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Ripple Price Technical Analysis – XRP/USD Holding $0.75 Support

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Key HighlightsRipple price is holding a major support area near $0.7500 against the US dollar. There is a monster contracting triangle pattern forming with support near $0.7600 on the hourly chart of the XRP/USD pair (data source from Kraken). On the upside, the pair is facing a major resistance near the $0.8000 resistance and the 100 hourly simple moving average.

Ripple price is holding key supports against the US Dollar and Bitcoin. XRP/USD has to gain momentum above $0.8000 and $0.8200 to gain traction.

Ripple Price Range

There was no major move above $0.8400 in Ripple price during the past two sessions against the US Dollar. The price tested the $0.8300 level, failed to gain momentum and declined below $0.8200. It moved below the $0.8000 support and the 100 hourly simple moving average. A low was formed at $0.7630 before the price started consolidating losses.

At the moment, the price is just above the 23.6% Fib retracement level of the last decline from the $0.8301 high to $0.7630 low. On the upside, there are many hurdles for buyers near the $0.8000 level and the 100 hourly SMA. The $0.8000 level is also around the 50% Fib retracement level of the last decline from the $0.8301 high to $0.7630 low. Moreover, there is a monster contracting triangle pattern forming with support near $0.7600 on the hourly chart of the XRP/USD pair. The triangle resistance at $0.8150 is a crucial barrier for buyers.

Once there is a proper close above the $0.8200 level and the 100 hourly SMA, there could be more gains. On the downside, the $0.7600 and $0.7500 support levels hold a lot of importance. XRP must stay above $0.7500 to avoid further declines.

Looking at the technical indicators:

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Thailand Proposes New Cryptocurrency Gains Tax

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Thailand’s cabinet is set to vote on implementation of a new 10% capital gains tax on profits from cryptocurrency investment. Royal Decree will empower the SEC to regulate digital currencies.

New Tax Part of Royal Decree

The Thai Revenue Department has asked the cabinet to vote on an amendment to the new revenue code which would include a proposed 10% capital gains tax on profits from trading in cryptocurrency according to a source inside the ministry of finance.

The Bangkok Post reported this morning that the tax will be part of a Royal Decree proposed to allow the SEC to comprehensively regulate all aspects of the crypto market including ICO’s.

The new decree will classify cryptocurrency as digital assets, not currency, meaning that the SEC will be charged with regulating all aspects of virtual coins. Rapee Sucharitakul the secretary -general of the SEC said the regulations should set standards for information disclosure of cryptocurrency trading while also overseeing the launching and proceeds generated by ICO’s.

He was further quoted by the Post speaking about investor protection included in the new regulations as saying;

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Binance Price Analysis: Wedge Consolidation Pattern

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Binance has formed lower highs and lower lows, consolidating in a falling wedge pattern and moving closer to the peak of the formation. This suggests that a breakout in either direction could happen soon.

The chart pattern spans 0.00085 to 0.00120 so the resulting rally or drop could be of the same height. Price needs to close below support at 0.00085 to confirm a selloff or above the 0.00090 level to confirm an upside break.

Note that the 100 SMA lines up with the top of the wedge to add to its strength as resistance. This is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside or that a move lower is more likely.

Stochastic is on the move up to signal that buyers have the upper hand, so another test of the top of the wedge could take place. RSI also seems to be heading higher, although it could also be treading sideways. Once both oscillators hit overbought levels and turn lower, selling pressure could pick up.

Binance has been in a weak spot ever since its hack, and understandably so. Investors could keep dumping their holdings until a positive update comes up, but that seems like a long stretch.

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Altcoin Analysis: NEO, EOS, LTC, Monero and Lumens

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Of all the 5 alt coins under our radar, Monero and LTC have distinct accumulation characteristics after periods of lower lows.

In my view, our key support lines especially in NEO is being tested and while the depreciation or breakaways are not yet visible, that might happen today if $85 is smashed.

Let’s have a look at these charts:

XLM/USDXLM/USD Bittrex Daily Chart for March 13, 2018

After yesterday’s bear candlestick and relative swings over the last couple of days, Lumens prices are basically in an accumulation. The more prices oscillate like this, the longer the BB squeeze and the stronger the break out.

Considering this boring technical development, our forecast remains the same and all we have to do is play the patience game as we wait for a possible break above or below.

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Ethereum Price Technical Analysis – ETH/USD Struggling Near 100 SMA

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Key HighlightsETH price is trading in a range above the $680 support level against the US Dollar. There is a contracting triangle forming with current support at $684 on the hourly chart of ETH/USD (data feed via Kraken). The pair is facing a crucial resistance on the upside near the $730 level and the 100 hourly simple moving average.

Ethereum price is struggling to gain traction against the US Dollar and Bitcoin. ETH/USD must break the $720 resistance and settle above 100 SMA to rise further.

Ethereum Price Range

There were mostly bearish moves below $750 in ETH price against the US Dollar. The price struggled to trade higher and formed a high near $738 yesterday. It failed to hold gains above the $720 level and the 100 hourly simple moving average. As a result, there was a downside reaction below the 50% Fib retracement level of the last wave from the $650 low to $738 high.

However, the downside move was protected by the $680 support. Moreover, the 61.8% Fib retracement level of the last wave from the $650 low to $738 high also acted as a support. At the moment, there is a contracting triangle forming with current support at $684 on the hourly chart of ETH/USD. On the upside, there is a major resistance near $717 and the 100 hourly SMA. Above $717, the triangle resistance trend line is at $735 on the same chart. Therefore, the price has to break the $717 and $735 resistance levels to gain upside momentum.

On the downside, the triangle support at $684 holds a lot of importance. A break below the $684 support could ignite a downside move back towards the last swing low of $650 or even $640.

Hourly MACD – The MACD is still in the bearish zone.

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Asian Altcoin Trading Roundup: Top Cryptocurrency is Nem

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The markets just cannot gain any momentum at the moment and after a brief and short-lived rally yesterday they are mostly back in the red today. Bitcoin failed to break resistance at $10k and has fallen back closer to $9k. Altcoins have, as usual, slumped with it losing most of their gains over the past two days. There is only one cryptocurrency in the green during this morning’s Asian trading session and that is Nem.

Coinmarketcap reports XEM trading 20% higher on the day. Last month was a bad one for this cryptocurrency as it lost over 50% of its value and was the worst performer in the top 25. Nem is showing some recovery now though and is trading at $0.42 up from $0.34 this time yesterday. In terms of BTC it is performing even better, up 26% to 4648 satoshis from 3676 sats the same time yesterday. Over the week XEM has done extremely well against BTC climbing by 50% from 3070 sats this time last Tuesday.

The Nem Foundation just posted an official statement regarding the Coincheck hack on their Twitter feed in which the president Lon Wong said;

“The XEM trading exchange has had a wake-up call to double-check security measures and deploy all necessary security mechanisms moving forward. Together, we can continue to create a robust ecosystem for the future.”

South Korea has led the way with XEM trading in KRW at 30% of the daily volume on Upbit. Japanese traders are close behind on 26% in JPY at the Zaif exchange. Trade volume over the past 24 hours has been $116 million and Nem has a market capacity of $3.8 billion putting it at 12th place in the charts.

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Bitcoin Cash Price Technical Analysis – BCH/USD Holding Key Support

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Key PointsBitcoin cash price is trading above the $1,020 support and is currently in a positive zone against the US Dollar. There is a crucial bullish trend line forming with support near the $1,020 on the hourly chart of BCH/USD (data feed from Kraken). The pair is currently placed just above the 100 hourly simple moving average and $1,050.

Bitcoin cash price is trading nicely in a positive zone above $1,020 against the US Dollar. BCH/USD could rise in the near term towards $1,080 and $1,100.

Bitcoin Cash Price Trend

There was a minor upside break yesterday above $1,040 in bitcoin cash price against the US Dollar. The price traded above the $1,050 and $1,065 resistance levels. It even broke the $1,100 resistance and traded as high as $1,160. Later, a downside correction was initiated the price trimmed gains by more than $100. However, the downside move was protected by the $1,000 support.

At the moment, the price is trading above the 23.6% Fib retracement level of the last decline from the $1,160 high to $1,010 low. It may continue to rise towards $1,100 in the near term. However, there is a major hurdle around the $1,080 level. The 50% Fib retracement level of the last decline from the $1,160 high to $1,010 low is positioned near the $1,085 level, which is acting as a barrier. On the upside, there is also a connecting bearish trend line with resistance at $1,100 on the hourly chart of BCH/USD.

On the downside, an initial support is near $1,040 and the 100 hourly simple moving average. Moreover, there is also a crucial bullish trend line forming with support near the $1,020 on the same chart.

Looking at the technical indicators:

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Thomson Reuters Now Tracking Bitcoin Sentiment

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Thomson Reuters is set to track and analyze mentions of Bitcoin – the dominant cryptocurrency by market capitalization – across hundreds of social media and news websites.

Mainstream Analysis

Canadian multinational mass media and information firm Thomson Reuters is to track and analyze conversations about Bitcoin across hundreds of news and social media websites, in an effort to help keep investors interested in the dominant cryptocurrency ahead of the curve.

As reported by Reuters, this analysis will come in the form of a new version of the company’s MarketPsych Indices, which Thomson Reuters operates alongside behavioral economics research firm MarketPsych Data.

The new version of the MarketPsych Indices will find mentions of Bitcoin on more than 400 websites, in an effort to properly illustrate current sentiment in regards to the volatile cryptocurrency.

The move by Thomson Reuters comes primarily in response to the popularity of online analysis in traditional asset trading and illustrates the continued push by Bitcoin into the mainstream investment consciousness.

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Financial professionals and retail investors eye buying more cryptocurrency, see higher valuations ahead

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A research report by international PR agency Citigate Dewe Rogerson on investor perceptions around cryptocurrency, finds many unperturbed by the drop in prices from the highs seen earlier this year and the sector’s continuing extreme volatility.

According to the report, 56% of retail investors plan to increase their exposure with just 8% intending to get out of the asset class.

Regarding attitudes to the underlying blockchain technology, 44% of respondents among financial professionals think there will a step change in the rate of adoption of distributed ledger technology across the economy in the next five years, with 68% of respondents saying among larger companies use of smart contracts will drive adoption, 54% who cite fundraising uses and 50% will increasingly use crypto to pay suppliers.

Among financial professionals only 21% think there will be a “dramatic” fall in valuations over the next three years, which might be surprising to some given this year’s market correction and a steady drumbeat of doom from the mainstream media.

Encouragingly for those of a bullish bent, 32% predict “dramatic” growth over the same period and 54% seeing a rise in value over the next 12 months.

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Bitcoin Popularity Surges in South Africa Amid Political, Economic Turmoil 

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Bitcoin’s popularity is soaring in South Africa where it is being viewed as a safe-haven from increasing political and economic uncertainty.

South Africa: Economic Uncertainty Boosts Bitcoin

The issue of land reform in South Africa has become a source of concern following the election of new president Cyril Ramaphosa last month. It remains a highly-politicized topic along racial lines even twenty years after apartheid ended.

Now Ramaphosa’s party, the ruling African National Congress (ANC), has vowed to change the constitution, allowing white-owned property to be taken without compensation and redistributed to blacks who do not own any farmland.

This promise has unnerved Goldman Sachs and, in particular, Moody’s, a global agency, which provides international financial research on bonds issued by commercial and government entities. Last Wednesday, the newly elected president reassured the economic ratings firm that such a move would not have a negative affect on South Africa’s economy.

“President Ramaphosa reaffirmed that accelerated land reform will unfold within a clear legal framework and without negatively affecting economic growth, agricultural production and food security,” the presidency said in a statement.

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