Storing Your Crypto: 3 Tips to Make Sure Your Crypto Assets are Secure

Over the last couple of weeks, the world has watched as the QuadrigaCX crypto exchange saga unfolded. Long story short, the exchange lost access to the majority of its assets in cold storage after the founder died unexpectedly. Cotten reportedly had the “sole responsibility for handling the funds and coins,” and was the only person who knew the passwords. With his passing, no one else at the exchange can access the assets.

QuadrigaCX now owes customers nearly $190 million in holdings it cannot retrieve. Customers could be out thousands of dollars and the exchange’s team is caught between a rock and hard place. This situation is both sad and confusing for all parties involved, however, it reinforces some valuable lessons about storying crypto assets.

1. Store Your Own Crypto – The entire revolutionary aspect of blockchain technology is that it is decentralized. This feature provides security by eliminating any central entity that can be compromised. Keeping your crypto in an exchange wallet defeats the entire purpose of a decentralized system. If the exchange is compromised, frozen or, in the case of QuadrigaCX, inaccessible, you can kiss your digital assets goodbye most of the time.

Transfer any assets purchased on exchanges to your private wallet for safe keeping. Exchange wallets can be convenient, but they come at too high a cost to security.

2.Don’t Store Your Passwords Online – “Don’t write your passwords down,” is advice as old as the internet, but storing them in a file on your computer/cloud is just as dangerous. I’ve seen several strategies for keeping managing passwords and there isn’t a single perfect solution.

Breaking up passwords into pieces can be a useful trick, but even using this method, you should still hold the separate parts of a password in different mediums. For example, maybe the first half of your password is filed away in a physical book while the other half lives in a spreadsheet with other decoy information.

3.Don’t Store Your Passwords on Your Person – If parts of your passwords are recorded on a physical medium, like paper or a notebook, make sure you store it somewhere secure, like a safe or a safety deposit box at your bank. While keeping track of your passwords in a physical form can protect you from cyber criminals, it can leave you more vulnerable to physical threats like robbery.

By keeping your physical passwords in a secure place off of your person, you minimize both online and offline risks.

Dima Zaitsev, Head of International PR at ICOBox comments, “the QuadrigaCX situation should cause everyone in the crypto community to reassess their security protocols. If you are an exchange customer, transfer your holdings to a private wallet as soon as possible. If you are an exchange, revisit and revise security protocols and contingency plans.”

Knowing a well-constructed password by heart without written record anywhere might be the best solution for the everyday crypto user, but QuadrigaCX has proved that this method simply doesn’t cut it when other people’s money is on the line. Our advice is to take some time developing your own multifaceted security strategy, no matter who you are.

The post Storing Your Crypto: 3 Tips to Make Sure Your Crypto Assets are Secure appeared first on Live Bitcoin News.

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Stable Coins: The “Holy Grail of Cryptocurrencies”

In the middle of the Cryptocurrency industry meltdown in 2019, Bitcoin experienced a loss of more than 3-quarters of its value. This created a queue for enthusiasts to shift to so-called “stable” coins, which are deemed the utopia in the world of Cryptocurrencies. Let’s take a close look at stable coins:

To be able to be considered as a stable coin, it should not be the only asset on its own, it must represent another entity that is another asset, like cash or petroleum. While a traditional digital currency like Bitcoin is so unstable, stable coins are more like traditional cash, it’s usually valued at a constant price.

Currently, these stable coins are being used by new investors to jump into Cryptocurrency investing.

Complicated process

Almost all Cryptocurrency only allow trading one Coin to another type of Coin. The reason behind, is that exchanging traditional money to digital money is not exactly a straightforward process, it’s usually more complicated than that, the process has to go thru banks, regulations and local laws.

If you are a first timer in the world of Cryptocurrencies, it’s recommended to convert your cash to stable coins using Cryptocurrency exchanges, like Coinbase or Coins.ph for example. Using your stable coins, you may opt to move to bigger exchanges like Binance where you can trade more than a hundred different Cryptocurrencies.

When the time comes that you want or have to opt out of Cryptocurrencies, it is possible to convert them back to stable coins without cashing them out to actual money.

A better alternative?

Advantages of stable coins include being used for daily purchases, such as paying for your food, groceries, fare or commodities, showing greater potential to adoption of the masses compared to the more popular Cryptocurrencies, where transactions usually take a lot of time, and the fees tend to be higher due to changes in value.

In most cases, most stable coins are supported by actual currencies with no difference between their values. Distributors of the coin get exactly the same amount in their accounts.

The top stable coin is Tether, also called USTD, that is distributed by US-based start-up company Tether Limited. Though, when the start-up failed to produce an independent audit, it affected its price that went down to 90 US Cent.

Other stable coins which are also USD supported are: Gemini, TrueUSD, USDC, and Pax, that are distributed by companies regulated by the US government, and the auditing process is more transparent.

(Jet Encila is a journalist, editor and freelance writer from the Philippines).

The post Stable Coins: The “Holy Grail of Cryptocurrencies” appeared first on Live Bitcoin News.

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Bitcoin Vs Litecoin – Bull Flags Yet to Play Out for BTC & LTC

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Bitcoin Daily Chart

It has been a week of tight trading for bitcoin as it trades between two important levels for price action.

Below price lies an important weekly level at $3492. Above price is a level at $3680 which has acted as both support and resistance a number of times since mid-December.

Bitcoin 4-Hour Chart

Many analysts have been forecasting bullish movements after a bull flag setup formed after last week’s bullish price increase.

Price continued to trade in a downward channel for the majority of this week which is part of the bull flag pattern.

However, the pattern does not typically take this long to play out decreasing the likelihood that it will play out.

Further decreasing the likelihood of the bull flag playing out is the market structure forming in Bitcoin and the key resistance levels above price.

The surge which took place last week failed to surpass the previous high resulting in a more bearish market structure.

Above price is the $3680 resistance and also the 50 EMA around the same point which has acted as resistance on numerous occasions.

Price has been increasing over the past 24 hours, and many traders are likely using this increase to take short positions as price approaches the resistance levels.

Shorts on leading exchange Bitfinex have increased 8% over the past 24 hours whereas longs have increased only 4%.

Litecoin Daily Chart

The key difference with Litecoin compared to Bitcoin is Litecoin managed to form a higher high during the bullish movement which took place last week.

This forms a more bullish market structure but litecoin also has some key resistance levels to overcome for the price to continue to increase and for yet another higher high.

However, the price seems to be meeting strong resistance at the 200 SMA and it would likely require a significant surge for the price to overcome this point.

Litecoin 4-Hour Chart

Litecoin has also been forming a bull flag pattern with price trading within a downward channel for much of the week.

Similar to Bitcoin, it has been increasing over the past 24 hours.

Litecoin is one to closely monitor as it has acted as a leading indicator for Bitcoin on numerous occasions.

However, if the increase continues and accelerates in momentum, the daily 200 SMA remains the key level to monitor for litecoin.

Key Takeaways:

  • Both Litecoin and Bitcoin have been forming bull flag patterns during the week but it is questionable whether they can break above with key resistance levels just above the price.
  • Key resistance levels to monitor are the 200 SMA for litecoin and both the $3680 level and 50 EMA for Bitcoin.
  • Litecoin should be closely monitored if it can break above its 200 SMA as it has acted as a leading indicator for Bitcoin a number of times in the past. It has also been forming a more bullish market structure slightly increasing the chances that it can surpass the 200 SMA.

Bitcoin Vs Litecoin – Bull Flags Yet to Play Out for BTC & LTC was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

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Ethereum Classic Price Prediction: ETC Is Trading Inside the Minor Resistance Area, Will It Break Out?

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Long-Term Outlook

Ethereum Classic Weekly Chart

A look at the weekly chart for ETC shows that price is currently trading between the long-term support and resistance areas which can be found near $3 and $6 respectively.

Price is currently trading at $4.2.

Price is trading below all the moving averages and the Ichimoku Cloud, the 21-period MA corresponding with the resistance area near $6.

However, there is some bullish divergence developing in the RSI, and the MACD has made a bullish cross and is moving upward with strength.

Medium-Term Outlook

Ethereum Classic 3-Day Chart

A look at the 3-day chart shows that price retraced after forming a double top in early January.

That area now constitutes the main resistance area. There is an even more pronounced bullish divergence in the RSI.

Similar to the Weekly chart, the MACD is moving upward with strength.

While price is trading below all the moving averages, the 21-period MA looks to be steadying, possibly setting itself up for a bullish cross with the 50-period MA.

Ethereum Classic Daily Chart

A look at the Daily chart shows that price broke the resistance that started from the double top in January.

Price is above the 21-period MA, and there is a positive daily cloud, possibly allowing the price to break out.

The MACD is moving upward but is not positive yet. Furthermore, it is worth noting that the breakout occurred in very low volume.

Short-Term Outlook and Price Prediction

Ethereum Classic 6-Hour Chart

A look at the 6-hour chart shows that price is currently trading in the minor resistance area formed by the previous support from January 7-28.

We can see that price has developed significant bearish divergence.

If the price fails to break through the resistance area, the next support area will be found near $3.9.

Price Prediction:

I believe that price will fail to break out from the resistance area and fall to the minor support area near $3.9.

Conclusions:

  • Price is trading between the main support and resistance areas at $3 and $6.
  • Price retraced after forming a double top.
  • Price broke out of the resistance line succeeding the double top.

Ethereum Classic Price Prediction: ETC Is Trading Inside the Minor Resistance Area, Will It Break Out? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

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5 Absurd and Pointless Cryptocurrencies You Can Buy, but Probably Shouldn’t [Featuring Titcoin and Trumpcoin]

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August 17, 2018 Washington, USA. Silver souvenir coin with the image of 45 US President Donald Trump. - Image

Most people, upon entering the crypto space for the first time, are usually surprised by the sheer large number of digital currencies currently available.

From just one a decade ago, the number of cryptocurrencies in the biz today has gone all the way up to more than 1,600.

That’s nine to 10 times more the number of fiat currencies (180) currently recognized by the United Nations.

Of course, not all of these 1,600+ are popular.

Amidst hordes of practically defunct Bitcoin copycats that exist just for the heck of it with barely any use for anyone, there are also coins that seem to exist just so people can get a chuckle out of them.

The following is a rundown of 5 cryptocurrencies so ridiculous that it’s hard to tell if they are legit or some kind of elaborate practical joke.

1. Useless Ethereum Token (UET)

It’s right there in the name. UET is totally useless and the coin’s developer takes pride in the fact that it is the first-of-its-kind self-deprecating ICO that explicitly asks potential investors not to waste their money investing in it.

Don’t just take my words for it. Go check the official UET website that candidly admits the developer might spend the money from the crowdsale buying big-screen TVs.

“You’re going to give some random person on the internet money, and they’re going to take it and go buy stuff with it. Probably electronics, to be honest. Maybe even a big-screen television. Seriously, don’t buy these tokens.”

And here comes the interesting bit — despite the warning, 3965716 UET tokens were sold through the crowdsale, which at the time amounted to $32450. As the developer later pointed out, that’s enough money to buy 27 televisions.

2. Titcoin (TIT)

Unlike UET, which was a joke coin by design, Titcoin appears to be more of a serious project that attempts to make life easier for people every time they go on a shopping spree on their favorite porn sites.

Titcoin had everything going in its favor including a business model, a sizeable target market, and arguably the catchiest coin-name in the history of cryptocurrency ever.

That was until the developers realized it might not have been the brightest of ideas as Titcoin massively failed to strike a chord with billions of porn aficionados across the world.

The circulating supply of Titcoin is 63.27 million tokens (out of 69 million). With a price of $0.000307 per token,  that’s a market cap of just over $19,000 or about 6 BTC at press time.

3. TrumpCoin (TRUMP)

Well, let’s just say that the TrumpCoin is real, is not directly affiliated with the U.S. President, but wants to make America great again anyway.

Launched in 2016, the TrumpCoin aims to “integrate itself into the agenda of Donald Trump.”

How far it has succeeded on that front is anybody’s guess. Perhaps not much considering it is crawling around one-hundredth of a dollar, with a market cap equivalent to 30BTC.

4. PutinCoin (PUT) and Putin Classic (PUTIC)

If the President of the United States has a cryptocurrency to his name, you bet there are some to commemorate his Russian counterpart as well.

In fact, President Vladimir Putin has not one, but two cryptocurrencies to his name — PutinCoin and Putin Classic. Of course, neither of them are directly affiliated with President Putin.

Apparently, the purpose of the PutinCoin is to “pay tribute to the people and the president of one of the largest and greatest countries in the world: Russia!

With a price of $0.000170 per token, the market cap of PutinCoin currently hovers around $107,000.

As of press time, Putin Classic is trading at $0.003847 USD with a market cap of about $131,000.

5. Bananacoin (BCO)

In all fairness, the Bananacoin appears to be a serious project with a seemingly serious team and a business plan.

But that doesn’t absolve the coin from its straight-up weird premise.

The value of each Bananacoin is pegged to the export price of 1kg of bananas.

The company behind the token prides itself as the “first environmentally friendly plantation in Laos” growing organic bananas.

That’s all healthy and fine, but I am not going to judge anyone who struggles to figure why such a project felt the need of a cryptocurrency whose pegged to bananas.

5 Absurd and Pointless Cryptocurrencies You Can Buy, but Probably Shouldn’t [Featuring Titcoin and Trumpcoin] was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

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How to Trade Market Sentiment

Emotions are the key to understanding financial markets. However, it’s tough to make rational decisions based on them. Even if you think you read your emotions or other peoples emotions, you may get lost in trying to comprehend the feelings of the crowd. And the market sentiment is the emotions of millions of traders around the world. If you’d like to know more about it, read the guide by SimpleFX WebTrader.

The behavior of the masses works differently from the mechanism that determines individual actions. The discovery is quite old and well described in a book by a French anthropologist Gustave Le Bon in 1895 “The Crowd: A Study of the Popular Mind.” The author states some of the characteristics of the psychology of the crowds: “impulsiveness, irritability, incapacity to reason, the absence of judgment of the critical spirit, the exaggeration of sentiments, and others…”

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Trying to take advantage form market sentiment is a common mistake by individual traders, source: SimpleFX WebTrader

Every trader knows the importance of emotions. You can see it in market volatility; you can see that some stock is overvalued in comparison to the company’s fundamentals, and others are undervalued.

Just like people on a rock concert, football game, or political demonstration transcend from individuals to a crowd, traders around the world create an entity that has its emotions and moods. The state of mind of the crowd of traders is called market sentiment.

The market sentiment is one of the three possible pillars for any trading strategy:

  1. Technical Analysis
  2. Fundamental Analysis / Trading the News
  3. Reading Market Sentiment

For Forex and especially cryptocurrency traders fundamental analysis is much more difficult to apply than on the stock market. That is why these markets traders focus on technical analysis.

Bulls, bears and “dumb money”

Understanding the sentiment will let you know whether the crowd is optimistic (bull market), cautious or pessimistic (bear market) about a currency, stock or crypto. Identifying the current trend can help you predict the future overall market sentiment and will open sentiment-based trading opportunities.

Market sentiment works for all kind of markets, but it is very difficult to read. There are big players, such as institutional banks that can play against the prevailing sentiment, and seek for so-called “dumb money.” Wait until the crowd gets all in on a particular position – be it long or short – and use the trading power to incite a reversal.

Follow or go against the market sentiment

There are two possible strategies for using the market sentiment. You can go with the current and try to join the crowd or trade against the sentiment. The first strategy would include tactics involving the Fibonacci retracement tool, that can help traders profit from local price corrections.

The second strategy is all about hunting for reversals identifying support and resistance levels and taking into consideration the overall market sentiment to decide whether a breakout may happen.

Safe-havens play an important role when the market sentiment goes to extremes, or there’s an overwhelming uncertainty. Assets like gold, USD, CHF or JPY are considered an excellent shelter in case of too much risk. When more volatile assets are entering a bear market, traders (including the most prominent players) tend to seek these safe-havens, which automatically creates a bull market on ultrasafe assets.

The two most dominant emotions

Fear and greed are the most dominant emotions among traders. They are either afraid of losing money, or they want to earn more. Greed is overwhelming at market peaks when the bubble is created.

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A classic example of greed taking over in the peak of 2017 Bitcoin bubble, source: SimpleFX WebTrader

More and more people open the same long position on a hot asset be it a tech company, a currency of a fast-growing economy or a popular cryptocurrency. Just take a look at the most significant burst in crypto.

On the other hand, fear takes over when the market hits bottom. Traders are panicking underestimating the real value of an asset. A savvy investor can see an opportunity for opening a long position in these situations. However, trading against the trend always involves high risk.

How to identify fear or greed? When you see a trend accelerating breaking new resistance levels without any fundamental explanation – no critical information that would justify it – you may expect the greed is in action. The same mechanism works the other way around with fear. If during a downtrends support levels are broken without an apparent reason, the fear may have taken over.

How to spot “dumb money”

“Dumb money” is where traders are taking the most popular and the most obvious moves. Everyone takes the hottest position, more and more people join and put themselves in a very vulnerable position.

Let’s take a look at Forex, a market where individual traders compete with the largest banks to make successful trades. Forex is as susceptible to market sentiment. Both the biggest institutional traders and the smartest individual traders see where the “dumb money” goes. Then when there’s the right time, the most prominent players open an opposite position and take the profit.

You can find indicators that show the number of traders having a short or a long position on an instrument. It turns out that the market almost always suddenly goes the other way rapidly cleaning the trading accounts of those who “hang out with the popular kids,” that follows the crowd.

Hindsight bias

The market sentiment is very easy to read if you take a look back. Everything seems to be visible. Even if you are new to trading, you can easily spot greed taking over just when the bubble is about to burst. However, at the time of the bubble, hardly anyone notices it, even the wisest and most experienced traders.

It’s difficult to profit directly from fear or greed taking over. Even if you can read the past and present sentiment correctly, you need to know what the collective traders’ mood will be like tomorrow. Without any insider knowledge or ability to influence the prices with your trading volume it’s impossible to do it repetitively.

What is the best market sentiment strategy?

Keep away from it. If you don’t use the most popular technical analysis tools and don’t trade reversals, you can avoid the riskiest moves. If you don’t want to play the “dumb money” but avoid it, you can focus on developing an effective trading strategy. You don’t have to know where the “dumb money” will go. All you need to know is where the “dumb money” is usually and at present.

There’s no good way to chase sentiment. It doesn’t matter if you want to trade along with it or against it. Guessing the future sentiment is a risky move, that’s why avoiding market sentiment at all may prove to work best for you. Doing so you could develop a sustainable trading strategy with the right mixture of technical and fundamental analysis.

Don’t chase the sentiment. Invest not in the most popular assets, such as EURUSD, but the ones that are more off the radar. It’s best to find your own niche. Don’t be a herd trader. Choose one of the hundreds of instruments available at SimpleFX WebTrader, and use the best technical analysis UX and tools to learn how to trade effectively and don’t get disturbed.

 

The post How to Trade Market Sentiment appeared first on Live Bitcoin News.

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Bitcoin Cash (BCH) Could Start Fresh Rally Above $124

  • Bitcoin cash price rallied recently and broke the $125 and $130 resistance levels against the US Dollar.
  • The price traded as high as $131 and later started a downside correction.
  • There is a crucial bullish trend line formed with support at $116 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to start a fresh rally if buyers succeed in gaining strength above $122 and $124.

Bitcoin cash price is placed nicely above the $118 and $116 supports against the US Dollar. BCH could resume its uptrend if it clears the $122 and $124 resistances in the near term.

Bitcoin Cash Price Analysis

This week, there was a sharp upward move in bitcoin, ripple, Ethereum, and bitcoin cash against the US Dollar. The BCH/USD pair formed a solid support near the $105 level and climbed above many hurdles. Buyers gained momentum above the $115 and $120 resistance levels. The upward move was such that the price even broke the $125 and $130 resistance levels. Moreover, there was a close above the $120 level and the 55 simple moving average (4-hours). A new monthly high was formed near $131 and later the price started a downside correction.

There was a break below the $125 and $122 support levels. Sellers pushed the price below the 50% Fib retracement level of the last wave from the $109 low to $131 high. However, the decline was protected by the $117-118 support area. The price also managed to stay above the 55 simple moving average (4-hours). Besides, the 61.8% Fib retracement level of the last wave from the $109 low to $131 high held declines. At the outset, the price is trading in a range above the $118 support and below the $122 resistance.

It seems like there is a breakout pattern forming with resistance at $122 and $124. On the downside, there is a crucial bullish trend line formed with support at $116 on the 4-hours chart of the BCH/USD pair. If the pair breaks the trend line support, there is a risk of a downside extension below the $115 level.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, bitcoin cash price seems to be holding key supports above the $117 level. However, buyers need to gain strength above the $122 and $124 levels to start a fresh rally. The next key resistances are near $130 and $135.

Technical indicators

4 hours MACD – The MACD for BCH/USD is about to move back in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is placed nicely above the 50 level, with a positive angle.

Key Support Level – $117

Key Resistance Level – $124

The post Bitcoin Cash (BCH) Could Start Fresh Rally Above $124 appeared first on Live Bitcoin News.

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First Ever US Pension Funds to Invest in Bitcoin

Morgan Creek Digital is taking things a notch higher with a claim that they are probably the first US pension fund to ever pour money in the digital currency business.

Fairfax County, Va., has two pension plans that are mainstay stockholders in this new venture capital fund worth 40 Million USD, an official statement from the firm has disclosed.

Some other stockholders involve an insurance company, a university endowment and a private organization, according to Anthony Pompliano, founder of Morgan Creek Digital, who did not elaborate on his statement regarding the company’s latest move.

A lot of investing institutes, according to Cryptocurrency supporters would be attracted to virtual money equities due to their variability and massive potential to grow in value, that is caused by freedom in tweaking the system with not enough regulatory bodies.

Digital asset investment

There have been several organizations that the Virginia pension funds has partnered with, as well as Yale University, which is one of the top universities in the US that invests in digital assets.

There are three distinct welfare programs conducted by the Fairfax County Retirement Systems, 2-thirds of them investing in the Morgan Creek Digital fund, according to Pompliano.

One of the Chief Investment Officers of the funds, Katherine Molnar, stated that the underlying technology of Bitcoin, which is used to monitor its transactions, opened a whole new set of tools that would help people solve a complex array of obstacles.

Conventional asset to Crypto

Pompliano said that his new fund is built in such a way that it’s related to a conventional venture capital fund which would then stake in the assets of firms that is involved in the business of Blockchain and digital assets, adding that the fund would also retain a tiny amount of its worth in liquid Cryptocurrencies, much like Bitcoin, which in 2018 lost 3-fourths of its value.

A branch of the investments managing firm Morgan Creek Capital Management, Morgan Creek Digital surpassed its original goal of 25 Million USD for the fund.

Its proposal is that every conventional asset would very soon be turned to Cryptocurrencies at the same time increasing intellectual capital that would make beneficial earnings.

They as well contend that Cryptocurrencies are not in any way related to conventional assets, putting investors in unique risks.

(Jet Encila is a journalist, editor and freelancer writer from the Philippines).

The post First Ever US Pension Funds to Invest in Bitcoin appeared first on Live Bitcoin News.

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Chinese Mining Pool Co-Founder Encourages Investors to Buy Bitcoin Now

Instant messaging platforms like Discord, Telegram, and WeChat have seen the growth of groups dedicated to cryptocurrencies over the past couple of years.  In a recent WeChat group conversation, Zhu Fa, the cofounder of Poolin, one of the largest crypto mining pools from China, stated that one Bitcoin can cost 5 million Chinese Yuan (about US $74,000) in the near future.

“Bitcoin price will be in the range of 500,000 yuan — 5,000,000 yuan ($74K-$740K) in the next round of bull run,” he said.

He was commenting on a bullish statement made by Bitcoin tycoon Zhao Dong, who believes that now is the right time to buy Bitcoin since no one is paying attention to it.

Mr. Zhao believes that the crypto space is experiencing “crypto winter” and that, like any other season, it will come to its end in 2020 — the year when “crypto spring” starts, followed by “crypto summer” in 2021. So it is best to accumulate Bitcoin now while crypto prices are low.

Mr. Zhao and Mr. Zhu are not alone in their bullish sentiments.

Earlier this week, popular crypto trader and analyst Josh Rager tweeted to his more than 25,000 twitter followers that this could be the last time “the general population can afford to buy a full $BTC,” predicting that after 2021 “Bitcoin could move to a market price where most will only buy fractions.”

Another analyst, Mark Jeffrey, author of the book “Bitcoin Explained Simply”, said Bitcoin could cost as much as US $250,000 when the crypto winter ends.

Until these predictions come true however, investors should take caution.  Mr. Zhao warns that many projects will die this year and will be replaced by new ones, stating that there is one thing that investors need while in a bear market — patience.

(Jet Encila is a journalist, editor and freelancer writer from the Philippines).

 

The post Chinese Mining Pool Co-Founder Encourages Investors to Buy Bitcoin Now appeared first on Live Bitcoin News.

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Ripple/XRP and Tron [TRX]: Bearish Price Prospects Ahead for Both Coins?

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XRP Daily Chart – Source: Tradingview.com

XRP has dropped to the position of the third largest cryptocurrency by market cap after underperforming during bullish market rises last week.

The underperformance resulted in Ethereum overtaking it and reclaiming the position as the second largest cryptocurrency.

Technical patterns are not forming much better this week.

We have seen XRP continue to consolidate for a lot of the week with several Doji candles forming.

Doji candles are candles where the open and the close are around the same point and typically reflect uncertainty from traders.

Price has been forming lower highs since the end of 2018 forming a downward trend.

It has also been forming higher lows from the December low resulting in a descending triangle pattern.

With the downward trend line being significantly steeper, the pattern is more similar to a descending triangle pattern which is a bearish trend continuation pattern increasing the likelihood of bearish movements going forward.

XRP 4-Hour Chart – Source: Tradingview.com

Price has been trading between two key levels.

If the bearish trend continuation pattern plays out, there is an important weekly support level below the price at $0.286.

If price can manage to break above the downward trend, the key resistance level to monitor is $0.311.

Tron Daily Chart – Source: Tradingview.com

Similarly, Tron has also been forming bearish price patterns as seller momentum increases.

Tron had been outperforming over the past few weeks but failed to stay above the resistance level at $0.028.

$0.028 is the point was a point of buyer liquidity during bearish declines in August.

After several attempts at rising above $0.028 and failing, the price has since started trading downwards.

Momentum is on the side of sellers as indicated by a decreasing RSI.

The next key support level to monitor is $0.0233 which is just below where price is currently trading.

$0.0233 acted as a second point of buyer liquidity during the bearish declines in August and has since acted both as an important support and resistance level.

Tron 4-Hour Chart – Source: Tradingview.com

Similar to XRP, Tron has been forming a bearish trend continuation pattern.

A descending triangle has been forming between support at $0.023 and the downward trendline which has formed since price failed to surpass $0.028.

Key Takeaways:

  • Bearish price prospects for both XRP and Tron as both form bearish trend continuation patterns.
  • Key levels to monitor for XRP are $0.286 as support and $0.311 as resistance.
  • Key levels to monitor for Tron are $0.023 as support and the downward trendline and $0.028 as resistance.

Latest Ripple and Tron News:

  • European Parliament Member Discusses Crypto Regulations at Ripple Regionals

  • TRON Foundation Joins Awareness Campaign to Find Treatments and Cure for ALS, Sun Donates $250,000

DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Ripple/XRP and Tron [TRX]: Bearish Price Prospects Ahead for Both Coins? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

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