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BitcoinNews.com Bitcoin Market Analysis 18th April 2019

BitcoinNews.com Bitcoin Market Analysis 18th April 2019

After the previous analysis, the price zone test of $5,200-5,300 stopped in consolidation. Buyers are trying to build a movement that is limited to the orange triangle. At the moment, the price is clearly moving under the upper trend line. If you analyze the volume of trading, then they do not change in the direction of increase and growth is actually carried out because of the lack of resistance from the side of the sellers.

Yesterday’s daytime candle showed that there is liquidity in the price zone of $5,200-5,300. Pay attention to two candles and their volumes (16 and 17 April and). Almost at the same volumes, the size and shape of the candles are quite different. This allows us to assume that, without increasing of volumes from the part of buyers, the price zone of $5,200-5,300 should be kept and trade in the triangle should continue.

Buyers increase their marginal positions, on the chart, so far, it does not pass into a trend and more like consolidation:

Sellers also are increasing their positions, but at the moment, it does not look confident. Everyone was waiting in anticipation.

If we analyze the current triangle, then it is likely that the price will continue to be traded there until the end of the week. Now, practically only three waves have been formed (a, b, c):

Until we see an increase in volume from buyers, we regard the current price movement in the triangle as a correction after the fall from 10 April. As you can see, buyers corrected the previous fall by more than 61.8% and the maximum possible growth in this scenario is $5,370:

Given this, we expect a minimum fall to $5,000-5,050. In this case, the wave Y = 0.618 * W:

An alternative scenario is the breakdown and fixing over the price zone of $5,200-5,300 and the test of the top of the blue trend line of the channel in which the price moves from December 2018:

Meanwhile, we can only entertain the small volume market, waiting for clear signals.

 

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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.

Image Courtesy: Bitcoin News

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BitcoinNews.com Bitcoin Market Analysis 16th April 2019

BitcoinNews.com Bitcoin Market Analysis 16th April 2019

After the seller breakthrough of the local trend line on April 11, the price is traded in consolidation. In a previous analysis, we wrote that the initiative passed into the hands of sellers, and we see that so far that they are not enjoying this privilege too much. Yesterday, sellers in an increased volume tried to continue the fall, but buyers were able to stop this attack and are now trying to break the price zone of $5,200-5,300:

In any case, now the price moves under the local trend line and this is a sign of weakness of buyers. We expect some time of consolidation in this price zone, after which we should see a continuation of the fall.

If we draw the second trend line from 12 April, then we see that a triangle has been formed. After breaking $5,000, sellers opened their way to $4,600-4,700 with a global target of $4,200-4,300.

If we analyze the daily timeframe, then at the moment we see a consolidation under the price zone of $5,200-5,300 and the global black trend line that buyers have been keeping since February 2018.

Marginal customer positions are beginning to increase, but not as impulsive as the price of BTC:

Sellers in today’s growth also increased their positions and it speaks to the fact that their confidence is increasing:

We also noticed that after the fall on 11 April, the buyer’s initiative and volumes fell. Note how buyers continued to grow after correction and how the growth looks like now:

Every successive attempt to grow is weaker, but the fall is always abrupt.

The current growth attempt corrected the fall from 11 April by almost 61.8%. If the current growth is considered as a correction, before the next impulse of the fall, then the wave c = a, at the price of $5,260:

In this case, after breaking through $5,000-$5,050, the first target is $4,700:

An alternative scenario of the price movement is also possible. If buyers keep the low trend line and a price zone of $5,000-5,050, the movement in a narrow channel between the black and blue trend lines is quite likely. In this case, if sellers do not stop growth to $5,300, the last critical point is $5,500.

After this critical point, the price can be stopped by price zone of $6,200-6,300. Therefore, we continue to monitor the market and expect the final signals for trading.

 

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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.

Image Courtesy: Bitcoin News

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Ethereum Market Analysis: 14th April 2019

After a successful breakthrough of the most important, in our opinion, price zone of USD 150-160, buyers this week tried to consolidate a successful continued growth. However, sellers still decided to intervene in this process and returned the price below the trendline, under which the price is moving from December 2018. The price has returned to the triangle and the situation is ambiguous. On the one hand, buyers have broken through the price zone of USD 150-160 and already for the second time proven that they keep it:

On the other hand, it is not very believable that the breakthrough of USD 150-160 price zone was true. If we look at the chart on a weekly timeframe, we see a sure green candle, but the volumes do not coincide this candle at all:

Therefore, we think that buyers still have to fight for a price zone of USD 150-160 to prove other market participants their strength and intentions to continue to grow.

According to the mood of buyers, it is clear that the belief in the continuation of growth is falling. This is evidenced by the chart of marginal buyers’ positions:

We decided to show the marginal positions of the sellers on a weekly timeframe. It is better to see the global situation of positions and the trend of movement:

As you can see, marginal positions of sellers have updated the historical low and are globally in the triangle since April 2018. Therefore, we now have a high probability of a rebound and an increase in marginal positions, which may lead to a price fall.

In the wave analysis, the price movement, which took place from December 2018 and represented by a triangle, in which each updated local high was not higher than the previous one, but the corrections were deep enough, we mean it like correction:

Pay attention, how clearly the price moves between the levels of Fibonacci. The first two local highs could not break through 78.6%, and the current high stopped at 100% of the wave a.

If you look closely, then the last impulse of the fall began at the end of September 2018. At the moment, buyers were able to correct this fall by 61.8%:

Even if buyers intend to continue growing, although the volumes do not yet confirm this, we think that before should be the test of USD 150-160. However, this test should take place in a genuine fight, rather than on a lazy price, drifting without volumes.

Next week, we expect the sellers to be more active and demonstrate their strength. The critical point for sellers is USD 190. If buyers can fix above this price – we will consider an alternative growth option. Meanwhile, the price is within the limits of the triangle and continues to check the nerves of investors for strength.

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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.
Chart Courtesy: TradingView

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Bitcoin Market Analysis: 14th April 2019

The BTC trading week, which began on 8 April, was a controversial one. At the beginning of the week, buyers continued their lazy attack on small volumes, but the replies of sellers were even weaker. Since this situation lasted from the beginning of the month, the probability of growth was gradually increasing. However, the main signal that we wrote about in the previous analysis was the breakthrough and fixing above the USD 5300 price. By 10 April, buyers were trying to finally break the situation on the market and grab this critical point. The true chance for buyers appeared on 10 April, but because of the small volumes sellers were able to protect this price:

We see that the main attack of buyers took place in the small volumes, and after that, the sellers were able to lower the price below the red trend line without problems and special volumes. Now the price is traded under this line and for us it is a repeated signal of buyers’ weakness.

If we analyze the situation on a daily timeframe, then we see that in the price zone of USD 5200-5300 for 4 days was a fight in which buyers lost. Now, buyers are trying to create another attempt, but we see that it is more like a correction before continuation of the fall:

Globally, starting from December 2018, the price is moving in the blue channel and is currently at the top of the trend line of this channel. Compare the volumes of the previous local high in the blue channel with the current local high:

In our opinion, these volumes are not enough to accelerate growth, so at best, we expect the continuation of the fall within the blue channel with the first stop of USD 4600-4700 (the middle channel line):

The critical price zone is USD 4200-4300. We think that from this price zone depending on whether buyers will continue their global growth or vice versa, the down trend will continue.

It is interesting to observe the mood in the market. Analyzing the chart of marginal buyers’ positions, we did not see confidence in their actions:

Also, we did not see confidence in the chart of marginal positions of sellers, which for the last few days was practically in place, forming pins:

If you analyze the index of fear and greed, then the mood of market participants is changing radically day by day. Yesterday, the value of the index was 42, today is 62.

According to the wave analysis, buyers corrected the fall from October 2018 by 50% and now the last wave of correction is over:

If you compare the waves correlation, then the wave Y = W * 1.618. Buyers could not pass this level of Fibonacci:

Therefore, we continue to adhere to the main scenario – the continuation of the fall, for the beginning to USD 4200-4300. An alternative scenario will be possible after breakthrough and fixing at USD 5,300.

Generally, the week is closed within the blue channel and under the global trend line, which was conducted from February 2018. Now the initiative belongs to the sellers. How it will be used by sellers next week, we can analyze already on Tuesday. We wish profitable trades!

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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.
Charts Courtesy: TradingView

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VC Tim Draper Eyeballs Facebook Coin Project as Possible Investment

facebook coin

Tim Draper, Draper Associates venture capitalist and crypto pundit, is reported to be meeting with Facebook in order to determine if his company should invest in Facebook Coin – a stablecoin project being considered by the social media giant.

The idea behind Facebook Coin is to allow FB users to conduct transactions using a cryptocurrency pegged to the US dollar in tandem with WhatsApp.

Draper is certainly not shy when it comes to investments, and knows a good deal when he sees one, having invested in Telsa. Inc, Hotmail, and Skype before discovering Bitcoin in 2014 into which he invested USD 89.1 million. Since then he has become an outspoken advocate of the flagship cryptocurrency, talking up its price at every opportunity.

It’s thought that Facebook needs USD 1 Billion in venture capital to get its plans for the stablecoin project moving. The company taking more than a passing interest in the crypto space over past months hired PayPal president David Marcus to head its blockchain team. A cryptocurrency could be a massive boon to the company’s already well-heeled status claims Barclays’ analyst Ross Sandler:

“Any attempt to build out revenue streams outside of advertising, especially those that don’t abuse user privacy are likely to be well-received by Facebook’s shareholders.”

Sandler sees a potential USD 19 billion being added to Facebook’s annual revenue. Draper’s role in such a project could be quite influential given his track record, and his predictions for Bitcoin, in particular, show great faith in the future of cryptocurrencies as a concept.

Draper who’s been consistent in his prediction that Bitcoin prices would hit USD 250,000 by 2022 has views on crypto’s future that would give Facebook, with all its engineering prowess, great heart. Talking of Bitcoin’s future, Draper maintains that crypto as a vital part of the financial system will become a reality, becoming bigger than the internet.

“My reasoning is that all these engineers have to create all the things they are doing to make it really easy for us to spend it and to use it and to move it and to build it into our contracts and all of that.” He adds, “This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”

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BitcoinNews.com Bitcoin Market Analysis 11th April 2019

BitcoinNews.com Bitcoin Market Analysis 11th April 2019

It is time to assess the current situation with Bitcoin. Has the situation changed at least a little? In the previous analysis, buyers consolidated below the price of $5,300 in order to break through this important level. Each time the price reaches the mark of $5,300, a local turn is started:

This time, buyers were able to break through $5,300, but on a 4-hour timeframe, we see that sellers immediately responded to such a bold buyer’s move. At the moment, sellers were able to break through the growth channel, in which the price was moving from 2 April. If the sellers do not continue the active attack, we expect a price return up to $5,300. It will be a peculiar test of the level and the low trend line of the channel. If this growth appears without volumes, then it will be a good signal that the fall is just beginning.

The mood of buyers ceases to be as positive as it was the beginning of the month. Marginal positions of buyers are traded in the triangle:

Sellers have recovered from the previous panic closure of their positions and are still uncertain in increasing their positions. However, the price coming out of the growth channel is just a sign of weakness, but we know how the price by inertia can grow without volumes.

Therefore, the confidence of sellers can instill or halt the continuation of the fall, or display a sluggish test of $5,300 by buyers.

On wave analysis, we see that buyers could not break through the 1.618 level of the Fibonacci:

Also, we clearly see that there is a global channel of the price movement from which buyers could not get out and the middle of this channel is in the price of $4,650-4,700.

Therefore, in the near future, we expect a maximum growth up to $5,300, after which the fall will continue. Otherwise, sellers will not allow such a deep test and the fall will accelerate. This scenario is quite real, because buyers are not so impulsive to buy:

Summarizing the above, we continue to think that growth since December 2018 was a correction which is now in the final stage. Have a good end of the week and see you on Sunday.

 

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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.

Image Courtesy: Bitcoin News

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Australia Government Change Would See Labor Push Blockchain

Visa, Horowitz, Among Investors in African Lending App’s 0 Million Funding Round

A spokesman from Australia’s Labor Opposition party has stated that it will push blockchain technology if in government, despite current views that tech is overhyped.

Currently, under a Liberal Government The Digital Transformation Agency (DTA) whose aim is to deliver world-leading digital services for the benefit of all Australians, feels that the technology needs more research before it can be described as the real deal.

The current Shadow Minister for Human Services and the Digital Economy, Ed Husic, disagrees with the incumbent government’s stance over blockchain technology and is disappointed after the DTA was given AUD 700,000 to investigate blockchain as part of the 2018-19 Budget.

The government’s findings through DTA chief digital officer Peter Alexander was that “for every use of blockchain you would consider today, there is a better technology — alternate databases, secure connections, standardized API engagement”.

Husic responded during the launch of a blockchain paper from the Australian Computer Society (ACS), saying that some of the anti-blockchain reports were disappointing: “There’s this line that’s starting to creep out into the public space more and more about is blockchain over-hyped.”

He went on to compare the situation regarding the adoption of blockchain to the early days of the internet when people asked, “Do we really need a webpage? Do we really need this?”. He said, “We can just rely on what we’ve been doing at the moment… we don’t need to use this technology called the internet and other people will do it first. Then we saw other people do things first and get the advantage… and then we had to play catch-up.”

The Commonwealth Scientific and Industrial Research Organisation’s (CSIRO) Data 61 is continuing to examine blockchains capability within government and private use, claiming that Australia has the potential to lead the world in further developing the technology. Data61 CEO Adrian Turner commented:

“We’ve got high-performance computing capabilities, strong cryptography capability, strong protocol development experience — for example, wireless — we’ve got all the ingredients to actually smash it globally if we can get focused.”

 

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BitcoinNews.com Bitcoin Market Analysis 9th April 2019

BitcoinNews.com Bitcoin Market Analysis 9th April 2019

At the beginning of new week, the situation on the market has not changed dramatically. The price continues to move in the black channel, in which the range of motion is 7%. After a sharp rise in April 2nd, we did not notice an increase in volumes anymore, which would be accompanied by aggressive green candles. However, at the moment there are several facts that indicate that sellers lose their strength:

  1. A weekly candle closed with a clear signal. Sellers throughout the week had the opportunity to change the situation and create a flawed breakthrough. Though, at the moment, sellers have strength only to suspend the growth:

  1. Analyzing the marginal positions of sellers, we can conclude that sellers are frightened and not in the mood to continue the fall:

Pay attention to the red candle of 8 April. If you look at the chart of BTC/USD, then at this time there was nothing special either in terms of volumes or volatility. In fact, from 4 April, there is nothing abnormal (after attempts by sellers to change the situation on volumes):

As for the mood of buyers, marginal positions point to confidence and initiative, despite the fact that the price is actually in consolidation starting from 4 April:

If you compare the volumes of bids which were before the sharp rise on 3 April and the current volume, then now the volumes have increased.

The critical point remains at $5,300. According to the wave analysis, at this point should end the maximum possible correction, after the fall from November 2018:

Therefore, if sellers keep that price, we will consider the growth from December 2018 as a correction. In this case, we will closely monitor how buyers in the range of $4,200-4,300 will behave. However, if buyers break through $5,300, this will be considered by us as a reversal on the market followed by a serious stop of $6,500. In any case, now the “green” atmosphere in the market and even in the case of a fall, if not confirmed by sufficient volumes, market participants who did not have time to buy will be eager to enter the market. Therefore, the only way out of sellers is a sharp fall, which will destabilize the situation and change the mood on the market.

 

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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.

Image Courtesy: Bitcoin News

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Chinese Tech Entrepreneur Calls for Blockchain Solutions to Boost Data Protection

Chinese Tech Entrepreneur Calls for Blockchain Solutions to Boost Data Protection

Chinese serial entrepreneur Steve Wei, founder of SkyVPN, is calling for blockchain solutions to boost Virtual Private Network (VPN) security.

Wei’s company allows its users to access the web by privately routing the connection through a remote server. He is claiming that VPN should now be decentralized having observed that those current centralized systems allow scrutiny of user data, app use, and browser history, infringing the privacy rights of the individual.

This sparked his imagination, considering  blockchain and the influence it could bring to bear, “Immediately I realized VPN should be decentralized and should leverage blockchain technology.” He argues that companies who promise high levels of privacy guarantee more than frequently don’t actually deliver this. He cites the “Facebook Research” project as one that has used a VPN app to collect and monitor user data such as web activities and app use.

Wei’s team have built a system TOP network which handles communication services such as messaging, calling, streaming, virtual private network, content delivery network (CDN), and IoT data sharing. The team is also responsible for an online phone call app Dingtone and an end-to-end encrypted messaging app CoverMe. The TOP network integrating all three projects including SkyVPN will launch in June.

Wei maintains that decentralization will strengthen VPN services making then less vulnerable to blocking or shutdowns; also data stored on a central database will always be prone to hacking:

“When the infrastructure is not decentralized enough, it could be vulnerable to not just cyberattacks but also powerful corporations and organizations gaining control of the software and operation.”

 

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BitcoinNews.com Ethereum Market Analysis 7th April 2019

BitcoinNews.com Ethereum Market Analysis 7th April 2019

After breaking through the price zone of $135-140 by buyers, which occurred without increased volumes, sellers had a chance to reverse the situation and continue their fall. However, sellers did not have enough strength to do this. Buyers have shown that at such volumes, they can control the situation and after the test of the price zone of $135-140 by sellers, starting from the new month began a sharp rise to another critical point at $155-160:

At the moment, buyers are able to break through this price zone and even showed that they are ready to keep it. After breaking through $160, two following days, sellers at large volumes tried to lower and fix the price below $155, but so far they have failed. On a smaller timeframe (4h) we see that a growth channel has been formed, in which the price moves, after the failed attempt by sellers to take the situation into their own hands:

Now, we are in the position of a possible global trend change. On a daily timeframe, we see that buyers have tested the top trend line of the falling channel, in which the price moves from January 2018. Therefore, in spite of all the efforts of the buyers, in our opinion, there is more chance of continuing the movement in this channel, because it’s not so easy to break the first attempt, a trend that has been going on for over a year. Therefore, to begin with, we expect another verification of the strength of the price zone of $155-160 ​​with the possible ultimate target of $100:

Marginal seller positions updated the historical low:

At the moment, sellers do not believe in the continuation of the fall and are panic-closing their positions.

The positions of buyers, on the contrary, are on the historical high and move on the wedge from December 2018:

Based on the mood of market participants either sellers and buyers are confident in the continuation of growth. However, we know that when everyone is confident in the price direction, the market can unexpectedly surprise us.

We want to draw attention to one more fact. If you look at the falling channel from January 2018, we see that in December 2018, sellers were able to go beyond the channel. Therefore, we predict that an identical situation may happen with the top trend line of this channel:

According to the wave analysis, at weekly timeframes, we see that at a price of $175, the wave Y = 0.618 * W. After the price touch this price, it sharply jumped down:

Therefore, as long as the price is in the global falling channel and within the blue triangle, we believe that the probability of a continuation of the fall with the first target of $155-160 and the ultimate of $100 is more likely. An alternative scenario is the breakdown of the global trend line with a first stop of $240-250, in this case, it will mean that the falling trend has come to an end and you need to look for the entry points and a new perspective long-term.

 

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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.

Image Courtesy: Bitcoin News

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