Bitcoin Cash (BCH) Price Analysis (February 23)

Key Highlights

  • The BSV/USD market has dropped from a high $480 value to a low territory at $360 mark.
  • The BSV/USD trade may fall under bearish pressure at $400.
  • A reversal from $360 price value will allow the bulls to regain momentum.

Major distribution territories: $480, $520, $560
Major accumulation territories: $320, $280, $240

Bitcoin Cash (BCH) Price Analysis

In sequence to a notable dump in the BCH/USD market valuation on February 15, the pair eventually touched past a low point around $360 on February 20. The previous high was at around $480 since the start of the falling market.

Barely three days of trading sessions until now, the pair’s trade worth has been hovering around $400 and $360 marks. As at the time of writing, the upper $400 range trading point appears to act instrumental in the affirmation of the crypto’s capacity to push northward.

Bitcoin Cash (BCH) Technical Indicators Reading

The 50-day SMA trend-line has intercepted by the 14-day SMA trading indicator from the top to fully confirm a downward trend of the BCH/USD market about several days back. For the second time, the smaller trading indicator now attempts to cross towards the bigger SMA trend-line from below. That has equally quantified the pace at which the market is running in a range outlook presently.

The Stochastic Oscillators have traversed from a lower range at 20 towards touching a higher range at 80. And, taking a closer look at the market’s recovery strength at that territory, the bulls lack the weightier capacity to forge ahead in the near time of trading.

Conclusion

Judging by all the trading indicators reading, the BCH/USD sellers are likely still having the upper hand in the crypto-market. However, the bulls may as well have to redefine their stance from a lower point around $360 territory to stage a decent rebound. Above all, very active price actions need to take place before placing an order in this crypto-economic market.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

Bitcoin Can Only Act As A Hedge Against A Loss Of Confidence In Fiat And Payment System: JPMorgan

  • From calling Bitcoin a “fraud” to the crypto asset having a place in investors’ portfolio
  • “2019 will be remembered for the rise of digital money” – JPMorgan Chase Report
  • Blockchain has its “clearest” use case in “payments, trade finance, and custodial services” but not in supply chain

According to JP Morgan Chase and Co.’s 74-page report later this week states, the digital money will change the financial world.

“2019 will be remembered for the rise of digital money,” the bank said in its report. “The groundwork is now in place for more mainstream adoption of blockchain technology at the same time that the foundation is being established for the development of digital currency and fast payments.”

Back in 2017 JPMorgan CEO Jamie Dimon called Bitcoin a “fraud” and now in 2020, the bank says crypto assets have a place in investors’ portfolio. JPMorgan report said,

“Developments over the past year have not altered our reservations about the limited role that cryptocurrencies play in global portfolio diversification or as a hedge instrument. Crypto assets have a place in investors’ portfolios only as a hedge against a loss of confidence in both the domestic currency and the payments system.”

Rapid adoption faces practical challenges

The New York-based bank said in its report that the emergence of blockchain that underpins Bitcoin and Ether has made the modernization of payments global. While JPMorgan debuted its very own digital coin last year to facilitate cross border payments with a digital asset among the banks, the blockchain system created by Paxos has broken through to the real world and China is developing digital yuan, noted the bank.

It further said blockchain is promising for corporations and banks, yet most corporate efforts are in the early development stage or being tested.

When it comes to using blockchain, JPMorgan sees its “clearest” use cases in “payments, trade finance, and custodial services.” But founds using a distributed ledger to manage the supply chain — “viewed as ripe for disruption is often a limiting factor” — to be a fading application.

However, challenges still remain in the form of technology such as scaling and slow network and regulatory unclarity.

Tech giants are also jumping in on the trend with Facebook launching its so-called cryptocurrency Libra pegged by a basket of fiat currencies. However, it received a lot of backlash from European officials and members of Congress.

“The failed release of Facebook’s Libra serves as a reminder that rapid adoption faces practical challenges to attain scale,” the bank said in the report. In order to succeed, the bank said Libra needs several market mechanisms in place such as less distributed, semi-private networks and short-term liquidity facilities.

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Author: AnTy

Bitcoin SV (BSV) Price Analysis (February 23)

Key Highlights

  • BSV/USD trade has been featuring lower lows and lower highs in its price valuation.
  • The price worth of BSV put under slight check-making pressure by the US dollar.
  • A downward-break of the $300 lower range point may cause fearful trading conditions in the BSV/USD market price.

Major distribution territories: $500, $600, $700
Major accumulation territories: $200, $150, $100

Bitcoin SV (BSV) Price Analysis

Some degree of featuring lower lows and lower highs has continued to play out in the BSV/USD trading cycle from February 16 until the present. Those market-moving patterns took shape mainly around $300 mark.

The crypto may continue to put under a check-making slight pressure by the US economic monetary instrument around the mark mentioned earlier. But, a sudden intense downward pressure could result in letting the pair to a lower value position a bit below or around the major accumulation territory afterward.

Bitcoin SV (BSV) Technical Indicators Reading

It appears that the 14-day SMA trading indicator will take position around $300 price territory for a while. And, the 50-day SMA trend-line points to the north closer to the BSV/USD market value mentioned from below. That signifies the potential of seeing the $300 mark serving as a pivotal line for the BSV/USD market bulls in the long run.

The Stochastic Oscillators have densely traversed southward closely to range 20. That showcases that there haven’t been many selling forces in this crypto-economy.

Conclusion

The BSV/USD market north wall that previously occurred on January 14, hasn’t decimated by the bears pushing effort that came up in the succeeding trading sessions until the present. By so doing, the bears’ action has only led the price to move in a ranging outlook chiefly around $400 and $300 values. A downward-break of the $300 lower range point will signify dangerous warning of witnessing fearful price trading conditions.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

TRON (TRX) Price Analysis (February 23)

• The trend of the coin looks bullish in its medium-term while the short-term outlook is in a range-bound.
• Patience is required at this moment.

TRX/USD Medium-term Trend: Bullish

• Resistance levels : $0.027, $0.028, $0.029
• Support levels: $0.016, $0.014, $0.012

Tron is in a bullish trend market in its medium-term outlook. The bears’ pressure is sustain as it continues to push the price of TRXUSD further down to $0.019 below the two EMA-9 in the support area during yesterday’s session.

However, the formation of the doji candle at $0.019 at the close of yesterday’s session signals a trend reversal. Hence bulls’ brief return.

Price is back within the range with a push to $0.020 by the bulls in the resistance area as the market opens today on the daily candle.

Price of Tron is initially up at $0.020 in the resistance area within the range..

With the price of TRXUSD above the EMA-50 and the stochastic signal pointing up at around level, 16% in the oversold region suggests that the momentum in the price of the coin is in an uptrend in the medium-term within its range.

TRX/USD Short-term Trend: Ranging


The coin is in consolidation in its short-term perspective. Today’s 4-hour opening candle at $0.0201 in the resistance area is bullish as the bulls remain dominant in the market.

TRXUSD moves up to $0.0208 in the resistance area. Price of Tron is initially up at $0.0208 and revolves around the two EMAs an indication of an undefined trend.

However, the signal of the stochastic oscillator points upwards at level 75% in the overbought region an indication of upward momentum within the range and a possibility of a change in trend of the coin in the days ahead in the short-term.

TRXUSD is ranging and trading between $0.019 in the resistance area and at $0.01 in the support area of the range. Patience coupled with a retest is needed before a position is taken.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

Cardano (ADA) Price Analysis (February 23)

• The cryptocurrency is in a bullish trend in the medium-term and ranging in the short-term outlook respectively.
• Patience is required at this period.

ADA/USD Medium-term Trend: Bullish

• Resistance levels : $0.07, $0.08, $0.09
• Support levels: $0.03, $0.02, $0.01

The cryptocurrency is in a bullish trend in its medium-term outlook. The bears increase in momentum drops the price down to $0.057 in the support area during yesterday’s session.

A bearish spinning top hammer at $0.058 opens today’s daily session in the support area within the range.

ADAUSD further drops to $0.057 in the support area. Price revolves around the two EMAs.

The stochastic oscillator signal is pointing down at level 14% in the oversold region an indication of downward momentum in the price of the crypto also the price may encounter a trend reversal in the nearby days in the medium-term perspective.

ADA/USD Short-term Trend: Ranging

The coin is in a range-bound market in its short-term outlook. The drop to $0.057 in the support area pushes the cryptocurrency into a range bound-market during yesterday’s session.

The 4-hourly session today opens with a formation of an inverted bearish candle at $0.058 in the support area.

The coin is initially down at $0.058 in the support area. Price hovers around the two EMAs’ indication of the undefined trend in the short-term.

The stochastic signal is pointing up at level 62% indicates that a trend reversal may likely occur in the momentum in price of Cardano in the nearby days in the short-term.

ADAUSD is in consolidation and trading between $0.057 in the resistance area and $0.043 in the support area within the range. A breakout at the upper resistance area or a breakdown at the lower support area may occur hence patience is required to allow this to happen before a position is taken.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

MONERO (XMR) Price Analysis (February 22)

Key Highlights

  • There has been a notable size of slight downs in the XMR/USD market worth.
  • The value of XMR/USD may still lower southward to locate a demand line around $70.
  • A line of consolidating moves is likely bound to occur around the $70 mark, which may afterward give way for a bullish rebound trend.

Major supply zones: $100, $110, $120
Major demand zones: $60, $50, $40

Monero (XMR) Price Analysis

XMR worth has been relatively overpowered by the US dollar while it couldn’t surge northward beyond $100 mark. The pair began to decline on February 15, to now trading averagely toward a low price point at $70.

The value of XMR may still lower southward to locate a demand line around $70 to rebuild its energy from there. That market point will be difficult for the counter currency to easily breach southward afterward.

Monero (XMR) Technical Indicators Reading

The 50-day SMA trend-line points to the north below the 14_day SMA trading indicator. And, the market trades within the space found between the SMAs. The bigger SMA is around $70 price zone, to spotlight the importance of the point in determining a further market depression if any afterward.

The Stochastic Oscillators have economically inactive in their downward movement to range 20. And, they are seemingly making an effort to close the hairs around the range mentioned earlier. In the long run, it could lead to differential choppy price movements, which may cause a difficult trading condition.

Conclusion

By the pace of this market strength determination tool, the MXR/USD price worth appears to set on a foundation building for the bulls to refigure their stance in the market. The bears’ potential of gaining the market advantage is extremely low, most especially that the major demand zone is sited at $60 mark. As a result of that sentiment, it would be more ideally practicable to be on the lookout for a decent bullish price action that may resume after a line of consolidating moves around the $70 mark.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

Bitcoin Unique Active Entities Signals Market Participants Returning to the Network

  • Bitcoin active entities trending upward in 2020 but 16% drop recorded in entity-adjusted transaction volume

Last week, Bitcoin managed to breach $10,000 mark again but it didn’t stay there long and went below $9,500 yet again. During the past week, bitcoin price suffered a rapid drop and has now leveled out around $9,600.

Does this mean, we have reached the local top for the time being or another rally could be seen in the coming days? From the fundamentals’ perspective, the network activity also suffered stagnation and ”meaningful decreases,” said crypto data provider Glassnode.

A 16% drop has been recorded in entity-adjusted transaction volume since last week. This metric filter out transactions in which BTC doesn’t change hands, as such providing a clear signal of actual economic activity.

This sharp decrease suggests, “at least on-chain, economic activity may be slowing down.”

Another metric, aSOPR (adjusted spent output profit ratio) has dipped below 1 again but a quick recovery would support the bullish narrative. However, if it stays below for too long, it would indicate that Bitcoin has hit a local top.

Bullish Signals

Meanwhile, the number of unique active entities has been on the rise in 2020, for the first time since the price peak in mid-2019.

“This is a potential sign that Bitcoin market participants are returning to the network, with more participants actively transferring BTC on-chain.”

However, despite this general up-trend, the past week has also seen a decrease in active entities on-chain. Corresponding with the rapid 6% price dip in BTC price late on Wednesday resulted in an overall decrease in on-chain activity over the past week, which “may trigger some concern.”

One concession is that a similar pattern was seen in late January, a drop in active entities and price, before they both quickly recovered into an upward trajectory.

Going into the weekend, an uptick in the number of unique active entities can be seen, which is a positive sign. Another positive metric this week has been Bitcoin’s Reserve Risk which is at low levels indicating “an attractive risk/reward ratio for investing in Bitcoin.”

Moreover, addresses with balance equivalent of and more than 0.01 BTC and 0.1 BTC keeps on growing, “hitting new ATHs again and again,” which is yet another bullish signal. The number of addresses holding 1+ coins has reached an all-time high of 788,800, surpassing the previous ATH of 788,767 recorded on 23 October 2019.

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Author: AnTy

Block.One’s Beta Launch Of EOS Based Social Network Voice Raises Privacy Alarms

  • Block.one’s Facebook asking for tons of personal data to jo Voice beta
  • More concerning than privacy alarms is the use of data to collect debts & help law enforcement – Weiss Crypto Ratings

Recently, EOS launched the beta of its social network, “block.one’s Facebook” Voice. But the launch raises many concerns, one of them being exactly the one that the social media giant Facebook was criticized about, the same company EOS is challenging with Voice.

In order to join the beta of Voice, the interested participants have to submit their home address, personal photos, and government identification.

This Weiss Crypto Ratings says raises “privacy alarms” but “even more concerning, service tasked with verifying this information may use it to collect debts & help law enforcement.”

“First EOS, now this. Apparently, these guys don’t even believe in decentralization. What are they doing in this industry?” commented Weiss Crypto Ratings.

Change of Plans

Back in June Block.One, the company behind the largest initial coin offering (ICO) in history announced Voice, a new kind of social network that verifies the identity of every single account and has a native cryptocurrency, that’s to be launched on the EOS mainnet.

However, recently it was revealed the plans have changed. The frequently asked questions on the Voice website states the new application would run on a private deployment of EOSIO software and there might be no chance of it running on EOS ever. The FAQ reads,

“While Voice is in beta and a highly iterative state, it will be run on a purpose-made EOSIO blockchain. In time, we would like Voice to leverage the EOS Public Blockchain, and potentially others that can meet the performance and governance demands of Voice.”

It’s worth noting that in the past, EOS had performance issues, just a few months back, a dapp EIDOS clogged the network, that could be a potential reason behind this decision.

Moreover, crypto exchange Binance stated in its latest research that the delegated Proof of Stake consensus network is “victim of its governance, where the largest EOS holders further consolidate their position and hold all the power.”

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Author: AnTy

Criminal Assets Bureau Confiscates Over 6,000 Bitcoin But Unable to Sell Them

The Criminal Assets Bureau (Cab) has confiscated 12 online accounts, wallets containing 6,000 bitcoin of a drug dealer who had €55 million (over $59.6 million) of his fortune in the digital currency but lost the keys to access his wallet after hiding them with his fishing rod, which has now gone missing, reported the Irish Times.

This also means, these €53.6 million worth of bitcoin are also out of the Cab’s reach, which has been apparently the biggest case in the Cab’s 25-year history. Bitcoin advocate Andreas Antonopoulos said,

“Funny how people who create money by fiat think they can also seize it by fiat, even when it’s not fiat. “But we said we seized it. In writing and on official paper and everything! What do you mean it’s not seized?” Crypto: I respect your authority but I doubt your ability.”

However, trader Crypto Gainz says, even still,

“you know the amount of bitcoin and presumably the owner of the address(es) Now try it with monero. You wouldn’t even know the amount seized. It wouldn’t warrant a headline.”

Punishment of stupidity

The drug dealer Clifton Collins, 49, from Dublin, originally bought most of his bitcoin in late 2011 and early 2012 using cash that he made from growing crops of cannabis. In the last decade, Bitcoin’s value soared 9 million percent and is currently trading at $9,630.

In early 2017, during the last bull run, he had these over 6,000 BTC in one account but because it might be too easy for hackers to access, Collins spread it across 12 accounts, 500 Bitcoin worth €4.5 million in each wallet.

Collins printed out the code on a piece of paper and hid it inside the aluminum cap of his case containing his fishing rod which he kept at his rented home in Cornamona, Co Galway. But a burglary during the time he was arrested and jailed for possession of cannabis lost him his fishing rod and the codes to access his wallet. However, Collins has reportedly come to terms with the loss of the money and took it as a punishment for his own stupidity.

For now, Cab has been able to access only a small stash of Bitcoin valued at €1.5 million that he had in other accounts and seized them along with €100,000 in cash.

Garda officers are hopeful that advances in technology would allow them one day to access the bitcoin that they haven’t’ been able to so they could be sold.

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Author: AnTy

Top Medical Firms Set to Develop a Blockchain Solution to Prevent Counterfeit Drug Supply

  • Top medical firms partner to develop a blockchain based solution to combat counterfeit drugs in the market.
  • The MediLedger blockchain aims to verify drugs through the supply chain and prevent flow of these drugs in the open market.

In an announcement released on Feb. 21, a number of global medical firms are entering into the blockchain space to create a decentralized solution to combat counterfeit drugs from the U.S and global markets. According to reports from Reuters, some of the largest companies in the medicare industry including Pfizer Inc. and Eli Lilly and Co. alongside over 20 companies, partnered to create the solution that is set to transform the supply chain of pills and drugs.

Some of the participants in the MediLedger group include Amgen Inc. (AMGN.O), FedEx Corp (FDX.N), GlaxoSmithKline Plc (GSK.L), Novartis (NOVN.S), AmerisourceBergen Corp (ABC.N), Sanofi (SASY.PA), Walgreens Boots Alliance Inc. (WBA.O) and Walmart Inc. (WMT.N).

The companies are developing a drug verification system, MediLedger Network, in a bid to bring together the drug makers, distributors, retailers and delivery firms in an efficient supply chain system. Susanne Somerville, CEO of Chronicle, a MediLedger custodian said,

“Even though the drug supply in the United States is safe, there are small percentages … of potential counterfeit drugs. Certainly, there’s a lot of evidence of diverted drugs.”

So far the organization has yet to release a launch date of the product. However steps to register the project with the Food and Drugs Administration (FDA) are already underway.

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Author: Lujan Odera