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Bitcoin (BTC.X): what do the bears say?

4:58 am ET, 16 Oct 2018

Bitcoin (BTC.X) is trading at $6,600.  The price has been fairly stable lately, after a fall of over 53% in 2018.  

What is Bitcoin's price forecast? What do the bulls and the bears say?

Mike Novogratz, a Forbes-ranked billionaire, and the former hedge fund manager at Fortress Investment Group, asserted that there is no expectation for Bitcoin's price to rise beyond $10,000 until the second quarter of 2019. The next bullish trend can be expected when institutional investors rapidly enter the space and drive Bitcoin's price up.

As a matter of fact, institutional investors are increasingly sitting on the sidelines when it comes to cryptocurrency investments.  Many portfolio managers shun cryptos.  Ken Griffin, the founder and the CEO of Citadel, recently reminded us how “unfortunate is the amount of hype and the number of early investors who’ve been caught up in [the cryptocurrency] hype.” 

A chronic lack of demand has led to uncertainty around Bitcoin's next big price move. This has caused investors and traders to remain put, resulting in Bitcoin's struggle to break the $6.8k resistance level.

Because of Bitcoin's fixed supply, which is less than 21 million, owning and holding 0.28 of a single BTC makes you a one-percenter of the current world’s population.  Throughout the next few years, the scarcity of Bitcoin will increase as more investors and institutions continue to accumulate the cryptocurrency, which could further reduce the total possible number of individuals that can ever own one whole Bitcoin.  

Now let's look at the sentiment for Bitcoin.  How is the price expected to move in the near term?  Here are the major technical indicators:

  • MACD is back in the bullish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator) is currently above 50, but still in the neutral zone. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new major support level is forming at $6,300;
  • A new major resistance level is forming at $6,620.

Over the last 30 days, BTC.X lost -10.62%.

Disclaimer: The news article above expresses the author’s opinion about the topic of the article. We strongly advise you not to base your investment decisions just on this article alone. If you’d like to become a writer for AskFinny Bites, please send us an email at hi@askfinny.com.


Bitcoin Cash (BCH.X): what's the price prediction now?

Rajlaxmi Sahu | 6:08 am ET, 13 Oct 2018

Bitcoin Cash (BCH.X) is trading at $443.31. Bitcoin Cash is facing heavy selling interest below $450 against the US Dollar. On the BCH/USD pair's hourly chart, a key bearish trend line can be noticed with a resistance level of $450.

What should Bitcoin Cash investors be aware of?  What is Bitcoin Cash price forecast? 

From the perspective of a Bitcoin Cash investor, the price seems to have fallen off sharply since the recent highs of $573.  The previous Bitcoin Cash price spike is attributed to Bitmain's IPO announcement.  In order to offer securities to the public, Bitmain, one of the world's largest digital currency miners, filed a prospectus for its initial public offering, which instigated enthusiasm in the broader Bitcoin community.

Bitmain released its financial records for the first time indicating an excellent position on the market. It made a profit of more than $700M during the first half of 2018, an 800% year-on-year increase.

The price of Bitcoin Cash rose immediately with the announcement of the news. This is because Bitmain holds a huge amount of Bitcoin Cash. And by filling up its 'treasure chest' with more funding, Bitmain will contribute even a greater amount of money towards BCH mining.

Other than Bitmain's IPO plans, there are some other important commercial developments for Bitcoin Cash.  In order to address rising competition, several brokerages such as Gemini and Nittrex are ramping up their altcoin listings. The Gemini exchange has received a regulatory approval for its BCH listing.

What is the price sentiment towards Bitcoin Cash?  Here are the major technical indicators:

  • MACD is in the bearish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator) is hovering around 50, which implies the sentiment towards BCH is neutral.  RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new major support level is forming at $425;
  • A new major resistance level is forming at $460.

Over the last 30 days, BCH.X gained 7.2%, which is 10.48 percentage points higher than the 30-day return of Bitcoin (BTC.X).

Disclaimer: The news article above expresses the author’s opinion about the topic of the article. We strongly advise you not to base your investment decisions just on this article alone. If you’d like to become a writer for AskFinny Bites, please send us an email at hi@askfinny.com.


Bitcoin: what do the bulls and the bears say?

Carla Olson | 4:25 pm ET, 19 Sep 2018

Bitcoin price has been less volatile lately compared to 6 months ago. As the price becomes more stable, consumers are starting to think about investing in Bitcoin again.  As you're thinking about this, take a look at the questions we frequently get about Bitcoin as an investment or trading opportunity:

  • Is Bitcoin currently a buy or a sell?
  • Should I sell or hold Bitcoin today, if I purchased it 3 months ago?
  • Is Bitcoin a good buy/investment opportunity?

 Before making any premature decisions, taking a look at the bull case for Bitcoin:

1. Bitcoin is the most established cryptocurrency with the highest market capitalization, north of $100B.

2. An increasing number of investors and entrepreneurs see bitcoin as a legitimate asset class just like stocks, bonds or commodities.

3. Financial infrastructure is rapidly gaining maturity, which provides great support for digital currencies such as Bitcoin.  For example, GDAX and Coinbase now support margin trading

4. Bitcoin is like gold today.  Even if a lot of money is printed by the central banks, or in wartime circumstances, the value of Bitcoin won't fall dramatically.  The cryptocurrency remains a decentralized computer network that can't be controlled by an authority such as the Federal Reserve.

5. Because of the volatile market conditions and political uncertainty, the faith in government institutions and the stock market is reducing, while the popularity of Bitcoin is growing.

6. Investing in Bitcoin is not a difficult task.  It is as simple as buying a stock on an online exchange. By using a zero-cost brokerage such as Robinhood, this can be done easily.

Here are the reasons to sell Bitcoin cryptocurrency (a.k.a., the bear case):

1. Bitcoin use cases for ordinary consumers in real life are somewhat limited.  The reality is far from what the Bitcoin team actually claims. Stores such as Overstock and Subway accept Bitcoin besides cash and cards. But to this date, Bitcoin does not replace cash. Besides this, Bitcoin transactions take a longer time than using a credit card.

2.  Bitcoin is more likely to get scrutinized by government authorities since cybercriminals and drug dealers use it as the principal method of payment. For example, cybercriminals involved in the recent ransomware attack named WannaCry asked for a payment in Bitcoin.

3. The high volatility of  Bitcoin makes it less appealing to investors.  Looking back over the previous five years, one can find many instances when Bitcoin experienced spectacular crashes.  Even if it is performing well, there is no assurance that it won't crash tomorrow. 

4. Unlike hard cash or securities, Bitcoin has no tangibility. It is just a piece of code or a special digital storage vault, but a person can't ask a company or any financial institution to honor it in any country.

5. Bitcoin has a high risk of fraud.  The general population is still not knowledgeable about Bitcoin, so fraudsters are likely to take advantage of this situation (e.g., launch a Ponzi scheme that 'guarantees' high rates of returns).  

Bitcoin (BTC.X) is trading at $6,343.12.  Over the last 30 days, BTC.X gained 3.3%.

Disclaimer: The news article above expresses the author’s opinion about the topic of the article. We strongly advise you not to base your investment decisions just on this article alone. If you’d like to become a writer for AskFinny Bites, please send us an email at hi@askfinny.com.


Bitcoin Cash (BCH.X) price: where is the abyss?

Carla Olson | 9:20 am ET, 12 Sep 2018

Bitcoin Cash (BCH.X) is trading at $422, down by 5% from yesterday. This is another abrupt fall in the Bitcoin Cash price against the US Dollar. Bitcoin Cash could not clear the $470 resistance, and a bearish trend line is forming with a new resistance level of $405.

The token continues to be impacted negatively by the sell-off in the ICO market.  In addition, a ruling yesterday in the US that ICOs are covered by the US security law added to the negative sentiment. While ICOs will be judged on a case-by-case basis, the decision gives the SEC the powers to bring criminal proceedings against fraudulent companies.

In contrast to the price fall, Bitcoin Cash continues to impress investors with its technical performance.  A stress test conducted on September 1 led by the protocol miners processed about 2.2 million transactions in 23 hours.  Coingeek, Waterhole, BMG Pool, and Viabtc were some of the miners that processed transactions sized 4-15MB.  This test indicated the on-chain capability of a network. 

BCH is widely used in Venezuela, Iran, and Cyprus where it is supported by a large number of merchants. 

What is Bitcoin Cash price forecast?  Here are the major technical indicators:

  • MACD is in the deep bear zone.MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator)  for BCH/USD  pair is below 40, which indicates the coin is oversold. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new major support level is forming at $455;
  • A new major resistance level is forming at $405.

Over the last 30 days, BCH.X lost -28.43%, which is 19.98 percentage points lower than the 30-day return of Bitcoin (BTC.X).

Disclaimer: The news article above expresses the author’s opinion about the topic of the article. We strongly advise you not to base your investment decisions just on this article alone. If you’d like to become a writer for AskFinny Bites, please send us an email at hi@askfinny.com.


Bitcoin (BTC.X) price: still bearish, despite some positive developments

Carla Olson | 6:26 am ET, 08 Sep 2018

Bitcoin (BTC.X) is trading at $6,450, up 1% from yesterday.  Its price extended downside correction and tested the key support at $6,400 against the US Dollar.  What is Bitcoin's price forecast?

ShapeShift CEO Erik Voorhees said that the bear market for Bitcoin is not over yet.  ThinkMarkets chief market analyst Naeem Aslam thinks similarly and believes that speculators have unnecessarily intensified the downtrend by overselling Bitcoin in the global exchange market. 

However, there are a number of positive developments related to Bitcoin.  The largest bitcoin mining pool in the world BTC.com is intending to expand its operations: it released a client designed to mine the Ethereum blockchain. Initially, the pool will support Ethereum and Etereum Classic. In order to enhance profitability, the users will get an option to shift between the two Ethash based cryptocurrencies.

Around 16% of Bitcoin's computing power is accounted for by BTC.com. BTC.com also makes up 14% of the Bitcoin Cash network. The mining operations are expected to grow by 12% in the upcoming 12 months.

Here are the major technical indicators for Bitcoin:

  • MACD is placed is in the bearish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator) is below 50, indicating the coin is oversold.  RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new major support level is forming at $6,350;
  • A new major resistance level is forming at  $6,650.

Over the last 30 days, BTC.X lost -12.77%.

Disclaimer: The news article above expresses the author’s opinion about the topic of the article. We strongly advise you not to base your investment decisions just on this article alone. If you’d like to become a writer for AskFinny Bites, please send us an email at hi@askfinny.com.


Zcash (ZEC.X) price prediction: all you need to know

Carla Olson | 7:02 am ET, 30 Aug 2018

ZCash (ZEC.X) is trading at $148.35.  The cryptocurrency is rebounding from its recent low of $125, which it reached earlier this month.  What's ZCash price forecast, and which developments should investors be aware of?

ZCash fell by 90% from its all-time high. Still, it is among the top 20 cryptocurrencies, with a market cap of $780 million USD.

Zcash was issued with a goal to introduce privacy in blockchain transactions. It hides transaction details and ensures the privacy of its users by leveraging the zk-SNARKS protocol (based on zero-knowledge proof).

Unlike bitcoin which takes 10 minutes to generate a block, ZCash can do it in 2.5 minutes. 

ZCash is releasing a new update known as Sapling, which will offer faster transactions while shielding ZCash addresses.  The update will make ZCash even more attractive to investors who want to maintain privacy in the fast decentralized payment network.

The proposed extra layer of ZCash called BOLT, inspired by the 'lightning network',  will establish a private link among Zcash, Bitcoin, and Litecoin. This will help dismantle tribalism occurring in the cryptocurrency world today.

What's the sentiment towards ZCash? Here are the major technical indicators:

  • MACD is placed slightly in the bullish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator) seems to be bullish. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new major support level is forming at $145;
  • A new major resistance level is forming at $157.

Over the last 30 days, ZEC.X lost 46.89% of its value, which is 43.03 percentage points lower than the 30-day return of Bitcoin (BTC.X).

Disclaimer: The news article above expresses the author’s opinion about the topic of the article. We strongly advise you not to base your investment decisions just on this article alone. If you’d like to become a writer for AskFinny Bites, please send us an email at hi@askfinny.com.


EOS: will the bearish trend continue?

Carla Olson | 8:04 pm ET, 11 Aug 2018

EOS (EOS.X) is trading at $4.98, down 5% from yesterday. The break of short-term support zones in EOS price has paved way for more declines, which means we are still in the sell-off mode.

What is EOS price forecast? Will the bearish trend continue for much longer?

EOS price is below the 12-day exponential moving average (EMA), as well as below the 26-day EMA, which is an indication the bearish market trend could continue.  

However, there are some good news in the EOS' ecosystem.  A blockchain startup Havven, which offers cross-blockchain payments, is going to bring its stable coin, i.e., a cryptocurrency tied to a stable asset, to the EOS network.  The startup aims to issue USD on the Ethereum as well as EOS network, thus enabling cross blockchain payments. The stable coin will adjust its supply according to market shifts, so as to maintain the price of a fiat currency.

The primary entity behind the EOS, Block.one announced it is pursuing a $1 billion investment fund for the ecosystem growth. In the cryptocurrency world, EOS is the 5th most valuable crypto with a market cap of $4.9 billion USD.

The EOS platform offers solutions for individuals, businesses, as well as organizations. It has the potential to measure a degree of flooding and find fire boundaries for disaster management. It also may be able to identify oilrigs and asses their impact on the environment.  To provide platform-based services to their customers, EOS' partner companies use EOS white-labeled solutions.

 Here are the major technical indicators:

  • MACD is in the bearish zone.  MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator) is moving into the oversold territory, indicating exhaustion among the sellers. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new major support level is forming at $4.66;
  • A new major resistance level is forming at  $5.40.

Over the last 30 days, EOS.X lost -32.67%, which is 28.47 percentage points lower than the 30-day return of Bitcoin (BTC.X).

Disclaimer: The news article above expresses the author’s opinion about the topic of the article. We strongly advise you not to base your investment decisions just on this article alone. If you’d like to become a writer for AskFinny Bites, please send us an email at hi@askfinny.com.


Ripple (XRP): burgeoning optimism?

Carla Olson | 8:05 pm ET, 09 Aug 2018

Ripple (XRP.X) is trading at $0.35, up 6% from yesterday.  Ripple's price is forming a strong support base near $0.327 level against the US Dollar.  What is Ripple's price forecast? Is it finally rebounding?

First, here are some fundamentals about Ripple.  It is different from other crypto companies because it sells services to financial institutions.  Ripple enables faster, safer and cheaper cross-border settlements, compared to other platforms. Its two services xRapid and xCurrent have the potential to revolutionize the financial industry.

Today, most of the top altcoins are more efficient or usable than BitcoinRipple is venturing into Bitcoin's space as a base currency at a faster rate than other cryptos. Many leading exchanges such as DCEX and Unocoin in India have expressed their intent to incorporate Ripple as their base currency, and some have moved towards implementing it.

SBI Japan, a reputable financial institution, has decided to use Ripple as a base pair currency.  This step is a game changer for the altcoin.  SBI Japan may have a remarkable impact on Ripple's future price value by opening up huge investments which amount to billions of dollars of Ripple available for trading.

There was a significant rise in the number of sign-ups and transactions when Ripple partnered with Wirex since the company was able to add XRP as a payment method for its Visa card.  About 40 million merchants in more than 200 countries support the Wirex card.  After the partnership, a whopping $2 million of XRP were deposited in just 12 hours.

Because it is fast and cost-free when it comes to transactions, XRP has an excellent opportunity to be adopted in real-life scenarios.  Last week, when the leading coins in the crypto market dropped 20% in value, XRP was the only altcoin which had a single digit loss against the US Dollar. 

Here are the major technical indicators:

  • MACD for XRP/USD is placed in the bullish zone.  MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator) for XRP/USD is moving lower towards 30, indicating the cryptocurrency is oversold. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new major support level is forming at $0.327;
  • A new major resistance level is forming at  $0.395

Over the last 30 days, XRP.X lost -10.39%, which is 16.35 percentage points lower than the 30-day return of Bitcoin (BTC.X).

Disclaimer: The news article above expresses the author’s opinion about the topic of the article. We strongly advise you not to base your investment decisions just on this article alone. If you’d like to become a writer for AskFinny Bites, please send us an email at hi@askfinny.com.


Bitcoin's abyss: when will the bleeding stop?

Carla Olson | 4:52 pm ET, 08 Aug 2018

Bitcoin (BTC.X) is trading at $6,316, down 8% from yesterday.  Bitcoin price fell below $6,500 support level against the US Dollar.  There is a strong buying interest near $5,850 which is indicative of an eventual upward move.

What is Bitcoin's price forecast?  Can the downward trend be treated as a minor correction, or is there more price pain ahead?

Bitcoin fell sharply on Wednesday because the SEC postponed its decision on whether it would approve a bitcoin exchange-traded fund (ETF) proposed by VanEck and SolidX.  This is VanEck's third attempt to push a Bitcoin ETF through.

However, some investors claim the price fall is just a minor correction. Brian Kelly, the CEO of the digital currency investment firm BKCM, opines that the market appears to have reversed its sentiment toward Bitcoin. The reasons from his perspective include SEC’s statement that Bitcoin is not a security and interest in Bitcoin ETFs, which in his mind will eventually be approved.  

In the corporate world, the sentiment towards Bitcoin has swung again from positive to negative.  BlackRock, on the one hand, is tuning its eyes towards Bitcoin, so an institutional-quality custody solution seems to be just a matter of time.  Jamie Dimon, JPMC CEO, only the other hand, is bashing the crypto again, calling Bitcoin a 'scam'.

In addition, UBS claimed that Bitcoin wouldn't be a mode of payment for global transactions because of its instability and limitations. 

One user lost a lot of money after making a huge gamble on Bitcoin futures.  OKEx, a Hong Kong-based cryptocurrency exchange where the gamble occurred, revealed that it had to claw back millions from counterparties.  When the user declined the exchange's request to lower his position, OKEx froze the user's account and force-liquidated an unusually large long position of 4,168,515 bitcoin futures contracts.  The total value of the position was over $400 million USD.

The liquidation presented a loss to investors of around 1,200 BTC, or $8.8M USD when the event occured.  The exchange also injected about 2,500 bitcoins into the insurance fund.  The platform's insurance fund's objective is to cover margin call losses.

Here are the major technical indicators:

  • MACD for Bitcoin is currently pretty bearish.  MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices.  MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
  • RSI (relative strength indicator) is approaching 30, indicating the crypto is oversold. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
  • A new major support level is forming at  $5,850;
  • A new major resistance level is forming at  $6,500.

Over the last 30 days, BTC.X has been on a rocky ride, swinging up and down.

For crypto traders' guide, please check out Finstead's top cryptocurrency recommendations for August 2018.  

Disclaimer: The news article above expresses the author’s opinion about the topic of the article. We strongly advise you not to base your investment decisions just on this article alone. If you’d like to become a writer for AskFinny Bites, please send us an email at hi@askfinny.com.


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