Figure 3: BTC-USD, 60 Minute Candles, Potential Bear FlagOne possibility to keep a close eye on is this potential, strong bear flag. After finding support on the macro 50%, the subsequent rally saw decreasing volume throughout the length of the movement. This sort of price action could potentially lead to a bearish continuation with a measure move between $4000 and $5000 — a price target of approximately $6,000 – $7,000. If a drop of this magnitude continues the downtrend, we can expect to find support on the 61% macro Fibonacci retracement values shown in Figure 1.It’s important to note that bitcoin has a penchant for breaking upwards when all signs say “down,” so tread lightly and wait for confirmation of the move. Confirmation of the bear flag breakout would show a pretty obvious outlier in volume, combined with wide price spread.Summary:Bitcoin recently saw a steep drop in price where it ultimately found a local bottom in the low $9,000s.
Since it bottomed out, it has seen a rally on decreasing volume which leaves the door open for a bearish continuation.
If the bearish continuation continues, expect support on the 61% macro retracement values.
Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
This article originally appeared on Bitcoin Magazine (https://bitcoinmagazine.com/).
Since it bottomed out, it has seen a rally on decreasing volume which leaves the door open for a bearish continuation.
If the bearish continuation continues, expect support on the 61% macro retracement values.
Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
This article originally appeared on Bitcoin Magazine (https://bitcoinmagazine.com/).
Battle-Testing Lightning: 26 Schools Start Contest to Secure Bitcoin’s Layer 2
https://www.coindesk.com/battle-testing-lightning-26-schools-start-contest-secure-bitcoins-layer-2/
Organizers hope a new competition will spur security advances for Lightning, but also steer bitcoin debates in more constructive directions.
https://www.coindesk.com/battle-testing-lightning-26-schools-start-contest-secure-bitcoins-layer-2/
Organizers hope a new competition will spur security advances for Lightning, but also steer bitcoin debates in more constructive directions.
Lightning Network May Not Solve Bitcoin's Scaling 'Trilemma'
https://www.coindesk.com/lightning-network-may-not-solve-bitcoins-scaling-trilemma/
It isn’t possible to have decentralization, a fixed money supply and sufficient liquidity for an efficient payments system, says Frances Coppola.
https://www.coindesk.com/lightning-network-may-not-solve-bitcoins-scaling-trilemma/
It isn’t possible to have decentralization, a fixed money supply and sufficient liquidity for an efficient payments system, says Frances Coppola.
Public Blockchain's Lure Will Become Irresistible for Enterprises in 2018
https://www.coindesk.com/public-blockchains-lure-will-become-irresistible-enterprises-2018/
Decentralized public blockchains are the only way enterprises will commit to digitizing services in an interoperable manner, says EY's Paul Brody.
https://www.coindesk.com/public-blockchains-lure-will-become-irresistible-enterprises-2018/
Decentralized public blockchains are the only way enterprises will commit to digitizing services in an interoperable manner, says EY's Paul Brody.
Contortions for Compliance: Life Under New York's BitLicense
https://www.coindesk.com/contortions-compliance-life-new-yorks-bitlicense/
New York passed the BitLicense in a vacuum. Now state and federal laws are catching up, often with poor coordination, causing a compliance nightmare.
https://www.coindesk.com/contortions-compliance-life-new-yorks-bitlicense/
New York passed the BitLicense in a vacuum. Now state and federal laws are catching up, often with poor coordination, causing a compliance nightmare.
Opening Hyperledger: Consortium to Create Experimental Labs for Startups
https://www.coindesk.com/opening-hyperledger-consortium-create-experimental-labs-startups/
An effort to connect startups with companies formally recognized by Hyperledger, the measure may accelerate the rate at which new ideas find traction.
https://www.coindesk.com/opening-hyperledger-consortium-create-experimental-labs-startups/
An effort to connect startups with companies formally recognized by Hyperledger, the measure may accelerate the rate at which new ideas find traction.
Don't HODL, BUIDL: How Blockchain Tech Will Add Value in 2018
https://www.coindesk.com/dont-hodl-buidl-blockchain-tech-will-add-value-2018/
The question is what can we solve, enhance, or deliver that will make individuals or organizations produce more, be more efficient or enjoy life more?
https://www.coindesk.com/dont-hodl-buidl-blockchain-tech-will-add-value-2018/
The question is what can we solve, enhance, or deliver that will make individuals or organizations produce more, be more efficient or enjoy life more?
Indian State Partners With Fund To Launch Blockchain Ecosystem
https://www.coindesk.com/indian-state-partners-fund-launch-blockchain-ecosystem/
The Indian state of Andhra Pradesh announced a partnership with Covalent Fund to kickstart a blockchain ecosystem at its Fintech Valley Vizag.
https://www.coindesk.com/indian-state-partners-fund-launch-blockchain-ecosystem/
The Indian state of Andhra Pradesh announced a partnership with Covalent Fund to kickstart a blockchain ecosystem at its Fintech Valley Vizag.
Opera Browser Adds Cryptocurrency Miner Protection for Smartphones
https://www.coindesk.com/opera-browser-introduces-cryptocurrency-miner-protection-for-smartphones/
The Opera web browser is now protecting smartphones from cryptocurrency miners embedded in websites, the company says.
https://www.coindesk.com/opera-browser-introduces-cryptocurrency-miner-protection-for-smartphones/
The Opera web browser is now protecting smartphones from cryptocurrency miners embedded in websites, the company says.
IMF Calls for International Cooperation on Cryptocurrencies
https://www.coindesk.com/imf-calls-for-international-cooperation-on-cryptocurrencies/
The IMF has voiced concerns over the risks involved with cryptocurrencies and has called for global talks and cooperation.
https://www.coindesk.com/imf-calls-for-international-cooperation-on-cryptocurrencies/
The IMF has voiced concerns over the risks involved with cryptocurrencies and has called for global talks and cooperation.
Korean Cryptocurrency Exchange Korbit Halting Deposits from Foreigners
https://www.coindesk.com/korean-cryptocurrency-exchange-korbit-halting-deposits-from-foreigners/
South Korea's Korbit exchange has informed users that non-citizens will soon not be able to deposit funds for trading.
https://www.coindesk.com/korean-cryptocurrency-exchange-korbit-halting-deposits-from-foreigners/
South Korea's Korbit exchange has informed users that non-citizens will soon not be able to deposit funds for trading.
What a Facebook Blockchain Token Might Look Like
https://www.coindesk.com/facebook-blockchain-token-might-look-like/
If Facebook CEO Mark Zuckerberg really wants to experiment with decentralized systems, a publicly issued crypto-token would be hell of a way to do it.
https://www.coindesk.com/facebook-blockchain-token-might-look-like/
If Facebook CEO Mark Zuckerberg really wants to experiment with decentralized systems, a publicly issued crypto-token would be hell of a way to do it.
Bitcoin Defends $11,000 Mark and Eyes Move Higher
https://www.coindesk.com/bitcoin-defends-11000-mark-and-eyes-move-higher/
Bitcoin is stuck in a narrow range currently, but a breakout may lie ahead, the price charts indicate.
https://www.coindesk.com/bitcoin-defends-11000-mark-and-eyes-move-higher/
Bitcoin is stuck in a narrow range currently, but a breakout may lie ahead, the price charts indicate.
Huobi Is Launching a Token, But It's 'Not an ICO'
https://www.coindesk.com/huobi-is-launching-a-token-but-its-not-an-ico/
China-based crypto exchange Huobi has announced that it will issue its own token based on the ethereum ERC-20 standard.
https://www.coindesk.com/huobi-is-launching-a-token-but-its-not-an-ico/
China-based crypto exchange Huobi has announced that it will issue its own token based on the ethereum ERC-20 standard.
Canadian Research Body Pilots Ethereum in Transparency Push
https://www.coindesk.com/canadian-research-body-pilots-ethereum-in-transparency-push/
The National Research Council of Canada is trialing the ethereum blockchain for recording government contracts.
https://www.coindesk.com/canadian-research-body-pilots-ethereum-in-transparency-push/
The National Research Council of Canada is trialing the ethereum blockchain for recording government contracts.
China Moves to Crack Down on Digital Currency Pyramid Schemes
https://www.coindesk.com/china-moves-to-crack-down-on-digital-currency-pyramid-schemes/
China's public security ministry says it will take aim at pyramid schemes in the country, including those that purportedly involve cryptocurrencies.
https://www.coindesk.com/china-moves-to-crack-down-on-digital-currency-pyramid-schemes/
China's public security ministry says it will take aim at pyramid schemes in the country, including those that purportedly involve cryptocurrencies.
Commodity Merchant Louis Dreyfus Trials Blockchain for Soybean Trade
https://www.coindesk.com/louis-dreyfus-trials-bank-backed-blockchain-platform-soybean-trade/
Louis Dreyfus, a major commodities trading company, has announced that it has piloted a blockchain-based transaction system developed by a group of financial institutions including ING.
https://www.coindesk.com/louis-dreyfus-trials-bank-backed-blockchain-platform-soybean-trade/
Louis Dreyfus, a major commodities trading company, has announced that it has piloted a blockchain-based transaction system developed by a group of financial institutions including ING.
Op Ed: Here’s What Paul Krugman Got Wrong in His Bitcoin Tweetstorm
https://bitcoinmagazine.com/articles/op-ed-heres-what-paul-krugman-got-wrong-his-bitcoin-tweetstorm/
https://bitcoinmagazine.com/articles/op-ed-heres-what-paul-krugman-got-wrong-his-bitcoin-tweetstorm/
Like many other mainstream economists (https://bitcoinmagazine.com/articles/some-economists-really-hate-bitcoin-1473451135/), Paul Krugman has long-shown a complete disdain for Bitcoin. In late 2013, he went as far as to write a piece titled “Bitcoin Is Evil (https://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/)” for his column in The New York Times.
Moral objections to bitcoin are one thing, but Krugman also does not see much utility in the cryptoasset at all. While he has been able to express his hatred for Bitcoin quite clearly, his technical criticisms of bitcoin as a new type of asset and store of value leave something to be desired.In a tweetstorm on Sunday, January 21, 2018, Krugman illustrated his ignorance on the usefulness and utility of bitcoin around the world.Starts Out Well Enough With the Digital Gold AnalogyKrugman’s tweetstorm started out well enough. In fact, the opening tweets were likely some of the nicest things the Nobel Laureate has ever had to say about bitcoin.“As I see it, cryptocurrencies like Bitcoin are in effect like digital gold coins, in the sense that they can't be counterfeited ... Cryptocurrencies use cryptographic techniques plus distributed storage to create non-material entities that are nonetheless impossible to fake,” tweeted Krugman.Digital gold is still the best analogy to sum up the digital asset’s value proposition, and the utility of bitcoin should become more apparent as the world moves deeper into a cashless society. In a cashless society, bitcoin would become the last financial bastion of freedom in a world where the global financial system is under complete control of governments.The Avoidance of Trusted Third Parties in Payments Is a Big DealAfter those tolerable first few tweets, Krugman goes off the rails with the claim that online payments that don’t involve a trusted third party aren’t that important.“Cryptocurrency lets you make electronic transactions; but so do bank accounts, debit cards, Paypal, Venmo etc. All these other methods involve trusting a third party; but unless you're buying drugs, assassinations, etc. that's not a big deal,” tweeted Krugman.First all of all, there’s no reason to bring morals into an exploration of bitcoin’s utility. Either people will use it or they won’t. Whether you like what they’re doing is a different matter. Bitcoin’s use in darknet markets, ransomware, online gambling and other fringe areas cannot be ignored. Utility is utility.Secondly, not everyone has access to PayPal, Venmo, and other online payment platforms. These options are centralized and permissioned. They’re also highly regulated, which means plenty of people fall through the cracks and cannot gain access to them.Online freelancers in Venezuela take bitcoin because their government and payment platforms like PayPal have failed them.
Interesting post on /r/Bitcoin from a Redditor who compares the different options for storing value in Venezuela.
"I know a lot of people who sold everything they could to leave the country and took their money to bitcoins through @LocalBitcoins (https://twitter.com/LocalBitcoins?ref_src=twsrc%5Etfw)."
https://t.co/dvmxu4ozhV pic.twitter.com/R3egCdmoLa (https://t.co/R3egCdmoLa)— Kyle Torpey (@kyletorpey) December 1, 2017 (https://twitter.com/kyletorpey/status/936687279036395521?ref_src=twsrc%5Etfw)
Krugman goes on to point out the clunkiness of Bitcoin as it exists today, and he’s generally correct on this front. But this does not mean there’s no utility here. In fact, the opposite is true: There is so much utility that it has become difficult to scale the system to all of the people who want to use it.
Complaining about the lack of cheap, user-friendly payments on Bitcoin today is analogous to someone in 1995 complaining that the internet doesn’t have Netflix. Just give it a minute. Payment layers are currently being built on top of the base Bitcoin blockchain, with the Lightning Network being the most obvious example.The
Moral objections to bitcoin are one thing, but Krugman also does not see much utility in the cryptoasset at all. While he has been able to express his hatred for Bitcoin quite clearly, his technical criticisms of bitcoin as a new type of asset and store of value leave something to be desired.In a tweetstorm on Sunday, January 21, 2018, Krugman illustrated his ignorance on the usefulness and utility of bitcoin around the world.Starts Out Well Enough With the Digital Gold AnalogyKrugman’s tweetstorm started out well enough. In fact, the opening tweets were likely some of the nicest things the Nobel Laureate has ever had to say about bitcoin.“As I see it, cryptocurrencies like Bitcoin are in effect like digital gold coins, in the sense that they can't be counterfeited ... Cryptocurrencies use cryptographic techniques plus distributed storage to create non-material entities that are nonetheless impossible to fake,” tweeted Krugman.Digital gold is still the best analogy to sum up the digital asset’s value proposition, and the utility of bitcoin should become more apparent as the world moves deeper into a cashless society. In a cashless society, bitcoin would become the last financial bastion of freedom in a world where the global financial system is under complete control of governments.The Avoidance of Trusted Third Parties in Payments Is a Big DealAfter those tolerable first few tweets, Krugman goes off the rails with the claim that online payments that don’t involve a trusted third party aren’t that important.“Cryptocurrency lets you make electronic transactions; but so do bank accounts, debit cards, Paypal, Venmo etc. All these other methods involve trusting a third party; but unless you're buying drugs, assassinations, etc. that's not a big deal,” tweeted Krugman.First all of all, there’s no reason to bring morals into an exploration of bitcoin’s utility. Either people will use it or they won’t. Whether you like what they’re doing is a different matter. Bitcoin’s use in darknet markets, ransomware, online gambling and other fringe areas cannot be ignored. Utility is utility.Secondly, not everyone has access to PayPal, Venmo, and other online payment platforms. These options are centralized and permissioned. They’re also highly regulated, which means plenty of people fall through the cracks and cannot gain access to them.Online freelancers in Venezuela take bitcoin because their government and payment platforms like PayPal have failed them.
Interesting post on /r/Bitcoin from a Redditor who compares the different options for storing value in Venezuela.
"I know a lot of people who sold everything they could to leave the country and took their money to bitcoins through @LocalBitcoins (https://twitter.com/LocalBitcoins?ref_src=twsrc%5Etfw)."
https://t.co/dvmxu4ozhV pic.twitter.com/R3egCdmoLa (https://t.co/R3egCdmoLa)— Kyle Torpey (@kyletorpey) December 1, 2017 (https://twitter.com/kyletorpey/status/936687279036395521?ref_src=twsrc%5Etfw)
Krugman goes on to point out the clunkiness of Bitcoin as it exists today, and he’s generally correct on this front. But this does not mean there’s no utility here. In fact, the opposite is true: There is so much utility that it has become difficult to scale the system to all of the people who want to use it.
Complaining about the lack of cheap, user-friendly payments on Bitcoin today is analogous to someone in 1995 complaining that the internet doesn’t have Netflix. Just give it a minute. Payment layers are currently being built on top of the base Bitcoin blockchain, with the Lightning Network being the most obvious example.The