Bitcoin Price Watch; Can $13,000 Hold?

We are closing in on the end of the European session and it is time to take a look at how action in the bitcoin price today is setting up to provide us with a strategy that we can use heading into the primary US session this evening.

As we noted this morning, the overarching momentum seems to be with the bulls right now and, aside from a couple of short-term corrections, the bitcoin price looks like it’s set to break and maintain its level above $13,000.

Just how long this level can serve as support post-break remains to be seen but, if action over the last couple of days is anything to go by, we could well be looking at $14,000 before $13,000 becomes a focal point.

So, with all this said, let’s get some levels in place that we can use for our strategy going forward and try to figure out some entry and exit points that fall in line with our risk management tools.

As ever, take a quick look at the chart below before we get started so as to get an idea where things stand where we are looking to jump in and out of the markets according to the rules of our intraday strategy.

The chart is a one-minute candlestick chart and it has our range overlaid in green.

As the chart shows, the range we’re looking at for the session this evening comes in as defined by support to the downside at 12701 and resistance to the upside 12788.

If we see price close above resistance, we will enter long towards an immediate upside target of 12830. Conversely, a close below support will have us in short towards a downside target of 12640.

Stop losses on both positions will ensure we are taken out of the trades in the event that things turn against us.

Let’s see what happens.

Chart courtesy of Trading View

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Following last week’s news that IOTA is launching an IoT (Internet of Things) based data sharing marketplace in partnership with some big companies including Microsoft, its price has jumped considerably. Crypto investors and traders have been clamoring to get their hands on the vastly undervalued asset which has shot up from around $0.8-$1.2 at the time of the announcement to over $4.7 today.

The surge in interest and investment has pushed IOTA into the big league of cryptocurrencies where it is now positioned at number four with a market cap of $12.4 billion. It has surpassed Ripple which has a $9.5 billion market cap and is way ahead of Litecoin with $5.6 billion.

News filters slowly around the world and IOTA investors are still piling into the coin this week causing the price to soar. The MIOTA token has jumped roughly 350% in a week and it continues to spike. Fear of missing out (FOMO) is likely to be a factor influencing the price hike as more people hit the exchanges to trade their Bitcoin for Miota.

Touted as the next generation of the blockchain, IOTA works slightly differently to regularly distributed ledger assets such as Bitcoin or Ethereum. The new architecture is referred to as a Directed Acyclic Graph, or ‘Tangle’, and it works without blocks or a chain. It is more like a web of nodes that can get verified at high speed so that it does not need miners and there are no slow transaction delays or associated expenses.

The only problem with a crypto like IOTA is that many major exchanges including Bittrex, Kraken, and do not list it. It is available on Taiwanese based Bitfinex, but not to US citizens, so the only option is Hong Kong-based Binance for many. Limited to just one exchange has limited its uptake, and this applies to any altcoin that is not listed on all exchanges. To get in on the action for a wide scope of altcoins traders must open accounts on all exchanges which can be arduous and will rack up fees and commissions. This alone has probably caused a lot of traders’ FOMO to be realized with the latest surge in IOTA.

The hope is that a blockchain solution such as BitShares or the one in development by OmiseGO will soon be available and widely adopted to facilitate high speed, low-cost exchanges across all cryptocurrencies without the use of centralized and sluggish exchange companies. Until then we will have to find our own ways of getting on the next crypto gravy train.

One of the fastest growing markets in the world is the eSports industry. Assuming the $700 million revenue projection for 2017 holds true, the industry will have seen an annual revenue growth rate of 40%–a truly remarkable feat. What’s more, revenue estimates for 2020 are at an astonishing $1.5 billion, representing a value over ten times the revenue in 2012.



However, not everything is rose-colored in the eSports industry. Starting and managing a successful eSports club is by no means a walk in the park, and the lack of a uniform process or structure could serve as a chokepoint for the industry’s future success. Just as with all thriving ventures, the eSports community needs to get past its growing pains if it wants to see the success its pundits have forecasted.

Blockchain Forever

In order to help the industry expand and optimize as a global force, some are working on a blockchain powered platform that will streamline the eSports recruitment and management process. In doing so, the industry could grow at an even more rapid pace, creating wealth for gaming teams and providing entertainment to an ever-growing audience. DreamTeam is one company who wants to revolutionize the eSports industry by creating a decentralized platform utilizing blockchain technology and smart contracts.

The platform creates a marketplace where amateurs and professionals alike can find players, coaches, and teams to interact with. It just takes a few minutes to search and find other users, as the platform allows for each individual to create a profile with specific searchable fields.

The platform also creates a way for coaches to form teams, manage their players, and run data analytics on performance and upcoming matches. Successful teams can earn sponsorships, participate in media sales, and win prize money for competitions. The addition of practice matches and tournaments provides teams with a one-stop-shop for the entire eSports industry.

The blockchain technology powering the platform ensures that all financial transactions that occur on the platform–from prize money distribution to player salaries–are secure and transparent. All fund-flows are open to the public, but registry information and personal data stays encrypted and secure. Additionally, the platform implements a single token, the DreamTeam token, for all of its features. This token becomes the sole means of transaction across the entire platform, streamlining processes and enabling the use of smart contracts for all financial exchanges.

For example, the blockchain platform allows a team to set monthly marketing goals for its manager, performance KPIs for its coach, and contribution goals for its players. By using smart contracts, the team can establish a way for the respective parties to receive bonuses based on meeting their KPIs. The use of smart contracts also prohibits corruption and manipulation, as the contracts will self-actualize if and only if the KPIs are met.

Bright Future

The team behind the project is itself a dream team, boasting of eSports’ most qualified and experienced advisory board, including ESL (formerly Electronic Sports League) CEO Ralf Reicheryt. With hundreds of years combined experience in the eGaming and blockchain industries, the team has positioned itself well to tackle any future obstacles.

DreamTeam’s platform, though in its infant stages, already has over 50,000 users and is expecting another 100,000 to join by the end of the year. This will make DreamTeam the fastest growing eSports infrastructure platform ever created. Even better, DreamTeam’s users are finding that the integrated platform allows them to source teammates and create crews much more easily. The platform is proving to be a success both in terms of adoption and implementation.

DreamTeam also recently published news of its partnership with Xsolla, a global gaming distributor, and publisher. This partnership will enable the DreamTeam token to become one of the core cryptocurrency payment methods offered by Xsolla. It also marks the DreamTeam as the first ever eSports project to offer its currency to pay for external services. The strategic partnership is inline with DreamTeam’s llong-termgoal of being the primary cryptocurrency of the eSports industry.

Those that want to invest in DreamTeam’s platform and the future success of the global eSports industry can do so by joining DreamTeam’s token sale. The sale will begin on December 11, 2017, and run for three days until December 14.


The Ethereum ecosystem, mainly caters to coders and app developers. Over the past few years, many different applications have been built on top of this protocol. It now seems there may be some licensing issues regarding these apps. Using Ethereum as a foundation for apps is a double-edged sword. Since Ethereum has no official final open-source license, things may get pretty ugly in the future.

It is always interesting to see how these systems work. Ethereum is open source, first and foremost. The Ethereum Foundation uses different open-source licenses for particular aspects of the ecosystem and protocol. However, this also poses big risks to anyone developing on top of this platform right now. While no immediate repercussions are expected, things can always change in the future. The last thing anyone wants is a legal battle for building an Ethereum application.

Ethereum App Development Licensing Concerns

One could argue issues like these exist for Bitcoin as well. That is not entirely true, though. It is far more difficult to build apps on top of Bitcoin. An unfortunate situation, but that is how the cookie crumbles right now. In the case of Ethereum, its open-source licensing is far less straightforward than one would expect. Without a proper license in place for the building blocks of this protocol, anyone building an application on top of it may be in violation. A very disturbing situation, to say the very least.

Most app developers will not bother with this licensing issue. After all, open source is the one thing most people read. However,  things are a bit different in the case of Ethereum. For now, all of this is subject to interpretation and the good graces of the Ethereum Foundation. This lack of clarity should be addressed sooner or later, though. There are a lot of questions which need to be answered in this regard. When and if that will happen, remains to be determined.

The big question is whether or not app developers need to be concerned. For now, the answer is negative, but it’s well worth keeping these matters in mind. It is well worth the time building applications on top of Ethereum. it is a great platform with many different features developers can enjoy. Commercial developers may want to look into the licensing matter more closely, though. There are some potential hurdles which need to be resolved soon. No one can afford to underestimate potential licensing risks, that much is evident.

Header image courtesy of Shutterstock

As if Bitcoin miners didn’t have enough forks on their plate another one is coming up on Christmas day of all things. In addition to an already heavily forked cryptocurrency that consists of Bitcoin Classic, the now-defunct Bitcoin XT, Bitcoin Cash, and Bitcoin Gold, they will soon be joined by Bitcoin God.

Yes, you heard it right; Bitcoin God is due to be forked off on Christmas day by Chinese blockchain investor Chandler Guo who has announced he will release his own version of the cryptocurrency.

This will effectively create another network snapshot clone of Bitcoin. This results in the new chain sharing exactly the same history as the legacy blockchain up until a certain block height. From then on the new chain records its own transactions and miners who have adopted it add new blocks going forward.

Chandler Tweeted that:

“Bitcoin God (GOD) will be forked off the main bitcoin chain at the block height of 501225, which will happen on December 25th to be symbolic of me giving candy to all bitcoin holders. The total amount will be 21 million. No pre-mine. Everyone can claim their GOD from major exchanges all over the world. The profit from POS mining will be distributed to all Bitcoin users.”

Bitcoin God will not be the only forking thing to happen in December as there are much more afoot. A Github repository referring to something called Bcash stated: “Bcash is a new cryptocurrency that uses the existing Bitcoin ledger combined with Zcash privacy technology,”. The developer who remains anonymous claims that Bcash is not associated with Bitcoin Cash and the project is an entirely different network in the making. They urged traders to be wary of scams going under the Bcash name.

Bitcoin Diamond forked at block 495866, may also make an entrance around the same time with futures already listed on Coinmarketcap trading at around $45. The drive for new clones is to attract investors by offering them a free equivalent of whatever they old in the original chain. The BCD team stated:

“Our primary objective is to lower the cost of participation thresholds by reducing the transaction fees and the cost of participation.”

Unlike the public BTC ledger, Bitcoin Diamond would encrypt the amount and balance, which will provide greater privacy to users of the new coin.

According to the BTC Twitter page upcoming Bitcoin hard forks include Super Bitcoin (Block 498888), Bitcoin Platinum (Block 500000), Bitcoin Uranium (unknown), Bitcoin Cash Plus (Block 501407), and Bitcoin Silver (TBD).

It seems like a forking busy Christmas in crypto-land is on the cards.


DASH continues to drift a bit lower during the Wednesday session, as we are looking at the $700 level as support. I believe there is massive support underneath, especially near the $680 level. I’m waiting to see a bounce above the $725 level to start nibbling at the market again, so at this point I suspect we may have some grinding in a somewhat sideways fashion to do.



Litecoin continues to dance around the $100 level, perhaps trying to build up enough confidence to finally use $100 as the “floor” of the market. Longer-term, we should continue to go higher, but right now it’s obviously in an accumulation phase, meaning that on dips people are adding little bits and pieces to their larger positions.


Thanks for watching, I’ll be back tomorrow.



Ethereum fell during the Wednesday session against the US dollar, but is starting to find support near the $435 level. Currently, I believe that there is even more support closer to the $430 level, but a move above the $450 level should signify that the market is ready to continue to go higher. That being said, it seems as if most of the attention in the crypto currency world right now is focused on Bitcoin.



With all of that bullish pressure on Bitcoin, there’s no surprise here in the ETH/BTC chart, breaking down to fresh, new lows. I believe at this point using the 20 SMA on the hourly chart as dynamic resistance is the best way to go, shorting this market every time we hit the moving average. Where the bottom is, I don’t know, but quite frankly I am surprised that Ethereum has lost so much ground.

Thanks for watching, I’ll be back tomorrow.


Bitcoin rallied again during the trading session on Wednesday, as we have broken as high as $12,800. We are starting the next impulsive move higher, so it looks likely that the 20 SMA on the hourly chart will continue to offer dynamic support, meaning that as a record this, there should be significant support at the $12,200 level, and most certainly at the $12,000 level underneath, which has psychological importance. Remember, after yesterday’s ascending triangle, it looks as if we are going to aim towards the $13,000 level.



Bitcoin rallied significantly against the Japanese yen as well, as we are heading towards the ¥1.5 million level. I think that pullbacks are going to be value propositions, and I believe there’s a bit of a floor in the market at the ¥1.325 million level. Because of this, buying the dips continues to be the way forward as Bitcoin rallies.


Thank you for watching, I’ll be back tomorrow.

With all eyes on Bitcoin as it broke through another price barrier during Asian trading this morning many forget about some of the altcoins that are also reaching new heights. The Bitcoin digital locomotive may be pulling many of these altcoins up with it as it trades above $12,000 and strives to go even further. The main reason being that the majority of altcoins can only be purchased with Bitcoin, and this serves as part of their limitations.

One such coin that this does not apply to has seen a similar surge in investment over the past week or so, Japanese crypto asset Monacoin. It is only fitting that Japan, being a world leader in technology, has its own cryptocurrency marketed in its own language. Enter Monacoin (MONA) which isn’t a new asset as such but was launched in January 2014 – a long time ago in the world of cryptocurrencies.

Emerging from a Litecoin fork two years ago Monacoin was invented by a ‘Mr. Watanabe’, another Japanese pseudonym just like Satoshi Nakamoto. It is well established and unlike a number of other altcoins with altruistic ambitions, it has remained just a cryptocurrency. The difference is that a token has some degree of utility within the service it is designed to fund, a cryptocurrency does not and there are a number of tax implications with the latter which is why most ICOs today are the former. Additionally, Bitcoin has not seen the uptake in Japan as it has in other countries so the need for their own version has been filled.

The recent interest in Monacoin has been fueled by Japan’s stance on cryptos in general. The government of Japan opened up new possibilities for cryptocurrencies when it accepted them as legally viable payment methods. Asian neighbors such as China and Vietnam have taken the opposite stance and attempted to block and stifle them. With over 125 million citizens and an emerging digital payment marketplace, Japan is seen as a new battleground for cryptocurrencies as businesses and institutions strive to accelerate adoption.

Monacoin has been a direct beneficiary of this and has seen an uptake in both investment and actual usage as a digital currency. Price has jumped three-fold in the last week alone from $5.5 on November 30 to around $15 today. Up until early October, Monacoin was valued at less than a dollar so it is clear this altcoin still has a lot of fuel left in its tanks. If mass adoption within Japan occurs and it becomes a government approved digital asset, the sky is the limit.

Financial institutions are suddenly scrambling to offer Bitcoin-related investment products. Given their opposition to cryptocurrencies for many years, this change of heart is rather intriguing. Bitcoin futures are seemingly the go-to product for banks and trading platforms. Tokyo Financial Exchange is the latest institution to get on this bandwagon. Consumers in Japan demand more exposure to Bitcoin, which is a positive sign.

It is always interesting to see how banks are eating their words when it comes to Bitcoin. For many years, these companies deemed this cryptocurrency unworthy. In late 2017, they are forced to introduce Bitcoin-related investment products. While futures contracts introduce even more price volatility, it is also a positive change. Exposing institutional investors to cryptocurrency can have some surprising results in the long run.

Tokyo Financial Exchange Embraces Bitcoin Futures

With Tokyo Financial Exchange getting on board, the future looks very bright. This company is one of Japan’s top financial exchanges today. Their Bitcoin futures products will launch in early 2018. No specific date has been announced at this time. The company follows the examples set by CBOE and CME, among others. Rest assured we will see more financial players offer Bitcoin-related products soon.

Moreover, it seems Tokyo Financial Exchange has other big plans as well. A study group will be formed to gain a better understanding of cryptocurrencies. This group will also monitor the futures market and look for ways to improve this product. Given the positive Bitcoin regulation in Japan, this process shouldn’t be too cumbersome to complete. Japan is one of the few countries approved Bitcoin as legal tender. Most other regions continue to oppose cryptocurrency at every possible turn.

No one can deny Bitcoin captivates an audience on a global scale. The world’s leading cryptocurrency has shocked a lot of people in recent months. Although it is not perfect,  it makes for a great speculative vehicle. In terms of using it as an actual currency, your options are still somewhat limited. These futures contracts provided by Tokyo Financial Exchange will impact Bitcoin as a whole. Whether that will be positive or not, remains to be determined.