DASH/USD and LTC/USD Technical Analysis May 03, 2017

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Hello and welcome to News BTC’s Market Outlook May 03.

DASH/USD

DASH/USD and LTC/USD Technical Analysis May 03, 2017

DASH fell a bit during the session on Tuesday, gapping lower. We reached all the way down to the $84 level and I think we may have a little bit farther to go. The $82 level and most certainly the $80 level will offer support in my estimation, so I’m looking for some type of supportive candle in that area to start buying again. I have no interest in shorting, that money has already been made.

LTC/USD

DASH/USD and LTC/USD Technical Analysis May 03, 2017

LiteCoin continues to bounce around just below the $17 level. Because of this, I am buying on short-term dips and looking to reach towards the $18 level, and then eventually the $20 level. I believe there is significant support down to at least the $15 level, as we consolidate after a sharp move higher. This is still a very bullish market, so therefore I believe that eventually the buyers will return.

Thanks for watching and see you again tomorrow.

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.


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ETH/USD and ETH/BTC Technical Analysis May 03, 2017

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Hello and welcome to News BTC’s Market Outlook May 03.

ETH/USD

ETH/USD and ETH/BTC Technical Analysis May 03, 2017

Ethereum continues to try to grind to the upside but quite frankly we are bit exhausted. Pullbacks should offer buying opportunities and at this point I suspect that it’s probably time for that to happen. The $68 level should be massively supportive, as well as the $72 level above there. I have no interest in shorting, this is a market that seems to be rather well supported, but currently it looks likely that the markets need to build up more momentum.

ETH/BTC

ETH/USD and ETH/BTC Technical Analysis May 03, 2017

Ethereum fell against Bitcoin during the session as well, testing the 0.05 level. There seems to be a significant amount of support down to the 0.04 handle, so I’m waiting to see a bounce to go long. I don’t have any interest in shorting, we are far too low to make any real money doing that. I believe longer-term we will rally, but Bitcoin itself seems to be rather strong.

Thanks for watching and see you again tomorrow.

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.


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BTC/USD and BTC/JPY Technical Analysis May 03, 2017

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Hello and welcome to News BTC’s Market Outlook May 03.

BTC/USD

BTC/USD and BTC/JPY Technical Analysis May 03, 2017

Bitcoin rally during the session on Tuesday, breaking above the $1400 level. We are now at all-time highs, and it appears that the market is still a “buy on the dips” type of proposition. However, keep in mind that the $1500 level will have a certain amount of psychological resistance built in. Because of this, waiting for short-term pullbacks will probably continue to be a good buying strategy in this market.

BTC/JPY

BTC/USD and BTC/JPY Technical Analysis May 03, 2017

Bitcoin of course rallied against the Japanese yen as well, touching the ¥168,000 level. Because of this, I believe that this market is going to continue to see bullish pressure and looking at short-term charts for pullbacks will continue to offer value. As Bitcoin rises against the Japanese yen, I believe that we will go looking for the ¥170,000 level next. Currently, I believe that the ¥160,000 level should be supportive.

Thanks for watching and see you again tomorrow.

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.


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New Jersey duo using the blockchain to reshape journalism » Brave New Coin

Like many Americans, Samit Singh and Dondrey Taylor, emerged from last year’s U.S. presidential election dismayed by the state of American mass media. Now, the New Jersey duo is doing something about it.

Called the Decentralized News Network, or DNN, their organization aims to produce news “by the people for the people” using monetary incentives made possible by the same technology that underlays digital currencies like Bitcoin, the blockchain. DNN combines citizen journalism with a system of fact-checking powered by circulating the platform’s own digital currency.

“DNN enables a form of incentivized collaboration that wouldn’t otherwise even be possible if we weren’t on the blockchain,” said Singh, 27, the company’s chief executive officer and a graduate of Penn State’s finance program. “The blockchain enables everyone involved to earn a piece of the pie, assuming they put forth their share of effort.”

In an era of alternative-facts, Singh and Taylor believe America is ripe for a decentralized  approach to news gathering, writing, editing and distribution that aims to counteract the insidiousness of fake news and over-the-top political commentary.

“We allow people to have a dialogue on factual articles,” said Taylor, 25, a graduate of the New Jersey Institute of Technology, who previously partnered with Singh to create Minichat, a global messaging application. “We can cover anything and we have a proper story review process.”

Here’s how the platform works. A writer pens a news story and submits it to DNN for accuracy and balance, which is then seen by a randomly selected, online panel of seven anonymous reviewers. They assess articles according to DNN’s editorial guidelines and suggest changes to the writer. If the article passes muster, the writer is rewarded with DNN tokens. So, too, are reviewers who approve a story with a majority of other reviewers.

“Anyone can be a writer, anyone can be a reviewer and anyone can be a reader,” said Singh, who reckons DNN will attract writers and reviewers who are passionate about providing readers with well-written, factual news. “Those roles can switch and the lines between those roles can blur.”

Whatever Singh and Taylor lack in journalistic experience they make up for in passion for unleashing the power of blockchain technology to produce a news platform that ordinary people can trust. They will initially focus on encouraging the DNN community to produce political stories.

As for previous blockchain experience, Singh and Taylor have been successfully mining Ethereum’s ether tokens for more than two years at a large-scale data center in North Carolina. Mining involves running software on a computer in order to solve mathematical algorithms to complete transactions on the Ethereum blockchain.

The DNN news platform will run on Ethereum, which is the world’s largest public blockchain after Bitcoin. The value of DNN’s tokens will be linked to the value of Ethereum’s ether. One ether is currently valued at approximately US$59.

Singh and Taylor were turned onto the concept of citizen journalism by what they perceived as a decline in the quality of American journalism during the presidential campaign. In fact, Americans’ trust and confidence in the mass media “to report the news fully, accurately and fairly” last year dropped to its lowest level in Gallup polling history.

Rather than selling advertising or soliciting donations to run the platform, DNN’s founders opted to fund the system by selling DNN tokens that will trade on digital token exchanges around the world.

Another strength of the DNN system is that it will be decentralized, not dominated by a corporate news provider with a political agenda. The power of the blockchain allows for a fully decentralized network that can never be hacked into, taken down or censored.

“There really is no big overseer in this whole process,” said Singh. “DNN is run from a grass-roots level.” A demonstration version of DNN’s news software will be ready for review in May.

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Ethereum Price Technical Analysis – ETH/USD About To Break?

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Key Highlights

  • There is a declining resistance formed in ETH price against the US Dollar, which is currently at $83.30.
  • A contracting triangle pattern with support at $80.80 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The price may soon either move above $83.30 or break $80.80 for more losses in the near term.

Ethereum price is slightly under pressure against the US Dollar and Bitcoin, and it looks like the ETH/USD pair is about to break a pattern for the next move.

Ethereum Price Resistance

In yesterday’s analysis, we saw how the $77 support prevented more declines in ETH price against the US Dollar. Later, the price recovered and was seen trading above the $80 handle. It also moved above the 50% Fib retracement level of the last decline from the $87.30 high to $76.93 low. It was a positive sign, but for some reason, the price was not above to move past $85, and now back lower.

The ETH/USD pair is currently trading inside a contracting triangle pattern with support at $80.80 formed on the hourly chart. On the upside, the triangle resistance is at $83.30. It also coincides with the 61.8% Fib retracement level of the last decline from the $87.30 high to $76.93 low. On the downside, the triangle support is just above $80.

Ethereum Price Technical Analysis ETH USD

The best part is the fact that the 100 hourly simple moving average is at $79.30, waiting to provide support. So, if the price moves down, there are many supports around $80. On the upside, a break above $83.30 might call for a move towards the 76.4% Fib retracement level of the last decline from the $87.30 high to $76.93 low at $84.86. The most important resistance is the last swing high at $87.30.

Hourly MACD – The MACD is almost flat with no sign of a major move.

Hourly RSI – The RSI is currently just below the 50 level.

Major Support Level – $80.80

Major Resistance Level – $83.30

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.


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Bitcoin Price Technical Analysis for 05/03/2017 – Expect Volatility to Pick Up

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Bitcoin Price Key Highlights

  • Bitcoin price barely looked back from its climb as it found support at the 38.2% Fibonacci retracement level and bounced.
  • Price has yet to make a new swing high so the Fibs are still valid and a larger pullback is still a possibility.
  • The upcoming top-tier events in the US could lead to additional volatility for the dollar.

Bitcoin price might see a pickup in volatility with top-tier happenings in the US, possibly leading to a larger correction or another break higher.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA on this chart so the path of least resistance is to the upside. The gap has been pretty constant, reflecting continued presence of bearish pressure. Also, the 100 SMA is nearing the 61.8% Fib, adding to its strength as a floor in the event of a quick pullback to $1375.

The 200 SMA is closer to the rising trend line connecting the recent lows on the 1-hour time frame. This could be the line in the sand in this uptrend pullback as a break below the $1300 area could mark the start of a longer-term drop.

Stochastic is already in overbought territory, signaling that profit-taking could happen soon as bullish momentum slows. RSI is also on the move down, indicating that bears are regaining control of bitcoin price action. Still, a large selloff in the dollar could lead to a break past the swing high and onto a test of the $1500 major psychological level depending on today’s market events.

Bitcoin Price Technical Analysis for 05/03/2017 – Expect Volatility to Pick Up

Market Events

In particular, the FOMC statement is seen to be a huge catalyst for dollar moves this week as traders are eager to find out if the US central bank is shifting its monetary policy bias. Earlier on, policymakers have been confident that they can hike interest rates three times this year but recent data and the slow pace of government reforms could dampen tightening expectations.

Apart from that, the ADP non-farm employment change report and the ISM non-manufacturing PMI could provide some clues on how the NFP release might turn out. Recall that the jobs report printed a weak 98K increase last time and another disappointment could lead to dollar weakness, allowing bitcoin price to advance further.

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.


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Creditbit Price Technical Analysis – CRBIT/BTC Under Resistance

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Key Highlights

  • Creditbit price moved down a few points and traded close to the 0.00060BTC level against the Bitcoin.
  • There was a recovery, but a major horizontal resistance at 0.000705BTC formed on the 1-day chart of CRBIT/BTC (data feed from Coinmarketcap) is acting as a hurdle.
  • On the downside, a major support is formed above 0.00060BTC, which holds the key in the near term.

Creditbit price was seen struggling a bit against the US Dollar and Bitcoin, and now CRBIT/BTC is trading below a major resistance at 0.000705BTC.

Creditbit Price Resistance

In the last analysis, we saw how Creditbit price was under a minor bearish pressure around 0.00080BTC against the Bitcoin. The mentioned 0.00080BTC support was very important, and it looks like the price failed to hold it. There was a decline below 0.00080BTC. Later, the price even broke the 0.00070BTC support area to ignite more losses in the near term. Similarly, Creditbit price failed to hold the $1.10 support against the US Dollar and moved down.

It traded below $0.90 once and attempted a test of the $0.80 level. Later, the price found support against both the US Dollar and Bitcoin, and recovered. However, there is a major horizontal resistance at 0.000705BTC formed on the 1-day chart of CRBIT/BTC (data feed from Coinmarketcap). It is acting as a hurdle and preventing gains in the near term above 0.00080BTC. Also, the 61.8% Fib retracement level of the last decline from the 0.00093BTC high to 0.000585BTC low is acting as a resistance.

Creditbit Price Technical Analysis

So, we can say that the price is facing a major resistance around 0.00071BTC. A break above it could take it towards 0.00080BTC. On the downside, the most important support is at 0.00060BTC.

Looking at the indicators:

Hourly MACD – The MACD for the CRBIT/BTC pair is just recovering.

Hourly RSI – The RSI for the CRBIT/BTC pair has managed to move back above the 50 level.

Intraday Support Level – 0.00060BTC

Intraday Resistance Level – 0.00071BTC

 

Charts from Coinmarketcap

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.


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Eight Dragons Acquires Stake In Rokk3r Labs

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Investment firm Eight Dragons Co. used blockchain technology, among other factors, as a basis for investing in venture builder, Rokk3r Labs.

Eight Dragons Co., a technology-investment firm, has announced that it has taken an equity position in Miami-based venture firm, Rokk3r Labs.

Eight Dragons CEO and chairman Una Taylor explained to ETHNews that “Rokk3r’s Labs’ work in blockchain was one of several factors that led Eight Dragons to acquire an equity stake.”

Founded in 2012, Rokk3r Labs has streamlined a repeatable process for accelerating fledgling businesses, mitigating risk factors, and capitalizing on better returns for investors. Rokk3r Labs pursues the development of breakthrough technologies, including artificial intelligence, Internet of Things, and blockchain technology.

Nabyl Charania, CEO and co-founder of Rokk3r Labs, said the company is focused on blockchain technology to build value in intellectual property:

“We aren’t simply developing blockchain IP [intellectual property] across our portfolio of startups. We are converging blockchain technologies with accelerating technologies such as artificial intelligence, robotics, and more. That not only significantly increases the value of the IP that is being built, but also opens up new avenues of value creation across entrepreneurship and innovation that haven’t yet come to mainstream.”

Taylor said Eight Dragons is constantly evaluating what’s next:

“With the equity stake in Rokk3r Labs, we immediately have access to their global network of exponential entrepreneurs and innovators. We are able to better understand for example how different industry models for the blockchain operate from Vietnam to Venezuela, across a variety of industries.” 

Taylor is focused on crunching the numbers for now. Eight Dragons will carefully test and iterate blockchain technology across “different swaths of our ecosystem and will implement to scale as we meet management defined KPIs [key performance indicators] for this.” After collating the data from its experiments to ensure it doesn’t lose sight of where industries apply blockchain technology, Eight Dragons will adapt accordingly.

Taylor added that being at the ground level of the blockchain boom means her team must weed out the hype in order to focus on innovation and execution across industries on a global scale. “Blockchain technology can’t be seen as a quick fix or the fix of all fixes,” she said.

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. Jeremy is a full time staff writer for ETHNews.

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TokenCard ICO Nets Millions For ERC20 Token Debit Card

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A company brandishing a new debit card that will let anyone spend ERC20 tokens at Visa terminals enjoyed a $12.7 million investment round from a successful ICO.

TokenCard, working with Monolith Studio, successfully kicked off an ICO today, raising $12.7 million and generating 43.2 million TKN coins in just over a few hours.

A Medium post by Monolith Studio provided investors with a guide to the ICO, detailing the sequence of events which would begin with the initial offering and culminate with the issuance of TKN coins. Leading investors will be rewarded for their participation, as the post states the “top 500 contributor addresses will be able to claim their Contributor TokenCard.”

A number of digital currencies received by TokenCard’s wallet address during the ICO, which kicked off around 4pm GMT, included Ether (ETH), Augur (REP), DigixDAO (DGD), Golem (GNT), Melon (MLN), Swarm City (SWT), Maker (MKR), and SingularDTV (SNGLS). Ether accounted for the lion’s share of the currencies raised, totaling 166.7k, which is a little over 2.5 times the amount developers expected to raise. Ether stood out as the single virtual currency to more than double expectations; the rest fell well under fundraising goals, suggesting that faith in Ether outpaced other virtual currencies as an investing tool.

The contract governing the ICO was prepared by consulting group New Alchemy. TokenCard needed to raise $4.5 million in Ether to keep the creation period open for a final 24 hours and once $12.5 million in Ether was raised the ICO closed.

As reported by ETHNews in February, TokenCard offers a feature that allows for the retention of assets in digital form, rather than forcing a conversion to fiat currencies. Accepted at Visa terminals worldwide and working in accordance with management application Token App, the card can be used by anyone to access their contract wallets, and to spend tokens in exchange for goods and services without a bank account.

TokenCard and Monolith Studio join the ranks of other successful ICOs this year, including Gnosis and Blockchain Capital, which respectively raised millions on their token offerings last April.

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. Jeremy is a full time staff writer for ETHNews.

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Could the Reserve Bank of India’s Proposed Regulations Affect Virtual Currencies?

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New draft regulation proposed by the Reserve Bank of India concerning cross border mergers could possibly affect virtual currencies.

On April 26, 2017, the Reserve Bank of India (RBI) proposed guidelines, titled Foreign Exchange Management (Cross Border Merger) Regulations, 2017, to address issues related to Indian companies merging with foreign companies. As per the draft regulations:

“Save as otherwise provided in these regulations or with the general or special permission of Reserve Bank, no person resident in India shall acquire or transfer any security or debt or asset outside India and no person resident outside India shall acquire or transfer any security or debt or asset in India on account of cross border mergers.”

If a business that is operating with virtual currencies participates in a cross border merger, then it’s possible that the acquisition or transfer of virtual currencies related to the merger transaction could be subject to the limitations of the Foreign Exchange Management Act, 1999, and the proposed regulation.

Also, although the proposed regulation does not mention virtual currencies, the RBI did issue a press release in December 2013 in which it said:

“The Reserve Bank has also stated that it is presently examining the issues associated with the usage, holding and trading of VCs under the extant legal and regulatory framework of the country, including Foreign Exchange and Payment Systems laws and regulations.”

The Indian government has struggled with what to do with virtual currencies. Currently, the RBI has not authorized or licensed any business to operate or deal with virtual currencies.

In April, the Indian government announced the establishment of a virtual currency committee, which will provide regulatory guidance and direct the government on issues dealing with virtual currencies. This move led to the creation of the Digital Asset and Blockchain Foundation of India (DABFI), a counter-committee comprised of all major cryptocurrency exchanges in India and numerous other blockchain and cryptocurrency advocates. DABFI’s main objective is to advocate blockchain and cryptocurrency use for the Indian market. However, Chitral Patel, CEO of Indian exchange Zebpay, tells ETHNews that efforts to discuss policy with Indian government officials have yet to occur.

“There has been no discussion with the government so far. However, we are looking forward to meet the committee members to explain the technology and how to regulate the virtual currencies, to promote innovation and to prevent its misuse.”

On April 20, news outlets reported that the Indian government was considering imposing a tax on virtual currencies. According to the report, the government will either ban virtual currencies altogether or they will impose a tax. However, the Indian government did not release any corroborating statements and/or notifications, so this media hype should be taken with a grain of salt.

In March, Minister of State for Finance Arjun Ram Meghwal stated that the use of virtual currencies have not been not authorized by the RBI, repeating the central bank’s February 1, 2017 press release in which it cautioned virtual currency users. 

Last month, the Indian virtual currency committee stated it would submit its report within three months. Only time will tell how the government will handle virtual currencies. In the meantime, the RBI has invited the public, including stakeholders and experts, to express their views and opinions on the proposed regulation. All comments must be sent by May 9, 2017, via email with the subject “Cross Border Mergers – Comments/Suggestions.”

Dan is a US Army veteran and Los Angeles-based writer passionate about science and technology, current events, human rights, economic impacts, and strategic calculus. Dan is a full time staff writer for ETHNews and does own value in Ether.

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