Bitcoin Moving in a 400 Range with Resistance at 4700

Bitcoin Moving in a $400 Range with Resistance at $4,700

Bitcoin Moving in a $400 Range with Resistance at $4,700

The path of least resistance is clear and as long as prices are trading below $4,700 then we could see further declines towards $3,000 or lower. But even as analysts and investors track price, the survival of Bitcoin conjures memories of the dot com bubble. It did burst; birthing Amazon and Google, companies that wield so much control with individual market caps more than triple that of cryptos.

Latest Bitcoin News

Much has been talked about price, the collapse and the effect of low trading volumes. In fact there has been some comparison about the current bear market and the dot com bubble. Well, this isn’t the deepest correction Bitcoin traders have had to contend. Back in 2013-14, losses were deeper and prices more volatile mostly because of thin trading volumes as investment channels were few and Bitcoin not as common as it is now.

Regardless, blockchain and Bitcoin is a solution that is here to stay. Just like Paul Krugman, a non technical financial guru of yester years said the internet was a fad and famously suggested it would be no more transformational than the fax machine, current nay sayers as Jamie Dimon and Roubini or Dr Doom will surely watch as the technology shape and disrupt current systems.

While the contention is different there is strong correlation between events around the dot com bubble and recent discussions around DLTs, public blockchains and even competing protocols as IOTA. The mass is split and some are betting on IBM’s HyperLedger–interoperability, others on Bitcoin—security and community and more on the IOTA and the internet of things.

However, many are backing open source solutions to prevail over permissioned systems just like TCP/IP did nurturing current mega-corporations as Google and Amazon. If that is the case then the stars are sparkling for Bitcoin investors.

 

BTC/USD Price Analysis

Weekly Chart

Like before, the top down overview is pretty clear—BTC/USD is in a meltdown and poised to lose more as trading volumes dry up and the so called whales cover their positions to stay profitable. But, thing is even as bear pressure rage and threaten to wipe out 2017 super gains, prices have been stable in the last few days.

Moving within a tight $4,300-$4,700 range, there is obvious support. If prices close above $4,500 then odds are we might see prices recover above $5,000 and towards $5,500 as laid out before. Conversely, strong losses below $4,000 could open a flurry of sell orders pushing BTC towards $3,000–$3,500 from where analysts expect prices to find strong support.

The significance of $4,300–$4,500 support is beginning to show in the daily chart. Here, we have a doji bar, a mark of overall market indecision but still trading volumes are light.

Nonetheless, this did shore prices confining movements within a $200 range of which we expect buyers to build their momentum on.

Now, if today ends up as a bull, closing above immediate resistance of $4,700 then our previous upbeat BTC/USD price forecast would most likely go live as buyers thrust prices above $5,000 towards $5,500. If not and BTC capitulate below $4,000 then we shall trade as above.

All Charts Courtesy of Trading View

 

by DLT Guru November 24, 2018

Alan Zibluk Markethive Founding Member

More on How to Avoid Misusing the Bible

Be prepared to defend the Gospel

Written by Dan Lee on 06/11/2018

Series: Weekly Devotional

Tags: BibleWisdom


Do your best to present yourself to God as one approved, a worker who has no need to be ashamed, rightly handling the word of truth.

2 Timothy 2:15

Just last week, we talked about ways to avoid misinterpreting the Bible. Today, we want to conclude this two-part devotional series by pointing out something just as important – using the knowledge we gain from studying His Word to better represent the Lord. 

A while ago when I was in school, my teacher would always put us in groups to research and prepare a presentation about a certain topic related to the class. I would prepare for days! My teacher was known for asking difficult questions just to make sure we all did our work. Sure enough, when question time came around, you bet I was prepared to answer all the questions! My peers, not so much. 

It’s the same when it comes to learning the Bible. You must always be prepared so you don’t look foolish. How can you defend the Word of God when you yourself may take out of context?

Let’s use the following verses as examples of how to better interpret the Bible. 

Take it step, by step 

Let’s break down one of the most popular verses quoted by people looking for assurance of a good life. Jeremiah 29:11 says, “For I know the plans I have for you, declares the Lord, plans for welfare and not for evil, to give you a future and a hope.”

You might look at this verse and think that God never intends anything bad to happen to you. 

However, when we read this whole chapter in Jeremiah, we find first that something bad has already happened to Israel – they had been defeated by the Babylonians and forcibly removed from their homeland. They were living in exile, slaves to a wicked foreign empire. 

Another prophet, Hananiah, had been telling the Israelites what they wanted to hear: that their captivity would last just two years. Jeremiah’s answer to him? “You are a false prophet, and you’re going to die.” And Hananiah did die (Jeremiah 28:12-17).

Then Jeremiah sent a letter from Jerusalem to the exiles in Babylon telling them the truth: They were going to be there for a while. A LONG while:

 “For thus says the Lord: When seventy years are completed for Babylon, I will visit you, and I will fulfill to you my promise and bring you back to this place.  For I know the plans I have for you, declares the Lord, plans for welfare and not for evil, to give you a future and a hope. Then you will call upon me and come and pray to me, and I will hear you. You will seek me and find me, when you seek me with all your heart. I will be found by you, declares the Lord, and I will restore your fortunes and gather you from all the nations and all the places where I have driven you, declares the Lord, and I will bring you back to the place from which I sent you into exile.” (Jeremiah 29:10-14)

Yes, the Lord had a plan to restore Israel to their homeland, but it would take place in 70 years – after most of the listeners had died! Not only that, but the promise was conditioned on Israel praying and seeking God with all their heart (Jeremiah 29:12-13).

Your calling 

So what does Jeremiah 29:11 promise for today’s believers? It does not promise peace and prosperity now, but instead promises restoration in the future. For us, the ultimate restoration comes at the return of Jesus and the establishment of His kingdom.

We don’t know when the Lord will be coming back for His church. Until then, we encourage you to go deeper in your relationship with Him and be a living testimony of the truth He brings to the world. Fall in love with His truth and be ready to defend the hope that lives within you. (1 Peter 3:15)


Pray this week:

Lord, I ask you to give me the opportunity to use the wisdom I gain through your Word to share the truth with those around me. Amen. 


Are you prepared to defend your faith when brought difficult questions?

Alan Zibluk Markethive Founding Member

Bitcoin BTC Finds Support at 4200 What Next?

Bitcoin (BTC) Finds Support at $4,200, What Next?

Bitcoin (BTC) Finds Support at $4,200, What Next?

After a brief recovery mid-week that hinted at a possible bottom found, a fresh crash has decimated the cryptocurrency market this morning. After dipping sharply from $4,440, Bitcoin (BTC) managed to find support at $4,200, which has long been considered a critical support level. Should it breach it, though, the next test will likely be $3,000 – the level that buoyed up the markets in the brief September dip last year before the epic late November rally.

While last weeks drops have been attributed by some to be investors selling assets ahead of Black Friday, these new losses are too close to the time for that explanation. It’s more likely that these continuing declines are fuelled by a number of factors, including depressed tech stocks as a result of the on-going China-U.S. trade war, the DOJ’s Tether manipulation probe and the Bitcoin Cash (BCH) war that is driving hash power away from Bitcoin mining.

There is also mounting evidence to suggest price manipulation by Wall Street whales in order to accumulate ahead of the ICE’s Bakkt launch, although that little nugget of hope has now been delayed until late January next year, so if true, we may see similar dips again after New Years.
 

Black Friday Fever

Several exchanges have chosen to take advantage of Black Friday fever and sell assets at discount prices, with some going as far as giving away Bitcoin for free. Unfortunately, while these actions may grow adoption, they also serve to further devalue cryptocurrencies in the short term.

After the drop to around $4,150 on some exchanges earlier today, Bitcoin has shown signs of recovery, rallying up to the $4,250 range more recently. Whether or not this support will hold is unclear, with many bearish analysts becoming more and more convinced that Bitcoin’s real bottom is likely to be in the $3,000 range. Should it maintain support above $4,200, the next resistance level is $4,720 with strong resistance at $4,830.

Any analytical comparisons to last year’s epic mid-December bull run don’t hold up within today’s vastly altered landscape. In light of the BCH hash war, tighter SEC regulations, more substantial institutional interest, and an entirely different psychological viewpoint, to assume a similar event would happen this year is optimistic at best. However, considering that last years rally was almost certainly the result of market manipulation and left the majority investors in debt, maybe that’s a good thing.

AUTHOR Mark Hartley November 23, 2018, UTC, 4:41 am

Alan Zibluk Markethive Founding Member

There Is No Bitcoin’ – What the SEC Doesn’t Get About Cryptocurrency

There Is No ‘Bitcoin' - What the SEC Doesn't Get About Cryptocurrency

There Is No ‘Bitcoin’ – What the SEC Doesn’t Get About Cryptocurrency

The U.S. Securities and Exchange Commission (SEC) has been gone to significant lengths in an attempt to understand the crypto asset space. This effort is to be applauded. However, the SEC has failed to come to terms with one fundamental aspect of crypto assets and systems.

Namely, properly constructed crypto systems do not involve “persons” or “entities” and do not represent a form of property. For this reason, they do not have any analogue in the traditional financial world, nor can they fall under financial regulation.

In the traditional financial world, assets are a claim on a specific property. For example, a commodity, shares in a company or a debt owed.

Crypto assets, however, are not a claim on anything. What is bitcoin a claim to? Or ether?

Instead, crypto assets are a form of proof. They are cryptographic proof that a specific set of mathematical functions has been performed. They are proof that certain software instructions have been performed and of the algorithmic outputs of that software. And crucially, the mathematical functions are performed by nobody in particular, they are performed by the network as a whole.

Property is “ownership determined by law.” Crypto assets are not property because they are not determined by law – they are determined by maths. This presents some obvious issues when it comes to figuring out exactly how to regulate them.

There is no bitcoin

Many people today speak of cryptocurrencies in the shorthand of property. They say things like “Alice transferred a bitcoin to Bob,” but we shouldn’t let this metaphor confuse us.

In actual fact, there was no bitcoin that existed anywhere and it didn’t move from any one place to another.

In “The Matrix,” Neo understood the true nature of the world when he understood that “there is no spoon.” Likewise, we can only understand the true nature of blockchain when we recognize that “there is no bitcoin.”

Instead, what really happened is that Alice proved to Bob that she had certain secret knowledge and that she had used that knowledge to perform a mathematical operation. But wait, the rabbit hole goes even deeper.

Even “Alice” and “Bob” are misleading fictions. Alice is not necessarily a person, that is shorthand too. Alice is really only an address – an output of a hash function, that may or may not be associated with a specific “entity.”

Now, of course, sometimes Alice is a person. And sometimes Alice created a “token” (another metaphor) and sold it to Bob as an investment. In which case, arguably that was a securities offering and can be regulated by the SEC.

However, the SEC doesn’t stop there. The agency wants to regulate what happens to those tokens, as they interact with smart contracts too. In its November 16 “Statement on Digital Asset Securities Issuance and Trading,” the agency says:

“Any entity that provides a marketplace for bringing together buyers and sellers of securities, regardless of the applied technology, must determine whether its activities meet the definition of an exchange under the federal securities laws.”

An “entity” here refers to a legal person.

As an example, they use EtherDelta, and specifically its smart contract, saying:

“EtherDelta’s smart contract was coded to, among other things, validate order messages, confirm the terms and conditions of orders, execute paired orders, and direct the distributed ledger to be updated to reflect a trade.”

Here is where taking metaphorical thinking can easily go too far, and where the SEC is introducing vague and problematic language. EtherDelta, as an entity, provided various services (such as a webpage user interface for interacting with the smart contract). EtherDelta also developed the smart contract.

But who “provided” the smart contract? Who performed its functions? Not EtherDelta or anyone else in particular.

The SEC might regulate the EtherDelta website but to attempt to regulate the smart contract is a result of confusion.

The rabbit hole goes deeper

This confusion gets worse when the SEC talks about secondary markets for these “securities.”

Crypto assets are so new that even many experienced practitioners are confused and think that they represent a distinct property. As a result, as an industry, we have been far too willing to indulge the SEC view that since something was the product of a securities offering, it remains a security thereafter. Once we realize that there are no “tokens” and no “property,” we realize that this is a categorical error.

It becomes easy to see this error when one imagines the following scenario: Bob, having purchased the tokens from Alice sends them to a smart contract owned by nobody. He has given up claim of ownership – which would mean that no legal entity owns the “security.”

By definition, a security is an “investment contract.” A contract is “an agreement between legal persons, creating obligations that are enforceable by law.”

So for something to be a security, it must, therefore, (a) be between legal entities and (b) be enforceable by law (not math).

Tokens held by smart contracts fail both these tests. They cannot properly be described as securities. However, the SEC is suggesting something radically new: that a set of instructions which involves no agreement, no persons and is not enforced by law (but rather by math) can yet still be viewed not just as a contract but as a security. This is a radical departure from existing law.

Property laws and financial laws rely on enforcement by governments. Since there are many governments and their jurisdictions are limited, there is no truly global system of enforcement that is appropriate to the borderless world of the internet.

A huge potential benefit of crypto assets is that they overcome this problem — by not being a product of law or limited to its jurisdiction.

The SEC, for obvious reasons, would like to establish jurisdiction over crypto assets. However, this jurisdiction is only appropriate where there are legally enforceable contracts between legal entities.

For the SEC, or anyone, not to recognize this important distinction is a recipe for overreach and confusion. It has the potential to rob many of us for the benefits of a truly global, digital method of managing ownership and value.

 

Edan Yago

Nov 22, 2018 at 05:00 UTC

Alan Zibluk Markethive Founding Member

3 Ways the Coming of Jesus was Foretold

There are more than 300 prophecies about Jesus (the Messiah) in the Old Testament.

Written by Joy on 07/12/2014

Series: Weekly Devotional

Tags: JesusJesus BirthProphecy


 

“For to us a child is born, …. and he will be called Wonderful Counselor, Mighty God, Everlasting Father, Prince of Peace. His government and its peace will never end. He will rule with fairness and justice from the throne of his ancestor David for all eternity.” Isaiah 9:6-7

 

There are more than 300 prophecies about Jesus (the Messiah) in the Old Testament. Jesus fulfills every prophecy! Since it’s the Christmas season, let’s take a look at 3 ways the coming of Jesus was foretold.

1. The Miracle of His Birth

“Therefore the Lord himself will give you a sign: The virgin will conceive and give birth to a son, and will call him Immanuel” (Isaiah 7:14). God uses His supernatural power to give us evidence that He, and He alone, is doing something amazing. The foretold virgin birth is only possible by God. It is important that Jesus is called Immanuel, which means “God with us.” Jesus is unique because he is a man, or a “seed of woman” (Genesis 3:15), and the Son of God (Matthew 3:17).

2. The City of His Birth

“But as for you, Bethlehem Ephrathah, Too little to be among the clans of Judah, From you One will go forth for Me to be ruler in Israel. His goings forth are from long ago, From the days of eternity.” (Micah 5:2) Jewish scholars agreed that Jesus would come from the descendants of King David (Isaiah 11:1-2), and be born in Bethlehem.

How amazing that God arranged for a pagan Roman emperor to take a census, causing a pregnant virgin to travel to Bethlehem at just the right time! “And because Joseph was a descendant of King David, he had to go to Bethlehem, David’s ancient home. He traveled there from the village of Nazareth in Galilee. He took with him Mary and while there, the time came for her baby to be born.” (Luke 2:3-6)

3. The Purpose of His Birth

“But he was pierced for our transgressions, he was crushed for our iniquities; the punishment that brought us peace was on him, and by his wounds we are healed.” (Isaiah 53:5). Jesus had to suffer as the prophets foretold (Luke 24:26-27). He died in our place so we could have peace with God. This is why the Angels sang at His birth: “Glory to God in the Highest! And Peace on earth to those with whom God is pleased.” (Luke 2:14)

“Without Faith it is impossible to please God.” (Hebrews 11:6) Have you received the peace that Jesus died for you to have? Click here to learn how to please God by having faith in Jesus Christ.


Pray this week:

To help you understand Jesus as the fulfillment of prophecy.


Are you surprised about these prophecies? If you want to learn more, talk about it with a caring Christian.

Alan Zibluk Markethive Founding Member

Bitcoin price plunges below 4500 mark in new 2018 low

Bitcoin price plunges below $4,500 mark in new 2018 low

Bitcoin price plunges below $4,500 mark in new 2018 low

The price of bitcoin continued to plunge on Tuesday as it fell another 7% to $4,387, taking its losses to almost 30% in the past week.

A 14% tumble in the price of the world’s biggest and best-known cryptocurrency on Monday had taken bitcoin below $5,000 for the first time in 13 months. It is now at its lowest level since October last year.

Other cryptocurrencies have also declined in the past days.

Why central bank digital currencies will destroy bitcoin

Last December the cryptocurrency surged to an all-time high of $19,511 in highly volatile trading but fell back to $13,500 at the start of this year.

“The crypto bloodbath continues,” said Neil Wilson, the chief market analyst at Markets.com. “Things looks like they only get worse from here. Where is the incentive to buy? It does rather look like the bottom is coming out of this market.”

On Friday, the US Securities and Exchange Commission took action against two cryptocurrency startups that staged initial coin offerings, or ICOs, selling cryptocurrency tokens to the public. Airfox and Paragon Coin agreed to pay civil penalties for conducting token sales last year without registering them as securities offerings.

That sparked numerous warnings from central bankers and JP Morgan boss Jamie Dimon who declared in September 2017 that bitcoin was a fraud that would ultimately blow up.

However, this year bitcoin has become increasingly attractive to institutional investors. Fidelity Investments announced last month that it was launching a new company for institutional clients that will trade and store cryptocurrency assets. Fidelity said it wanted to make them more accessible to investors such as hedge funds, family offices and market intermediaries.

Central banks have also begun to discuss the idea of issuing their own digital currencies, as cash is used less and has nearly vanished in some countries, such as Sweden and China.

 

Nouriel Roubini

Alan Zibluk Markethive Founding Member

Bitcoin price latest update: Cryptocurrency value to INCREASE due to high US debt level

Bitcoin price latest update: Cryptocurrency value to INCREASE due to high US debt level

ShapeShift CEO Erik Voorhees has said cryptocurrencies will boom during the next global financial crisis. The finance expert at the global trading firm believes the high level of US debt will cripple the economy unless more money is printed. He argues this will lead to an increase in cryptocurrency investment.

He said: “When the next global financial crisis occurs, the world will realise organisations with $20trillion in debt can’t possibly ever pay it back.

“Thus must print it instead, and thus fiat is doomed.

“Watch what happens to crypto.”

US lawmakers keep increasing the country’s debt ceiling, allowing for the federal government to take on more and more debt.

His theory is the debt level of world economies is unsustainable and will put states under pressure the next time there is a financial crash.

As a result, he believes quantitive easing will have to come into force, the process whereby governments print money, to help pay off the money they owe.

The more money in circulation the less it is worth, meaning ordinary families could be set to see their savings decrease in value.

Mr Voorhees believes this in turn could lead to more people investing in cryptocurrencies.

However, digital currencies are also a financial risk for investors due to their history of extreme volatility.

In 2017, Bitcoin’s value rocketed to more than double its value, reaching a high $19,783 in December.

However, it then plunged in 2018 to a low of less than $6,000 in June.

Since then the online money has stabilised and has seen no major rises or falls in its value.

 

City & Business | Finance

11/11/2018

 

Alan Zibluk Markethive Founding Member

Bitcoin BTC Long Term Price Forecast

 

Bitcoin (BTC) Long Term Price Forecast

BTC/USD Long-term Trend: Ranging

Resistance levels: $7,200, $7,400, $7,600

Support levels: $6,400, $6,200, $6,000
 

The price of Bitcoin was range bound in the first week of November 2018. In retrospect, the digital currency was ranging above the $6,400 price level all through the month of October 2018. The major bearish event is that on October 11, the bears went deep into the $6,200 price level. While on October 15, the bulls had a price spike that reached the high of $7,600 but price pulled back to the low of $6,500.

That was why we had a price ranging above the $6,400 price level. On November 7, the price reached a high of $6,565.66 but was resisted. The digital currency was in a downward trend after the resistance at $6,600 price level. The digital currency is likely to fall because price is in the bearish trend zone. Meanwhile, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The MACD line and the signal line are below the zero line which indicates a sell signal.

 

By Azeez M – November 10, 2018

Bitcoin (BTC) Long Term Price Forecast

Alan Zibluk Markethive Founding Member

Bitcoin holding strong resistance at 65006550

Bitcoin holding strong resistance at 6500/6550

Bitcoin holding strong resistance at 6500/6550

 

Bitcoin holding strong resistance at 6500/6550 keeps the outlook negative targeting 6400 (now hit). This is the best support for today & therefore a break below 6350 is a sell signal targeting 6320 & 6220/6200 (we bottomed exactly here last week) before the October low at 6100/6055. A break below 6000 is the next sell signal targeting 5900/5880 & the low for this year at 5780. This is NOT expected to hold for long in the bear trend.

Quite strong resistance at 6500/6550 (this trade worked perfectly) but shorts need stops above 6600. Bulls are only in control on a break above here. We then need a break above 6760 to target 6825 & strong resistance at 7000/7050.

 

Jason Sen

DayTradeIdeas.com | 05:16 GMT

Alan Zibluk Markethive Founding Member

Surcharge is NOT the same as Cash Discount

I’ve witnessed a recent spike in interest in cash discount programs. I’ve heard from our sales executives and partners that business owners increasingly are asking about cash discount programs. Google Trends data indicates that searches for “cash discount program” doubled in the second half of 2017.

This activity made me wonder, why the sudden interest in cash discounts? After all, cash discounts have been around for many years. It also made me curious about the interest in cash discount programs compared to convenience fees and surcharges, which have grown in recent years. Upon reflection, I came to realize that, when implemented properly, cash discount programs combine the most attractive elements of cash discounts and surcharges in a single program.

The topic of cash discounts and surcharges can make your head spin, as they are subject to many specific laws and rules. So, what is a cash discount and is it the same thing as a surcharge?

A cash discount is a reduced price paid by customers who use cash or check rather than a credit or debit card. A surcharge is an extra charge that applies to customers who pay with a credit card rather than other forms of payment, including debit cards, cash and check.

The payment networks such as Visa and MasterCard have specific rules for surcharges to comply with a settlement with the U.S. government in 2012. In addition, ten states prohibit surcharging.

Cash discounts are permitted according to U.S. law and Visa and MasterCard rules. One way of implementing a cash discount program is gaining popularity. Businesses post signs indicating that a service fee such as 3% will be added to all posted prices, but the fee will be waived for those who pay with cash or check. In other words, the fee will apply to purchases made via credit card, debit card and prepaid card – anything except cash or check.

The service fee can offset the costs of processing card payments, yielding significant cost savings for merchants. While surcharge programs are limited by rule to credit cards, cash discount programs have the advantage of offsetting the costs of debit card payments as well. Of course, they also motivate more customers to pay with cash and check. I believe this explains the recent interest in cash discount programs.

Is a cash discount program right for your business? That depends on many factors, as discussed in this blog post.

Chris Corey 

Swipe It Inc

(810)308-0872

Alan Zibluk Markethive Founding Member