Archive for Cryptocurrencies

Fibonacci Retracements Analysis 17.08.2018 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, the convergence made BTCUSD reverse and start a new correction to the upside, which has already reached the retracement of 23.6%. The next possible targets of this ascending correction are the retracements of 38.2% and 50.0% at 6807 and 7095 respectively. The support level is the low at 5890.

BTCUSD1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair is being corrected. After breaking the local high, the price may grow towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 6783 and 6883 respectively. Another possible scenario implies that the instrument may break the low at 5890 and continue the downtrend towards 5750.

BTCUSD2
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

 

ETHUSD, “Ethereum vs. US Dollar”

As we can see in the H4 chart, ETHUSD is being corrected upwards and has already reached the retracement of 23.6%. The next upside targets are the retracements of 38.2% and 50.0% at 340.00 and 368.00 respectively. The support level is the low at 250.59.

ETHUSD1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows more detailed structure of the current ascending tendency.

ETHUSD2
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

XBTUSD (Bitmex) – sellers are ready to hit fresh June low at 5,743 USD

By Gabriel Ojimadu, Alpari

On Monday, the 13th of August, bitcoin trading on the Bitmex exchange closed slightly down. After the unsuccessful attempt by bears to break through 6,500 USD, the price returned to 6,134 USD. The long shadow which remained at the top of the daily candlestick was a trigger today for bulls. During the Asian session, XBTUSD fell to 5,860 USD.

A fresh monthly low has been reached. At the time of writing the review, bitcoin sits at 5,984 USD. Considering how market participants are dumping altcoins, it is worth waiting for bitcoin to hit a new low. I’m waiting for it to test at 5,500 around the 17th of August. The key support is 5,400-5,500. If it does not hold, then you can expect some panic selling. In this case, purchase orders should be placed as low as possible.

On Tuesday, sellers can set two supports: at 5,875 and 5,760. The first level is the lower border of the A-A channel, the second is the line projected from these lows: 6,100 and 5,971.

 

Source: “XBTUSD (Bitmex) – sellers are ready to hit fresh June low at 5,743 USD

Bitcoin Speculator bearish net positions virtually unchanged this week

August 11, 2018 – By CountingPips.comReceive our weekly COT Reports by Email

Bitcoin Non-Commercial Speculator Positions:

Large cryptocurrency speculators very slightly edged their bearish net positions higher in the Bitcoin futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Bitcoin futures, traded by large speculators and hedge funds, totaled a net position of -1,611 contracts in the data reported through Tuesday August 7th. This was a weekly decrease of -8 contracts from the previous week which had a total of -1,603 net contracts.

Speculative bearish contracts have now risen for three out of the past four weeks. The overall bearish position remains above -1,600 net contracts for a fourth consecutive week.

Small traders, meanwhile, edged their existing bullish positions higher this week by an equally offsetting 8 contracts to the current bullish level of 1,611 net contracts.

Bitcoin Futures COT Data: Speculators vs Small Traders

The Bitcoin futures data is in its thirty-fourth week since the beginning of the cryptocurrency futures data releases on December 19th. The data includes trader classifications of only speculators and small traders and without commercial traders (typically business hedgers or producers of a commodity).

Speculators have continued to be on the bearish side of this market since the start of the bitcoin data releases while the small traders remain on the bullish side of this market.

Bitcoin per USD:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Cryptocurrency Futures closed at approximately $6738.54 which was a drop of $-971.56 from the previous close of $7710.1, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

Article By CountingPips.comReceive our weekly COT Reports by Email

XBTUSD Bitmex: buyers have broken the trend line

By Gabriel Ojimadu, Alpari

The zone between 6,790 and 6,845 USD has been providing support to buyers for the last 3 days. Sellers have tried to break through it 5 times to no avail. In today’s European session, buyers have broken the trend line. They managed this with no effort whatsoever as the price had been caught in a sideways trend for 63 hours, and had nothing changed over the next few hours, this trend would have been broken during the US session regardless. I call this a break in time.

Bitcoin likes to exit these pricing models upwards. The critical value for buyers is 7,165 USD. If they manage to break through this level with volume, while triggering stop levels from sellers, the price will move to 7,490/500 today. Technical and psychological factors will both come into play here.

If 7,165 proves too tough for buyers, short positions will come back in force from here. Only in this case will the bears definitely reach 6,600 USD.

Bitcoin Speculators edged bearish bets down this week

August 4, 2018 – By countingpips.comReceive our weekly COT Reports by Email

Bitcoin Non-Commercial Speculator Positions:

Large cryptocurrency speculators decreased their net bearish positions in the Bitcoin futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Bitcoin futures, traded by large speculators and hedge funds, totaled a net position of -1,603 contracts in the data reported through Tuesday July 31st. This was a weekly increase of 48 contracts from the previous week which had a total of -1,651 net contracts.


Speculative bearish contracts declined after two weeks of lower bearish bets. The overall bearish position remains above -1,600 net contracts for a third week.

Small traders, meanwhile, trimmed their existing bullish positions this week by an equally offsetting -48 contracts to the current bullish level of 1,651 net contracts.

Bitcoin Futures COT Data: Speculators vs Small Traders

The Bitcoin futures data is in its thirty-third week since the beginning of the cryptocurrency futures data releases on December 19th. The data includes trader classifications of only speculators and small traders and without commercial traders (typically business hedgers or producers of a commodity).

Speculators have been on the bearish side of this market since the start of the bitcoin data releases while the small traders have continued to total a net bullish position.

Bitcoin per USD:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Cryptocurrency Futures closed at approximately $7710.1 which was a loss of $-547.54 from the previous close of $8257.64, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

Article By CountingPips.comReceive our weekly COT Reports by Email

XBTUSD (Bitmex): buyers try to recover losses

By Gabriel Ojimadu, Alpari

On Wednesday the 1st of August trading on bitcoin closed down. That being said, buyers managed to recover most of their losses after hitting a new low. As a result, a candlestick with a long tail was formed. Because of its large body, it does not count as a reversal.

Today I expect the continuation of the upward correction to the 7,830-8,000 USD zone. The zone is a strong resistance. If buyers can pass it, then the change from the bull phase to the bearish will be delayed for three days.

According to the forecast, I had envisaged bitcoin to grow to 7,920 USD. There is such potential for the emerging price model, although this would hinder the continuation of the downward movement. If the price increase stops at around $7,830 and the price bounces from there by 1.5%, then be prepared for $7,000 to be tested.

Earlier, we reported that the XBTUSD pair had begun a phase of decline, and if the pressure on bitcoin in the coming days increases, then buyers would need to defend the level of $6,800, otherwise you can forget about the rally at the end of the year.

Blockchain – Cloud Storage Has a Silver Lining

By Amram Margalit – Leverate

In the last few years, cloud storage has burst onto the tech scene as the panacea solution for data storage. No longer do you have to keep expensive hardware on your premises for your increasingly gigabyte-consuming software. Nowadays you can stick all this ever-growing data up in the cloud.

Indeed, it sounds like the equivalent of throwing landfill off the face of the planet to fix environmental degradation. However, the reality is that data infrastructure is not where it needs to be to ensure the wild success of cloud storage.

A Clouded History

The benefit of storing data in a defined physical place is that it’s much easier to contain and secure. Once you put data in the cloud it becomes automatically vulnerable to hackers and data breaches. To date, there has been a torrent of incidents.  Microsoft was one of the first to be breached, when in 2010 employee information was hacked, a disturbing harbinger of things to come.  In 2012 Dropbox had more than 68 million user accounts hacked and close to 5 gigabytes of data stolen. That same year LinkedIn felt the sting of cybercriminals when 6 million user passwords were appropriated and then published on a Russian forum. Then again in May 2016, hackers stole and attempted to sell onwards the details of an estimated 167 million LinkedIn user accounts. As recently as 2017, Apple iCloud experienced what may be considered the most extensive high profile cloud security breach, when several celebrities had their private photos leaked online.

Not just restricted to the online world, security breaches can potentially have a damaging impact on the real world. In 2016, the National Electoral Institute of Mexico had over 93 million voter registration records compromised. The majority of the records were lost due to the poorly configured database which made confidential information publicly available. This situation was not resolved, with the potential threat to destabilizing national democratic foundations going unnoticed.

However, the company that holds the title for the largest breach of cloud security in history is tech titan Yahoo. Over the course of three years, Yahoo was able to tally up the full extent of the damage that occurred as a result of a breach in 2013. One billion user accounts were attacked, with data that included names, email addresses, dates of birth and answers to secret security questions, all swiped off their systems.

The Unsuspected Solution

One solution that is perhaps best equipped to address cloud security is the blockchain. Best known for Bitcoin and the ability to produce scarce tokens that incrementally increase in value, the genius behind blockchain is its ability to store enormous amounts of data behind an encrypted ledger that is generally immutable. The whole concept behind blockchain relies on the theory that all parties involved mutually distrust each other, and new “blocks” can only be added to the “chain” through advancing its encryption. This underlying structure means that with time it has become virtually impossible to hack. Its system of encryption is transparent and famously resistant to corruption, as it operates as a decentralized structure.

However, that is not to say that the blockchain is perfect either, as it has also endured security breaches in its somewhat murky past. However, those breaches are becoming less frequent as the technology becomes increasingly robust and resilient. There is also the concern that if you tie economic value to data security “tokens”, those tokens are subject to becoming volatile, where the cost of completing a transaction can fluctuate dramatically, being highly affordable at times of low volatility and extremely expensive at times of high volatility. Furthermore, it may also become unwieldy and slow if there is limited liquidity in the market for the data security tokens, making it potentially inoperable for large data centers.

While every solution carries its own dangers, the risks associated with cloud technology are undoubtedly worth persevering through, due to its numerous silver linings.

About the Author:

Amram Margalit is a professional writer who has worked in a wide range of settings, including technology companies, nonprofits, and the entertainment industry. Within these positions, Amram has provided quality content and advertising services and is currently the Content Manager at Leverate.

 

Bitcoin Speculators slightly edged bearish net positions higher this week

By CountingPips.comReceive our weekly COT Reports by Email

Bitcoin Non-Commercial Speculator Positions:

Large cryptocurrency speculators very slightly added to their bearish net positions in the Bitcoin futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Bitcoin futures, traded by large speculators and hedge funds, totaled a net position of -1,651 contracts in the data reported through Tuesday July 24th. This was a weekly fall of -11 contracts from the previous week which had a total of -1,640 net contracts.

Speculative bearish contracts rose for a second week this week to a new most bearish level since June 12th when the net positions totaled -1,945 contracts.

Small traders, meanwhile, increased their existing bullish positions this week by an equally offsetting 11 contracts to the current bullish level of 1,651 net contracts.

Bitcoin Futures COT Data: Speculators vs Small Traders

The Bitcoin futures data is in its thirty-second week since the beginning of the cryptocurrency futures data releases on December 19th. The data includes trader classifications of only speculators and small traders and without commercial traders (typically business hedgers or producers of a commodity).

Speculators continue to be on the bearish side of this market while the small traders have been on the bullish side since the start of the bitcoin data releases.

Bitcoin per USD:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Bitcoin Cryptocurrency Futures closed at approximately $8257.64 which was an advance of $899.29 from the previous close of $7358.35, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

Article By CountingPips.comReceive our weekly COT Reports by Email

Fibonacci Analysis for Bitcoin and Ethereum: July 27, 2018

Article By RoboForex.com

Bitcoin

On H4, Bitcoin continues to form a correction uptrend. This correction has reached 38.2% Fibo and may go ahead to reach 50.0% (8.764.50) and 61.8 (9.472.00). The low at 5750.00 is acting as a support.

BTCUSD1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On H1, for Bitcoin we can see that after the divergence has been formed the market is entering the local correction stage. Once 23.6% Fibo is reached, the price may fall to 38.2% (7.567.00) and 50.0% (7.283.00). The resistance is at the maximum of 8484.10.

BTCUSD2
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Ethereum

On H4, for Ethereum we can see the continued correction compared with the previous downtrend. The correction has reached 23.6% according to Fibonacci. The further uptrend targets may lie at 38.2% (567.00) and 50.0% (617.00). In case the low at 404.21 gets broken out, the price may go down to reach the post correctional extension at 138.2%-161.8% Fibo (362.20-336.10).

ETHUSD1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On H1, for Ethereum there is an uptrend after the correction descent to 76.0% according to Fibonacci. The main target of the current uptrend is 515.33.

ETHUSD2
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Crypto activists offer Iran an alternate approach to dealing with Trump

By Veselin Petkov, Alpari

Nearly everyone knows that the US has been trying to isolate Iran on the global stage for years. To put pressure on the Iranian economy, the US has repeatedly imposed both political and economic sanctions against Iran.

Iran, of course, hasn’t taken this laying down, and regularly takes its own countermeasures in an attempt to divert or alleviate pressure on its economy from the US.

Most interestingly, the controversy between the US (i.e. Donald Trump) and Iran has even made it onto Twitter, where Trump often criticises Iran. Iranian government representatives also sometimes respond to Trump on Twitter.

Now this Twitter spat has been joined by people from the crypto-sphere. On the 23rd of July, Litecoin founder Charlie Lee retweeted a post from his brother Bobby Lee, former CEO and co-founder of the notorious cryptocurrency exchange BTCChina. Bobby Lee gave some advice to Iran’s president on how best to deal with Donald Trump:

Actually, it’s fairly likely that over the long term, people all over the world will start slowly moving towards cryptocurrencies, which will undoubtedly reduce the US dollar’s significance in the global financial system.