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Cryptocurrency technical analysis: cryptocurrency assets began the rally
Top crypto assets have been in an uptrend this week. One of the reasons for the growth was the positive dynamics in the US stock market. This was facilitated by the decision of the US Federal Reserve to continue the asset repurchase program in current volumes until March 2021. In addition, a number of news has influenced the digital asset market. So, on July 25, Chief Justice of the District Court of the District of Columbia Beryl Howell recognized bitcoin as a form of money and stated that the asset falls under the money laundering law. This decision was made during the $311 million laundering case, where the head of the Coin Ninja crypto project Larry Dean Harmon is the defendant.
Also since the beginning of the week, Bitcoin futures trading volumes have shown impressive growth, and the regulated crypto exchange Bakkt has reported closing of record high trading sessions. Also, significant support for the growth of the first cryptocurrency was provided by the massive closing of short positions, which were liquidated on July 28 for more than $500 million. And on July 29 it became known that the Central Bank of the Philippines is now participating in the race to launch the first national cryptocurrency. For this, a special committee will be created that will study the issue of launching the CBDC and the legal norms necessary for its work.
BitcoinAfter a rebound from support at $9150, bitcoin quotes easily overcame the $9500 level, which now also acts as support. The 200-day simple moving average (SMA) line passes in this area, as well as the boundaries of the technical analysis “Triangle” (they are marked in pink on the chart below). This allowed Bitcoin to reach the first goal in the form of cluster boundaries of $9,900- $10,000 and $10,400- $10,500.
Now the movement is taking place within the consolidation of $10,800- $11,300. In the coming weeks, maintaining the upward momentum will allow BTC quotes to rush to the following targets — $11,580 and $12,000. divergences ”between the highs on the chart and the MACD oscillator. If this scenario is realized, the targets will be the levels of $10,400 and $10,000. Further downward movement looks unlikely, but may lead to a retest of the $9,500- $9,600 area, where whales will most likely prefer to gain new positions in bitcoin.
BTC / USD chart, four-hour timeframe
On the daily chart of Bitcoin, you can see that there was a breakthrough of the boundaries of the technical analysis model “Triangle” (in the chart below they are marked in orange). From the point of view of technical analysis, a retest of the upper border of this figure should follow in the near future. This can lead to a decrease in the price from the current resistances of $11,000 and the cluster $11,200- $11,300 back to the supports at $10,500 and $10,000. If this scenario is implemented, there is also a chance of Bitcoin falling to the important cluster of $8900 (50% retracement at Fibonacci levels) — $9580.
The presence of divergence between the BTC price and the MACD oscillator indicates a high probability of a correction. But at what levels this reversal will occur is not yet known. But until the end of this year, the first cryptocurrency is ready to maintain its growth trend, which can lead to reaching $11,800, $12,500, a cluster of $13,100- $13,350 and $14,000.
BTC / USD chart, daily timeframe
EthereumAltcoins went up after bitcoin. The ether also shows good growth, the quotes of which continue to confidently rise from the support at $233, below which the 200-day SMA line is located. After overcoming the first target at $280, the ether rushed to the next targets located at the resistance levels of $300 and $320.
Now the ETH quotes have returned to the framework of the “Flag” graphical model, which can reduce the volatility of the asset. At the same time, a correctional decline below $320 will allow big capital to gain positions. The support levels will be $300, $280 and $251. The targets for the development of a long-term upward movement are $363.80, $400 and $420.
ETH / USD chart, daily timeframe
LitecoinOn the daily chart, Litecoin confidently maintains a positive momentum, which led to a breakout of the boundaries of the Descending Triangle technical analysis model. The upward breakout of the $47.45 level, just above which the 200-day moving average (MA) line is located, allowed LTC to go to the targets of $51.50 (38.2% correction level along the Fibonacci lines) and $56.80.
In the medium term, further upward movement may develop to $60.80, $65, $70 and even $83. However, in the event of a correction from the current levels, the whales are likely to gain positions only at the previously tested levels of $50 and $51.50.
LTC / USD chart, daily timeframe
Bitcoin CashBitcoin Cash, as expected, soared from the borders of the “Triangle” price model (on the chart below the borders are marked with pink lines) to the resistance located at the upper border of the “Horizontal Channel” $200- $272. Then the altcoin continued its way to the $305 area.
A correction may develop towards the 200-day SMA line, which is located in the $272 area. But in the long run of the coming months, we can expect a breakout of the $305 level, which will allow Bitcoin Cash to go up to the $356- $368 cluster and further to $400.
BCH / USDT chart, daily timeframe
XRPXRP also took advantage of an influx of liquidity, which led to the breakout of the boundaries of the Descending Triangle model. This allowed the asset to break through the boundaries of the “horizontal channel” of $0.18- $0.2050, in the area of which the 200-day MA line passes. As a result, XRP reached its first targets at $0.2360 and $0.2540.
In the long term, the bulls will be able to take profits at $0.27, $0.2860 and $0.3080. At the same time, the levels of $0.2040, $0.2360 and $0.2540 in the event of a correction can act as supports for the current XRP quotes.
XRP / USD chart, daily timeframe
Binance CoinBinance Coin also did not fail to take advantage of the market situation to break through the resistance in the form of the upper boundary of the “Ascending Triangle” and the level of $18.14. This allowed us to start the long-awaited growth towards the first target in the form of a powerful $19.36– $20 cluster. Maintaining this momentum in the months ahead will lead to the achievement of targets at $21.30, $23.50, $25.80 and $28.20.
But before that, the asset may wait for a correction to the levels of $19.36 and $18, where the 200-day SMA line is located.
BNB / USDT chart, daily timeframe
At the end of this week, we can confidently say that another rally has begun among crypto assets. Moreover, it occurs before the start of the correctional decline on the world stock markets, which some investors warn about. Thus, the cryptocurrency market is becoming a new safe haven for whales, which have preferred to accumulate positions since March. We will not be surprised if this upward movement will last more than one month.
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" And by the way, I think we can successfully make Zcash too traceable for criminals like WannaCry, but still completely private & fungible. …"Ethereum's track record of immutability is also poor. Ethereum was supposed to be an immutable blockchain ledger, however after the DAO hack this proved to not be the case. A 2016 article on Saintly Law summarised the problematic nature of Ethereum's leadership and blockchain intervention:
" Many ethereum and blockchain advocates believe that the intervention was the wrong move to make in this situation. Smart contracts are meant to be self-executing, immutable and free from disturbance by organisations and intermediaries. Yet the building block of all smart contracts, the code, is inherently imperfect. This means that the technology is vulnerable to the same malicious hackers that are targeting businesses and governments. It is also clear that the large scale intervention after the DAO hack could not and would not likely be taken in smaller transactions, as they greatly undermine the viability of the cryptocurrency and the technology."Monero provides Fungibility and Privacy in a Cashless World
"Imagine you sell cupcakes and receive Bitcoin as payment. It turns out that someone who owned that Bitcoin before you was involved in criminal activity. Now you are worried that you have become a suspect in a criminal case, because the movement of funds to you is a matter of public record. You are also worried that certain Bitcoins that you thought you owned will be considered ‘tainted’ and that others will refuse to accept them as payment."This lack of fungibility means that certain businesses will be obligated to avoid accepting BTC that have been previously used for purposes which are illegal, or simply run afoul of their Terms of Service. Currently some large Bitcoin companies are blocking, suspending, or closing accounts that have received Bitcoin used in online gambling or other purposes deemed unsavory by said companies. Monero has been built specifically to address the problem of traceability and non-fungibility inherent in other cryptocurrencies. By having completely private transactions Monero is truly fungible and there can be no blacklisting of certain XMR, while at the same time providing all the benefits of a secure, decentralized, permanent blockchain.
"A lack of fungibility means that when sending or receiving funds, if the other person personally knows you during a transaction, or can get any sort of information on you, or if you provide a residential address for shipping etc. – you could quite potentially have them use this against you for personal gain"For those that wish to seek more information about why Monero is a superior form of money, read The Merits of Monero: Why Monero Vs Bitcoin over on the Monero.how website.
All private transactions, More tested privacy tech, No tax on miners to pay investors, No high inflation... better investment.John McAfee, arguably cryptocurrency's most controversial character at the moment, has publicly supported Monero numerous times over the last twelve months(before he started shilling ICOs), and has even claimed it will overtake Bitcoin.
"Monero is a really good one. Monero is an incredible currency, it's completely private."There is a common belief that most of the money in cryptocurrency is still chasing the quick pump and dumps, however as the market matures, more money will flow into legitimate projects such as Monero. Monero's organic growth in price is evidence smart money is aware of Monero and gradually filtering in.
"In Bitcoin, the main chain is constrained and fees are ludicrous. This results in users being pushed to second layer stuff (e.g. sidechains, lightning network). Users do not have optionality in Bitcoin. In Monero, the goal is to make the main-chain accessible to everyone by keeping fees reasonable. We want users to have optionality, i.e., let them choose whether they'd like to use the main chain or second layer stuff. We don't want to take that optionality away from them."When the Spagni CNBC video was recently linked to the Monero subreddit, it was met with lengthy debate and discussion from both users and developers. u/ferretinjapan summarised the issue explaining:
"Monero has all the mechanisms it needs to find the balance between transaction load, and offsetting the costs of miner infrastructure/profits, while making sure the network is useful for users. But like the interviewer said, the question is directed at "right now", and Fluffys right to a certain extent, Monero's transactions are huge, and compromises in blockchain security will help facilitate less burdensome transactional activity in the future. But to compare Monero to Bitcoin's transaction sizes is somewhat silly as Bitcoin is nowhere near as useful as monero, and utility will facilitate infrastructure building that may eventually utterly dwarf Bitcoin. And to equate scaling based on a node being run on a desktop being the only option for what classifies as "scalable" is also an incredibly narrow interpretation of the network being able to scale, or not. Given the extremely narrow definition of scaling people love to (incorrectly) use, I consider that a pretty crap question to put to Fluffy in the first place, but... ¯_(ツ)_/¯"u/xmrusher also contributed to the discussion, comparing Bitcoin to Monero using this analogous description:
"While John is much heavier than Henry, he's still able to run faster, because, unlike Henry, he didn't chop off his own legs just so the local wheelchair manufacturer can make money. While Morono has much larger transactions then Bitcoin, it still scales better, because, unlike Bitcoin, it hasn't limited itself to a cripplingly tiny blocksize just to allow Blockstream to make money."Setting up a wallet can still be time consuming
The year 2018 was not as fortunate for the cryptocurrency market as 2017. On the one hand, due to the market downfall, dozens of cryptocurrencies lost in value. On the other – this crypto winter helped to crystallize more strict rules towards industry regulations, and also triggered to leave those market players who are not ready to interact with the emerging realities.submitted by changelly_com to CryptoCurrency [link] [comments]
Changelly formed the ratings of the top-10 most popular crypto trading pairs along with the most sold cryptocurrencies and most bought cryptos of 2018. You are welcome to read this overview to find out what was this year like for the exchange service and its users. Hopefully, this overview will help you to make some useful conclusions or even to forecast your further behavior in the crypto field.
Top-10 Cryptocurrency Trading Pairs of 2018Just a small reminder: one of the key concepts of the cryptocurrency market is a Crypto Trading Pair. It is formed when you decide to exchange one crypto asset for another. Below are top-10 crypto trading pairs in 2018 according to Changelly crypto exchange service:
As you can see from the infographic, the first two places are shared between the BTC-ETH and ETH-BTC crypto trading pairs with the total exchange volume of 24.7% and 20.5% respectively. In the cryptocurrency market, all trading pairs usually contain these headliner currencies. This is explained by the fact that the crypto market participants keep their savings in BTC or ETH. Accordingly, when a person decides to buy cryptocurrency, which seems the most promising, he or she exchanges Bitcoin or Ethereum for the destination crypto, let’s say ABC. Thus, a crypto trading pair BTC-ABC or ETH-ABC is formed.
Another crypto project which turned to be the rookie of the year is XRP. Crypto trading pair BTC-XRP takes the third place in Changelly rating. Also, XRP is still on the 3rd position in the cryptocurrency market rank. XRP started 2018 at the mark of ~USD 3.00, and during the year the rate was waving between USD 0.2 and USD 1.00. After the winter’s cryptocurrency market boom the next biggest hype around XRP peaked in autumn 2018 when the XRP market cap increased twice from US$11 billion to US$22 billion.
However, there are more crypto assets worth paying attention to. Firstly, it’s the currencies which appeared as a result of a hard fork of the Bitcoin blockchain such as Litecoin. The virtual asset appeared as a result of BTC blockchain split in October 2011. However, the trading pair LTC-BTC takes the fourth stage in crypto pair rating and points the fact that in 2018 a vast amount of LTC holders preferred to exchange their LTC savings back to BTC.
The other trendy crypto of the last year is DogeCoin. The fifth position in the rating takes BTC-DOGE trading pair, which shows the opposite situation if to compare with LTC-BTC trading pair. So, which factors motivated hundreds of crypto enthusiasts to exchange their BTCs in favor of the Shiba Inu coin? The first price spike occurred on the edge of 2017 and 2018 which was entirely predictable in the context of crypto hype momentum. The coin’s price reached $0.017 in comparison to $0.001 in November 2017. The second spike happened on the edge of the August and September 2018, when the Dogecoin raised from its low of $0.0025 to almost $0.05. The below-mentioned factors became the moving force for DOGE price and value significant increase:
Top-10 Most Sold Cryptocurrencies in 2018https://preview.redd.it/c1ql74gqz7r21.png?width=1024&format=png&auto=webp&s=24de3f9f40c44ca6ef9ec193b39b971861fb8339
Despite all the ups and downs of the market along the previous year, the pioneer cryptos didn’t change. Such giants like Bitcoin and Ethereum formed the entire industry in its roots, so along 2018 BTC and ETH were keeping the leading positions as the most sold and bought assets on the crypto market.
The fourth position goes to Monero or XMR with a total selling volume of 7.1%. As you probably know, Monero distinctive feature is total anonymity. On the one hand, this is the superpower of cryptocurrency which has been moving the blockchain industry forward from the very beginning. On the other hand, the time has shown that the abuse of anonymity became a disruptive power, following increased incidents of using Monero for money laundering. Thus, the decision to eliminate Monero from Changelly was motivated primarily by security reasons. As you can see from the diagram, Monero takes the 4th position in the top-10 most sold cryptos on Changelly even though the asset was switched off from the service in autumn 2018.
The last but not the least cryptocurrency in Top-10 most sold cryptocurrencies rating is USDT. The first stablecoin pegged to USD fiat currency caused quite a stir along 2018. A sharp drop in price occurred in the middle of October 2018. Anonymous attackers provoked the accident to increase the price of other cryptocurrencies.
Top-10 Most Bought Cryptocurrencies in 2018There’s an interesting observation if to compare diagrams with the most sold and most bought crypto assets of 2018. In both cases, BTC and ETH took the 1st and the 2nd places respectively. However, along 2018 the trend to sell Bitcoin contrasted with the trend to buy Ethereum.
The total value of sold BTC is 42.8% against 16.6% of sold ETH, while the chart of the most bought cryptocurrencies shows only 34.5% of BTC against 24.3% of ETH.
There is another prominent altcoin we haven’t mentioned yet. Bitcoin blockchain split made much noise back in 2017. As a result, the new cryptocurrency BCH was born. The hard fork took effect on 1 August 2017. In November 2018 Bitcoin Cash was hard forked again and split into Bitcoin Cash and Bitcoin SV. The confrontation of two communities surrounded the occasion. Following the network split, BCH market cap dropped dramatically. However, starting with the middle of December 2018, the market volume was partly compensated.
The fourth place in the most bought cryptocurrency rating takes Litecoin. Despite the descending LTC price trend along 2018, 8% of Changelly users took their chance on Litecoin. And as we can see now investment in LTC back in 2018 paid off at the beginning of 2019. As the Litecoin price increased almost three times from the beginning of the year.
TakeawaysTo sum it up, let’s take a look at all the graphics once again. What do we see?
|Country||Linked Bank Transfer||Wire Transfer||Paypal||Credit/Debit||Crypto Transfer|
|CAD||Deposit 1%/ Withdraw Free||Free||Free (Withdraw Only)||1% (Withdraw Only)||Free|
|USD||-||Free||Free (Withdraw Only)||-||Free|
|2FA||Google Authenticator or Email 2FA Available|
|Wallet Security||Undisclosed amount of funds in cold storage|
|Web Security||3rd Party Security provided by CloudFlare|
|Bug Bounty||Expired $50 bounties|
|Tier Level||Name||DOB||Phone||Address||Official ID||Bank Info||Credit Score||Limits|
|Basic Account||X||X||Digital only, Limits Vary|
|Verified Account||X||X||X||X||X||X||Limits Vary|
|Country||Credit/Debit||Bank Transfer||Crypto Transfer|
|Europe||3.5%+ €0.24||Deposit €0 / Withdraw €25 (SEPA €10)||Free|
|Russia||5% + ₽ 15.57||-||-|
|UK||3.5%+ £0.20||Deposit £0 / Withdraw £20 (SEPA||Free|
|US||3.5%+ $0.25||Deposit $0 / Withdraw $50||Deposit $0 / Withdraw 1%|
|2FA||Google Authenticator Available|
|Wallet Security||Undisclosed amount of funds in cold storage|
|Credit Card Data||Overseen by 3rd Party Kyte Consultants|
|Web Security||SSL Certificates and Encrypted Personal Data|
|Tier Level||Name||DOB||Phone||Address||ID + Photo||Bank Info||KYC||Limits|
|Basic Account||X||X||X||Digital only|
|Verified Account||X||X||X||X||X||X||$10,000 Daily/$100,000 Monthly|
|Europe||-||SEPA - Deposit .5% / Withdraw 1% (€100 min)||-|
|US||7%||Deposit .5% ($20 min) / Withdraw 1% ($100 min)||7%|
|2FA||Google Authenticator Available|
|Password Expiration||Must be changed every 6 months|
|DDoS Protection||3rd Party Security Services provided by CloudFlare|
|Bug Bounty||Yes at xBTCe|
|Tier Level||Name||DOB||Phone||Address||Official ID||Bank Info||KYC||Limits|
|Verified User||X||X||X||X||X||No Stated Limits|
|All Digital Currencies||0.1%||.25%|
|2FA||Google Authenticator Available|
|Bug Bounty||Reported bounty posted on HackerOne (unconfirmed)|
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