Bitcoin Price Watch; Trading The Evening Session

So that’s another day complete in our bitcoin price trading efforts and – yet again – we’ve had a pretty decent one. When we trade against a backdrop of the sort of market conditions that we’ve seen over the last few weeks, it’s hard not to draw a profit from the market. We aren’t being cocky in saying that, there are some conditions in which it’s impossible to pull a profit. With that said, we’ve always got to be careful when things are going well. Price can only travel so far before correcting and, while we have seen some degree of short term correction in the markets over the last couple of days, things are very much with the bulls and that can only last so long. When the correction does eventually come, of course, we can just shift our approach to one that favors the downside and work from there. So long as our targets aren’t overly aggressive and our stops are tight enough to make sure we don’t get caught on the wrong side of an irretrievable loss (but also not too tight that we keep getting chopped out), we’ll be fine.

So, with this in mind, let’s get things in place for this evening’s session. As ever, take a quick look at the chart below to get an idea of where things stand before we move into the late US session tonight. It’s a one-minute candlestick chart and it’s got our key range overlaid in red.

As the chart shows, then, support comes in at 3240 and resistance come in at 3282. Price is trading right at the latter of these two levels right now, so we’re on the look out for a close above this level to validate an immediate upside entry towards a target of 3310. A stop at 3272 defines risk nicely.

Charts courtesy of Trading View

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The mining profitability difference between BCH and BTC has been declining for several days now. In the beginning, Bitcoin was 270% more profitable to mine. Given the lower value of BCH and the amount of time it took to mine blocks, that isn’t surprising. Things are changing rapidly in the cryptocurrency world, though. Right now, the profitability difference is just 26%. That means it will soon become as profitable to mine either Bitcoin or Bitcoin Cash.

Cryptocurrency miners always want to get the most bang for the buck. Given the costs associated with mining, that is only normal. One needs to make a big hardware investment before mining can even begin. Additionally, there are electricity costs to take into account. Plus, the cryptocurrency you mine needs to be valuable enough to offset all of the costs. Right now, mining Bitcoin makes more sense in this regard. It is far more profitable compared to Bitcoin Cash. That situation will not remain like this indefinitely, though.

Bitcoin Cash Mining Profitability Keeps Rising

More specially, the profitability difference between the two is coming down. Mining BCH was quite unprofitable for the first two to three days. Right now, it is almost on par with Bitcoin mining. This is thanks to multiple mining difficulty adjustments on the Bitcoin Cash network .With the hashrate still on the low end, reducing the difficulty makes a lot of sense. Once more miners support this blockchain the difficult will go up once again. For now, however, BCH sits at 13% of BTC’s mining difficulty. It will take some time until the number reaches parity, though.

For miners, the choice between BTC and BCH becomes slightly more difficult. There are those who will never support Bitcoin Cash for various reasons. There are those who want to make the most money and mine whatever is most profitable. At this rate, that may very well be Bitcoin Cash for some time to come. Reaching party with Bitcoin as far as profitability is concerned would be a major milestone. That doesn’t mean the BCH price will go up, though. Right now, it seems more people are interested in suppressing the value more than anything else.

It is hard to tell when this “shift” may happen. Just because Bitcoin Cash becomes as profitable to mine doesn’t mean more people will mine it. However, it is a sign of the network maturing slowly but surely. One has to keep in mind BCH has been around for about a week now. Despite the odds, it successfully survived this long. The network is growing and services are showing support for BCH payments as we speak. An interesting future lies ahead, that much is evident. Miners should pay more attention to what is going on if they want to make more money.

Header image courtesy of Shutterstock

Mainstream bitcoin adoption in the Philippines is rising at an exponential rate, as millions of users, local employees and expat Filipino employees are starting to utilize bitcoin to settle remittance payments, utility bills and send payments at lower costs.

Coins.ph, which recently expanded to Hong Kong, Malaysia and Thailand after securing $10 million in early-stage funding, is at the forefront of bitcoin innovation and adoption in the country. Since its initial launch, the vision and mission of the Coins development and operating team have been to try provide easier and more convenient methods of payments for local users.

In its main web-based platform, Coins.ph integrated a live feed of aggregated time saved by Filipino bitcoin users by avoiding traditional banking systems and relying on new-generation financial systems such as bitcoin and fintech to settle payments. So far, Coins.ph team states that it saved Filipinos 1.9 centuries of standing in line in banks since 2014.

In order to appreciate the optimization of payments settlement bitcoin and bitcoin-based service providers such as Coins.ph offer to Filipino bitcoin users, it is important to acknowledge the horrifying inefficiency of local banking systems and financial service providers. In fact, banks have become increasingly difficult to deal with that local remittance companies including Lhuiller have started to process more payments in terms of daily volume than some of the local banks.

As a result, more Filipino remittance, fintech and bitcoin users have begun to avoid banking systems and rely on more innovative methods of sending money both domestically and abroad. A report published in 2016 revealed that 20 percent of remittances from the Philippines to South Korea is processed in bitcoin. Behind China and India, the Philippines is the third largest remittance market in the world, receiving nearly $30 billion in remittance payments every year.

Coins.ph alone has more than 1 million active users. Despite its strict Know Your Customer (KYC) and Anti-Money Laundering (AML) systems, its user base is exponentially increasing. Other bitcoin service providers within the Philippine market including Rebit and BuyBitcoin also serve large userbases and their growth as startups have been important indicators that have demonstrated the growth of the Philippine bitcoin industry.

Mainstream adoption of bitcoin in the Philippines, mainly triggered by the legalization of bitcoin by the central bank of the country earlier this year, have also led to the adoption of bitcoin by local merchants. A member of an online community shared that Davao City, the home city of current Philippine President Rodrigo Duterte, where he served as the city’s mayor prior to becoming the President, has seen an increase in acceptance of bitcoin from local merchants.

In 2014, when Coins.ph and other bitcoin service providers first launched in the Philippines, BuyBitcoin CEO Sam Kaddoura stated that local bitcoin companies are trying to offer more efficient and cost effective ways to settle remittances and payments with bitcoin. He explained:

“From the consumer perspective, not everyone in the Philippines can get approved for a credit card. In many instances, consumers will just run to the bank to physically make the deposit if they are purchasing something online. However, if you’ve bitcoin in your wallet, you would never have to leave your house to make payment. A few clicks and confirmations and the transaction is done.”

Rapidly, bitcoin and innovative fintech companies in the Philippines are rendering banks and local banking systems redundant. Independently, bitcoin companies like Coins and BuyBitcoin are processing payments for consumers, offering Visa debit card services, and other necessary financial services offered by banks, at lower costs.


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The long wait is finally over for a lot of Bitcoin users. More specifically, the network has successfully locked-in SegWit activation. This software upgrade has caused a fair bit of debating but is mainly seen as a positive development. There is still a two-week waiting period before it effectively activates, though. The bigger question is what will be next for the Bitcoin network. Many speculators expect a massive price surge, but things often play out very differently.

Successfully locking in SegWit activation is a big first step. Considering how this upgrade was deployed nearly a year ago, the consensus comes right on time. More specifically, it had a one-year deployment up until November. Despite a lot of opposition along the way, we now have a consensus. All of the blocks mined during this previous activation method signaled SegWit support. That is rather uncommon in the Bitcoin world, to say the least. However, this is still only the first step toward achieving the goal we have been waiting for.

SegWit Lock-in has Been Secured Successfully

To be more precise, there is a two-week grace period before full activation. Once that locks in, miners cannot change their mind about Segregated Witness any longer. Until then, they can still switch to other solutions if they prefer to do so. Once the course is set, things are locked in place for the foreseeable future. Additionally, some miners still need to upgrade their software before August 22. It is good to see the Bitcoin network receive a scaling solution which can provide many different new features.

Perhaps the biggest change is the transaction malleability fix. It is an important part of SegWit that shouldn’t be overlooked by any means. Other benefits include reducing unspent transaction output growth and signing of input values, among other things. Moreover, Segregated Witness paves the way for the Lightning Network, among other tools. Sidechains and smart contracts through Rootstock are some other features to look forward to as well. There will be a slew of new features and innovation over the coming months and years. Bitcoin five years from now will look very different from what we know today.

It will also be interesting to see how SegWit competes with Bitcoin Cash. A moderate block size increase versus an eightfold increase will yield some intriguing competition. For now, mining Bitcoin is still more profitable than BCH, but the margin is growing smaller every day. A few days ago, mining BTC was 270% more profitable. Right now, that margin is ‘just” 37%. It is evident some miners will try to play both sides and maximize their earnings. Competition is heating up in Bitcoin, that much is evident. An interesting and exciting future awaits us all.

Is there something huge coming for Bitcoin investors? CryproVisionary, one of the top digital currency traders, recently predicted a $3,000 Bitcoin price in the coming two weeks. CryptoVisionary is the popular cryptocurrency trader and founder of The Phoenix Trading Group, and its such a bold prediction about bitcoin’s short term value has infused a wave of excitement among investors. The digital currency trader has quoted a number of factors behind this prediction, including bitcoin’s value compared to gold, its mainstream adoption worldwide and recent corporate interest in blockchain technology.

The Factors Supporting CryptoVisionary’s Prediction

  • Bitcoin & Gold Prices

One of the factors on the basis of which CryptoVisionary has predicted $3,000 Bitcoin in the coming two weeks, is the value comparison of bitcoin with that of gold. Bitcoin has long been termed as digital gold and is often compared with gold as an investment asset. On March 2, 2017, the bitcoin’s price, for the first time in the history, surpassed the price of one ounce of gold, reaching to its all-time high value. The day witnessed the closing exchange price of Bitcoin as 1 BTC = $1,268, higher than gold, which was $1,233.

  • Mass Adoption of Bitcoin

The increasing adoption of bitcoin by governments and banks is another reason why CryptoVisionary believes in Bitcoin’s rising price. For instance, South Korea and Japan have legalized bitcoin as a payment mode this year, which is pushing the price ceiling higher in every instance. Moreover, this year also witnessed the world’s biggest open source blockchain’s initiative formation, i.e. The Enterprise Ethereum Alliance (EEA). This is the alliance of more than 150 companies belonging to a wide range of industries and sectors, including banking and finance, technology, marketing, insurance, government and more. Some of the alliance members are giants including Mastercard, JP Morgan, and Samsung.

  • Individual Investors 

Apart from banks and big companies, an increasing number of individuals are learning about and investing in bitcoin. As forecasted by CryptoVisionary, more mainstream cases of digital currencies as legalized mode of transaction in various countries, and more individuals using bitcoin as a form of investment will be seen in 2018. Japan, India, Russian, China, and Venezuela have already seen massive adoption of bitcoin since last year.

  • Bitcoin SegWit Activation

The much-awaited, Bitcoin SegWit activation happened on August 1, 2017, with enough votes. In the next two months, the bitcoin’s price may reach $3,300 since many traders took the bait and are under a trap of short squeeze, possibly leading to a parabolic rise.

To stay updated about this prediction, please visit https://coin.dance/volume

So we are midway through what has been a pretty big week in the bitcoin price so far. Things really got moving towards the end of last week and over the weekend and – as we moved into the early week this week – it looked as though things might settle, or at least correct, temporarily. We have seen some degree of corrective action, but nowhere near enough to negate the impressive action that we saw throughout the latter two weeks, and we’re almost certain to be heading into the close of this week on a high.

We can’t take anything for granted, of course. There’s still a chance that things could correct further and we don’t want to get caught on the wrong side of the markets in a losing position that eats away at the gains we’ve seen of late. With this noted, then, we’ve got to keep our risk nice and tight on any open positions and make sure we aren’t overly ambitious in our upside efforts.

So, here goes. Let’s get some levels sorted that we can carry into the session going forward. Here’s what we’re looking at and where we’re expecting to jump in and out of the markets as and when price moves. It’s a one-minute candlestick chart and it’s got our key range overlaid in red.

As the chart shows, then, the range we are looking at for the session today is defined by support to the downside at 3312 and resistance to the upside at 3353. If we see price break above resistance, we’ll look out for a close above that level to get us in long towards 3380. Conversely, a close below support will have us in short towards 3290. A stop loss on both positions just the other side of the entry in question will ensure we are taken out of the trades in the event of a bias reversal.

Charts courtesy of Trading View

It would be rather shocking to see Bitcoin become a nation’s official reserve currency. Several countries around the world can certainly benefit from such a decision. Two Australian senators are pushing the Reserve Bank of Australia to accept Bitcoin. In fact, they hope to see it become an official currency in the country. It remains to be seen if this venture will be successful, but it is a good idea regardless.

Political support for Bitcoin is seemingly growing. If it is up to two Australian senators, the cryptocurrency will become official in the country. More specifically, they are asking the Reserve Bank of Australia to embrace Bitcoin. It is a more than an ambitious goal, but the idea is not outrageous. According to the politicians, ignoring cryptocurrency will lead to a financial disadvantage in the coming years.  Sam Dastyari and Jane Hume feel now is the time to make Bitcoin an official Australian currency. This proposition will be greeted with a lot of skepticism, which is to be expected.

Your Move, Reserve Bank of Australia

Australia is trying to make moves in the FinTech industry. To do so, the region needs to embrace innovative technologies. There is no technology more innovative than Bitcoin and cryptocurrency right now. It is a different way of life altogether. Moreover, services such as Living Room of Satoshi continue to gain more traction in the country. Embracing Bitcoin will be a revolutionary leap for the Reserve Bank of Australia. It won’t be easy to achieve this lofty goal, though. There is a lot of confusion regarding cryptocurrency among Australian politicians, to say the least.

It is not the first time we see politicians support cryptocurrency. Matt Canavan, a senator, asked the ACCC to investigate if banks were treating Bitcoin companies unfairly. Although the outcome wasn’t in favor of these companies, it showed support for cryptocurrency was growing already. With other countries in the Asia Pacific region embracing BTC, Australia can’t risk getting left behind. It is likely they will need to take measures similar to Japan and make Bitcoin an official currency. That doesn’t mean it has to replace the Australian Dollar, though.

Rest assured we will see more of these discussions around the world. Bitcoin is making a lot of headway, despite government oppression for several years. It is a currency that refuses to be ignored any longer. How things will play out in Australia, remains to be seen. Having political support can prove to be invaluable. Then again, these are just two out of dozens of senators. Competition with Asian countries is mandatory if the country wants to remain attractive, though. The Reserve Bank of Australia has an important decision to make, that much is evident.

Internxt aims to create a new internet creating a decentralized cloud infrastructure which hosts websites, files and apps in a more secure, private and efficient way.

Right now, the internet is organized in a way that websites, files and apps on are being hosted usually on centralized servers owned by enterprises, under a government jurisdiction.

This brings a first issue to the table; privacy. We can all at least suspect how traditional companies make use of our private information. Google is an information giant. It is in fact the biggest online advertising company. By decentralizing the cloud, however, files get split up into pieces, encrypted and spread into different servers, using peer-to-peer technology. The internet would be owned by the people instead of corporations, and governments wouldn’t have so much say over people either. People hosting these pieces of files would get paid by Internxt (with Internxt’s own cryptocurrency), and them nor Internxt would have access to these files (as these are encrypted and distributed).

With regards to security, the fact of having all whole files in one server makes it easier for hackers to gain access to those. If these files were decentralized, even if a hacker could bypass the security of one of the machines, he or she would only get an encrypted bit of a file. It’d be extremely complex to retrieve the whole file as the hacker wouldn’t know which servers to target for the attack.

Internxt is solving these major technological flaws on the internet by creating a completely decentralized cloud, that will on a first instance tackle websites, apps and files, which are currently centralized. They are also working on improving competitor decentralized technologies to make sure they have the best tech out of all their competitors in this early stage industry. However, their main goal is to bring this superior technology to everyday people. For this reason, Internxt is going to focus on building a seamless user experience and a competitive pricing structure, so that everyone irrespective of their knowledge can make a transition to this new technology.

Internxt was founded and is currently owned and managed by the young entrepreneur Fran Villalba Segarra. Fran had been working in the management of a big internet multinational. Additionally, he has created some smaller internet projects in the past, which he has sold. He is now dedicating all his funds, time and knowledge into Internxt, the biggest company he has ever started. There is also a whole team of developers working to make Internxt a reality. Internxt is expected to be launched in 2018.

We have read Internxt’s whitepaper and their technology looks incredibly promising. We believe it might indeed become a very significant technology in a near future, and their ICO will most likely be one of the ICOs of the year. Their ICO is being held on September 7th at 7PM GMT. It will end on September 28th at the same time, or earlier if the 45.000.000 INXT are sold before then. The exchange rate is 300 tokens per ETH.

Key Highlights

  • ETH price continued to gain momentum and was able to move above the $290 resistance against the US Dollar.
  • There are two bullish trend lines forming with supports as $301 and $285 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • There pair remains buy on dips near $300-285 and it is most likely to extend gains in the near term.

Ethereum price remained well bids against the US Dollar and Bitcoin, and now ETH/USD is placed well above the $290 resistance (now support).

Ethereum Price Surges Higher

It’s been a good week for ETH price as it moved above the $290 resistance against the US Dollar. The recent upside move was positive, as there was a close above the $260 and $290 resistance. It has cleared the path for more gains. Today, the price even cleared the $300 handle and traded as high as $313.18 where it faced strong offers. A correction wave is about to start towards $300 or lower, but the price remains supported in the near term.

An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $264.10 low to $313.18 high. There are also two bullish trend lines forming with supports as $301 and $285 on the hourly chart of ETH/USD. The first trend line is a short-term support at $300. However, the most important support is near $285. It also coincides with the 50% Fib retracement level of the last wave from the $264.10 low to $313.18 high.

Ethereum Price Technical Analysis ETH USD

As long as the price is above the $300 and $285 support levels, it is likely to continue higher. Buying dips towards $285 may be considered in the near term.

Hourly MACD – The MACD is gaining extreme momentum in the bullish zone.

Hourly RSI – The RSI is correcting from the overbought levels.

Major Support Level – $285

Major Resistance Level – $315

 

Charts courtesy – SimpleFX

Key Highlights

  • Ethereum classic price remained supported above the $15.00 level against the US Dollar, and eyeing gains.
  • There are two bullish trend lines with supports as $15.40 and $15.20 forming on the hourly chart of ETC/USD (Data feed via Kraken).
  • The price might soon break the $16.20 level for a move towards the next resistance of $16.70.

Ethereum classic price is slowly grinding higher versus the US Dollar and Bitcoin. ETC/USD may soon gain pace for a move towards $16.70-16.80.

Ethereum Classic Price Trend

There was a test of the $15.00 support by ETC price against the US Dollar. The price stayed above the $15.00 support and started an upside move. During the upside move the price settled above the $15.40 level and the 100 hourly simple moving average. Furthermore, there was a close above the 61.8% Fib retracement level of the last decline from the $16.10 high to $15.00 low. This move has opened the doors for more gains above the $16.10 level.

So, there are high chances of ETC gaining pace and moving past $16.20. It could even test the 1.618 extension of the last decline from the $16.10 high to $15.00 low. On the downside, there are two bullish trend lines with supports as $15.40 and $15.20 forming on the hourly chart of ETC/USD. These trend lines might continue to play an important role for buyers above $15.40. Moreover, the 100 hourly simple moving average is also positioned above the $15.40 level.

Ethereum Classic Price Technical Analysis ETC USD

Therefore, the $15.40 level can be considered as a monster support. As long as the price is above $15.40, there can be more gains. The next major resistance for ETC is around the $16.70-16.80 levels.

Hourly MACD – The MACD is moving nicely in the bullish zone.

Hourly RSI – The RSI is currently well above the 50 level and gaining pace.

Major Support Level – $15.40

Major Resistance Level – $16.70

 

Charts courtesy – Trading View, Kraken