Btctusd
BTC expect a retest at 3.6k if current resistance breaksExpect a retest at 3.6k if current resistance breaks.
RIP to those that did x100 shorts.
BTCUSD Critical Point - DespairRemember to always set your stop losses and invest in what you can afford. Don't get Bitconnected.
Bitcoin Almanac 2018-2020Hey guys!
This is what I think might happen from 2018 to 2020.
I believe Bitcoin may touch down on the critical trend lines as seen in the chart, sometime in late December or the beginning of 2019.
From now until that happens, I think we'll just see sideways action from Bitcoin, with Altcoins increasing in value.
As we can see, volume is also reducing, further drawing the point of sideways action til Bitcoin touches down on the major trend line.
Good luck,
and Remember,
Patience is paramount!
BTC USD Breakout or breakdown?
BTC is situated into a falling wedge from 28 april 2018.This Falling wedge is a reversal pattern so in the final we will have a breakout!.
If we are watching this chart in 4 may 2018 they made a TOP at 99xx and after they made lower highs like:
-30 july 8300$,
-4 sept 7400$
-16 oct 68xx$
When the market makes lower highs it s a clear sign of bearish.
What about indicators?
-Stoch:we have a bearish divergence here at 3D timeframe becouse the bull line is below orange line
-RSI:neutral
-MACD:it s a little intresting becouse MACD is still growing slowly but the price didn t move(bearish sign),last time when MACD was here the price are above 8300$ and also is sub neutral zone(0) which also confirm bearish.
-We are near resistance line of this falling wedge and above we have ichimoku cloud which is also a strong resistance at 3D timeframe
-Volume is less ,with this volume i m sure 100% we can t breakout
-CME(bullish) contracts expire in 3 days(26 oct) and after once again will be turned bearish
-BAKKT is postponed to 12 december(i think we need to touch 4,8k in this case we don t need bullish movements/news in market)
We are near to a big movement personally i don t make trades on bitmex now just i m waiting..it s really gamble at the moment becouse can be a shakeout to 7400$ to hit ichimoku resistance and after will be the capitulate phase which made part of every market cycle
IF WE DON T BROKE 7450$ WE ARE BEARISH KEEP THIS IN MIND,don t forget we need to capitulate,but when???
3D resistance:
-6856$
-7200-7888$ ichimoku resistance
-7395$
-7684$
-8300$
3D supports:
-6256
-6037
-5768
-5525
-5078
Cheshire growthGreetings from Benice team!
Bitcoin's price increase impresses with its ability to appear and disappear at the most unpredictable moment, leaving only a smile or disappointment behind. Currently, the market has turned green, and this is good news.
The current situation is as follows:
The SEC postponed the decision on the ETF's fate for an indefinite period, which caused a wave of positivity. The market often sets up negative scenarios in advance and plays them out in the opposite direction to the news. So, we see now that the wind of hope has reached the market, and it can be a predecessor of a serious correction from the general 2018 trend.
Technically, we'll be able to talk about the reversal of the general trend only after the Bitcoin price settles above 7500.
The price of 7200 may be the goal of the current impulse move. This level is a cross-target of several patterns. The 200-period moving average and the 22-period upper Bollinger line are situated at this level. At the same time, the 50-day moving average has already been crossed. The boundary of the descending channel also passes through this level, and a break thereto is very probable, especially since it does not contradict the global descending movement, and even, on the contrary, it will complete the picture pegging the boundary of the channel.
Let's hope for the best, but we need to be prepared for the worst. This scenario assumes a breakdown from the boundary of the descending channel and a further dip to the main support levels. These are 5800, 5380 and, if it comes to the worst, 4800.
Those who are in a long position, are recommended to place stop losses based on 4-hour chart low.
We regularly update recommendations on this tool under the review. Subscribe and follow updates of the idea.
BTC is at the tip of the Iceberg | What you need to know!We are reaching to the end of the wedge , here we expect a breakout .
In these kind of situations professional traders would not open positions but instead observe the direction of the momentum change, to be on the safe side.
We recommend the same thing. The red lines correspond to the wedge, take your positions according to which side BTC will choose to breakout.
The blue lines and 50-100-200 MAs are resistances if we go upwards, supports if we go downwards.
Open positions partially and smartly. Distribute your risk and look always at the risk reward ratio.
Stay calm, play smart!
Cryptocholics out, Peace out...
Bitcoin Today: different opinionsPrice
Correctional movement proceeds, yesterday growth did not manage to reach 6600 resistance, turned around on the 6550 mark and fell to the 6450. The volatility decreases, which talks about uncertainty in the market. Near-term boundaries are 6550 and 6450 levels, without any significant events today the price will probably proceed inside this channel. 6600 – 7000 zone is a major resistance, so to consider any long-term bullish developments we need to break above the 7000 point. From the downside: a fall below 6350 will cancel the latest turnaround pattern and send the price to test the main support zone 5750 – 6250.
Today forecast
Trading in the 6350 - 6600 zone. Breakthrough below 6350 – bearish sign.
Two opinions
Mike Novogratz (Digital Galaxy founder)
Novogratz thinks that bitcoin already found a bottom and now the cryptocurrency is poised for major growth.
"You're seeing now institutions moving in," the founder and CEO of Galaxy Digital told CNN international correspondent Paula Newton on CNNMoney's "Markets Now" on Wednesday.
Novogratz pointed out that exchanges and big companies are starting to take the cryptocurrency more seriously.
"Starbucks and Microsoft'll allow you to use bitcoin," he said. "As you see more adoption of just people being comfortable with it, it feels like it's going to go up."
Novogratz thinks the cryptocurrency hit bottom earlier this month. He predicts bitcoin will rally 30% by the end of the year. And in the first quarter of next year, "you'll really start seeing it move."
Jani Ziedins (retired trader and writer of the Cracked.Market blog)
As digital currency owners tout the resilience of bitcoin’s support at $6,000, the analyst believes the tenuous psychological level could soon disintegrate, noting the evidence isn’t in the support, but the weakness of every subsequent rally.
“While we held $6k support firmly for nearly six months, every bounce has been getting lower,”
Market technicians tend to view assets as remaining in bearish, or neutral, trend if prices fail to post higher highs.
“First, we bounced to $17k. Then it was $12k. $10k came next. After that $8.5k. Earlier this month it was $7.5k and this weekend we stalled $6.8k. At this point, it is only a matter of time before we tumble under $6k support,” he said.
Bitcoin is down 53% year-to-date and 67% from its all-time high achieved last December.
Bitcoin Today: Mt.Gox sells againPrice
Yesterday's drop reacted on the Bearish Trend Line and now fluctuates around it. The turnaround of the bearish trend at the 6350 level, talks in favor of bullish moods, the price holding above the Bearish Trend Line will also add to the bullish picture. Still, the main factor to consider any bullish predictions is a comeback above 6800. The nearest support line is 6350, and below it, we will have a long-term supportive zone 5750 – 6250.
Today forecast
Trading in the 6250 - 6600 zone.
Latest news
Google to resume cryptocurrency advertising in October
The search engine has agreed to allow cryptocurrencies to once more advertise on Google.
Starting next month, regulated crypto exchanges will be allowed to purchase ads in the US and Japan.
The ban on advertising crypto came in March during a spate of high-profile initial coin offerings alongside other cryptocurrency activity which caused issues in identifying between fraudulent or legitimate ventures.
Mt.Gox sells again
Since March, after the last meeting with Mt.Gox creditors, until June, the trustee of the bankrupt exchange, Nobuaki Kobayashi, withdrew Bitcoin and Bitcoin Cash on 25.98 billion yen ($ 230 million) from the platform. Information about this appeared on the company's website on September 25 (Yesterday).
The site does not specify the exact dates of selling and the mechanism that was used for this. It is known that Kobayashi decided to liquidate the funds after consulting with the court and experts.
In total for this period, Kobayashi sold 24,658 BTC and 25,331 Bitcoin Cash. After the liquidation, about 70 059 million yen (approximately $ 620 million) remained on the account of the stock exchange.
Also, the trustee created a trust with the Japanese bank Sumitomo Mitsui to protect the interests of creditors who filed applications under the bankruptcy procedure.
The value of assets under the management of the trust exceeds 15 billion yen (about $ 133 million). In total, as part of the bankruptcy procedure, investors must receive 17 billion yen ($ 150 million) in a fiat currency.
Other creditors will receive the money due to them in the cryptocurrency in the process of civil rehabilitation.
Earlier, the trustee of Mt.Gox sold Bitcoins and Bitcoin Cash on $ 406 million. Then the community accused Kobayashi that he acted irresponsibly against other market participants and dropped the price of bitcoin. Later, lawyers denied the accusation.
Bitcoin Today: SEC postpones againPrice
And we are back in the 6250 – 6600 zone. Not managing to hold on to the 6600 level BTCUSD breaks it and falls back to the Bearish Trend Line at the end of the Monday. There was a short reaction on the Trend Line, but selling pressure took over again and the fall continues at the time of writing. The next support on the way down is 6250 level. Obviously, this sell-off cancels scenario of the beginning of the turnaround and bullish formation and continues stagnating lateral period. For now, we are not looking for any bullish signs, we are waiting while the price will settle and stop the falling.
Today forecast
Trading in the 6250 - 6600 zone. Breakthrough below 6250 – bearish sign.
Latest news
SEC postpones decision on VanEck-SolidX Bitcoin ETF until December 29th
The U.S. Securities and Exchange Commission (SEC) has announced one more adjournment on the VanEck-SolidX Bitcoin ETF application. The new deadline for the decision will be on December 29th, 2018.
In a post on its site on 20 June, the SEC originally stated that the Cboe BZX Exchange (BZX) had registered with the SEC, “a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust”. The commission then had 45 days from this date to reach a verdict but, presumably recognized the complexity of the issue and declared another extension leaving it until 30 September 2018.
With this deadline approaching SEC decided today to once more prolong the process by declaring that a new deadline would be set for the end of the year.
The commission will make another decision by 29 December 2018 on how to proceed. It could then postpone the deadline for the last time on an additional 60 days, putting off the issue until 27 February 2019.
The last hearing on RBI virtual ban on cryptocurrency exchanges will be held today
For almost a year a rivalry between RBI and cryptocurrency exchanges in India has continued. India is potentially one of the biggest new markets for cryptocurrencies, so a legal ban on cryptocurrency exchanges in India could have a dramatic impact on BTC price.
In April this year, the RBI had asked regulated entities to not get involved with cryptocurrency traders, firms, or individuals, imposing a virtual ban. The RBI decision was challenged by cryptocurrency exchanges in the Supreme Court.
On September 12, RBI once again reiterated that cryptocurrencies cannot be considered valid currency or money under the existing legal system. The hearing was postponed as many of the respondents, except for the RBI, were not able to file their responses.
The Supreme Court will hear final arguments on petitions challenging the virtual ban imposed by the Reserve Bank of India (RBI) on cryptocurrency exchanges today.
Bitcoin Today: Argentine crisis pushes Bitcoin up?Price
Bitcoin spent weekends in a lateral manner, after peaking at the 6800 high on Friday. The Friday rally ended the two-weeks long correctional movement, which was going near the year minimum at 5750, and brought the price one step closer to the establishment of the turnaround pattern. Resistance at 7000, which also coincides with the 100-days EMA, is the final step for changing the pattern from correction of the downward movement to turnaround formation, so do not expect an easy breakthrough above 7000. From the downside, level 6600 should stay strong to support a bullish scenario. For now, we expect trading inside the 6600 – 6800 zone.
Today forecast
Trading in the 6600 - 6800 zone. Breakthrough below 6600 – bearish sign.
Latest news
Argentina drives Bitcoin up?
Argentina is once again undergoing a severe economic crisis. In April 2018, the peso started plunging against the dollar at an unexpected speed.
Most economists agree that the devaluation of the peso is due to investors’ doubts about the government’s ability to contain its unrelenting inflation and to minimize the effects of the U.S. Federal Reserve interest rate increases, which have strengthened the dollar all over the world.
The economic crises in Argentina are driving investors and ordinary people to use Bitcoin as a safe haven. The demand for the digital asset is leading to the increasing volume and bullish trend that commenced towards the end of last week. In this regard, economist and mathematician D.H. Taylor writes,
“Argentinians are moving in large numbers out of their peso and into a more stable currency, BTC. The numbers being witnessed by the markets in BTC are surging from Argentina.” And he adds, “The stability being offered by the digital currency is far greater than the peso and Argentinians are moving in quickly.”
The weekly volume of the Bitcoin purchases in Argentina has grown to the 5 - 7 million dollars zone during the last weeks.
So far, the attempts of the government to stabilize the currency have not led to tangible results. As a result, according to Taylor, the Central Bank is exploring the possibility of diversifying into Bitcoin,
“The biggest solution is Bitcoin or BTC-USD and, according to the data, Argentinians are buying large amounts. At the same time, the Argentinian Central Bank is considering diversifying their currency reserves into BTC.”
Argentina Central Bank has already eased regulations regarding Bitcoin ATMs in the country. On September 19, 2018, Athena Bitcoin installed the first ATM designed to exchange the cryptocurrency in a mall, auguring that these machines will soon cover whole Buenos Aires.
According to Matias Goldenhorn, Athena Bitcoin Director for Latin America, 12 ATMs will soon be installed in the capital city. These units will operate with Bitcoin as well as other cryptocurrencies such as Litecoin, Ethereum, and Bitcoin Cash.
On the other hand, a variety of merchants are already accepting Bitcoin as payment. Taylor also highlights that “8,000 new Bitcoin pay stations are in convenience stores in Argentina.”
Bitcoin Today: SEC delays, but market growthPrice
Yesterday, despite the new statement from SEC about delaying the SolidX Van Eck Bitcoin ETF decision again, after short fluctuations at the 6400 level bitcoin found a support and went upwards accompanied by a rise in volumes. At the end of the yesterday, BTCUSD reached 6600 level, and today already broke above Bearish Trend Line. On the way up the price will meet an important resistance level 7000, which coincides with the 100-days EAM at this point. A breakthrough above 7000 will be a major turnaround signal, until then an entering the long positions stays a risky business. For now, the most important for the bullish trend is to hold above 6600 level. High volatility and buying volumes in this area will be a sign of readiness to test 7000. Comeback below 6600 would be a bullish sign.
Today forecast
Trading in the 6600 - 7000 zone.
Latest news
SEC delaying ETF decision from until February of 2019
The SEC has published an official statement saying that it is postponing its decision on the approval of the CBOE’s application to be able to trade shares of the SolidX Van Eck Bitcoin ETF (Exchange Traded Fund.) Following initial delays, a decision was expected by September 30th; now, a decision isn’t expected until February of 2019.
“Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change,” an official statement by the Commission reads. “Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved.”
The SEC also said that it is seeking public opinions and information from the public in order to inform its decision and that it had received more than 1400 letters about the matter so far.
In general, people's reaction can be characterized as follows: Delays are some sort of a sign that the SEC is slowly warming up to the idea of a Bitcoin ETF. For now, delays are more promising that outright denials, of which there have been many.
“Being delayed was a best-case scenario. It was never going to be approved,” – Reddit user anti09
A critical vulnerability in Bitcoin Core, that threatened the bitcoin network for two years, is eliminated
On Tuesday, September 18, an unscheduled release of the Bitcoin Core client under version 0.16.3 took place, the release eliminated a critical vulnerability that threatened the DOS attack on the network. The exploitation of the bug was, however, not an easy task, and fortunately, no one took advantage of them.
As stated in the accompanying comments of Bitcoin Core developers, the vulnerability was exploited by the user who wished to remain anonymous. The exploitation of the bug, which was called CVE-2018-1744, allowed an attacker to disrupt almost 90% of the nodes, and only 12.5 BTC would be required to carry out the attack - the size of the reward currently received by the miners for the block. Built-in Bitcoin Core Fast Internet Bitcoin Relay Engine (FIBRE) engine would also contribute to the attack.
The Optech mailing list explains that the bug CVE-2018-17144 appeared in the Bitcoin Core 0.14.0 release, which was released in November 2016, and affected all subsequent versions up to 0.16.2. Its exploitation allowed to disrupt the network when trying to validate a block containing a transaction that tries to double-spend the input. Such block would be invalid and could only be created by miners willing to give up the loss of a reward of 12.5 BTC (about $ 80,000 at the current rate).
It is worth noting that this vulnerability was the result of the so-called human factor, and responsibility is on those developers who approved the corresponding code change. Among them were, for example, Gregory Maxwell, Vladimir van der Laan, and Matt Corallo.
For now, there were no statements from the Bitcoin Core developers, as to whether any analysis of the incident will be conducted and whether a public report on the causes of the incident will be made and how to avoid the recurrence of such cases in the future.
Bitcoin Today: Zaif hack and futures closurePrice
Wednesday was rich in events. To the closure of the CBOE futures contracts news about the hack of the Japanese exchange Zaif($60 million in digital assets, including Bitcoins, Bitcoin Cash, and MonaCoin was stolen) was added causing a flash sell-off, which, nonetheless, did not cause any change in the overall tendency. The sell-off happened at 17:00 UTC on Wednesday and brought the price to the low at 6100, where the price found a strong support and went upwards reaching as high as 6500. After the shake-up the BTCUSD course has stabilized at the 6400 mark. Overall picture stays the same as yesterday: lateral movement inside 6100 – 6600 until the meeting with the Bearish Trend Line, which should occur during the nearest days.
Today forecast
Trading in the 6100 - 6600 zone.
Latest news
Zaif hack
In the evening on Wednesday, September 19, the price of bitcoin for a short period of time first fell to $ 6,100, and then swiftly went up, exceeding the $ 6500 mark.
An unusual pattern in the market was accompanied by reports about the hacking of the Japanese stock exchange Zaif.
“Just reported in Japan: Japanese Exchange Zaif hacked, 5966 BTC (37million USD) stolen from hot wallet (stolen 5 days ago, and just reported now!). BCH and MONA also potentially stolen.” - @kaykurokawa
In additional tweets, Kurokawa said that the cost of damage is estimated at $ 60 million. At the same time, two-thirds of the stolen coins were investors' funds, the rest belonged to the stock exchange. The exact number of missing BCH and MONA coins remains unknown.
According to the Kay Kurokawa, the exchange took four days to detect a hack.
“It took them 4 days to notice the hack. The fact that they do not know the missing amount of #BCH and #MONA is another sign of their complete operational incompetence. Is Mark Karpeles @MagicalTux running this place?” - @kaykurokawa
In the meantime, Zaif released a post in which the fact of hacking is confirmed. At the same time, unusual activity began on September 14. Also, the exchange representatives are talking about stopping withdrawal of funds and taking deposits.
Despite the fact that the news about Zaif hacking led to a sharp decrease in the price of bitcoin, after just 10 minutes it quickly went up. This time, one of the reasons seems to be the purchase of 5 million market contracts XBTUSD at $ 6469.2 at the BitMEX exchange.
“ BitMEX XBTUSD 5,000,000 contracts market bought at 6,469.2 with 3.2 slippage” - @BitmexWhale
Bitcoin Today: US Exchanges could get in trouble?Price
The price gradually climbs to the another-one Bearish Trend Line, drawn through the overall peak (20000) and recent turnaround point on September 18. Meeting with this line could add volatility to the market and possibly bring the price to new levels. The price still reacts on the support zone below 6250, so proceeds lateral movement in 6250 – 6100 channel. As said higher, in the absence of strong fundamental drivers we expect such manner of movement until the meeting with the Bearish Trend Line, which should be seen during the next days. Boundaries stay the same today, 6100 from below and 6600 from above.
Today forecast
Trading in the 6100 - 6600 zone. Breakthrough below 6100 will target the 5750 support.
Latest news
The Attorney General of New York declares: Three crypto-exchanges can work illegally in the state
On September 18, a 42-page report of the Attorney General of New York, Barbara Underwood, about the work of crypto-exchange exchanges was published.
According to the New York Times and Bloomberg, the report says that several crypto exchanges are subject to conflicts of interest, and their clients have lower guarantees than traditional financial markets and may be victims of market manipulation.
"As our report details, many virtual currency platforms lack the necessary policies and procedures to ensure the fairness, integrity, and security of their exchanges," Attorney General Barbara Underwood said in a statement.
In this regard, the Attorney General asked the New York City Financial Services Department (NYDFS) to check whether there could be cases if illegal activities in case of three crypto exchanges.
In April 2018, the Prosecutor General's Office sent 13 crypto-exchange platforms notifications, in which they asked them to voluntarily provide information on their activities. Then four addressees refused to cooperate, saying that they do not work in New York. The names of three of them are known: Binance, Kraken, and Gate.io. Apparently, this is the ones that the Prosecutor General's Office notified NYDFS.
The study also found that "trading platforms lack a consistent and transparent approach to independently auditing the virtual currency purportedly in their possession", making it "difficult or impossible" to confirm that the exchanges are responsibly holding customer accounts.
The attorney general's report detailed how some of these platforms conduct overlapping lines of business that present "serious conflicts of interest", including trading for their own account on their own venues. Some platforms also issue their own virtual currencies or charge companies to list their tokens.
For now, none of the exchanges commented on the report.
Bitcoin Today: Korean exchanges demand verificationsPrice
Yesterday 6400 level was squashed by massive sell orders which brought the price to the lower bottom of the channel. The downward movement did not manage to renew last-week lows at 6100, the fall stopped at the 6200 level and now the price hangs above 6250. The overall picture has not changed, the bitcoin still moving in the lateral channel, inside the bounds of 6100 – 6600. The main support, for now, is 6100 level, breakthrough below this level will send price to the yearly low at 5750. From above we have local resistance 6600, but still, to consider any bullish developments we will need to see a confident break above 7000.
Today forecast
Trading in the 6100 - 6600 zone. Breakthrough below 6100 will target the 5750 support.
Latest news
South Korean bitcoin-exchanges will close fiat withdrawals for unverified traders
A week ago, markets were stoned by the news that Korean banks will limit the service of unverified users of crypto-instruments. The first steps in this field make the largest Korean exchanges.
In October Bithumb and Coinone will deprive unverified users of the possibility to withdraw funds, Bitcoin.com reports.
For corporate participants, the possibility of withdrawing fiat currencies from Bithumb will be discontinued on October. For individual users, this restriction will take effect on October 15. According to the representatives of the exchange, the decision was made to meet the requirements of the Korean anti-money laundering policy.
Representatives of the exchange clarified that the limitation concerns only the fiat funds, cryptocurrency transactions, and withdrawals will not be affected.
The South Korean authorities ordered local crypto-exchanges to verify users in January. Exchange customers can use the so-called "real name system" to convert their accounts into verified and linked to the accounts of banks cooperating with platforms.
However, by now banks have provided this service only to the four largest South Korean exchanges - Bithumb, Upbit, Coinone, and Korbit. Moreover, despite the efforts of the government, banks and the stock exchanges themselves, only 40-50% of traders took advantage of this service. At the same time, local banks exert pressure on the stock exchanges, so that the latter more actively comply with the requirements of the anti-money laundering policy.
A similar statement was made by the Coinone Exchange, all unverified users of which will not be able to withdraw fiat after October 15.
Upbit and Korbit, which do not use Nonghyup Bank, have not announced that they will stop providing Korean won withdrawal service to unverified users yet.
Bitcoint Today: flat + and big-whale movementsPrice
Weekends did not bring any volatility and pass in the narrow lateral movement. The main levels for the current week will be last week’s bounds, the low at 6100 and high at 6600. Local near-term support was established during the latest days at 6400. From the weekly perspective, the last few weeks have the potential to form a turnaround pattern if BTCUSD will manage to close the week above 7000. Importance of the 7000 level also means that it will act as a strong resistance. Breakthrough below last week’s low will lead the price to the 5750 support. Overall, bounds for the week: 6100 – 6600; and important bounds for today: 6400 – 6600. The longer the price will hold above 6400, the more bullishness the picture will gain thus the more probable will be testing of the 6600 and a possible way to 7000.
Today forecast
Trading in the 6400 - 6600 zone. Breakthrough below 6400 will open 6100. Breakthrough above 6600 will open 7000.
Latest news
Bitcoin whale movement have been spotted
On Thursday 13th the transaction of 30000 BTC was spotted on one of the famous big-whales wallets 3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r , of an unknown owner, that contains about 170,000 BTC total. Earlier this account already transferred 10,000 and about 10,000 more in small transactions, starting from 9th of September.
In an effort to determine the wallet’s owner, some people have made points referring to the 30,000 BTC that the FBI seized during the Silk Road investigation and sold them to Tim Draper back in 2014. Despite these assumptions, most people maintain that the huge Bitcoin movement could just be a routine procedure possibly by an owners’ group that wants to add or remove a co-signer from a multi-sign list or by one of the big exchanges, like Bitfinex.
Bitcoin Today: Vitalik ignited an argumentPrice
Yesterday BTCUSD found a support around 6200 and to the end of the day showed 2.5% growth, breaking above the weekly trend line and closing the day around 6400. It is already seven days, the price moving in a narrow channel after a massive fall (almost 16%) which has whipped out almost all August gains. Overall picture stays the same, the price is low enough for buyers, but there are no fundamental reasons for the growth, so the market waits. News background turned into polemics about long-term bitcoin future, meanwhile, SEC taking destructive actions against several crypto projects, which often appears to be fraud. It seems that the market could be moved from these positions by some fresh news about bitcoin ETFs, which could be released closer to the end of the September. From the technical point: 6250 and 6600 stays the main boundaries for now.
Today forecast
Trading in the 6250 - 6600 zone. Fall below 5750 – strong bearish signal.
Latest news
Vitalik has a point, but many are more optimistic
A recent statement by the founder of Ethereum, Vitalik Buterin, about the completion of the period of a 1000x rally for the market of block-assets led to heated debates in the crypto community. In particular, controversial opinions were expressed by the head of Binance Changpeng Zhao, CEO of Tron Justin San and also the head of ConsenSys Joseph Lubin who stood at the origins of Ethereum.
After a pause in a few days, Buterin decided to clarify his words, noting that the potential for market growth is still there.
“To be clear, I never said that there is "no room for growth" in the crypto ecosystem. I said there is no room for *1000x price increases*. A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today's global wealth being in crypto.” - @VitalikButerin
In comments to the tweet Binance Exchange CEO Changpeng Zhao said that he still disagrees with Vitalik. As Zhao is convinced, the crypto-currencies will continue to grow by 1000 or more times.
“I still disagree with this. I will say "crypto will absolutely grow 1000x and more!" Just reaching USD market cap will give it close to 1000x, (that's just one currency with severely restricted use case), and the derivatives market is so much bigger.” - @cz_binance
In an interview to CNN, one of the co-founders of Ethereum Joseph Lubin also opposed Buterin. He noted that the technology of blocking in the coming decades will affect the economy, public and political systems. Lubin added that now the blockchain community is at an early stage of evolution and there are significant changes waiting ahead.
The founder of TRON Foundation, Justin San, also joined the controversy. According to him, "time will tell" how much the blockchain technologies will affect the world economy.
“I do believe the entire world wealth will turn into cryptocurrencies like blackhole and grow much bigger in the future. Cryptocurrency will hit 10 trillion USD market cap before @Apple and @amazon do. We will see. Time will tell.” - @justinsuntron
As Vitalik Buterin said in his previous interview, most educated people are already familiar with crypto-world and DLT technologies. Later, he added that at this stage the growth of the industry depends on the growth of the scope of application of block-assets in the real world.
Bitcoin Today: SEC taking actionsPrice
The movement proceeds along the upper border of the supportive zone 5750 – 6250. Thin volatility and leaning towards 6250 level shows the lack of support so the price will be moving downwards, looking for support. Levels 6150, 6100 and 6000 all have a chance to be tested today. From the upside, weekly bearish trend line, which pushes the price closer to 6250 should be pierced in a first place to consider any chances of an upward movement, 6400 and 6600 after. Overall review stays bearish until the comeback above 7000 mark.
Today forecast
Trading in the 6000 - 6600 zone. Fall below 5750 – strong bearish signal.
Latest news
REcoin and Diamond will be treated as securities
The campaign for the initial placement of coins (ICO) falls under the legislation in the field of securities, at least in the criminal aspect. Such a verdict was made on Tuesday, September 11, Brooklyn district Judge Raymond Dearie, Reuters reports.
In particular, the judge recognized as lawful the criminal prosecution of US citizen Maxim Zaslavsky, who was arrested last November on charges of deceiving cryptocurrency investors and conducting two fraudulent ICOs.
Zaslavsky collected at least $300 thousand. He was selling REcoin tokens, which, he said, were secured by real estate, as well as Diamond coins allegedly secured by a real diamond business. Prosecutors, however, disagree with him and stress that the tokens were not released at all.
In March, the lawyers of the accused filed a petition asking them to drop the charges, since the case is connected with currencies, not with securities, and does not fall under the securities law.
However, on Tuesday, September 11, Dearie rejected the petition and stressed that the application of the federal law on securities should be "flexible." He noted that the Securities and Exchange Commission (SEC) also considers some crypto-currencies as securities.
SEC’s Action Against Crypto Asset Management (CAM)
Tuesday SEC “announced its first-ever enforcement action finding an investment company registration violation by a hedge fund manager based on its investments in digital assets.”
According to the order against CAM and its sole principal, Timothy Enneking, the firm raised more than $3.6 million over a four-month period in late 2017 “while falsely claiming that the fund was regulated by the SEC and had filed a registration statement with the agency.” The Commission clarified:
“By engaging in an unregistered non-exempt public offering and investing more than 40 percent of the fund’s assets in digital asset securities, CAM caused the fund to operate as an unregistered investment company.”
The firm “ceased its public offering and offered buy backs to affected investors” after being contacted by the Commission. “CAM and Enneking agreed to the SEC’s cease-and-desist order and censure without admitting or denying the findings against them, and agreed to pay a penalty of $200,000,” the agency concluded.
Bitcoin Today: SEC says no to ETNsPrice
During the weekends BTCUSD tested the 5750 – 6250 support zone, the price found support on the Bearish Trend Line and managed to come back in the lateral channel, above 6250. Still, medium price lean closer to 6250 with each day, making the movement further down more probable. Fundamental support stays shallow, so there are not many factors that could contribute to the growth right now. For today: overall state is bearish, support is 5750 - 6250, 6600 is the closest resistance. To change the bearish state, we will need to see the price going above 7000.
Today forecast
Trading in the 6000 - 6600 zone. Fall below 6250 – bearish signal.
Latest news
SEC suspended trading of USD-linked ETNs from XBT Provider
“The Securities and Exchange Commission announced the temporary suspension of trading in the securities Bitcoin Tracker One (“CXBTF”) and Ether Tracker One (“CETHF”) commencing at 5:30 pm EDT Sept. 9, 2018, and terminating at 11:59 pm EDT Sept. 20, 2018.”- @SEC_News
The US Securities and Exchange Commission (SEC) has ordered the suspension of trading of dollar-tied exchange note (ETN) Bitcoin Tracker One ("CXBTF") and Ether Tracker One ("CETHF") from XBT Provider AB in the US market.
The stated reason for this decision is the alleged confusion of market participants about the nature of these instruments.
SEC stated that some broker-dealers who applied for opening trades in crypto-currency ETNs called them crypto-currency ETFs. At the same time, the issuer of instruments characterizes them as "certificates without equity participation".
The restraining order will last until September 20.
Recall, that CXBTF and CETHF were listed at the Nasdaq Stockholm stock exchange in August 2018. And the first bitcoin-based security from the XBT Provider called Bitcoin Tracker One (BTO) was released in April 2015. Which gave markets additional hope about institutional future. With the above SEC decision, the picture will add negativity.
Bitcoin Today: Goldman Sach CFO claims a fake newsPrice
On Thursday the fall stopped at the Bearish Trend Line, near to the major support zone 6250 - 5750. After the stop, the price went sideways in a narrow corridor. For now, the bulls will wait while the price confirms whether the zone 5750 – 6250 still have enough support, so the probable forecast is further sideways movement with testings of the 6250 support. For the bulls, until the price will not come back above the 100-days EMA, there is no reason to plan any bullish strategies. The main concern of the traders now is for the support zone to hold on.
Today forecast
Trading in the 6250 - 6600 zone. Fall below 6250 - 5750 – bearish sign.
Latest news
Goldman CFO: the story about us dropping Bitcoin trading was ‘fake news’
Earlier this week the news that Goldman Sachs was planning to drop a plan to build a Bitcoin trading platform, was named one of the reasons for the recent bitcoin crash. But today, at TechCrunch Disrupt, the CFO of Goldman Sachs described the story as “fake news,” and said that in fact, the bank is still considering how to offer services that involved physical Bitcoin, but that it has not yet set a timeline for it.
“I was in New York yesterday and I was co-chairing our risk committee, and I saw the news article,” said CFO Marty Chavez, referring to the report yesterday. “It wasn’t like we announced anything or that anything had changed for us… I never thought I’d hear myself actually use this term, but I’d really have to describe that as fake news.”
As Chavez described it, Goldman Sachs had been building a Bitcoin trading platform modeled on the commodities futures trading platform, where there is never any Bitcoin traded, but more the promise of how the currency might move. Though, the CFO specified that the company has no timeline for when its own offering might be ready.
SEC new member – a well-known supporter of ETFs
According to some experts, the chances for the appearance of bitcoin-ETF will significantly increase due to the appointment of a new member of the Securities and Exchange Commission (SEC), Elad Roizman, a well-known supporter of exchange investment funds. - Bitcoinist writes.
“The effect it will have on the perceived legitimacy of the market, on bringing in institutional money, and ultimately on the price of Bitcoin will be staggering. Time will tell, but it just may begin today with the confirmation of Elad Roisman as SEC Commissioner.” – from the Medium article by John Galt.
However, Galt noted that for the further development of the cryptocurrency the creation of ETFs is not necessarily. This is confirmed by the fact that even without institutional money, the capitalization of the digital assets market has grown to hundreds of billions of dollars.
Note that according to the head of Abra Bill Barhydt, the launch of Bitcoin-ETF should take place next year.
Bitcoin Today: anticipated fallPrice
Yesterday Bitcoin showed an anticipated fall, losing 13%, slicing through almost all gained levels and reaching the Bearish Trend Line and 6250 level, which coincides with the 61,8 Fibonacci of the August uptrend. Comeback below Bearish Trend Line will return the overall view to bearish state and open the way to the 2018 low at 5750. Sharp fall which did not met any resistance will scare away buyers for sure, so a quick return to the uptrend looks impossible right now. The first positive sign that we could see now is lateral movement above 6250. Today important support – 6250, the fall below 6250 could ignite further sell-off, maybe even below 5750. Return above 6800 would be a positive sign, but it looks unlikely right now.
Today forecast
Trading in the 6000 - 6600 zone. Fall below 6250 – bearish sign.
The most claimed reasons of the fall
Among the factors that could affect such a rapid decline in the market, analysts and commentators in social networks often call yesterday's news (yet not officially confirmed) about Goldman Sachs is ditching its near-term plans to open bitcoin trading desk.
Another common version is the general negative mood caused by the decision of the popular crypto-currency wallet and exchange platform ShapeShift to introduce mandatory registration of users and to start collecting personal data. Despite the fact that the Swiss company's statement does not explicitly state this, it can be assumed that this decision was at least a consequence of today's general situation with the regulation of the crypto-currency industry, and it is not excluded that it is the result of pressure from law enforcement bodies.
The news has become one of the most discussed in the community over the past 24 hours, and not all comments on ShapeShift turned out to be warm and friendly. Many directly blame the company and personally Eric Vorges for "betraying" the ideals and philosophy of bitcoin and the actual implementation of AML / KYC procedures.
Goldman Sachs will not be building Bitcoin trading desk in near future
The financial conglomerate Goldman Sachs will not in the foreseeable future create a trading department specializing in cryptocurrency. This was reported by Business Insider with reference to sources familiar with the situation.
The main reason for this is regulatory uncertainty. However, according to representatives of Goldman Sachs, in time this decision can be revised.
Nevertheless, at present, the bank is still considering the possibility of launching custodial services focused on large funds. The company also provides customers with the opportunity to trade bitcoin futures and CFD contracts. Which allow the investor to gain on the bitcoin price volatility without having to own the underlying asset.
Bitcoin Today: Low volatility and possible dumpPrice
Bullish tendency continues, bringing the price above 7300 level to the latest peak 7430, breakthrough above this level will be a bullish signal and probably send the price even higher. Nonetheless, more and more traders are waiting for the correction to such unusually calm growth (bitcoin market shows the lowest volatility in 2018). Due to an absence of the strong fundamental supporters for the bullish rally, traders should be extremely cautious about bullish signals. Overall picture stays the same: breakthrough above 7430 will be a bullish signal; 7000 – 100-days EMA zone should support the bullish tendency.
“I can’t look away from the broader trend. We are seeing these intermittent rallies, but the broader movement is extremely consistent like the move to $8,500 , which didn’t last long,” said senior market analyst at Oanda Craig Erlam.
Today forecast
Trading in the 7000 - 7430 zone. Breakthrough above 7430 – bullish signal.
Latest news and rumors
$800 million dump from the Silk Road
Recently, the community drew attention to the fact that associated with the now-defunct dark market Silk Road and Ross Ulbricht, crypto-currency wallets "woke up" and started moving funds. The fact that $ 800 million in bitcoins and Bitcoin Cash (BCH) were probably withdrawn, indicates a possible large-scale dump on the bitcoin market.
The movement of 111 111 bitcoins and BCH was noticed by participants of the crypto-exchange community on August 30. The funds were distributed by smaller parts among 80 wallets, and a common opinion leans that there is a threat that they can be dropped on the market.
Such a large volume of bitcoins can have a significant impact on the rate of the main cryptocurrency, as it was at the beginning of the year with 16,000 bitcoins from MtGox wallets, which caused a drop in the rate on $ 1000 per week.
So far, however, not a single transaction has been performed at the addresses of the well-known crypto-exchanges.
