Bakkt Physical Bitcoin Futures Finally Launches

After an entire year of regulatory delays and missed deadlines, the Bakkt physical Bitcoin futures have finally launched. Apparently Bakkt is already open for both institutional and retail traders.

Bakkt physical Bitcoin futures have been highly anticipated ever since being announced over a year ago. These are the first physical Bitcoin futures, meaning contracts are settled for actual Bitcoins, as opposed to the Bitcoin futures on the Chicago Mercantile Exchange (CME) which are settled for cash. Also, Bakkt has been built by the Intercontinental Exchange (ICE), which is the parent company of the biggest stock exchange in the world, the New York Stock Exchange (NYSE).

There was speculation that Bakkt could lead to a major Bitcoin rally, since the physical nature of the futures could increase Bitcoin demand. So far Bitcoin has dropped from $10,000 to $9,700 in the 24 hours since Bakkt has launched. That being said, volume is low on Bakkt since it is only the first day, and perhaps the true effect of Bakkt on the Bitcoin market remains to be seen.

 

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Bitcoin Technical Market Analysis 23rd September 2019

Bitcoin Technical Market Analysis 23rd September 2019

The new Bitcoin trading week has begun with the old slogan of sellers “Push, don’t hurry”. Every hour, sellers continue to update the local low. They don’t allow buyers to approach above the price mark $10,100, demonstrating buyers’ weakness. Maximal buyers achievement for today is a test of the local trend line, after which a new wave of fall began. This achievement is clearly visible on the hourly timeframe:

Bitcoin Technical Market Analysis 23rd September 2019

$9,715 is the minimum of today that buyers aren’t ready to put up with yet. As we see sellers only managed to touch this price mark. But until sellers can not close at least 15-minutes candle near this price:

Bitcoin Technical Market Analysis 23rd September 2019

However, the strategy of buyers to slow down the price without counterattack is a losing strategy and it’s only a matter of time.

Yesterday’s candle didn’t create any threats for Bitcoin sellers. The volumes of this day candle have shown that in the price zone of $10,000-10,100 no powerful buyers who can change the local trend. So, the journey of the price continues to the lower trend line of the global triangle:

Bitcoin Technical Market Analysis 23rd September 2019

Though, buyers clearly do not despair. It clearly shows the chart of their marginal positions, where during a sharp test of the price mark $9,715, buyers have sharply increased their positions:

Bitcoin Technical Market Analysis 23rd September 2019

Sellers also believe in a bright future and increase their marginal positions. For all that, they have not yet crossed the limit of consolidation:

Bitcoin Technical Market Analysis 23rd September 2019

According to the wave analysis, the wave (d), which forms a consolidation movement inside the triangle, was corrected by 78.6% twice:

Bitcoin Technical Market Analysis 23rd September 2019

Assuming that wave (d) is complete (although buyers have not yet tested the upper trend line), the wave (e) is forming now, which is often the final one in the triangle. The range of price movement is narrowing and we may not see such a long stagnation in October.

The critical points that we wrote about in the previous analysis remain the same. Bitcoin sellers continue to have initiative and tomorrow the price may be about the bottom of the triangle. Will buyers manage to keep the price inside the triangle? See you on Tuesday 24th September!

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PR: BLOCKWALKS 2019 European Conference: How Blockchain will Improve Government Administrations, and the Lives of its Citizens

Bitcoin Press Release: October 10th, 2019 will see the Bratislava Castle host the 2019 BLOCKWALKS European Conference. This year the conference looks at the many ways in which blockchain technology will improve Government Administrations, and the lives of its citizens. 

23 SEP 2019, BRATISLAVA – Right in the heart of Europe, the Bratislava Castle in Slovakia will host the second annual BLOCKWALKS European Conference. Top-level government officials and prominent industry leaders in smart technology, blockchain, and Internet of Things join to discuss the current and future applications of blockchain and smart technology in the public sector.

Tibor Vincze, the Project Coordinator of BLOCKWALKS 2019, had these words to say about the focus of this year’s conference:

“The conference is a response to the growing impact blockchain technology has on countries all over the world. As governments are starting to test out different blockchain solutions to improve their administrations and public services, it becomes extremely important to get the integration of blockchain right, especially when it comes to delicate information such as private data of citizens,” 

Mr. Vincze continues:

“Industry leaders and government officials need to discuss and work closely to figure out the best ways blockchain and smart technologies should be infused with existing public services without compromising their integrity or causing inconveniences,” 

As technology advances, it is essential that countries and governments keep up with the developments and consistently improve their operations to ensure the security of their services and the safety of their citizens.

Max Kaye, the Co-founder, and CTO of Flux, a decentralized gateway for voting in Australia, and a speaker at BLOCKWALKS 2018 says:

“If society never changes, it will be destroyed. This is an undeniable fact, whether it’s destroyed by ourselves or destroyed by something from elsewhere in the universe, we must react to problems,” 

Last year, at BLOCKWALKS 2018, over 300 participants, from whom 30 were government representatives from 10 European countries, attended the conference to learn from and discuss with 18 blockchain experts about the role blockchain plays in the future of the public sector. This year, BLOCKWALKS 2019 is honored to host the following keynote speakers:

  • Nick Szabo who is a computer scientist, legal scholar, and cryptographer known for his research in digital contracts and digital currency. The phrase and concept of “smart contracts” were developed by Szabo to bring what he calls the “highly evolved” practices of contract law and practice to the design of electronic commerce protocols between strangers on the Internet.
  • Manmeet Singh who has navigated the startup world throughout his career, and over the past 5 years specifically focused on blockchain technology. This led him to gather deep knowledge and run his blockchain investment firm for the last 4 years, investing over USD 100 million aggregate in over 20 startups.
  • Andrew Keenthe Executive Director of the Silicon Valley innovation salon FutureCast. Mr. Keen is also one of the world’s best known controversial commentators on the digital revolution, the host of the “Keen On” show on TechCrunch, was named one of the “100 Most Connected Men” in 2015 by GQ magazine, and has published four books, including an international hit “The Internet Is Not the Answer”.
  • Jerome Grilleres who has 15 years of experience in the Finance industry, having worked in the field of electronic trading at Goldman Sachs London and then moving to Structured Debt Finance / M&A / Retail Business and Commercial Development at Barclays Bank.
  • Stefan Junestrand, the CEO of one of Spain’s leading Media Company, Grupo Tecma Red, specialized in providing information and knowledge about sustainability, energy and new technologies for buildings and cities. Dr. Junestrand holds a Ph.D. in Architecture and is considered a leading international expert in areas related to smart cities, intelligent buildings, sustainability, and blockchain. He has written a dozen books and scientific papers on these topics, has published hundreds of articles and is a frequent speaker at conferences in Europe, the US, and Asia.
  • Alexis Nicolau, the CEO of Block.co. Mr. Nicolau is a professional with over 25 years of experience in C-suite positions in Accountancy, Finance, Electronic Banking, Media and Electronic Content Production. He also serves on the board of directors of Grant Thornton Cyprus’ Distributed Ledger Technologies business unit and is a member of UNIC’s MSc in Digital Currencies program.

The conference will take place on the 10th of October, consisting of different keynote speeches presented by prominent industry leaders in blockchain and smart technologies, and panel discussions between experts about the current and future state of blockchain innovations and their relationship with the public sector.

Do not miss the dialogue about the future of technology at the Bratislava Castle on the 10th of October. Mark on your calendar and get your tickets at https://blockwalks.com/2019/

Learn more about BLOCKWALKS and get your tickets here – https://blockwalks.com/2019/
Follow BLOCKWALKS on Twitter – https://twitter.com/blockwalks
Find BLOCKWALKS on Facebook – https://www.facebook.com/blockwalks/

Media Contact
Contact Emailblockwalks@blockwalks.com

BLOCKWALKS 2019 is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

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Daily Trending News and Market Sentiment: Bakkt is Limp, Lightning is Secure, Mining is Back

bitcoin

Today, Bitcoin price appears to continue in its period of relatively low volatility, with the days of tight margins comparing similarly to the price range of the past 24 hours: a high of USD 10,062 and a low of USD 9,864 (CoinDesk).

Current Bitcoin Price
All Forks = $10401.19 📉 -0.14%
$BTC = $9975.26 📉 -0.11%$BCH = $306.82 📉 -0.42%$BSV = $119.10 📈 0.03%

— BitcoinValueBot (@bitcoinvaluebot) September 23, 2019

It can be unusual for a digital asset to see such fine percentage ranges of 2%, although upon closer inspection, there have been the tell-tale signs of spiking and dipping demand and price action more akin to Bitcoin markets.

Nevertheless, everything seems to be in parity and neither bulls nor bears are certain of victories so far on a Monday trading session that is only just reaching noon for Europe.

First of all, we should start with Bakkt, whose launch so far is rather much of a whimper than a shout, with underwhelming responses to the first regulated Bitcoin futures also settled with actual bitcoin.

Having gone live at midnight (UTC), the Intercontinental Exchange (ICE) Bakkt platform which hosts the futures only saw 18 Bitcoin worth of futures traded. While USD 180,000 is not by any means a meager amount, it does seem to be far cry from the hyped up expectations that Bakkt had been building up since over a year ago.

Many believed then, that the moment of a financial tool like Bakkt would go online, huge amounts of institutional money would feel safe to enter the market, since Bakkt was regulated and, to a certain extent, even protected from losses and fraud via insurance.

As it turned out, however, and as we rather much predicted in our past analyses, this should have been expected, given the lukewarm responses to past similar financial products.

CME bitcoin futures traded $460 million on its first week. Current volume is around $700 million. The Van Eck fake ETF traded $0 on its first week.

How much volume will Bakkt attract is a key variable for the week ahead. Would you expect Bakkt to flop or to launch successfully?

— Alex Krüger (@krugermacro) September 22, 2019

Ari Paul was less harsh, and provided a rather logical explanation for why adoption would be much slower at Bakkt, since it needed physical settling of actual Bitcoin. He believed it would be a more gradual sort of uptake with Bakkt, unlike others before it, like the cash-settled futures at Chicago Mercantile Exchange (CME):

“With CME futures, anyone with the right FCM [Futures Commission Merchant] could immediately trade on launch […] I’d think the incremental demand (beyond CME) would come from people who want to buy or sell physical for delivery, at least at first. Receiving could be instant (use FCM to convert), but I’m kind of thinking depositing physical will be gradual.”

Bitcoiners should not need worry on the limp response to Bakkt, however. Bitcoin foundational metrics continue to grow stronger day by day and its scaling solutions continue to mature and develop with every week seeming to bring with it new important developments. The latest news in this regard comes with a latest study by two researchers who claim they have successfully verified Bitcoin’s second-layer Lightning Network.

So far, Lightning Network detractors have been criticizing the solution for being riddled with bugs that could lead to loss of funds. But this latest paper, by researchers Aggelos Kiayias and Orfeas Litos from The University of Edinburgh, is determined to show that even for such an immature technology which is a long time from being ready for consumer use, the underlying security is already quite firm.

‘A Composable Security Treatment of the Lightning Network’ details how “treatment delineates exactly how the security guarantees of the protocol depend on the properties of the underlying ledger”.

Using “formal verification”, Litos believes that the system’s security-critical parts are “rock-solid” and that they actually expected this outcome. By inspecting the Lightning Network specifications, they determined that the rules every lightning software implementation needs to be able to send payments to the rest of the network was “as secure as Bitcoin“.

They added that money would only be lost on the network by honest participants if Bitcoin’s signature or hash functions had failed. By using a realistic underlying ledger, the team could identify exact bounds of security for the network’s operational paramaters:

“Specifically, we provide a concrete answer to the question ‘how often a lightning network user has to check the blockchain, especially when a multi-hop payment is under way?’”

And if fundamental strength of the Bitcoin network isn’t enough to get your Monday juices flowing, then this bullish news about chipmaker MicroBT expecting a USD 400 million revenue in this quarter should. The China-based Bitcoin mining gear manufacturer has said that it expects a very profitable 3rd quarter even with delays on their much-anticipated chip. CEO and CTO Dr Yang ZuoXing confirmed this during a keynote speech at the New Era Mining Industry Summit in China over the weekend.

MicroBT’s CEO & CTO Dr. Yang ZuoXing delivered the keynote speech at the New Era Mining Industry Summit in China organized by @officialpoolin#bitcoin #bitcoinmining pic.twitter.com/Nviz9x23QV

— WhatsMiner (@Whatsminer_MBT) September 22, 2019

The WhatsMiner M20 series are priced at between USD 1,500 to USD 2,000, with pre-orders for new mining equipment expected only to arrive in January 2020.

Who said Bitcoin mining was no longer profitable or no longer in demand?

 

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Overstock Founder Dumps $90 Million Of Shares For Cryptocurrency And Gold

overstock, cryptocurrency, gold, stocks

The Founder of Overstock, Patrick Byrne, resigned as CEO last month after a scandal involving a romantic relationship with a Russian spy. The details of that situation are confusing, but ultimately Byrne decided to sell all of his shares in Overstock, which amounted to roughly USD 90 million. This caused the price of Overstock shares to crash by more than 40% in a week.

Byrne then quickly invested this money into cryptocurrency, silver, and gold. Apparently the silver and gold is in Switzerland, and will be distributed across the world to keep it out of the hands of the ‘deep state’. The cryptocurrency private keys are supposedly stored with a priest that ‘never sets foot in the west’. Apparently Byrne met this priest 35 years ago.

Essentially, the point is Byrne seems to be in hot water with the United States government, and has now cashed out all of his equity in Overstock and scattered that money across the world so that the United States cannot touch it.

It is unclear however as to why Byrne would announce all of these details to the public, if the point of putting the money in precious metals and crypto was to hide it.

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Nummi: A new cryptocurrency exchange set to launch in South Africa

Nummi

Nummi, South Africa’s newest cryptocurrency exchange is set to launch in the Republic of South Africa.  Nummi is a trading platform where users and traders can buy, sell, exchange, and trade Bitcoin, Bitcoin Cash, Litecoin and NEO. Ethereum trading option will be launched soon as well.

Nummi, plural for Nummus, is a Latin term for the coins used in Roman and Byzantine times. Today, people can buy and trade digital coins using an exchange named after the coin used centuries ago.

Nummi’s mission is to become one of the leading crypto exchange platforms in Africa and around the globe.

Low fees

Nummi is making it accessible for everyone to have a chance to become a part of this financial system from where they can be empowered to buy and sell in the global online economy. 

Nummi Co-Founder and CEO Teboho Busa said:

 “The real intent of cryptocurrency was to free people from controlled financial systems that charged high transactional and monthly fees, but I have now realised that even the existing exchanges we have in SA are going back to what we were supposed to be freed from – high fees.  So that is why at Nummi we decided to drop our fees.”

Referral program

Nummi has a unique referral program allowing users to earn commission on every trade they make by referring family and friends. 

Teboho said “We are the first exchange to share our profits with users and traders.  When our users register, they receive referral links that they can share with family and friends.  We pay up to 25% for all ZAR trades on every trade executed by their referrals. We pay for every trade made; it is not just a one-time referral program.  No exchange in South Africa does that.”

Nummi also pays commission on trading fees for all Crypto trades.

“Our ZAR trading fees are 0.7%, we share up to 25% of that with our users, meaning our actual fee is about 0.50%.  Our Crypto trading fees are 0.35% and we share 25% of that with our users, we, therefore, end up with 0.26%.” 

To learn more about the Nummi referral program go to https://nummi.trade/referral-program.

Security 

Nummi developers spent 3 years creating the platform, making sure it is safe and secure for their users.  Using two-factor authentication adds that extra layer of security that provides users the assurance to confidently trade on Nummi.  

September launch

Nummi is launching in South Africa on September 9 when you can register, add a profile and upload your KYC (Know Your Customer) documents.  Wallets for deposits and withdrawals are available from September 16, and trading starts on September 21.

Currently, you can use Nummi in South Africa for exchange in the local currency, but users from all over the world can participate in crypto to crypto trades on Nummi’s platform through different fiat pairs and deposit options that are currently in the pipeline.  

“Disclaimer: this is a paid for, sponsored article. [COMPANY NAME] is the source of this content and is responsible for the content, and the accuracy of the content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This article is for informational purposes only. The information does not constitute investment advice or an offer to invest.”

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Bitcoin Technical Market Analysis 29th August 2019

Every silence must once be interrupted by a loud cry. Every stop should end. No one has canceled the cyclicality, and it is proved by the break of the blue triangle down, the same that we have written about in the recent analyzes. On Wednesday, Bitcoin sellers managed to make a serious difference to the market by breaking the bottom trend line of the triangle. Interestingly, this breakthrough came from local highs:

Bitcoin Technical Market Analysis 29th August 2019

That is, buyers made an unsuccessful attempt to break through the upper trend line of the triangle. Then sellers did not take incremental steps to reach the lower trend line to break it. They did with a help of a one-hour candle! As we can see on the hourly timeframe, the volumes were quite high to believe the trend line breakthrough. In addition to the volumes, we can see that the candle is practically without a pin and its length is approximately 6%.

Therefore, we think that after the dance in triangle, the market has entered a new phase. Namely, the continuation of the fall and the test of the price zone $9,200-9,300 at least. On the daily timeframe, we also see a clear triangle breakdown. And also a sure red candle of sellers, which tells us that it is just the begining:

Bitcoin Technical Market Analysis 29th August 2019

As for the mood of buyers in the market, we will not say that it has changed dramatically. During this fall, Bitcoin buyers were trying to increase their marginal positions:

Bitcoin Technical Market Analysis 29th August 2019

This fact indicates that buyers do not believe in a serious downward trend and try to buy at the first best price fall. I wonder if this trend will continue in the future.

Bitcoin seller confidence is not growing at the pace it should be with serious intent, but it is growing:

Bitcoin Technical Market Analysis 29th August 2019

According to the wave analysis, sellers were able to create a new wave of fall, which stopped at 50% Fibonacci level:

Bitcoin Technical Market Analysis 29th August 2019

Our scenario continues to be relevant and we expect the test of the next Fibonacci level 61.8% with a final target $8,200.

It is only the middle of the week and the passions are coming to the boil. However, given the weakness of buyers who have been unable to renew their positions after a sharp fall, after a little consolidation, the fall likely will continue. We are wondering how the week candle will close and we will be analyzing the probability of fall continuation to $9,200-9,300 this week. In the meantime, we’re following the triumph of Bitcoin sellers!

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Daily Trending News and Market Sentiment: CME Futures High, $10 Billion Blockchain Market Projections

bitcoin

Bitcoin price continues in its current trend of sideways trading, with barely 2% between the daily high and low and now trading just around USD 10,240, only half a percentage point above yesterday’s price at the same time.

Not much news is moving the market, although long traders will be noting the reports that CME Bitcoin futures today reported a new high, with an average daily trading volume of USD 515 million in May 2019. CME Group managing director Tim McCourt told Forbes that this record-setting month was down to futures that were “trading an average of more than 13,600 contracts each day, equal to ~$515 million in notional value or 68K equivalent bitcoins”.

1: Bitcoin average price is $10253.3726612 (0.01% 1h)
2: Ethereum average price is $186.250549857 (-0.59% 1h)
3: XRP average price is $0.2651293806 (-0.43% 1h)
4: Bitcoin Cash average price is $302.42725131 (-1.59% 1h)
5: Litecoin average price is $71.7764107681 (-0.54% 1h)

— Top Cryptocoins Ticker (@TickerTop) August 28, 2019

McCourt reflected on an increasing interest domestically and abroad in the underlying technology of Bitcoin:

“It will be interesting to see how this new market continues to grow and scale. For us at CME Group, a major focus is education, and making sure our customers have all the tools they need to make solid strategic decisions around crypto.”

Meanwhile, nothing but good news from research firm ABI Research, which found that at current growth rates, blockchain tech would fuel a global revenue pushing USD 10 billion by 2023.

ABI gives the credit to venture capital, which has more than made up the ground for dropping levels of ICO funding. It reports that 620 VC rounds had gathered USD 3.1 billion in 2018, up from 153 rounds at USD 850 million in the previous year. ABI blockchain and digital security research director Michela Menting explained:

“Tighter regulation (including securities) and taxation (as foreign currency, income, financial asset, etc.) on cryptocurrencies in a number of countries are prompting investors to look beyond ICOs towards more stable VC-based investment for blockchain startups focusing on support infrastructure, retail, supply chain and enterprise applications.”

 

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Bitcoin Technical Market Analysis 27th August 2019

Bitcoin Technical Market Analysis 27th August 2019

Our excursion through the blue triangle continues. After two false breakdowns, the first one by Bitcoin sellers and then by buyers, the market participants moved into a quieter line of fight. After the unsuccessful attempt of buyers to fix themselves above the price range of $10,350-10,500 (in fact, after a false breakdown of this zone, buyers could not go beyond $10,350-10,500), sellers decided quite elegantly and touched the trend line of the triangle. Buyers responded actively and with increased volumes. It is perfectly visible on the hourly timeframe.

Bitcoin Technical Market Analysis 27th August 2019

With increased volume, the candle looks small and inconspicuous, there at the main part of the candle is a pin. A further test of the lower trend line is ahead, which should show that buyers control the situation. Then buyers will have a new chance to test $10,350-10,500.

On a daily timeframe, everything looks much more boring:

Bitcoin Technical Market Analysis 27th August 2019

Banal consolidation, which lasts for a long time in the working range of 3% (not including pins). After such consolidation, strong movement should be expected. To the naked eye, we can see the range within which Bitcoin seller false breakdowns begin. It is $10,000-10,200.

Bitcoin Technical Market Analysis 27th August 2019

Therefore, in order not to throw unreasonable speculations as to which direction the price will break consolidation, we would better focus our attention on two price marks: $10,000 and $10,500.

Buyers are no less mysterious on the chart of their marginal positions:

Bitcoin Technical Market Analysis 27th August 2019

In fact, the picture on the BTC/USD pair chart and on the marginal positions chart is identical.

Sellers are behaving more interestingly and as we see, they continue to increase their positions:

Bitcoin Technical Market Analysis 27th August 2019

In our previous analysis, we pointed out a large number of sellers breakdowns. However, there are not enough simple breakdowns for reversal. It is important that buyers have enough strength, which we do not see right now. According to the wave analysis, we still think that the fall is not over yet and sellers should test $9,300-9,400:

Bitcoin Technical Market Analysis 27th August 2019

Now our stop has fallen to the level of Fibonacci 38.2%. We think by the end of the week, the breakdown will happen. So we keep calm in our hearts and wait for signals (break through $10,000 or $10,500). See you in the next Bitcoin analysis!

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Ethereum Technical Market Analysis 27th August 2019

Ethereum Technical Market Analysis 27th August 2019

The longer the silence is, the more likely those who were wrong will suffer from preinfarction syndromes and the more likely those who weren’t will cry tears of joy. The silence in Ethereum coin trading continues and the triangle which has formed from 15 August is already over. We will have to make a decision soon. But which one? Let’s try to understand today.

Over the past two days, Ethereum sellers have tried several times to break through the bottom trend line of the triangle. At one point, it was on increased volumes, but there was still not enough:

Ethereum Technical Market Analysis 27th August 2019

According to the chart, we see that the market participants have left to play ping pong for no more than two days; after that, the moment of truth will come. Although in such cases, predicting price movements is a thankless thing, as calculating the probability in triangles is a whole science, which apparently no one knows perfectly. However, looking on the power of buyers, which is virtually absent, we think that the price will go down (it is visible on volumes).

Nevertheless, as well, we do not see the preconditions for the price exit from the wedge from the side of sellers. Local lows become less dangerous and the price is clearly slowing down. The next target after breaking the triangle down is the price zone of $155-160. After breaking the triangle up (alternative scenario), a serious test for buyers will be the price mark $225.

In spite of our pessimistic forecast, buyer mood is wonderful:

Ethereum Technical Market Analysis 27th August 2019

As we can see after a sharp increase in positions, the correction takes place in a narrow hollow channel. The correction is ready to end in the direction of increasing positions at any moment.

For example, Ethereum sellers decreasing their marginal positions more sharply:

Ethereum Technical Market Analysis 27th August 2019

Sellers can not break away from the historical low.

According to the wave analysis, for a long time we do not see changes and we expect breakthrough of the price $175, in which the wave (Y), which started on 6 August, will be equal to the wave (W) * 0.382:

Ethereum Technical Market Analysis 27th August 2019

The next important level of Fibonacci is 50% in the price of $155. Since Ethereum buyers have failed to fix above the price mark $200, we are still not considering the growth scenario. We will expect dynamics in the market as the summer goes by and it is time to work. We wish you good trades! See you on the Thursday Ethereum analysis.

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