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Thread: Bitcoin currency discussion

  1. #21
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    Bitcoin analysis for 09 October, 2017.

    According to the Wall Street Journal, an international cryptocurrency may soon be launched. This might be an answer to recent comments by Christine Lagarde, chief of the IMF, to encourage banks and governments to become interested in Bitcoin and other cryptocurrencies. Following a recent announcement by the Dubai government of its intention to release a local cryptocurrency, the message should not be a surprise. In addition, recent information indicates a large number of banks interested in using Blockchain technology.

    The difficulty of the global digital currency is the centralization factor, and the Bitcoin protocol is decentralized, creating a truly free market in which value is based without pricing. A global digital currency, providing decentralized security, would require the IMF to set and regulate values in order to manage the flow of money in different countries. Such a system would run counter to the principles underlying Bitcoin and is definitely not what the cryptocurrency users are expecting. Some Bitcoin supporters also argue that the new currency will never replace Bitcoin, because it already exists as a global currency and will always be more demanding because there is no centralization.

    Let's now take a look at Bitcoin technical picture at the H4 time frame. The market has almost hit the second target projection for wave (c) at the level of $4,661, but was capped as the market conditions started to be overbought. Currently, the price is trading just above the weekly pivot at the level of $4,466 and might reverse lower soon as the top for the wave (c) of the wave B is about to complete. Any violation of the level of $4,444 and then $4,371 will confirm this scenario. Any violation of the level of $4,965 will invalidate the main count.


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    Bitcoin analysis for 10 October, 2017.

    Due to the growing fear of voting fraud, Blockchain-based projects are now able to secure a digital voting card or voting system to prevent election fraud. The votes would be invariable and would be available to everyone. In the Blockchain system, voters can then cast votes from mobile phones or PCs that are then recorded in Blockchain's unchanged program and used to validate the results of the election.

    Blockchain technology will revolutionize the global political landscape towards direct democracy, where voters can decide on the course of government policy. A digital voting card is a smart and cost-effective solution that effectively improves voting procedures. This system eliminates issues such as manipulation, error logging and manipulation. Although voting solutions based on the Blockchain strategy are still in their infancy, they are already showing a wide variety of uses. The ability of governments to engage and govern the constituency is crucial to the future of society, and should, therefore, promote the adoption of this technology to become a key part of the voting process.

    Let's now take a look at the Bitcoin technical picture at the H4 time frame. This is the last chance for bears to push the prices down in order to complete the wave C to the downside. Otherwise, the alternative impulsive count will be in charge and that would suggest new all-time highs for Bitcoin before a corrective cycle of a larger degree will occur. The key level to the downside is $4, 618 and the key level to the upside is $4,968.


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    Bitcoin analysis for 11 October, 2017.

    Bitcoin developer Xapo said it would not necessarily treat the BTC as "real" Bitcoin after the SegWit2x update. When discussing Bitcoin Cash, which was launched in July, Xapo CEO Wences Casares confirmed that Bitcoin would be "the most difficult chain". This move is a strong appeal to support the SegWit2x chain if it receives the majority of support, and confusion may result from the addition of users to the "BTC" service.

    Bitcoin owners are still waiting for the commitment of other major portfolios or stock market developers. Coinbase is silent on this subject, and only their former engineer Charlie Lee gave an insight into what will happen when a hard fork appears on November 18. Let's now take a look at the Bitcoin technical

    Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market was so far rejected from $4,900 level, but the important support at the level of $4,618 has not been tested yet. The market conditions are now overbought, so the price might enter a corrective cycle soon. From the Elliott Wave Theory point of view, this is the last moment for the main count to confirm the price movement, otherwise, the alternative impulsive scenario will be in charge.


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    Bitcoin analysis for 12 October, 2017.

    Former investment banker Fortress, Michael Novogratz, predicts that within 6 to 10 months Bitcoin will be worth more than $ 10,000. The investor creates a $ 500 million fund that will invest in cryptocurrency, ICOs and blockchain related companies.The former investment fund manager has decided to go all in despite the fact that in his opinion the virtual currency betrayed the signs of a speculative bubble. In 2016, Fortress Investment Group managed alternative assets worth over $ 70 billion. Bitcoin valuations at $ 10,000 may have support in the investor's own convictions - $ 150 million in Galaxy Digital Asset funds will come from his own pocket. The remaining funds will be raised from wealthy investors and other investment fund managers.

    It is good to see a representative of the financial world, who positively speaks about Bitcoin and cryptocurrencies. Recently, Jamie Dimon, CEO of JPMorgan, sharply criticized Bitcoin for calling the entire system a scam. In addition, he announced that he would dismiss every employee of the bank who will be trading Bitcoin.

    Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is trading at the new all-time highs around the level of $5,171 at the time of writing. The corrective cycle scenario had been invalidated and now the alternative count is in charge. In a case of an upward extension, the next target is seen at the level of $5,472. Please notice the developing bearish divergence between the price and the momentum indicator.


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    Bitcoin analysis for 13 October, 2017.

    The small island-state in the Pacific, the Republic of Vanuatu, has announced that applicants for citizenship will be able to pay for the application in Bitcoins. Foreigners can acquire Vanuatu citizenship for 43 Bitcoins, which is about $ 200,000, according to Newsweek magazine. This is the first country in the world to accept Bitcoins as a payment method for government services. Foreigners who apply for the Vanuatu nationality must do so through the Australian stock exchange. The Exchange will check whether the applicants meet the requirements set by the Australian Financial Regulations. In order to process the necessary data, the Vanuatu government has formed a partnership with Selfkey, a technology firm specializing in blockchain technology. The company will provide a platform where you will be able to apply along with the ability to pay a fee. It will also make it possible to verify the identity. Having a passport of this micronation has many advantages. Since the country is a member of the Commonwealth of Nations, its citizens can travel to 113 countries. You can travel without a visa to Russian Federation, the United Kingdom or the European Union.

    Let's now take a look at the Bitcoin technical picture. The market rally has been extended above the projected target levels and the recent high was noted at the level of $,5841 before small correction happened. From the Elliott Wave Theory point of view, it might be the time for an internal corrective cycle to occur, possibly in a form of a triangle pattern. This wave will be labeled as the wave (iv) and when completed another higher high is expected for a top of the wave (v). The immediate support is seen at the level of $5,372.


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    Bitcoin analysis for 16 October, 2017.

    According to the news that broke through Russian Minister of Communications Nikolay Nikiforov, in a meeting behind the closed door, the Russian Federation President Vladimir Putin has officially stated that Russia will issue its own "CryptoRuble" digital currency. This cryptocurrency cannot be mined and will be issued, controlled and maintained only by the authorities. The CryptoRubles can be exchanged for regular Rubles at any time, though if the holder is unable to explain where the "CryptoRubles" came from, a 13% tax will be deducted. The same tax will be applied to any earned difference between the price of the purchase of the token and the price of the sale.

    The reason behind this brave decision was explained by Nikiforov himself: "I confidently declare that we run "CryptoRuble" for one simple reason: if we do not, then after 2 months our neighbors in the EurAsEC will." So it looks like the recent news regarding a ban of all cryptocurrencies in Russian Federation were not true at all and Russia is another country joining the digital revolution.

    Let's now take a look at the Bitcoin technical picture at the H4 time frame. The top of the wave (iii) had been established at the level of $5,833 and currently, the market is in the four-wave correction cycle. The key technical support is at the level of $5,384 and nay breakout lower will directly expose the level of $4,963 for a test. When the corrective wave (iv) is completed, the market should make another higher hight in order to complete wave (v).


  8. #27
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    Bitcoin analysis for 17 October, 2017.

    In the last week in Beijing, the "First Workshop on Universal Access to Fiat Digital Currencies" was organized by the International Telecommunication Union (ITU) and the Institute of World Economics and Politics of the Chinese Academy of Social Sciences. The event was held under the patronage of the Chinese government. Many experts and entrepreneurs from over 40 countries participated in the workshop. The future of digital currency and the challenges of its legal regulation was a major theme of the conference. Many Chinese scholars, despite their decisive refusal to recognize the decentralized Bitcoin as a currency, are interested in creating a national cryptocurrency. Yao Qian, Director of the Digital Currency Research Institute of the People's Bank of China, commented on the most popular cryptocurrency. He stressed the importance of supporting the government's digital currency, but undermined Bitcoin's value. According to Yao Qian, it lacks a real value, which is why it is unreliable. Its apparent size is based solely on market speculation, and the recognition of Bitcoin by the states as a real currency will lead to tragedy.

    In the past few months, China has introduced a series of regulations against the cryptocurrency market like banned ICO and trading on stock exchanges. In the face of such a tough government policy, organizing such workshops brings many cryptocurrency users into confusion. Should the start of discussion by experts prove to be the beginning of the Chinese central, national cryptocurrency? Time will tell.

    Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market continues to consolidate the gains in corrective cycle labeled as wave (iv). The key technical support is seen at the level of $5,384 an in a case of a breakout lower the next technical support is seen at the level of $4,968. Nevertheless, there is still one more wave to the upside missing and the projected target for this wave is at the level of min. $6,000.


  9. #28
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    Bitcoin analysis for 18 October, 2017.

    Users of Blockchain will be able to have their Bitcoin Cash. On October 11, the company announced that it was allowing customers to access their BCH resources. Blockchain informed about his support for the board yet in August. Users have not been able to sell or transfer their Bitcoin Cash yet. A hard fork on August 1 and the creation of Bitcoin Cash was the first opportunity for many people to acquire "free" altcoins created at the time of division. The desire to tap into additional funds was also one of the driving forces of the trend, which tightened the price of Bitcoin ahead of the ford. The blockchain is one of the first major players to provide access to Bitcoin Cash. According to the information available on the cyberwallet page: "We are excited to announce that today anyone who has had a Bitcoin balance on their Blockchain wallet at the moment of activation of the board will have access to the same amount of BCH."

    In the near future, cryptocurrency users can expect more companies to unlock Bitcoin Cash remaining in their hands. On October 7th, the Gemini exchange allowed its customers to view the balance in the BCH and order the payout. Transfers were supposed to be made on October 11th. In the next few days, Bitcoin Cash's cash outflow from Gemini is expected to be 5 days.

    Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has managed to break out below the technical support at the level of $5,384 and now is heading towards the key technical support at the level of $4,968. This might be the level where the corrective cycle for wave (iv) will terminate and the price will reverse to complete the wave (v) at new highs.


  10. #29
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    Bitcoin analysis for 19 October, 2017.

    As it is known, WikiLeaks is a salt in the eye of governments and fraudulent corporations. It is usually publishing secret documents that compromise governments and corporations or place them in the bad light. Because of this, the service has become very uncomfortable and is the target of attacks. So, how can you simply destroy this kind of webpage? Cut it off from funding sources. That's what happened. In 2010, the US government forced the banks, Visa and MasterCard to block Julian Assange Foundation. The service was temporarily cut off from the funds. It was then that Assange became interested in Bitcoin and started investing in it. In 2011, WikiLeaks started accepting bitcoins. To date, 26,215 grants have been received for a total of 4,024 Bitcoins. According to Assange, the unsuccessful bear of the United States has brought the investment of his foundation 50,000% return.

    In the example of WikiLeaks, you can see the power of Bitcoin, which cannot be shut down or blocked, even at the government's request. Bitcoin gives the owner freedom and new possibilities. With Bitcoin, there may be sites that show uncomfortable truths or opposing government restrictions and orders of any kind.

    Let's now take a look at the Bitcoin technical picture in the H4 time frame. The price has bounced from the level of $5,097 and is currently trading around the level of $5,589. The corrective (a)(b)(c) structure in wave (iv) might have been completed, so now there is only wave (v) left. The first target level for wave (v) is the round number of $6,000. The oversold market conditions support the bullish bias.

    With InstaForex, you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.


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    Bitcoin analysis for 20 October, 2017.

    On October 16, Ilan Goldfajn, president of the Central Bank of Brazil (Banco Central do Brasil), disregarded Bitcoin. He said: "Bitcoin is a financial asset without the ballast people buy because they believe it will grow. This is a typical bubble or pyramid." Many huge jumps in value made Goldfajna's unfavorable statements: "The central bank is not interested in bubbles or illegal payments. This is not something that the Brazilian Central Bank would like to encourage." Nevertheless, Goldfajn pointed out that technological innovation can be separated from unstable virtual currency. You can not blame the central bank for ignorance on this issue. In August 2017, the institution published results of a real-time gross settlement system study that tested blockchain platform prototypes, including BlockApps based on Ethereum and JP Morgan's Quorum.

    Will the position of Brazil be unstoppable? Perhaps with time, Brazil will see the potential of cryptocurrency and blockchain technology.

    Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is consolidating the recent gains near to the swing high at the level of $5,700. Any weekly candlestick closes above the weekly pivot point at the level of $5,342 will confirm the bullish scenario for Bitcoin, despite the overbought trading conditions. The key technical support level is still seen at $5,097.


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