Technical Analysis: Bitcoin weakens while DOGE and DASH provide some bullish respite

Last week our trend continuation bear pennant pattern completed into the take profit zone. Arguably, a long setup could have been considered when closing a short in a support zone and along our immediate trend line support. However, counter-trend trading a bearish weekly engulfing candle has had limited success this year, so our onus should still be on finding a short setup for a possible next leg down to support.

We find values have returned to a range within prices that had previously consolidated in June and recently in August for two weeks. So it’s fair to assume we can expect similar range-bound trading setups. This means shorting $6620 USD to $6650 USD as a 0.382 retrace and prior support-turned-resistance level with stops above the 0.5 Fibonacci level. This is around $6800 . This trade, I’d argue, does require some trade management, as these levels may tend to invite volatile price “jumps” unexpectedly.

So perhaps setting a trailing stop or multiple take profit zones if the trade setup is valid.

https://s3.tradingview.com/tv.js

var tradingview_embed_options = {};
tradingview_embed_options.width = ‘640’;
tradingview_embed_options.height = ‘400’;
tradingview_embed_options.chart = ‘vAvpP4wN’;
new TradingView.chart(tradingview_embed_options);

Daily bitcoin short setup 11 Sep 2018 by Pansyfaust on TradingView.com

An immediate trade one could make, if price fails to manage to enter our uppermost short zone, is a second, more aggressive short condition setup. Should we begin to show price weakness and close a daily candle under $6260 USD or closing outside of the bear pennant formation. If that happens, then look for an intra-day setup to short $6260 USD, stop loss $6410 USD and close the short at approximately $6020 USD. This is a highly aggressive short at these levels, so be prudent with your position size to limit risk.

As of yet, no long condition has activated on Bitcoin, since there are no interesting high time frame bullish divergences in price and oscillators. However, some Alt/BTC pairs have shown movement that can invite some attention, namely Dogecoin and DASH.

Looking at DASH/BTC on the long-term weekly time frame, DASH came right into a historically major demand zone, as prior highs through 2014-2017 that were resistance have become support, and as such, we should trade the trend that it’s beginning to suggest.

Not only that, but the weekly RSI dipped into oversold territory and has exited that zone on bullish price action. The question, now, is where can we enter the trend forming? Price has cleanly bounced and is forming a bullish price structure, making higher highs and higher lows while also invalidating a bearish consolidation zone, which seems to have turned into support (Red/Green Rectangle). To enter this trend while lowering your risk, bidding out the 0.382 Fibonacci at 0.0285 with a stop bellow prior lows at 0.025 should yield a favorable R/R. The daily bearish divergence on the RSI gives us a clue that we can expect a pull back, which can be longed.

https://s3.tradingview.com/tv.js

var tradingview_embed_options = {};
tradingview_embed_options.width = ‘640’;
tradingview_embed_options.height = ‘400’;
tradingview_embed_options.chart = ‘M9yoGhaV’;
new TradingView.chart(tradingview_embed_options);

Daily trade setup for Dash. 11 Sep 2018 by Pansyfaust on TradingView.com

For those wanting to ride Doge to a new high, it might be prudent to manage those bullish dreams for now. After consolidating between 35 and 40 satoshis for weeks, Doge exploded upwards while the wider market reclined into bearish price movements. However Doge has come into major resistance, and after forming a bearish RSI daily divergence, it might be the signal to exit a portion of your longs you may have or at least short hedge on Poloniex. A good re-long zone would be 64 satoshis as it shares confluence with a 0.618 Fibonacci and a prior resistance-turned-support zone. If the price does decide to consolidate at these current 90-100 satoshi levels, it’s likely it will push to next resistance at 140-145 satoshis.

https://s3.tradingview.com/tv.js

var tradingview_embed_options = {};
tradingview_embed_options.width = ‘640’;
tradingview_embed_options.height = ‘400’;
tradingview_embed_options.chart = ‘zmabzUWK’;
new TradingView.chart(tradingview_embed_options);

DOGE Daily Update 11 Sept by Pansyfaust on TradingView.com

The post Technical Analysis: Bitcoin weakens while DOGE and DASH provide some bullish respite appeared first on Coin Insider.

Is Emercoin one of the rising coins worth watching in the dipped market?

What a week in cryptocurrency.

Although one could say that about any week in this industry. Prices go up, and prices go down – that’s almost guaranteed. When, or even whether, the prices go up again is something we don’t know for certain.

In this, we are looking to see how altcoin Emercoin has managed to do in the market since the year began.

At the beginning of the year, the token was sitting all the way in the 153rd position of most valuable cryptocurrency by market cap on January 7th and was trading at a value of $40.40 USD. In January, it was totaling a market cap of $181,125,622 USD.

Moving ahead to the current state of affairs, Emercoin has managed to pull in the ranks and is now in 94th position. It is trading at $1.28 USD and has a total market cap of $53,762,159.

Looking at the stats, the network has lost some 71% of its trading value over the past nine months, while its market cap has similarly diminished by 70%.

A wealth of tasty partners

Looking at the network’s site itself, one can see that Emercoin has a number of remarkable companies from cola giant Coca-Cola to mega-banking institution Lloyds. Microsoft is also a massive name that the Emercoin boasts to have dealings with.

Earlier this year, Coca-Cola and the US State Department teamed together with Emercoin to find a resolution on the blockchain to combat matters of forced labor. At the time, Coca-Cola’s global head of workplace rights, Brent Wilton had said that they were “partnering with the pilot of this project to further increase transparency and efficiency of the verification process related to labor policies within our supply chain.”

In the process

According to the project’s roadmap, the company is currently looking to:

  • Improve and popularize existing services and develop new products and services.
  • Integrate with Bitfury’s Exonum protocol.
  • Integrate with Lightning Network.
  • Create our own Certification Authority (or establish a partnership with existing CA) to generate SSL certificates for WEB-sites, located in the EmerDNS.
  • Develop our own browser (based on the Chromium engine) to provide a bundle of Emercoin services that are “out of the box” — with a trusted root of our CA, with transparent access to EmerDNS, and more.
  • Redesign EmerLNX advertisement system for a CPA model.

Into the future

Having started out in December of 2013, as a fork of Peercoin, Emercoin boasts numerous successes, such as cooperative work with the United Nations, listings on exchanges such as HitBTC, Indacoin, BITTREX, USDX, and the partnerships built and maintained.

The token might be worth keeping an eye on, considering its increased attention throughout the year.

The post Is Emercoin one of the rising coins worth watching in the dipped market? appeared first on Coin Insider.

Winklevoss twins’ exchange launches Gemini dollar – a US pegged token

Gemini has announced that it is launching a stablecoin pegged to the value of the US dollar.

In a press release this morning, the exchange founded by the Winklevoss twins published the news of the new exchange-backed token dubbed the “Gemini dollar”. The token has three fundamental characteristics, namely:

  • it is issued by Gemini,
  • it is strictly pegged 1:1 to the U.S. dollar, and
  • it is built on the Ethereum network and operates under the ERC20 standard for tokens.

The announcement explains that the token aims to incorporate the “creditworthiness and price stability” of the US dollar. It hopes to use it to create a token based on blockchain technology. Gemini also stated that the new token is all above board and will remain under the oversight of regulatory authorities, especially the New York State Department of Financial Services (NYDFS).

Quick to get the token up, the exchange announced that Gemini users can convert U.S. dollars into Gemini dollars. This happens through users’ Gemini accounts and, from there, they can withdraw them to an Ethereum address specified.

Furthermore, the US dollars which are associated with the Gemini dollars (to be issued or already in circulation) will be held in a bank based in the US. The exchange explained that this particular bank is eligible for FDIC (or pass-through) deposit insurance which will be treated with any applicable limitations.

It was also explained that “the U.S dollar deposit balance will be examined monthly by an independent registered public accounting firm to verify the 1:1 peg… Further, the smart contracts underlying the Gemini dollar token have been fully audited and formally verified by an independent security firm, whose report is publicly available here.”

The post Winklevoss twins’ exchange launches Gemini dollar – a US pegged token appeared first on Coin Insider.

Golem, BAT, and Factom: Three Altcoins projects to watch

We have been trawling through some of the more notable cryptocurrency projects and have found a delightful few to tickle your crypto-fancy, if you will.

Basic Attention Token (BAT)

This project has a focus on digital advertising and a hope to decentralize it.

Essentially, the company believes that online digital advertising is currently a bit of a zoo, and they are hoping to tame it.

This means that they are aiming to resolve some of the fundamental issues with online advertising, such as the tracking of internet users to use data for market targeting, and the monopolizing of advertising by giant platforms such as Facebook and Google.

BAT is hoping to create a space where advertisers, users and the network all work in a harmonious system where no one feels stalked or hard-done-by. In a nutshell, BAT is attempting to create a place where advertisements get watched and advertisers get paid.

Read more about BAT here.

Golem (GNT)

This cryptocurrency project is a two-fold concept which aims to provide a platform as a decentralized supercomputer for users to rent computer power while other users offer the space.

The supercomputer has been created to combine all of the computing power which has been offered from individual machines on its network. On the platform created, Golem users rent out spare space they might have on their computer to those who need the extra computing power for various tasks or actions.

We like the idea of this project because of the two-fold and win-win approach. Users loaning their space generate money and users needing the space have a secure and cost-effective way of finding it.

Read more about Golem here.

Factom (FCT)

This one is aiming to be a better, and not bitter project to resolve some of Bitcoin’s issues.

Factom’s development team are looking to resolve the issues on the Bitcoin blockchain, such as the glacial speed of transactions, the increasing cost of transacting and the congestion that occurs. Most of these come down to scalability and Factom are hopeful to sort it out.

Since this is not the first time a project has set out to resolve these problems, the project has taken a different tactic in the form of easy and secure auditing on the platform.  Documents and data files stored using Factom are audited easily which ensures security, accuracy and it keeps cost, block-time and protection at the ideal.

Read more about Factom here.

The post Golem, BAT, and Factom: Three Altcoins projects to watch appeared first on Coin Insider.

Australia confirms plans to develop a National Blockchain Platform

Australian businesses and government-led enterprises have embraced blockchain in-between applications all the way from air travel to energy management, and now the nation’s Commonwealth Scientific and Industrial Research Organisation (CSIRO) has announced the development of what will be called the Australian National Blockchain.

As a nationwide platform, the Australian National Blockchain will serve as an infrastructure platform for Australia’s digital economy, where businesses will be able to develop smart contracts as well as confirm the status and arrangement of legal proceedings with transparency.

The platform will broadly enable Australian businesses to use smart contracts to manage business events and further record information from sources such as Internet of Things (IoT) devices.

The Australian National Blockchain will first be trialed on IBM’s Blockchain platform, and will see CSIRO, Herbert Smith Freehills, Data61, and IBM collaborate to develop the platform in a pilot phase.

Speaking on the development, Dr Mark Staples – a senior research scientist at Data61 – expressed that “Our reports identified distributed ledger technology as a significant opportunity for Australia to create productivity benefits and drive local innovation. Data61’s independence and world-leading expertise will help to catalyze the creation of digital infrastructure for Australian businesses to transition to a digitally-enabled future. For complex enterprise contracts, there are huge opportunities to benefit from our research into blockchain architecture and into computational law. Smart contracts have many applications, and as the ANB progresses we look forward to exploring other business use cases to roll out.”

Paul Hutchison, vice president and partner, Cognitive Process Transformation, at IBM Global Business Services added that“Blockchain will be to transactions what the internet was to communication – what starts as a tool for sharing information becomes transformational once adoption is widespread. The ANB could be that inflection point for commercial blockchain, spurring innovation and economic development throughout Australia.”

The platform aims to collate the interests of Australian regulators, banks, law firms, as well as businesses, and is scheduled to launch before the close of the year.

The post Australia confirms plans to develop a National Blockchain Platform appeared first on Coin Insider.

Charlie Lee on Bitcoin: “It’s always good to buy on the way down”

In a new interview with CNBC, Litecoin founder Charlie Lee has gone to elaborate that Bitcoin remains a good buy for interested investors – noting that the recent market downtrend had created a new investment opportunity for long-term prize-seekers.

Speaking on air, Lee quipped that “It’s always good to buy on the way down to dollar-cost average your buy-in… As long as you don’t spend money that you can’t afford to lose, I think that’s fine.”

Cautioning users against using borrowed funds to invest in Bitcoin, Lee noted that “It’s hard to predict prices. I’ve been in this space for seven years now. I think sometimes it comes back within six months to a year, and sometimes it takes three or four years.”

Lee expressed that Bitcoin’s price movements – and the general price movements of the cryptocurrency market itself – was largely driven by speculation and that, in future, prices would generally reflect the success and adoption of a particular cryptocurrency itself.

Speaking on his own creation – Litecoin – Lee noted that he would not seek to re-invest in the cryptocurrency any time soon.

Earlier this year, Lee publicly sold his Litecoin holdings to avoid any allegations of a conflict of interest – and later expressed his intent to move away from the cryptocurrency entirely in the interest of decentralization.

At the time, Lee explained that “Litecoin is more centralized because I am around, so it has a more centralized development team, has more centralized foundation.”

Speaking to CNBC, Lee expressed the same sentiment – saying “I sold because of conflict of interest, so I’m not going to buy my litecoins back anytime soon — or at all.”

Bitcoin itself is down by -0.70% to trade at $7,009.06 USD, while Litecoin itself is down by -1.67%, and trades at $60.77 USD at press time.

The post Charlie Lee on Bitcoin: “It’s always good to buy on the way down” appeared first on Coin Insider.

Is Dogecoin up the right tree to become a barking success?

Dogecoin was created as a cryptocurrency parody token in 2013, based on a viral internet meme. The biggest joke about it, though? The token is doing pretty well.

Since its creation, the meme has stayed relevant sponsoring entities such as Nascar drivers. Thinking it was barking up the wrong tree, the parody coin hit its $1 billion USD market cap at the beginning of the year and sits comfortably in the top fifty cryptocurrencies.

Figures in 2018

At the beginning of the year, the parody token was sitting in position number thirty of the most valuable cryptocurrencies by market cap on January 7th and was trading at a value of $0.015211 USD. In January, it was totaling a market cap of $1,713,710,709 USD.

Moving ahead to the current state of affairs, Doge has dropped five places to the 35th most valuable cryptocurrency and is trading for $0.002542 USD, with a total market cap of $294,676,381 USD.

To put it in statistical form, the network has lost some 83% of its trading value over the past eight months, while its market cap has similarly diminished by the approximately the same percentage.

Transaction fee estimates

According to calculations based on the network’s average transactions, the network’s fees will see a value of4.06832 DOGE/KB per high priority transaction, (1-2 blocks) 0.0001 DOGE/KB per medium priority transaction (3-6 blocks) and 0.00007 DOGE/KB for a low priority transaction (more than 7 blocks).

Robinhood listing

No, not Robinhodl.

But pretty close. When Robinhood listed Dogecoin on its trading platform, the token’s prices shot up by a mammoth 20%

Such moon?

Although the token has gained itself some tasty investments and sponsorships, such as the Jamaican bobsled team at the Winter Olympics, the parody based on the Japanese Shiba Inu might remain a meme and not gain the traction required to send the canine token to the moon.

Stranger things have happened, though, and Dogecoin could well skyrocket.

The post Is Dogecoin up the right tree to become a barking success? appeared first on Coin Insider.

Square wins new patent for a cryptocurrency payment network

Square – the company headed by Twitter co-founder Jack Dorsey – has successfully been awarded a patent by the U.S. Patent & Trademark Office (USPTO) which details a new payment network that would enable merchants to accept payments in any currency – including the likes of Bitcoin and other cryptocurrencies – and then withdraw their currency of choice following a transaction.

The patent elaborates that:

“The disclosed technology addresses the need in the art for a payment service capable of accepting a greater diversity of currencies…including virtual currencies including cryptocurrencies (bitcoin, ether, etc.)…than a traditional payment system in a transaction between a customer and a merchant, and specifically for a payment service to solve or ameliorate problems germane to transactions with such currencies. Specifically, the payment service described herein can facilitate real-time (or substantially real-time) transactions, allowing a customer to pay in any currency of their choice, while the merchant can receive payment in a currency of their choice.”

The patent describes methods through which a point-of-sale (POS) system could eliminate latency in cryptocurrency transactions to the point that both cryptocurrency and credit card transactions could process at the same speed.

The system would make this claim a possibility through managing a private blockchain that could record transactions from Square wallets. While this approach does not eliminate the potential for double-spend attacks, it does eliminate that risk from a merchant and places the onus on itself, instead.

Square CEO Jack Dorsey has previously gone on record as a Bitcoin supporter – noting that Bitcoin could become the world’s foremost means of exchange within the next ten years.

At the time, Dorsey quipped that Bitcoin’s market emergence will “probably take over ten years”, and went on to say that “The world ultimately will have a single currency, the Internet will have a single currency… I personally believe that it will be Bitcoin.”

The post Square wins new patent for a cryptocurrency payment network appeared first on Coin Insider.

Does Dash have what it takes to be a frontrunner in the cryptomarket?

The current market is sending many a-token to sinking values and few coins are managing to stay positive in the current downturned digital business. In this, we are looking to see whether the Dash is managing to outrun the bear market.

At the beginning of the year, the token was sitting as in the eleventh position of most valuable cryptocurrency by market cap on January 7th and was trading at a value of $1,334.78 USD. In January, it was totaling a market cap of $10,415,498,427 USD.

Moving ahead to the current state of affairs, Dash has dropped to the thirteenth most valuable cryptocurrency and is trading for $183.95 USD, with a total market cap of $1,523,552,858 USD.

To put it in statistical form, the network has lost a whopping 86% of its trading value over the past eight months, while its market cap has similarly diminished by approximately 85%.

Transaction fee estimates

According to calculations based on the network’s average transactions, the network’s fees will see a value of 0.00019 DASH/KB per high priority transaction, (1-2 blocks) 0.0001 DASH/KB per medium priority transaction (3-6 blocks) and 0.00007 DASH/KB for a low priority transaction (more than 7 blocks).

An unusual partnership

Although it is not a breaking story, it is still worth remembering that the network positioned itself as the frontrunner for a Zimbabwean cryptocurrency in the partnership struck with KuvaCoin.

At the time, Dash Core CEO Ryan Taylor stated that the company could flourish in the African nation:

“I have been advocating for quite some time the potential benefits Dash can provide to economies with less stable currencies, and Zimbabwe seems a prime location for these benefits.

This project, in particular, is well-researched with value propositions, branding, and go-to-market strategies tailored to the local market. Combining the ideal network – Dash – with a well-considered strategy should lead to a high probability of success.”

Looking to the future

With the markets being in the current space they are in, we can’t predict with ease how tokens might perform. If we take a look only at the last month, Dash has taken been on the up since the weekend and has seen a positive trajectory after taking a major dip at the beginning of the month.

At press time, Dash trades at $183.55 USD.

The post Does Dash have what it takes to be a frontrunner in the cryptomarket? appeared first on Coin Insider.

Three things you need to know about Bitmain’s IPO

According to industry sources, Bitmain – the giant behind an estimated 80% of all cryptocurrency mining equipment in existence – is mulling a Hong Kong-based Initial Public Offering (IPO).

For the uninitiated, an Initial Public Offering – the first sale of a stock issued by a company to the general public – marks the transition where a ‘private’ company becomes a ‘public’ one.

When a company goes ‘public’, it gains the potential of drawing in thousands of new investors (and subsequently, new capital), and can more easily facilitate acquisitions and mergers through issuing stock. However, this is weighted against regulations which ensure that public firms account to a strict set of legal procedures, form a visible board of directors, and are beholden to financial regulators.

Given Bitmain’s large footprint, the news that the company – under its CEO and co-founder Jihan Wu – could go public has set tongues wagging in numerous circles.

$3 billion USD: The IPO that could be

While no official figures have yet been published by Bitmain nor Wu, early reports indicate that Bitmain could seek to raise as much as $3 billion USD to $18 billion USD through its IPO, and the company might file a listing application with the Hong Kong stock exchange in September this year.

The company is reportedly valued at around $15 billion USD, though no official valuation has yet been given. The company is believed to have brought in $2.5 billion USD in revenue in 2017 through both sales of mining equipment and its involvement with several mining pools.

The company will be set to compete with Canaan Inc – which has similarly filed for a $1 billion USD IPO in Hong Kong – and further with Ebang International Holdings.

Bitmain reportedly unloaded its Bitcoin in favor of Bitcoin Cash

In a leaked dossier that apparently depicts pre-IPO information, Bitmain revealed that it had sold most of its Bitcoin in favor of Bitcoin Cash.

In a purported slide, Bitmain apparently disclosed that it owned some 22,082 BTC in January of 2018 (down from 71,560 BTC in December of 2017) and carried some 1,021,316 BCH (up from 841,866 BCH in the same time period).

Commentators on Twitter have noted that the company may be proceeding with an IPO in an attempt to offset its losses throughout 2018’s ongoing bear market.

Source: Bitcoin Magazine

In a popular thread by Vijay Boyapati, communities debated the allegation that Bitmain had sought to prop up Bitcoin Cash as a company-controlled alternative to Bitcoin, and, as a result, was now forced to obtain other means of funding as the deal soured.

Should Bitmain elect (or be forced to) dispense with its Bitcoin Cash holdings at any stage, the company could ultimately shake cryptocurrency markets by selling as much as 5% of the cryptocurrency – potentially pushing the digital currency into all-time lows.

Bitmain may branch out into other sectors

In more positive news, an IPO might propel Bitmain into new industries.

In an interview with Bloomberg in May, Wu quipped that the next phase of the company would involve “advancing our technology beyond what we’ve already achieved” – and it remains to be seen as to where Bitmain itself might head once public.

The company might square off more closely against Canaan Inc, which itself has committed to developing silicon chipsets applied to both artificial intelligence and cryptocurrency mining.

The post Three things you need to know about Bitmain’s IPO appeared first on Coin Insider.

Xapo president claims that 90% of cryptocurrencies will disappear

Ted Rogers, the president of Xapo – a Hong Kong-based company dealing with Bitcoin wallets – has claimed that a shocking portion of the cryptocurrencies currently listed will be wiped out.

Rogers believes that 90% of the tokens currently listed on CoinMarketCap are facing “extinction” if they are not the heavyweight cryptocurrency Bitcoin.

Rogers further stated that now, when the market is down, is a good time to invest in more Bitcoin before it starts peaking again.

In response, Erik Voorhees of Shapesift.io, a company which offers global trading in digital assets, suggested that perhaps the market movements have more to do with the “extinction”.

The idea of Bitcoin dominance – whereby Bitcoin holds more than 50% of the cryptocurrency market trading volume –  has been a topic that investors are not shy about. Tom Lee, CEO of Fundstrat, believes that Bitcoin dominance will make a huge improvement in the cryptocurrency space, saying that “Bitcoin is the best house in a tough neighborhood” and suggesting that investors should focus on the original cryptocurrency and ignore other altcoins.

At the time of writing, almost half of the 15 leading cryptocurrencies including Ripple, Cardano, IOTA, TRON, Dash, NEO, and NEM while Ethereum, Bitcoin Cash, Litecoin, and Monero have seen 80% or more dips.

Whether Bitcoin will naturally emerge as dominant over falling altcoins will be evident quickly within the market movers and we can only wait to see what will happen.

The post Xapo president claims that 90% of cryptocurrencies will disappear appeared first on Coin Insider.