Sally Ho's Technical Analysis 14 September 2019

Bitcoin
Bitcoin (BTC/USD) gave back a small amount of gains early in today’s Asian session following the pair’s quick ascent late in yesterday’s North American session that saw traders lift the pair from the 10157 level to the 10392 level, right around the 50% retracement of the move from 10939.34 to 9851.97.  Traders tested the 100-bar MA (4-hourly) around the 10150 area before driving BTC/USD higher late in yesterday’s North American session.  The pair continues to trade above and below both the 50-day MA (4-hourly) and 200-day MA (4-hourly).
If BTC/USD is able to climb above the 10392 area, traders anticipate Offers around the 10523 and 10541 areas, with the former representing the 61.8% retracement of the 10939.34 – 9851.97 range. Another important level above current market activity that traders are watching is the 10820.32 area, representing the 61.8% retracement of the 8929.91 – 13878.63 range.  Stops are likely in place above the 10939 area. Below current market activity, traders continue to monitor the 9765.93 area.
Price activity is nearest the 50-bar MA (4-hourly) at 10,333.78 and the 200-bar MA (Hourly) at 10,338.90.
Technical Support is expected around 9,765.93/ 9,532.39/ 9,265.49 with Stops expected below.
Technical Resistance is expected around 10,833.14/ 11,136.82/ 11,759.72 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
 
Ethereum
Ethereum (ETH/USD) slid slightly lower early in today’s Asian session as the pair traded as low as the 180.90 area after trading as high as the 181.85 area late in yesterday’s North American session.  Traders lifted the pair from yesterday’s daily low of 177.57 during the North American session, just below the 50-bar MA (4-hourly).  Notably, yesterday’s daily high and today’s intraday high are around the 76.4% retracement of the 148.91 – 288.87 range. 
Stops were elected above the 181.04 area during yesterday’s ascent, representing the 23.6% retracement of the 164.99 – 186.00 range.  Above current market activity, traders continue to anticipate selling pressure around the 183.33 area, representing the 23.6% retracement of the 515.88 – 80.60 range.  Above that area, selling pressure is expected around the 187 – 190 area and the 191.40 level represents the 50% retracement of the 302.20 – 80.60 range.
Price activity is nearest the 200-bar MA (4-hourly) at 184.23 and the 100-bar MA (Hourly) at 179.45.
Technical Support is expected around 172.88/ 167.80/ 165.25 with Stops expected below.
Technical Resistance is expected around 188.38/ 191.40/ 201.38 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
 
Source: Crypto Daily

BitHarp launches latest mining rigs, Lyre Miner and Harp Miner

BitHarp, a renowned manufacturer announced new mining rigs Lyre Miner and Harp Miner. These newly introduced mining rigs promise to deliver high-performance along with the advanced features aimed at reducing electricity consumption and improved usage capabilities for miners. The first mining rig Harp Miner, a Direct Liquid Cooling [DLC] rig, is built for delivering maximum […]
The post BitHarp launches latest mining rigs, Lyre Miner and Harp Miner appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin’s price may remain dormant before halving but research suggests coin to peak after

It’s no secret that Bitcoin halving is supposed to take place in 2020 and according to several experts, price is expected to rise right before the halving, as it happened before its first and second halving in 2012 and 2016, respectively. However, this might not be true. According to research by Strix Leviathan, there was “no […]
The post Bitcoin’s price may remain dormant before halving but research suggests coin to peak after appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Inches Lower, but $10,800 Target Remains

Bitcoin and the aggregated crypto markets have been facing a period of consolidation after posting a decent sized rally earlier this week. Although this rally has stalled in recent times, it is important to note that BTC’s main level of resistance still exists at $10,800.
One analyst, however, believes that an inability to validate a bearish rising wedge that BTC is currently trading within could spell trouble for the cryptocurrency in the near-term.
Bitcoin Inches Lower After Facing Rejection
At the time of writing, Bitcoin is trading down marginally at its current price of $10,320, which marks a slight retrace from its daily highs of $10,450.
Ever since BTC bounced from its support level at $10,000, the cryptocurrency has been facing a bout of consolidation after its upwards momentum stalled, which may mean that its bulls do not have enough strength at the moment to push the cryptocurrency higher.
The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes Bitcoin is currently caught within a rising wedge, which could spell trouble for its near-term price action.
“$BTC: Short and simple analysis… Rising wedge. One final touch approx 10.4k – Looking at target approx 10k,” she concisely noted while pointing to the below chart.

$Btc
Short and simple analysis …Just like I am sure many of you are
– Rising wedge– One final touch approx 10.4k – Looking at target approx 10k
pic.twitter.com/brkdRC8jbO
— The Cryptomist (@TheCryptomist) September 13, 2019

If this pattern does ultimately have bullish implications for the cryptocurrency, $10,000 will be a key support level that analysts closely watch, as any break below this level could spell trouble for its mid-term price action.
BTC May Still Target $10,800 
Although BTC found some resistance in the mid-$10,400 range, its nearest major resistance level currently exists at roughly $10,800, and a break above this price level could spark a massive upwards movement.
Chonis Trading, another popular analyst, spoke about the $10,800 resistance level in a recent tweet, explaining that a decisive break above this price level would be notable and could set a positive tone for the rest of 2019.
“$BTC – yesterday’s Bullish move closed right under the MA50, breaking thought puts the next notable #bitcoin resistance around $10,800+ area…if it can break that is,” he said. 

$BTC – yesterday’s Bullish move closed right under the MA50, breaking thought puts the next notable #bitcoin resistance around $10,800+ area…if it can break that is… pic.twitter.com/7YhpoPSYCK
— Chonis Trading- FTG (@BigChonis) September 13, 2019

As the week continues on and Bitcoin continues to consolidate around $10,300, it is likely that its trend for the rest of the year will soon grow increasingly clear.
Featured image from Shutterstock.
The post Bitcoin Inches Lower, but $10,800 Target Remains appeared first on NewsBTC.
Source: New feedNewsBTC.com

Crypto Entrepreneur Pledges Match of Presidential Candidate’s Universal Basic Income Scheme

Justin Sun, the founder of the crypto asset network TRON and CEO of BitTorrent, has just announced that he intends to match a presidential candidate’s unorthodox campaign strategy. The crypto-friendly democratic candidate, Andrew Yang, has stated that he plans to use campaign funds to extend universal basic income of $1,000 per month to 10 people for the next year.
In a move clearly supportive of the candidate, Sun has pledged to give $1,000 of his own money to 100 people each month for the next year. The crypto entrepreneur has also offered a seat at his lunch date with legendary investor Warren Buffet.
Justin Sun Backs Pro-Crypto Candidate with UBI Match
Earlier today, The New York Times reported on democratic presidential candidate Andrew Yang’s announcement that he planned to award 10 people $1,000 per month for a year. The move would be a much scaled down version of the universal basic income package he plans for US citizens should they elect him president in 2020.
The legality of Yang’s “freedom dividends” have been called into question since he plans to finance them using campaign funds. However, Yang argues that the payments are not against federal law since they would not exist if it were not for the campaign.
Crypto entrepreneur Justin Sun today pledged to match Yang’s UBI experiment by extending the monthly $1,000 to another “100 ppl”. He gave scant few other details of his plans via Twitter:

Yang’s initiative to UBI $1k to 10 ppl per mth for 1 yr, I'll pledge UBI $1k to 100 ppl per mth in 2020! I'll pick 1 to attend lunch w/ me & @WarrenBuffett 2020! I'll let Yang assist me in picking the lucky 100! Join us! #YANG2020 @AndrewYang https://t.co/YQFnXwXtuf
— Justin Sun (@justinsuntron) September 13, 2019

Sun does not tell followers if they need to register interest in the competition, if it will be exclusive to US citizens, or if all entries must be a Tron holder. He also does not state if he will be paying the UBI in the crypto asset he founded, TRON.
He does, however, extend an invitation for one of the 100 recipients to join him at his lunch date with Warren Buffet. Yang will reportedly help him select who to bring along. The entrepreneur won a charity auction for the opportunity for him and a handful of others to have lunch with the legendary investor and cryptocurrency naysayer. He paid $4.6 million for the opportunity to turn Buffet around to his way of thinking. The lunch has already been postponed once due to apparent health concerns of Sun.
Already known to be joining Sun at the dinner is Jeremy Allaire, the CEO of Circle; eToro founder, Yoni Assia; Livio Weng, of Huobi; Charlie Lee, the founder of Litecoin; and a representative of exchange giant Binance. Each gave their agreement to attend the lunch prior to the now postponed date.
Presuming that those five names are still interested, that leaves two of the seven places yet to fill. With one going to the winner of the crypto entrepreneur’s UBI pledge competition, and President Trump looking increasingly like he snubbed his own invitation, it’s unclear who will fill out the table when the lunch is finally rescheduled.

Mr. President, you are misled by fake news. #Bitcoin & #Blockchain happens to be the best chance for US! I'd love to invite you to have lunch with crypto leaders along with @WarrenBuffett on July 25. I guarantee you after this lunch, nobody will know crypto more than you!
— Justin Sun (@justinsuntron) July 12, 2019

 
Related Reading: Crypto Crisis: Pro Trader Compares Altcoins To Crushing Student Debt
Featured Image from Shutterstock.
The post Crypto Entrepreneur Pledges Match of Presidential Candidate’s Universal Basic Income Scheme appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitcoin may hit all-time-high if equity markets hit all-time high

The narrative around Bitcoin has changed a lot of times in 2019. From its gains being correlated to trade, geopolitical tensions to its potential as a safe haven due to its decentralized nature, the largest asset has been the topic of discussion frequently. Thomas Lee, co-founder of Fundstrat Global Advisors, discussed significant macro factors which […]
The post Bitcoin may hit all-time-high if equity markets hit all-time high appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Maturing as CME Doubles BTC Futures Contract Limits

The markets surrounding Bitcoin may be incurring increasing maturity, as the Chicago Mercantile Exchange (CME) is now opening that gates for traders to begin holding a significantly higher number of open BTC contracts than is currently allowed.
This change comes about as Bitcoin’s hash rate just set a fresh all-time-high and may be emblematic of improving fundamental conditions that will ultimately allow BTC to surge to new highs.
CME Futures Traders Will Soon Be Able to Hold 2x the Amount of Bitcoin Contracts
Currently, futures traders on the CME are able to hold 1,000 spot contracts per month, and the upcoming potential increase – should it be approved by the CFTC – will allow traders to hold up to 2,000 spot contracts per month.
Each contract is worth five BTC, so assuming that the increase is allowed, traders will be able to hold positions worth a maximum of 10,000 Bitcoin.
In an application to the CFTC, the CME Group notes that the “increased spot month limits shall go into effect at the close of trading on Monday, September 30, 2019 for the October 2019 contract month and all contract months thereafter.”
This change signals that the group believes that there is room for the Bitcoin futures market to grow, even though its growth has been hampered by the ongoing downtrend that has ensued since its crash in late-2017.
It is important to note that some analysts have drawn correlations between the introduction of CME Bitcoin futures and the cryptocurrency’s crash, but it remains unclear whether or not this is coincidental or if there is truly a correlation.
BTC Fundamentals Improve
The increase in CME Bitcoin futures comes as the cryptocurrency is incurring increasing fundamental strength. This is crystalized while looking towards its hash rate – a metric that is often considered a key indicator of network strength – which just set a fresh all-time-high yesterday.
According to data from Blockchain.com, BTC’s hash rate hit highs of over 98 million tera-hashes per second (TH/s) yesterday, which marks a sharp increase from its annual lows of just over 30 million TH/s that were set in December when the crypto was trading in the lower-$3,000 region.
Because the cryptocurrency is currently expressing significantly robust technical strength, it is highly likely that its price will soon reflect this, which could lead to an influx of new market participants.
Featured image from Shutterstock.
The post Bitcoin Maturing as CME Doubles BTC Futures Contract Limits appeared first on NewsBTC.
Source: New feedNewsBTC.com

Can The Mt. Gox Bitcoins Be Recovered? This Russian Law Firm Thinks So

Zheleznikov and Partners is a Russian law firm which has recently proposed legal action in the nation that should enable its solicitors to trace up to $200k lost the Mt.Gox situation.
The former BBC journalist, Andy Pag invited representatives from the firm to take part in a Q&A this week to which they outlined the highlights of this proposal to recover close to $2 billion in bitcoin on behalf of the victims who lost their crypto savings in the Mt. Gox hack all those years ago.

Lawyers of Zheleznikov and Partners say that because of the close cooperation with law authorities enforcement they can recover up to 200k bitcoins by taking action against Russian nationals who go the stolen money. The legal team highlighted that some of these individuals have already been pointed out though. As reported by CT, the team noted:

“We want to make clear that we do not yet know the identities of all persons. We have strong reasons to believe that their identities will be revealed by the police investigation bringing existing information together, but we hope that once the criminal case starts they will come forward quickly and offer to give compensation to victims.”

The recovery of the stolen bitcoin isn’t going to be a cheap affair though. The law firm wishes to change its creditors up to 75 percent of the recovered sum. The law company add that they won’t accept anything until the bitcoins have been successfully recovered.
Mt. Gox was, and still is, one of the biggest shockers the crypto world has seen. The former CEO of the platform, Mark Karpeles has been in many court appearances following the loss of the BTC over claims he was behind the loss. 
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
Source: Crypto Daily

Cryptocurrency Used to Fund North Korean Weapons Program, Says US Treasury

The US Treasury Department has just announced new sanctions against online criminal groups based in North Korea. The groups have reportedly conducted cryptocurrency ransomware attacks and other cyber crimes aimed at subverting international sanctions against the state.
The US Treasury believes these attacks are directly funding the North Korean missile programme. This presents those companies affected by ransomware with a tough choice – lose access to crucial data for good or fund a potentially dangerous nation’s military preparations.
North Korean Hackers Use Cryptocurrency to Fund Government Missile Programme
According to a press release published earlier today by the US Department of the Treasury, there are to be new sanctions against North Korean hackers groups believed to be funding the nation’s missile programme using various criminals means. This has included hacking of cryptocurrency exchanges and ransomware attacks.
The release names three such groups explicitly: “Lazarus Group,” “Bluenoroff,” and “Andariel”. It goes on to state that the agency believes these groups to be directly linked to the North Korean government.
From today, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has officially banned dealings of US citizens or financial institutions with the groups mentioned.
Sigal Mandelker, Treasury Under Secretary for Terrorism and Financial Intelligence, stated the following of the sanctions:
“Treasury is taking action against North Korean hacking groups that have been perpetrating cyber attacks to support illicit weapon and missile programs… We will continue to enforce existing U.S. and UN sanctions against North Korea and work with the international community to improve cybersecurity of financial networks.”
Of the groups mentioned, the Lazarus Group are perhaps most well known. Lazarus is thought to have gone after high profile institutional targets. These include government, military, and financial institutions, as well as other large companies involved with shipping, critical infrastructure, and publishing.
Lazarus is believed to have been created by the North Korean government in 2007. It was involved in the massive ransomware attack known as WannaCry 2.0. The hugely destructive attack saw hundreds of thousands of computer systems frozen in exchange for cryptocurrency ransom payments.
The other two groups are believed to be offshoots of the Lazarus Group. The release states that Bluenoroff specialises in backdoor intrusions and phishing attacks. It was first noticed in 2014. It has since attempted to steal more than $1.1 billion from various financial institutions, including cryptocurrency exchanges.
According to the release, the second splinter group, Andariel, focuses more on malicious cyber activity against other businesses and government agencies. The group has been linked with hacking poker and gambling sites, as well as ATMs to help North Korea subvert sanctions against it. It is also known to target South Korean government and military personnel to gather intelligence.
 
Related Reading: Central Bankers Ready to Boost Bitcoin Price Sky-High; Here’s Why
Featured Image from Shutterstock.
The post Cryptocurrency Used to Fund North Korean Weapons Program, Says US Treasury appeared first on NewsBTC.
Source: New feedNewsBTC.com

Justin Sun Plans to Make UBI a Reality, Announces Giveaway of $1.2 M to Support Yang’s Initiative

Following Andrew Yang’s presidential ambitions in which he announced to plans to give out $1,000 Universal Basic Income (UBI) to ten people every month, popular crypto wizkid and Tron boss, Justin Sun, has promised to give the same amount every month to 100 people in 2020.
$1k For 100 Families
The news comes when Justin Sun took to his twitter to make this announcement while retweeting The New York Times news item in which Yang’s plans of UBI was published. Justin Sun also promised to choose a lucky winner among the chosen 100 to attend his proposed lunch with the popular business tycoon, Warren Buffett. In order to achieve fair results, Sun also demanded that Andrew Yang, crypto enthusiast, and United States presidential aspirant help in the process of selecting the lucky 100 people.

Yang’s initiative to UBI $1k to 10 ppl per mth for 1 yr, I'll pledge UBI $1k to 100 ppl per mth in 2020! I'll pick 1 to attend lunch w/ me & @WarrenBuffett 2020! I'll let Yang assist me in picking the lucky 100! Join us! #YANG2020 @AndrewYang https://t.co/YQFnXwXtuf
— Justin Sun (@justinsuntron) September 13, 2019

While the community is responding to the two events in a number of ways, Sun’s UBI plans are of more importance and concern to the crypto community for a few reasons. Justin Sun has hit the headlines a few times this year already.

.@justinsuntron, your generosity will lift truly needy families from despair. Hopefully, everyone can start seeing the possibilities of UBI. @AndrewYang #Yang2020
— BootsieNemo 🧢 (@BootsieNemo) September 13, 2019

Sun Makes Mention Of Lunch With Buffett. Will It Be A Success This Time?
On several occasions, Sun made the headlines by reason of his proposed million-dollar lunch with Warren Buffett. Initially, this was a move Sun claimed was going to push crypto adoption as he planned to discuss crypto with other popular figures like Donald Trump. However, the plan was disrupted when Sun revealed that he had Kidney stones and was away for treatments, a reason for which the launch was postponed until further notice. Also, Sun had rendered some apologies for over marketing his project, Tron Foundation.
The post Justin Sun Plans to Make UBI a Reality, Announces Giveaway of $1.2 M to Support Yang’s Initiative appeared first on Coingape.
Source: CoinGape

Poll: More Than Half of Bitcoin Investors Expect Triangle Breakout

Bitcoin price has for months now been locked inside what many crypto analysts believe to be a triangle pattern. However, they are torn as to the type of triangle the pattern is – descending or symmetrical.
Crypto investors themselves who are also watching the pattern are also torn, not by the shape of the formation, but on which direction it may resolve. However, the largest portion of crypto investors and traders are expecting the chart pattern to break to the upside, which could potentially cause Bitcoin price to retest its former all-time high at $20,000.
Poll: Nearly 60% of Crypto Traders Expect Bitcoin Formation to Break Up
There’s much confusion across the crypto market currently. Bitcoin price has been said to be starting its next bull run, yet the first-ever crypto asset is currently consolidating in a tight trading range, suggesting there is indecision in the market, and that bears may be once again taking control.
Related Reading | Bitcoin Price Forming Descending Triangle, Market Showing Consumption of Demand
The result is a triangle forming on higher timeframes on Bitcoin price charts. Analysts are torn as to if the formation is a descending triangle or symmetrical triangle – with some even saying that it’s a bull flag and not a triangle at all.
Just as conflicted are crypto investors and traders themselves, according to a recent poll shared by crypto analyst Josh Rager. The poll reveals that as much as 59% of crypto investors and traders are expecting the triangle pattern to resolve to the upside, while the remaining 41% expect the formation to breakdown, and lower prices to be reached.

The ultimate question :
Bitcoin breaks out of this large compressed pattern (triangle)
— Josh Rager (@Josh_Rager) September 13, 2019

According to Bulkowksi, known for being the definitive expert when it comes to identifying chart patterns, symmetrical triangles are continuation patterns that typically resolve to the upside. This would suggest that if Bitcoin price is indeed in a symmetrical triangle, it’ll do as crypto traders are expecting and break upwards.
However, Bitcoin could also be in a descending triangle pattern. Most believe that descending triangles are bearish structures due to the 2018 bear market being a massive descending triangle that broke down, taking Bitcoin price to its final bottom in December, but Bulkowski’s data shows that even descending triangles break upward as much as 53% of the time – which gives a higher probability the current trading range breaking to the upside, as the poll respondents believe.
Related Reading | Crypto Analyst: Bitcoin Price Forming Symmetrical Triangle, 60% Chance of Continuation
Should Bitcoin price break down, the structure would likely be confirmed as a descending triangle much like what was seen during the 2018 bear market, and it would make the contrarian group of crypto traders profitable, given how much of the market is currently expecting bullish continuation from Bitcoin.
Featured image from Shutterstock
The post Poll: More Than Half of Bitcoin Investors Expect Triangle Breakout appeared first on NewsBTC.
Source: New feedNewsBTC.com

Libra Director Says Launch is Happening in Second Half of 2020

The head of the non-profit organisation behind the upcoming stablecoin from Facebook, Libra, has said that that the firm is dedicated to launching the new digital asset and clearing regulatory obstacles.
Speaking in a recent interview with the French News magazine Les Echos, the director-general of the Libra Association, Bertrand Perez claimed that the token should appear in the second half of next year.
The timing of this comment is quite ironic as jus yesterday, France’s finance minister said that the nation would refuse to allow Libra to operate within its borders or throughout Europe.
Perez went onto say though that the social network doesn’t want to develop new supplies of money through the token. He made a comparison to one of the world’s biggest asset managers, BlackRock, saying that Facebook doesn’t actually want to get involved with that market.
Perez told Les Echos:

“We don’t want to become a new BlackRock. That’s why these concerns about the destabilizing effect our reserve currency could have on central banks’ fiat currencies — which figure in our basket — seem unfounded to us.”

In confirming that Libra would launch, Perez confirmed that it would be tied to a variant of different fiat currencies including the dollar and sterling, however, due to the crypto regulations set up in China, the yuan will not be involved with the stablecoin.

That being said, Beijing has put the finishing touches to its own cryptocurrency though. Central bank officials have been working and voicing their direct concerns in regards to the backing of Libra.
Despite this, the director isn’t concerned. He is confident that all the regulatory worries that will probably be fixed by the time launch come round.

“The year we’ve taken prior to release will allow us to iron out all the problems.”

It will be interesting to see how this situation plays out and whether the issues plaguing libra will actually get ‘ironed out’ before launch. For more news on this and other crypto updates, keep it with CryptoDaily!
Source: Crypto Daily

Bitcoin shorts made simpler as Tagomi introduces new borrow and lend platform

Cryptocurrencies are based on a highly volatile market. Price fluctuations take place within a small window of time, and investors face a major task on timely shorting or longing their trade on these assets. Tagomi, a digital asset brokerage institution announced that they had addressed the problem at press time by launching a lending and […]
The post Bitcoin shorts made simpler as Tagomi introduces new borrow and lend platform appeared first on AMBCrypto.
Source: AMB Crypto