Tag Archives: TradeCoinClub

Blockchain firm nChain appoints Jon Matonis as Vice President of Corporate Strategy

Blockchain firm nChain appoints Jon Matonis as Vice President of Corporate Strategy

  

Bitcoin Foundation Executive Director Jon Matonis has joined blockchain company nChain

as the new Vice President of Corporate Strategy. Matonis will be supporting nChain's business growth by developing commercial relationships, and evaluating opportunities for strategic investments and acquisitions, the release said. In this position, he will also continue providing thought leadership on blockchain technology. Recognized as a leading bitcoin researcher, Matonis is a non-executive board director for various companies in the digital currency space.

“Jon was immediately attractive to nChain. During his notable career, he has consistently led the integration of financial services and cryptography,” Arthur Davis, Director of nChain Holdings Limited, commented. “Jon's philosophy for the Bitcoin protocol and the network is fully in line with nChain's vision of on-chain scalability with decentralization, advanced native scripting for the construction of smart contracts, and a dedicated move away from monolithic software. We are excited to have Jon's deep industry experience on our team, and look forward to working with him to achieve our vision for the Bitcoin blockchain.”

Being the founding director of the Bitcoin Foundation, Matonis served as the industry's first nonprofit trade association. He also held senior roles with the Sumitomo Bank, VISA International, VeriSign, and Hushmail. Matonis created first and leading general price index for bitcoin ‘the Bitcoin Price Index (BPI)’ and enlisted seven regional chapter offices to the Bitcoin Foundation from countries such as France, Germany, and Bangladesh. “The resources and funding in place at nChain provide a unique opportunity to reshape the existing landscape of Bitcoin protocol influencers. I am excited to work with nChain to support the growth of the blockchain ecosystem for everyone's benefit,” Matonis said, accepting the new management position at nChain.

Chuck Reynolds
Contributor

Alan Zibluk – Markethive Founding Member

Venture capital 3.0: The initial coin offering explained

Venture capital 3.0:
The initial coin offering explained

Initial coin offerings are cutting out the venture capital middlemen to finance blockchain-powered software   

The venture capital community thrives on disruption.

So what happens when the tables are turned and the medicine bottle has their name on it? There's a new kid riding onto the financing block – riding roughshod across an unregulated landscape. Welcome to the world of the initial coin offering (ICO). An ICO is a hybrid: part crowdfunding, part software token, part speculation. In simple terms, an ICO is often described, somewhat inaccurately, as an IPO for cryptocurrencies.

How it works

– A tech start-up team creates an ICO using a blockchain-enabled software platform, usually open sourced.

– The platform is powered by cryptography-based software tokens – called cryptocurrencies.

– The team produces a white paper to describe its idea in greater technical depth for the cryptocurrency community to review, often supported by a prototype.

– The team then crowdfunds the building of its platform by offering the early usage of the software token – often at a discount – with these tokens usually paid for in bitcoins.

– Two Australian blockchain-powered platforms, Incent and Chronosbank, have raised more than $1 million and $7 million respectively in this way in the past six months – no venture capital firm required.

Crowdfunding vs ICO

While initial coin offerings may sound similar to a Kickstarter campaign, they do have a speculative twist. Once an ICO is completed, the stronger platforms and cryptocurrencies begin to develop material value that can be traded. Globally, there are more than 40 cryptocurrency exchanges, Poloniex.com being the largest exchange in the US. Their role is to establish a secondary market where major cryptocurrencies can be exchanged for bitcoins in an open marketplace, in a similar way to foreign exchange markets.

As a result, most cryptocurrencies have a market value that can be traded in line with the demand and supply of the cryptocurrency powering the new software platform being developed.Cryptocurrencies on the exchanges are subject to the same dynamics as equities and forex – where the core fundamentals of the cryptocurrency drive the underlying demand and the day-to-day trading actions determine its price. The total value of the global cryptocurrency markets is currently more than $US38 billion ($50 billion), with bitcoins representing the majority of that.

Powering smart contracts

Cryptocurrency's first major crowdsale was that of Ethereum in late 2014. The Ethereum software platform enables "smart contracts" to run. For example, money could be programmed to be automatically transferred once a container ship hits a certain longitude and latitude to confirm it is in Australian waters. Anyone who runs a smart contract on the Ethereum platform pays a small cryptocurrency fee to run that contract. Ethereum's initial crowdsale raised about $US18 million, although its current market capitalisation as reflected by the Ethereum price on the crytpocurrency exchanges is more than $US4 billion – a 2000 per cent increase in less than three years.

The Wild West

There are also many cryptocurrencies that have failed to perform, with the likes of AnarchistsPrime and Mustang coin languishing with market caps below $US4000. Also, because the cryptocurrency space is unregulated, it has the cavalier, Wild-West attitude reminiscent of the early days of the internet. It is not for the faint-hearted, with scammers preying on the naive and greedy. The regulators are lurking, with space slowly exhibiting almost self-regulated change – seeking to avoid the regulatory traps that could be waiting further down the track.

One step ahead of regulation

Cryptocurrencies can appear to look and act in a similar way to equities, by having a secondary marketplace and an expectation of growth. So instead of being labeled as ICOs, many developer teams are now beginning to re-label their crowdsales as "token sales", emphasizing cryptocurrency representing an intrinsic part of the software platform itself, rather than just a speculative investment. Often a prototype is built prior to the token sale to reaffirm this new label.

Initial coin offerings are a growing form of venture finance that could have major implications for the way entrepreneurs approach a venture capital. It is an area of high risk, both financial and regulatory, that is not for the faint-hearted or uninformed but does offer a significant financing alternative for entrepreneurs to explore. Tim Lea is chief executive of Verecitum.io, a blockchain platform that incentivizesrs from the film and television industry discover and report pirated examples of each other's work. They will be paid in Vents, a cryptocurrency Mr Lea will launch with a $US5 million initial coin offering in the second half of 2017.

Chuck Reynolds
Contributor

Alan Zibluk – Markethive Founding Member

A Las Vegas Strip Club Is Making It Rain Cryptocurrency

A Las Vegas Strip Club Is Making
It Rain Cryptocurrency
 
  

You’ve never seen QR codes used this way before.

Ever since showering women with dollar bills became an endlessly rehashed subject for rap songs, high-end strip clubs have increasingly relied on brand building to distinguish themselves from their competition. It's in that vein that The Legends Room (link mildly NSFW), a new Las Vegas strip club, had decided to issue its own cryptocurrency which will be redeemable for drinks and dances at the club and distributed through a custom mobile app.

The interior of Legends. Image: The Legends Room

The Legends cryptocurrency (LGD) is issued via Ethereum, a decentralized, blockchain-based computing platform that allows for the creation of custom tokens, and until May 15 can be bought in a public crowd sale at a rate of 1150 LGD per bitcoin. As well as paying for services, the cryptographic token is the only way to obtain VIP membership, which is available to anyone holding more than 5000 LGD, or around $5750 at the current Bitcoin valuation and LGD exchange rate. (Legends Room staff told Motherboard that the target price for membership is $5000, which has been inflated by Bitcoin prices rising more than $200 in the past month.)

Along with the prestige of membership (which gets you access to a private area featuring appearances by athletes, celebrities, and adult entertainment stars), the owners of the club are also touting the anonymity properties of cryptocurrency over other digital payment methods as a selling point. Nick Blomgren, founder, of the Legends Room, said in a phone call. "The first question they ask me in the club when they use a credit card is, 'What does your receipt say on the statement?' So if you can use bitcoin, well, there's no problem."

Legends' cryptocurrency ATM. Image: The Legends Room

Besides disguising the patrons' spending habits, the use of cryptocurrency will also provide for some novel ways for clients and dancers to interact. Bitcoin wallet apps often make use of QR codes to share transaction details between sender and receiver, a fact that Peter Klamka, the Legend Room's cryptocurrency specialist, says the club plans to make use of. "Vegas is all about what's new, what's different," said Klamka. "So let's put a QR code on a porn star's thigh and you can scan your app or even your blockchain wallet right on her thigh… Then all of a sudden you've got a real draw."

Klamka and Blomgren say they are targeting the club firmly at the new generation of young, affluent tech workers, who may be based in neighboring California's Silicon Valley or visiting Las Vegas for conferences, and would be drawn by the premise of the club. "If you think about who owns bitcoin and who uses it—younger, technologically inclined, likes the idea of nightclubs and beautiful women—we created an opportunity for somewhere they'd really want to spend it," explained Klamka. The Legends Room is scheduled to open at the end of May. In the meantime, early investors can purchase tokens through the Bittrex exchange.

Chuck Reynolds
Contributor

Alan Zibluk – Markethive Founding Member

More Billionaires Are Buying Cryptocurrencies

“It is the best investment of my life”

said billionaire Mike Novogratz at an April 19 Harvard Business School Club of NY event, where he announced that he holds ten percent of his net worth in cryptocurrencies like Bitcoin and Ethereum. Mike Novogratz was the Chief Investment Officer of the Fortress Macro Fund and a principal and member of the board of directors of Fortress Investment Group LLC. Novogratz joined Fortress after a decade-long at Goldman Sachs. He featured on the Forbes billionaire list in 2008. While clearer revelations on his investment in cryptocurrencies have come out now, his interest in cryptocurrencies isn’t new. He has been advocating for Bitcoin as a good investment since 2013.

Bitcoin’s journey has been incredible. It started trading at around $0.0007 per bitcoin in the beginning of 2009 and about two years later, it hit parity with the dollar. While the year 2013 saw Bitcoin's potential, it displayed its massive volatility. Even 2014 remained volatile but it was milder. In 2015, there was recovery and gradual uptrend which continued through 2016. The year 2017 has been exceptionally good for Bitcoin which crossed the $1,300 mark for the first time. Mike Novogratz now predicts it to go past $2,000. Mike Novogratz has invested in Ethereum (ETH) as well. He made his investment when it was trading at $1. Today, it's trading around $69 and is the second largest cryptocurrency by market capitalization. (Related reading, see: The 6 Most Important Cryptocurrencies Other Than Bitcoin)

Mike Novogratz isn’t the only billionaire supporter of Bitcoins and other cryptocurrencies. Patrick M. Byrne can be called a bitcoin enthusiast. Back in 2014, when no major revenue generators were accepting bitcoin as payment, he decided that Overstock.com, with $1.3 billion in revenue then, would accept bitcoins. Overstock became the first large retailer to accept Bitcoin, going live in January of 2014. Then we have Tim Draper, founder of Draper Associates – a seed-stage venture capital firm – has been investing in Bitcoins (ad now Ether) too. He ranked #98 on the 2014 Worth Magazine 100 Most Powerful People in Finance. (Related reading, see: Overstock.com Announces Rights Offering on Blockchain Platform)

The rising awareness, acceptance by governments and rising adoption are supporting Bitcoin’s price movement which is motivating people to invest. Bitcoin is emerging as a new asset class and given its low correlation with traditional asset classes, it’s being dubbed as a perfect diversifier for an investor’s portfolio. However, like any investment, there are risks involved and investors must factor them in being leaping into the world of cryptocurrencies.

Chuck Reynolds
Contributor

Alan Zibluk – Markethive Founding Member

TradeCoinClub

TradeCoinClub

I have been laying low a bit lately while searching out and researching the best stuff online today, trying to fully and carefully apply whatever wisdom I’ve gained in some 13 years of working in this minefield.  And… I am SO happy to have MAJOR News for you! THIS may well be the best I have found, perhaps ever….

BITCOINS, YES –

Most knowledgeable online workers now prefer to use Bitcoins in business, for many very good reasons. Among the most knowledgeable, many have been looking for a TRADING PLATFORM for CRYPTOCURRENCIES and using Bitcoin, but there has not been anything genuine to date.  THAT HAS NOW CHANGED. 

WE CAN NOW –

–>> PASSIVELY EARN FROM FULLY AUTOMATED TRADING OF THE TOP TEN CRYPTOCURRENCIES.

–>> LEVERAGE BITCOIN AND EARN DAILY PASSIVE BITCOIN.

–>> DIVERSIFY PASSIVE BTC EARNINGS IN A POWERFUL NEW WAY.

–>> ACTIVELY EARN STILL MORE BTC BY REFERRING TO THE PLATFORM.

TCC: WHAT IT IS –

Trade Coin Club is an offshore registered company offering an automated trading platform for major cryptos.  Management is international and highly qualified. TCC trades in cryptos with licensed software that performs many millions of trades per day in ten of the major cryptocurrencies like Litecoin, Dash, BTC, etc. TCC itself works entirely with Bitcoins.

Globally in the launch and pre-launch in different regions. The company is full-function and earning and paying now.  This Site is sophisticated and well developed already and fully activated. TCC is uniquely well positioned in a high-demand global niche.  It is super-attractive for builders and leaders as well as for those who simply want to remain passive and leverage their Bitcoins into ever larger numbers.   Miners too will find it a highly attractive diversification that will likely earn a lot more strongly for them.

BENEFITS – PASSIVE:
Recent member reports indicate “trading” profits of around 20% monthly – in dynamic rising Bitcoins!  Set it and let it run.  Those returns are substantially better than “mining”.

ACTIVE:
Members who refer receive 10% on both levels one and two, and lesser amounts down to as many as 8 levels.  Plus referrers can earn 8 to 10% daily from a binary structure too.  And there are MORE referral bonuses. It’s rich, but it is also very smart.
Compounding of one’s choice of all or some earnings is available. Withdrawal of earnings is on demand.

Ride the BTC Rise: 
We are working 100% in Bitcoin, so as BTC rises we enjoy the full benefits of its rise – to who knows what heights!  This is in contrast to some online options that actually work in dollars and only use BTC for pay in’s and out’s.  In this as BTC rises your dollar based payout in BTC falls.

GUIDANCE –

It is scant on the site at the moment, as it is so early in the life of TCC, so the guidance to signing up, getting set up and earnings, etc., is currently best obtained in Youtube videos and not so much in the back office… as yet

Learn more:
TCC Details and OVERVIEW Videos and PDF –

TCC Presentation and background by boss, Joff Fortune, short, 20 min:  https://youtu.be/NiI7Joi_kag

TCC office in Belize: https://youtu.be/JHEDZ3PXx5Y

TCC PDF manual:  http://dreameagles.info/TCC/TCC_Manual_2-23-17.pdf

My personal advice is to dig in and enjoy these resources.  But do not get bogged down and too delayed in your explorations.  There can be good benefits to making your move quickly.  Be sure to have some Bitcoins, and a wallet to use for business.  I am personally using Coinbase and Blockchain as my bitcoin processors.  There are several choices.

How to Proceed –
Let’s keep this smooth and simple and let the videos take care of the heavy lifting.  Use them to ease your way and to avoid simple errors.

Cost Notes:
Joining is free, so you can do that immediately. Minimum to participate actively is 0.30 BTC (0.25 plus a one time 0.05)  Other entry levels are at 1 BTC and the highest at 5 BTC from which one will earn the most the fastest.

Referring?  Edit this info page if you wish with your reg link.  Duplicate the process of sharing these resources if you decide to build teams, pass these instructions on.  (Note: You need to be upgraded to at least the lowest Apprentice level package to refer.)

REGISTRATION LINK -> https://office.tradecoinclub.com/register/chuck 
Be sure your sponsor is listed as: Chuck

INSTRUCTIONS VIDEOS, use these as detailed guides, follow these.

1. SIGN UP PAGE:
https://www.youtube.com/watch?v=p8dFkcWlEF4&feature=youtu.be&hd=1

2. BUY YOUR PACKAGE:
https://www.youtube.com/watch?v=LPnZaKO4mnA&t=633s

3. HOW TO ACTIVATE YOUR WEEKLY AUTOMATIC TRADE:
 https://youtu.be/sneX_yRH8Og

BECAUSE OF LEGAL DEPARTMENT RECOMMENDATIONS, WE MUST NOW SET OUR TRADES EVERY WEEK. PLEASE MAKE SURE TO LOGIN EACH WEEK BETWEEN SUNDAY 4PM PST AND MONDAY 3:59PM PST TO RESET YOUR TRADES ACTIVATION.

4. SUBMITTING DOCS CORRECTLY:

 (AT YOUR CONVENIENCE)  documents can be submitted later but before requesting withdrawals.
https://youtu.be/zVAM7jDlwOk

5.  Refer if you wish. 
Edit this email to make it your own, with care to the signup link, and share it with your favorite contacts and friends.

6.  WHY IS THE EXCHANGE RATE WALLET ONLY SHOWING HALF OF YOUR DEPOSITS?
https://youtu.be/E8D4MhTmowA

7.  HOW TO COMPOUND YOUR EARNINGS.
https://www.youtube.com/watch?v=4mHr6jcHIfw&t=370s

8.  More info:
 http://www.tradecoinclub.info

9.  ENJOY A BETTER LIFE IN A RICHER WORLD. 

Once again…

REGISTRATION LINK -> https://office.tradecoinclub.com/register/chuck
Be sure your sponsor is listed as:  chuck

P.S. keep this page for future reference and edit it to suit your needs.  Thank you. 

Chuck Reynolds
Contributor

Alan Zibluk – Markethive Founding Member

TRADE COIN CLUB (TCC) : A Platform for Trading and Earning Bitcoins Easily

TRADE COIN CLUB (TCC) :
A Platform for Trading and Earning Bitcoins Easily

Trade Coin Club (TCC)

is the world’s first licensed top 10 auto-trading cryptocurrency platforms. It is a membership trading platform to earn bitcoin with a high automated security system. It’s a membership club, created to revolutionize the trading market of digital coins. As it today 23rd, February, 1 Bitcoin = $1,146 and 1Bitcoin is predicted to be up $2000 by December 2017

Why Should You Invest in TCC?

1) You earn daily in bitcoins which can be withdrawn and converted to cash immediately or left to compound for a month.

2) You earn daily without needing to refer anybody; but if you do refer, your earnings become magical.

3) Bitcoin has been approved as a Legal Tender in Japan & Philippines with more countries gearing up to do same; these announcements is causing and will yet cause the value of bitcoin to appreciate tremendously.

With all of this information coupled with the fact that bitcoin is highly liquid, that is, easily converted to cash, I strongly advise all who can afford it to get onboard TCC investment without delay and don’t miss this golden opportunity. In case you don’t understand what TCC Investment really is, not to worry as I have attached in this email 2 videos that will help you if you would take the time to watch them to the end. Remember, what you don’t know, you don’t know and what You don’t know, You can’t benefit from.

Steps to Register for TCC

1) Click Here to Register

2) Call us on 07059546314 to get the current rate of Bitcoin and buy to sign up for a plan in TCC then you can be a part of the trading.

(3) You will need a minimum of 0.3Bitcoin to sign up for a plan in TCC

(4) After making payment, send your TCC Username & Password to cryptoprenuers@gmail.com for funding; but if you have a bitcoin wallet and can handle the funding yourself, then watch the videos in your back office and go ahead and fund.

Chuck Reynolds
Contributor
559-474-4614

 

Alan Zibluk – Markethive Founding Member

Trade Coin Club Is Officially Live And Trading Crypto Currencies!

Trade Coin Club Is Officially Live And Trading Crypto Currencies!

                                 

Trade Coin Club,

the first cryptocurrency exchange that is licensed and insured. It uses automated trading software is now up and running and generating massive profits for those who are depositing their bitcoins. Trade Coin Club is free to join. It does require a deposit of at least.30 bitcoins to start trading. Trade Coin Club is based in Belize and now has members in over 150 countries. It was started by Joff Paradise, a Germany born entrepreneur based in Las Vegas, Nevada. Paradise has run and owned several businesses including restaurants, casinos, health club chains, clothing lines and satellite networks in the Caribbean.

Trade Coin Club entered its official pre-launch in late January 2017. Thousands of traders have already been using the platform at the time. As the membership base continues to grow, Trade Coin Club etches out a unique niche in the crypto currency space with its revolutionary trading software.

Joining Trade Coin Club

The platform has an easy to use back office where you can deposit and withdraw your bitcoin, move coin within the exchange, set your trading levels, sign up new members and much more. There are three different levels of joining: Apprentice, Trader, and Senior Trader. Each has its own level of benefits and thresholds. The Apprentice level requires a bitcoin deposit of .30 to .99 to get started. The Trader level requires a 1 to 4.99 bitcoin deposit. And the Senior Trader requires at least a 5 bitcoin deposit to get started.

For those who want to refer others to the exchange, there is a very generous referral program attached. Although it is not required, you can refer others to the exchange for a generous referral commission that goes directly into your account. Adding these commissions to the exchange account can really increase your profits exponentially. This is how the exchange leverages the concept of compound interest with both interest and additional deposits.

Chuck Reynolds
Contributor
559-474-4614

Alan Zibluk – Markethive Founding Member

A New Crypto Coin Exchange Launches With Hands-Free, Automatic Trading!

A New Crypto Coin Exchange Launches With Hands-Free, Automatic Trading!

   The-Crypto-Coin-Exchange

A brand new crypto coin exchange named Trade Coin Club (TCC)

is up and running and generating massive profits for those who are depositing their bitcoin! This is the very first fully licensed, insured, brick-and-mortar crypto coin exchange and trades the top 10 crypto currencies of the day. The program uses high volume automated bot trading with proprietary algorithms so depositors don’t have to do ANYTHING other than sit back and watch their bitcoin account increase every day.

This new crypto coin exchange is revolutionizing the cryptocurrency space and people are flocking to it in droves to deposit their bitcoin. TCC already has members in over 150 countries at the start of the pre-launch in late January 2017! You can create a FREE account in Trade Coin Club. But it is a private club, where you have to be invited by a current member. (This allows Trade Coin Club to pay huge amounts of referral commissions to members, thereby exploding their crypto coin exchange trading profits.) Joining is completely free. You can create your free account and browse the back office by following the instructions here: How To Join Trade Coin Club. I can help you 559-474-4614

Could This Brand New Crypto Coin Exchange Be Your Ticket To Financial Freedom?

Many members who are getting in early are earning dozens of bitcoin totaling an equivalent of tens of thousands of dollars! If you have ever thought about what it would have been like to invest a couple hundred dollars into bitcoin when it was around a dollar a coin, then perhaps that missed boat has come back around. For more information and tutorials on how to earn bitcoin with Trade Coin Club, see my Trade Coin Club Tutorials page. And feel free to contact me with any questions about the program.

Chuck Reynolds
Contributor

Alan Zibluk – Markethive Founding Member

Malta is Embracing Bitcoin and Blockchain in Sweeping National Strategy

Malta is Embracing Bitcoin
and
Blockchain in Sweeping National Strategy

Malta’s government is reportedly developing a broad national strategy

that will see the government embrace bitcoin and blockchain innovation to promote and adopt the technology. According to a report by Malta Today, the island nation’s Cabinet has approved the first draft of a national strategy to promote blockchain. The revelation was made by Malta’s Prime Minister Joseph Muscat, speaking at an official financial conference. “We must be on the frontline in embracing blockchain and Bitcoin…we must be the ones that others copy,” the prime minister reportedly stated.

The prime minister bullishly added that Malta would become one of the first countries in the world to embrace blockchain technology on a national level. The national strategy, which is still in its draft stages, will be put up for public consultation soon, Muscat added. While keeping most details under wraps, Muscat hinted a few applications of blockchain technology, particularly for record-keeping in registries.

The prime minister stated:

This is not just about Bitcoin, and I also look forward to seeing blockchain technology implemented in the Lands Registry and the national health registries. Malta can be a global trail-blazer in this regard.

The ‘Bitcoin continent of Europe’

Muscat’s comments are notable for the significant endorsement of blockchain technology by the prime minister, who is the country’s highest official as the head of the government. Malta’s Prime Minister Joseph Muscat is championing the use of cryptocurrencies like bitcoin and blockchain technology. The prime minister called on other European Union leaders to embrace and harness the potential of cryptocurrencies in order to become the “Bitcoin continent of Europe”, according to a notable quote reported by Malta Today.

He stated:

I understand that regulators are wary of this technology but the fact is that it’s coming. We must be on the frontline in embracing this crucial innovation, and we cannot just wait for others to take action and copy them. We must be the ones the others copy.

Muscat is making a pointed attempt at pushing the agenda for blockchain technology in a post-Brexit reality, hoping to lure any part of the FinTech industry from the UK, widely regarded as the world’s hub for financial technology. Bringing over even a measly 1% of the UK’s FinTech industry to Malta’s shores would bring in €200 million to the local economy, the prime minister revealed. Meanwhile, Malta’s Stock Exchange has already set to path the development of its strategy to research blockchain technology in late 2016.

Chuck Reynolds
Contributor

Alan Zibluk – Markethive Founding Member

Bitcoin Price Analysis: Keeping Grounded as Price Skyrockets

Bitcoin Price Analysis:
Keeping Grounded as Price Skyrockets

  

Over the past few days, Bitcoin has hit fresh all-time highs

(ATHs) on all exchanges, as well as new all-time highs in market capitalization. The premium between Bitfinex and the other exchanges continues due to a halt on USD deposits/withdrawals, preventing arbitrage. GDAX/Coinbase, a USD on-ramp, is closing that premium, suggesting that heavy buying is occurring on that exchange. On high timeframes, resistance confluence around $1,410–1,450 and $1,800 become apparent with Fibonacci extensions, drawn from previous ATH to low, and yearly pivots. As bitcoin reenters price discovery mode, with no prior resistance in this zone, these are very real targets that will be reached for until buyers are exhausted.

There is also an old bullish chart pattern, the inverted head and shoulders, with a measured move around $1,475. We can also see a messy cup-and-handle chart pattern with a measured move of $2,300. This will likely be the blow-off top target should it occur in 2017.

A Few Things to Consider

As we ride this bullish wave, it is still worth thinking conservatively about the future. As a trader, I look ahead to an eventual pullback/correction — how dramatic could it be? So far it seems that the buying will continue indefinitely, and there are plenty of high technical targets ahead, but when the ball drops, where is this going to go? Perhaps more important, which events outside of technicals can make a dramatic drop happen? For instance, Chinese regulatory announcements provided both bullish fuel with yuan devaluation and bearish fuel with increased Bitcoin and trading regulations. It’s events like this that should be considered and planned for prior to their occurrence. Always remember; stairs up, elevator down.

Here are the unresolved issues still looming that could have a significant effect on price:

  1. Any number of possibilities with Bitfinex regarding USD

    • Best-case scenario:
      USD deposits/withdrawals resume, and price on Bitfinex gets arbitraged down in line with the other exchanges.

    • Worst-case scenario:
      Bitfinex is insolvent (extremely unlikely).

    • Other scenario:
      Halt on USD deposits/withdrawals continues indefinitely.

  2. Bitcoin Unlimited (BTU) hard fork remains a possibility with anywhere from 51 to 75 percent of miner support.

    • Best-case scenario:
      BTU realizes it is in a losing battle, leaves well enough alone and disappears.

    • Worst-case scenario:
      BTU attempts a hard fork anyway.

  3. The SEC and the COIN ETF

    • Best-case scenario:
      Approval; priced in to some degree but not completely.

    • Worst-case scenario:
      Another denial, which is already priced in at this point.

  4. SegWit Activation

    • Best-case scenario: UASF brings SegWit online.

    • Worst-case scenario:
      Drags on, unactivated, until timing out in November 2017.

  5. An unknown or true
    Black Swan type of event, such as harsh government regulation in the United States. Least likely.

Summary

  1. New ATHs in price and market capitalization suggest an immediate bullish future.

  2. A shrinking premium between Bitfinex and GDAX/Coinbase suggests new money is ramping on to digital currency.

  3. Technicals show resistance between $1410–1450 and $1800.

  4. Several unresolved issues remain. Have a plan for all possibilities.  

Chuck Reynolds
Contributor

Alan Zibluk – Markethive Founding Member