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BitcoinNews.com Ethereum Market Analysis 18th March 2019

BitcoinNews.com 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.

He has spent two years studying and analyzing the crypto market.

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BitcoinNews.com Ethereum Market Analysis 4th March 2019

BitcoinNews.com Ethereum Market Analysis 4th March 2019

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

He has spent two years studying and analyzing the crypto market.

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Coinbase Move Towards Primary Banking with New Support for Sterling

Coinbase has made another change to its platform making it easier for UK users to deposit and withdraw UK pounds.

The current system has caused frustrations for users particularly those that have UK bank linked to their account and wish to deposit the proceeds of a transaction changing Bitcoin, Ethereum or Litecoin into sterling.

The current process requires users to transfer their cryptocurrency into sterling, then pay into a euro account on the Coinbase platform and only then transfer the funds in Euros to a UK account, incurring SEPA transfer fees and losing money on the exchange as the euros then get changed back into pounds sterling.

The new system was introduced due to numerous complaints regarding Coinbase’s lack of a user-friendly system. Users complained about the difficulties in withdrawing as opposed to depositing. The exchange clearly prefers clients to either buy cryptocurrency with money on the exchange or deposit their funds rather than leave it on the platform which is always a risk due to potential hackers but needs to speed up its process.

The new system, which apparently will not be available to all users immediately, was described by Coinbase UK’s chief executive Zeeshan Feroz as being “progress towards becoming a primary bank account”.

It is suggested that sterling support will mean Coinbase users get access to the UK’s Faster Payments system offering same day deposits and immediate transfers. Coinbase had previously partnered with UK bank Barclays and currently allows most banks to transfer funds into UK accounts.

Last week, the San Francisco Exchange introduced a digital gift card program aimed at revamping old business models, offering European clients other ways of accessing cash for crypto. Many potential clients are dissuaded from signing up to platforms such as Coinbase due to lengthy verification processes, sometimes waiting many weeks before a user’s bank can be verified and linked for payments.

 

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Bitcoin’s Real Value Missed By Investors Says Swiss Researcher

A Swiss researcher has concluded that Bitcoin may be significantly undervalued as a store of value.

Thomas Huber from the Department of Management, Technology, and Economics at ETH Zurich University has made the comments suggesting that this is primarily because of mainstream investors missing Bitcoin’s “value proposition.”

The ongoing research into cryptocurrency markets at the Swiss University has revealed that Bitcoin may be the only viable solution for a non-sovereign store of value. The research indicates that part of the reason for Bitcoin’s apparent low price may be down to the way that investors evaluate cryptocurrencies in general. Huber suggests:

“Given their access to tech startups and the USD, many tech and Wall Street investors merely perceive bitcoin as an asymmetric bet or call option. This resulted in the under-valuation of bitcoin’s store of value proposition and it’s hard-coded/immutable monetary policy.”

Huber adds that this investor view is holding back the price as traditional investors still don’t comprehend Bitcoin’s main advantages such as its security and decentralized nature, added to which it is “censorship-resistant.” Huber elevates Bitcoin to what he calls the “reinvention of money” claiming that this hasn’t yet been realized by most investors. He feels that many on Wall St perceive Bitcoin as an opportunity rather than as the money of the future, using it as an option.

The researcher claims that Ethereum will be overshadowed by Bitcoin in the final analysis as bells and whistles will give way to solid performance, delivery and fulfillment of promise and Bitcoin offer all of these. He says:

“In the case of a monetary protocol—which needs to be secure, decentralized, and censorship-resistance — a low-innovation rate is a feature, not a bug. Monetary ‘innovation’ has—as interventionist central bank policies illustrate — mainly resulted in the debasement of money.”

 

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