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6. 17/04/2019 08:52
This Price Hurdle May Pave Way for Bitcoin’s Next Leg Up

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  • Bitcoin’s rally from April 2 lows below $4,200 has stalled near the three-day chart’s 100-candle moving average (MA), currently at $5,238.
  • A three-day close (UTC) above that MA level could invite buying pressure, leading to a sustained move higher toward $5,500 and more.
  • That bullish close, however, looks unlikely in the short-term, as the cryptocurrency has created a bearish candle on the daily chart, validating signs of bull exhaustion (doji candle) on the weekly chart.
  • A UTC close below $4,948 today would add credence to yesterday’s bearish candle, opening doors for a deeper pullback toward the 30-day moving average, currently at $4,550.

The stalled bitcoin (BTC) rally could again pick up the pace if a new resistance level above $5,200 is convincingly breached.

The market-leading cryptocurrency picked up a strong bid at lows below $4,200 on April 2 and jumped to 4.5-month highs above $5,300 on April 8, confirming a bullish reversal.

The rally, however, has stalled in the last few days, courtesy of overbought conditions and other factors, as discussed yesterday.

Notably, the three-day chart’s 100-candle moving average (MA), currently at $5,238, has been proving a tough nut to crack since April 2. As a result, that lesser-known average is now the level to beat for the bulls.

A convincing move above that MA resistance could bring in more buyers, reviving the prospects of the further rally.

As of writing, bitcoin is trading at $5,080 on Bitstamp, representing a 1.5 percent drop on a 24-hour basis.

3-day chart

The 100-candle moving average has recently been put to test for the first time since May 2018. Back then, the average was trending north, indicating a bullish setup and was located just above $8,400.

As of writing, it is sloping downwards, representing a bearish bias, and is seen at $5,238. That bearish signal, however, is of little concern to the bulls, as longer duration averages are lagging indicators.

That said, bitcoin has repeatedly failed to secure a three-day close above that average over the last 15 days. A break higher, therefore, may embolden the bulls and allow a sustained move higher toward $5,500.

That, however, looks unlikely in the short-run, as the repeated failure at the 100-candle MA is accompanied by early signs of bearish reversal on the shorter duration charts.

Daily chart

BTC created a bearish outside reversal candle Monday – a pattern that occurs when the day begins on an optimistic note, but ends with pessimism. The candlestick is widely considered a sign of potential trend reversal, especially when it appears after a notable rally, as is the case with BTC.

Traders, however, wait for confirmation in the form of strong follow-through, preferably a close below the candle’s low.

So, a UTC close below $4,948 (Monday’s low) would shift risk in favor of a deeper drop toward the ascending 30-day MA, currently at $4,550. It is worth noting that the 30-day MA served as strong support throughout last month.

A bearish close below $4,948 looks likely, as the 5- and 10-day MAs have produced a bearish crossover, validating the signs of buyer exhaustion seen on the weekly chart (last week’s candle was a doji).

That said, the longer duration outlook will remain bullish as long as prices are trading above $4,236.

7. 16/04/2019 09:47
The Bigger Picture Behind Bitcoin’s Latest Price Rebound

One of Novak’s insights: “To be clear, bitcoin is absolutely worthless by any real measure. It’s fake money that’s about as practical to use in the real world as Monopoly bills.”

Readers won’t be surprised to hear that I disagree with Novak’s simplistic rant. But I’m also turned off by the knee-jerk cheerleading from crypto traders whenever bitcoin’s price bounces.

There’s something fundamentally wrong with reducing the measure of bitcoin’s worldwide importance to a price metric that’s denominated in a fiat currency that its advocates hope to replace. It pushes the debate into an inane all-or-nothing binary set of predictions: bitcoin is either going to zero or “to the moon.”

What matters is that 10 years after an unidentified software engineer created it, this decentralized system for recording sequences of transactions continues to do its job, block after block, with no authority in charge, no user able to alter past transactions, and no person or entity able to shut it down.

The more this goes on, the more it reinforces the powerful vision behind bitcoin: a peer-to-peer, disintermediated system for exchanging value around the world. And in that context, we can also think of bitcoin the cryptocurrency – differentiated from bitcoin the system – as a unique, provably scarce digital asset that expresses the overall value in that vast potential.

Bitcoin is valuable because it exists

A point that’s lost on critics like Novak is that the longer bitcoin simply survives – in the face of the $90 billion valuation that stands as a de facto bounty for hackers to try to take it down, compromise its security or corrupt it – the more its overall value is confirmed.

Bitcoin is progressively proving itself to be an unstoppable, digital system of global exchange, one that functions outside of the traditional national government-mandated system of currency and banking. That status is what gives bitcoin its value.

Of course, the global impact of the bitcoin value exchange system, and therefore its worth to humanity, will be significantly enhanced if adoption advances to a much wider scale and it is used frequently in the world’s transactions. And, yes, a great deal of development work is still needed if it is to ever reach that point.

(Some recent technological leaps such as the Lightning Network and the emergence of decentralized, non-custodial asset exchange technologies offer hope that this scaling challenge can be achieved, though nothing is guaranteed.)

However, widespread adoption in payments is not necessary for bitcoin to have value. To understand why that’s the case, it’s useful to think about gold, to which bitcoin is often compared.

The power of common belief

Similar to bitcoin, gold is a mutually agreed store of value that, for all intents and purposes, lies outside the control of nation-state governments and banks. It’s not widely used as a day-to-day currency, but it does enjoy a widespread, shared belief in its value.

Where does gold’s value come from? The answer is somewhat tautological: it comes from that same widely held belief, from a shared understanding in gold’s capacity to function as a depoliticized global system of exchange that’s free of manipulation. Sure, we tend to think of gold in terms of its material qualities: that it’s durable and that it’s shiny in a way that connotes beauty. But its lasting worth really derives from the more esoteric notion that human beings have for a long time deeply held a shared belief in its value.

That belief has turned gold into a system for protecting property, a system used through the centuries by refugees, dissidents and investors for moving and storing value and for hedging against lost spending power. That we now have a digital version of this concept, one that’s designed for the borderless, internet-shaped world of the 21st century, is a big deal.

When dealing with debates over bitcoin’s value, it’s also worth going a little way down the rabbit hole of thinking about what money actually is. Not everyone agrees on a definition, but I think it’s useful to think of money as a societally agreed system for storing and exchanging value. The system has to have certain properties for people to reach this agreement – it must fungible, durable, transferable, divisible, etc. – but it’s the agreement itself that gives it its value.

Here, too, is where many of bitcoin’s detractors get lost.

Fixating on the misplaced idea of money as a thing, they exclaim that bitcoin can’t have any value as it isn’t backed by anything. This, of course, also misses the fact that it is backed by the energy and other resources that miners spend to do the computational work needed to secure the bitcoin ledger.

But the bigger point is that bitcoin’s value, as with all forms of money, comes from the existence of a wide agreement in its potential use as a store of value and medium of exchange.

In bitcoin’s case, the agreement is arguably one that involves 35 million people, if Cambridge University’s latest survey of authenticated users is to be believed. This large level of participation is essentially why bitcoin holds a much greater value than the altcoins that are forks of its code.

So, this is why bitcoin at $5,000 is important, not because it’s a sign of that new investors are coming to push up its price again, but because it validates the core proposition of bitcoin’s resilience and promise.

8. 15/04/2019 09:22
Selamat pagi. Senin pagi ini NPXS dan BTT naik tertinggi yaitu 10%
Sudah siap menambang minggu ini? Jangan lupa sarapan dulu ya
9. 14/04/2019 15:01
Selamat hari Minggu
Siang ini NPXS mengalami penurunan dan GXS mengalami kenaikan. 
10. 13/04/2019 21:36
Blockchain Singapura Bermitra dengan BMW dan Intel

Tribe akselerator blockchain yang didukung pemerintah Singapura telah bermitra dengan BMW dan Intel sebagai dua mitra strategis utama.

Tribe, yang mulai beroperasi akhir tahun lalu, adalah gagasan dari Tri5 Ventures, sebuah perusahaan modal ventura yang bertujuan untuk mendukung startup tahap selanjutnya.

Mitra yang ada dari skema ini termasuk PwC dan jaringan blockchain Korea Selatan, Icon Foundation.

Sumber: http://bit.ly/techinasiaBMW

 

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