TokenZone News

The future value of Bitcoin has always been an intriguing topic of debate. Any prediction associated with this notoriously volatile cryptocurrency will always generate a backlash. John Oliver, the host of HBO’s Last Week Tonight, is a bit on the fence in this regard. More specifically, he claims Bitcoin can be either worthless or billions very soon.

John Oliver and Cryptocurrency

It is always refreshing to see a new talk show regarding cryptocurrency. Although this is just one episode of Last Week Tonight, it does raise a lot of interesting questions. More specifically, John Oliver touched upon some very intriguing topics during that episode. One of his topics revolves around the Bitcoin price, which is of great interest to many people around the world.

More specifically, John Oliver states the obvious truth about Bitcoin. Its price will either be zero or billions in the next few years. This is the most logical assumption when it comes to the future Bitcoin price right now. It is a big gamble to invest in cryptocurrrency. That also applies to any other investment people make in other industries.

John Oliver wants to warn people about the risks. Markets are volatile and tend to swing either way. It may not necessarily be a global currency anytime soon either. However, Oliver acknowledges it may happen, for all we know. We see more efforts towards regulating Bitcoin, which also gives it more legitimacy in the long run.Until that is in place, however, Bitcoin will always remain a niche market, for obvious reasons.

Can Bitcoin be Worth Billions?

If John Oliver is to be believed, a billion-dollar value for Bitcoin is not impossible. Achieving that high value will not be easy whatsoever, though. The way things look right now, breaking the $12,000 resistance will be very difficult. Reaching a billion per BTC means the current value needs to increase by quite a margin. It is not impossible, but it is highly unlikely from a short-term perspective.

Litecoin price recovered nicely from the $160 swing low against the US Dollar. LTC/USD is currently trading in a range above the $180 support.

Key Talking Points

Litecoin price succeeded in holding losses below $155 and recovered (Data feed of Kraken) against the US Dollar. There is a key bullish trend line forming with support at $181 on the hourly chart of the LTC/USD pair. The pair must break the $192-195 resistance area to continue its upside move.

After a major decline, there was a decent support formed near $160 in litecoin price against the US dollar. The LTC/USD pair traded as low as $158 and started an upside move. It traded higher and broke the $175 and $180 resistance levels.

The upside move was strong as the price even managed to settle above the $180 level and the 100 hourly simple moving average. It even moved a few points above $190 and formed a high at $193.70.

Later, the price started a downside correction and moved below the 23.6% Fib retracement level of the last wave from the $190 low to $193 high.

Key HighlightsADA price recovered from the $0.1850 swing low against the US Dollar (tethered), but faced sellers near $0.2230. There was a break above a major bearish trend line with resistance at $0.2050 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair has to break the $0.2250 and $0.2300 resistance levels to continue moving higher.

Cardano price is slowly recovering against the US Dollar and Bitcoin. ADA/USD is facing a major resistance below $0.2300 and is struggling to break the same.

Cardano Price Resistance

There was a decent upside move in ADA price after it found support near $0.1850 against the US Dollar. The price recovered and moved above the $0.2000 resistance level. The upside move was positive since there was a close above the $0.2000 level and the 100 hourly simple moving average. It traded above the $0.2200 level, but it faced a strong resistance near $0.2250.

During the upside move, there was a break above a major bearish trend line with resistance at $0.2050 on the hourly chart of the ADA/USD pair. It is a positive sign, but the price has to break the $0.2250 and $0.2300 resistance levels. At the moment, the price is consolidating and is trading below $0.2220. An initial support is near the 23.6% Fib retracement level of the latest wave from the $0.1895 low to $0.2230 high. However, there is a major support forming near $0.2100 and the 100 hourly SMA. It also coincides with the 38.2% Fib retracement level of the latest wave from the $0.1895 low to $0.2230 high.

Therefore, the $0.2100 is a decent support. On the upside, a break above the $0.2300 level is must for the price to continue moving higher.

Hourly MACD – The MACD for ADA/USD is back in the bullish zone.

The Winklevoss twins have been strong advocates of Bitcoin since they invested back when it was trading at $8. Today the billionaire brothers have their own exchange which is set to expand to include others from the ‘Satoshi family tree’, these are likely to be Litecoin and Bitcoin Cash.

The Gemini Exchange operates primarily as a Bitcoin and Ethereum trading platform, however the twins have plans to expand this to include LTC and BCH this year. The move could have a big impact on CBoE Global Markets Inc which is Gemini’s partner on Bitcoin futures. The Chicago based exchange also has plans to expand its futures contracts beyond Bitcoin and currently uses Gemini to calculate its XBT contracts.

At the 34th annual CBOE Risk Management Conference the twins discussed ‘Digital Assets and the Future of Finance’ with Paul Stevens from the exchange.

The next possible futures contracts could well be Ethereum, possibly followed later in the year by Litecoin and Bitcoin Cash if they get listed on Gemini, which will be responsible for supplying the data.

According to Tyler Winklevoss the licensing agreement with CBoE is scalable, and they entered into the deal knowing it could expand in terms of offerings. Prices usually react when cryptocurrencies get listed on major exchanges; this has been the case historically with rival exchanges Coindesk Inc., and Coinbase. The move would place Gemini in a better position to compete with Coinbase which may then need to increase its own listings by adding others such as Ripple.

A delegation of top-level Chinese technology executives is visiting Australia this week to explore the future and implementation of blockchain into industry.

Australia Hosts First Blockchain Meeting

The delegation which is made up of the elite of China’s Fintech companies including Senior managers from Ant Financial, WeBank, JD.com, ZhongAn, Wanxiang and OnChain.

The group is being led by Ming Li, director of the China Electronics Standardisation Institute, which has responsibility for setting blockchain industry standards under China’s Ministry of Industry and Information Technology.

The delegation is set to explore developments in global blockchain standards where Australia is taking a lead role by hosting the first international blockchain standards meeting for the “ISO/TC 307” group next month, chaired by Westpac Banking Corp director Craig Dunn.

The delegation is tasked with both exploring the next step in blockchain architecture that will be the basis of “the internet of value” and to send the message that China will be aggressive in implementing this technology.

The attempted breach of Binance’s systems on March 7 sent a wave of fear through the crypto community. Binance is one of the world’s largest exchanges with over a billion dollars in daily trade volume. Many traders still leave a lot of their assets on the exchange so it is holding a very large pot at any one time which makes it a lucrative target, far bigger than any traditional bank.

The company has realized that, even though the attempted hack was thwarted, it needs to be a little more pro-active against organized threats. According to a recent company blog post, Binance wants to actively prevent any instances of hacking before they happen, as well as follow through after-the-fact should any future hacks occur.

Bounty Offered

The exchange has taken the unprecedented step of offering a bounty for any information leading to the apprehension of the hackers who attempted to infiltrate their systems last week;

Binance is offering a $250,000 USD equivalent bounty to anyone who supplies information that leads to the legal arrest of the hackers involved in the attempted hacking incident on Binance on March 7th, 2018.

The reward, payable in Binance’s own cryptocurrency, BNB, will be given to the first person to provide substantial information and evidence that leads to arrests in any jurisdiction. Anonymity is optional, providing local laws permit it, and the company reserves the right to split the bounty should there be multiple sources of information.

Key HighlightsRipple price formed a nice support around $0.7400 and moved a few points higher against the US dollar. There is a major connecting bearish trend line forming with resistance at $0.8300 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair must break $0.8300 and $0.8400 resistance for further upsides in the near term.

Ripple price is slowly gaining pace against the US Dollar and Bitcoin. XRP/USD must break the $0.8400 hurdle to set the pace for more gains.

Ripple Price Resistance

After a major decline, there was a strong buying interest noted near $0.7400 in Ripple price against the US Dollar. The price formed a low near $0.7450 and started an upside move. It traded above the $0.7800 and $0.8000 resistance levels. It even broke the $0.8200 level and the 100 hourly simple moving average. However, the upside move was capped by the $0.8310 level.

A fresh downside move is underway and the price broke the 23.6% Fib retracement level of the last wave from the $0.7466 low to $0.8312 high. More importantly, the price is now below the $0.8000 level and the 100 hourly SMA. It may decline further to test the 50% Fib retracement level of the last wave from the $0.7466 low to $0.8312 high. Below $0.7850, the price may even test the $0.7650 level. On the upside, there is a major connecting bearish trend line forming with resistance at $0.8300 on the hourly chart of the XRP/USD pair.

The pair must break the $0.8300 and $0.8400 resistance levels to gain upside momentum. The overall bias is neutral and it seems like the price is consolidating above the $0.7500 level in the short term.

Looking at the technical indicators:

Nano price recovered and moved above $10.00 against the US dollar. NANO/USD must break the $12.00 resistance to gain upside momentum.

Key Talking Points

Nano price corrected higher and it was able to settle above $10.00 against the US dollar. There is a key bearish trend line forming with resistance at $12.00 on the 1-month chart of the NANO/USD pair. A break and close above the trend line resistance at $12.00 is needed for further gains.

There was a slight increase in the bearish pressure on Nano price below $10.00 against the US dollar. There was a false spiked noted and the NANO/USD pair was able to recover back above $10.00.

The pair is now trading comfortably above the stated $10.00 level with a few positive signs. However, the price is facing a major hurdle on the upside around the $12.00 level. It seems like the price is struggling to settle above the 38.2% Fib retracement level of the last major decline from the $17.20 swing high to $8.20 swing low.

Moreover, there is a key bearish trend line forming with resistance at $12.00 on the 1-month chart of the NANO/USD pair. Therefore, a break and close above the $12.00 is must for the current wave extension.

Most altcoins didn’t recover immediately as expected and even though most are, we shall remain neutral until after there is confirmation of our previous forecast. That might happen today and I’m particularly checking out Monero, NEO and Lumens which are reacting at key support lines.

Lumens and LTC for example have been moving horizontally along $0.30 and $180 respectively for the past 3 days or so and this makes it possible that a break out might happen in the coming sessions. This is why I will be watching these two coins today.

Let’s have a look at these charts:

XLM/USD (Lumens)XLM/USD Bittrex Daily Chart for March 12, 2018

The momentum on March 10 didn’t provide enough thrust to push Lumens prices higher as per our initial plan. Instead, what we are seeing now is a rebound and basic consolidation in lower time frame.

It’s clear that yesterday’s prices were positive but even this means Lumens is still moving along $0.30, our level of interest over the past couple of days/weeks.

Key HighlightsETH price formed a bottom near $650 and moved higher above $700 against the US Dollar. There is a key breakout pattern forming with resistance at $730 on the hourly chart of ETH/USD (data feed via Kraken). The pair must break and settle above $730 and $750 to gain upside momentum in the near term.

Ethereum price started a nice upside move against the US Dollar and Bitcoin. ETH/USD could rise further if it manages an hourly close above $730-750.

Ethereum Price Resistance

After a major downside move, there was a support base formed near $750 in ETH price against the US Dollar. The price started an upside move and traded above the $680 and $700 resistance levels. It even settled above the $700 level, which is a positive sign. A high was formed at $737 from where the price started consolidating in a range pattern.

It already tested the 23.6% Fib retracement level of the last wave from the $651 low to $737 high.  It seems like there is a key breakout pattern forming with resistance at $730 on the hourly chart of ETH/USD. The pair may continue to trade inside the triangle with support at $710. If the price fails to hold the $710 support, the next support could be $690. Moreover, the 50% Fib retracement level of the last wave from the $651 low to $737 high is near $694 to act as a support.

On the other hand, if the pair breaks the $730 resistance, it could even break $750. A proper close above the $730 and $750 levels is needed for more gains. Above $750, the next immediate resistance is near the $770 level, which is also a pivot zone.

Hourly MACD – The MACD is slightly placed in the bullish zone.