Archive for Cryptocurrencies

Fibonacci Retracements Analysis 11.10.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, after breaking the local high at 8530.70, the rising correction has reached 38.2% fibo. The next upside targets may be 50.0% and 61.8% fibo at 9075.00 and 9405.00 respectively. If the price breaks the low at 7675.00, BTCUSD will continue falling to reach the mid-term correctional target, 61.8% fibo at 7350.00.

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

In the H1 chart, the divergence made the pair start a new short-term pullback, which is getting close to 38.2% fibo at 8410.80. Later, this decline may continue towards 50.0% and 61.8% fibo at 8290.30 and 8167.50 respectively. The resistance is at 8809.00.

BTCUSD
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, the correctional uptrend has reached 61.8% fibo, which is the resistance of the long-term descending channel. In this case, the ETHUSD is expected to start a new decline. After breaking the low at 152.28, this decline may be heading towards 76.0% fibo at 148.60 and then the post-correctional extension area between 138.2% and 161.8% fibo at 140.40 and 125.85 respectively.

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

In the H1 chart, the divergence on MACD made the pair start a new short-term decline, which is getting close to 38.2% fibo at 186.00. Later, the decline may continue towards 50.0% and 61.8% fibo at 182.50 and 178.95 respectively. The resistance is at 197.37.

ETHEREUM

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.

Fibonacci Retracements Analysis 04.10.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, the convergence made the pair complete a quick descending impulse and form a new correction. After reaching 23.6% fibo, the price started a pullback. Which may later be followed by further correction to the upside towards 38.2% and 50.0% fibo at 8747.00 and 9075.00 respectively. If the price breaks the low at 7675.00, BTCUSD will continue falling to reach the mid-term correctional target, 61.8% fibo at 7350.00.

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

In the H1 chart, the current pullback has reached 61.8% fibo. In this case, the price is expected to start a new rising wave towards the high at 8530.70.

BITCOIN
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 has completed the ascending correction close to 50.0% fibo at 188.40. After breaking the low at 152.28, the instrument may start a new descending wave towards the post-correctional extension area between 138.2% and 161.8% fibo at 140.40 and 125.85 respectively.

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

In the H1 chart, the divergence on MACD made the pair start a new decline, which is getting close to 50.0% fibo at 169.00 and even 61.8% fibo at 165.08. If the price breaks the high at 185.78, the correction may yet continue.

ETHEREUM

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.

Fibonacci Retracements Analysis 27.09.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the daily chart, the pair is no longer trading inside the correctional Triangle; it has broken 50.0% fibo and right now is moving towards 61.8% and 76.0% fibo at 7350.00 and 5860.00 respectively. If the price breaks the current resistance level (38.2% fibo at 9840.00), BTCUSD will continue growing to reach the high at 13857.20.

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

In the H4 chart, the pair is moving to the downside to reach 61.8% fibo at 7350.00. However, after that, the price is expected to start a new pullback towards 50.0% fibo.

BITCOIN
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, the convergence made the pair complete the correctional uptrend at 38.2% fibo and start a new descending impulse. By now, the price has already updated the previous low and is currently moving towards the post-correctional extension area between 138.2% and 161.8% fibo at 140.40 and 125.85 respectively.

ETHUSD
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 decline and the correction. By now, the pair has already reached 23.6% fibo. Later, the price may continue growing towards 38.2% and 50.0% fibo at 179.80 and 188.40 respectively. The support is the low at 152.28.

ETHEREUN

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.

Fibonacci Retracements Analysis 20.09.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the daily chart, the correctional Triangle continues close to 38.2% fibo. If the price breaks the current resistance level and 23.6% fibo at 11355.00, BTCUSD will continue growing towards the high at 13857.20. At the same time, MACD lines are heading downwards, which means that the decline may yet continue towards 50.0%, 61.8%, and 76.0% fibo at 8580.00, 7350.00, and 5860.00 respectively.

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

In the H4 chart, the pair is moving to the upside after the correction and has already reached 50.0% fibo. In the future, the ascending impulse may continue towards 61.8% and 76.0% fibo at 10441.00 and 10627.50 respectively. The key upside target is the local high at 10943.60. The support is the low at 9633.90.

BTCUSD
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 daily chart, the convergence made the pair start a new correctional uptrend, which has already reached 38.2% fibo. In the future, the correction may continue towards 50.0% and 61.8% fibo at 240.70 and 259.00 respectively. After breaking 23.6% fibo at 199.80, the instrument may plummet to reach 163.20.

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

The H4 chart shows more detailed structure of the current correction. By now, the pair has already reached 38.2% fibo. Later, the price may continue falling towards 23.6% fibo.

ETHUSD

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.

Bitcoin will get a healthy price boost from the Fed this week: deVere CEO

By George Prior

Bitcoin is likely to get given a price boost by the U.S. Federal Reserve this week, forecasts the boss of a global financial advisory giant.

The prediction from Nigel Green, founder and CEO of deVere Group, which launched deVere Crypto in early 2018, comes ahead of the U.S. central bank’s meeting on September 17 and 18.

Mr Green notes: “The Fed looks likely to follow the European Central Bank and cut rates this week by perhaps a quarter of a percentage point. This comes after it slashed interest rates for the first time in a decade in July on U.S.-China trade war tensions.

“Bitcoin, the world’s largest cryptocurrency by market cap, is likely to breakout of its recent sideways trading pattern and be given a healthy boost by the Fed’s rate cut.

“This is because an interest rate cut reduces the incentive to keep the fiat currency. In addition, rate cuts typically lead to higher inflation, which reduces the purchasing power of traditional currencies.

“As such, Bitcoin, and other decentralized cryptocurrencies, become more attractive and the price will adjust upwards accordingly.”

Last month, the deVere CEO said that Bitcoin can be expected to imminently reach $15,000 for four main reasons.

“First, geopolitical issues, such as the U.S.-China trade war and Brexit, are intensifying and investors will increase exposure to decentralized, non-sovereign, secure digital currencies, such as Bitcoin, to shield them from the turmoil taking place in traditional markets.

“Second, technical network improvements are further improving performance. Bitcoin’s hash rate has smashed through another new all-time high recently and this fuels investor confidence.

“Third, the 2020 Bitcoin halving will help drive the price skywards.  The code for mining Bitcoin halves around every four years and the next one is set for May 2020. When the code halves, miners receive 50 per cent fewer coins every few minutes.  History shows that there is typically a considerable Bitcoin surge resulting from halving events.

“And fourth – and perhaps the most important one – is that public awareness is consistently growing. Cryptocurrencies, and in particular Bitcoin, are increasingly part of mainstream finance. This is evidenced not only in the financial sector, in which all major banks are increasingly looking at blockchain and crypto, but with big names within the tech and retail sectors too.”

Today, he observes: “Added to these key reasons should also be inflation and governments’ current monetary policies which are driving investors towards Bitcoin and the wider crypto market.”

He concludes: “We can expect cryptocurrencies, now widely regarded as the future of money, to do well as the global economy slows and central banks ease monetary policies in response to this.”

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

Fibonacci Retracements Analysis 06.09.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the daily chart, the correctional channel is transforming into Triangle. If the price breaks the current resistance live, BTCUSD will continue growing towards the high at 13857.20. More significant upside targets are inside the post-correctional extension area between 138.2% and 161.8% fibo at 15650.00 and 16790.00 respectively. At the same time, MACD lines are heading downwards, which means that the decline may yet continue towards 50.0% fibo at 8600.00.

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

In the H4 chart, the pair is correcting to the upside after finishing another descending wave and has already reached 50.0% fibo. In the future, the correction may continue towards 61.8% and 76.0% fibo at 11170.00 and 11595.00 respectively. The support is the low at 9322.70.

BTCUSD
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, the descending tendency reached 76.0% fibo and then there was a convergence on MACD. In this case, ETHUSD may start a new growth towards 23.6%, 38.2%, 50.0%, and 61.8% fibo at 200.00, 222.60, 240.80, and 259.15 respectively.

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

In the H1 chart, after completing the descending correction at 61.8% fibo, the price is starting a new impulse to the upside to reach the high at 183.09.

ETHUSD

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.

How could Australia’s banks react to Facebook’s Libra?

By ForexNewsNow

It’s no secret that Libra has already ruffled some feathers with multiple central bank chairmen and government officials across the world.

Australian authorities have also commented on their opinion about the new project, saying that regulatory clarity is absolutely essential for Libra to work in Australia. But, as it stands right now Facebook doesn’t really require too much regulatory clarity with its Libra project. The only thing it requires is a banking license, which isn’t that hard to get in Australia as long as the applicant has sufficient capital.

How can Libra overtake local banks?

The first thing that comes to mind when thinking about the Libra project is, of course, the blockchain platform it is built on. This means that payment processing and at least a little bit more decentralization than a normal private bank in Australia is guaranteed.

Although payment speed may not be the sole focus of the Australian consumer, the fees at which people are forced to make those transactions could play a massive role.

But what fees? Aren’t fees for transferring funds between Australian banks minimal? Well, yes, but the fact is that Australia has quite a lot of outflowing capital as well, especially towards developing countries.

There are hundreds of thousands of migrants currently working in Australia, most of them are people who support their families abroad in developing countries such as India. Therefore, it’s up to them to transfer funds from local Australian banks to Indian banks abroad, which:

  1. Takes a long time
  2. Is connected to large fees

Naturally, nobody wants to wait for five business days before their transaction reaches their loved ones, and more importantly, they don’t want to pay 10% of their hard-earned money just to be able to send it.

Libra would provide the perfect solution for migrants like these as the transactions will most likely be instant, and the commission will number in cents at most.

Outpaced bank innovations

The next argument about Libra’s relevance in the region would be that they’ll tap into the unbanked customers market much easier than banks could ever dream to. Although this will mostly happen outside of Australia, it’s still relevant for local banks because of increased competition and the capability of Libra to provide better conditions in order to win over banks’ user base.

The direct effect for Australia would be in the far future though, around a decade or so, where the current unbanked population of Australia (the underaged citizens) will have much more exposure towards Facebook’s financial platform than anything else the banks can offer.

It’s no secret that the sooner you start marketing to your future customer base the more likely are you to beat your competitors, and Libra is indeed a very strong competitor.

The banks’ only hope

The only hope that bank has at the moment is Libra being outright banned in Australia and all the major countries from which people emigrate from.

Such a notion has already been heard in India, from where Australia gets most of its migrants, in skilled jobs like medicine and etc.

Although Australian banks did mention that Libra poses a threat, it’s not guaranteed that the government will implement laws to bail banks from their misfortune.

At this point, even politicians are starting to understand that traditional financial institutions are starting to feel much more comfortable than they should and don’t dedicate enough effort to innovation and the maximization of efficiency.

As long as Libra can offer a more comprehensive and transparent KYC and AML rules to the government, alongside tax processing and payments, why would governments bank outdated banking platforms? Corruption? In Australia? Doubtful.

Maybe people won’t be interested?

Another way that banks can go about wishful thinking is that maybe the user base will not be interested in Facebook’s attempts at becoming the world’s largest bank?

In fact, there is a basis for this assumption, as there was a survey conducted in Germany which shows that the local population isn’t too keen on trusting Facebook with their funds. An overwhelming majority of surveyed people said that they’d much rather have banks take care of their savings than have it all saved on a platform that’s been fined for mishandling user data.

Furthermore, there’s always a chance that Libra’s blockchain can be hacked, which is quite common in the industry. The reason why this poses as the biggest threat is the volume that the hackers can get their hands on.

Pretty much every hack before now has been on individual crypto exchanges, which mostly hold a very small chunk of available cryptos.

Having Libra hacked, which could potentially hold the funds or information of more than 2 billion people would be disastrous, but basing an argument about a possibility isn’t going to take the banks too far.

What can Australian banks do?

One thing that banks can work on to avoid being overtaken by Libra is implementing an innovative platform themselves. It doesn’t necessarily have to be on the blockchain. Pretty much anything that would provide similar advantages as Libra does, things like instant transactions and low fees is enough to render Facebook’s project obsolete.

One example that Australian banks can use is when Monex Securities implemented a commission-free platform for tapping into the local market. It introduced a completely new product for an already existing customer base, which is still in the process of “stealing” customers from other financial service providers in the country.

The only difference was that Monex Securities didn’t have as many controversies behind it, therefore it managed to win the trust of the exiting user base much easier. With Facebook, it’s going to be different thanks to all the user data shenanigans the company has been caught red-handed in.

The user support is still there for the banks, therefore they don’t need to hide behind arguments that Libra will disrupt the global economy. In fact, it has the capability of fixing it and making it better.

All that banks need to do to participate in the new trend, is to catch up and try to replicate the new market standards.

By ForexNewsNow

Why traditional companies hate being paid in cryptos

By ForexNewsNow

Cryptocurrency adoption over the years has increased on a massive scale. Hundreds of new businesses have started accepting cryptocurrencies en masse due to the overall popularity of the coins.

However, there are thousands of other traditional companies that refuse to accept cryptos under any circumstance. What makes these two types of companies different from each other? Why would one accept these coins, while others would decline them? Is there some kind of disparity between them?

Let’s find out some of the reasons.

Local crypto volumes

Although cryptocurrencies open up so much potential for tapping into the global markets, most companies prefer to target the local populace before they can attempt global coverage. In order for them to test their products or if the whole idea of accepting crypto will be well received, they need to have a sizeable crypto trading community in their relative country.

As we all know, there aren’t too many countries where people would have so many cryptos that they’d be willing to spend them rather than keep them in the cold wallets expecting the price to grow.

However, if the country does have a lot of crypto holders, let’s say hundreds of thousands. Then the company could easily afford to launch the service as they’d expect at least 10% of these people to use their cryptos for shopping.

Furthermore, accepting Bitcoin has become somewhat of a unique feature for a company. Promoting their “affiliation with the blockchain” could drive in new customers even if they won’t use cryptos as payments.

People don’t want to pay cryptos for services

The argument for companies not accepting via cryptocurrencies is because it’s not really viable in some cases. Most of the crypto community believe that cryptocurrencies need to be exchanged for goods rather than services for it to have real liquidity and better adoption.

This all comes from the human sub-conscious actually. Whenever you’re buying something online it’s a completely different experience if it’s a service and not a physical object you can hold or even consume. However, whenever a specific asset can be used for those physical objects, it drives this perception for value.

This was the case with Georgian Forex brokers who decided it was a good idea to offer the local population payments in cryptocurrencies for their services. However, it was quickly discovered that almost none of the crypto holders in the country, which is roughly 40%, so about 6-700,000 people refused to participate in the offer.

This all stems from the population’s understanding of using cryptos for value, as it was the reason that half of the people surveyed answered, while the other half said they’d rather hold on to their cryptos as they expected them to grow in the near future.

The growth of the asset is also one of the main reasons why companies refuse to accept cryptos.

Potential for future fluctuations

Although I mentioned that the reason was the growth of the digital asset, it’s the potential for losses that usually bothers the companies, while the consumers are the other way around.

Let’s imagine a scenario of a company that was accepting Bitcoin payments in 2017 when BTC was about to hit its peak. Whatever they sold for BTC, they pretty much lost 80% on that item rather than make a profit.

This would be more than enough to scare most companies out of offering crypto payments. In fact, we don’t even need to imagine a company, there was actually a case with Steam, one of the largest video game libraries in the world. The company was accepting Bitcoin for years before it had to cut it short because of market volatility.

When it comes to accepting crypto payments, smaller companies have much less to lose as there is no real outside damage. For a large company which is listed on an exchange, it could be disastrous. In one quarter they may report $5 million revenue in cryptos, when in the second quarter that would equal $1 million. It’s just too risky for the investors themselves, who are usually the largest deterrents.

Low safety

The other major deterrent for these companies is how dangerous it is to have large volumes of cryptocurrencies concentrated on one single address. If that address were to take a hit from a hacker, so much capital would be in jeopardy.

But diversifying them across multiple channels would be too much hassle for it to be worth it. Furthermore, there would be no business benefits from the banks which are usually the repositories of the companies’ profits.

Overall, it’s safe to say that traditional companies don’t like being paid in cryptos because of how small the global crypto adoption is in modern times.

By ForexNewsNow

 

Fibonacci Retracements Analysis 30.08.2019 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the daily chart, after testing 38.2% fibo, BTCUSD has formed a new descending impulse and broken its local lows. In the future, the instrument may continue falling towards 50.0% and 61.8% fibo at 8600.00 and 7350.00 respectively. The resistance is 23.6% fibo at 11350.00.

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

In the H4 chart, the pair is trading towards 50.0% fibo. At the same time, there is a local convergence on MACD Oscillator, which may indicate a possible pullback.

BTCUSD
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 daily chart, ETHUSD has completed another descending impulse and reached 76.0% fibo. After breaking this level and fixing below it, the pair may continue falling towards 100.03. At the same time, there is a convergence on MACD, which may indicate a new pullback. The resistance is 50.0% fibo at 231.50, which may be the target of the correction.

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

In the H4 chart, the instrument is heading towards 76.0% fibo to test it. At the same time, there is a convergence, which may indicate a short-term correction towards the local resistance at 61.8% fibo at 200.55.

ETHUSD

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.

Bitcoin’s new normal bottom is $10,000: deVere CEO

By George Prior

Bitcoin’s new normal bottom is $10,000, predicts the CEO of one of the world’s largest independent financial advisory organizations.

The comment from Nigel Green, the chief executive and founder of deVere Group, the $12bn advisory giant that launched deVere Crypto in early 2018, comes as the world’s largest cryptocurrency has lingered around this mark for several days, before jumping up Monday.

Mr Green notes: “Looking at its performance this year, I believe that the new normal bottom price for Bitcoin is $10,000.

“It bounces at this price. If it fluctuates below this level, it shoots back up again. We have seen this in action on Monday when Bitcoin hit $10,500 in a matter of minutes.”

Earlier this month, the deVere CEO predicted that Bitcoin could hit $15,000 in the near future. It is a prediction he is doubling down on.

He says: “Bitcoin can be expected to imminently reach $15,000 for four main reasons.

“First, geopolitical issues, such as the U.S.-China trade war and Brexit, are intensifying and investors will increase exposure to decentralized, non-sovereign, secure digital currencies, such as Bitcoin, to shield them from the turmoil taking place in traditional markets.

“Second, technical network improvements are further improving performance. Bitcoin’s hash rate has smashed through another new all-time high recently and this fuels investor confidence.

“Third, the 2020 Bitcoin halving will help drive the price skywards.  The code for mining Bitcoin halves around every four years and the next one is set for May 2020. When the code halves, miners receive 50 per cent fewer coins every few minutes.  History shows that there is typically a considerable Bitcoin surge resulting from halving events.

“And fourth – and perhaps the most important one – is that public awareness is consistently growing. Cryptocurrencies, and in particular Bitcoin, are increasingly part of mainstream finance. This is evidenced not only in the financial sector, in which all major banks are increasingly looking at blockchain and crypto, but with big names within the tech and retail sectors too.”

The deVere CEO concludes: There is increasing global acceptance that cryptocurrencies, such as Bitcoin, are not only the future of money, but increasingly the money of today.  This will be reflected in Bitcoin’s new normal bottom price of $10,000.”

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.