Bitcoin and Ether Target Additional Losses, WAVES Eyes Crucial Breakout

Bitcoin

After a failed attempt near $49,500, bitcoin price started a fresh decline. There was a steady decline below the $48,000 and $47,000 levels. The bears even pushed the price below $46,500 and the 21 simple moving average (H1).

Besides, there was a break below a major bullish trend line with support near $47,350 on the hourly chart. The next major support sits at $46,250, below which there is a risk of a larger decline.

Bitcoin

The main support is near $46,000. Any more losses may possibly lead the price towards the $45,000 level. If there is a fresh increase, the price could test the $47,000 level. The key barrier is now near $47,500, above which the price might rise steadily.

Ether (ETH)

Ether also started a major decline from well above the $4,000 zone. There was a clear move below the $3,850 and $3,800 support levels. The bears pushed the price below the 61.8% Fib retracement level of the upward move from the $3,650 swing low to $4,120 high.

Ether

It is now trading below $3,750 and the 21 simple moving average (H1). The next major support is near $3,690. A downside break below the $3,690 support could push the price further lower. The next major support sits at $3,650, below which there is a risk of a move towards $3,520.

WAVES

WAVES remained stable near the $14.50 and $15.00 levels. As a result, there was a steady increase above the $16.50 resistance level.

The bulls pumped the price above the 38.2% Fib retracement level of the downward move from the $23.40 swing high to $14.40 low. It is now trading near the $19.50 and $20.00 resistance levels.

WAVES

There is also a key bearish trend line forming with resistance near $19.50 on the daily chart. WAVES is now trading above the $19.00 level and 21-day simple moving average. It is also facing resistance near the 50% Fib retracement level of the downward move from the $23.40 swing high to $14.40 low.

The next major resistance is near the $20.20 level. A close above $20.00 and $20.20 could open the doors for a strong rally.

ADA, BNB, and DOT price

Cardano (ADA) is down 7% and trading near the $1.20 support. A proper close below the $1.20 support could push the price further lower. The next major support is $1.05. Any more losses might call for a move towards $1.00.

Binance Coin (BNB) is trading well below the $525 and $530 levels. It is approaching the $500 support level. A downside break below $500 could open the doors for a move towards $450.

Polkadot (DOT) is down 8% and trading below the $25.00 support. It is trading below the $24.50 support. It seems like the bears are aiming a  move towards the $23.20 level.

A few trending coins are YFI and HNT. Out of these YFI is up over 35% and it cleared the key $28k resistance zone.

Bitcoin $10,000 – This weekend or next?

Bitcoin gained 4.74% on Saturday, reversing Friday’s 4.1% fall, to end the day at $9,342.9. The week’s see-saw continuing, with Bitcoin having been unable to string 2 consecutive days of gains together since Monday and Tuesday’s moves that ultimately ended in a reversal on Wednesday.

In spite of the intraweek falls, the good news is that Bitcoin has managed to gain 6.3% for the current week, Monday through Friday and, more importantly, break back through to $9,000 levels and get ever closer to the much talked about $10,000.

Bitcoin’s intraday high $9,500 and low $8,750 came within the same minute through the early part of the morning, Bitcoin managing to reverse the slide through the 23.6% FIB Retracement Level of $8,996 to resume the upward momentum and hit a post spike high $9,437.6 before easing back to $9,342.9 by the day’s end.

For the Bitcoin bulls in search of $10,000, hitting $9,500 and ending the day above the first major resistance level of $9,216.87 was key, the first part of the weekend rally coming good, the next step being Bitcoin avoiding yet another reversal that has been the trend through much of the week.

The prospects of a Bitcoin Cash hard fork that is expected to deliver a competitive edge over Bitcoin has yet to be reflected in market appetite for the market barometer, though competition is certainly building, with Litecoin also being increasingly used as a payment alternative to fiat money.

Saturday’s gains continued to support the bullish trend formed at 6th April’s swing lo $6,500.2, while Bitcoin lags Bitcoin Cash for the week, Bitcoin up 6.3% compared with Bitcoin Cash’s 16.9% rally.

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At the time of writing, Bitcoin was up 1.01% to $9,440, with the Saturday rally continuing in the early part of the day.

A start of the day $9,565.1 high saw Bitcoin test the day’s first major resistance level of $9,645.27 before pulling back to $9,400 levels, the pullback considered relatively mild by normal standards to support a positive move through the morning.

A move back through the day’s high would support a run at the 2nd resistance level of $9,947.63 that should get the cryptomarkets particularly bullish, Bitcoin’s last attempt at $10,000 being thwarted at the 24th April’s swing hi $9,767.4.

While Bitcoin may be considered the market barometer, Bitcoin will likely find direction from Bitcoin Cash, another solid rally likely to be a positive for Bitcoin and ultimately the broader markets, any pullback attributed to profit taking rather than a shift in sentiment towards Bitcoin and the cryptomarket in general.

A pullback later in the day could see Bitcoin fall to test the day’s first major support level of $8,895.27, though we will expect Bitcoin to hold at $9,000 levels going into the new week that would continue to support the bullish trend formed at 6th April’s swing lo $6,500.2

Elsewhere, Bitcoin Cash was up 3.88%, while Waves led the way amongst the majors, up 21.1%, with Monero’s XMR and DASH the only majors to buck the trend early, down 1.52% and 0.17%.

BTC/USD 29/04/18 Hourly Chart

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Bitcoin Gives Up more Ground to Bitcoin Cash and Chances of $10,000

Bitcoin slid 8.28% on Wednesday, reversing Tuesday’s 7.98% gain, to end the day at $8,847.7, the declines coming off the back of a broad market sell-off as investors looked to lock in profits stemming from the latest bull-trend formed back at 6th April’s swing lo $6,500.2.

An intraday high $9,767.4 in the early hours of the morning came up short of the day’s first major resistance level of $9,869.97 and Bitcoin’s $10,000 milestone, with a reversal through to the latter part of the day seeing Bitcoin slide through the day’s first major support level of $9,312.07 and 2nd support level of $8,970.63 to an intraday low $8,765.1, the day’s moves testing buyer appetite at the 23.6% FIB Retracement Level of $8,979 on its moves.

The good news for the Bitcoin bulls would have been the hold above the 38.2% FIB Retracement Level of $8,506, though failing to hold at $9,000 levels would have been a disappointing, further delaying Bitcoin’s recovery to $10,000 levels.

In spite of Wednesday’s slide, the near-term bull trend remains intact, with direction through the rest of the week likely to have a material influence on the broader market.

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At the time of writing, Bitcoin was up just 0.01% to $8,870, with Bitcoin lagging Bitcoin Cash and some of the other major in what’s been a choppy start to the day.

A slide at the start of the day saw Bitcoin fall through to a morning low $8,652.2, with Bitcoin managing to avoid testing the day’s first major support level of $8,486, Bitcoin’s moves between the 23.6% FIB Retracement Level of $8,996 and 38.2% FIB Retracement Level of $8,519 providing the necessary support to avoid a more material decline early on.

An early $8,960 high saw Bitcoin face plenty of resistance at the $9,000 psychological level, with the day’s first major resistance level of $9,448.37 some way off and unlikely to be tested through the day ahead.

With the broader market in positive territory, supported by a resurgent Bitcoin Cash, Bitcoin will need to break back through to $9,000 levels to continue supporting the current bull trend, the moves through Wednesday showing signs of a reversal of the near-term bull trend that could ultimately weigh on the broader markets.

Failure to break back through to $9,000 levels could see Bitcoin pull back to test the day’s first major support level of $8,486.07, with the broader market sentiment likely to dictate buying appetite at the 38.2% FIB Retracement Level of $8,519.

While we would expect Bitcoin to avert a major sell-off to bring sub-$8,000 levels into play, investors will likely tread carefully through the early part of the day.

Looking across at the Cboe Bitcoin Futures, the May contract was down $200 to $8,870, providing investors with little incentive to jump back in at current levels.

Elsewhere, Bitcoin Cash was up 3.24%, with Waves up 3.03% and Stellar’s Lumen up a whopping 11.12%, with only a handful of majors joining Bitcoin in the red.

BTC/USD 26/04/18 Hourly Chart

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How to Buy Waves Coin: The Complete Guide

The Waves platform was established in 2016 with the primary goal of facilitating the customization of tokens, decentralizing further the concept of blockchain technology and allowing entrepreneurs to do their thing via a shared infrastructure. The infrastructure delivers a simple to use platform for anyone to access blockchain.

To put it into perspective, more than 12,000 tokens have been released on waves, with the tokens tradable on Waves DEX platform from the get-go.

Waves’ blockchain is a proof-of-stake algorithm that rewards coin holders with the commissions from transactions.

How to Buy Waves Cryptocoin?

There are a number of ways to purchase Waves, which include through the traditionally centralized cryptocurrency exchanges, through the Waves decentralized exchange (DEX) and even from the Waves client using a fiat money, cryptocurrencies or even credit card via its partnerships with 3rd parties.

Below is a step-by-step for buying Waves coins on Waves Client.

Step 1 – Create Waves Digital Wallet

As is the case with all of the other cryptocurrencies, it is always advisable to select a wallet that has been recommended by the project website, since compatibility and security levels will vary between the wallets and the developers of a particular blockchain tech will have considered certain wallets during the development phase or even developed their own, as is the case with Waves.

The first step in the process is to download Online Client (Beta) from the Waves Platform website, by going to the Waves Platform and selecting the Get Waves option at the top right of the homepage.

The first part of the process is to create an account that can be done at the ‘Get Waves’ page on the Waves Platform, by selecting Online Client (Beta).

There will be a number of pages to read through, requiring acknowledgment of liability, in the event of loss of funds or SEEDs, which lies with the owner and not with Waves Platform, together with some advice on wallet management and protection against phishers.

Once you’ve been through the pages, you will reach the Waves Platform page.

Select ‘Get Started’ in order to create a new account, where you will be prompted to first select your address avatar and then enter an 8 character password.

Once you have selected the avatar and entered and confirmed your password you will be given the option to back up now or do it later. We would recommend opting for back up now before progressing.

The backup involves the saving of a 15-word phrase that is auto-created and saved, as the next step requires you to re-enter the 15-word phrase to confirm that the phrase has been saved correctly. It is critical that the phrase is saved somewhere safe and written down and kept somewhere safe as this will be needed in case the wallet has been lost and needs to be restored. Losing the backup phrase will mean that you have lost your Waves coins and another other coin or fiat money held in the wallet.

Once you click the ‘I’ve written it down’ option, you will then be prompted to confirm the phrase.

Select the words in order of the phrase saved and click ‘Confirm’

The final step in the creation of your Waves wallet is to make some further acknowledgments and agreements.

Tick the 3 boxes and click ‘Confirm and Begin’.

Step 2 – Buy Waves Coin

Now that you have created the wallet, there are a number of ways to buy Waves coins. For those looking to purchase Wave coins on the Waves DEX, Waves coins can be purchased with either U.S Dollar, EUR, CNY and numerous cryptocurrencies, while the Waves wallet is able to hold Litecoin, Bitcoin or Ethereum, in addition to Waves coins.

First, you will need to fund your Waves account with your preferred source of funds by selecting the deposit option.

  • When looking to deposit a cryptocurrency to purchase your Waves coins, you will be given a wallet address to copy so that you can transfer the cryptocurrency from the wallet in which it is being held.
  • When depositing fiat money, you will need to go through a verification process through SEPA. Select ‘Get verified’ and enter all of the personal information requested.

Buying Waves with Bitcoin

Outlined below is a step-by-step guide to buying Waves with Bitcoin on the Waves Decentralized Exchange:

The following steps can be ignored by those who already have Bitcoin (or Ethereum or Litecoin).

  1. Purchase Bitcoin – For those who do not own Bitcoin, you will need to open an account on Binance and purchase Bitcoin.
  2. Transfer Bitcoin to your Wave Wallet – Once you have opened an account and purchased your Bitcoin, transfer your Bitcoins from the Binance exchange to your Waves wallet.
  3. Enter Purchase Amount – In the withdrawal process, in addition to the address, you will be prompted to enter the amount of Bitcoin to be transferred.
  4. Purchase Waves with Bitcoins – Once the coins have reached your Waves Wallet, you are then able to purchase Waves coins with the Bitcoins held in your Waves Wallet, directly on the Waves DEX platform.

For those looking to purchase Waves coins on another exchange, there are a number of centralized cryptocurrency exchanges that have made Waves available, Binance, YOBit.net, and EXMO.

Buy Waves with USD or Credit Card

It is possible and simple to buy Waves with U.S Dollars or by credit card, with the Waves team having incorporated the option to purchase Waves on the Waves Lite Client platform in partnership with Indacoin.

Indacoin is well-known in the Bitcoin world and has been offering credit card services to the crypto world for a number of years now.

Once purchased, the Waves coins are immediately transferred to the purchasers’ Waves wallet.

Chargeback issues are addressed, with buyers receiving a call as well as a 4-digit code to enter in order to confirm the transaction. First-time buyers will have limits imposed that are gradually raised with each transaction.

Outside of the Waves platform, certain centralized exchanges such as YoBit also allow the purchase of Waves and other cryptocurrencies with credit cards, with transactions immediate.

Buy Waves with other Cryptocurrencies

For cryptocurrency investors looking to diversify their portfolio, it is possible to buy Waves coins with other cryptocurrencies than Bitcoin, either on the Waves’ decentralized exchange or on centralized exchanges.

On the Waves’ DEX, Bitcoin, Ethereum, and Litecoin, amongst others, are accepted to purchase Waves coins and it’s simply a case of opening a Waves account (as outlined above) and transferring your desired amount of Bitcoin, Ethereum or Litecoin in order to purchase the Wave coins that would then be automatically held in the newly created Waves wallet.

When looking to purchase Waves with a cryptocurrency, it is important to ensure that you have a Waves wallet downloaded to transfer to the acquired coins to, as it is not recommended to hold the purchased coins on the centralized exchange.

Waves Digital Wallets

Digital wallets are virtual wallets that are used to hold cryptocurrencies privately and securely, as opposed to holding purchased coins in an account on the exchange that the coins were acquired on, while not losing the flexibility to send the coins held to other exchanges or wallets.

Holding purchased coins on an exchange leaves the coin holder at risk of theft, with multiple cases of theft on exchanges having been reported recently.

For Waves, the recommended digital wallet is available on the Waves Platform website and is automatically created when creating an online account, as outlined above. The wallet is not only described as easy to use but also has appropriate security levels to ensure that your coins are safe, a 15-word phrase and a password required to access the wallet.

While other wallets may exist, it would be our recommendation that alternatives are avoided, with the fact that the Waves Wallet is able to hold multi-cryptocurrencies an added advantage.


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Waves Cryptocurrency – Customized Tokens on a Blockchain Based Platform

The Waves Platform has positioned itself as the people’s blockchain, developed to allow users to store, trade, manage and issue customized digital assets securely and easily, for everyone and anyone involved in cryptocurrencies.

With Waves:

  • Projects or companies can issue their own blockchain tokens to kick-start their project or company, with crowdfunding, loyalty programs, voting and more. An additional feature is ICOHub, where the Waves community votes on projects that are looking to launch via an ICO, with the winner of the ICOHub competition receiving help from the Waves team to host and launch the ICO on the Waves Platform.
  • Developers can enjoy the benefits of high network throughput capacity, low latency and low transaction fees.
  • Traders can store assets securely in the local lite client, whilst also trading them quickly and safely on the built-in decentralized exchange (DEX)

For traders, the advantage of trading on the Waves’ decentralized exchange is that each and every transaction is recorded on the Waves blockchain.

Waves Platform – The Fastest Blockchain

The Waves protocol facilitates the processing of thousands of transactions per minute, making it the fastest blockchain in existence today and with Waves-NG, a next-generation consensus algorithm, the Waves platform has become even faster and easier to use.

Waves’ next generation consensus algorithm is an adaptation of Bitcoin NG that was developed to resolve Bitcoin’s scalability issues and implemented into the Waves blockchain in late 2017. The Bitcoin NG proposal was made by Cornell Computer Science academics Emin Gun Sirer and Ittay Eyal.

While Bitcoin NG was designed to address Bitcoin’s scalability issues, increasing network throughput to hundreds of transactions per second, Waves NG adapts the Bitcoin NG proposal to a Waves’ proof-of-stake consensus and is the first ever implementation of the protocol in a production blockchain system.

The Waves NG code was deployed in mainnet, after miners tasked with signaling whether the proposal should be activated, supported the launch

Conclusion

For Entrepreneurs the existence of a platform that facilitates the creation of tokens, without the need for coding and distribution and to streamline the ICO process is invaluable and reflected in the 12,474 tokens that have been released on the Waves platform to date, totaling a market cap of more than $1bn.

There’s certainly plenty of positive attributes to Waves, but perhaps the most appealing is the one-stop-shop offering that not only provides entrepreneurs with a launching pad, prospective Waves coin holders with a multi-cryptocurrency wallet, but also a decentralized exchange that allows instant trading of cryptocurrencies, at competitive rates, with no upper limit on transactions.

With more to come in the coming year, Waves’ current ranking of 23th, with a market cap of $396.26m doesn’t reflect it’s real-world attributes that benefit entrepreneurs, companies, developers, and traders looking to get into the blockchain game.