All posts by Alan B. Zibluk

What is a Cult? How to tell the false from the true

 

How to tell the false from the true

 

Written by Dan Lee on 11/07/2017

Series: Weekly Devotional

Tags: Church, Cults, Discernment

For the time is coming when people will not endure sound teaching, but having itching ears they will accumulate for themselves teachers to suit their own passions, and will turn away from listening to the truth and wander off into myths.

 

2 Timothy 4:3-4

Do you remember the “People’s Temple”? Started in Indianapolis in 1955 by the Reverend Jim Jones, it moved to San Francisco in 1971. The headquarters was just a few miles from my house, and mere blocks from the hospital where I was born. As a teenager I often rode the bus right past it.

 

In 1974, the People’s Temple established a settlement in Guyana, South America. It promised a tropical paradise, free from the wickedness of the outside world.

 

By 1978, the population of Jonestown, as it was called, had grown to over 900. And in November of that year, the residents of Jonestown were forced at gunpoint to drink poison. Nine-hundred and eighteen people died that day, the largest deliberate taking of American lives before September 11, 2001.

 

The people tasked with cleaning up found a shocking discovery: Not a single Bible was found in Jonestown. This “church” turned out to be one of history’s most dangerous cults.

 

As a follower of Jesus, you need to be regularly involved in a church, or local fellowship of believers — “not neglecting to meet together, as is the habit of some, but encouraging one another, and all the more, as you see the Day drawing near.” (Hebrews 10:25)

 

But you must choose your church carefully, avoiding false teachers, and making sure you don’t end up in a cult. Here are some characteristics of a cult, or a church or group that has gone the wrong path:

 

Authority Other than the Bible

Sometimes it is writings, such as Mormonism’s The Book of Mormon, Doctrine and Covenants and The Pearl of Great Price. Often it is the teaching of an individual, such as Charles Taze Russell, founder of the Jehovah’s Witnesses, who claimed that historic beliefs of the church were wrong (the Trinity and the deity of Christ).

 

The Jehovah’s Witnesses took this a step farther with their New World translation of the Bible, which is “the first intentional, systematic effort at producing a complete version of the Bible that is edited and revised for the specific purpose of agreeing with a group's doctrine.” (gotquestions.org)

 

Additional Revelation

Many cults are based on new discoveries or so-called revelations. For example, Joseph Smith’s founding of the Mormon church was based, he claimed, on his discovery of golden tablets. Other cult leaders simply declare that they have received direct revelations from God, which cannot be proven or disproven.

 

Paul warned in his very first epistle about those who departed from the established truth of the gospel: “But even if we or an angel from heaven should preach to you a gospel contrary to the one we preached to you, let him be accursed.” (Galatians 1:8)

 

The Mormons make their stand very clear: “We do not believe the Bible to be inerrant, complete or the final word of God.” (From an address to the Harvard Divinity School in March 2001 by Robert L. Millet, former dean of religious education at Brigham Young University.)

 

Incorrect view of Jesus

Both the Jehovah’s Witnesses and Mormons deny the full divinity of Jesus. They cite isolated passages to prove their point, rather than looking at the totality of teaching about the Lord. They ignore passages that show the eternal nature of Christ, such as John 10:30, “I and the Father are one” or John 17:5: “And now, Father, glorify me in your own presence with the glory that I had with you before the world existed.” Also, Hebrews 1:3 says of Jesus, “He is the radiance of the glory of God and the exact imprint of his nature, and he upholds the universe by the word of his power.”

 

Salvation by Works

Most cults do not teach that one is saved by faith alone in the finished work of Christ, but by following the rules and teachings of that particular group.

 

For instance, the Mormons add “obedience to the laws and ordinances of the gospel” to the requirements for salvation. But the Bible makes abundantly clear that works cannot save us: “For by grace you have been saved through faith. And this is not your own doing; it is the gift of God, not a result of works, so that no one may boast.” (Ephesians 2:8-9) Romans 4:5 says, “And to the one who does not work but believes in him who justifies the ungodly, his faith is counted as righteousness.” Also see Titus 3:5, Galatians 5:4.

 

Authoritarian Leadership and Excessive Control

If a church, or even a fellowship group, is led by someone who has complete rule, whose authority is never to be questioned, watch out! Pastors and elders are to lead gently and lovingly, “not domineering over those in your charge, but being examples to the flock.” (1 Peter 5:3)

 

Another warning sign is when group members are required to submit their daily lives to group control – to quit their jobs, or give all their money to the group. This was definitely true at the People’s Temple.

 

Other possible reasons for caution include:

 

Exclusivity / Denunciation of other groups – “Everyone else is wrong”

Secret rituals or doctrines

Bondage – you cannot leave, and if you do you are shunned.

 

Jeremiah 23:1-2 gives a dire warning to pastors who lead their people astray: “‘Woe to the shepherds who destroy and scatter the sheep of my pasture!’ declares the Lord. Therefore thus says the Lord, the God of Israel, concerning the shepherds who care for my people: ‘You have scattered my flock and have driven them away, and you have not attended to them. Behold, I will attend to you for your evil deeds, declares the Lord.’”

 

One of life’s most important decisions is choosing your church family. Ask Jesus, the Great Shepherd of the Sheep (Hebrews 13:20), to help you find a church and a shepherd who will be true to God’s word and lead you and help you “grow in the grace and knowledge of our Lord and Savior Jesus Christ” (2 Peter 3:18).

 

Pray this week:

Lord, guide me by Your Holy Spirit to know when a church or group is one that I should participate in, or avoid as a cult. Lead me to a true Christian fellowship that honors and glorifies You, and where I will grow in my faith and witness for you.

 

Do you have doubts about the group you’re involved in? 

Alan Zibluk Markethive Founding Member

Bitcoin Can the Bulls Muster Up a Weekend Rally?

Bitcoin – Can the Bulls Muster Up a Weekend Rally?

Bitcoin – Can the Bulls Muster Up a Weekend Rally?

Bitcoin stuck in the ranges through the early part of the day, with the Bitcoin bulls needing to put some life back into the market to support a breakout.

Price action through the week was limited for Bitcoin, with a 0.06% gain on Friday one of only two days in the week where Bitcoin managed to avoid the red.

3-days in the red left Bitcoin down 0.88% for the current week, with Bitcoin now having fallen short of the 23.6% FIB Retracement level of $6,757 since 18th October, as the steam comes out of Bitcoin and the broader market.

After a relatively range bound start to the day on Friday, Bitcoin rallied to a morning high $6,597.4, breaking through the first major resistance level at $6,575.57 before falling back to the earlier part of the day’s ranges, with resistance at $6,600 pinning Bitcoin back on the day.

An early afternoon intraday low $6,511 held well above the day’s first major support level at $6,469.77, leaving Bitcoin at $6,500 levels through the day, a rare occurrence in the world of Bitcoin and reflective of the lack of volatility in the market.

On the news front, there was some chatter on SEC Commissioner Kara Stein’s view on the setting up of cryptocurrency funds, Stein stating that some internal guidelines on key considerations had been circulated, while she held back from confirming whether any regulated exchange traded funds would be approved before the end of the year.

The regulatory landscape continues to be one of the key obstacles for the SEC to give the green light, with the SEC Commissioner highlighting that there remains a need to get clarity on a range of regulatory issues before the markets can expect institutional money to flood in.

For now the cryptomarket and the Bitcoin bulls in particular, remain optimistic that the SEC will at least give the green light to the VanEck Bitcoin ETF, though it remains to be seen whether issues surrounding valuation, liquidity and custody have been sufficiently addressed.

At the time of writing, Bitcoin was up 0.33% to $6,552.9, with Bitcoin moving from a start of a day morning low $6,524.9 to a morning high $6,560 before easing back, the moves through the early part of the day leaving the day’s major support and resistance levels untested.

For the day ahead, a hold on to $6,550 levels would support a move through the morning high $6,560 to bring the day’s first major resistance level at $6,582.73 into play, while we will expect Bitcoin to fall short of $6,600 levels for a 3rd consecutive day, with the news wires likely to remain relatively silent on the regulatory front through the weekend.

Failure to hold on to $6,550 levels through the morning could see Bitcoin give up the morning’s gain to pullback through the start of the day morning low $6,524.9 to call on support at $6,496.33 before recovering, more material losses unlikely barring particularly negative news hitting the crypto wires.

Looking at the broader market, with Bitcoin’s dominance holding at around 53.6% and the crypto total market cap hovering at around $210bn, there’s been very little action across the majors with Ethereum continuing to hold onto the number 2 spot, Ripple’s XRP struggling to close the gap in spite of the Ripple team’s successes in the real world.

 

Bob Mason

43 minutes ago

Alan Zibluk Markethive Founding Member

Bitcoin BTC Price Analysis – Which Direction Can It Break Out?

Bitcoin (BTC) Price Analysis - Which Direction Can It Break Out?

Bitcoin (BTC) Price Analysis – Which Direction Can It Break Out?

Bitcoin is stuck in consolidation for yet another day as it moves back to the triangle bottom.

Bitcoin continues to move sideways inside a symmetrical triangle and range visible on the short-term time frames. Price recently bounced off the range resistance and also the top of the triangle, setting its sights back on the bottom.

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. In other words, selling pressure is more likely to persist. In that case, a break of the triangle bottom might be seen, sending price to the range support at $6,360 or onto a slide that’s the same size as the consolidation patterns.

Stochastic is also heading lower to confirm the presence of bearish momentum, but the oscillator is already dipping into the oversold region to signal exhaustion. Turning back up could revive bullish pressure and allow support zones to hold. RSI is starting to turn lower after previously cruising mostly sideways, also reflecting a pickup in selling pressure.

Investors seem wary about the launch of ICE Bakkt futures possibly as early as next month, likely recalling how the CME bitcoin futures launched last year are being blamed for the sharp drop that ensued since then. There is also some degree of wariness associated with the Tether controversy.

Looking ahead, traders could continue to hold out for any major catalysts that could spur and sustain a breakout in either direction. By the way developments are going these days, it appears that there could be further upside, particularly on positive regulatory updates and progress in institutional platforms.

Note that Fidelity will be making its institutional platform for bitcoin and ethereum more widely available as early as Q1 next year so anticipation could build up leading to it. After all, it could usher in strong inflows from banks and hedge funds eager to place bets on the industry.

 

Rachel Lee by Rachel Lee October 26, 2018

Alan Zibluk Markethive Founding Member

Trusting God’s Wisdom

He is Infinitely Wise

Written by Dan Lee on 10/01/2017

Series: Weekly Devotional

Tags: WisdomHopeSovereignty


Who can measure the wealth and wisdom and knowledge of God? Who can understand his decisions or explain what he does? “Has anyone known the thoughts of the Lord or given him advice?

Romans 11:33-34 CEV

We as human beings are constantly faced with tough decisions, and situations. It’s the nature of living in a fallen world. However, through all of the turmoil, God is still sovereign and is truly wise.

If we doubt that God has infinite wisdom, we will be tempted to despair when things go wrong. On the other hand, understanding God’s wisdom helps us to trust Him and be secure in any situation.

Here are some areas we see God’s wisdom demonstrated, and why you should trust his Wisdom:

Creation – Past and Present

By wisdom the Lord founded the earth; by understanding he created the heavens. (Proverbs 3:19)

From the distant galaxies to the tiniest insect, everything we see is a product of God’s perfect design, not random chance. Every area of human knowledge, from mathematics to physics to biology, is just a tiny sliver of God’s great wisdom. All of our study in these and other fields, is an attempt to discover more of the wonders of His creation. “The heavens keep telling the wonders of God, and the skies declare what He has done.” (Psalm 19:1)

Some people believe that God created the world, then left us to fend for ourselves. But Colossians 1:17 says this about Jesus: “God’s Son was before all else, and by him everything is held together.” (Colossians 1:17)

Human History

If the presence of evil rulers bothers you, think of Pharaoh, who was cruel and oppressive to God’s people. Yet, “In the Scriptures the Lord says to Pharaoh of Egypt, 'I let you become Pharaoh, so that I could show you my power and be praised by all people on earth.'” (Romans 9:17). Yes, even Pharaoh, the wicked oppressor of Israel, was appointed by God to bring glory to Himself. And so it continues with today’s kings and kingdoms. God is still in control.

Our Relationship to God

One of the most “foolish” things to many people is the idea that God came to earth in human form, and then willingly allowed himself to be killed for the salvation of mankind. Yet 1 Corinthians 1:25 says that God’s “foolishness” is greater than human wisdom.

In His infinite wisdom, God sent Jesus to die for your sins. All God's children should take great comfort from this. Those who have not yet decided to follow Him should realize that His plan of salvation, strange or even foolish as it may seem, is true and is intended for you. Humbly accept that God is infinitely great and wise, and seek to follow Him.


Pray this week:

Lord, forgive me for thinking I know better than You. Even though I can barely see or understand Your greatness, by faith I submit to Your great wisdom and Your plan for my life. Teach me through Your word to understand more and more, and to walk in greater confidence every day.

Alan Zibluk Markethive Founding Member

Bitcoin BTC Price Watch – Bears Refusing to Let Up

Bitcoin (BTC) Price Watch - Bears Refusing to Let Up

Bitcoin (BTC) Price Watch – Bears Refusing to Let Up

Bitcoin Price Key Highlights
 

  • Bitcoin price recently tumbled below a short-term rising trend line but might be due for a pullback.

  • Applying the Fib retracement tool on the latest swing high and low shows the levels where more sellers might be waiting.

  • However, technical indicators are giving mixed signals on whether the slide could resume or not.

Bitcoin price fell through a short-term support zone and might be due for a pullback before heading further south.

 

Technical Indicators Signals
 

The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse from here.

Sellers might be waiting around the 61.8% Fib or $6,564 level which lines up with the broken rising trend line support. This is also close to the 100 SMA dynamic inflection point, which might add another layer of resistance.

Stochastic is pulling up without even hitting oversold territory, which suggests that buyers are eager to return. Sustained buying pressure could even take bitcoin price back up above the trend line to continue its climb. RSI is also pointing up to suggest that buyers might be ready to return. Reaching overbought levels and turning back down could still allow the Fibs to hold, pushing bitcoin price back to the swing low or lower.

Bitcoin was unable to sustain its earlier pop higher as profit-taking was quick. Traders must be feeling anxious on account of risk-off flows in general financial markets and while waiting for the SEC decision on bitcoin ETF applications.

Still, there’s a lot to look forward to, particularly the launch of ICE Bakkt bitcoin futures later this year. However, there might also be some unease as traders recall that last year’s CME bitcoin futures were blamed for the sharp drop that followed then.

 

SARAH JENN | OCTOBER 25, 2018 | 4:24 AM

Alan Zibluk Markethive Founding Member

The Source of Our Strength

Who do you lean on?

Written by GodLife on 23/10/2018

Series: Weekly Devotional

Tags: FaithSubmissionTrustGod


And the Lord was with him; wherever he went out, he prospered. He rebelled against the king of Assyria and would not serve him.

2 Kings 18:7

How often does this happen to you? You go through a difficult time – maybe a health problem or family struggles – and you attempt to solve the problem all on your own. After a while, you find yourself exhausted and ready to give up on the problem and nothing you have done has seemed to helped at all!

It’s in our sinful nature to want to rely on ourselves, but the Bible shows us a great example of what happens when we fully rely on God instead of ourselves.

Hezekiah’s example

Hezekiah was one of the best kings of Judah in the Old Testament. 2 Chronicles 31:20 says, “Thus Hezekiah did throughout all Judah, and he did what was good and right and faithful before the Lord his God.” In 2 Kings 18:5, it says, “He trusted in the Lord, the God of Israel, so that there was none like him among all the kings of Judah after him, nor among those who were before him.”

He showed his love toward God by trusting in Him fully. That’s not all he did, though.

“For he held fast to the Lord. He did not depart from following him, but kept the commandments that the Lord commanded Moses. And the Lord was with him; wherever he went out, he prospered. He rebelled against the king of Assyria and would not serve him.” (2 Kings 18:6-7)

What made Hezekiah such a faithful king to God? It was his unrelenting reliance on God throughout all circumstances. He showed that He was faithful to God by the way he kept His commandments. 

And his life wasn’t easy! He was the king of Judah after a very difficult time in its history. He had to lead the nation as they were being challenged by the biggest world power at the time – the Assyrians. It would have been easy for him to be overwhelmed by everything happening in his life, but instead he trusted God.

What did Hezekiah do when the kingdom was threatened by Assyria? He went into God's temple and spread an intimidating letter from the king of Assyria out before the Lord and asked for deliverance. And God decimated the Assyrian army in one night! Hezekiah didn't have to lift a finger, and the victory was the Lord's. 

Hezekiah held fast to the Lord, and he did not stop following him. For that, he was called one of the best kings in the history of his nation.

We have access to God

You might be thinking, “Well, Hezekiah was a king! I’m nothing like him.” It’s true that we all have different roles on earth, and some of us have more earthly power than others, but we all have access to the same power that Hezekiah had access to – the power of God. Hezekiah accessed that power by staying close to the Lord all throughout his life and staying faithful to Him.

Do not think you need to handle things on your own. You can’t. But by His Spirit, we can handle anything life throws at us. As believers after Jesus’ death, burial and resurrection, we have access to the Holy Spirit living within us (Ephesians 1:13-14). 
The Holy Spirit is God! To know that God lives within us and empowers us in tough situations (and when life is going well), should be extremely comforting. As you go forth today, and as you come across difficult situations, remember that the Lord is with you, and He is reliable, faithful and trustworthy.


Pray this week:

Lord God, give me the ability to fully trust you with absolutely everything in my life. Allow me to release whatever I’m holding back from you, because you alone can ultimately bear my burdens. Thank you for loving me and not abandoning me in times of need. I love you, Lord. Amen.


Where have you failed to rely on the Lord this week? Let your caring Christian friend know, and they can pray with you today!

Alan Zibluk Markethive Founding Member

Bitcoin BTC Price Watch – Is This a Bullish Breakout Yet?

Bitcoin (BTC) Price Watch -  Is This a Bullish Breakout Yet?

Bitcoin (BTC) Price Watch – Is This a Bullish Breakout Yet?

Bitcoin Price Key Highlights

  • Bitcoin price has been trending lower inside a descending channel visible on its 1-hour chart.

  • Price appears to be attempting an upside break as a few hourly candles are closing above the channel top.

  • Technical indicators may be showing some hints of a pickup in bullish momentum.

Bitcoin price is trying to break out of its downtrend but has yet to test nearby resistance levels before sustaining a climb.
 

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, the downtrend is still more likely to resume than to reverse. Then again, the gap between the two moving averages is narrowing to signal slowing selling pressure and a potential bullish crossover.

Bitcoin price has yet to break past these dynamic inflection points before confirming a climb, though. And even then it would likely encounter some resistance at the $6,700 mark on its move north.

Stochastic is turning higher without even reaching the oversold area, indicating that buyers are eager to return. RSI is also on the move up and has a lot of ground to cover before reaching the overbought zone. Turning lower from that area could lead to a return in selling pressure, possibly at any of the nearby resistance levels.

Bitcoin price continues to wait for another set of positive catalysts that could allow the earlier surge to resume. For now, it is dealing with risk aversion in financial markets and uncertainty on the SEC decision for bitcoin ETF applications.

Traders might also be taking it easy leading up to the launch of ICE Bakkt bitcoin futures, especially since the ones from CME were blamed for the drop in price late last year. Still, bitcoin has a lot to look forward to in Q1 to Q2 next year on the Fidelity institutional platform.

 

SARAH JENN | OCTOBER 24, 2018 | 4:52 AM

Alan Zibluk Markethive Founding Member

What Are You Running From?

If God has shown us bad times ahead, it’s enough for me that He knows about them.

 

Written by Abide on 29/05/2018

Series: Weekly Devotional

Tags: Contentment, Depression, Jesus

Answer me quickly, O LORD! My spirit fails! Hide not your face from me, lest I be like those who go down to the pit.

 

Psalm 143:7

By Julie Thomas

 

My season of hopelessness began about six years ago. Quivering, gasping for breath, I felt the tingle from the cold night air against the sweat on my brow and the chill of the stone pavement beneath my bare feet. The stirring from the raging thoughts in my mind was coming to a calm. I had to stop running as my mind steered back to the reality of where I stood.  

    

The reflection from the street lamp at the base of which I stopped was bright enough for me to see most of my surroundings — enough to realize that I was alone and that it was sometime during the night hours. Soon enough, a passing cold draft also brought me to the realization that I did all that running without the needed clothing to keep the cold out.

 

I stopped long enough to recover my breath and turned around to retrace my steps. Retracing footsteps seemed simpler than retracing the mind’s steps. Retracing footsteps meant I would just have to run those steps back, albeit barefoot. The mind’s steps — those would hurt more than the cold, coarse sidewalk grazing against the soles of my feet. Muffled memory pulled me home, where I remembered leaving two babies and a husband, following a mental and emotional breakdown on my part. I have yet to recall what triggered the outburst. All I am able to recall is the harrowing fear that led the way for my sprinting out the door and into the night.  

 

I ran as fast as I could and as hard as I could. What was I running from? I did not know. My mind was not able to cooperate with the backdrop of my home and my family. Everything at home had begun to increasingly overwhelm my mind. I know today that the running was a means of escape from whatever was causing anguish to my mind. When my family found me and took me home, the anguish trailed home with me.

 

How long have you been running? The anguish and exhaustion from the running, has it ceased? Perhaps it hasn't. This was true for me during my spar with depression.  Running failed to get rid of the pain. The only one exhausted was me. … It was intensely painful to live inside of myself — with the depression. Can you relate to this feeling? Depression can do that to you. But know that no pain is without the knowledge of God. He hears. He sees. Just like He heard the many cries of anguish of King David in the Psalms.

 

Pray this week:

Do you have pain within you that seems unbearable? Join me in this prayer inspired by Psalm 143:4, 7     

 

Lord, depression has agonized me for a long time. It seems like there is no end in sight. Still…I believe that I will see the goodness of the Lord in the land of the living. I will walk in restoration. I will attain spiritual and moral resurrection that lifts me out from the depression. I release every hurt and every pain to you Lord! I embrace the fullness of Christ. I receive your healing Lord!    

 

Journal two words today: One that describes your emotions before spending time with God and another after you spend time with Him. Hold on to His hope as you breathe.

 

Are you battling depression? Do you have pain within you that seems unbearable?

Alan Zibluk Markethive Founding Member

Wall Street greets bitcoin with interest and worry Bitcoin may be the fraud of the century depending on whom you believe or it could be a gold mine for early adopters Adventurous investors have already bought into the virtual currency and Wall

Wall Street greets bitcoin with interest and worry

Bitcoin may be the fraud of the century, depending on whom you believe, or it could be a gold mine for early adopters.

 

Adventurous investors have already bought into the virtual currency and Wall Street is laying the groundwork for more wealth to flow into the cryptocurrency.

But nobody can say how big (or small) the bitcoin story will ultimately become.

Bitcoin still cannot be used to buy even a loaf of bread. It cannot be purchased from a company or sold directly on a major financial exchange and it is backed by no central bank. And it also dissimilar to metals like gold or silver, with universally accepted value.

Yet bitcoin is exchanged like money.

Near the end of 2017, bitcoin reached almost $20,000 in value amid a buying frenzy. It has since come down closer to earth and is now worth around $6,400.

Such volatility is too nerve-wracking for most mainstream investors but the radical price swings hold appeal for short-term traders.

rue believers in the currency, along with these short-term speculators, now have a variety of investment opportunities at various risk levels.

Debut on major exchange –

The most direct way to buy bitcoin is on an exchange that specializes in cryptocurrencies, although many of those platforms are at risk of hacking.

In late 2017, the Chicago Board Options Exchange became the first major exchange to offer a bitcoin product, a move that gave a legitimacy to the currency.

The Chicago exchange allowed trading on bitcoin futures — not on bitcoin itself — a financial instrument well known among investment professionals.

Another option is to pick an investment vehicle composed of bitcoin, such as the Bitcoin Investment Trust, which is managed by Grayscale Investments. But those interested in such ventures must transact in a private and bilateral basis and typically pay high fees.

Bitcoin believers are still awaiting the green light from regulators for exchange traded funds(ETF) that would track the movements of the virtual currency, a key step that could take the market more mainstream.

“The arrival of a potential bitcoin ETF remains top-of-mind for institutional investors seeking exposure to this emerging asset class,” said Michael Graham, an analyst specializing in Internet, blockchain and digital assets at Canaccord Genuity.

Each time, the SEC expressed concerns about fraud and manipulation, in part because it is still exchanged primarily on unregulated exchanges.

Broadening acceptance? –

Most of the biggest names in finance are at least studying ways to participate in bitcoin, although the steps so far have been incremental.

Jamie Dimon, chief executive of JPMorgan Chase, the biggest US bank by assets, famously called bitcoin a “fraud” in 2017 and has continued to speak skeptically of it.

Since May, Goldman Sachs has served as a clearinghouse for trading bitcoin futures for clients but has not offered bitcoin investments yet.

But Fidelity Investments, the giant money manager, this month unveiled a new venture, Fidelity Digital Assets, that will execute trades in digital currency for clients and permit them to store bitcoin or other digital assets with Fidelity.

And ICE, the parent company of the New York Stock Exchange, plans to launch its own bitcoin futures contract in November.

Bitcoin platforms continue to have a variety of problems, including lack of transparency, conflicts of interest and weak system safeguards, Christopher Giancarlo, chairman of the US Commodity Futures Trading Commission, said in a mid-October interview on Fox Business.

Yet many pension funds and other mainstream investors are likely to think twice before putting big funds into ventures that could soar — but could also sink.

The US Securities and Exchange Commission has rejected several proposed ETFs, including twice blocking ETFs proposed by the twin Internet entrepreneurs Cameron and Tyler Winklevoss.

“Like all things, it takes time to mature, and with the movement of more institutional investors into the space, I think we’ll see that maturation,” Giancarlo said.

 

by Juliette MICHEL

New York (AFP) |

Alan Zibluk Markethive Founding Member

Bitcoin BTC – Stuck in This Short-Term Range

Bitcoin (BTC) -  Stuck in This Short-Term Range

Bitcoin (BTC) – Stuck in This Short-Term Range

Bitcoin Price Key Highlights

 

  • Bitcoin price is still treading sideways, right in the middle of its range visible on the 1-hour and 4-hour charts.

  • Price has yet to break out of the current consolidation to show whether it would make a test of support or resistance.

  • Technical indicators seem to be suggesting that a move towards the bottom of the range is due.

Bitcoin price still seems to be waiting for directional clues as it moves sideways in the middle of a $600-sized range.

 

Technical Indicators Signals

 

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, a move lower is more likely to happen than a break higher. The moving averages also appear to be holding as dynamic resistance levels as well.

Stochastic is turning lower after recently hitting overbought levels, also suggesting a return in selling pressure. This might be enough to take bitcoin price to the bottom of its range at $6,200. RSI is already on the move down to confirm that sellers have the upper hand.

If buyers are able to step in, a move to the range top at $6,800 could be seen. A break above this could lead to a rally of the same height as the rectangle while a drop below support could lead to a selloff of the same size as well.

There are a handful of positive developments in the bitcoin industry these days, but it looks like traders are waiting for bigger announcements or might be feeling anxious while the SEC continues to mull its decision on the ETFs.

The launch of Fidelity’s institutional platform is big news as this would usher in big flows from funds, banks, and financial institutions. This would boost volumes, activity, and demand, thereby shoring up prices.

 

 

SARAH JENN | OCTOBER 22, 2018 | 4:43 AM

Alan Zibluk Markethive Founding Member