Recent Bitcoin surge linked to technical level breakout at $4,200.
The RSI signals sideways trading in a range between $4,700 and $5,000.
Bitcoin bulls change their focus to $6,000 and $8,000 in the long-term.
Following weeks of calm on the cryptocurrency market, Bitcoin extended the gains above both the 100 SMA 2-hour and the 200 SMA 2-hour. For some time, the level of $4,200 had become the biggest barrier to the upside. However, the breakout past $4,200 on Tuesday catalyzed further gains in an engulfing candle sending BTC/USD above $5,000 for the first time in five months.
Bitcoin short-term technical outlook – 2-hour chart
Chart Source: TradingView
Bitcoin has embarked on a new trend upwards within a forming rising channel. The upper trendline of the channel continues to cap the upside while the lower trendline is currently working as key support. In the short-term, Bitcoin technical outlook is bearish and the time for correction is here.
According to the Relative Strength Index (RSI), Bitcoin is past the time for formidable swings like yesterday. However, the indicator at 70.00 is sliding along a horizontal line to show that sideways trading is the likely movement. The indicator zoomed to highs close to 100 during the surge but has been correcting ever since. Therefore, we can expect Bitcoin to start a consolidation phase between $4,700 (support) and $5,000 (resistance limit).
Key Technical Levels:
Resistance 1: $5,000
Resistance 2: $5,100 (Wednesday high on Coinbase)
Support 1: $4,700 (Previous day support)
Support 2: $4,200 (Tuesday breakout point, now key support)
100 SMA 2-hour: $4,287.52
200 SMA 2-hour: 4,141.16
BTC/USD Daily Range
The daily chart shows how BTC bulls have changed their long-term focus to the range between $6,000 and $8,000. The digital asset trading at $4,951 at press time is supported by the 200 SMA daily currently at $4,629.54 as well as $4,020. The long-term outlook remains strongly bullish as the gap between the 100 SMA and the 200 SMA narrows to show that the bulls are in control. In the daily range, the RSI is still in a steep trend inside the overbought. All that Bitcoin needs, in the short-term, is to retrace the steps above $5,000 and focus on the levels towards $6,000.
Chart Source: TradingView
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AJ is a British bitcoin miner who loves privacy and hates KYC. When he needs cash to pay his bills, he meets bitcoin buyers in person. EZ is a full-time bitcoin trader who spends his days driving from city to city buying and selling BTC. This week, the two strangers met to conduct a $20K trade. News.Bitcoin.com watched the deal go down, noting the steps each party took to protect their assets.
The Anatomy of Swapping Bitcoin for Cash With a Stranger
“Is there any way you can do 6-7%,” messaged EZ over Telegram. It was the day of the deal, April 2, an event that had been in the making since the previous Friday. For EZ, it was just another deal. He’d be driving for five hours to meet the seller, and 5 BTC was the minimum he was willing to travel for. For AJ, it would be the largest cash deal he’d ever done by a considerable margin, and he was understandably anxious that it should pass without a hitch.
They’d agreed to a rate of 5 percent below Coinbase price at the time of the transaction. Now, EZ was pushing for an extra two points on the deal, but AJ demurred. “Even at 5 under I’m taking more of a hit than I’m accustomed to,” he messaged. EZ backed down. The plan was for AJ to catch the train from London to meet the buyer in a public location to conduct the deal. I would ride along, for the purposes of reporting the story (the names and locations in which have been changed) and for solidarity – or rather, for backup.
There was no reason to doubt EZ’s integrity – his Localbitcoins feedback checked out, and AJ had spoken to him on the phone twice in the days prior. Nevertheless, establishing trust is essential when handling large amounts of cash and crypto. AJ’s preparations for the meet included sending the 5 BTC to two freshly created wallets, and backing them up in case the deal went sour and his phone was stolen or damaged. He also intended to purchase a UV detector pen to check that the notes weren’t counterfeit. As it turned out, his local store had ran out, and thus EZ would have to rely on his own eyes to ensure that the banknotes were genuine.
The deal would have to be pushed through in one go. This would be quicker and easier, but it entailed more risk.
The agreement had been to transact 2 BTC first, then, once trust had been established and the transaction satisfactorily concluded, to meet at the same spot an hour later to complete the remainder of the deal. That way EZ wouldn’t have to arrive clutching the full £15K (~$20K), and AJ wouldn’t have to show a wallet loaded with the full 5 BTC. In the event, the buyer was running late, and by the time he arrived at the bar AJ had chosen for the meet, it was less than an hour until closing. The deal would have to be pushed through in one go. This would be quicker and easier, but it entailed more risk.
The bar had been selected by AJ on account of its sophistication – it was a plush lounge attached to a five-star hotel, whose patrons wouldn’t look twice at two men conducting business in the corner. There was another reason, though, why AJ had requested this particular locale: he knew the bartender, who would be able to provide an additional pair of eyes – and additional backup, if required.
“What are you wearing,” read the Telegram from EZ, moments after announcing that he had just pulled up outside. We were meeting to trade crypto, but it felt more like some kind of weird blind date. Two minutes later and EZ walked in, looking as youthful as one would expect of a man whose username contains “98.” In his white shirt, navy jumper and sports watch, he looked every bit the successful business graduate, which to all intents and purposes he was. It was just that EZ’s skills lay in an industry his careers advisor never told him about at school. EZ was only 10 years old when Bitcoin was born, and now he was trading bitcoin for a living, 500 million sats at a time.
We shook hands and then took our seats across from one another. EZ pulled out two phones and lay them on the table. Over the next 45 minutes, they proceeded to ring and buzz incessantly as the young trader controlled his empire. EZ had taken some security precautions of his own, we learned. After AJ showed him the wallet containing the first 2 BTC, EZ explained that he didn’t personally control the wallet the coins would be getting sent to. Instead, he would phone a friend who had custody of the bitcoin wallet. This would prevent EZ from getting robbed of both his crypto and his cash if a deal ever went wrong. I suspect EZ also had a codeword that he would use when calling his right-hand man, to indicate if he was under duress.
Reaching into a smart designer shoulder bag, EZ pulled out the first wad of notes, totaling £5,000. They were bundled into used twenties, £1,000 at a time, with the last note folded over and a rubber band holding them together. It felt less like a blind date now and more like a drug deal, only what they were doing was entirely legal: it was merely being conducted away from the prying eyes of compliance officers and third parties.
The price per BTC had been set at £3,000 – 5 percent under the Coinbase price as agreed. AJ counted out 50 twenties, then another 50, then another until the £5K had been verified. It was all there, and the notes looked genuine (though without a UV pen, it was impossible to tell with absolute certainty). Ignoring a middle-aged group of ladies sat at the table next to us, and the waitress who occasionally wandered over, AJ went on to count out £15,000, send two transactions amounting to 5 BTC, and converse about the days when he used to buy bitcoin for £100.
There was a 45-minute wait for the next bitcoin block to be found, leaving both transactions stuck on zero-confirmations for an agonizing length of time. EZ seemed unfazed though, using the opportunity to attend to his constantly vibrating phones. Tomorrow he had another full day of driving, buying and selling to look forward to. Eventually, the transactions cleared, the two parties shook and they went their separate ways, vowing to meet again in future.
AJ awoke the next morning, relieved that the largest BTC deal of his life had gone off without a hitch, but with mixed emotions at the realization that bitcoin had rocketed by 20 percent overnight. With enough cash to fund his living expenses and mining costs for the next few months, however, he professed to be pleased. Now he could start stacking sats all over again.
Have you ever bought or sold bitcoin for cash? If so, what precautions did you take? Let us know in the comments section below.
Images courtesy of Shutterstock.
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Cryptocurrency market has added about $30 billion in two days. The total market capitalization of the cryptocurrency markets crossed the $175 billion mark for the first time since November 2019.
The rise on altcoins early this morning brought the dominance of Bitcoin back to 50.8%. The increase in both Bitcoin and the altcoins was about $15 billion. While no fundamentals were backing the news driving Bitcoin or the altcoins, the traders have been optimistic about cryptocurrencies even during the bear markets. The percentage of ‘hodlers’ has also increased considerably.
The price of Bitcoin continues to rise above the spike initiated yesterday. The price of Bitcoin at 4: 00 hours UTC on 3rd April 2019 is trading at $5032 on Bitfinex. For BTC, $5100 is acting as the new resistance as it tries to break towards $6000. Bitcoin also closed above the 200-Day Moving Average on the daily scale, turning bullish on the 1-Day chart.
The altcoin markets which were awaiting a go-signal from Bitcoin (BTC) have shown a significant increase in the past 24 hours.
Bitcoin Cash Breaks Several Resistances
However, the rise in Bitcoin Cash (BCH) was most stupendous as it gained by more than $100 in a day. The price of Bitcoin Cash (BCH) at 4: 00 hours UTC on April 3, 2019, is $246. The 24-hour high on BCH is $291.9. The spike in price began from $169.
A crossover of the 50-Day Moving average with the 100-Day Moving average was observed on the daily BCH/USD chart; coincidentally it was timed perfectly with the Bitcoin bull run.
The price is trading above the moving averages. However, the RSI (Relative Strength Index) is pushing above 86. Nevertheless, the RSI on the weekly chart in 45, neither in the over-bought nor in the over-sold region.
BCH/USD 1-D chart on Bittrex (50,100-day Moving Average, Volume and RSI feed)
The All-Time High of Bitcoin Cash (BCH) in December 2017 is $4091. Hence, there are many more resistance lines to be breached before the glory of the bull run can be seen. The next significant resistance for BCH is around $410.
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On March 19th, the BORA team travelled to the Kakao headquarters in Pangyo, Korea to attend the Klaytn Partners Day event. They were joined by investors, reporters, and other partners who all wanted the latest news on this innovative blockchain project. Klaytn Partners Day consisted of two sessions. In the first session, Klaytn discussed their goal for blockchain mass adoption, and provided specifics on their future plans and vision. A press conference was also held at the end of the first session. In the second session, partners and businesses from a variety of different industries were introduced, including gaming and
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Hiroyuki Watanabe, CEO of B Dash Ventures, joins as an advisor for VELIC VELIC, a digital asset platform based in Singapore, announced an investment from a fund managed by B Dash Ventures, a prominent venture capital in Japan. The investment will jumpstart VELIC’s blockchain financial ecosystem, and Hiroyuki Watanabe, CEO of B Dash Ventures, will serve as an advisor to provide further insight and network in the blockchain space. Last January, VELIC secured a suite of successful strategic partnerships with Deblock, a blockchain accelerator, and ICON, South Korea’s leading blockchain project. Thanks to further investment from B Dash Ventures, VELIC
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2018 was a bad year for crypto miners as a lot of farms had to shut shop amidst declining crypto prices. By the time 2018 ended most crypto miners including larger names were gasping for breath. While things were expected to be good in 2019, the ghost of 2018 still looms on most mining players as they continue to file loses. The recent addition to this list is Canadian company Bitfarms which is on the verge of being delisted from Tel Aviv Stock Exchange.
Stable to Rising crypto prices still keep hopes alive for Crypto miners
Over a couple of months, the prices of all major currencies have been in a stable range. In fact, a few of them have seen occasional spurts on the upside. This flattish to spiking price movement is what is keeping the hopes of crypto miners alive.
While the outlook is still unpredictable, the ghosts of 2018 are still haunting most Crypto mining firms. The recent addition to the list is Bitfarms which was previously known as Blockchain Mining and is currently listed on Tel Aviv Stock Exchange in Israel.
Bitfarms is a Canadian crypto miner which envisions to develop the ecosystem growing around blockchain-based technologies. It is the first public company in the blockchain operation and crypto mining world. While the company had a lot of accolades under its name, its results for Q4 2018 were quite dismal. The corporate highlight presented by the company were
Consolidated revenue of $33.8 million; gross profit of $10.9 million (32% gross profit margin), operating loss of $18.0 million, EBITDA1 loss of $5.5 million and a net loss of $18.2 million;
Impairment of property plant and equipment and intangible assets of $19.1 million;
Mining operations segment revenue of $31.6 million, gross mining profit of $23.2 million (73% gross mining margin), gross profit of $10.3 million (33% gross profit margin), operating loss of $16.5 million, EBITDA loss of $4.0 million and a net loss of $16.6 million;
Coins minted in 2018: 3,252 Bitcoin, 2,577 Bitcoin Cash, 6,234 Litecoin, 964 Ethereum, and 611 Dash
Despite the dismal performance, the management commentary was pretty optimistic John Rim, Chief Financial Officer of the company stated
“2018 was a volatile year for the cryptocurrency industry and crypto miners. From the beginning of 2018 to December 31st, the price of Bitcoin decreased by 73% while network difficulty increased by 288% to its peak in October 2018. Despite the challenges, through continuous reinvestment of cash flow generated from our operations, careful financial planning and disciplined execution, we were able to achieve many operational growth objectives in 2018. We also successfully secured a large pipeline of economical, renewable energy that will allow us to continue to grow and scale going forward. With our recently secured $20M debt facility, we are well-positioned to continue our growth and build upon Bitfarms’ strong position in the crypto mining space,”
The dismal performance might force the company to go off markets in Tel Aviv, it seems to have already filed for Filed a preliminary prospectus with the Ontario Securities Commission in support of the Company’s Canadian Listing Strategy. At Tel Aviv, the company’s share price has risen by nearly 80% since the start of 2018 but is still 90% below the peak to which it soared in December 2017, when Bitcoin was also at a peak.
While the whole of the mining industry is looking for price revivals in the crypto market, not even a single of them is sure how the future lies. One can just keep their fingers crossed and expect things to come out positive.
Will 2019 be the year of crypto mining revival? Do let us know your views on the same.
The post Crypto Miners Struggle Continues as Israeli Crypto Mining Firm Posts Losses appeared first on Coingape.
According to the Dawn, a local media outlet, Pakistan’s central bank has announced plans to have a digital currency by 2025. Digital Version of the Pakistani Rupee Speaking about the regulation of Electronic Money Institutions, non-bank entities that will be allowed to issue “e-money” for digital payments, Pakistan’s State Bank Deputy Governor Jameel Ahmad told the audience that digital currency is more efficient. He also called on the government to ensure that cybersecurity was a top priority moving forward so that Pakistanis can fully take advantage of recent innovations. While the Pakistani government has given itself a long window to
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Bitcoin created a frenzy early this morning on 2nd April as it broke past two resistance lines of $4,400 and $4,700 in single candle-stick with a high of $5106. The price action took place at around 5: 00 Hours UTC.
While no fundamentals were backing the surge in price, various suggestions were brought including an April Fools joke about Bitcoin ETF getting approved. Moreover, according to the timeline of the action, it was probably initiated in Korean, Japanese or Chinese markets. Therefore, it is being suggested that the source of influx was perhaps singular.
BTC/USD 1D Chart on Bitfinex (Tradingview)
Leading Analyst and derivative trader, Tone Vays, says that daily BTC/USD chart has entered a “no trade zone.” He also stated that to confirm the bullish move it is imperative that Bitcoin moves above the 200-Day Moving Average currently hovering around $4700.
A bullish break above the $5200 range would move the price towards the next most significant resistance around $6000-$6300. The moving averages suggest that further consolidation is required before the bulls can take full control.
Tone Vays mentioned that since the price is still along the 200-Day Moving average, the bullish momentum is not confirmed “pointing to a pullback $4200.” However, continued bullish momentum would have targets at $5600 and $6000.
BTC/USD Chart 7-Day Chart on Bitfinex (Tradingview)
On the weekly chart, Vays suggested that a break above $5000 is imperative at the end of the week to move above the 100-Day moving average line (in pink above). He said,
“It could take several days before the move is confirmed,
“Right now Bitcoin is in an absolute no trade zone… Wait and See if the weekly chart is gonna close above $5000 or below this moving average. If Bitcoin closes above this moving average on a weekly scale then I would be absolutely certain that its a bull trap.”
However, he also suggested that the 1-hour chart is indicating strong bullish action. Hence, it marks a crucial week which will set the mood of the market for the rest of the year.
The post Why is This the Most Important Week For Bitcoin? appeared first on Coingape.
Coinbase announced its new cross-border cryptocurrency payment platform that is to use XRP and USDC which will be converted to supported local currencies. This has raised a lot of questions as to why Coinbase decided to work with XRP and not the leading cryptocurrency, Bitcoin (BTC).
Could it be that XRP is better than Bitcoin that is why it was chosen or as some people have alleged in the past, did Ripple pay for Coinbase to choose its native crypto token? I think the answer is simpler than most people think and No!, Ripple did not pay Coinbase to favor XRP.
One thing is certain and it is that cryptocurrencies are evolving specializations. What I mean is every cryptocurrency is working to provide services in a particular area of need to make the world a better place. It is no longer news that Ripple (XRP) has chosen remittance services as its niche, so Coinbase using it as its cross-border payment token shouldn’t be a surprise.
Weiss Ratings which isn’t the best of Ripple’s fans once said Ripple is superior in speed and quality of remittance services and no one can take that from the company. That was an indication that indeed XRP has established an identity in the industry that is difficult to deny.
Ripple provides one of the fastest remittance services at such a small cost that is almost unnoticeable. This makes it the preferred platform for payments, unlike Bitcoin that costs significantly more and takes much longer to settle payments.
Bitcoin takes 10 minutes to mine a block which is a long time for a merchant to wait either to receive or send funds. Although this is not to say Bitcoin is worthless, far from it. In fact, Tron CEO Justin Sun in an interview with CNBC earlier this year said Bitcoin is an excellent investment, adding that the layer 2 protocol of Bitcoin is what drives the internet revolution. Sun is not a known proponent of any crypto project apart from Tron and recently BTT, so his position on Bitcoin is a sincere opinion.
Bitcoin recently received an ‘A’ rating alongside Ripple’s XRP based on Weiss rating ranking, but for different strengths, while XRP got an ‘A’ for efficient cross-border payments, Bitcoin got an ‘A’ as a store of value. Like I mentioned earlier, all the cryptocurrencies have their strengths and one is not more important than another.
Therefore Coinbase’s choice of XRP is not an indication that it is superior to Bitcoin or that “it is the standard”, but rather because payments are its strong suit and it should be used in that area to make life better which is the goal of the blockchain technology.
The post XRP The Standard? Why Did Coinbase Choose XRP Over Bitcoin? appeared first on ZyCrypto.
There’s a new open source bitcoin cash (BCH) wallet called Crescent Cash which uses the Cash Accounts protocol by default. The new application was designed by the programmer Pokkst who built the wallet for simplicity by allowing BCH users to send funds to a specific username as opposed to a long alphanumeric address.
Crescent Cash Wallet Supports Cash Accounts by Default
On Monday, April 1, the programmer behind the recently published Bchgallery wallet released a new wallet called Crescent Cash, a light client dedicated to the Cash Accounts username system. Crescent Cash is open source and noncustodial like traditional BCH wallets and the application also supports the standard BCH address format Cashaddr. The application’s first release for Android is available on the Google Play store and Pokkst believes the wallet is simple and secure while combining the “simplicity of traditional, centralized money apps with the security of trustless Bitcoin wallets.” Pokkst explained on the Reddit forum r/btc that he spent a few sleepless nights powered by soda while he was coding up the application for release.
The app, which is only 6.5 megabytes in size, takes just a minute to download and roughly another minute to create a new wallet. The Crescent Cash wallet creates a Cash Accounts username after you choose the handle you desire. After deciding on a username, the application registers the new name with the Cash Accounts system. Users can immediately see that the name was broadcast into the Bitcoin Cash blockchain after the wallet has been created on Crescent Cash. While testing the application’s functionality, I registered the name ‘Jamiecrypto’ with the Crescent Cash app. While the transaction is unconfirmed it doesn’t have an associated number. Following confirmation, the registered name ‘Jamiecrypto#12871’ was filed into the BCH chain for the rest of time.
Crescent Cash Becomes the Third Light Client to Implement the Username System
To send BCH to another Cash Accounts user, simply type their username into the address field which also supports a standard address and QR code scanning abilities. With Crescent Cash, the wallet’s private key is stored on the device and the app’s website notes that the wallet provider has no access to recovery seeds. Because Crescent Cash is a very basic wallet with the bare minimum functions, the user has to open the settings section within the wallet in order to jot down the mnemonic seed phrase. The application also provides an xpub address that can be used for other compatible wallet applications. It’s important to write down the mnemonic seed phrase because like unlike other wallets the client does not make you verify that it is correct.
The Crescent Cash wallet is fairly intuitive, even for people just getting into the cryptocurrency space. The client with the predominately green and white design is very similar to Ifwallet and Yenom wallet’s simplicity. Right now the Cash Accounts protocol designed by Jonathan Silverblood is still very new and the system needs more time to catch on. However, Crescent Cash is the third wallet to implement Silverblood’s Cash Accounts protocol following Bchgallery and the Chinese BCH light client Ifwallet. Many of the new BCH-fueled ideas like the Simple Ledger Protocol and others are still nascent concepts and it will take time for them to make a lasting impression. The noncustodial Crescent Cash wallet is helping bolster the idea of more simplistic usernames within the crypto ecosystem. Pokkst has detailed that the next release, Crescent Cash v1.1.0, is already in the works with “a lot of improvements.”
What do you think about the open source Crescent Cash wallet for Android? Let us know what you think about this project in the comments section below.
Disclaimer: Bitcoin.com does not endorse this product/service. Review editorials are intended for informational purposes only. This is the first release of this particular software and early versions can often be buggy. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Image credits: Shutterstock, Crescent Cash, and Cash Accounts.