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Cardano Price Technical Analysis – ADA/USD Accelerates Decline

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Key HighlightsADA price failed to correct higher and it declined below the $0.3500 support level against the US Dollar (tethered). There is a key bearish trend line forming with resistance at $0.3650 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair is currently trading below the $0.3500 level and it could decline further in the near term.

Cardano price extended its decline against the US Dollar and Bitcoin. ADA/USD is now in a bearish zone and it may continue to decline towards $0.3000.

Cardano Price Resistance

In the last analysis, we discussed the chances of further declines below $0.3600 in ADA price against the US Dollar. The price failed to move above the $0.4000 resistance and started a downside move. It declined sharply and broke the $0.3600 and $0.3500 support levels. There was a lot of pressure on ADA, which pushed its price below the $0.3400 level as well.

A low was formed near $0.3300 from where the price is currently attempting an upside correction. It tested the 23.6 Fib retracement level of the last decline from the $0.3872 high to $0.3300 low. However, a recovery in ADA won’t be easy as the price is now well below $0.3500. On the upside, there is a key bearish trend line forming with resistance at $0.3650 on the hourly chart of the ADA/USD. The trend line resistance is very important since it is near the 50% Fib retracement level of the last decline from the $0.3872 high to $0.3300 low. As long as the price is below the $0.3500 and $0.3600 levels, it remains at a risk of more declines.

On the downside, the recent low of $0.3300 is a decent support. A break and close below $0.3300 could push the price towards the $0.3000 level.

Hourly MACD – The MACD for ADA/USD is showing a low of bearish signs.

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Ripple Price Technical Analysis – XRP/USD Declines Below $1.00

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Key HighlightsRipple price struggled to gain momentum above $1.15 and declined sharply against the US dollar. There is a crucial bearish trend line forming with current resistance at $1.02 on the hourly chart of the XRP/USD pair (data source from SimpleFx). The pair is currently trading well below the $1.00 support and it remains at a risk of more declines.

Ripple price is under a lot of bearish pressure against the US Dollar and Bitcoin. XRP/USD could decline further towards $0.9000 as long as it is below $1.00.

Ripple Price Decline

There was no increase in buying sentiment for Ripple price above the $1.10 level against the US Dollar. The price failed to gain momentum and declined below the $1.05 and $1.00 support levels. It even broke the $0.98 support and is currently well below the 100 hourly simple moving average. The recent was formed near $0.9268 from where an upside correction was initiated.

XRP moved above the 23.6% Fib retracement level of the last decline from the $1.0811 high to $0.9268 low. However, the upside move was contained by the $0.9850 level. Moreover, the 38.2% Fib retracement level of the last decline from the $1.0811 high to $0.9268 low also acted as a resistance. To the topside, there is a crucial bearish trend line forming with current resistance at $1.02 on the hourly chart of the XRP/USD pair. Another important resistance is at $1.00 and the 50% Fib retracement level of the last decline from the $1.0811 high to $0.9268 low.

Therefore, there are many resistances on the upside near the $1.00 and $1.02 levels. On the downside, the price may find support near $0.9500, but overall it remains at a risk of more declines.

Looking at the technical indicators:

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Crypto Mining Craze Creates Global GPU Shortage

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The cryptocurrency bull run of 2017 attracted multitudes of investors looking to get rich quick but it also created a mining boom that has resulted in a worldwide shortage of computer components.

Miners Plunder Singapore, Hong Kong For Cheap Rigs

Scores of miners from around the world come to the electronics bazaars in Asia to buy cryptocurrency rigs. Hong Kong’s Sham Shui Po and Singapore’s Sim Lim Square to name just a couple are jammed with people of all ages ordering specialized rigs.

This new demand for mining rigs has revitalized these electronic markets that were dying only a few years ago when shoppers turned online for computers, cameras, and gadgets of all kinds.

“It’s 30-50 percent cheaper to buy equipment related to crypto-mining in Hong Kong than in Europe,” Russian bitcoin miner Dima Popov said. This is because Hong Kong has no sales tax and is in close proximity to Chinese components manufacturers.

Miners are demanding more powerful rigs that can include up to 500 graphics cards each which has created a worldwide shortage of the cards allowing manufacturers and retailers to gauge buyers on the price.

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

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Apart from this LTC explosion, most altcoins especially NEO and EOS are moving lower. Our IOTA ceiling at $2.2 is proving significant and keeping buyers away.

In my view and sticking strictly with price action, our buy views remain valid as long as key support levels repulse bears in the coming sessions.

In that case, I will be watching $130 and $110 in NEO chart and $8.5 at EOS to see if there will be any rejection of lower lows today.

Let’s have a look at these charts:

XLM/USDXLM/USD Daily Chart for February 21, 2018

Lumens prices are shifting gear and it seems like sellers are now pushing prices down.

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IOTA Technical Analysis for 02/21/2018 – A Struggle for the Bulls

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IOTA continues to trend lower against bitcoin as resistance at the top of its descending channel held. Price has moved past the mid-channel area of interest and is now making its way towards support at 0.00014.

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside or that the selloff is likely to persist. These moving averages are also close to the channel resistance to add to its strength as a ceiling in the event of another pullback.

Stochastic is indicating oversold conditions, though, which means that buyers could return soon. RSI is on the move down but also dipping into oversold territory to signal that selling pressure is exhausted.

Against the dollar, IOTA has broken outside of its descending channel to indicate that a reversal from the earlier downtrend is underway. Applying the Fib tool on the latest swing low and high shows that the 61.8% level lines up with the broken resistance around 1.5000.

The 100 SMA is below the longer-term 200 SMA also, but the gap is narrowing to signal a potential upward crossover. This also confirms that buying pressure could pick up soon.

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Ethereum Price Technical Analysis – ETH/USD Nosedives Below $900

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Key HighlightsETH price failed to gain pace above $940 and declined sharply against the US Dollar. There was a break below a major bullish trend line with support at $925 on the hourly chart of ETH/USD (data feed via SimpleFX). The pair is now trading below the $900 level and it seems like the price may struggle to correct higher.

Ethereum price declined sharply against the US Dollar and Bitcoin. ETH/USD may correct a few points from the current levels, but upsides remain capped.

Ethereum Price Resistance

There was no upside break in ETH price above the $940 resistance level against the US Dollar. It resulted in a downside reaction and the price declined sharply below $900. It even moved below the $880 support and settled below the 100 hourly simple moving average. There are many bearish signs visible on the charts below the $900 level. The recent low formed was $848 from where the price started an upside correction.

During the downside move, there was a break below a major bullish trend line with support at $925 on the hourly chart of ETH/USD. The pair traded above the 23.6% Fib retracement level of the last decline from the $948 high to $848 low. However, the upside move seems to be limited as the price is facing sellers near $895. On the upside, the 50% Fib retracement level of the last decline from the $948 high to $848 low is likely to act as a resistance. Moreover, there is also a bearish trend line on the same chart with resistance at $900.

Therefore, it seems like the price may struggle to correct further above $890-900. On the downside, the $840-850 area is a major support in the short term.

Hourly MACD – The MACD is placed strongly in the bearish zone.

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South Korean Cryptocurrency Regulator Found Dead at Home

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Jung Ki-joon, 52, a South Korean official who led the policy-making for the country’s cryptocurrency market, was found dead at home on Sunday.  Korean news outlets are saying he died from a heart attack, and police have opened an investigation into the cause of death.

At this point, no evidence has been reported of any foul-play.  His colleagues have raised the possibility that stress, following from increased pressure from crypto-related duties could have played a role in the decline of his health.

South Korea began stepping up its gaze of bitcoin and other cryptocurrencies late last year and sanctioned a ban in late January on anonymous trading accounts.  This led to panic and dropping prices, as Korea is such an enormous market for crypto. However, officials have walked back comments that they might shut down cryptocurrency exchanges and the situation is now far more amicable.

This was also, coincidentally, the last time he made public comment on blockchain regulations.  On January 15th he made these comments, “We will respond strongly to cryptocurrency speculation and illegal acts, but we will provide support to research and development relating to blockchain technology.”

Choe Heung-sik, governor of the Financial Supervisory Service, said yesterday that the government “will support [cryptocurrency trading] if normal transactions are made.”

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Bank of England Governor: Bitcoin Has ‘Failed’ as a Currency

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On the back of Bitcoin’s recent correction and subsequent push back towards the $12K mark, long-time Bitcoin nonbeliever Mark Carney claims that the dominant cryptocurrency has failed on almost every front.

Bank of England, Unsurprisingly, Doesn’t Like Bitcoin

According to Bank of England Governor Mark Carney, Bitcoin has failed as both a viable currency and as a store of value — citing volatility and the lack of vendor adoption.

On February 19th, Carney shared his already well-established position on the popular cyrptocurrency with students at London’s Regent’s University, stating:

It has pretty much failed thus far on … the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange.

Nevertheless, not even Carney can deny that Bitcoin’s underlying technology is still incredibly useful and a more than viable way to verify financial transactions in a decentralized manner, which he admitted in response to a question.

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Israel Tax Authority: Bitcoin is Property, Not Currency

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Israel Tax Authority issued a professional circular on February 19 (4 Adar 5768), clarifying the country’s tax policy on cryptocurrencies in general and bitcoin in particular. “Bitcoin and its like” are discussed in what’s referred to as a “final circular” on crypto and value-added tax (VAT) along with capital gains.

“The Tax Authority’s position, which was expressed in the past, is [bitcoin is] a property, not a currency,” the Israeli agency clarified upfront. Israel is the economic jewel of Southwest Asia, routinely ranking alongside countries many multiples its size in terms of innovation and output. Punching above its weight in cryptocurrency as well, the country has grappled with bitcoin since at least 2013 in one form or another. Openness to the decentralized currency idea extends all the way to its current Prime Minister. Its tax policy might be not only a regional trendsetter but a world model.

Going forward, “For purposes of income tax – in accordance with the circular, a distributed means of payment is an asset, and therefore a person whose activity as aforesaid does not reach a business is only entitled to capital gains tax and the person whose activity in the field reaches a business (trade in a distributed method of payment and / Such a measure), tax will be paid as any business activity,” the circular noted, suggesting it was speaking to the Israel Securities Authority (ISA) policy as well.  

Value-added tax (VAT) in Israel is applied to most goods and services at the 17% mark, and electronic accounting for VAT is regulated by law in the country. As such, “a distributed means of payment is an intangible asset, and therefore anyone whose activity in the field is for investment purposes only, which does not reach a business, is not liable for VAT,” which leaves the average Israeli investor be, at least on that score.  

“A dealer whose receipts are accepted by means of a distributed payment method will be paid VAT according to his business activity,” however, “regardless of the manner of receipt, so that as a rule, VAT will not be paid; A person whose activity in a distributed means of payment reaches a business (from such trade) shall be classified as a financial institution; And those whose activities are mining, will be classified as a dealer for VAT purposes,” the agency explained.

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Rural Russia Prepares to Attract Crypto Loans

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A proposal was presented at the Russian Expert Council for Non-Bank Credit Organizations to allow rural businesses in the country to receive crypto loans to attract funds from abroad. The chairman of the council, a State Duma member, is asking rural credit cooperatives to study and educate rural residents on cryptocurrency.

Proposal to Allow Crypto-Loans:

At the meeting of the Expert Council for Non-Bank Credit Organizations, the chairman of the Council of the National Association of Pawn Shops, Alexei Lazutin, proposed allowing microcredit organizations to issue loans in cryptocurrency.

Citing that “Today there are companies that are starting to issue loans secured by cryptocurrencies,” he was quoted by the Russian Parliamentary newspaper:

If we establish and implement such mechanisms that will allow us to receive crypto-loans from credit institutions, this will help to attract money to the development of the village from abroad, thereby contributing to the development of the Russian economy as a whole.

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