Death Cross Pattern Fail to Create an Immediate Selloff

Death Cross Pattern

The ‘Death Cross’ pattern failed after Bitcoin (BTC) price moved above from 50-day’s low of $6,500. BTC price soared sharply on Monday and extended the uptrend into today’s trading, amidst concerns regarding the immediate price crash on Death Cross pattern – which occurred on Bitcoin price chart on Sunday when its 50-day moving average has cut the 200-day moving average from the top.

BTC price started recovering losses after hitting 50-day low of $6,500 during the weekend. Bitcoin currently hovers in the range of $7,300, up more than 5% today following a sharp recovery on Monday.

Source Image: bitcoincharts.com

The uptrend in BTC price confirmed that death cross pattern fails to create any damage to prices.

The entire cryptocurrency market is in the green since the start of this week. Ethereum (ETH) and Ripple (XRP) recovered sharply from four months lows, amid a broader rally in crypto markets.

“People need to recognize that crypto is still young and like the internet, those early years can be ugly,” Tatar said. “I do hope that things stop getting thrown at bitcoin, but as most teens know, life comes fast and hard from all directions during the early years,” analysts say.

Bulls are of the opinion that regulators scrutiny and advertisement bans would help crypto markets to streamline their operations, driven by regulators potential to vanish criminal activities and price manipulation techniques.

Jack Tatar, the co-author of “Cryptoassets, said, “while recent bans on cryptocurrency advertising by Facebook, Twitter and Google hurt prices short term, they could legitimize the space.”

Regulators role is turning vital in enhancing crypto markets credibility after reports of scams, frauds, and thefts in the last couple of months. Regulators all around the globe are asking cryptocurrency exchanges to get a registration certificate or expect a crackdown on them. Japan and the United States are among the key players that are taking the lead in regulating cryptocurrency markets.

Featured Image: Depositphotos/© spaxiax

  • Maybe it’s because ta is bs

Bitcoin Price Crash – Death Cross Concerns Are Still Lingering

Bitcoin Price Crash

Bitcoin Price Crash: Bears have been holding onto crypto markets over the last couple of weeks, with negative reports and increasing regulatory concerns. The selloff intensified in the previous two days when technical factors also started showing bearish trends for Bitcoin price and its future fundamentals. BTC price crashed at a double-digit rate to a 50-day low on Thursday, and the coin extended the decline into Friday trading.

Bitcoin price is down more than 40% since hitting $11,700 early in March. Bitcoin price traded around $6,700 in early trade before paring some losses. The market capitalization of largest coin fumbled to $114 billion.

Bitcoin Price Crashed

The Death Cross Trend Impacts Sentiments

Technical factors on the price charts impacted Trader’s sentiments. Its 50-day moving average cut the 200-day moving average from the top, creating a long bearish trend for the price. Technical analysts predict a huge crash in bitcoin price after its 50-day MA collides with 200-day MA from above.

Analysts say, “when you couple Death Cross trend with the fact that bitcoin has been trending steadily lower since the launch of futures, I think that it is a major negative.”

Bulls, on the other hand, still of the opinion that cryptocurrency markets are on the verge of significant rebound – which would be similar to late 2017.  

Brian Kelly said: “Bitcoin, just like the spot FX markets, follows technical’s closely. Therefore these support levels gain more importance. If these levels hold, then it will confirm the uptrend from August is still valid.”

>>Ripple, Cardano, and NEM: Which Coin Lost the Most Since 2018 Started?

Bears Also Get Support from Regulators

China, which has already banned all sorts of cryptocurrency platforms, is likely to extend its crackdown into the next year. China outlined its financial agenda for next year on Thursday; the country believes protecting their national currency from cryptocurrencies is their primary priority. U.K. Financial Conduct Authority also issued a warning to investors regarding unregistered brokerage dealers that are offering cryptocurrency derivative products to U.K. citizens.

Featured Image: twitter

Bitcoin Price Under Pressure Due To ‘Death Cross’ Concerns

Death Cross

Bitcoin price plummeted sharply today after trading in the narrow range of $8,000 level on Wednesday. The latest selloff isn’t due to ads bans, regulators clampdown or warnings; the downtrend was purely supported by traders concerns over the technical factors on price charts – market participants are predicting a massive crash in BTC price in the days to come, driven by a Death Cross trend. Bitcoin price declined more than 7% today, down 15% in the last seven days.

TV analyst Abigail Doolittle said, ‘the “death cross” trading data for bitcoin, suggests that we could see bitcoin go all the way back below $1,000 per bitcoin”.

Death Cross

Source Image: bitcoincharts.com

A death cross trend happens when the 50-day moving average (MA) cuts the 200-day MA from the top – suggesting a considerable drop in price based on technical factors. Bitcoin price chart clearly shows that the 50-day moving average is likely to cut the 200-day moving average from the top, which is creating a long-term bearish pattern for BTC price.

“That being said, any time the 50-day crosses the 200-day, it should flash a warning…and when you couple that with the fact that bitcoin has been trending steadily lower since the launch of futures, I think that it is a major negative,” Jim Iuorio of TJM Institutional Services said.

Jim Iuorio’s concerns look undoubtedly true considering declining trading volumes and declining trader interest. Cryptocurrency markets are fumbling sharply over the last two months on regulators concerns and the use of digital currencies in illegal activities. Regulators all around the globe are creating their framework to get better control of crypto markets.

>>Bitcoin (BTC): Wall Street Says HODL and Abra CEO Says Boom

The U.K. has recently formed a task force to look at the pros and cons of cryptocurrency markets, while the U.S. regulators are also inspecting crypto markets to come up with strong rules and trading guidelines. However, the market participants aren’t yet sure how the new regulations would impact cryptocurrency prices.

Featured Image: Depositphotos/© znm666

  • The Bitcoin party is over but the Blockchain party is just getting started: https://medium.com/saske/cryptocurrency-mining-vs-bitcoin-mining-profitability-5c2d348b0162

  • HODL growing pains. Buy it, store it, HODL it and forget about it. Bitcoin has a mission and for those who understand that mission and how public sentiment and use will continue to increase, bitcoin will reward them well. For those of you that are susceptible to FUD, just know that bitcoin has “crashed” so many times in the past that true HODL’ers know this is just another “Thang”. Here’s a brief history of bitcoin’s past “crashes” –

    1. Lost 30% from January 12, 2012 – January 27, 2012

    2. Lost 57% from August 17, 2012 – August 19, 2012

    3. Lost 33% from March 6, 2013 – March 7, 2013

    4. Lost 35% from March 21, 2013 – March 23, 2013

    5. Lost 83% from April 10, 2013 – April 12, 2013

    6. Lost 50% from November 19, 2013 – November 19, 2013

    7. Lost 87% from November 30, 2013 – January 14, 2015

    8. Lost 34% from March 10, 2017 – March 25, 2017

    9. Lost 33% from May 25, 2017 – May 27, 2017

    10. Lost 39% from June 12, 2017 – July 16, 2017

    11. Lost 40% from September 2, 2017 – September 15, 2017

    12. Lost 30% from November 8, 2017 – November 12, 2017

    13. Lost 70 from December 17, 2017 – February 6, 2018

    My advise to all of you is to just buy, store, HODL and forget the FUD news. Peace

    14ExagdErNJQiBGVhF4V6dRP6RnoSbWMMT

  • “TV analyst Abigail Doolittle said, ‘the ‘death cross’ trading data for bitcoin, suggests that we could see bitcoin go all the way back below $1,000 per bitcoin’.” And when enough people see this, it will!

Bitcoin (BTC): Wall Street Says HODL and Abra CEO Says BOOM

Bitcoin (BTC)

There’s no denying that panic has swept through the crypto sphere as of late. With the crypto ad bans by major companies like Google, Facebook, and most recently Twitter, prices of cryptocurrencies have taken a beating as many people believe this to be the end.

Have no fear, though, because this isn’t the end. Crypto will recover, and it will continue. People are still interested in the space. Just ask Wall Street or Bill Barhydt, the CEO of Abra.

CNBC reported that a Wall Street analyst is for HODLing Bitcoin (BTC).

Wall Street analyst Thomas Lee took a stock investing approach to Bitcoin and said that it is an “attractive buy.”

Lee’s approach is that only a few days in the entire year account for the overall return on investment for something like Bitcoin:

“The reason ‘buy and hold’ (or HODL) makes sense for BTC is that a handful of days each year account for the bulk of gains for BTC. For instance, in 2017, a total of 12 days represent the full-year return of BTC.”

That means that if you’re looking to make a profit on Bitcoin, you need to HODL, through the good and the bad, to capture those days.

However, can a stock investing approach really be applied to Bitcoin, when it’s been around for far less time than the decades-old stock market and is way more volatile? With less data to work from, it’s harder to generalize results. Be that as it may, Lee’s reasoning is something to keep in mind for those inclined to panic when Bitcoin drops. 

Lee’s argument essentially comes down to this: be patient and HODL through to the good days.

>> Ripple (XRP) joins forces with blockchain consortium Hyperledger

Those good days may be approaching fast, according to Abra CEO Bill Barhydt.

Abra runs a global digital wallet app where you can buy, store, and invest in up to 20 cryptocurrencies, including Bitcoin, Ethereum, and Ripple.

In an interview with Business Insider, Barhydt claims that Bitcoin is in store for another price rally – and soon. He believes that once institutional investors, like hedge funds and asset managers, start exploring cryptocurrency, Bitcoin prices, along with the rest of the crypto market, will recover.

“That’s going to happen this year I think,” said Barhydt.

He explained his reasoning:

“I talk to hedge funds, high net worth individuals, even commodity speculators. They look at the volatility in the crypto markets and they see it as a huge opportunity. Once that happens, all hell will break loose. Once the floodgates are opened, they’re opened.”

>> Coinbase adds ERC20 support – altcoins to come?

Barhydt pointed out that the December crypto price rally of last year corresponded with Japanese financial institutions investing in cryptocurrencies. He believes this will happen again once the West gets going.

“There really is zero large-scale institutional money from the west in crypto right now. That is happening in Japan. Once a large sizable chunk of Western institutional money starts to come in — watch out.”

He also believes that the regulation currently cracking down on cryptocurrency markets will actually end up encouraging institutional investors to move into crypto. In a more regulated space, more institutional investors will want in, fearing loss and scam less.

Already, there is evidence of some institutional involvement in crypto. Mark Yusko, the founder and CIO of Morgan Creek Capital, announced that the firm is looking to raise as much as $500 million to start a new crypto and blockchain exclusive hedge fund. The game CryptoKitties recently received $12 million in funding from a group of investors including Andreessen Horowitz.

So all this panic, it may be for nothing.

What do you think? Is Bitcoin on the road to recovery?

>> Check out Crypto Madness: ImmVRse ICO vs. Truegame ICO

Featured image: ARS Technica

Sheena Shah Of Morgan Stanley ; Bitcoin Is The Next Dot-Com Bubble

Sheena Shah

The cryptocurrency markets are in doldrums, and rating agencies are correlating them with different bubbles and scams that global markets had faced in the last few decades. Morgan Stanley strategist Sheena Shah sees enormous resemblances between the cryptocurrency market behavior and the dot-com bubble – the only exception being the 15 times higher growth in bitcoin price.

Sheena Shah has based its prediction on following assumptions:

  • The Nasdaq and bitcoin both surged 250 to 280 percent during the peak time.
  • Bitcoin prices plunged almost 45 to 50 percent during each bearish trend; the price movement was similar to Nasdaq’s behavior 18 years ago.
  • The Nasdaq had five price declines during the price crash in 2000, which is identical to the averaging amount of 44 percent.
  • Each bitcoin rally before the downtrend saw volumes fall. Shah said both bitcoin and the Nasdaq always faced falling trading volumes ahead of the follow-up rally.

Sheena Shah

Source Image: coinmarketcap.com

But Sheena Shah Forget to Paint the Future Picture

Undoubtedly Morgan Stanley’s strategist is certainly right. Shah has outlined several key factors that are similar to the dot-com bubble. Bitcoin and other cryptocurrencies are moving on speculation, and their trading volume continues declining with sideways movement. It’s also true that increasing trading volume doesn’t suggest higher trader interest; the higher volume could also be an indication of higher selling activities.  

“Rising trade volumes are thus not an indication of more investor activity but instead a rush to get out,” Sheena Shah said.

However, the strategist didn’t look at the price performance of NASDAQ after the dot-com bubble burst. NASDAQ recovered steadily at the beginning of 2003 following a two year of downward trends. NASDAQ currently stands around 7344 points, significantly higher from the 5000 points NASDAQ had hit during the peak of the dot-com bubble.

In case of cryptocurrencies, it’s too early to predict the future price performance of bitcoin and other digital currencies. The market forces have refused to consider them as a medium of exchange and an alternative currency, and they have several valid reasons to support their denouncement – the lack of fair value is amongst the biggest reason for their criticisms.    

Featured Image: Twitter

Cryptocurrencies are like Giffen Goods, Here’s Why

Giffen Goods

Analysts and market participants aren’t yet able to create the price prediction formula for cryptocurrencies; the market forces are divided on how these new assets will perform– some are calling for steady price growth, and others are seeing the price to fall to zero. Meanwhile, the idea of correlating cryptocurrencies with Giffen goods seems to be undoubtedly true.

Why Are Cryptocurrencies like Giffen Goods?

Giffen goods are products that people consume more when prices are higher, contrary to the demand and supply principle. Cryptocurrencies drive higher demand and interest when its price increases while the demand for digital currencies declines with the decay in prices.

The demand for cryptocurrencies increased substantially in the final two months of last year when its price was soaring at a robust pace. However, regulators interference and harsh comments from market forces pulled back Bitcoin (BTC) and other digital currencies from their all-time high; the decline in prices has also lowered trader’s interest towards cryptocurrencies.

Market Interest for Cryptocurrencies Declined

Google trends show that searches for bitcoin and other cryptocurrencies tanked by 80% to the lowest level in the last five months, while total confirm transactions are declining at a strong pace over the previous two months.

Traders lost their confidence in cryptocurrencies after regulators, and key market players strongly criticized them on various grounds, including the lack of underlying value, failure to work as a medium of exchange and its uses in illegal activities.

Followed by Facebook and Google, Twitter has also been planning to ban cryptocurrency related ads; they believe the unregulated cryptocurrency ads are harmful to consumers.

>>Bitcoin Price Watch – Returns to $8,500

Prices Regained Momentum on Mark Carney Statement

Bitcoin price regained momentum on Monday after hitting $7000 level on Sunday; the uptrend in price was supported by a statement from G20 Financial Stability Board chairman – who believe cryptocurrencies aren’t in a position to threaten the financial stability of the world. FBS members are likely to talk about digital currencies, but the chairman had ruled out the establishment of new regulatory policies for crypto markets during the summit.

Featured Image: Depositphotos/© Scharfsinn

Mt.Gox Bankruptcy trustee breaks silence

Mt.Gox

On March 9, 2018, documents distributed at the tenth creditors’ meeting of the infamous exchange, Mt.Gox, went public. They revealed a series of multi-million dollar sales of Bitcoins.  According to the documents, its bankruptcy trustee, Mr. Nobuaki Kobayashi had claimed to be the author of those sales. The document with Kobayashi’s textual words read as follows:

“Between the 9th creditors’ (September 27, 2017) meeting and this creditors’ meeting (On March 7, 2018), with the permission of the court, I sold a certain amount of BTC and bitcoin cash (“BCC”) that belonged to the bankruptcy estate. The quantities sold and the amount paid into the bankrupt trustee’s account are shown below.”

The multi-million dollar sales coincided with the exact time that Bitcoin prices fell the most in recent months. According to a Reddit forum sales were made from a series of wallets traceable to Mt.Gox which resulted in, or happened curiously close to, the largest and most atypical bearish candles of the month.

However, while some consider the impact to be strong, other research says otherwise: According to Coin Telegraph there is no reason to become alarmists:

“The data shows us that Kobayashi’s actions were not as significant to the price of Bitcoin in the short run as some individuals believed they were. That being said, the amount of cryptocurrency under Kobayashi’s management could have the ability to create a panic that causes investors to sell off their cryptocurrency – especially if they get a glimpse at a sell wall created by Kobayashi.”

After an intense debate, marked above all by Mr. Nobuaki’s secrecy, the silence was broken. In a document published on the Mt.Gox website known as Q&A regarding 10th Creditors’ Meeting Report, Mr. Nobuaki answers a series of questions relating to the sale of cryptocurrencies, with a special focus on his multi-million dollar sale of BTC and BCH.

According to the report, the whale denies any responsibility for the fall in bitcoin prices, as it mentions that sales, in addition to being made separately and in quantities that did not cause sell walls, had other characteristics that would give a minimal impact to the price of bitcoin:

He also mentions that his trade was not impulsive, but rather that he had expert advice on the subject (without specifying who these would be). Similarly, although the previous paragraph checks the cooperation with an Exchange, it should also be noted that the sales did not use this type of platform to be completed. He didn’t give any more details about these transactions:

“Following consultation with cryptocurrency experts, I sold BTC and BCC, not by an ordinary sale through the BTC/BCC exchange, but in a manner that would avoid affecting the market price, while ensuring the security of the transaction to the extent possible. Therefore, I believe that the sale of BTC and BCC by us did not affect their market prices.”

If his words are right, the bearish behavior may be natural, but he is already beginning to have critics who think that Mt Nobuaki is just defending himself. Fair practice that could give Holders peace of mind that their investment won’t fall as a result of some manipulation. In the end, everyone is free to make their interpretations, but the truth is that it now becomes easier to make an objective statement when one can know the trustee’s approach when negotiating.

 

Celebrate St. Patrick’s Day – Buy Booze With Bitcoin!

St. Patrick's Day

Looking for somewhere to drink on St. Patrick’s Day but all you have is Bitcoin? Look no further! Here are three places that you can use your hard earned Bitcoin to buy booze.

The Pembury Tavern – London, England

Located in East London, The Pembury Tavern is one of five pubs now accepting Bitcoin in jolly ol’ England. They’re all a part of the Individual Pubs Ltd. group, which include pubs scattered across the country.

2nd Place – Beijing, China

This cafe bar accepts Bitcoin as payment for ordering a beer – what could beer better, am I right?

Leprechaun fact: 2nd Place may very well have been China’s first Bitcoin bar.

Old Fitzroy – Sydney, Australia

Exchange Bitcoin for beer in Sydney, Australia at the Old Fitzroy pub. But remember, don’t feed the kangaroos…

>>Crypto Madness! Follow our Crypto Madness Competition

Bonus Round – Wine!

Not a beer drinker? Don’t worry, we’ve got you covered. You can buy wine with Bitcoin now too.

Here are three places that accept Bitcoin:

City Wine Cellar

Wine.com

Wine Enthusiast

Bitcoin GIF - Find & Share on GIPHY

via GIPHY

Featured image: Riki32

Ethereum’s [ETH] Most Hyped App Goes Live Today – Golem is Here

Golem goes live today

Wouldn’t it be nice to make some extra income just by browsing social media? Well, there’s good news for Ethereum investors: Golem goes live today. Golem is a peer-to-peer market that lets users put their excess CPU powers to use for other people. It’s been in the works for three years now, and the Golem team announced the news this morning via their Medium.

The project launched its GNT utility token back in 2016 and raised almost $340 million in just 20 minutes. Golem was one of the earliest ethereum applications.

Due to the amount of money it raised and nearly three-year turnaround time, the project has received an ample amount of criticism. It seems that the Golem team severely underestimated how difficult it would be to achieve their goal of a “worldwide supercomputer.” CEO and founder of Golem, Julian Zawistowski, told a reporter at CoinDesk:

“This is typical for software development in general, and blockchain in particular, we underestimate the complexity of what we want to do. You always underestimate how difficult it is, and this was obviously the case with us.”

Golem Goes Live Today

However, this main net launch is an important step in proving its worth and underlying architecture. Presently, Golem enables computers to rent unused CPU power for creating computer-generated imagery (CGI) via Blender. Blender is an open-sourced 3d computer graphics software that is used for creating interactive 3D applications, video games, animated films, visual effects, art, and 3D printed models. Golem connects to Blender directly and swaps the computer power for GNT.

>> Ethereum vs. Tron

The main net release is set to test the economic assumptions of the network and to gain user feedback on issues and usability. The team behind the project hope to eventually create a dedicated plugin for Blender so that there won’t be an extra step for using Golem’s service through the application.

While the process has been slow in many investors eyes, the Golem team wants to make sure their product is as “bulletproof” as possible. Once moved into the production stage on Ethereum, the development team has stressed that they are continuously making sure there are no holes in the code, as it is a risk to someone else’s money.

This is just the first big step for Golem and while they have taken nearly 14 software application turns in the past, this is the step in the right directions. A lofty goal like this takes time.

Golem (GNT)

GNT is currently ranked #59 in top cryptocurrencies by market cap. At press time, GNT is trading for $0.247 a coin, up 20.84%, in 24 hours. A rise in price because Golem goes live today, no doubt. You can trade for GNT on many of the major exchanges such as Upbit, Bittrex, Huobi, Poloniex, Ethfiniex, Liqui, OKEx, and Koinex.

>> Bitmain ASIC Miners

Featured Image: Canva

Ethereum Is More Popular Than Bitcoin In India

Ethereum Is More Popular Than Bitcoin

Bitcoin is the king of cryptocurrencies? Think again.  A study conducted by India’s free internet provider, Jana.com, has found that ethereum is more popular than bitcoin in India. Bitcoin has been dethroned.

To ensure the transparency of its studies, the popular company also published the methodology:

“Research was conducted on mobile search traffic and % of Jana’s mCent browser users from October 1, 2017, through February 28, 2018. Approximately 1MM mobile searches were studied overall as generated by mobile subscribers in India, and approximately 80,000 active mCent users who visited at least one cryptocurrency exchange during the time period.”

The study found that Ethereum has surpassed Bitcoin as the country’s most sought-after currency, which is particularly interesting given BTC’s reputation as the crypto-king blockchain ecosystem. After Ethereum and Bitcoin are ranked, the next rankings in importance are as follows: NEM, DASH, NEO, LTC, XRP, and XMR

Ethereum Is More Popular Than Bitcoin – Top Cryptocurrency Searches:

This results in a victory for Ethereum, which last year was second in the ranking, according to data from google analytics. This verifies that in India Ethereum is more popular than Bitcoin.

According to the analysis of the popular platform experts, the reason for this change of interest could be due to the government’s position in relation to bitcoin as a reference currency.

“Our data shows that despite growing interest in cryptocurrencies as of late last year, recent confusion and questionable nature of crypto as legal tender in India has had a noticeable chilling effect,” said Nathan Eagle, CEO and founder of Jana. “As the hype cycle has started to unwind, we’re also seeing a huge departure both on the total number of searches, as well as visitors to these sites, which will continue to impact consumer appetite for investing.”

As for exchanges, national trends differ widely from international ones. Local exchanges enjoy a higher level of popularity than other options

Top Cryptocurrency Exchange Visits (as % of daily users who visited at least one site)

The legal situation of cryptos in India has gone through a cycle of ups and downs. Currently, in the face of the government’s announcement of a ban on crypto trading, the various exchanges across the country have maintained their interest in operating and moving forward to the end.

This situation has, of course, affected not only the interest of users but also the sense of security of the population who perceive the use of alternatives that are not on the government’s radar as less dangerous investments.

Right now, Ethereum is more popular than Bitcoin, having 2x more searches:

Featured Image: Depositphotos/© Makaule