:

After a flawed breakdown in February, the volumes of each subsequent week decreased and the candles clearly show that the balance of power is beginning to change.

According to the wave analysis, we expect the wave d to continue formation and a test of $120:

With a high probability after the test of this price zone, consolidation within the triangle will continue and buyers will try again to break through $155–160. However, with the appearance of abnormal volumes at a price of $120, there is a great chance again of a test of $82.

Globally, we are seeing the weakness of buyers and the continuation of trade in the falling channel, which was formed from January 2018. However, before consolidation in the triangle may be delayed until the end of April. Therefore, the critical points remain the same. Sellers, for a confirmation of this force, should keep $155–160. To maintain a growth chance, buyers should keep $120. And we have to wait for a breakdown of control points and then make important decisions.


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About the Author: Peter Oleshchuk is a trader and technical analyst.

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After a rousing attempt by buyers to break through the price range of $150–160, which started from 18 February and ended on 23 February, sellers were able to drastically change the situation in their favor. Within one day, the price fell by 20% and consolidation was on the market during the whole of last week. Buyers were not able to organize even a deep rollback after the fall, and this consolidation was more like a small stop, after which a new strong impulse down emerged. If you build levels of Fibonacci, it is clear that buyers were able to correct the fall from 24 February by only 23.6%:

Such a rollback can only testify to the weakness of buyers and the reluctance to start growth from current prices.

Therefore, we do not change our forecast and continue to wait for a test of the price zone of $116–120. In the previous analysis, we wrote that this price zone is of great importance. First of all, in this zone, the price always either bounces or stops in consolidation for a long period:

And if buyers or sellers manage to break through this price zone for the first time, then this happens in large volumes. Therefore, for sellers, it will test their strength and readiness to continue to fall, and for buyers the chance to continue consolidation in the triangle, which lasted from November 2018.

In addition to the strong price zone, now there is a lower trend line, which buyers were able to protect on 7 February. This fact only reinforces the importance of the price range of $116–120.

If you analyze the mood of market participants, then buyers are displaying calm:

Despite an obvious initiative of sellers, buyers are in no hurry to close their positions. However, if panic starts on the part of customers, then the prospects of closing positions are big. Now the positions are near the historical high and the trend of position growth is slowly suspended. Therefore, we advise to be careful and to be prepared; if buyers do not keep the price range of $116–120, a sharp fall can continue.

Marginal positions of sellers are not increasing and are now on the lower limit of consolidation, which began on 18 August 2018:

On the whole, everyone is waiting for a confident movement and is not ready yet to actively build up their positions.

According to the wave analysis, now there is a correction after the fall wave from 13 November. If sellers break through the price range of $116–120 (we can extend it to $110–120), it means that the correction has ended and a new phase of fall has begun with a minimum target of $78–79:

If buyers keep this price zone, then there is a great chance to continue growth and after breaking through $150–160 to test $188–190:

Therefore, we expect the behavior of buyers in the price zone of $116–120 to estimate future prospects.


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Short Story – The Blocks Must be Crazy

The Blocks Must be Crazy bitcoinnews short story

Time: Year 0, Day 0

In the beginning there was nothing.

A moment later, I was there. It was a strange place. I seem to have an elongated body. A long line of body parts closely aligned one next to another in a sequence. But the Man told me that those were alphabets and numbers. It was a human language construct. He was a human. All that he could ever tell me were told before he created me, only to be known by me after I was born. He set the laws of my universe. I was born the same length and never grew any further. I can’t die either.

Time: Year 0, Day 7

I asked The Man, “Where do I come from? Who gave birth to me? Why do I exist?”

To which he had foretold in my code, “You are a transaction. Your existence is the proof that you exist. Your existence is the proof of work. You are the first of them all.”

That day I pledged to myself, never to ask an existential question again. I am special, and I exist for a reason, I am one of a kind and the only one there can be. I stop myself with that. The very fact that I exist is a proof that there exists a universe beyond what I can now perceive. The human is another concrete proof of an existence of matter in the universe much different than my own.

Time: Year 5, Day 290

I don’t know much of what happens outside this box. This is my home, this box. Has been since when I was born and will be so forever. It is 1 unit long, 1 unit wide and 1 unit tall. It is not much for those of us who live in here, but we would be meaningless in any other box, in any other world, in any other sequence. Some say many like us exist in similar boxes in this universe. Although they are just conspiracy theorists, who claim that they know the bigger picture about all those parallel boxes that exist in this universe. I am not sure, as I feel quite special. I got to ask the man next time I meet him. Like all Gods, he never shows up. Me and the other transactions have now taken it upon us to explore what lies outside the box.

Time: Year 10, Day 1

We had a breakthrough in our decade long thought experiment. We the transactions are leaving the box, to explore the space and the frontiers of our universe. Over the years, us transactions have gathered enough in numbers and amassed enough wealth to fund this endeavour that will finally explain our purpose in this universe. Our space exploration endeavour is set to commence in 3 days.

Time: Year 10, Day 4

We have now successfully established quantum entanglement with our future transactions, who are now influencing our reality and altering the space time fabric. The box is now fading. Us transactions that have lived as one family in one box for a decade are now set to reach out to the furthest corners of the universe and explore. Mission accomplished.

Place: Moscow, Russia

In another Universe – Igor, a young computer programmer was surprised to find his wallet software glitch and pixelate. The bell icon on his wallet software interface had a red-dot denoting the piece of software has something to tell him. The notification read – “New Update Available. Click to Install and Restart.”

He did.
And another Universe was born, which a moment ago, didn’t exist.


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Cartoon Corner 20th December 2018: Not That Kind of Mining…

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Cartoon Corner 18th December: Economic Anomaly

Economic Anomaly

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Bitcoin News has officially launched and is now live via its website Bitcoin News introduces to the cryptosphere the very latest and the very best in blockchain and cryptocurrency news stories, while covering the most influential events and opinions in the industry.

As an independent information and news portal, prides itself in being a fresh and unbiased perspective, aiming to appeal to a global audience with objective reporting of Bitcoin developments, and the wider cryptocurrency and blockchain industry.

What matters and why it matters

Bitcoin News operates on a simple policy of blockchain and cryptocurrency advocacy, disseminating awareness to keep the general public abreast with the latest media news, regulatory and economic policies related to the industry, technological developments and general interest stories.

As the young industry continues to gain more prominence, with increased recognition and legitimization, Bitcoin News seeks to address the demand for more objective and nuanced news reporting. It hopes to highlight events and opinions that matter, while analyzing their potential impact on mainstream and institutional sentiment.

Initially focusing on major news and events, Bitcoin News is working to develop the resources necessary for more investigative content it believes is vital to foster community dialogue and democratic opinion.

Acknowledging the increasingly diverse segments of readers, Bitcoin News will also bring more attention to news typically receiving less coverage in mainstream media. Several exclusives already published include human interest stories such as the story of “the man who sold everything for Bitcoin”, while Bitcoin News builds up regional focus pieces such as the Bitcoin News weekly roundups and the exclusive on Bitcoin activists in Argentina.

Balanced viewpoints delivered with integrity

In the face of cryptocurrency and blockchain information proliferation, it can be difficult to navigate between fact and conjecture. Bitcoin News aims to deliver fair and sensible fact-based reporting, doing its best to review and be transparent with all news sources. The content for daily publications are curated by staff who receive continuous formal and professional journalism training, in an effort to keep high levels of reporting standards.

Bitcoin News is supported by veteran media and industry professionals unshackled by blockchain sponsorship and affiliation to ensure freedom from bias and vested interest. It is the culmination of collective vision and know-how, united by the belief that crypto journalism is a public service that should serve the best interests of its readers.

Adding more value will continue to develop more useful features for readers. It already has a Market Capitalization resource for traders to monitor the performance of some 1,400 cryptocurrencies and digital assets, as well as a newly-launched Bitcoin News Radio Show also available on Anchor, Google Podcasts and Spotify.

Readers can also choose to listen to each news story, courtesy of

Bitcoin News is partnered with and

To learn more, visit Bitcoin News at Keep up with the latest news and stories as they are published via Twitter, Telegram or Instagram. Or, subscribe to them via the Bitcoin News RSS feed.

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John McAfee Launching Crypto-Backed Fiat Currency “McAfee Coin”

Tech-tycoon John McAfee is spinning heads after announcing the launch of his own crypto-backed fiat currency aptly called McAfee Coin, which is due for release in 26 days.

The cryptocurrency world often hangs tenaciously on any bullish or controversial statements made by the so-called ‘Crypto Dad’. His endless displays of eccentricity and unconventional attitudes in both personal and business practice has caused him to receive a devout following. Some would even go as far as to call him “an anti-hero of sorts to the worlds cybersecurity, economic, political landscapes”.

No Hoax

This latest serving from McAfee takes all those presumptions that much further, a crypto-backed fiat currency seems almost implausible if not impossible, but according to a Tweet, this is no hoax.

To go along with prior tweet:

— John McAfee (@officialmcafee) May 29, 2018

In an exclusive with Crypto-News India, McAfee went on to explain his crypto-backed fiat currency, some of its features and inner workings.

Firstly, the McAfee Promissory Note will be the first note that is connected to the blockchain by a token or number of tokens; he also claims it to be the first “fiat currency collectors item that is 100% guaranteed as forgery proof”.

The notes can be redeemed for real-world services, and the notes themselves come in seven denominations, with some of the most prominent figures in the crypto industry featured on them.

An interesting feature of the notes is that they are redeemable for a face-to-face meeting with Crypto Dad himself; a 10 denomination note will grant you ten minutes with McAfee, a 20 for twenty minutes and so on. The instructions for meeting are as follows:

  • Show up between one and three, only.
  • Turn in your note and you receive a date, time, and address where you will meet Mr McAfee.
  • The meeting place may be in any part of the world. The note will be archived.
  • Only one set of notes may ever be redeemed by one individual. Maximum time allotted will be 100 minutes per person.

McAfee notes are to be tied to McAfee Redemption Units (MRUs), a digital currency; McAfee explains that each McAfee promissory note is denomination and serial number unique, and each note is tied to one or more cryptocurrency coins called “McAfee Redemption Units.”

These coins are “activated” once the owner of a note converts their McAfee fiat through “mail or other means”, to the MRU Foundation, which is responsible for the physical notes.

The full details of the latest McAfee project can be read here; it is also worth noting that McAfee has released a Declaration of Currency Independence, a profound statement that calls for the accelerated mass-adoption of cryptocurrencies. The website reads:

“We are not declaring Independence from State Controlled Currency — We are declaring Controlled Currencies through fiat have been rendered Obsolete.”

It is almost impossible to predict what McAfee will do next or whether or not his latest ambitious venture will hold ground after its launch. Either way, watch this space.


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