Bitcoin continues the correction. WTI is close to make new mid-term high and AUDUSD broke an important long-term support

Bitcoin continues the correction, which started on Monday. We are still inside of the wedge and above the major up trendline so the chances for the bullish breakout are much higher. In case that we would break the up trendline, the potential downswing can lead us to the support on the 4900 USD.


Pressure on the 52.6 USD on the WTI Oil rises. We tested that level again yesterday and so far the bearish bounce is very small. That can indicate that sellers are slowly abandoning this resistance and that the bullish breakout is near.

AUDUSD breaks a very important long-term support on the 0.775, which was respected as a S/R from the August 2016. That movement was triggered by the worse CPI data from Australia. There is also H&S pattern here but even without breaking the neckline the sentiment is already negative.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

Bitcoin Gold (BTG/USD) Rise to $115, Bitcoin Price Stays Stable on Fork Day

Finally, the new fork in the bitcoin industry is done and dusted and it remains to be seen whether this is going to be one in a series of forks in the bitcoin history. The last one was in August which led to the creation of the new bitcoin cash cryptocurrency and though there was initial apprehension during that period as to its overall effects on the main bitcoin, the market has been able to quickly digest that and move ahead to be even stronger and more mature with time. This time, the new fork has led to the creation of bitcoin gold.

Ahead of the fork this time, bitcoin prices retreated to below $5500 as traders were worried about the effects of the bitcoin gold on the main bitcoin market and there was also the general worry on whether a lot of bitcoin miners and investors would migrate away towards bitcoin gold. This has been a common theme during every fork and more than whether the fork would be successful or not, which the bitcoin developers have managed very well this time and the last, the more important concern has been whether the bitcoin industry would get diluted as a result.

Bitcoin 4H Chart
Bitcoin 4H Chart

But the bitcoin market has been known for its resilience and every time it has been presented with a challenge, either in the form of a fork or in the form of regulations and crackdowns, the industry has only grown stronger with time, so much that now, even some of the central bank leaders have not been averse to talking about it in public. We believe that these forks are a healthy sign for the market as such as it shows that the developers and investors are ready to make changes and adapt themselves to the environment that they work in. Bitcoin investors also believe that it is important for the industry to survive, rather than taking a rigid stance and allowing the industry to die a natural death. This was the message that came through during the last fork in August and we believe that this message will ultimately shine through this time as well.

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Bitcoin gold is trading in the $115 region at this point of time and it is still early days a yet. It is likely to take a few days for the bitcoin gold market to pick up liquidity and volatility and find out its own place in the cryptocurrency world. It remains to be seen how much of traction it would be able to attract and it would be deemed a success if it can maintain a position in the top 10 as far as market capitalization is concerned. On the other hand, bitcoin investors and traders are likely to wait for a few days to see the full impact of this fork and once they are convinced that the worst is past and that this fork has been as successful as the previous one, they are likely to start driving prices once again, but with a watchful eye on the next upcoming fork in November.

There is not much gap between now and then so it remains to be seen whether investors would drive the price through the highs again or whether the market would consolidate for a few days as it awaits the next fork.

Bitcoin is trading at $5556.5, up +0.65 as of 11:00 GMT.

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Bitcoin and Ethereum Price Forecast – BTC Market Ready for Fork

The bitcoin prices continue to trade lower during the course of the last 24 hours though they have managed to hold the support region around $5000 for now . The weakness in the prices can be attributed to the hard fork that is scheduled to happen today which will lead to the birth of bitcoin gold. This fork is similar to the one that happened in August and that which led to the birth of bitcoin cash. It remains to be seen how stable the network would be after this fork and it would also be interesting to see how many of the miners and the developers and the traders would move from the main bitcoin market to the bitcoin gold market.

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Bitcoin Prices Correct Ahead of Fork

That is likely to be the chief concern of traders and investors at this point of time and it is evident that they are trying to take profit now as they would want this phase of uncertainty to pass off before they commit themselves once again. The bitcoin cash market did not have too much of an effect on the main bitcoin market but this fork and the next one in November could lead to the migration of some of the important developers and the investors in bitcoin and hence, it is a moot point on how the bitcoin industry is going to deal with such forks. If the bitcoin industry continues to be in demand and rise during this period, then we are likely to see the prices continue in their uptrend.

Bitcoin Hourly
Bitcoin Hourly

Ethereum prices also continue to flounder and this is not only due to the weakness in the ethereum market alone but the weakness in the bitcoin market that seems to be affected the ETH market as well, at this point of time. Hence, after a brief sojourn to the region above $300, it has corrected back below $300 once again and continues to flounder below that, as of this writing.

Forecast

Looking ahead to the rest of the day, it could be very interesting and volatile in the BTC market for today as the fork unfolds and traders would be well advised to either stay away or atleast ensure that they trade with strict stop losses and take profits so that they can save themselves from the volatility. The ETH prices are expected to continue to trade in a weak manner on either side of $300 for today.

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

So what is a Bitcoin Gold Fork?

The cryptoworld will have only just brushed the dust off the last Bitcoin fork, back at the start of August, ahead of which Bitcoin fell to sub-$2,000 levels from a June high of $2,976.41.

We had heard plenty of speculation over possible outcomes, the worst case scenario has been Bitcoin’s collapse, with talk of Bitcoin holders seeing their Bitcoin value fall to zero sending jitters through the cryptoworld.

Things have certainly calmed since the fork, with Bitcoin surging to a September high $4,909.11, before some easing following China’s decision to shut down Bitcoin exchanges and ban initial coin offerings.

So, while many will have been looking ahead to the much talked about November SegWit2x fork, where another split is anticipated, which could result in 3 versions of Bitcoin, few have discussed or focused on this month’s Bitcoin Gold fork, which is scheduled to be implemented on 25th October.

So why yet another fork? The Bitcoin community is looking to completely decentralize the Bitcoin network that continues to be monopolized by the mining industry and a few miners within the mining community, who have the majority of the hash power at present.

Bitcoin Gold is scheduled for release through this month’s fork in a bid to change Bitcoin’s consensus algorithm, allowing miners to mine Bitcoin with GPUs.

As with Bitcoin Cash this summer, Bitcoin Gold will also be a hard fork, with the new tokens expected to launch on 25th October before being open to exchanges from 1st November.

Making it possible to mine with GPUs (Graphic Processing Units) is expected to allow more participants to mine, taking away some of the hash power from the bigger miners who have largely cornered the Bitcoin market.

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The new BTG token is planned to be sold at 10BTG to 1 BTC and while there are plans for a Bitcoin Gold initial coin offering, dates have yet to be announced and as with Bitcoin Cash, each Bitcoin user, at the time of the fork, will have an equal amount of Bitcoin Gold associated with their private key.

What is Bitcoin Gold Fork?

On 25th October, Bitcoin is going to see another hard fork implemented that will result in a new cryptocurrency named Bitcoin Gold (BTG). As we saw with Bitcoin Cash in the summer, existing private keys holding Bitcoin balances will receive the same amount in Bitcoin Gold on 1st November, though as things stand, it may be a number of weeks before Bitcoin Gold will be tradable.

Developers, miners and a number of key contributors including Jack Liao, the CEO of Hong Kong mining manufacturer LightningAsic, are behind Bitcoin Gold, with other parties involved including Chinese mining tycoon and owner of Bitcoin news portal Jinse.com and the project’s anonymous lead developer H4x3.

For now, Bitcoin Gold has been characterized as a friendly fork by the development team as Bitcoin Gold considered to be complementary to Bitcoin. The key consideration is to block anticipated upgrades of Bitcoin through hard forks.

H4x3 describes Bitcoin gold as a real blockchain to pilot Bitcoin upgrades. Ultimately, the purpose of Bitcoin Gold is to compete with Bitcoin Cash, Ethereum and GPU coins, by bringing down the current Bitcoin mining monopolies and increasing centralization in order to serve and protect the Bitcoin world.

Supporters of Bitcoin Gold hold the view that the best crypto engineers are working on Core and for this reason, Bitcoin Gold will try to follow Core as much as possible.

The biggest change to the code in Bitcoin Gold is that it uses a different mining algorithm, resistant to ASIC chips, called Equihash. Similar to Ethereum, the use of GPUs will be needed to mine Bitcoin Gold in place of Bitcoin’s current Asics mining machines, which have been blamed for the centralization of Bitcoin.

With Ethereum’s planned switch from Proof of Work mining to Proof of Stake next year, Bitcoin Gold developers’ decision to move away from Bitcoin’s SHA-256 algorithm to the Equihash algorithm is a timely one.

Other anticipated changes from Bitcoin include an alteration to the adjustment time. Bitcoin has the level of difficulty to solve a block adjusted every 2-weeks and, with unstable hashpower experienced since the Bitcoin Cash fork, Bitcoin Gold will have the level of difficulty adjusted to every block found.

While miners are yet able to test-mine Bitcoin Gold, plans are in place to enable miners to test on a testnet within the next couple of weeks, though there has yet to be the replay protection coding that will protect Bitcoin Gold users from accidentally spending real Bitcoin or Bitcoin Gold, also referred to as a replay attack.

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It all certainly sounds friendly enough, if you’re not one of the mining cartels that control much of the Bitcoin hashpower, though there has been some dissatisfaction over news that developers will be the only miners for a period of time after the hard fork.

The Bitcoin Gold fork is another battle in the war between the mining cartel and Bitcoin’s core developers. The mining cartel in search of even more hashpower and centralization, while Bitcoin’s core developers look to reverse the centralization that has been seen in recent years.

How can Bitcoin Gold Fork Affect Bitcoin Prices?

Despite the talk of hard forks and the possible existence of 4 versions of Bitcoin by the end of the year, Bitcoin’s value has certainly not slumped by any stretch of the imagination, sitting above $4,300 levels with even China’s decision to shut down Bitcoin exchanges and ban ICOs doing little to stall appetite.

The recovery in just a couple of weeks has been a remarkable one and, if there were any suggestions that Bitcoin is a bubble ready to burst, the recovery itself and the market’s ability to shrug off China’s interventions demonstrates quite the opposite, Bitcoin investors in China finding alternative methods to trade.

South Korea’s Financial Supervisory Service decision to ban fundraising through virtual currencies also seemed to do little to Bitcoin’s recovery, which has been fueled by a surge in appetite from Japan, following the Japanese government’s approval of 11 cryptocurrency exchanges, with Japan now touted to become the largest of Bitcoin’s trading hubs.

We would expect this month’s hard fork to have a limited impact on the value of Bitcoin and, while Bitcoin Cash managed to recover from an initial slide following the hard fork in the summer, how Bitcoin Gold fares remains to be seen, but it will boil down to how many different Bitcoin versions the market is likely to accept and whether the intentions of Bitcoin Gold are genuine.

Within the Bitcoin community, there’s been plenty of infighting ahead of November’s planned SegWit2x hard fork, with the battle between the supporters of SegWit2x and core software supporters raging on. A group of core supporters that have created a movement known as NO2x does all it can to repel support for SegWit2x and the NO2x movement has certainly garnered some support from some of Bitcoin’s bigwigs, with one of the leaders of the Bitcoin Gold team, Robert Kuhne, reportedly a member.

Bitcoin Gold could be an attempt by the NO2x movement to merely detract interest from SegWit2 and with that in mind, there are also a number of issues with the Bitcoin Gold project that needs attention, including the fact that the team does not have a testnet of the network created, which prevents miners from testing the system and the project also implements the same per-block difficulty adjustment as Bitcoin in its code, with no signs of an Emergency Difficulty Adjustment (EDA). Also, there is reportedly no replay attack protection through the Bitcoin Gold team which have suggested that the website is under active development at present.

While there are some concerns over the characteristics of Bitcoin Gold, its website lacking in detail, the Fork’s intention of decentralizing a centralized mining industry through the use of GPUs is one that could garner significant support. After all, the ethos of Bitcoin and cryptocurrencies, in general, is decentralization…

H4x3, the anonymous lead developer of Bitcoin Gold, has stated that the purpose of the Bitcoin Gold fork is to encapsulate Satoshi’s one CPU one vote vision, with the current mining domination unacceptable to anyone who understands the importance of decentralization to Bitcoin.

H4x3 added that Bitcoin Gold can be thought of simply as a replication of the Bitcoin protocol and coin distribution that can serve as a backup plan in case the original mining network is destroyed.

Interestingly, H4x3 believes that there has been a significant amount of support for Bitcoin Gold despite a lack of any major marketing. There is an expectation that Ethereum miners may, in fact, switch their GPUs to a Bitcoin Gold pool ahead of Ethereum’s planned shift from proof of work to a new and less popular proof of state system. If it turns out to be true, Bitcoin Gold would likely surpass Bitcoin Cash, though it would be a tall order to rise to the top of the Bitcoin table.

Cash, Gold and What’s Next

With Bitcoin Gold expected to yield yet another version of Bitcoin, the markets will be looking ahead to November and the SegWit2x fork and whether there will be another blockchain split.

There’s plenty hanging on the SegWit2x hard fork and cryptoanalysts have predicted that Bitcoin could hit $6,000 levels by year-end. The forecast dependent upon whether the November hard fork is implemented and how disruptive the fork is to the market.

Bitcoin Gold is expected to be less disruptive than the Bitcoin Cash fork in the summer and the looming SegWit2x fork in November, so while Bitcoin seems to have plenty of support at $4,000, one questions whether Bitcoin has yet to be truly tested as the disagreement between miners and core developers continue to threaten to prize apart Bitcoin.

With SegWit2, the issue of a split comes as there remains disagreement on a proposed increase to the block size. SegWit2 supporters are looking to push through a 2MB increase to the blockchain by way of a user-activated hard fork (UAHF”) that may result in the much talked about the split.

For now, neither the miners nor the core developers have ceded and, until one side decides to compromise, Bitcoin will split, leaving the free market to decide which chain will survive and for now it really is an unknown on what the possible ramifications on Bitcoin will be, over the near-term and longer-term.

Perhaps more interesting is the knock-on effects to other cryptocurrencies. As mentioned earlier in the article, Ethereum miners are looking to move to Bitcoin Gold once the fork has been implemented, which suggests that the value of Ethereum will be under pressure.

Bitcoin could continue to upgrade by way of implementing forks that could see interest in other cryptocurrencies erode.

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Bitcoin Prices Drop Ahead of Bitcoin Gold Fork Tomorrow

Bitcoin has had a vibrant week so far, which began with a vicious but prompt plunge to the $5,101 weekly low. This was soon followed by a rebound that pushed the price up to the new $6,180 all-time high. Volume has been strong since then, although selling was until recently, outpacing buy orders by a wider margin, in just these past few days alone. Caution is warranted, considering how unpredictable the implementation of the upcoming forks might end up being, especially when it comes to bitcoin’s future price advancement and momentum.

I have to strongly disagree that the Saudi prince primarily impacted recent day’s downturn. It is more likely, that it was chiefly instigated by the hourly countdown to the listing of BTG on the YoBit exchange, and from the uncertainty of the actual Bitcoin Gold Fork event. Even though the exchange is hated by many, there were no other relevant trading events in the past 24 hours, aside from a vast swath of reiterated news pieces, which were mostly just quotes from the latest batch of talking heads. The swings in bitcoin’s price seem to be correlated with the volatility of bitcoin gold’s buy support as well, to a degree and for the time being at least.

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Bittrex will be crediting accounts with BTG tomorrow. However, trading will not be possible via a separate market, so users will have to withdraw to other sources (exchanges and/or wallets). Just as it was with the bitcoin cash fork, the parity will remain the same; one BTG will be credited per one BTC during the snapshot block. There are many points of contention when it comes to the latest offshoot of bitcoin, one of the main concerns being the absence of replay protection, and a rather sizable developer premine (100,000 BTG).

For seasoned crypto enthusiast and traders, the forks and accompanying terminology do not really present anything new or challenging. We can only speculate as to how this all looks to newcomers and people who are less tech-savvy.

BTG futures are also tradable on the Bleutrade exchange, while HitBTC is offering B2X trading pairs. It should be noted that these SegWit2x futures are currently not available anywhere else.

Ever since the $6,180 all-time high was achieved on October 21 (GMT 16:30), bitcoin has kept to its downward trend. Four reversals prominently stood out during this lead-out period, the last one happening today. Bitcoin price is trading at $5696.5, down -4.56% as of 12:00 GMT.

This post was originally published by EarnForex

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Three good trading setups: Crypto, Forex and Index

Today we do have three different asset classes. First, we will start with the cryptocurrency, the Bitcoin against the USD. We can see that the price broke below the 5770 USD support (grey), which opens the way to the mid-term up trendline (black). Even with that, the main sentiment remains bullish as we are still in the wedge formation (purple), which promotes the further upswing.

USDCAD is going higher after triggering the buy signal at the end of last week. Currently, the price stops around the resistance created by the top from the end of August but it is definitely not the end of a bullish potential here.

DAX is moving sideways, locked inside of the pennant (blue lines). This flat correction is actually the biggest achievement of the sellers since the end of August. That just shows how weak they are currently and gives higher odds for the continuation of the uptrend.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

Bitcoin – What Happens Now?

Wow – what a week! On Friday, Bitcoin zoomed up past the $6000 level, after worrying everybody it was going to slide back down again just as quickly. A look at the weekly chart shows the apparent strength of its current behavior.

Bitcoin Weekly Chart
Bitcoin Weekly Chart

Everything on the chart is pointing upwards. A point of caution though, the price breached and went beyond the $6,000 level but it has yet to close above it. This would seem to indicate $6,000 may have become the new resistance level for the cryptocurrency.

On the face of it, the weekly chart does not bear this out. The strength of the rise is unquestionable. The 21-day EMA is almost 45° and possibly steepening. The 50-day SMA is steadily climbing and both are way below the lowest of the closing prices.

The second point of caution, though, is shown up by the 14-day ADX indicator (shown in lime green in the second window of the chart). This shows the dip downwards over the past two weeks, even though the pulse signal is strongly positive. This could be an early indicator of a weakness coming into play in the price.

At the same time the divergence indicator has given a second signal confirming the upward trend since when, after tailing off slightly, the indicator has gained positive traction upwards, as shown by the magenta tops to the blue indicator signals, all of which are positive.

Bitcoin Daily Chart
Bitcoin Daily Chart

The daily chart reiterates our caution about a further rise. Once again, like the weekly chart, the price has risen above the $6,000 level but has yet to close above it. This would reinforce our argument about the $6,000 line becoming the new resistance level.

Moving down to the pulse indicator, it can be seen as the color of the last few bars has gone from lime green to dark green, whilst at the same time, the 14-day ADX indicator has been negative and looks like it could be below the median if it continues to decay.

A quick look at the wave indicator shows this has leveled out since the last divergence confirmation, after climbing for several weeks at a fairly steady rate – as shown by the magenta topped, blue pulse signals.

From a fundamental perspective, there are some interesting things going on too.

Over the last couple of weeks, we have mentioned Jamie Dimon and his thoughts on bitcoin. It came as a huge surprise this week, then, that JP Morgan, announced it was giving the green light to a blockchain technology, known as Quorum.

In a collaboration with the Australia and New Zealand Banking Group and the Royal Bank of Canada, “JP” is advancing its in-house blockchain solution. They are hoping to embrace this technology to enhance their backroom operations. The three banking groups believe there are vast savings to be made on international money transfers, loan trading, and securities settlement, along with other financial instruments, such as mortgages.

IBM, too, is investigating in blockchain technology for banks. They are concentrating on the lucrative area of cross-border payments. This is a major headache for the banks as they have to settle accounts in different currencies, with different accounting practices, and, in some cases, transfers taking place at a snail’s pace.

Along with Stellar, a blockchain start-up, and Kickex, a payment company, they are hoping to significantly reduce the cost of global payment transactions for consumers and businesses, at the same time reducing the settlement time.

With international transactions sometimes taking weeks to complete, IBM sees a radical transformation in the offing, to obtaining letters of credit, finalizing transaction terms and providing flexibility and transparency, to the banks, as well as their customers.

This confidence in the underlying system of technology which supports cryptocurrencies such as Bitcoin and Ethereum, will make major inroads into it being accepted within wider financial circles, which in turn will increase its acceptance as a viable alternative to “normal” fiat currencies.

In addition, the Bitcoin network will have to manage the Bitcoin Gold Fork tomorrow that can add volatility and new developments into the desire cryptocurrency.

We believe this can only enhance the price of cryptocurrencies in the longer term.

Noble Gold specializes in IRAs and 401(k) rollovers through precious metals and cryptocurrencies investments.

Bitcoin Price Hits $6000, What is the Future for Other Cryptocurrencies?

The turnaround in the bitcoin market ever since it went down due to Chinese regulators action, a few weeks back, has been nothing short of spectacular so far. When bitcoin prices dropped by more than 20% at that time, there were many inside and outside the market who had predicted that the bitcoin industry was doomed and that it was only a matter of time before everything went bust in the market.

Bitcoin 4H Chart
Bitcoin 4H Chart

But contrary to the expectations, the prices have had a slow and steady turnaround and the beginning stages of the recovery in the prices were quite slow. But as prices began to recover, more and more traders and speculators began to regain their confidence in the bitcoin market and they led the buying which led to bitcoin prices gathering pace as they spiraled upwards. Now, just a couple of days back, it broke through the $6000 region and the progress from the $5000 region to $6000 has been quick and steady. This only promises that more such strong moves are in store in the future. We would be looking towards the $5000 and $5500 as strong regions of support with the resistances coming in at $6000 and the previous highs at around the $6200 region. A break through the $6200 region is likely to carry prices towards $7000 in a swift manner.

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Bitcoin’s Upcoming Events

This raises the question of how long this uptrend would last with the Bitcoin gold fork happening in the next few days and another fork scheduled in the industry in November. Though the last fork in August was managed well, every fork has to be dealt with care to ensure that there are no errors and also to ensure that the entire network remains stable. The launch of bitcoin gold, in a bid to give back control to CPU and GPU miners by reducing the dependency on ASIC, is welcomed in the industry as a good move but still seems that a large part of the bitcoin network, including many exchanges, are not yet ready for the same and hence seem to view it in a doubtful manner. It could also lead to a further split among investors and miners and some of them could be weaned away to bitcoin gold, same as they have weaned away to Bitcoin cash after the previous fork.

If this is worrying news, then some analysts in the industry say that the fork in November could be even more challenging as the fork has been born out of a strong group of Bitcoin miners who favor Segwit2X and this fork would lead to another new type of bitcoin currency. This time, the impact on the bitcoin industry is likely to be larger as this group is a much larger group of miners and developers and they are likely to be weaned away to a new cryptocurrency. The full impact of the November fork is still unclear and we would be able to get a better picture as we get closer.

Ethereum is Not Following Bitcoin

All these events in the bitcoin industry also make us wonder whether this strength in prices and the market, in general, in particular only for the bitcoin market or whether it is true for the other cryptocurrencies as well. A look at the next cryptocurrency, Ethereum, which is considered as the heir apparent for bitcoin, paints a bleak picture though. Ethereum prices have failed to match the run in the bitcoin prices ever since the ICOs were banned by the Chinese regulators and few others followed the similar action as well. Till then, ETH prices were following the price action of bitcoin but since then, Ethereum has struggled to gain traction.

Apart from the ban on ICOs, the just completed fork in the ETH industry has also added pressure to the prices. Though the fork has been completed successfully, it is not yet deemed stable and it is believed that it would take at least a couple of months for the fork to become stabilized and for it to be announced to be stable. This has been affecting ETH prices which now trade slightly above the $300 mark, well away from its all-time highs near the $400 region. The support for ETH prices come in around the $270 region with a lot of selling seen in the $320 region and the $340 region. We do not see the ETH prices breaking through and staying above $340 region for now as the market still comes to terms with the hard fork.

ETH/USD 4H Chart
ETH/USD 4H Chart

Furthermore, we continue to believe that in the long term, Ethereum is likely to outlast a lot of other cryptocurrencies as the fundamentals underlying ETH appear to be much stronger than for others. ETH is also led by a very strong team which has the support of a lot of investors and traders who continue to believe in the long-term strength of this crypto. Also, with many ICOs continuing to be launched in different parts of the world and with this trend likely to continue in the future also, we believe that traders would have to deal with ETH for a long time to come and hence it is not something that can be forgotten easily. On the other hand, the continued weakness in prices is likely to drive away a lot of speculators looking for quick and good profits and this is something that Ethereum market, like the bitcoin market previously, has to overcome to in order to improve its trust factor.

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Bitcoin Cash is Stable

On the other hand, bitcoin cash, the crypto that was born out of the fork in the bitcoin market in August, has been holding fairly steady over the last few days. It does not seem to be affected by what is going on in the bitcoin market but seems to be on its own journey to discovering its prices. The crypto prices had shot to around $970 towards the end of August based on the initial euphoria and expectation that it would have a strong usage and demand like the main bitcoin, only to crash lower. It went as low as $280 towards the beginning of October and since then, it has been quietly moving higher without being spectacular. As far as market capitalization is concerned, it continues to be in the top 5 which augurs well not only for bitcoin cash but for other cryptos that are likely to be born from the bitcoin market as investors would now know what to expect from them.

Bitcoin Cash/Bitcoin 4H Chart
Bitcoin Cash/Bitcoin 4H Chart

But with the coming of bitcoin gold, investors are likely to be presented with a lot of choices to invest in, as long as they want to stick to bitcoin and its derivatives. This is likely to take away some investors and miners not only from the main bitcoin market but also from bitcoin cash, which is then likely to add a lot of pressure on prices of bitcoin gold in the near future. We expect bitcoin cash prices to fall in the short term as the market comes to terms with bitcoin gold and also gets itself ready for the next fork in November and then it remains to be seen whether bitcoin cash would continue to be able to hold its position in the top 5 or whether it is likely to be replaced by the upcoming variants.

Litecoin Struggles at the $60

Another crypto that has been having a stable placing in the top 5 of the market capitalization ranking has been Litecoin. This coin has been around for quite some time without ever having shaken up the industry as such. It has managed to remain in the headlines but it had a turbulent time over the last 2 months as it visited both its highs as well as its lows during this period. It seems to be struggling at this point of time but as said before, it has never been in the forefront and never known to bring in large volatility or liquidity and has always been content to be the middling crypto which exists there and thereabouts.

Litecoin 4H Chart
Litecoin 4H Chart

For the short term, it appears to be looking for some strong support which would help investors and traders to get interested in buying it again. The important support regions to watch out for would be around $52 and then $48 and we believe that there would be a lot of buying support in these regions which should then push back Litecoin prices towards $60 in the medium term. For now, it seems in a consolidation mode and does not seem bothered by what is going on in the bitcoin market.

The cryptocurrency market seems to be thriving at this time with bitcoin leading the way, as it usually has. Though the market has been facing many hurdles with different kinds of restrictive and regulative actions from the authorities, the industry has managed to not only survive but also ensure that it comes back with double its strength.

This only shows that the market has the full support of investors and traders and hence is likely to last for the long run despite doubts being raised by certain financial leaders. In fact, even in the financial industry, the opinion seems to be mixed with certain leaders suggesting that the industry would go bust in the medium term while other leaders acknowledge the fact that the industry is here to stay for the long haul. As we heard from JP Morgan CEO, Jammie Dimon that ‘Bitcoin is a fraud but Blockchain is good’, it seems that no one could stay indifferent towards Crypto innovative technology.  Traders would be well advised to not only view these cryptocurrencies as instruments to make a quick profit but also try and understand the underlying concepts and the technology which would then help them to make better trading decisions.

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

Bitcoin – 6000 Plus, what’s next?

Bitcoin (BTCUSD) crossed the 6,000 mark for the first time on Friday for a short, fresh peak taste and is now retesting the 5,800 breakout region.

Bitcoin 4H Chart
Bitcoin 4H Chart

The No’ 1 cryptocurrency is heavily traded between 5,400 and 5,800 with “just” 400 points up and down glitches since Friday.

Note that in the next few day the Bitcoin market will be highly affected by the Bitcoin Gold Fork. The fork is scheduled on October 25th.

Bitcoin is trading at $5728.9, down -4.01% as of 8:00 GMT.

Today, purchasing manager indexes figures will come out from Europe and the United States.

Few scenarios on the table today:

  1. In London Trading session – positive Euro-Zone and German economic data could provide with market peacefulness followed by Bitcoin trend reversal selling theme. Conversely, the 6,000 mark may breach one more time upon negative data.
  1. In New York Session – the morning trend could accelerate, decelerate upon 13:45 PMI data. This is the most important hour of the Bitcoin trading day.

It is nice to know that:

Purchasing Managers Index, or the PMI, is a strong economic-health-indicator which is derived from monthly surveys of a number of carefully selected companies across the manufacturing, construction, retail, and service sectors. The PMI is based on five major indicators: inventory levels, new orders, production, supplier deliveries and the employment environment. All indicators are calculated separately and then combined together for a final number. An index total over 50 indicates economic improvement, while anything below 50 indicates an economic decline. The farther away from 50 the index is, the stronger the change over the month. An advantage of using the PMI is that it is a fact-based indicator, not opinion-based.

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter

Bitcoin and Ethereum Price Forecast – BTC Prices Under Pressure

Bitcoin prices have been generally lower over the last 24 hours as the prices have reversed a move through the $6000 region and now trade above $5600 as of this writing. This weakness in the bitcoin prices along with consolidation is expected to continue in the short term but with the prices have already made a trip through the other side of $6000, it appears only to be a matter of time before the prices begin to make the next trip to that region. The current weakness in the bitcoin prices is attributed to the hard fork which is likely to happen in the short term which would produce a new cryptocurrency called bitcoin gold.

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Bitcoin Prices Under Pressure from Fork

This is similar to the fork that happened in August which led to the birth of bitcoin cash and this fork is going to precede the SegWit2X fork that is scheduled to happen in November. So, along with these forks, there comes uncertainty in the markets as well and this is likely to make the traders and investors think twice before they set about buying more of bitcoin and this is one of the reasons for the fall in prices. The birth of bitcoin gold might lead some of the miners and investors away from the main bitcoin market and there is a general fear that this could then affect the demand for bitcoins.

Bitcoin 4H
Bitcoin 4H

The Ethereum market had continued to flounder for most of the day yesterday as it fell through the $280 region during the course of trading. This led to fears that the prices might be in for more correction in the short term but this morning, the ETH market seems to have found some new love as the prices have shot higher this morning through the $300 region and continue to trade above that as of this writing. Some of the uncertainty in the bitcoin market might be making the investors diversify their holdings and this is probably helping the ETH prices higher.

Forecast

Looking ahead to the rest of the day, we can expect the consolidation in the bitcoin market to continue with a bearish bias for the short term as the traders watch how the hard fork and the birth of bitcoin gold are going to affect the bitcoin market. The ETH prices are likely to be volatile as the market comes to terms with new developments and it will be interesting to see what it does.

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Bitcoin Price: Market Law and a Bit of Sentiment

Cryptocurrency market is a highly volatile one. This is one of its key features that lures so many new investors to the digital currency world. How is a digital coin priced? This is a question asked by any a cryptocurrency newcomer. To answer this question, however, you should first and foremost remember that digital currencies are ‘virtual’, they are not backed by any material assets and not regulated by any authority.

In fact, the only thing Bitcoin price depends on is supply and demand. This market law is king here, and it always governs the cryptocurrency price. The more attention is driven towards the digital currency market, the more Bitcoin is spread as an asset or payment option, and the higher goes its price.

Digital coins are as much volatile as they lack transparency. Nobody has a clue of the total amount of Bitcoins in the market and who they belong to. This is critical, as a few pumpers (investors who hold a large amount of an asset) agreeing upon a few actions could be sufficient to artificially create any market trend. As for the high risk, traders get large earning opportunities as a reward in case the market follows their direction.

There are, however, some secondary factors influencing digital coin prices. These are, for instance, increased financial awareness among general public and free access to cryptocurrency market news and events. The more attention digital assets get, again, the more is the demand, and the higher the price. Cryptocurrency infrastructure improvements, such as adding more deposit options, ways of making transaction, converting options, etc, also have some positive influence on cryptocurrencies demand. The easier you can enter and exit the market, the better for you.

With an in-depth approach, we can find yet another digital currency price driver, although its influence is more indirect. This is inflation rate in ‘traditional’ economy. Bitcoin, Litecoin and other digital coins price depend on how many coins have already been issued. A digital coin is a sort of finite resource, as the source code would allow issuing a limited number of course. However, Bitcoin is not connected to inflation in any way, as it is not backed by anything. Thus, cryptocurrency is becoming a kind of safe haven for investors who want to avoid inflation-related losses.

There are many more secondary factors influencing digital currencies, such as geopolitical events, number of active buyers and sellers, total cryptocurrency volume, speculators’ sentiment, etc. The political factor can be easily traced when comparing digital currency price with emerging markets currencies, such as Mexican Peso, Turkish Lira, or Russian Ruble.

Speculative market players do deserve some special attention. The digital currency market has just started developing, with its volume constantly growing, but intraday values still allowing speculators to artificially create an ascending or descending trend. We have already mentioned that above: a few investors with large amounts of cryptocurrency can make the price rise or fall.

The sentiment is another factor that should not be underrated. Market panic or hype may both cause the prices to fall and make the skyrocket. Everything here depends on market reactions to specific events at some point in time. In case the sentiment is positive and the investors are inclined to buy an asset, the price of such asset will be going up.

Anyway, when you invest in cryptocurrencies you should always remember that past performance does not guarantee future results, while the risks will be growing as long as the cryptocurrency market becomes more and more volatile.

RoboForex is a group of companies that offers brokerage services to clients in various countries over the world. The group provides traders from the Forex and stock markets with access to its proprietary trading platforms. 

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Bitcoin and Ethereum Price Forecast – Bitcoin Prices Follow Pattern

The bitcoin prices corrected lower over the weekend and have been consolidating today, which is an expected reaction after the prices broke higher through the $5800 and then the $6000 region over the last week and went as far high as $6200 on Friday. So, as is the case with every bullish leg of this seemingly never ending bull run in the bitcoin prices, the prices have broken higher and this has been followed by a period of correction and then consolidation before the next leg higher. This leg has been following the same pattern over the last few days which raises the possibility that this pattern would continue for the short term as well.

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Bitcoin Prices Stay Steady

Though a lot of restrictions on trading of bitcoins has been contemplated and, in some cases like China, have been implemented as well, the basic mechanism under which the bitcoin industry operates provides a compelling narrative for its users and supporters which is unlikely to waver under any circumstances. That is why the market has been rising up even when it falls. The central banks also seem to slowly realise that bitcoin and other cryptocurrencies can no longer be ignored or swept under the carpet and we are seeing the leaders of some major central banks begin to talk about the industry which has also boosted the prices.

Bitcoin 4H
Bitcoin 4H

The ethereum market, though, seems to be stuck in a rut and if this continues, it may not be long before some of the other cryptocurrencies begin to seriously challenge ETH for the title of the second major crypto. ETH has been able to hold on to this position for so long mainly due to its use in ICOs and also due to the underlying technology but if the prices continue to flounder, as they have been doing so over the last several weeks, it is likely that the traders and investors might start losing interest and start looking elsewhere.

Forecast

For the rest of the day, we expect the bitcoin and the ETH prices to continue to consolidate for the short term. The bitcoin prices have just finished a leg of bullishness and a leg of correction and so some consolidation is expected in this market. The ETH market is expected to continue to flounder and cope with the changed scenario in the short term.

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Bitcoin and Ethereum Price Forecast – Prices Likely to Consolidate

Bitcoin prices have bee consolidating over the last 24 hours as the traders and the speculators plan for the next move. This well and truly shows that the bitcoin market is back on track as the prices move ahead during the bullish leg and then spend some time in correction and consolidation phase before the next leg ahead. This has been the price action in the bitcoin market over the last few months and the fact that we have come back to this mode shows that the market is fully up and running.

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Bitcoin Prices Consolidate

The hard fork in November is still on schedule but so far, it does not seem to be having much of an effect on the market. Maybe, as we get closer to the fork, we might start seeing some effect and some more consolidation and correction. The fact that the fork in August was handled well and it only made the bitcoin market even stronger, should be giving some solace to the investors and the traders and that is one of the reasons for the market to ignore the upcoming fork for now. We expect this consolidation to continue through to the weekend and the traders should watch out for a breakout through the new highs in the $5800 region over the weekend.

Bitcoin 4H
Bitcoin 4H

The ethereum market continues to lag behind the bitcoin market as the bitcoin prices continue to make and threaten new highs. The ETH prices are still around 25% away from their previous high and the ban on ICOs from various regulators seems to have had a debitating effect on the ETH market so far and it seems to be taking much longer to recover as compared to bitcoin. We continue to believe that the ETH market has a lot of potential and a long way to go but it just seems to be caught in a rut with a lack of support from traders and investors.

Forecast

Looking ahead to the rest of the day, we do not expect to see too much action in the BTC or the ETH markets for today. There is nothing fundamental to look forward to for the day and hence we expect some consolidation and ranging to continue in the markets for the day.

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Bitcoin Runs In Two Price Channels With Different Time Frame

The BTCUSD trades within a rising price channel with support at its bottom around 5110 on the 4-hour chart, indicating that the price remains in the uptrend from 2970. As long as the price is in the channel, the fall from 5870 could be treated as consolidation of the uptrend and a further rise is still possible after the consolidation. The bitcoin price is expected to test 5870 resistance in the coming days. A breakout of this level could trigger further upside movement towards 6500, followed by 7000.

However, the bitcoin price is likely to meet resistance at the top trend line of the price channel on the daily chart and drops sharply to as low as 5020. Now the 5020 is treated as key support of the uptrend from 2970. A breakdown below this level will indicate that the upside movement from 2970 had completed at 5870 already and lengthier consolidation for the longer term uptrend from 905 is underway. Then the following downside movement could bring the price back to next support level at 4360, followed by the bottom trend line of the channel now at around 3750.

btc2

Technical levels

Support levels: 5110 (the bottom trend line of the price channel on the 4-hour chart), 5020 (key support), 4360, 3750 (the bottom trend line of the price channel on the daily chart), 2970 (the September 15 low).

Resistance levels: 5870 (the October 13 high), 6500, 7000 (psychological important level).

So Who Has the Most Advanced Cyber Warfare Technology?

Cyber warfare by definition is the use of computer technology to disrupt activities of a state or organization. Attacks can bring down official government or company websites and networks, disrupt and even disable essential services and much frightening, harming major facilities and infrastructure networks, steal or amend classified data, bring down financial systems and even decide the outcome of a superpower’s presidential election.

Cyberwarfare in more recent years has risen up the rankings as one of the more effective forms of war, used with the intent of inflicting harm over presiding governments and damaging economies, without the costly exercise of taking up arms.

The covert nature of cyber warfare is more akin to the cold war era of spy games, with superpowers and even the less powerful, raising the stakes, while we common folk sit back and ponder how fortunate we are to be living in relatively peaceful times, particularly in the West.

Estimates suggest that as many as 120 countries have developed ways to use the internet as a weapon and enter the fray, targeting government computer systems, utilities and of course, the financial markets.

The Cyber Cold War

Within Asia, China will certainly have one of the more advanced cyber armies, with estimates suggesting that China may have as many as 100,000 cyber soldiers today. It’s no secret that China has been using private sector specialists in its cyber offensive, in what is considered to be a decentralized network of cyber soldiers.

China is probably considered public enemy number one when it comes to cyber war, with the Chinese having been accused of being responsible for an array of cyber-attacks in Canada, France, India, Russia and, of course, the U.S., to name just a few of its more revered casualties of cyberwar.

An apparent agreement between the U.S and China of mutually assured restraint may well be as good as the handshake made at the time of the agreement, with China amongst other advanced nations having entered what some dub as the dawn of a Cyber Cold War.

Despite the handshake between China and the U.S, made during Obama’s time in office, the U.S State Department continues to publicly state that Chinese cyber-attacks against U.S companies remain ongoing.

Perhaps one of China’s generals in cyber warfare is Huawei, a company started just 30 years ago by Reng Zhengfei, a former civil engineer in the PLA and also a member of China’s Communist Party. Its telecommunications capabilities and support from the Chinese government certainly support the view that the Company is in bed with the Chinese government and engaged in covert operations.

Back in 2011, Huawei was in fact banned by the U.S government from bidding for the tender for the U.S emergency communications network, with the ban still effective for any projects of national strategic importance. It was only the following year that the Australian government blocked a Huawei bid to work on the country’s National Broadband Network.

In 2013, the UK government completed a cyber-security review and concluded that enhancements were required. The review is over cyber threats from Huawei’s cybersecurity center in Southern England. The Indian government has also faced some home truths, with certain departments within Huawei’s Indian office off-limits to locally employed staff.

Not only is the founder of Huawei a member of the Party’s army, but also a member of the Communist Party of China and if you’re looking for a clearly defined org chart on who sits where and responsible for what, it may be easier to get the NSA’s org chart.

It is worth pointing out that like any war, nations may be engaged in either defense, offense or both, with many nations having to partake in the interest of national security.

Other countries heavily involved and considered advanced in Cyberwarfare include Russia, with last year’s U.S Presidential Election and surprise Trump victory being attributed more to the will of the Russian Cyber Army and Putin than the voting population of the U.S.

According to Bloomberg, the Russians had targeted as many as 39 states across the U.S., though the U.S is certainly not the only victim to fall foul of Russia’s cyber-attacks, with Ukraine earlier in the year accusing the Russians of attacking its security service system, which spread globally affecting companies as distant as Australia. The alleged attacks on the Ukraine are not the first and are unlikely to be the last.

Ransomware attacks have become all the more popular in recent times, reaching as far as attacks on Bitcoin currency and, while North Korea continues to parade its military capabilities, the Kim Jong-Un regime is also known to be into cyber warfare, with the cyber army more commonly known as Unit 180, sitting within the North Korean’s main spy agency. Targets for Unit 180 include the U.S, South Korea and a number of other countries and, while North Korea vehemently denies the claims, investigations have found evidence that point to North Korea being involved in the global WannaCry “ransomware” cyber attack that hit over 300,000 computers in 150 countries in May. The attack even managed to lock some UK hospitals out of their IT systems, causing operations to be canceled.

North Korea has also been linked to a cyber-attack on the Bangladesh Central Bank, where a reported $81m was stolen and also an attack on Sony’s Hollywood studio.

Cyber-attacks similar to the North Korean Bangladesh Central Bank heist would certainly explain where the nation has sourced its funds to develop nuclear capabilities and weaponry now capable of reaching U.S soil. Defectors have affirmed that Unit 180 is engaged in the hacking of financial institutions and withdrawing funds from bank accounts, with members of Unit 180 traveling overseas to access more advanced internet services as victims unable to trace the attacks back to North Korea.

With the Far East catching up in cyber warfare, as power continues to ebb towards China, EU defense ministers just this week took part in a simulated cyber-attack exercise for the first time, the exercise is used to raise awareness of the possible impact of cyber-attacks on the military in particular.

While we have discussed the victims and the aggressors, the new cyber cold war is a global one, with nations not requiring the US Dollars or the sheer numbers to inflict significant damage and disruption on a global scale.

Unsurprisingly, the U.S sits as the nation has the best offensive cyber capabilities, the National Security Agency has been and continues to be involved in an array of big brother and clandestine operations.

To put the scale of the U.S cyber army into perspective, the headquarters of the U.S cyber spy division is considered to be equivalent to the size of a U.S city, with the NSA headquarters not only heavily armed, but also has its own police force. And it just keeps getting bigger, with the NSA’s cyber spies recently joining forces with U.S Cyber Command, which is responsible for the U.S Cyber Army, Cyber Airforce, Cyber Marine Corps and Cyber Navy.

To the NSA’s embarrassment, it was Snowden’s revelations that publicized just how advanced the U.S was in the race to cyber supremacy and it certainly just caused for other nations to take note and catch up.

Snowden had also stated that the U.S is intent on turning the internet into a battleground for war, with the U.S government looking to attain Information Dominance.

Perhaps surprisingly will be Israel’s assumed ranking of number 2 in the rankings, with the U.S and Israel agreeing to collaborate on fighting off cyber-attacks, Israel too has been a victim of ransomware over the summer. Israeli intelligence is well known across the world and some say that Israel leads cyber warfare technology. The need to monitor Iran, in particular, and its progress in nuclear and cyber capabilities considered key to the stability of the region. Underground, there is a battle between Israel and the US versus Iran, Russia and perhaps China.

There will be some debate over who comes 3rd, China or Russia, with both considered particularly active, when considering some of the cyber-attacks hitting the headlines in recent years, which leaves Iran and North Korea, who are assumed to have similar capabilities, ranking behind what may ultimately be a China – Russia collaboration to take over the world, or at least battle against the might of the U.S.

So, with the U.S sitting at the helm and way ahead of the field, the aggressor has certainly fallen victim to cyber-attacks and we will expect the developed world to play catch up, not because there is concern over the NSA listening in, that has been going on since the ‘50s, but because countries like Iran, North Korea, and even Russia are intent on causing material disruption and even influence democracies across the globe. Lessons learned from the actions of an American past and perhaps even present.

Big brother has always been the U.S, but it now has some younger brothers and in the modern age of technology, they are likely to grow up quickly.

One can only imagine the prospect of a combination of Artificial Intelligence and advanced Cyber warfare technology. Such a world and such a prospect is a chilling one to consider, with access to nuclear codes, central banks, financial systems, the military and the corporate world, as we know it today, likely to leave mankind pondering on whoever came up with such a devastating idea.

We’re not there yet, but our governments are in a hurry and it won’t be long before the cyber war evolves into something more than just spy games.

Bitcoin and Ethereum Price Forecast – BTC Prices Correct and Then Bounce

Bitcoin prices have underwent the correction that we had been talking about in our forecasts over the last couple of days. The bitcoin prices had broken through the all time highs and then through the $5000 region and once that was completed, there was no stopping it as it teared away higher through to the $5800 region with no time to take a breath. We felt that this was inconsistent with how a normal breakout and trend would be and hence had suggested that a correction was in order. This correction came in over the last 48 hours as the prices dropped towards the $5200 region on the back of profit taking and also due to the need for those who missed out on the move, to load again.

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Bitcoin Prices Look Higher

So, this move towards the $5200 region was consistent with a normal correction and once this move was completed, we have now seen the prices start to move higher again as the prices now trade comfortably above the $5500 region once again. With the correction complete, we believe that it is time for another bullish leg in the prices and after some consolidation, we should see the prices moving back to the $5800 region once again and then it would be interesting to see whether we get a breakout or whether we see another round of correction and consolidation.

Bitcoin 4H
Bitcoin 4H

The Ethereum market has successfully navigated the hard fork and now the prices are back to tracking the bitcoin prices. The success of the fork has not brought in the bullish trend that we had expected but atleast, it has made the ETH market to be free from that burden and to get back to tracking the bitcoin prices once again.

Forecast

Looking ahead to the rest of the day, we might see a bit of consolidation in the bitcoin prices before it starts moving towards the highs of the range once again. We should see some similar action in the ETH market as well, during the course of the day.

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

Bitcoin and Ethereum Price Forecast – Consolidation Mode

Bitcoin continues to defy gravity and much more with Bitcoin sitting at just under $5,500 at the time of writing, as the markets continue to look ahead to up and coming forks that are likely to result in additions to the Bitcoin family, with Bitcoin Gold the first up next week.

Investment bankers have tried to stem the Bitcoin storm, though the advice may be that ‘if you can’t beat them, join them,’ some of the very same U.S banks now looking to provide a Bitcoin trading platform.

Cryptocurrency resilience has been more than evident, despite the best efforts of some governments to curb the seemingly unstoppable rise in value, which may suggest that talks of a bubble will begin to abate. Remove the scaremongering and what’s left could be a surge of stratospheric proportions, the scaremongering having left many an investor on the side lines, laying-in-wait for the collapse…

As ever, caution is needed, but as Bitcoin continues to knock down the walls of resistance, some may decide to throw caution to the wind.

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Bitcoin Prices Ignore the Prospect of Hard Forks

In contrast to the August hard fork that saw Bitcoin tumble to sub-$3,000 levels, sentiment towards the possible creation of Bitcoin Gold seems to have few in arms as the battle between Bitcoin’s core developers and the mining cartel rages on.

Some consolidation over the near-term would be the classic way of thinking, but with little seemingly able to get in the way of the dynamicity of Bitcoin and the market, support levels remain strong at present, despite the likes of Goldman Sachs suggesting that gold remains their preferred investment of the two.

Ultimately, the question will be whether too many Bitcoin hard forks will spoil the broth, the cryptoworld having been able to stomach the creation of Bitcoin Cash, which to-date remains the only alternative Bitcoin currency.

Ethereum prices eased back at the time of writing, down 9.33% at $306.04 as some profit taking hits following the success of the hard fork at the start of the week.

Ethereum has yet to test Bitcoin, but Bitcoin may be about to test Ethereum support, with the Bitcoin Gold Fork providing an alternative to Ethereum miners, with graphic processing units about to be an option to mine for Bitcoin Gold.

Forecast

Barring any unforeseen events through the day, we will expect some degree of consolidation to prevail as the Cryptoworld looks ahead to the upcoming forks and whether there will be a resultant shifting of the goal posts for Bitcoin and Ethereum, though as we have seen in the past, there’s plenty of appetite for now to support the various cryptocurrencies over the near-term.

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Bitcoin Trades near All-Time Highs, the Ethereum Hard Fork, and the Slow March to $6,000

Despite the massive run-up in price, the psychological level of $6,000 was not breached, and the BitStamp all-time high presently sits at $5,846.43. The same can be said for BitFinex’s BTC/USD pairing, which now has a new $5,920 all-time high, serving as a final pre-breakout resistance level. We have a similar situation with Kraken’s XBT/EUR pair, €5,000 was not shattered, and the all-time high is currently holding at €4,899. Bitcoin prices have consolidated since the big surge last week and currently are trading at 5676 as of 9:30 GMT.

Yesterday’s reversal was immensely painful for margin traders. Needless to say, altcoins have continued to crater, and have even in some cases, secured new all-time lows. The ethereum Byzantium Hard Fork has also come to pass without any issues, but the positive resolution has not had a sizable effect on the price, at least not as of yet. Bitcoin cash has oscillated around $350 at the time of writing.

The bitcoin fork appears to stir up a lot of controversies, with certain sources stating that there is practically no support for bitcoin gold. This equally applies to exchanges as well as wallets providers, and the project might be running into a few technical difficulties, which could explain the lacking support.

As to whether bitcoin is in a bubble and/or near the top, there are many conflicting opinions on the matter, although it should be obvious to anyone who has even remotely glanced at the charts.

Jamie Dimon, with his endless slurry of quotes on bitcoin, is regularly referenced across social media, and mainstream media as well, which rarely miss an opportunity to cite him for their wider audience. Regardless, hourly volume has sustained on the majority of bitcoin centric exchanges, and waiting a few more days in order to gauge overall sentiment, would probably be a wiser course of action.

Media news outlets in South Korea have reported that Bithumb, the world’s largest cryptocurrency exchange by trading volume, suffered a security breach that ended up affecting 30,000 users on the trading platform. Government agencies have considerably ramped up their efforts, with Seoul’s Metropolitan Police Agency and the Central Prosecutor’s Office for Advanced Criminal Investigation, leading the investigation and taking point on resolving the controversy regarding the situation.

The previous week saw a huge 28.74% rise from bitcoin’s $4,541 weekly low, which began on October 9 (GMT 06:00). The breakout concluded at the $5,846.43 all-time high, which was realized on October 13 (GMT 03:00), thus ending the huge $1,305.21 upswing in price. Since then, trading has remained in a range between yesterday’s $5,383 daily low, and the $5,846.43 all-time high, which has not been broken thus far.

This post was originally published by EarnForex

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

Bitcoin and Ethereum Price Forecast – BTC and ETH Prices Consolidate

As we had mentioned in our forecast yesterday, the bitcoin prices have been consolidating over the last 24 hours with the $5800 region being the highs of the range so far. The bitcoin market seems to have got back to its usual routine of a bullish leg followed by some time of consolidation and then a bullish leg once again and this has been the case over the last few days as well. With the break through the previous all time highs and the psychologically important $5000 region, the bitcoin traders and investors have sent out a message to the rest of the market for them to sit up and take notice.

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Bitcoin Prices Stay Strong

Of course, no one knows how far this rally is likely to go with estimates varying between $10,000 and $20,000 but as long as traders stick to the technicals and important supports and resistances and have their stop losses and take profits in place, they should do well in this market. The bitcoin industry is heading towards another fork in November which could lead to another type of bitcoin like bitcoin cash. While bitcoin cash has not had too much of an impact on the ‘real’ bitcoin, it remains to be seen how much the upcoming fork is likely to affect the bitcoin industry.

Bitcoin 4H
Bitcoin 4H

The ethereum industry has been dealing with a hard fork of its own yesterday and it has been progressing smoothly so far. The fork helps to increase the size of the network and like the hard fork in bitcoin back in August, the ETH fork has also gone ahead smoothly improving the confidence in the market though the impact on the prices of ETH seems to be minimal so far.

Forecast

Looking ahead to the rest of the day, expect some more consolidation in the bitcoin prices and with the dollar also strengthening across the board, it could help to keep the bitcoin prices quieter for a bit more longer than usual. Also expect the ETH prices to remain buoyed for the short term as the investors and traders in that market celebrate the peaceful passing off of the hard fork.

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

Bitcoin and Ethereum Price Forecast – Bitcoin Stable, ETH Awaits Fork

The bitcoin prices have been correcting and consolidating over the weekend which is what can be said of the prices when it is in a $400 range. These kinds of ranges are quite common in the bitcoin market and that is what makes this instrument an attractive proposition for day traders and speculators as well. When the bitcoin prices are not moving ahead, it trades within a range that lasts for several hundred dollars and it provides a trading opportunity at all points of time.

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Bitcoin Prices Stable

We had mentioned in our forecast that a break through the all time highs and $5000 is likely to lead to a strong breakout but we had expected the price regions of $5200 and $5500 to hold the prices for some time and see some profit taking and selling as well. But we did not expect the trend and the breakout to be so strong that the prices have simply blown through the region and now have set $5800 region as the all time highs and even that region does not seem to be safe at this point of time.

Bitcoin 4H
Bitcoin 4H

The focus today and for the next couple of days would be on the ethereum market as the market undergoes a fork similar to what the bitcoin market went through in August. This fork is likely to increase the capacity of the network and it remains to be seen whether it leads to the split of the ethereum market to create a new crypto similar to what led to the creation of bitcoin cash. This is what seems to worry the market as a split is likely to lead to a battle on which one is the real ethereum. Today and the next couple of days is likely to be interesting.

Forecast

Looking ahead to the rest of the day, expect some volatility within $5800 price region in the bitcoin market for today. As for ETH, no one can guess what is going to happen but if the fork ends up fine, we could see the ETH prices shoot towards their all time highs in the short term.

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