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Thread: Bitcoin currency discussion

  1. #171
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    Bitcoin analysis for 06/07/2018.

    The head of the Bank for International Settlements (BIS) maintains his critical position regarding cryptocurrencies, saying that "they can not take over the function of money," reports BIS.

    Speaking to the Swiss newspaper, published subsequently by the BIS itself, general manager Agustin Carstens warned young people about "trying to create money", talking about Bitcoin mining: "Those who have the greatest motivation in the system of these so-called cryptocurrencies are those who produce assets - miners ... This motivation, however, is not compatible with maximizing the usability of money. Cryptocurrencies do not satisfy any of the three destinies of money. They are neither a good means of payment nor a good unit of account, nor are they suitable as a means of value storage. They drastically fail in each of these cases".

    BIS provoked outrage when he published an article about cryptocurrencies in June. The mainstream media widely reported about very suspicious views about this phenomenon compared to the fiduciary currency. In addition to the same fears about the possibility of crypto functioning as an article, among other controversial statements, he expressed concern that mass adoption of cryptocurrencies could "stop the Internet".

    Continuing the statement, Carstens, who himself repeatedly appeared as a cryptocurrency bear, said that they would clearly not have a happy ending: " There is no need to wrap the bush in this matter. Let us not forget that central banks have been supplying electronic means of payment for decades".

    Let's now take a look at the Bitcoin technical picture at the H4 time frame. The bull camp was too weak to break out above the $6,809 resistance and now the price is slowly falling down again. The nearest intraday support is seen at the level of $6,400, but it might be easily violated and the price might head lower towards the level of $6,209 (weekly pivot). A Friday daily candle close below this level will not be a positive sign for bulls. The key support remains at the level of $5,742.


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  3. #172
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    Bitcoin analysis for 09/07/2018.

    The German Federal Ministry of Finance believes that the concept of the Central Bank's digital currency (CBDC) is too risky to be able to implement it. The Ministry of Finance expressed its position in response to a query by Gerard Schick published in one of the financial newspapers.

    The German Ministry stated: "so far, there are no convincing reasons to spend digital money from the central bank for a wide range of users in Germany and the Eurozone".

    The potential benefits of the Central Bank's digital currency - including quick bank transfers - could also be implemented in a different way - the Ministry says - saying that CBDC contains many risks that are not well understood.

    The ministry wrote that the central bank would also gain a stronger position in the financial system if it were to issue a cryptocurrency, which could jeopardize its independence. According to Handelsblatt, the Ministry of Finance was also afraid that in a crisis situation, bankruptcy with central bank money could take place faster and on a larger scale due to lower transaction costs. Officials also say that the digital currency would make it difficult to fight money laundering and terrorism financing.

    Governments around the world have expressed different opinions about the digital currency issued by the state. In May, the Bank of England stated in a working document that the introduction of CBDC will not have a negative impact on private loans or ensure the liquidity of the entire economy.

    Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market remains locked between the levels of $6,334 and $6,809 and is trading in a tight horizontal consolidation. In a case of the bullish breakout higher above the level of $6,809, the next target for bulls is located at the level of $6,993, which is an important technical resistance level. If, however, the bears will take the control over the market, then the next target for them is located at the level of $5,900. Due to a strong and positive momentum, the preferred scenario is still bullish.


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    Bitcoin analysis for 10/07/2018.

    A lot has been said about Bitcoin and its future. Many people have wondered whether the cryptocurrency will rise above its January value or will continue to decline. Here's a summary of how experts have been considering the matter in the last few months.

    Nicholas Colas, co-founder of DataTrek Research, said that Bitcoin "was absolutely a bubble based on the introduction of futures in December and great enthusiasm for this asset". He also insisted that investors should be cautious because interest in cryptocurrency falls. According to him, it "kills" the possibility of new money appearing on the market.

    Colas based his statements on trends in Google searches. According to him, Bitcoin recorded fewer searches compared to the end of 2017 - when the cryptocurrency reached a level of around $ 20,000. However, deliberately or not, he failed to touch the fact that interest in the technology underlying Bitcoin is growing.

    According to Ran Neu-Ner, there were 27,000 Blockchain startups in 2017. In the first two quarters of 2018, this number has already been exceeded, reaching over 28,000. It is safe to say that interest in this field is far from a decline. On June 28, Neu-Ner said he believed the market would continue to fall:"Now, I bet the market will continue to fall and fall to around $5,350". Neu-Ner also said that "now is a great time to buy" if you believe in Bitcoin and/or Blockchain technology.

    Chief economic advisor at Allianz, Mohamed El-Erian, raised the need for a consolidated base of people who "really believe" in Bitcoin. According to him, this is especially important now when prices are falling. He also added that the 2017 cryptocurrency rally was driven by a large number of investors who joined the already-believers in Bitcoin.

    He shared his opinion that Bitcoin is a purchase under $ 5,000. El-Erian also said that he sees a future in which digital currencies are strong, but it would be necessary to involve the government in these currencies.

    According to Arthur Hayes, the co-founder and CEO of Bitmex, we were able to achieve stability now. He says that with the fall in prices, we see a lot less instability. He describes this as a problem and involves great variability with greater chances of price jump: "You want as much volatility as possible to have the same chance that Bitcoin will reach $ 50,000, $ 100,000 or $ 1,000,000" - he argues. Hayes also maintains that the time needed for potential price increases will be shortened significantly due to the much greater investor involvement in the market. He also stressed that positive regulatory decisions can be a key factor in a sharp rise in prices: "We are dismissed by one positive regulatory decision, perhaps ETF approval by the SEC, to rise to $20,000 or even $50,000 by the end of the year" - he added.

    The founder and CEO of a popular cryptocurrency trading company BKCM LLC and active trader Brian Kelly noticed that Bitcoin is not the only long-term investment possible. In June he stated that Ethereum performs slightly better in relation to the relative value. He also noted that while Bitcoin exceeded its lowest value in June 2018, Ethereum did not. "Considering relative value, Ethereum is a bit better than Bitcoin. So if I played long in this market, at this point I would bet on Ethereum" - he explained. Kelly, however, remains bullish in relation to Bitcoin. He also outlined several reasons why the largest cryptocurrency is far from death.

    Tom Lee went ahead several months ago and announced the price of $25,000 for Bitcoin by the end of 2018. He then repeated his position saying that Bitcoin is still a huge "asset of value" and the technology behind it works really well in terms of digital transactions. Just a few days ago Lee, who is now Managing Partner and Research Manager at Fundstrat Global Advisors, said he still thinks Bitcoin can reach $ 25,000 by the end of the year. His main argument is the growing difficulty in extracting Bitcoins: "The reason why Bitcoin looks really good is that the cost of extracting Bitcoin is about $ 7,000, and the difficulty is growing. So by the end of the year, it will be $9,000" - he says.

    Well, everyone has its point of view, but the time and market will tell who was right and who was wrong. Stay tuned!

    Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is quietly trading inside of the horizontal range between the levels of $6,809 - $6,400, just around the weekly pivot at $6,607. The bulls are too weak to break through the technical resistance at the level of $6,809 (top of the range). The nearest technical support is seen at the level of $6,334 (low of the range). Breakout lower will open the road towards the level of $6,064 and $5,900.


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    Bitcoin analysis for 11/07/2018.

    Cryptocurrency malware that infected more than one million computers in China has reportedly earned over $ 2 million in its developers over two years.

    According to a local press report, the police in the Chinese city of Da Lian arrested 20 suspects from a computer company that allegedly took control of a large number of computers to earn illegal digging of cryptocurrencies.

    By clicking on ads and installing plugins, more than a million computers were infected, extracting 26 million dollars in two years in DigiByte, Decred and Siacoin, police informs.

    Hackers evidently chose to extract smaller cryptocurrencies, because they do not require so much computing power, which allows a quieter extraction process and less chance of seeing it by the victims. The report also indicates that hackers have created a network of over 100 agents who helped propagate illegal mining software, for example by working with Internet cafes.

    In June, another group of hackers in China was also liquidated for alleged collusion with local computer maintenance companies in order to break into more than 100,000 computers belonging to internet cafes - also to extract the Siacoin cryptocurrency.

    Traders beware: do not install suspicious programs and do not follow any suspicious links on social media related to the cryptocurrency news, analysis, airdrops or bounty.

    Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has broken below the short-term internal trend line support and now is consolidating in the middle of the range, around the level of technical support at $6,334. The price is already below the weekly pivot, which might indicate more downside price action to come soon. The next target for bears is seen at the level of $6,064 (weekly pivot support) and then at $5,900, which is very close to the swing bottom at $5,742.


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  7. #175
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    Bitcoin analysis for July 12, 2018.

    Trading recommendations:

    Recently, Bitcoin has been trading downwards. As I expected, the price tested the level of $6.048. According to the H1 time - frame, I found an end of the upward correction (running flat), which is a sign that buying looks risky. I see strong selling pressure on the market and my advice is to watch for potential selling opportunities on the rallies. The downward target is set at the price of $5.767.

    $6.237 Intraday resistance;

    $6.048– Intraday support;

    $5.767 – Objective target ;

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

    *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.


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