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Bitcoin and Cryptocurrency to Solve the Main FIAT Issues

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One of the biggest engines that runs the hype around Bitcoin is its potential. One of BTC’s oldest enthusiast Jeffrey Wernick is investing in the leader of cryptocurrencies by market cap since 2009. That is when he started calling the coin “the currency of the people”. He strongly believes that:

“comes from its ability to solve the biggest problems with fiat money.”

Bitcoin for the People

Mr. Wernick has just explained where he found his motivation to invest in Bitcoin and such. During an interview for Business Insider, he gave details how his attraction towards monetary issue solutions grew while seeing peoples relationship with the gov transformed.

The change came because of gov’s ability to run massive deficits and debase the currency without the thought of its people.

Now the government can do a lot of things without the consent of the people because as long as the people don’t have to pay for it, they feel that they’re less interested in it.

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Expert Bets $8.5 Million That Bitcoin Will Reach $280,000, Surpassing Birkshire

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Though Bitcoins market price has been anything but inspiring of late, as it lingers at 70% below its all-time high, one wealthy Australian Bull still believes enough to put it up against Warren Buffets Berkshire Hathaway.

Bitcoin Punter Puts up Against Berkshire Hathaway

One of the land down under’s leading Bookmakers, Tom Waterhouse, tweeted That a well-known crypto expert ( who is choosing to remain anonymous) has requested a bet that by 2023 one Bitcoin will exceed the price of one share in Berkshire Hathaway. This well-known expert is showing a very bullish disposition as the amount of the requested wager is $AU8.5 million, which if it pans out will pay off at $AU 1.2 billion.

At the moment Bitcoin has a lot of catching up to do as Berkshire Hathaway currently trades at $288,481, over 45 times the amount of BTC. Waterhouse who recently moved on from his position as chief executive of CrownBet-owned William Hill Australia reportedly put the prospective gambler in touch with a large syndicate.

The outlandish wager may be emblematic of Australia’s enthusiasm for all things blockchain related, marked just last week by Huobi Global opening their Australian operation. Which took the occasion to launch ten fiat to crypto trading pairs in celebration.

The gambit could also be a potentially costly provocation of the famous Omaha based holding company’s leaders. Both Warren Buffet and Charlie Munger have been openly vocal about their distrust and even disgust of Bitcoin and cryptocurrencies in general, even as they have confessed their combined ignorance about the technology that powers them.

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Ripple Price Analysis: XRP/USD Targets Fresh Lows

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Ripple price is under a lot of pressure below $0.5000 against the US Dollar. XRP/USD is likely to accelerate declines towards the $0.4200 and $0.4100 levels.

Key Talking Points

Ripple price is in a major downtrend from the $0.4850 resistance zone against the US Dollar. There is a significant bearish trend line in place with resistance at $0.4580 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp). The pair may perhaps continue to move down and it could even break the last low at $0.4243.

During the past few days, there was a sharp increase in selling pressure above $0.4800 in Ripple price against the US Dollar. The XRP/USD pair struggled to settle above the $0.4850 resistance zone, resulting in a bearish reaction

Looking at the chart, the price declined heavily and broke a major support area near $0.4600. It opened the doors for more losses and the price declined below the 76.4% Fib retracement level of the last wave from the $0.4243 low to $0.5194 high.

It means there is a high chance that the price may revisit the $0.4243 low. Moreover, if sellers remain in control, the price may well break the $0.4243 low for a new low. The next target for sellers could the 1.236 Fib extension level of the last wave from the $0.4243 low to $0.5194 high.

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Ethereum Classic Price Analysis: Can ETC/USD Break This?

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Key HighlightsEthereum classic price declined recently and traded as low as $15.67 against the US dollar. There is a major bearish trend line formed with resistance near $16.35 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair may perhaps struggle to break the $16.40 and $16.60 resistance levels in the near term.

Ethereum classic price is in a bearish trend against the US Dollar and Bitcoin. ETC/USD has to surpass the $16.60 resistance to start a decent recovery.

There were heavy losses this week in ETC price as it moved below the $17.00 support against the US dollar. The ETC/USD pair even broke the $16.00 support and settled well below the 100 hourly simple moving average. It traded as low as $15.67 and is currently struggling to recover. There was a minor upside move, but buyers faced hurdles near $16.60-70. Moreover, there was no close above the 23.6% Fib retracement level of the last drop from the $18.80 high to $15.67 low.

More importantly, there is a major bearish trend line formed with resistance near $16.35 on the hourly chart of the ETC/USD pair. The pair is slowly moving lower and is holding the $16.00 support area. On the upside, a break above the trend line and $16.40 resistance could clear the path for a decent recovery. However, there is also a crucial resistance and a pivot zone at $16.60-70. The price must break the stated pivot zone to stage a comeback above the $17.00 level.

The chart suggests that the price is finding it tough to clear the trend line at $16.35-40. On the downside, the $16.00 level is an initial support. Below this, the price may perhaps retest the $15.70 low or it could even break towards $15.50.

Hourly MACD – The MACD for ETC/USD is slowly moving in the bearish zone.

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Binance (BNB/BTC) Technical Analysis for 07/12/2018 – Next Upside Targets

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Binance CEOChangpeng Zhao also had a response to Buterin’s comments on how exchange-based tokens would “burn in hell,” citing on Twitter “Let’s have a bigger heart, and appreciate the fact that we are part of an eco-system.”

Binance has slid lower but appears to be finding support at the bottom of its ascending channel visible on the daily chart. Assuming this floor keeps losses in check and applying the Fibonacci extension tool shows the potential upside targets.

The 38.2% to 50% extension levels are around the mid-channel area of interest at 0.0025 while the 78.6% extension is near the top of the channel at 0.0029. Stronger bullish momentum could take Binance up to the full extension at 0.0031.

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, the uptrend is more likely to resume than to reverse. The 100 SMA lines up with the channel bottom as well, adding to its strength as support. A break lower could still find some buyers at the 200 SMA dynamic support.

RSI is heading south but already dipping into oversold territory to reflect weaker bearish pressure. A return in bullish momentum on a move higher could lead to a bounce and draw more buyers in. Stochastic has also reached the oversold region to indicate that sellers are tired and ready to let buyers take over.

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Ethereum Price Analysis: ETH/USD Facing Key Hurdle

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Key HighlightsETH price recovered a few points, but faced sellers near $445 against the US Dollar. Yesterday’s highlighted important bearish trend line is intact with resistance at $447 on the hourly chart of ETH/USD (data feed via Kraken). The pair may continue to struggle as long as it is below the $445 and $448 resistance levels.

Ethereum price is under pressure against the US Dollar and Bitcoin. ETH/USD must move higher above $448, if not, there is a risk of more losses.

Ethereum Price Upside Hurdle

After a major drop, ETH price found support near the $425 level against the US Dollar. The ETH/USD pair formed a base and started a minor upside correction above $430. There was a spike above the $440 resistance, but buyers failed to gain momentum. Additionally, there was no proper close above the 23.6% Fib retracement level of the last decline from the $496 high to $425 low.

The price attempted to break the $445 level on two occasions, but it failed. Above this, yesterday’s highlighted important bearish trend line is intact with resistance at $447 on the hourly chart of ETH/USD. Finally, above the trend line, the next hurdle for buyers is near $452 and the 100 hourly simple moving average. It is also close to the 50% Fib retracement level of the last decline from the $496 high to $425 low. Therefore, the price is likely to struggle near the $445, $448 and $452 resistance levels.

Looking at the chart, the price is currently moving lower from the $445 resistance. On the downside, an initial support is at $432. A break below this could push the price towards the $425 low. Overall, the price is at a risk of more declines as long as it is below the $448 resistance.

Hourly MACD – The MACD is about to move back in the bearish zone.

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Litecoin Price Analysis: LTC/USD’s Recovery Capped By $80

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Litecoin price started an upside correction from the $74.50 low against the US Dollar. However, recoveries in LTC/USD were capped by the $80.00 resistance.

Key Talking Points

Litecoin price moved a few points higher after forming a support near $75.00 (Data feed of Kraken) against the US Dollar. Yesterday’s highlighted key bearish trend line is intact with resistance at $79.00 on the hourly chart of the LTC/USD pair. The pair must break the $79.00 and $80.00 resistance levels to recover further in the near term.

After a major decline, litecoin price found support near the $75.00 level against the US dollar. The LTC/USD pair formed a low at $64.50 and later started an upward correction.

Looking at the chart, the price managed to move above the $78.00 resistance level. There was also a break above the 38.2% Fib retracement level of the last drop from the $86.03 high to $74.50 low.

However, the upside move was capped by a key resistance near $80.00. More importantly, the 100 hourly simple moving average, which is currently at $79.95 also acted as a barrier for more gains.

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Tron (TRX) Price Analysis: Falling Wedge Consolidation

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Tron formed lower highs and slightly lower lows to consolidate in a falling wedge pattern. Price is currently sitting at the bottom of this formation and might be due for a bounce back to the top.

It’s also worth noting that Tron is nearing the peak of its formation so a breakout might happen sooner or later. The wedge spans 0.032 to 0.060 so the resulting move could be of the same size.

The 100 SMA is below the longer-term 200 SMA to hint that the path of least resistance is to the downside or that a break lower is more likely to happen than an upside break. Price also seems to have consolidated in a small bearish flag, which is often considered a continuation pattern.

However, RSI is starting to climb out of the oversold region to signal a return in bullish momentum. Stochastic is already on its way up so buyers could take Tron price higher from here. However, the moving averages could hold as near-term resistance levels.

Reports that Twitter visited TRON Foundation revived hopes that the social media platform could lift its ban on ICO ads, allowing the altcoin to hold steady from its drop.

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Bitcoin (BTC) Price Analysis: Range-Bound Action?

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Bitcoin has found support at the $5,800 handle and resistance at $6,800 but is currently sitting right at the middle. Price seems to be stuck in a bearish flag, which is often considered a continuation signal.

In that case, bitcoin could tumble back to the bottom of its range to test support before buyers return. The 100 SMA is below the longer-term 200 SMA after all, so the path of least resistance might be to the downside. In addition, both moving averages appear to have held as dynamic resistance levels.

However, the gap between the moving averages has narrowed to signal weakening bearish pressure and a potential upward crossover. In that case, bullish momentum could return and push bitcoin price back to the resistance.

In that case, the inverse head and shoulders could be completed and a break past the range resistance or neckline could spur an even longer-term rally.

RSI reached oversold levels and has started to pull up, also hinting at a return in bullish momentum. Stochastic just made its way to oversold territory and has yet to turn higher.

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Bitcoin Cash Price Analysis: BCH/USD Consolidating Above $680

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Key PointsBitcoin cash price remained in a range and consolidated above the $680 support against the US Dollar. Yesterday’s highlighted key bearish trend line is intact with current resistance near $720 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair remains at a risk of more losses as long as it is below the $710 and $720 resistance levels.

Bitcoin cash price is struggling to move above $710 against the US Dollar. BCH/USD is currently consolidating and it remains at a risk of further declines.

Bitcoin Cash Price Trend

After a major decline below the $700 level, bitcoin cash price found support near $680 against the US Dollar. The BCH/USD pair formed a low near $683 and later it started a minor upside correction. It moved above the $690 level, but it failed to move past the $700-710 resistance. Moreover, the 23.6% Fib retracement level of the last decline from the $780 high to $683 low also acted as a resistance.

It seems like the $700-710 zone is a major resistance and a pivot area. A break above the same is needed for a push towards the next resistance at $720-725. More importantly, yesterday’s highlighted key bearish trend line is intact with current resistance near $720 on the hourly chart of the BCH/USD pair. The trend line now coincides with the 38.2% Fib retracement level of the last decline from the $780 high to $683 low. The next hurdle for buyers is near the $730 level and the 100 hourly simple moving average.

Looking at the chart, there are clearly many hurdles for buyers above $710. Therefore, a major upside recovery towards $750 won’t be easy. On the downside, a break below the $680 support could push the price towards $650.

Looking at the technical indicators:

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