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Asian Altcoin Trading Roundup: Top Cryptocurrency is Bitcoin Cash

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A monthly low was hit over the weekend as crypto markets continued to slide. This morning they have bounced back a little but are still largely trending downwards. Bitcoin has made gains in the past 24 hours of around 8% sending it back over $9,000 once again. Altcoins have been a mixed bag, some have rebounded while others are still floundering, and this morning’s top performer is Bitcoin Cash.

Most of the altcoins are in the green during the morning’s Asian trading session however only a couple are double figures. Bitcoin Cash is one of them trading 11.3% higher than this time yesterday. BCH is currently trading at just over $1,100 (0.117 BTC) up from $989 (0.114 BTC) this time yesterday. Looking at the weekly chart however paints a bleaker picture as BCH is down 14% since last Monday.

The possibility of the US based Gemini exchange listing Bitcoin Cash would have given it an additional boost. The overall rebound has pushed most cryptocurrencies a little higher this morning but only the rest of the week will determine whether this is a true reversal or the markets are still bearish.

BCH has been traded heavily on Hong Kong based exchange OKEx which has almost 30% of the total volume. Around $500 million has been traded in the past 24 hours and Bitcoin Cash is still holding on to fourth spot with a market capacity of $18.8 billion.

Other altcoins performing well this morning include Dash, Tron, Stratis, and RChain. Most of the others have just regained losses over the past few days.

Original linkOriginal author: Martin J. Young
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IOTA Technical Analysis for 03/12/2018 – Bearish Trend Channels

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IOTA continues to trend lower as the cryptocurrency industry has faced several setbacks last week. Against bitcoin, IOTA is in a downtrend channel and is slowly making its way to the bottom after bouncing off the resistance towards the end of February.

Price has bounced off the 76.4% extension but could still have room to head south as technical indicators reflect bearish momentum. The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. Also, the 100 SMA is close to the channel resistance to add to its strength as an upside barrier, with the 200 SMA serving as the line in the sand in the event of a larger correction.

Stochastic is already dipping into oversold conditions, though, which means that sellers are exhausted and buyers could get the upper hand. RSI has some room to head south so selling pressure could stay in play for a bit longer.

Against the dollar, IOTA is also trending lower and could have more room to slide. Price just bounced off the top of its channel and broke below a symmetrical triangle consolidation pattern.

The 100 SMA just crossed below the longer-term 200 SMA to indicate stronger selling pressure. These moving averages are also close to the top of the channel to add to its strength as resistance.

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Bitcoin Cash Price Technical Analysis – BCH/USD to Trade Higher

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Key PointsBitcoin cash price is recovering and is currently trading above $1,100 against the US Dollar. There was a break above a major contracting triangle with resistance at $1,040 on the hourly chart of BCH/USD (data feed from Kraken). The pair is now trading comfortably above the $1,100 level and the 100 hourly simple moving average.

Bitcoin cash price has moved in the positive zone against the US Dollar. BCH/USD may continue to gain momentum above the $1,150 level in the near term.

Bitcoin Cash Price Support

There was a decent recovery initiated from the $960 support area in bitcoin cash price against the US Dollar. The price traded higher and moved above the $1,000 and $1,050 resistance levels. The trend is positive since the price was able to close above the $1,000 level and the 100 hourly simple moving average. Moreover, there was a decent support base formed above the $1,000 level.

More importantly, there was a break above a major contracting triangle with resistance at $1,040 on the hourly chart of BCH/USD. The pair also traded above the $1,100 resistance and formed a high at $1,159. At the moment, the pair is consolidating above the $1,100 level. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $962 low to $1,159 high. However, the most important support is near the $1,050 level.

The 50% Fib retracement level of the last wave from the $962 low to $1,159 high is also near $1,060 to act as a support. The overall bias is positive as long as the price is above the $1,050 support and the 100 hourly SMA.

Looking at the technical indicators:

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Bitcoin Price Analysis: Showing Mixed Signals

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Bitcoin formed a small double bottom pattern better seen on short-term time frames, signaling that a quick rally may be due. The chart pattern is approximately $800 in height so the resulting rally could be of the same size.

Price has also broken past the neckline to show that bullish momentum is returning. However, this could hit a strong barrier at the 61.8% Fibonacci retracement level on the latest swing high and low.

Note that bitcoin has recently broken below a rising trend lien that’s been holding since the start of February. It has also fallen below a longer-term double top neckline, which hints at a prolonged selloff. Price is actually testing this broken neckline that lines up with the 38.2% Fib level.

The 100 SMA is above the longer-term 200 SMA on this time frame so the path of least resistance is to the upside. However, the gap is narrowing to signal a potential reversal and return in bearish momentum.

Stochastic is on the move up to indicate that buyers have the upper hand, but the oscillator is closing in on overbought levels to show that bullish momentum is weakening. RSI has more room to climb so bulls could have enough energy in them.

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A 30% Drop in 5 days…Where Will Bitcoin Price Go from Here?

Bitcoin

When financial markets are analyzed Bitcoin price is generally considered the newest and highest risk instrument in the space. BTC even has options and futures traders puzzled with its significant price fluctuations. This week BTC has fallen more than 30% since its high, but why?

The Cryptocurrency Markets

December saw Bitcoin approach $20,000. January saw a correction of epic proportions concluding in February when BTC dipped under $6,000.

February through the beginning of March saw Bitcoin price climb and eventually trend north more heavily following the Chinese New Year. That was until this week where Bitcoin along with almost every altcoin has suffered a significant punishing. However, with FUD comes a major drop in prices providing opportunities all across the market.

FUD (Fear, Uncertainty, and Doubt)

What causes a collapse in prices in the crypto space more than anything else? FUD!

The crypto space is susceptible to FUD to a degree that is unprecedented in most marketplaces. Entire populations move money in and out of crypto based on mainstream news sharing select stories. This week was no different with rumors circulating that Binance was possibly hacked, although they have repeatedly stated all funds are safe.

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Nano [NANO] Price Marches Upwards as Buy-In Opportunity Revealed

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Following up the violent selling days that the cryptocurrency market has gone through the past week, Saturday started-off very brightly for traders and investors as almost all coins are on the green-gaining zone now with many experiencing double digits growth.

The one standing out is Nano [NANO – Rebranded from RaiBlocks recently] as it is trading at $11.80 with 25.30 percent gain in the last 24-hours being the highest in the top 25 cryptos by market capitalization.

It is very strongly recommended to keep on radar the levels at which the prices in general dropped more heavily during March 8, as for the moment these are showcasing strong resistances to be cleared in which case [if it happens] more gain could be guaranteed for the continuation of the weekend.

Accordingly to the price of Bitcoin [BTC] all coins dipped very low, with the pair NANO/USD touching the $8.00 mark for the first time in almost three weeks. However, this could have been the best opportunity to step-in as prices this low might not be seen for a while now if we base our conclusion from what took place the previous years during this time of the year.

When it comes to the price fall, Well, for a start, there is the fact that in the recent past, countries have been passing crazy laws aiming to regulate the crypto market. The latest was an announcement by the U.S that cryptocurrencies would now be subject to the same rules as other securities, such as stocks and commodities. This means that cryptos are now subject to taxes that were hitherto unheard of in this market. As a result, the market sentiment has turned bearish, as investors try to figure out the impact that these developments might have on the market.

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MoneroV Hard-Fork Faces Delay

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Hard forks are highly anticipated events in crypto-land. They often offer an opportunity for coin holders to get a free airdrop which increases the value and investment levels in the original coin leading up to the fork. Monero is about to be forked into MoneroV, however the team has delayed the split for a further six weeks.

According to a blog post on the fork, the MoneroV team stated that the snapshot date will be postponed to around April 30, or at block 1564965. A growing demand and increasing expectations from users, trading platforms, and large mining pools were cited as the reasoning behind the delay.

Exchange Cooperation Needed

The post went on to elaborate that in order to facilitate the airdrop to XMR holders, exchanges would have to list MoneroV or XMV. This would take additional time to process and implement.

Previous hard forks such as the Litecoin Cash split have not been as successful as they could have due to the convoluted and risky process of claiming the free coins.

If the exchanges already support the new fork then more people will benefit from it leading to greater adoption, usage and investment, which will be good for both Monero and MoneroV.

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5 Altcoins to Keep an Eye on for the Week of March 10, 2018

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This past week has demonstrated how exceptionally volatile the cryptocurrency space is. Not limited to Bitcoin, this week has seen many prices of altcoins collapse providing the perfect opportunity for high returns in the short term.

Altcoins Worth Focusing On This Week: HIRE, ZCL, BRD, NEO, and GAS

The altcoins worth shifting immediate focus to for the upcoming week are HIRE, ZCL, BRD, NEO, and GAS. These cryptocurrencies have major events, speculation, announcements and presentations in the short term that will dramatically impact their price in a positive manner. Between these five cryptocurrencies, analysis points to the highest short term returns coming from HIRE (smallest market cap, largest drop in price). Each of these coins would be an important consideration this week as they provide the perfect buying opportunity at the discounted market prices.

Current Market

The market has been filled with FUD all week. This has provided a unique buying opportunity for the savvy investor. Buy low, sell high. If you did not “sell high” there is still time to “buy low.” Baron Rothschild, from one of the most famous families in history, was quoted as saying:

The time to buy is when there’s blood in the streets.

This 18th century quote speaks volumes regarding today’s markets. If you were chasing the markets up when Bitcoin was at $18,000 now that it is priced at 50% of that even more capital should be flowing in. When people are scared investors should be accumulating, when the population is ecstatic it is time to sell. To beat Bitcoin’s returns we focus on altcoins. Alts drop more during corrections but increase much more during rebounds. 

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Litecoin Price Analysis: LTC/USD Getting Crushed

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Litecoin price remained in a bearish zone and declined below $180 against the US Dollar. LTC/USD may correct a few points, but it remains sell on rallies.

Key Talking Points

Litecoin price failed to correct higher substantially and declined below $180 (Data feed of Kraken) against the US Dollar. There is a new connecting bearish trend line forming with resistance at $176 on the hourly chart of the LTC/USD pair. The pair is currently correcting higher, but it could face sellers near the $170 and $176 levels.

There was no relief for buyers as litecoin price failed to correct above the $200 level against the US dollar. The LTC/USD pair continued to decline and even broke the $190 and $180 support levels to move further into a bearish zone.

It even traded a few points below the $160 level and formed a low at $158.97. At the moment, the price is correcting higher and is trading around the 23.6% Fib retracement level of the last drop from the $188.5 high to $158.9 low.

On the upside, there are many barriers for buyers near the $175 level. There is also a new connecting bearish trend line forming with resistance at $176 on the hourly chart of the LTC/USD pair.

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National Regulators to Shut Down Some Japanese Exchanges, Order Improvements

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Financial regulators in Japan are set to dole out punishments to multiple cryptocurrency exchanges this week, in addition to shutting some down entirely.

Cracking the Whip

In 2017, Japan became the first country in the world to nationally regulate cryptocurrency exchanges, resulting in a total of 16 legally registered exchanges and 16 more legally allowed to operate while their applications are considered. Now, some of those exchanges are supposedly being ordered to close their doors, while others must make significant improvements.

The FSA’s punitive measures come after the regulatory authority discovered serious issues in multiple cryptocurrency exchanges’ consumer protection and anti-money laundering measures. These flaws were discovered during on-site inspections — though exactly which exchanges will be punished, and in what form those punishments will take, is still unknown.

On-site inspections — which specifically look for gaps in security and report on risk management solutions and cryptocurrency storage — became a priority for the FSA after the infamous Coincheck hack. The conducted investigations have resulted in some unregistered exchanges being issued orders to cease operations.

Sources told CNBC that Japan’s Financial Services Agency (FSA) is also planning on potentially ordering Coincheck to raise its operating standards after the exchange lost $530 million of digital currency in a high-profile theft from hackers. This move would follow a previous order from Japanese regulators.

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