Day: August 16, 2018

$6.6K: Bitcoin Price Eyes New Target for Bull Reversal

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Bitcoin is showing signs of life, but only a break above key resistance at $6,675 would confirm a bullish reversal, technical charts indicate. At press time, the leading cryptocurrency is changing hands at $6,470 on Bitfinex – up 10 percent from the 6.5-week low of $5,859 hit on Aug. 14. However, the break below the key support of $6,000 (February low) was short-lived and prices moved back above $6,100 by UTC close, signaling bearish exhaustion. More importantly, the follow-through has been positive: BTC crossed Tuesday’s high of $6,259 and jumped…

Thai SEC Clears Seven Cryptocurrency Operators to Serve Clients, Reviews Two More

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Thai regulators announced Thursday, August 16, that they have so far approved seven business entities to conduct cryptocurrency operations as part of the formalization of the country’s domestic market. In a statement, Thailand’s Securities and Exchange Commission (Thai SEC) confirmed Bitcoin Co. Ltd. (BX), Bitkub Online Co. Ltd., Cash2coins Co. Ltd., Group Co. Ltd. (TDAX), and Coin Asset Co. Ltd. were able to operate as legal cryptocurrency exchanges. In addition, the regulator approved two cryptocurrency dealers: Coins TH Co. Ltd. and Digital Coin Co. Ltd. (ThaiWM). The move forms part…

Bitcoin Holds Above $6,000 While Industry Figures Warn Over ETF ‘Benefits’

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Bitcoin (BTC) prices are up around .05 percent on Thursday, August 16, bringing the leading cryptocurrency solidly back over $6,000 after a market fall that had seen BTC dip below that psychological price point on August 14. Market visualization from Coin360 Data from Cointelegraph’s price tracker shows overall 2.5 percent monthly gains for Bitcoin as of press time, despite the latest correction from it’s weekly high of around $6,600, against weekly losses of almost 10 percent. Continuing its trend of short-term volatility, BTC/USD is currently around $6,407, with commentators eager…

Bitcoin Price Watch: What Does BTC/USD’s Failure Near $6,600 Indicate?

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Key Points Bitcoin price jumped above the $6,400 and $6,550 resistance levels, but failed to hold gains against the US Dollar. There is a major bullish trend line in place with support at $6,240 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair clearly made a failed attempt to break the $6,550 and $6,600 resistance levels, and declined. Bitcoin price gained momentum above $6,400, but it was unsuccessful near $6,650 against the US Dollar. BTC/USD trimmed all yesterday’s gains and settled below $6,400. Bitcoin Price…

Ethereum Classic Price Analysis: ETC/USD Surging, Could Break $15

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Key Highlights Ethereum classic price gained bullish momentum and it broke the $12.50 and $13.40 resistances against the US dollar. There is a major bullish trend line in place with support at $13.10 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair is likely to accelerate higher above the $14.20 and $15.00 resistance levels in the near term. Ethereum classic price is gaining traction against the US Dollar and Bitcoin. ETC/USD could continue to move higher towards the $15.00 level. Ethereum Classic Price Trend After…

Ripple Price Analysis: XRP/USD Turned Short-term Bullish above $0.2660

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Key Highlights Ripple price corrected higher recently and broke the $0.2660 and $0.2800 resistances against the US dollar. There is a new connecting bearish trend line formed with resistance at $0.3010 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is currently below the 100 hourly SMA, but it remains supported near $0.2660. Ripple price is showing a few positive signs against the US Dollar and Bitcoin. XRP/USD must stay above $0.2660 to recover further above $0.3000 in the near term. Ripple Price Support Yesterday,…

Ethereum Price Analysis: ETH/USD’s Failure Near $300 Explained

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Key Highlights ETH price traded higher, but it failed to hold gains above $300 against the US Dollar. There is a major bearish trend line capping gains with current resistance at $299 on the hourly chart of ETH/USD (data feed via Kraken). The pair may dip a few points and it could test the $273 and $271 support levels. Ethereum price failed to hold gains against the US Dollar and bitcoin. ETH/USD buyers did not succeed in clearing a strong sell zone near $300 and the 100 hourly SMA. Ethereum…

Ripple (XRP) Price Watch: Will More Bulls Join In?

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Ripple Price Key Highlights Ripple recently busted through a descending trend line to signal that a reversal from the downtrend is underway. Price is pulling back to the broken resistance, though, so a retest appears to be taking place. If the former resistance holds as support, price could resume the climb to the swing high or the next Fib extension levels. Ripple price is retesting a broken falling trend line resistance that might hold as a floor and push it to the extension levels next. Technical Indicators Signals The 100…

Bitcoin Cash Price Analysis: BCH/USD Upsides Capped Near 100 SMA

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Key Points        ·         Bitcoin cash price recovered further, but it failed to move above the $540 resistance area against the US Dollar. ·         There is an expanding triangle forming with current support at $492 on the hourly chart of the BCH/USD pair (data feed from Kraken). ·         The pair could bounce back once again, but it has to break the $530-540 resistance zone for more gains. Bitcoin cash price failed near a key resistance at $540 against the US Dollar. BCH/USD has to surpass the 100 hourly SMA to gain…

Bitcoin (BTC) Price Watch: Trend Line Break and Correction

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Bitcoin Price Key Highlights Bitcoin price recently broke above a short-term descending trend line as an early reversal signal. Price reached the $6,650 level then made a pullback to the broken resistance, which lines up with the Fibs. Technical indicators also suggest a continuation of the reversal. Bitcoin price broke above its descending trend line and is making a retest of this area before heading further north. Technical Indicators Signals The 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to…