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CryptoCurrencies Discussion of bitcoin and all alternate cryptocoins. Mining, wallets, investments, exchanges and etc.

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  #241  
Old 09-02-2018, 11:22 PM
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BITCOIN Analysis for February 9, 2018

Bitcoin has been quite stable with the gains recently which is indeed quite positive for the Crypto currency itself. Recently the market is being observed settling down a bit, with no more regulators trying to regulate the Bitcoin and pressurizing it as well. As of the current scenario, the investors are now trying to settle down which has resulted in low volatility and sustainable growth.

The price is currently residing above $7500 price area with some bearish rejection from where the price is expected to push higher towards $10,000 price area in the coming days. The consolidation is expected to continue further until price breaks above $10,000 price area with a daily close for an impulsive bullish pressure like before. As the price remains above $7,500 with a daily close, further bullish momentum is expected to push the price higher in the coming days.

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  #242  
Old 12-02-2018, 07:58 PM
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Bitcoin analysis for February 12, 2018



The Bitcoin (BTC) has been trading upwards. The price tested the level of $8.770. Bitcoin and cryptocurrency mining has provided a consistent and growing market for the computer hardware manufacturers that produce the relevant chips for each segment. The main player on the GPU side (in contrast to ASIC mining) in 2017 was Nvidia, but even it could not anticipate the strong demand from miners as the year progressed. Technical picture looks overbought.

Trading recommendations:

According to the 30M time - frame, I found a testing of upper diagonal (resistance) of the channel, which is a sign that buying looks risky. I also found an overbought condition on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $8.360 and at the price of $7.913.

Support/Resistance

$8.880 – Intraday resistance

$8.338– Intraday support

$8.360 – Objective target 1

$7.915 – Objective target 2
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  #243  
Old 12-02-2018, 09:14 PM
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Bitcoin analysis for 12/02/2018

French and German finance ministers are still demanding strict regulation of Bitcoin and other cryptocurrencies. According to reports, the French Finance Minister Bruno Le Maire and the Interim German Finance Minister Peter Altmaier wrote a letter to fellow finance ministers of the G20, in which they argue that cryptocurrencies are not only risky for investors but also threaten the long-term global financial stability. "Given the rapid increase in the capitalization of tokens and the emergence of new financial instruments, these changes should be closely monitored (...) Such variable tokens may have detrimental consequences for uninformed investors who do not understand the risks they are exposed to." - they write.

Of course, this sentiment can be easily interpreted as coming from authorities of traditional financial institutions, experiencing increasing pressure from the rapidly growing, and the increasingly popular cryptocurrency market, which aims to disrupt traditional financial structures. The Finance Minister Bruno Le Maire and the Interim German Finance Minister Peter Altmaier are not the only ones who are concerned about Bitcoin and other cryptocurrencies. The member of the Board of the European Central Bank Yves Mersch expressed his negative opinion on Thursday, stating that cryptocurrencies are not money, nor will they be in the foreseeable future.

In addition, the head of the Agency for International Settlements Agustin Carstens expressed his deep-rooted concerns by asking the central banks to close Bitcoin, claiming that cryptocurrencies are becoming a threat to financial stability.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The bounce from the level of $5,830 was in three waves only, so the overall strength of the market might not be not that much visible, and the current wave progression is still in favor of another corrective wave to the upside. The key technical resistance is still the zone at the level of $9.146 - $9,515.

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  #244  
Old 13-02-2018, 09:07 PM
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Bitcoin analysis for February 13, 2018



Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $8.342. The South Korean government intends to introduce an approval system for cryptocurrency exchanges based on the Bitlicense model, developed by the New York State Department of Financial Service. The technical picture looks bearish.

Trading recommendations: According to the 30M time - frame, I found successful rejection of resistance (the upper diagonal of the channel), which is a sign that sellers arer in control. I also found a breakout of the median line of the channel, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $8.000.

Support/Resistance

$8.706 – Intraday resistance

$8.342– Intraday support

$8.000 – Objective target
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  #245  
Old 13-02-2018, 10:42 PM
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Bitcoin analysis for 13/02/2018

The Chinese state news agency seems to strengthen its position on the OTC exchange of crypto and foreign ICOs, which are still active in the country, calling them an attempt to circumvent the existing rules. The report published by Xinhua News Agency describes in detail how easy it is to acquire cryptocurrency assets via the OTC channel. Journalists have registered on exchanges such as Huobi Pro and bought Bitcoins using available payment tools such as AliPay. After the ICO prohibition last year issued by the People's Bank of China, domestic stock exchange platforms started using OTC and moved their operations abroad.

Relying on a report published by the Chinese Commission on Financial Security on the Internet, the news agency stressed that from November last year, 21 OTC exchanges remain active among Chinese investors, while these platforms are located abroad, e.g. in Hong Kong, Japan, and the USA. Moreover, the report also identifies trading platforms that are based outside of China but are available to Chinese investors who can participate in buying the first tokens via OTC channels. In addition, the agency stated that all these activities are only new attempts to circumvent the existing rules and called for more stringent regulation. These reports also apply to ICOs, which have moved the place of registration outside of borders: "Currently, some ICO projects are being transferred abroad in order to continue operations.

Although they are officially set up and issuing tokens abroad, their project development, key personnel and investors are based in mainland China." - was stated in the CCFS report.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is still trading around the weekly pivot at the level of $7,827, so the breakout through the technical resistance at the level of $9,146 has so far failed to occur. The next price target below the weekly pivot is the technical support at the level of $7,531.

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  #246  
Old 14-02-2018, 06:11 PM
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Bitcoin analysis for 14/02/2018

South Korea is currently considering a licensing system for cryptocurrency exchanges, which looks like a large turnover of shares after previous information, to prove the ban on stock exchanges. According to the local press agency Business Korea, legislators from the dedicated Working Group on Cryptocurrency, they are exploring the possibility of following New York and Japan in checking stock market operators before allowing them to enter the market.

The New York program is several years old and faces many problems, including arrears and exorbitant costs, while the move in Japan in 2017 met with high demand and recognition. "We are positive about the adoption of the stock exchange approval system as additional regulations on cryptocurrencies. South Korea experienced several months of shocks after the mixed messages provided by Seoul regarding the legality of cryptocurrencies and their trade."- says a public official appointed to this case.

The perspective changed quickly after the comments of the Minister of Justice, Park Sung-ki, triggered a public reaction and a petition to release both him and Finance Minister Kim Dong-Yeon for market manipulation. Sung-ki Park suggested a general ban on stock exchanges, a process that was later abandoned.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. After hovering around the weekly pivot for the last couple of days, the market is getting ready to test the nearest technical resistance at the level of $9,146. In a case of a breakout higher, the next targets are seen at the levels of $9,515, $9,837 and $10,998. On the other hand, the support is seen at the level of $7,847 and $7,531.

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  #247  
Old 14-02-2018, 10:48 PM
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Bitcoin analysis for February 14, 2018



Bitcoin (BTC) has been trading sideways at the price of $8.765. The Thai central bank has prohibited financial institutions in the country from five key cryptocurrency activities, including banning customers from buying cryptocurrencies with credit cards. Technical picture on the Bitcoin looks neutral to bearrish.

Trading recommendations:

According to the 30M time - frame, I found a breakout of the upward trendline in the background, which is a sign that buying looks risky. I also found double bearrish candles ("hanging man"), which is another sign that sellers are in control. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $8.444 and at the price of $8.423.

Support/Resistance

$8.879 – Intraday resistance

$8.434– Intraday support

$8.444 – Objective target 1

$8.423 – Objective target 2
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  #248  
Old 15-02-2018, 05:29 PM
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Bitcoin analysis for 15/02/2018

The seven largest cryptocurrency companies in the world joined forces to create CryptoUK, the first of its kind, a trade association whose aim is self-regulation in the British digital currency industry. CryptoUK consists of global trading platforms and cryptocurrency services: Coinbase, eToro, CryptoCompare, CEX.IO, BlockEx, CoinShares and CommerceBlock.

CryptoUK intends to work with the UK government to comply with a code of conduct that will help prevent money laundering and other illegal activities involving Bitcoin and other cryptocurrencies, and better protect customers. However, the group will not deal with the regulation of ICO, the area of the cryptocurrency industry, which is widely criticized by regulators around the world.

CryptoUK President and Managing Director of eToro, Iqbal Gandham, stated that the new self-regulatory body aims to promote best practices and cooperation with the government and regulators, adding that the company will become a model for the future regulatory framework. Last week, the head of the American Commodity Futures Trading Commission, Brian Quintenz, suggested that the cryptocurrency community should create their own regulatory system or self-regulatory organization (SRO) to avoid the government's harder hand.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price has finally broken above the local resistance at the level of $9,146 and tested the key resistance at the level of $9,515. Now the market is just under the weekly pivot resistance at the level of $9,837 and it might want to go higher towards the level of $10,000 and then $10,999.

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  #249  
Old 15-02-2018, 08:55 PM
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Bitcoin analysis for February 15, 2018



Bitcoin (BTC) has been trading upwards. The price tested the level of $9.909. Seven major crypto companies operating in the UK have announced the formation an independent cryptocurrency trade body. The group, CryptoUK, has stated that its principal aim is to "improve industry standards and engage policymakers." The technical picture looks overbought.

Trading recommendations:

According to the 4H time - frame, I found that Bitcoin is testing major resistance at the price of $9.860. I also found Fibonacci retracement 61.8% around the level of $9.860, which is another sign that buying at this stage looks risky. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $9.021 and at the price of $8.280.

Support/Resistance

$9.860 – Intraday resistance

$9.440 – Intraday support

$9.021 – Objective target 1

$8.280 – Objective target 2
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  #250  
Old 15-02-2018, 10:39 PM
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BITCOIN Analysis for February 15, 2018

Bitcoin has been quite impulsive with bullish swings which has recently retested the $10,000 price area. As for the recent bullish pressure in the Bitcoin market, the price is expected to push much higher after it clears $10,000 price area with a daily close in the coming days.

After a lot of regulators trying to regulate bitcoin which led the price for a drastic fall, the stable bullish gains indicate overcoming the obstacle with an objective of further bullish gains in the future.

As for the current scenario, the price is expected to proceed higher above $10,000 price area from where the price is expected continue its impulsive bullish run towards $12,000 in the coming days. As the price remains above $7,500 price area, the bullish pressure is expected to continue further.

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