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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.
BITFINEX:BTCUSD
by DestinationMoonCrypto
2
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.”
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Bullish Pennant, Buyer looking more forward aheadXBTUSD Technical Overview: Day Trading Range: $6630 - $6945 Pivot: $6712 Key Resistance: $6757 - $6832 - $6885 - $6945 Key Support: $6664 - $6630 - $6582 - $6532 Technical Indicator: Moving Average: SMA 20($6695) resistance & SMA 50($6508) strong support for Bitcoin today. RSI: The indicator shows upside divergence & moving above level 50. Technical Trade Idea: Most Likely Scenario Long position above $6580 with target $6745 - $6810 in extension. Alternative Scenario Short position below $6580 with target $6500 - $6450 in extension. According to above Chart Technical says: Long $6620 - $6650 Stop Loss $6572 Target $6745 - $6810 - $6885 - $6945 Thanks YoCryptoManic
BITMEX:BTCUSD.PLong
by yoCryptoManic
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.
BITFINEX:BTCUSD
by DestinationMoonCrypto
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
BITFINEX:BTCUSD
by DestinationMoonCrypto
Should Bitcoin complete Bearish Flag pattern ??XBTUSD Technical Overview: Pivot: $6342 Day Trading Range: $6250 - $6630 Key Resistance: $6410 - $6450 - $6520 - $6585 - $6620 Key Support: $6364 - $6338 - $6281 - $6230 - $6150 Technical Indicator: Moving Average: Price is above SMA 55($6390) strong support & below SMA 100($6492) strong resistance for the day. RSI: Indicator show upside bias, moving above 50 level. Technical Trade Idea: Most Likely Scenario Short below $6342 with target $6300 - $6250 in extension. Alternative Scenario Long above $6342 with target $6450 - $6520 in extension. Overall, XBTUSD price action the recent range-bound behavior has formed a bearish flag pattern. Bearish flag pole is around $1000 from the top to the bottom for the pole, should the bears breakout, could force Bitcoin doing to the $5500 territory. Technically, given the mentioned flag patter formation, it does suggest XBTUSD could be vulnerable to a breakout to the downside. If playing by the textbook, the flag pole of the bearish flag is around $1000 in value, which could see a $1000 drop, should the bears pick up momentum and cause a breakout to the downside. Near-term support eyed at $6200-100. Resistance to the upside seen at the upper part of the flag and current range, $6600. Thanks YoCryptoManic
BITMEX:BTCUSD.P
by yoCryptoManic
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.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Eye targetting $6464 TodayXBTUSD Technical Overview: Pivot: $6311.4 Key Resistance: $6354.5 - $6397.17 - $6431.5 - $6465.83 - $6542.43 Key Support: $6277.5 - $6243.17 - $6200.5 - $6157.83 - $6080.3 Technical Indicator: Moving Average: SMA200 ($6392.43) & SMA100 ($6452.78) Strong Resistance for Bitcoin today. RSI: RSI lacks downward momentum (above 50 level), forming a symmetric triangle, getting ready for BIG move. Most Likely Scenario Long position above $6311 with target $6397 - $6430 in extension. Alternative scenario Short below $6230 with target $6150 - $6080 in extension Overall, the upside for Bitcoin and the broader market were comments from the SEC Commissioner that were crypto friendly, the Commissioner stating that the government shouldn’t pin back the expansion of the cryptomarket by limiting the release of new crypto products. While U.S Commissioner Peirce is considered to be on the “For” side of the crypto camp, the comments were certainly supportive following a string of Bitcoin ETF applications being declined. As the markets prepare for the Mt.Gox flood of cryptocurrencies, a Bitcoin ETF approval and inflow of institutional money would be quite timely, particularly when considering the fact that institutional money should smoothen out the volatility, though ultimate influence may well reside with the Bitcoin whales. Thanks YoCryptoManic
BITMEX:BTCUSD.PLong
by yoCryptoManic
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.
BITFINEX:BTCUSD
by DestinationMoonCrypto
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.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Novogratz sees the bottomPrice Friday is the third day of grows, which brings the price to the upper bound of the 6250 – 6600 channel. Despite that this grows did not have any noticeable volumes or momentum, the fact that the price holds above psychological 6500 and leans to technical level 6600 opens a possibility for a breakthrough and further bullish developments, especially if traders will get positive feedback from the newsdealers. Bullish scenario: price holds above 6500, gains more support and breaks above 6600 during the US daily hours. Bearish scenario: rebound from 6600 and movement inside the 6250 – 6600 channel. Still, current patterns do not give any hints for possible bullish rallies. Until we will see the 7000 price, the only possibilities that traders should look for now are short-term swing trades. CoinDesk analyst Sebastian Sinclair sets the threshold for bullish review even higher than 7000, at 8500. Today forecast Trading in the 6250 - 6600 zone. Latest news Novogratz sees the bottom Investors and bitcoin-evangelist Michael Novogratz, one of the most famous investors in the crypto-currency industry, said that the market had finally passed the "bottom" and that it no longer had a way down. The founder and head of the crypto-bank Galaxy Digital wrote in his Twitter account commenting on the chart of Bloomberg Galaxy Crypto Index (BGCI). The chart, he said, shows that the market reached the point where it was in mid-November last year just before the start of the impressive bull rally and the growth of the bitcoin price to $20,000. “This is the BGCI chart...I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble... markets like to retrace to the breakout..we retraced the whole of the bubble. #callingabottom” - @novogratz Bloomberg Galaxy Crypto Index displays composition of the most liquid currency in relation to the US dollar. Last Wednesday, the cumulative capitalization of the cryptocurrency market fell to its lowest point this year, after which Bloomberg columnist Michael Patterson said that the drop in the crypto industry in 2018 was worse than the collapse of the dotcom bubble in 2000. This comparison was made on the basis of the Nasdaq composite index, according to which the dotcom market fell in 2000 from the peak to the lowest level on 78%. At the same time, the drop in cryptocurrency since the beginning of 2018 was 80%.
BITFINEX:BTCUSD
by DestinationMoonCrypto
1
Bitcoin, Still No Good News From EU RegulationsBitcoin Technical Analysis Day Trading Range: $6400 - $6755 Key Resistance: $6574 - $6653 - $6755 Key Support: $6488 - $6430 - $6372 Technical Indicators: MACD: MacD showing heavy volume in upside bias. Moving Avg: SMA50 ($6352.20) Strong Support & SMA100 ($6735.50) Strong Resistance for the day. Technical Most Likely Scenario: Long Above $6400 with target $6650 - $6780 in extension. Alternative Scenario: Short Below $6350 with target $6280 - $6200 in extension. Fundamental: Market anxiety over the EU Finance Ministers’ meeting on Thursday eased as the day progressed, supporting the 2nd half of the day rebound across the crypto majors, with the news wires silent on the discussions behind closed doors, fears of an intent to roll out heavy handed EU specific rules and regulations for the cryptomarket having contributed to the downward pressure through the first half of the week. No news was good news as far as investors were concerned, with any news that has trickled from EU Finance Ministers suggesting that intentions are not to cripple the market. Thanks YoCryptoManic
BITMEX:BTCUSD.P
by yoCryptoManic
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.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Trying to Get Strength Looking maintain at $6400 levelBitcoin Technical Overview: Day Trading Range: $6200 - $6500 Key Resistance: $6430 - $6455 - $6500 - $6545 Key Support: $6343 - $6300 - $6280 - $6220 Technical Indicators: RSI: Indicators shows upside strength, moving above 50 level. MACD: MacD having volume between 0-25 level which indicate short term upside bias. Moving Avg: SMA20 ($6291.5) support & SMA50 ($6419.12) resistance for the day. Most Likely Scenario: Long above $6280 level with stop at $6142 & target $6430-$6480 in extension. Alternative Scenario: Short Below $6280 with stop at $6430 & target $6200-$6150 in extension. Overall Review: BTC/USD has been creeping higher since September 8, well-supported by the upside trendline. A sustainable movement above $6,300 created a bullish momentum and pushed the price through the upper line of a triangle pattern (currently at $6,350), which is considered a positive development on the short-term timeframe. The next resistance is created at $6,400 and followed by $6,442, which is produced by SMA50 (4-hour chart). This handle is likely to stop the upside for the time being; however, once it is cleared, the recovery may be extended towards $6,500. BTC/USD is in recovery mode as long as it stays above $6,300. This psychological level is strengthened by a cluster of SMA100 and SMA50 (1-hour), located at $6,290. If it is broken, the sell-off is likely to continue towards $6,220 (the above-mentioned upside trendline) and $6,200. Thanks YoCryptoManic
BITMEX:BTCUSD.PLong
by yoCryptoManic
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.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin needed to avoid a reversalBitcoin Technical Overview Day Trading Range: $6410 - $6070 Day Resistance: $6365 - $6450 - $6480 Day Support: $6280 - $6200 - $ 6130 Technical Indicator: MACD: MacD shows short term bullish volume. Moving Avg: SMA20 is support Bitcoin at $6310, if break it than more down fall. Most Likely Scenario: Short Bitcoin $6400 - $6450 with strong stop loss $6588 & target $6330 - $6250 - $6170 in extension. Fundamental: On the news front, regulatory news weighed on the crypto market in the early part of the, the decision by the SEC to suspend a number of cryptocurrency trading products adding fuel to the already negative sentiment seen across the cryptomarket. While the bears will be looking towards this Thursday’s meeting, eyeing up sub-$6,000 levels, there are plenty of other drivers for investors to continue factoring in, these including ongoing SEC decisions and review of Bitcoin ETFs and other cryptomarket investment products and the much talked about unified G20 rules and regs. Thanks YoCryptoManic
BITMEX:BTCUSD.PShort
by yoCryptoManic
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.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Weekend Bearish Flag completion or Rally ?Bitcoin positive start to the day, though the lack of an early relief rally leaving the Bitcoin bears firmly in control going into the weekend. Bitcoin Technical Overview Day Trading Range: $6230 - $6650 Key Resistance: $6455 - $6528 - $6580 -$6635 - $6680 Key Support: $6378 - $6320 - $6278 - $6220 - $6170 Most Likely Scenario Long above $6400 with target $6480 & $6550 in extension. Alternative Scenario Short below $6300 with target $6245 & $6170 in extension. Technical Indicator: MACD: MacD shows in 4H lower strength for short, getting power for coming Bullish scenario. Moving Avg: SMA200 ($6646) strong resistance for the day & SMA100 ($6851) trading also resistance area. Overall, Plenty of headwinds remain, including the SEC’s review of the 9 Bitcoin ETF applications that comes in the wake of the latest suggestion of market manipulation, a sizeable short position ahead of the Goldman Sachs news that hit the wires midweek. Sentiment is particularly bearish and while there has been some upside early on, the gains are of little relief, investors needing to protect the downside ahead of next week’s EU gathering. For the day ahead, holding above $6,410 through the morning would support a run at $6,528 levels and the day’s first major resistance level at $6,545 later in the day, though Bitcoin will need to break out of its current ranges early, else face the prospects of a reversal, investors somewhat bruised from the losses through the week. Thanks YoCryptoManic
BITMEX:BTCUSD.PLong
by yoCryptoManic
1
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.
BITFINEX:BTCUSD
by DestinationMoonCrypto
2
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.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Shorts stack up Price Monday went into a lateral manner, slightly above 100-days EMA and below 7300 level. The longer the price will hold above EMA, the more chances to gain enough support for the next upward rally. 7430 level stays a resistance, which needs to be pierced to confirm completion of the August bottom pattern and beginning of the next growth cycle. From opposite point of view, inability to break above 7300 during the Monday, talks in favor of strong selling pressure of the 7300 – 7430 zone. So, to reach the next resistance at 8000, Bitcoin will need to gain some fundamental support. From the below, 100-days EMA and 7000 level should play a supportive role in the bullish scenario. Today forecast Trading in the 7000 - 7430 zone. Breakthrough above 7430 – bullish signal. Latest news Shorts stack up In the light of a rather strange manner of recent bitcoin growth, slow without high volume and momentum, market players start to look for the hints when such growth could come to an end. One of the interesting observations is the rising number of short contracts on future BTC markets. Briefly from bitcoin.com article by Jamie Redman: Cryptocurrency markets have shown some strength over the last seven days as many digital assets are up between 3 to 40 percent. At the time of writing, the entire digital currency market capitalization of all 1600+ cryptocurrencies is around $239B USD. The markets look far more optimistic than a few weeks ago but short contracts on Bitfinex order books for BTCUSD future markets, in particular, is nearing its all-time high once again. Cryptocurrency proponents seem optimistic the bearish trend will end soon, based on the sentiment to be observed on social media, Telegram trading chat groups, and forums. However, looking at future markets on Bitfinex, Bitmex and others show people are betting heavily against BTC’s price going up. BTCUSD short contracts on Bitfinex are slowly approaching the all-time high (ATH) that took place on August 21. Right now there are 33,408 shorts on the exchange and only 25,974 long positions. Again, either two things could happen: either the shorts bring the price down and bears get their way or lots of short positions will be squeezed which is what happened last April.
BITFINEX:BTCUSD
by DestinationMoonCrypto
1
Bitcoin Today: Bitfinex, not too many coincidences?Price Bullish Tendency continued to develop during the weekend, bringing the price to the 100-days EMA during the Saturday and testing 7300 resistance during the Sunday, peaking at the 7430. The week opened above the 100-days EMA, leaving only 7300 above to finish the turnaround pattern and turn into a bullish state. Many connect bullish state of BTCUSD with the recent emission of Tethers, which usually precedes to volatility jumps and bullish movements (read lower in details). For today: 100-days EMA and 7000 – support levels; breakthrough above 7430 (previous peak) – a bullish signal. Today forecast Trading in the 7000 - 7300 zone. Breakthrough above 7430 – bullish signal. Latest news Bitfinex connectivity issues just before the BTC growth On Friday, August 31, Bitfinex issued a series of tweets about the forced suspension of trade due to technical problems. “The platform is encountering connectivity issues with one of the servers. As a precaution, we had to suspend trading temporarily. We are working hard to have the platform return to normal operations as soon as possible.” - @bitfinex Soon a tweet was published stating that the main server with the exchange engine was restarted by the hosting provider without prior notification and that the recovery process will take at least 30 minutes. “Our matching engine server was restarted by our hosting provider without notice. We are in the process of restarting the server and returning the platform to normal operations. We expect this process to take at least 30 more minutes. Apologies for any inconvenience.” - @bitfinex Later, Bitfinex published the blog post, which says that in total the downtime was about an hour. Representatives of the exchange assured the users that all funds are safe and the situation is under control. Also, Bitfinex assured that all transactions are recorded and will be executed in the order of the queue. Many users of social networks were worried by the fact that the technical failure coincided in time with the expiration of the bitcoin futures on the CME exchange. "I will never believe that you have only one server that is responsible for the operation of trading services," wrote one of the users. One of the popular opinions is the connection between the hosting provider and CME, as this shutdown could be very beneficial for CME. Others were unhappy that the restart of the operations occurred without prior notice. Another 100 mln Tethers were transferred to Bitfinex The next portion of "freshly printed" tokenized dollars Tether (USDT) entered the Bitfinex wallet, one of the largest crypto-exchanges. “Just sent $100,000,000 USDT from the tether reserve to Bitfinex!” - @eurtprinter It is noteworthy that the previous similar transaction for the same amount was made less than two weeks ago, on August 21. Then it led to a short-term revival in the market, which was interrupted literally the next day. However, soon the uptrend continued and the price overcame the 7000 mark. Currently, the price is testing 7300-7400 zone, a breakthrough above which will be interpreted as a strong bullish signal. More and more users see new Tether emissions as something of a very accurate growth indicator. “Does anyone else feel like this Tether transfer thing is a bit too obvious now? I mean it seems to have become a leading indicator for the next move for a lot of people lol. Could it really be that easy? Usually isn't but who knows “- @CredibleCrypto “$100 MILL Tether incoming. 8,000 BTC on the horizon for the upcoming week.” - @bullishgentlemn
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Ether futuresPrice Yesterday Bitcoin didn’t manage to withhold the 7000 level and went down into a correction. Later BTCUSD lowering was stopped by 6800 support, the price even showed a rapid comeback to the 7000 but did not manage to gain enough power to break above it. For now, local view of the price is a correction to the recent uptrend movement, from the wider view – recent growth looks like a correction to bearish trend and to change this overview the price needs to get above 7300 level. The main upward target stays 7000 – 7300 zone, breakthrough above this zone will be read as an upward signal. From the downside, a break below 6800 will be enough to eliminate all positive mood that market gained during the recent growth. Today forecast Trading in the 6800 – 7000 zone. Breakthrough above 7300 – bullish signal. Latest news [* ]Ethereum futures will be a sign of crypto-markets maturity Chicago Board Options Exchange (CBOE) intends to launch futures trading on Ethereum by the end of this year, reported by Business Insider with reference to its own sources. Sources report that CBOE futures on Ethereum will be based on the market data of the Gemini Exchange, the same solution the Chicago Options Exchange used during the launch of Bitcoin futures in December of the last year. At the moment, CBOE is awaiting the approval of the US Futures Trading Commission (CFTC) and will launch Ethereum-futures trading after the corresponding decision. According to Danny Kim, SFOX's development director, the CBOE proposal will allow traders to use both long and short positions on ETH, which will be the next step towards adopting this asset class. “With this, I think the new investment opportunity will take crypto out of the bearish market and reverse to a new bull." - adds Danny Kim. Earlier, Chicago Options Exchange president Chris Concannon said that SEC had finally removed barriers to the potential launch of Ethereum futures. Nevertheless, the head of the rival CME Group, Terry Duffy, in July made it clear that he was not in a hurry with the launch of Ethereum futures and other altcoins because of their volatility, taking a wait-and-see position.
BITFINEX:BTCUSD
by DestinationMoonCrypto