Bitcoin [BTC] is considered to be the king of the cryptocurrency market, with the currency being the first of its kind that led to the inception of the rest of the coins in the market. The currency is hailed to be the gateway that gives the power back to the people by striping them away […] The post Bitcoin [BTC]’s genesis block completes a decade – space celebrates completion of 10-year of decentralization appeared first on AMBCrypto.
As of January 7, a new digital exchange out of Estonia and Israel will allow investors to trade major US stocks after hours by tokenizing them into a virtual stock offering.
For the better part of a month and a half, bitcoin has been fairly range-bound and unable to establish new lows or new highs. There are some bullish and bearish setups on the horizon for bitcoin, so let’s check out both sides of the argument because currently the market is sitting in the middle of Indecisionville — the most immediate sign of which is this glaringly obvious head-and-shoulders bottom reversal pattern:Figure 1: BTC-USD, Daily Candles, Head-and-Shoulders BottomThis current pattern is nothing more than a setup at the moment, but it represents one potential outcome of this sustained consolidation. In order for this pattern to be confirmed, we need to see a daily candle close above the neckline (horizontal blue line). A breakout of this reversal pattern has a measured move of approximately $1,000 — a target of around $5,200. However, there are plenty of things that should keep the bulls wary for the time being. Until we close a higher high, the trend remains down.Another potential outcome for a swing high is a bull trap called a Swing Failure Pattern (SFP). Quite simply put, an SFP is an impulsive move to new highs that fails to close above the previous high:Figure 2: BTC-USD, Daily Candles, Potential SFP SetupIf the market moves above the previous high shown in the figure above, but fails to close above it, we could see an immediate rejection of the high; this could trigger a powerful reversal.The whole point of an SFP is to engineer liquidity for big players. So, when the price breaks to a new high, it lures in plenty of breakout traders who are impatient. Once the price fails to close above the previous high, those traders are now trapped in underwater long positions that will then be used to push the price lower as they get stopped out or liquidated.However, as previously stated, both of these possibilities are up in the air. At the moment, we are currently suspended in the middle of a trading range which is generally considered to be a no-trade zone, as it is fraught with bull and bear traps. Contrary to the two previous scenarios I’ve laid out, it’s entirely possible that we even visit the bottom of the range to retest support. We currently only have one real test of that support and we could potentially revisit the support in the low $3,000s.Until bitcoin makes a test of the upper or lower boundaries, there isn’t a whole lot we can do in terms of macro trend analysis. It’s at times like this that it is often advisable to prepare for a move and lay out a plan for both the bullish and the bearish scenarios — sort of like an if/then format: If bitcoin moves above resistance and closes, then I will do “x,” and if bitcoin moves above resistance but fails to close above the high, then I will do “y.” For now, we will have to wait and see how the market treats its next test of macro support or resistance.Summary:Bitcoin has been range-bound for almost 2 months and has yet to retest its established lows or established highs.Although it is currently in the middle of the range, there are a couple potential scenarios I outlined in this article. A massive inverted head-and-shoulders setup could push the price to the low $5,200s. However, a failure to close above the previous high could see a strong reversal of the trend to the downside of the range.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 Media related sites do not necessarily reflect the opinion of BTC Media 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.
Chilean anti-monopoly court rules that local banks must keep crypto exchanges’ accounts open, despite Supreme Court decision
The Proof of Keys event on Jan. 3 aims to reassert holder control of cryptocurrencies by essentially initiating a bank run on centralized exchanges
2018 was a monumental year for digital/crypto-assets. Of course, the headlines were dominated by price action, particularly in terms of…Continue reading on QCP RESEARCH »
When new blockchain products are created, designers and developers seem to be faced with one very significant dilemma, do they remain fully decentralised, or do they give up some of that decentralisation, in the pursuit of innovation? Now, this isn’t to say that decentralised products can’t be innovative, however I am suggesting that sometimes, decentralisation can get in the way of some aspects of innovation, depending on exactly what it is that the project aims to achieve. Therefore, this comes to a head within the eternal blockchain battle, decentralisation vs innovation. What does Decentralisation mean? In order to address this battle, developers must ask themselves exactly what sort of decentralisation they are tackling. In February 2017, Vitalik Buterin, the co-founder of Ethereum posted a blog on Medium that discusses the three main types of decentralisation. Buterin states the following: Architectural Decentralisation “How many physical computers is a system made up of? How many of those computers can it tolerate breaking down at any single time?” Political Decentralisation “How many individuals or organizations ultimately control the computers that the system is made up of?” Logical Decentralisation “Does the interface and data structures that the system presents and maintains look more like a single monolithic object, or an amorphous swarm? One simple heuristic is: if you cut the system in half, including both providers and users, will both halves continue to fully operate as independent units?” Often, some aspects of this decentralisation have to be sacrificed in order to make a project more innovative. For example, let’s look at political decentralisation, a project is more decentralised if it requires decisions to be made by numerous entities and people. If there is no central control or no central system that runs the operation, it is more decentralised by nature. However, some projects require a strong leadership (usually from a funding group) that have to be able to make decisions to ensure the project moves forward (so that you don’t get fallout, as we see within projects like Bitcoin Cash). Therefore, in this instance, some projects need to be politically centralised (by Buterins definition) in order to ensure growth and in order to ensure the right people are contributing to the project. The same goes for architectural decentralisation and logical decentralisation too. The other approach to take in this instance is to reduce that option for fast decision making and constant growth, by adding more entities to the upper level of control, thus improving decentralisation but also putting the project at risk of slowing down, whilst decisions are debated and fought about, rather than built upon.
Cryptocurrency exchange OKEx has added 7 new crypto pairs to its perpetual swap product, in addition to BTC/USD
The TRON Foundation hopes this move will lead to mass adoption among BitTorrent’s 100 million users.
The U.S Securities and Exchange Commission [SEC] has been in the center point ever since Bitcoin [BTC] and other cryptocurrencies hit their all-time high. This was mainly due to the ICO boom during the same timeframe, which led to several investors stepping into the cryptocurrency space. This also resulted in the regulatory body becoming an […] The post Ethereum based Paragon coin pump-and-dump despite SEC’s scrutiny appeared first on AMBCrypto.
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