#BTC
OUTLOOK: Bullish
Bears have repeatedly failed to push BTC below $8,800 despite last Wed's bearish outside-day candle.
So, a bull pennant breakout (4-hour chart) is likely and could yield rally to 200DMA located at $9,975.
OUTLOOK: Bullish
Bears have repeatedly failed to push BTC below $8,800 despite last Wed's bearish outside-day candle.
So, a bull pennant breakout (4-hour chart) is likely and could yield rally to 200DMA located at $9,975.
Ethereum Price Will Reach $15,000 This Year: Reddit Co-founder
Reddit co-founder Alexis Ohanian said that he predicts the ethereum price will reach $15,000 in 2018, rocketing its market cap into the trillions of dollars and enabling it to surpass bitcoin as the world’s largest cryptocurrency. He believes this project has more long-term potential than any other currently-existent cryptocurrency.
“I still hold a little bit of Bitcoin, and I think it has such mindshare that it will continue to be a store of value. I’m most bullish about Ethereum simply because people are actually building on it.”
Reddit co-founder Alexis Ohanian said that he predicts the ethereum price will reach $15,000 in 2018, rocketing its market cap into the trillions of dollars and enabling it to surpass bitcoin as the world’s largest cryptocurrency. He believes this project has more long-term potential than any other currently-existent cryptocurrency.
“I still hold a little bit of Bitcoin, and I think it has such mindshare that it will continue to be a store of value. I’m most bullish about Ethereum simply because people are actually building on it.”
Goldman Sachs to Begin Bitcoin Futures Trading Within Weeks
Investment banking giant Goldman Sachs will use its own money to trade bitcoin futures on behalf of its clients, according to the New York Times.
Goldman is also set to "create its own, more flexible version of a future, known as a non-deliverable forward, which it will offer to clients."
Goldman executive Rana Yared said the decision resulted from a growing number of inquiries from clients that indicated interest in holding bitcoin as an alternative asset.
Investment banking giant Goldman Sachs will use its own money to trade bitcoin futures on behalf of its clients, according to the New York Times.
Goldman is also set to "create its own, more flexible version of a future, known as a non-deliverable forward, which it will offer to clients."
Goldman executive Rana Yared said the decision resulted from a growing number of inquiries from clients that indicated interest in holding bitcoin as an alternative asset.
#BTC
OUTLOOK: Neutral
4hr chart: BTC bull breakout remains elusive despite the upside break on the RSI. So, immediate outlook turns neutral/cautious.
Violation of trading range to set the tone for the next move.
bull break could yield $10K.
OUTLOOK: Neutral
4hr chart: BTC bull breakout remains elusive despite the upside break on the RSI. So, immediate outlook turns neutral/cautious.
Violation of trading range to set the tone for the next move.
bull break could yield $10K.
Reddit Aims to Relaunch Bitcoin Payments with ETH and LTC Too
Social media platform Reddit is planning to reinstate cryptocurrency as a payment option for its gold members - and this time bitcoin won't be the only option.
The site's chief technology officer, Chris Slowe, said that, while bitcoin's spiking transaction fees and an integration issue with its cryptocurrency payments processor Coinbase had led to Reddit dropping bitcoin as a payment method in March, the option is likely to return once the platform has completed a redesign.
Social media platform Reddit is planning to reinstate cryptocurrency as a payment option for its gold members - and this time bitcoin won't be the only option.
The site's chief technology officer, Chris Slowe, said that, while bitcoin's spiking transaction fees and an integration issue with its cryptocurrency payments processor Coinbase had led to Reddit dropping bitcoin as a payment method in March, the option is likely to return once the platform has completed a redesign.
While this month may traditionally give equity bulls cold feet, it should probably not be a cause of worry for the bitcoin market.
Historical data suggests that bitcoin is more likely to build upon its April rally this month.
Notably, the world's largest cryptocurrency by market capitalization has scored gains in the month of May in five out of the last seven years.
Clearly, history is on the bulls' side. Further, the seasonality analysis only adds credence to the bullish set up as seen in the bitcoin chart below.
Historical data suggests that bitcoin is more likely to build upon its April rally this month.
Notably, the world's largest cryptocurrency by market capitalization has scored gains in the month of May in five out of the last seven years.
Clearly, history is on the bulls' side. Further, the seasonality analysis only adds credence to the bullish set up as seen in the bitcoin chart below.
The bull pennant breakout could see the recent rally from the April low of $6,425 (Bitfinex price) extend to $10,000 or even higher.
The cryptocurrency has been restricted to a narrowing price range for more than a week and has spent a better part of the last 12 hours trading between $9,150 and $9,300.
As the technical theory has it, the longer the duration of the consolidation zone, the more violent the breakout tends to be. So, BTC could move well above the $10,000 mark in an hour or two post-breakout, if the bulls gain the upper hand.
On the other hand, a downside break would open the doors to $8,490 (38.2% Fibonacci retracement of the rally from $6,425 to $9,767.4).
Only a daily close below $7,823 (April 17 low) would signal a bear revival.
The cryptocurrency has been restricted to a narrowing price range for more than a week and has spent a better part of the last 12 hours trading between $9,150 and $9,300.
As the technical theory has it, the longer the duration of the consolidation zone, the more violent the breakout tends to be. So, BTC could move well above the $10,000 mark in an hour or two post-breakout, if the bulls gain the upper hand.
On the other hand, a downside break would open the doors to $8,490 (38.2% Fibonacci retracement of the rally from $6,425 to $9,767.4).
Only a daily close below $7,823 (April 17 low) would signal a bear revival.
Looks like upside break of the pennant pattern is a done deal. #BTC is now trading above $9,400
Ethiopian Gov’t Signs Agreement With Cardano To Introduce Blockchain In Agritech
The Ethiopian government has recently signed a memorandum of understanding (MOU) with cryptocurrency startup Cardano (ADA). The agreement will see Ethiopian developers apply blockchain technology to the country’s agritech industry.
CEO and founder of Cardano Charles Hoskinson confirmed the move in a tweet. Hoskinson stated that the agreement with the Ethiopian Ministry of Science and Technology includes training local developers to use blockchain technology.
The Ethiopian government has recently signed a memorandum of understanding (MOU) with cryptocurrency startup Cardano (ADA). The agreement will see Ethiopian developers apply blockchain technology to the country’s agritech industry.
CEO and founder of Cardano Charles Hoskinson confirmed the move in a tweet. Hoskinson stated that the agreement with the Ethiopian Ministry of Science and Technology includes training local developers to use blockchain technology.
#BTC
OUTLOOK: Bullish
Bull pennant breakout confirmed
5DMA, 10DMA trend north, indicate bull setup
Looks set to test 200DMA of $10,016
Bull invalidation below $9,292
OUTLOOK: Bullish
Bull pennant breakout confirmed
5DMA, 10DMA trend north, indicate bull setup
Looks set to test 200DMA of $10,016
Bull invalidation below $9,292
#BTC
OUTLOOK: Bullish
Pennant breakout indicates BTC will likely find acceptance above the inverse head-and-shoulders neckline and rally to $10,500 - $10,700 (Dec. 22 low on Bitfinex).
Close below the ascending 10-day MA would neutralize immediate bull outlook
OUTLOOK: Bullish
Pennant breakout indicates BTC will likely find acceptance above the inverse head-and-shoulders neckline and rally to $10,500 - $10,700 (Dec. 22 low on Bitfinex).
Close below the ascending 10-day MA would neutralize immediate bull outlook
💡 Brian Kelly, a founder and CEO of BKCM LLC, an investment firm focused on digital currencies, has laid out three major factors that could fuel the next big rally of bitcoin, now that the bitcoin price has officially crossed the $10,000 mark.
According to Kelly, three major factors that will inevitably lead the bitcoin price to the next support levels at $12,000 and $14,00 are the entrance of banks such as Goldman Sachs, clarity from regulators on bitcoin’s legality, and the initiation of the blockchain summit Consensus 2018 in New York on May 14.
Consensus 2018 will feature 250+ speakers and 4,000+ attendees from the leading industry startups, investors, financial institutions, enterprise tech leaders, and academic and policy groups who are building the foundations of the blockchain and digital currency economy.
Consensus 2017 was held on May 22-24 and appears to be responsible for the beginning of the exponential growth for the rest of 2017.
According to Kelly, three major factors that will inevitably lead the bitcoin price to the next support levels at $12,000 and $14,00 are the entrance of banks such as Goldman Sachs, clarity from regulators on bitcoin’s legality, and the initiation of the blockchain summit Consensus 2018 in New York on May 14.
Consensus 2018 will feature 250+ speakers and 4,000+ attendees from the leading industry startups, investors, financial institutions, enterprise tech leaders, and academic and policy groups who are building the foundations of the blockchain and digital currency economy.
Consensus 2017 was held on May 22-24 and appears to be responsible for the beginning of the exponential growth for the rest of 2017.
#BitcoinCash
Weak close (as per UTC) today below 10-dayMA would confirm bearish doji reversal, open doors for a deeper pullback to $1,200 or more
The 10-day MA is still sloping upwards (bullish). So a rebound from 10-day MA could put $1,800 back on the map.
Weak close (as per UTC) today below 10-dayMA would confirm bearish doji reversal, open doors for a deeper pullback to $1,200 or more
The 10-day MA is still sloping upwards (bullish). So a rebound from 10-day MA could put $1,800 back on the map.