Bitcoin remains in an uptrend but is facing signs of exhaustion above $13,200, suggesting that a minor correction could drag altcoins lower. Hot on the heels of Paypal’s crypto adoption, JPMorgan’s Global Markets Strategy division released a report detailing how Bitcoin (BTC) could offer “considerable” upside “if it competes more intensely with gold as an… More The post Top 5 cryptocurrencies to watch this week: BTC, ETH, XRP, LTC, XLM appeared first on BTC Ethereum Crypto Currency Blog. Regulations have always been one of the top defining factors for the crypto industry. Since cryptocurrencies gained mainstream attention, proponents have fought for regulators to […] 99Bitcoins is a good YouTube channel for Bitcoin beginners. ✓ The Bitcoin Standard discusses the idea of Bitcoin as digital gold. ✓ Cointelegraph is a leading media resource covering daily crypto news Bitcoin (BTC) is facing a major resistance line ahead of a possible push towards $ 14,000. Pub The last Friday of the month is approaching with the threat of the monthly expiration of BTC options. Candy or Pranks: If BTC relapsed below $ 12,000 it would be a bad taste joke – too tart candy … John McAfee, an eccentric millionaire, crypto enthusiast, and anti-virus expert, was recently detained in Spain on charges of U.S. tax evasion. He also faces charges arising from a series of questionable crypto promotions, from which he allegedly profited millions of dollars. Though he is currently in a Spanish prison, it did not stop him from sharing a […]
Bitcoin remains in an uptrend but is facing signs of exhaustion above $13,200, suggesting that a minor correction could drag altcoins lower.
Hot on the heels of Paypal’s crypto adoption, JPMorgan’s Global Markets Strategy division released a report detailing how Bitcoin (BTC) could offer “considerable” upside “if it competes more intensely with gold as an ‘alternative’ currency.”
According to the analysts, the three reasons for their long-term bullish view on Bitcoin are the large valuation gap between Bitcoin and gold, the growing utility of cryptocurrencies, and millennials preferring Bitcoin over gold in the long-term.
This report shows that institutions are gradually realizing the huge potential of cryptocurrencies and are willing to take a U-turn on their previous apprehensions.
Galaxy Digital CEO Mike Novogratz said that PayPal’s decision on crypto could force other big banks to consider ways to engage with digital assets. “We are going to see, over the next 10 years, a rebuilding of the financial infrastructure of this country,” Novogratz added in an interview with CNBC.
On similar lines, in a recent interview with Peter McCormack, Gemini crypto exchange founders Tyler and Cameron Winklevoss reiterated their bullish Bitcoin stance, explaining that they expect BTC to eventually reach $500,000.
The twins believe that if big Fortune 100 or 500 companies and central banks start buying Bitcoin for their treasury reserves, Bitcoin’s price could soar.
At the moment investors are wondering if Bitcoin can build upon the current bullish momentum and continue its journey northward.
Let’s study the charts of the top-5 cryptocurrencies to find out if Bitcoin and altcoins will move higher.
Bitcoin (BTC) is in an uptrend and the price has been sustaining above the breakout level of $12,460 for the past few days. The rising 20-day exponential moving average ($11,938) and the relative strength index in the overbought zone suggest that bulls are in command.
The bulls had pushed the price above $13,214 today but they could not sustain the higher levels. This suggests that the bears have not yet thrown in the towel and are defending the $13,200 level.
However, as the trend is up, the bulls are likely to buy on dips to the breakout level of $12,460. Even if this support cracks, the bulls may again step in and buy at the 20-day EMA.
If the BTC/USD pair rebounds off either level, the bulls will once again try to push and sustain the price above $13,214. If they succeed, a rally to $14,000 could be on the cards.
This positive view will be negated if the bears sink the price below the 20-day EMA. Such a move will suggest that the current breakout was a bear trap.
The bears thwarted an attempt by the bulls to extend the uptrend today when they did not allow the bulls to sustain the price above $13,214. The sellers dragged the price down to the
immediate support at the 20-EMA on the 4-hour chart.
The bulls are currently attempting to keep the price above the 20-EMA but the bearish divergence on the RSI suggests that the momentum may be weakening.
A break below the 20-day EMA could result in a retest of $12,460, while a strong rebound off the current levels could resume the uptrend.
Ether (ETH) broke above the $308–$396 range on Oct. 22, which suggests that the bulls have overpowered the bears. Although bears have stalled the up-move at $420, they have not been able to pull the price back below $396.
This suggests that the bulls are buying on dips to $400. The upsloping 20-day EMA ($383) and the RSI above 59 also indicate that bulls have the upper hand.
If the bulls can push the price above $421, the ETH/USD pair could start a rally that may challenge the Sep. 1 highs at $488.134.
This bullish view will be invalidated if the bears sink the pair back below $396 and the 20-day EMA at $383. Such a move could keep the pair range-bound for a few more days.
The pair has formed a flag pattern following the breakout above $400. The long tail on the retest of the breakout level suggests that bulls are accumulating at lower levels. A breakout above the flag will signal the possible start of a new uptrend.
Contrary to this assumption, if the bears sink the price below the flag, a drop to the $396–$400 zone is likely. If the pair once again rebounds off this support, the bulls will try to resume the uptrend. Conversely, the trend will favor the bears if the $388 support cracks.
Although XRP has not yet started an uptrend, it has formed a possible inverse head and shoulders pattern that will complete when the price breaks out and closes above the overhead resistance at $0.26.
If that happens, the XRP/USD pair could pick up momentum and rally to $0.30. A sequence of higher highs and higher lows since the Sep. 23 lows indicate a minor advantage to the bulls.
If the pair rebounds off the 20-day EMA ($0.249) or the uptrend line, the bulls will try to drive the price above $0.26.
This positive view will be negated if the bears sink the price below the uptrend line. Such a move could result in a drop to $0.228409.
The failure of the pair to sustain above $0.26 could have resulted in the liquidation of long positions that pulled the price below the 20-EMA on the 4-hour chart.
Currently, the flattish 20-EMA and the RSI near the midpoint suggests a balance between supply and demand.
A breakout of $0.2635 could tilt the advantage in favor of the bulls while a break below the uptrend line may signal an upper hand to the bears.
Litecoin (LTC) completed an inverse head and shoulders pattern when it broke out and closed above the overhead resistance at $51.50 on Oct. 21. This setup has a target objective of $61.50 and if this level is crossed, the up-move may extend to $64.
The rising 20-day EMA ($51.30) and the RSI near the overbought zone suggest that bulls have the upper hand.
Usually, after the breakout of a reversal pattern, the price dips to retest the breakout level. In this case, such a move could drag the price down to $51.50. If the price rebounds off this level, it suggests that the breakout is valid.
However, if the bears sink the LTC/USD pair below the 20-day EMA, it will suggest a lack of demand at higher levels. Therefore, it is a good strategy to wait for a rebound from a strong support before buying rather than enter on the way down.
The 20-EMA on the 4-hour chart is sloping up and the bulls have been buying the dip to this support in the past few days. This suggests that the sentiment is positive and the bulls view dips as a buying opportunity.
The RSI has been trading near the overbought zone, which also suggests that bulls are in control. A break below the 20-EMA will be the first sign that the momentum may be weakening. Such a move could result in a drop to $53 and then to $51.50.
Stellar Lumens (XLM) has repeatedly risen above the overhead resistance at $0.084584 in the past few days but the bulls have not been able to capitalize on the move and start a new uptrend. This suggests that the bears are defending this resistance.
However, the upsloping 20-day EMA ($0.080) and the RSI in the positive territory suggests that bulls have the upper hand.
If the bulls can propel the price above the $0.084584–$0.087753 resistance, the XLM/USD pair will complete a rounding bottom pattern. This reversal setup has a target objective of $0.102327.
Contrary to this assumption, if the pair turns down from the current levels and breaks below the 20-day EMA, it will suggest that the bulls have squandered their advantage.
The pair broke below the support line of the triangle but the bears have not been able to capitalize on this move. The bulls are currently attempting to push the price back inside the triangle.
If they succeed, the pair could rally to the resistance line of the triangle. A breakout and close above the triangle might begin a new uptrend.
Contrary to this assumption, if the bears sustain the price below the support line of the triangle, the sentiment could weaken and the pair may drop to $0.079 and lower.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The post Top 5 cryptocurrencies to watch this week: BTC, ETH, XRP, LTC, XLM appeared first on BTC Ethereum Crypto Currency Blog.
Author: By TeamMMG
Ripple Mulls UK Move as Stalling U.S Regulatory Progress Impedes Growth
Regulations have always been one of the top defining factors for the crypto industry. Since cryptocurrencies gained mainstream attention, proponents have fought for regulators to accept these assets favorably. For some countries, this has worked. The United States, however, hasn’t toed the same line. Now, one of the country’s largest blockchain firms could leave as a result.
Late last week, Brad Garlinghouse, the chief executive of blockchain giant Ripple Labs, announced that the firm could relocate to London. Speaking to CNBC, Garlinghouse explained that the United States’ unfavorable crypto regulations had become a burden, and that they could choose to pack up in the coming months.
Based in San Francisco, Ripple Labs operates the XRP token and one of the U.S’s biggest blockchain firms. As Garlinghouse explained, the United States’ Securities and Exchange Commission (SEC) has yet to define whether XRP is a security or a currency. Ripple is currently in a lawsuit with some investors over the alleged sale of unregistered securities. As Garlinghouse explained, this lack of clarity from the SEC has not helped the firm in any way.
Praising the United Kingdom, Garlighouse explained that its regulator – the Financial Conduct Authority (FCA) – had stepped up to the plate in recent months and is now developing an effective framework to address cryptocurrencies.
“What you see in the U.K. is a clear taxonomy, and the U.K.’s FCA took a leadership role in characterizing how we should think about these different assets and their use cases. The outcome of that was clarity that XRP is not a security and is used as a currency. With that clarity, it would be advantageous for Ripple to operate in the U.K.”
Ripple has flirted with the idea of leaving the United States before. Earlier this month, the company’s co-founder Chris Larsen explained that the firm was considering an exit to a friendlier environment. Speaking with a Fortune Magazine reporter at the Los Angeles Blockchain Summit, Larsen said that the United States had been “woefully behind” on the next financial innovation, which would most likely revolve around cryptocurrencies.
Coupled with the U.S government’s apparent “regulation through enforcement” policy, this lack of preparation could drive the firm out. Larsen added that the firm was looking into relocating to countries like Switzerland, the U.K., and Japan. If bodies like the SEC don’t want to play ball, there’s little reason why they should remain here.
“I don’t think that the posture at the SEC today can possibly get worse for [the crypto and blockchain] industry. It’s just ‘crush it and push it away.’”
Enforcement tactics from agencies like the SEC have drawn significant criticism in the past. The agency particularly got flack when it stopped the planned launch of the GRAM token from the mobile messaging platform Telegram in May.
Telegram’s judgment drew in-house criticism as well. Hester Pierce, a Commissioner at the agency, said in a speech at the Blockchain Week Singapore that she didn’t support the SEC’s action against Telegram. Like Larsen, she also criticized the SEC’s “regulation through enforcement” tactic, explaining that regulatory integrity rests on punishing parties that violate laid-out laws, not about making new laws on the fly.
Author: FOLLOW ON
Seven Effective Resources to Understand Bitcoin and Cryptocurrencies
In this fast-paced world, information is constantly thrown at you. The task therefore is to find the gold nuggets in the piles of dirt. The same goes for information regarding Bitcoin and its neighbouring cryptocurrencies. With people realizing more than ever before that there is an alternative to traditional fiat currencies, education on Bitcoin and cryptocurrency has been on the rise. Thankfully, there are various places where credible information can be found, whether you are new to the cryptocurrency world or an advanced user.
Here are seven effective resources that can help you on your journey through this highly progressive space!
99Bitcoins is a YouTube channel whose purpose is to translate Bitcoin into plain English for the everyday person. The language used is easy to understand since they omit complex technical words. They also discuss how bitcoin is different to traditional mediums of exchange such as gold to modern mediums like fiat currency. This YouTube channel also discusses concepts like Bitcoin wallets, Bitcoin trading, and Bitcoin mining. Their YouTube video ‘What is Bitcoin? Bitcoin Explained Simply for Dummies’ breaks down the history of money, how we have progressed towards digital money, and how Bitcoin is at the forefront of this transformation. If you want updates on Bitcoin news, 99Bitcoins also uploads weekly videos on important news in the cryptocurrency space.
If you are looking for a more technical source related to Bitcoin, CuriousInventor on YouTube is where you need to be! There are a few Bitcoin videos as detailed as ‘How to Buy and Store Bitcoin’ and ‘How Bitcoin Works in 5 Minutes’. The YouTube page has been inactive for the last two years, but the fundamental information about Bitcoin and cryptocurrencies is available here.
“The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order” by Paul Vigna
“The Age of Cryptocurrency” by Paul Vigna and Michael J. Casey is a cohesive, non-technical, introduction to Bitcoin and blockchain technology. Due to its age, it covers only the period from the 1990s up through 2014. This book is still highly informative, starting with the inception of trading materials to the use, implication, and ramifications of modern fiat currency and new technology in the social and political realms. Keep in mind, this book was written before the bull market of 2017 that brought Bitcoin value to nearly $20,000. The authors also keep a neutral perspective regarding cryptocurrency by pointing out both the advantages and disadvantages of the technology. If you are looking for a book without bias that provides insight into what Bitcoin is and what it can achieve, give this a read.
“The Bitcoin Standard: The Decentralized Alternative to Central Banking” by Saifedean Ammous
‘The Bitcoin Standard’ is an entertaining and well-written book that discusses the idea of Bitcoin as ‘digital gold’. The history of money is discussed not in theory but through Ammous’ educational background. There are also key points regarding the economic crimes of past and present, particularly with regards to fiat currency, governments, and the central banking system. Ammous points out how the highly regarded gold standard was better than the fiat currency system we currently have today, and that the ‘Bitcoin standard’ will be its digital reincarnation. The comparison between the extended period of prosperity under the gold standard and the ‘boom and bust’ cycle of the era of fiat currencies also brings to light the significance of how the fundamentals of a monetary system can affect the economy in all areas. The scalability of Bitcoin through real-world use is also a topic of interest, as it will further your understanding of how useful Bitcoin is, not only to individual users but to the economy that future generations will be living in.
Podcasts & News Sources
What Bitcoin Did
This podcast (which is available on various platforms) is hosted by Peter McCormack, who leads discussions with some of the greatest minds in the cryptocurrency space. While they focus on Bitcoin, they do also discuss other cryptocurrencies, various events, and other topics. There are over 200 episodes of information with varying levels of information. This channel is fairly important as you can listen to a plethora of ideas, concepts, and interpretations of the cryptocurrency space regarding topics such as privacy, investment, and adoption. This podcast also has a YouTube channel for those who prefer videos over podcasts. One recommendation would be the ‘The Beginner’s Guide to Bitcoin’ playlist that they have on their YouTube channel.
Since 2013, Cointelegraph has been a leading independent digital media resource covering daily news on blockchain technology, crypto assets, and emerging fintech trends. Readers can benefit from their unbiased news, opinion pieces, and global technological news that educates both novice and advanced traders.
Coindesk is another source that educates its readers on how cryptocurrencies and digital assets are contributing to the evolution of the global financial system. There is a high level of information on this website that can help update and teach readers, especially in its ‘Learn’ section. Here you can learn about various cryptocurrency assets as well as the significant people involved in this space.
There are a lot more resources that can help you keep up to date with the constantly updating and exciting information around the globe. If there are YouTube channels, books, podcasts, or websites that you deem valuable that weren’t on this list, share them with a comment below for others to enjoy!
Written by bitMachina
bitMachina enables Ottawa residents to purchase and sell Bitcoin at their local retailers. With 13 locations spread out between the East to the West End of Ottawa, bitMachina is the perfect option for people seeking to buy virtual currencies in physical stores.
Author: Chantal Bechervaise
Bitcoin October 26, 2020 – Cryptocurrencies
Bitcoin (BTC) is facing a major resistance line ahead of a possible push towards $ 14,000.
The last Friday of the month is approaching with the threat of the monthly expiration of BTC options. Candy or Pranks: If BTC relapsed below $ 12,000 it would be a bad taste joke – too tart candy – for bitcoiners.
The Bitcoin price of the day is offered to you in partnership with the application Swissborg. For a simple registration and a deposit of 50 euros, you will receive up to 100 euros in bitcoins as a welcome gift by following this link.
Bitcoin climbed above $ 13,215 today, October 26, 2020, before dropping to $ 12,820 in 3 hours.
The sharp rise in the 20-day moving average rising to the $ 11,938 level, and the daily, weekly and monthly RSI (14) show a Bitcoin bullish under the control of bulls in recent days.
Bitcoin benefited from the announcement of PayPal which is (finally) embarking on cryptocurrencies. The BTC was able to cross $ 12,300 and climb above $ 13,000 quite quickly.
The $ 13,200 seems to be in the hands of the bears, however, with strong selling pressure at this level.
Bitcoin is trading at $ 12,869 as of this writing. The BTC is currently recording a daily loss of 1.15%.
Futures contracts CME expire this Friday, October 30, 2020 when the value of the options BTC is close to $ 750 million, and that open interest in derivatives markets BTC CME exploded.
This monthly event poses a risk of price collapse on the markets BTC. The question now is whether Bitcoin will be able to close this month above $ 13,000, to increase the chances of a continuation of the bullish rally?
The CME is now the second largest futures market BTC, behind OKEx. He dethroned the platform Binance Futures which now occupies third place.
Will we be entitled to another test of the 13,200 USD before the end of this month of October 2020 or do the markets have to decompress even more after the sharp rise in recent days? Will we be entitled or not to a monthly close above 13,000 USD? The bears have woken up, the bulls have already run a lot: it remains to be seen whether the latter still have enough strength to defend much of the conquered ground or whether they will be easily repelled.
Litecoin, welcome in the Silver Age
McAfee continues to promote cryptocurrencies from his Spanish jail cell
John McAfee, an eccentric millionaire, crypto enthusiast, and anti-virus expert, was recently detained in Spain on charges of U.S. tax evasion. He also faces charges arising from a series of questionable crypto promotions, from which he allegedly profited millions of dollars. Though he is currently in a Spanish prison, it did not stop him from sharing a few of his thoughts on recent developments in the crypto industry.
With regard to PayPal’s recent announcement, McAfee said “PayPal’s acceptance of cryptocurrency signals, I believe, a new wave of cryptocurrency acceptance worldwide. Governments around the world will have to get used to cryptocurrencies.”
In 2017, McAfee boldly forecast that Bitcoin would hit $1 million within three years, though he later took back his comment in July 2020. When asked whether his view of the asset class had changed in the months since, he responded affirmatively stating “Too many people are using crypto as a way to get rich quick rather than its original intent, which is for buying and selling transactions.”
“We will see very soon a new movement into using cryptocurrencies as transactions rather than as get rich quick schemes. This is why I developed the private $GHOST stablecoin.”
Although McAfee is no longer involved with the Ghost cryptocurrency asset, he still remains a part of the network’s broader privacy project.
“My work with $GHOST revolves entirely around our development of the world’s first private stablecoin,” McAfee explained. “Version one will be a wrapped DAI. Later we will have a new stable, private blockchain. Holders of $GHOST will share all transaction fee profits for the stablecoin.”
According to his correspondence, which was facilitated through his wife Mrs. Janice McAfee, he has not yet been transported to the U.S., and still resides in Barcelona. “I have not seen the full complaint or the charges against me, but I assume they are also looking into my crypto activities,” John said.
McAfee and his wife have posted a number of updates via their Twitter profiles following his arrest. John evaded the U.S. authorities for quite some time due to the tax charges against him.