The cryptomarket remains coiled as we lead into the weekend with no new highs and no new lows being established for bitcoin. However, it is nicely consolidating on lower time frames and hints toward the possibility of another leg up:Figure 1: BTC-USD, Hourly Candles, Consolidating PennantThe pattern shown in Figure 1 outlines a potential continuation pattern called a “bullish pennant.” It’s characterized by consolidating volume and consolidating price that yields lower highs and higher lows and has general upper/lower trendlines. This particular pennant is quite sizable as it is consolidating at the top of a 12% market rally that pushed the price to test the $4,000 range. A general price target for an upward breakout of a pennant is calculated by taking the length of the run upward (called the “pole”) prior to consolidation and extending it from the point of breakout:Figure 2: BTC-USD, 2-Hour Candles, Bullish Pennant Measured MoveIn our case, the measured move for our pole is $430. If we break out upward, we can expect, at minimum, to retest the upper band of resistance discussed in last week’s analysis. And, if we are lucky, we could see a move to test the mid $4,000s.Figure 3: BTC-USD, Daily Candles, Test of Current HighsThe current rounds of bullish pressure correspond to a breakout of a massive consolidation pattern called a “symmetrical triangle.” We are set up for a strong macro move to the upside, but we have yet to break our current bearish market structure. A daily close above the red dashed line would be a step in the right direction as this would indicate bearish exhaustion and an inability to overwhelm the current buying pressure.If we manage to close a new high above the red dashed line and the thin purple line shown in Figure 3, then we will likely realize the full potential of the bull pennant as we test the $4,400s and (most important) the highest high of our current market structure:Figure 4: BTC-USD, Daily Candles, Symmetrical Triangle Price TargetThis is still a long way away, but there is even a possibility that we will test the $5,000 range as this is the price target for the macro symmetrical triangle consolidation.For now, it’s very important to remain objective as we start to see strong bullish setups form in the market. It’s important to remember that we are still in a bear market and we have yet to break our current market structure. Until we see a close above our current highs, the trend is still downward.Summary:A low time-frame bullish pennant paves the way for a potential macro resistance test, just overhanging the current price level.A breakout of the pennant could yield a test of the current market structure as the measured move for the pennant is approximately $430.We have yet to close a new high on the daily candles, but there are a couple bullish setups on both the low time frames and high time frames.Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc related sites do not necessarily reflect the opinion of BTC Inc and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results. This article originally appeared on Bitcoin Magazine.
One chart pattern may be playing out, hinting a reversal might be just around the corner. A golden cross might be coming in the not too distant future. The post Bitcoin headed for golden cross to start next bull run? appeared first on Crypto Insider.
On February 21, 2019, peer-to-peer bitcoin marketplace Paxful announced a partnership with trading platform BitMart for the purpose of vastly increasing the latter’s liquidity and scalability.In a company statement, Paxful claimed that this project was initiated “in the hopes of increasing liquidity and scalability” across the entire crypto asset industry.Paxful’s model for peer-to-peer transaction has made waves in the crypto space all around the world, with its CEO expressly claiming that a company goal is to use bitcoin for the world’s general welfare, and the company building schools in Africa in late 2018.In a separate statement, Paxful claimed that it has recently seen trades in Latin America increase by 188 percent in Latin America, highlighting the potential for expansion in growing markets worldwide. A large percentage of these trades are used to make remittance payments between family members over international borders using an untraceable money system, so this mission of helping underserved markets can tie in naturally to Paxful’s own expansion.This mindset can explain much about the new partnership. Paxful has a track record of using their peer-to-peer transaction method to help developing markets, but there are few actual crypto exchanges that operate with this technology. Now that BitMart is one of these, this integration will “bring more trading options to emerging markets by allowing them to obtain bitcoin on the Paxful platform.”For Paxful and BitMart, this new cooperation will serve the interests of both companies while also making bitcoin more widely accessible worldwide. Customers will be able to become users of BitMart’s exchange, while taking advantage of the many financial options Paxful offers, such as gift cards, bank transfers, e-wallets, cash deposits and many others. This article originally appeared on Bitcoin Magazine.
An IBM executive is unfazed by the current market realities, saying he sees Bitcoin (BTC) reaching a value of $1 million as a present possibility.Jesse Lund, vice president of Blockchain and Digital Currencies at IBM, shared his predictions at the IBM Think 2019 Conference, which took place February 12–15, 2019.$5,000 in 2019, $1 Million SomedayAs the discussion drew to a close, the IBM executive was asked about what he believes the price of bitcoin will be by the end of this calendar year. He opined that bitcoin could cross the $5,000 mark by the end of the year, adding that he sees bitcoin “at a million dollars someday.”Explaining the reasons for his million-dollar forecast, Lund said, “If bitcoin is at a million dollars, then [one] satoshi is on value parity with the U.S. penny.” He is of the belief that such a valuation will give the network for the world’s most valuable digital asset a liquidity value that will exceed $20 trillion.Lund went on to say that with so much liquidity, there is potential for a significant change to the way corporate payments are being made all over the world.Concluding, he said, “I see maybe $5,000 at the end of the year, but I see a way higher upward trajectory.”IBM, Stellar and Future PartnershipsDuring the interview, Lund also touched on some of IBM’s most recent blockchain endeavors, particularly the company’s partnership with Stellar (XLM) and how it expects to integrate the Stellar network into Blockchain World Wire (BWW), its international payment channel.He explained:“There’s no technical reason or technical barriers that should prevent money from flowing the same way [as information]. […] The architecture of World Wire is really a cross-border payment network, the magic of which — if you will, the novelty of it — is the ability to send payment instructions saying, ‘Hey, I’m sending you something — get ready.’ And on the other end, the receiver is making sure that who you’re sending it to is not some nefarious actor or bad actor.”IBM is using the Stellar network with BWW as both an intermediate currency and a means through which transaction fees can be covered.Additionally, Lund revealed that IBM is working on forging alliances with other crypto assets. The IBM executive said the company believes in a network of digital assets that can provide settlement tools to effect cross-border payments. Also, the participants in the network should have the option to make real-time choices as they please.“It could be Ripple, and it could be Bitcoin, but it would also probably include other instruments, like stablecoins, and even eventually soon — hopefully — Central Bank–issued digital currencies,” Lund concluded. This article originally appeared on Bitcoin Magazine.
Bitcoin volumes in Indonesia have jumped considerably in the peer to peer Localbitcoins exchange, up now to about $1 million from a previous circa $30,000. While previously such volumes were... The post Bitcoin Volumes Spike in Indonesia After Legalization as a Commodity appeared first on Trustnodes.
For the sixth episode of Untangled, we went to Barcelona to follow the IOTA Foundation Research Summit 2019. The entire Research Department was, for the first time ever, all gathered in the same place and many fruitful discussions, ideas and possible solutions came out of it.The two main topics at ReSum were Coordicide and Attack Analysis, which Alon Gal, Research Scientist on the Coordicide Team, and Bartosz Kuśmierz, Research Scientist on the Attack Analysis Team, will discuss on this episode of Untangled.Besides these two technical topics, Alon and Bartosz are also sharing their impressions on the experience of ReSum, the value of teamwork in the scientific field of work and the process of researching uncharted waters.Listen to the episode here:Research Summit feat. Coordicide & Attack Analysis | UntangledProvide your feedback hereUntangled is available on a wide array of platforms; all listed below:TransistoriTunesGoogle PlaySpotifyStitcherOvercastPocket CastsCastroRadio PublicTuneInUntangled Episode #6: Research Summit feat. Coordicide & Attack Analysis was originally published in IOTA on Medium, where people are continuing the conversation by highlighting and responding to this story.
On February 17th, the market turned green with Ethereum surging more than 10 percent. Since that day, the crypto market has been registering the greens. [...] The post Ether [ETH] Supply Drops Below 13k For The First Time in History, What Does It Mean? appeared first on Coingape.
“Advanced, reusable rockets are all we need to become a multiplanet civilization. Once we have a city on Mars, interplanetary travel will create a forcing function for vast improvements in... The post Will Elon Musk Send Bitcoin and Ethereum to Mars? appeared first on Trustnodes.
ETHNews: The Chamber Of Digital Congress Has A Plan To Overcome ‘Regulatory Patchwork’ For Blockchains
The CDC encourages regulators to bone up on their knowledge of blockchain technology before developing regulations.