HMRC demands info on traders from crypto exchanges in the UK

October 12, 2019 David

HMRC demands info on traders from crypto exchanges in the UK

HM Revenue & Customs (HMRC), the UK’s tax authority, sent out requests to several top cryptocurrency exchanges last month, for information regarding their customers.

Specifically, the agency sent a letter to three major digital currency exchange providers registered in the country – Coinbase, CEX.io, and eToro – reportedly asking them to hand over lists of the names and transaction details of their UK customers.

HMRC is said to be examining this information to identify potential tax evasion cases. The agency has also released more guidance on how cryptocurrencies are taxed so this move is likely a reinforcement of its guidelines.

It appears that Bitcoin investors should be bracing themselves for a crypto-focused tax crackdown this year, as similar actions have been taken by governments across the globe. The IRS recently sent out letters to over 10000 crypto traders that may have avoided paying taxes.

Eyes set on crypto tax evaders

HMRC’s request for information seeks the cooperation of crypto brokerage firms, with the agency hoping to use the details they receive to get those who may have evaded paying taxes on their crypto holdings.

Tax obligations that individuals will have to report involve the buying and selling of cryptocurrencies. Employees will also be expected to pay tax on income received in bitcoin or in the form of any other digital currencies.

An advisory HMRC issued last year provided policy guidelines that sought to have crypto holders pay either Income Tax or Capital Gains Tax (CGT). Notably, any specific tax will depend on the particular type of crypto transactions individuals undertake.

The examination of transaction details will likely go back to around 2016, meaning that early bitcoin adopters and investors may be spared.

If this turns out to be the case, then the majority of those who will be approached will also be those who entered the space at a time when cryptocurrencies peaked – when the price of Bitcoin (BTC) hit nearly $20k.

Does HMRC actually have a right to this information?

The UK’s tax agency is not the country’s financial regulator, and thus some may say it lacks the legal jurisdiction over such matters relating to the financial details of an investor. This mandate falls under the scope of the Financial Conduct Authority (FCA).

However, it should be noted that the revenue authority’s decision to go after the names and transaction details of bitcoin investors isn’t illegal, given that the FCA and HMRC do work together.

The Revenue & Customs agency has gone on to clarify that its request for information from crypto exchanges falls within its operational reach. According to the agency, cryptocurrency exchanges can “retain” client transaction details completed on the platforms.

It also added that:

“These (completed) transactions may result in potential tax charges and HMRC has the power to issue notices requiring exchanges to provide this information.”

HMRC’s letter to the three exchanges is similar to a move by the IRS in 2017 where they requested info from Coinbase.

What next?

It goes without saying that investors should go over their previously filed tax reports to ensure they are compliant. The HMRC can and will go after historical filings so if you failed to declare your crypto holdings or reported them incorrectly – it is a good idea to get them sorted out as soon as possible. You are unlikely to be penalised if you come clean with an amended tax return. You may also want to consult a crypto tax accountant who will be able to guide you on the next steps (and save your crypto gains!).

by robinsingh September 18, 2019 in Bitcoin News

David – http://markethive.com/david-ogden

Cardano – The 3rd Generation Blockchain

October 11, 2019 David

Cardano – The 3rd Generation Blockchain

– Where Philosophy Meets Science And Technology

What is Cardano?

Cardano is not just another altcoin. It is an actual blockchain similar to Ethereum as it is a smart contract platform, however, Cardano offers scalability through a layered architecture. Cardano’s approach is unique in this space itself as it is built on scientific philosophy and peer-reviewed academic research. It was conceptualized by Charles Hoskinson who is a co-founder of the Ethereum Blockchain and a number of other projects.

While Ethereum does an admirable job as a smart contract platform, according to Hoskinson it is a second-generation blockchain and needed evolution. What makes Cardano extremely remarkable is the absolute amount of care that goes into its preservation. There are three organizations that work fulltime to develop and take care of Cardano. They are,

The Cardano Foundation
IOHK (Input Output Hong Kong)
Emurgo

These three organizations work in synergy to ensure the development of Cardano is tracking at a good pace.

The Origin Of Cardano

Cardano started as a project in 2015 with real high aspirations. The model they chose to follow was a darker program that was a very risky, big, sexy, juicy, huge problem according to Charles Hoskinson when he spoke at the Cardano 2nd Anniversary meetup in Bulgaria on September 28th, 2019. The project focussed on lots of high-risk high return science with a view to see where it took Cardano and somewhere along this journey try to trim it down to a point where the company could build a product and commercialize it.

After untold hours of research, enormous testing of protocols, 40 white papers and attending many rigorous academic conferences and highly scrutinized. Cardano found its niche and is positioned to be a force as its addressing the ongoing issues other cryptos and blockchains are inherently having.

Cardano was launched in Sept of 2017 Cardano and now on its 2nd anniversary is leading the charge doing great things in terms of development, communication and building a better crypto project.

The Three Generations Of Blockchain

Ist Generation Blockchain. Bitcoin and Money Transfer – People were asking the questions, Is it possible to create a form of money that can be transferred between two people without an intermediary? Also is it possible to create a decentralized currency on a distributed ledger like a blockchain? Satoshi Nakamoto answered these questions by creating Bitcoin. However, there was a problem with Bitcoin and for all first-generation blockchains in that, they only allowed for monetary transactions and there was no way to add conditions to those transactions.

For example, Tom can send Jerry 2 Bitcoin for a service he provides, but he couldn’t tell Jerry that he will get the payment only when he provides the service. These conditions would need extremely complicated scripts. “Something” was needed to make this process more coherent.

2nd Generation Blockchain Ethereum and Smart Contracts – The “something” that was needed was a smart contract. Smart contracts assist you in exchanging money, property, shares or anything of value in a transparent, conflict-free fashion without the services of a middleman. Ethereum demonstrated to the world how the blockchain can evolve from a simple payment system to something a lot more powerful and significant.

However, this generation had some issues too. As many more interesting use cases were being created they were obtaining much more recognition. The issue was the fact that this generation of blockchain ultimately didn’t have a good foundation for scalability. Also, the governance system was not particularly that well thought through. According to Hoskinson, the Ethereum and Ethereum Classic split is a prime example of bad governance.

3rd Generation Blockchain – Cardano – Through years of experience along with trial and error, Charles Hoskinson knew that the blockchain needed to evolve even more. He took the positive elements from the first two generations of blockchain and added some elements of his own. Hence Cardano was born. The three elements Cardano needed and wanted to solve where,

Scalability
Interoperability
Sustainability

I will get to the nuts and bolts of how Cardano will approach these three elements in the next article. It’s mind-blowing! It has to be said that Cardano is unique because it is essentially built on scientific philosophy and peer-reviewed academic research. It has the ultimate goal of being “High Assurance Code” and all the engineering that goes into it will ensure that there is a much higher belief in the quality of code used. This will prevent future cases like the ETH-ETC split from occurring, according to Hoskinson. At the end of the day, the project will be 250 times more decentralized than Bitcoin with much less power needed to run it, approximately 10 kilowatts to run a global system. This is classed as a miracle of science and the miracle of good engineering.

The Philosophy Of Cardano

Cardano is a project in an effort to change the way cryptocurrencies are designed and developed. The overall focus beyond a particular set of innovations is to provide a more balanced and sustainable ecosystem that better accounts for the needs of its users as well as other systems seeking integration.

In the spirit of many open source projects, Cardano did not begin with a comprehensive roadmap or even an authoritative white paper. Rather it embraced a collection of design principles, engineering best practices, and avenues for exploration. These are taken directly from the Cardano website and they include the following,

Separation of accounting and computation into different layers
Implementation of core components in highly modular functional code
Small groups of academics and developers competing with peer-reviewed research
Heavy use of interdisciplinary teams including the early use of InfoSec experts
Fast iteration between white papers, implementation and new research required to correct issues discovered during review
Building in the ability to upgrade post-deployed systems without destroying the network
Development of a decentralized funding mechanism for future work
A long-term view on improving the design of cryptocurrencies so they can work on mobile devices with a reasonable and secure user experience
Bringing stakeholders closer to the operations and maintenance of their cryptocurrency
Acknowledging the need to account for multiple assets in the same ledger
Abstracting transactions to include optional metadata in order to better conform to the needs of legacy systems
Learning from the nearly 1,000 altcoins by embracing features that make sense
Adopt a standards-driven process inspired by the Internet Engineering Task Force using a dedicated foundation to lock down the final protocol design
Explore the social elements of commerce
Find a healthy middle-ground for regulators to interact with commerce without compromising some core principles inherited from Bitcoin

Why Are We Here?

Below are excerpts from a Keynote Speech made by Charles Hoskinson, heading the Cardano Project. Passionate reasoning as to why we are in need of major change for the betterment of all on a global scale and its coming.

“The reason why we’re here and why this industry exists is because the world is changing. The philosophy of the world is changing, the way the governments work is changing due to the pressures of instantaneous, instant availability of information and value from the internet and also from globalization. We no longer live in our little silos or hierarchies with standard narrative fictions that have existed for centuries. The people in 3rd world countries can have just as much impact on the world as the people in the United States now. They have the same access to information as the rest of the world. This is changing everything, it’s creating friction and is why we have upheaval and unrest, financial collapses, etc.

The point of our blockchain and crypto industry is we are providing a toolbox, a collection of visions of where we can take the world. Where we can collectively decide on how to solve problems whether it's environmental, governance, wars or resource allocations, without there being some central country in charge. Or without building some giant meta government that gets rid of a nation-state.

The magic of the blockchain industry is that we in a completely decentralized, libertarian private way are having conversations about re-inventing money, consent, and property rights, in fact, the very structure of the world. The point of Cardano has been to be a model of how to do this.”

As a whole, the protocol’s design is geared towards protecting the privacy rights of users, while also taking into account the needs of regulators. In doing so, Cardano is the first protocol to balance these requirements in a nuanced and effective way, pioneering a new approach for cryptocurrencies.

Charles Hoskinson also pointed out that by definition, decentralized meant that no one was in charge and no one unilaterally could decide. However, for it to take the shape of a sustainable system, there should be clarity in terms of “who pays and who decides the future”.

“…so basically if you're going to decentralize the system and hand it over to the people you need to build up a critical mass of people who are capable of running the system. There are two ways of doing this, you can just fork and say good luck, everybody, bye-bye, or you can go ahead and build a safe sandbox, and pay people in that sandbox, allow businesses and knowledge and domain expertise that build up within in it and at some point when you bubble over and get a critical threshold you can pull it into the main system.”

In addition, while the platform has been solidly composed, Cardano also recognizes the need for it to evolve and adapt to changing needs. Consequently, they have designed a system that can be upgraded by way of soft forks, and are installing a treasury system that will ensure the sustainability of the protocol.

What’s In It For Markethive?

With Cardano’s latest technology resolving present-day blockchain issues, it makes sense to switch to the Cardano blockchain which will be ready in 2020. Markethive will still have its own blockchain but with the support and protocols of an exceptional 3rd generation project. Let’s face it, technology doesn’t standstill. It’s always progressing finding new and better ways to improve systems and this is a good thing.

This negates any problems with scalability as Markethive and its coin grows, unlike Bitcoin and Ethereum. This also speeds up the development of the wallet and fits in perfectly with Markethive’s plans of quantum computers. Markethive is currently on Cardano’s sandbox platform, testing the system, getting ready for the blockchain launch next year.

Conclusion

Cardano is not only built on steadfast philosophy but also on dedicated science. That alone gives it a significant edge over its competitors. Being lead by Charles Hoskinson only adds more credibility. The platform is multilayered and gives the system the elasticity to be easily maintained. Cardano uses a Proof-of-Stake system, reducing the number of electricity requirements and improving its scalability. Another feature of Cardano is its Recursive InterNetwork Architecture that allows for the existence of a subnetwork within the main network, which also makes it easier for a network to grow.

Cardano aims to become an “Internet of Blockchain,” making it possible for all cryptocurrencies to exist side by side and be converted from one to another without intermediaries. Cardano will also allow users to attach metadata to their transactions if they want to, making the network friendlier to banks and governments.

Completely open-source and patent-free, Cardano was built in a spirit of collaboration. And engineered for efficiency and scalability, the Cardano ecosystem is developing out into the most complete and most useful cryptocurrency and blockchain ever constructed.

David Ogden

A Crypto/Blockchain enthusiast and a strong advocate for technology, progress, and freedom of speech. I embrace "change" with a passion and my purpose in life is to help people understand, accept and move forward with enthusiasm to achieve their goals.

David – http://markethive.com/david-ogden

Google always adjusts its algorithms

October 10, 2019 David

Google always adjusts its algorithms!

That action is as predictable as buying fresh bread tomorrow. Nobody knows when Google updates happen, except Google. Everybody is on board though trying to grab whatever piece of return they can from Google Organic results. Hey, it’s free, what else do you want?

If you are a business owner who has jumped into the online waters, I’m sure that you are frustrated as hell hearing a million ideas and million methods from a million people. And you also know that there’s no such thing as “free advertising” in our world, at least not yet. So until then, you might want to keep on reading.

“The secret to SEO” This is a boring title basically because of the fact that it sounds like a generic get rich theme that we, all of us who own sites on the Internet are subject to on a daily basis. So calling all business owners and work from homers must listen up.

THERE’S NO SECRET TO SEO. It’s very basic and I’m sure you have read this in a lot of places; it’s content. But many sources fail to mention that it has to be relevant content. I tell each of my clients the same thing and it has 4 major clauses;

1- Original Fresh Content

2- Popularity of your site

3- Maintenance

4- Existence

Original and Fresh Content is not as easy as it sounds. We are talking about unique information that will move people to your site. See, the problem with many companies showing up on the top page today is that their pages are optimized for Google with a combination of nonsense sentences and keywords. So, my approach is, why not build a website that actually is optimized for humans?

When you do this, you are automatically taking care of the optimization for Google. Come on people, we all know that Google has game and they’re increasing their technology every day finding ways to get rid of this “optimization” deal. Google is always on the side of the users and never the advertisers keep that in mind.

Guess what, once you have original and fresh content, people are going to want to visit your site and link to your site. Hey, we just took care of Popularity as well. I’m not saying you do not have to work on the link exchange thing but promise me that it will be minimal. Also you want to stay away from link farms, link exchange offers and paying for links.

So I hear that question, how else am I going to bring links to my site? The answer is content. Write articles, submit it to article sites. Prepare a PR, submit it to Prweb.com. Believe me; all these will bring links to your site. All you have to do is, mention your website at the end of these articles and make sure you link to your site with your advertised link text.

Now you are thinking, “That’s it; I have the content and the links, I’m the king of Google”. That would be wrong. Always remember that while you are doing content and popularity, there are a million competitors doing that and more. So you want to Maintain your content. You want to update it every week so every time Google spiders come to visit your site, they find new useful information. Keep up with daily life and updated news.

Stop Press – Market Hive announces a WordPress Plugin for the Market Hive Blogging System. Have a look at the training video below!

For example, if you sell farming supplies and the price of grain goes up, you should write an article and put it in your site. Also publish those articles on other articles sites. You can find these sites easily with a “article submit” search on Google.

And the last but not least would be Existence. I don’t want to get all philosophical on you but you have to have some type of existence online. Try to search for your company name on Google and see how many results you get; that’s your existence. You could also name this one “Brand Recognition”.

You want to increase that so when somebody searches for farming supplies, they must see your name. You can do this easily by writing articles and Press Releases on a weekly basis. The more you write, the more circulation you will get.

If you have a great piece of article or information, acquire a list of media outlets such as local and national newspapers, and fax it to them. They just might bite pick it up. Always remember to include your website at the end as a source and you might have yourself a million dollar makin’, traffic gettin’ website, Google top rankin’ website !!!

Article by:

Brian Walters

Market Promotion Site

Brian Walters Market Hive

David – http://markethive.com/david-ogden

Bitcoin BTC Bears Make the Run as Price Breaks 8600 Could it be a Bull Trap?

October 10, 2019 David

Bitcoin [BTC] Bears Make the Run as Price Breaks $8600, Could it be a Bull Trap?

Bitcoin [BTC] made a strong move on Wednesday as it gained more than $500, reaching a daily high of $8710. The momentarily broke above the 200-Day moving average at $8630. However, it failed to break above the resistance from the moving average.

BTC/USD 1-Day Chart on Bitstamp (TradingView)

The closing for yesterday and today’s opening is skirting along with the moving average. Although the daily volume was higher than in the last week, it was not significant enough for a big move.

Furthermore, while the bullish surge is strong, the price still has to break above the support turned resistance area around $9000. CryptoFibonacci, a crypto-trader tweeted,

After clearing one Fib cluster resistance today, there is another one at 8900-9000 area. Not to mention some old support that is now resistance as well.

A fall back to $8000 levels from here, could lead to lower-lows, hence, a bull-trap. Derivatives trader and crypto-analyst, Tone Vays suggested in his Trading Bitcoin update, that a break above the bottom of the descending triangle at $9450 is also essential for bullish confirmations.

According to another crypto-trader – Josh Rager, if the price fails to break above the resistance levels, the sellers might step in again. Nevertheless, if it manages to break above the resistance, a bullish candle of proportional magnitudes to the one on 24th September can be witnessed.

Are Fundamentals Strong Enough?

Fundamentally, the rise can be attributed to the Feds’ announcement of another round of quantitative easing. The Feds announced yesterday that it would buy up short-term treasuries to increase liquidity in the money markets.

While Fed Chairman Jereme Powell denied the term ‘QE,’ the general sentiments were one of an economic crisis. Gold also surged back above $1500 on 8th October. Moreover, the QE steps were somewhat expected, given the current financial condition.

Peter Schiff, investment fund manager, and gold buff tweeted talking about the QE during the 2008 apocalyptic economic crisis,

How can the Fed claim QE was a success if they couldn’t reverse it? The whole rally in the dollar, the whole decline in gold, was all predicated on people believing the Fed. Well, the Fed are a bunch of liars… He added, ‘The Dollar is Going to Get Killed’

Hence, it continues to make a strong case for Bitcoin and cryptocurrencies, as well.

Furthermore, the launch of UNICEF’s crypto fund also acted as a positive catalyst. Nevertheless, the crypto fund has been limited to the blockchain innovation projects only. Hence, while it acts as positive adoption news, the direct effects of it can still take longer.

Nivesh Rustgi Bitcoin News 1 min ago

David – http://markethive.com/david-ogden

Bitcoin Price Finally Hits 8300 Highest Single-Day Jump In Five Weeks

October 9, 2019 David

Bitcoin Price Finally Hits $8,300, Highest Single-Day Jump In Five Weeks

There are signs of slight bullishness for Bitcoin as it reemerged above the $8,000 level.

After visiting a low of $7763.54 on Monday, Bitcoin (BTC) capped off its biggest daily gain of 4.47 percent in five weeks. The popular cryptocurrency even traded above $8,200 and went up to as high as $8344.12 on Tuesday.

Traders target the $8,500 level as the next key resistance level.

Still far away from most targets

At the current price, BTC looks very far away from what experts and well-known Bitcoin believers project prices to be.

For instance, German bank Bayerische Landesbank published a September 2019 report about Bitcoin with a price projection of $90,000 by May 2020. The model that they used for valuing BTC is the stock-to-flow approach, which is usually a metric for analyzing precious metals and commodities.

Trader and author Peter Brandt predicted on Sept. 29 that the cryptocurrency would bottom at $5,500 that will lead a bull move to $50,000. John Mcafee, the founder of McAfee Associates, agreed with Brandt but had a more vertiginous forecast — a $1 million Bitcoin.

Zhao Dong, a shareholder of Bitfinex and founder of crypto lending platform RenrenBit, said the crypto market will go up in the next three months. He shared his thoughts on Weibo.

"The next three months could be the last opportunity for bottom fishers, and after that, the crypto market will enter Spring and then Summer, estimated to rally together with China's stock market in 2021."

But with the way Bitcoin is moving at its current pace, it would take massive participation and heightened speculative interest for the cryptocurrency to be on track for the majority of its 2020 projections.

Technical Picture

The 4.47% percent move on Monday printed a bullish candlestick on the daily timeframe that, together with Sunday's standard, almost resembled a textbook bullish engulfing pattern, and it's in an area where a previous downtrend preceded it.

The MACD levels show the MACD line crossed above the signal line, which indicates bullish momentum might be ahead and BTC still trades below the 200-day moving average.

Bitcoin price is currently $8,145.57, according to Coindesk.

This chart shows changes in the value of Bitcoin during one year (2018-2019). Photo: IBT / Stati

By Ron Mendoza

10/09/19 AT 12:18 AM

David – http://markethive.com/david-ogden

CNBC Crypto Analyst Suggests Bitcoin Price Will Rally Higher

October 8, 2019 David

CNBC Crypto Analyst Suggests Bitcoin Price Will Rally Higher

The $8,000 mark seems to be an important price point for crypto’s market leader, Bitcoin (BTC). Since its breakdown from $9,400, the digital asset has lost and regained the $8,000 level several times, sitting at $8,300 at press time. Much of the time, altcoins follow Bitcoin’s lead in terms of price, making the digital asset’s activity a strong indication of the current market state as a whole.

After a stark $1,700 drop in price on Sept. 24, Bitcoin and the rest of the cryptocurrency market seem to have taken a few steps back regarding the overall trend, which showed significant exuberance in June 2019. According to popular crypto-Twitter analyst Big Cheds, the upcoming days are likely bearish for the crypto space in the short term but the analyst remains bullish over the long term.

Daily crypto market performance. Source: Coin360.com

Big Cheds predicts a price reversal

Big Cheds pointed out that on Oct. 6 Bitcoin closed out another weekly candle with a tweezer bottom. This candlestick pattern occurs when two price candles have lower or upper wicks that align to form the shape of tweezers, a common cosmetic tool.

At times, tweezer patterns can be an indication of a reversal in the price of an asset. Candlestick patterns and formations generally possess strength based on their candle time frame length, with larger time frame candles holding more weight.

Closing out a weekly candle in the form of a tweezer pattern holds a fair amount of significance in terms of this pattern, seeing as weekly candles are one of the higher time frame outlooks.

The analyst noted the tweezer pattern occurred near the bottom arm of the weekly Bollinger Band indicator, which shows that Bitcoin’s price is relatively low. Big Cheds also said the above signs show oversold conditions, although he added that Bitcoin’s most recent weekly candle did not close with strength.

Big Cheds said:

“There is support here from July 2018 as well as May 2019, so it is not unlikely that we will see a short-term bounce. In addition there is a hidden bullish divergence with OBV’s lower low versus price, suggesting bullish continuation.”

Such support and divergence are clearly seen on the chart Big Cheds provided to CoinTelegraph.

BTC USD daily chart. Source: TradingView
Altcoins decline and find a bottom

Since Bitcoin’s multi-month consolidation began, altcoins have suffered significantly, posting lower numbers by the day. Altcoins are largely reliant on Bitcoin’s price action and have been unable to gain momentum. To date, alt season continues to elude investors but some relief could be around the corner.

Regarding the current outlook of the altcoin market, Big Cheds noted bits of positivity matched with uncertainty. According to the analyst, “Alts, in general, have been improving, with several of them forming bottoming patterns, while others have been uptrending, including LINK, XRP, and TNT.” “That being said, many of them still are weak and look to continue further down, and I reject any categorization of alt season.’"

LINK USDT daily chart. Source: TradingView

The crypto market look bearish and bullish

On a macro scale, Big Cheds believes the cryptocurrency markets will perform well. The “crypto market, in general, continues [to grow] as technology improves and we see exchanges adapting to fluctuating retail and institutional market,” the analyst said. “I am very bullish long term.”

On a midterm scale, regarding the cryptocurrency market’s performance over the next year or so, Cheds noted he has more of a neutral stance, slanting bullish. At present, however, the analyst is bearish in terms of crypto’s performance in the coming months, noting that the crypto space is no longer in a bull market in the short term.

Weekly Bitcoin price chart

As the largest player in the new and developing digital asset space, Bitcoin often dictates the strength of the entire market. On lower time frames, such as the daily and hourly candle charts, Bitcoin’s price situation looks less than ideal for continued upside momentum. Panning out to the weekly time frame, however, shows a case for both bullish and bearish outcomes.

BTC USD weekly chart. Source: TradingView

Bearish scenario

After months of consolidation, a strong market likely would have seen Bitcoin break out to the upside, which did not happen. The digital asset broke down in a strong move without providing a significant bounce or reversal. Bitcoin’s price also has not had enough strength to retest the consolidation pattern from which it broke down.

Additionally, Bitcoin’s recent price action appears slightly similar to the digital asset’s capitulation back in Nov. 2018, which was followed by further downward pressure, and eventually led to a severe lack of volatility.

Interestingly, as Bitcoin price broke down on Sept. 24, popular trader Tone Vays made the argument that no new retail funds had entered the crypto space. The lack of interest and funding from retail investors could be a reason for the lackluster continuation of momentum.

Bullish scenario

On the bullish side, the weekly chart reveals that Bitcoin has not yet touched the 0.618 Fibonacci retracement level. Such a level is often viewed as a prime level of interest. Looking at this view, recent downward price action seems fairly normal before another move up.

Bitcoin price is also near a multi-week support level around $7,500. Additionally, this correction may be, in part, the result of the parabolic price move Bitcoin sustained between April and July 2019.

By Benjamin Pirus

David – http://markethive.com/david-ogden

Crypto Market Prints Bullish Divergence – Case for Bounce Growing

October 6, 2019 David

Crypto Market Prints Bullish Divergence – Case for Bounce Growing

Since plunging all the way to $7,700 last week, Bitcoin has found itself in a lull. The price of the crypto asset, as seen below, has been extremely mild over the past few days.

The one-day Bitcoin volatility index on BitMEX, in fact, is starting to “get closer to [the move which precedes] big candle BTC moves,” analyst Chonis observed recently.

With this latest bout of consolidation, many have been asking in which direction the cryptocurrency market will head next.

According to some, the case for a bounce to the upside is growing. And it might not just be Bitcoin that will bounce.

Case for Crypto Price Bounce Building

If you have perused Crypto Twitter at all over the past few days, you probably have noticed the incessant stream of bearish tweets being published. This writer, personally, has seen at least a half-dozen tweets suggesting that some expect for Bitcoin to enter yet another bear market.

Related Reading: More Downside in Bitcoin Before Conservative Buying Opportunity, Say Analysts

But, a key technical signal is suggesting some impending market strength. Analyst CryptoThies recently drew attention to this signal: a bullish divergence on the crypto market capitalization’s three-day chart.

As he depicted in the tweet that can be seen below, the three-day Stochastic has started to trend higher, seeing higher lows, as the market cap has entered a brief downtrend, seeing lower lows — a bullish divergence that demonstrates that bears are losing control to bulls. Bullish divergences can often mark the end of a downtrend.

Not All Sunshine and Rainbows

Although there is a fair amount of evidence to suggest that a bounce in the cryptocurrency markets will take place, there is one indicator seemingly poised to print a bearish signal: crossovers in the 50-day and 200-day moving averages.

Per previous reports from NewsBTC, Brave New Coin’s Josh Olszewicz recently observed that the two moving averages, which can be interpreted in tandem to discover macro market trends, have converged since Bitcoin’s upward momentum stopped earlier this year.

If the 50-day moving average crosses below the 200-day, the crypto market’s total capitalization will print what is known as a “death cross”, a sign that last was seen in April of 2018 — just shy of the market’s top in the last cryptocurrency cycle.

Related Reading: Crypto Tidbits: SEC Declares Bitcoin a Non-Security, Ethereum DeFi Gains Traction, PayPal Leaves Libra

What the moving averages are saying is that if a strong bounce is not observed soon, the crypto market may be subject to another few months, maybe even a year or more, of decisively bearish price action.

Nick Chong

David – http://markethive.com/david-ogden

Chart Analysis – Bitcoin Ethereum and Credits for October

October 5, 2019 David

Chart Analysis – Bitcoin, Ethereum and Credits for October

The Current Market Situation

As of October 4th, crypto markets are still struggling to recover. Since its last sharp drop, BTC fails to retrace to $8500 level while many other currencies see significant losses. As of publishing time, BTC dominance remains around 67%.

BTC/USDT Daily Chart

On the chart, we can see that the price made a break of the lower resistance boundary of the “triangle with a flat bottom” formation in the zone of $9560-9580. At the same time, 157 SMA was broken, which confirmed the dominance of sellers. Now the price is trading around $8100-8250, at the border of the resistance of descending channel. Consolidation of the price indicates the current period of accumulation, interest of buyers and a potential return to the upper boundary of the descending channel to $9100-9200 zone. After the middle of the month, the price may rebound from the support level of the descending channel and return to the area of $??8900-9300, where there is a strong resistance. Also, the other day, the level of 8200 was traded and once again protected. The common mood is to fall, and we know that often the market goes against the majority. A lot of people are in shorts and this is an excellent point for growth (their stops and liquidation of positions, as was the case recently with longsters)

credits, cryptocurrency, market, analysis

CS/BTC 4H Chart

Against the background of a general market decline, the CS/BTC trading pair shows a positive trend in terms of growth in volumes and prices. On the chart, we can see that the price once again has rebounded from the support line in the zone of 0.0000105-0.0000110 BTC and is preparing for a retest of the resistance zone around 0.0000127-0.0000130 BTC. Breaking this zone will enable the price to go up to the zone of 0.000015-0.000016 BTC. The overselling of technical indicators, as well as fundamental news performance, can be an additional incentive for investors when deciding to enter a position.

ETH/BTC Daily Chart

On this chart, we see that the ETH/BTC pair is in a deep downtrend that has been going on for a year. However, the price has been able to demonstrate positive dynamics, pushing away from support in the zone of ??0.0155-0.0160 BTC, which is a historical low. Currently, the price is being traded to the midline of the descending channel, next to the 157 moving average. The downtrend to BTC indicates the possibility of diversification of investor assets and the potential growth of the ETH/BTC pair. An important resistance level is the zone 0.025-0.026 BTC, a break of which can signal a return to the zone 0.0308-0.0309 and the beginning of a new uptrend.

Fear & Greed Index

Currently, the Crypto Market Sentiment displays a “Fear-30” meter that correlates quite correctly with the general market situation and recent price movements. The investors are worried which means it is a signal for buying at an undervalue.

Martin Goldmann

David – http://markethive.com/david-ogden

Bitcoin price prediction – BTCUSD barely holding at the edge of a cliff Confluence Detector

October 4, 2019 David

Bitcoin price prediction – BTC/USD barely holding at the edge of a cliff – Confluence Detector

Bitcoin futures contracts are likely to be banned from Britain’s retail market.

Bitcoin stares into the abyss after testing the $8,000 weak support area.

Bitcoin continues to lead the market in consolidation. However, a keen observation of the Bitcoin trend, one can clearly tell that the price has a high affinity to declines in the near-term. Its potential to hold above the critical $8,000 is almost non-existent. This follows a correction from an opening price of $8,231 and a bearish leg to $8,063.

In other news, Bitcoin futures contracts are likely to be kicked off the retail market in Britain if the consideration being made by the Financial Conduct Authority (FCA) sees the light of the day. Although matter came to light during a consultation on October 3, a ruling on it will have to wait until 2020.

Consequently, as mentioned above Bitcoin is hanging on a thread above $8,000. The confluence detector places the first support at $8,044 (weak support). Glancing lower, the only next viable support area is $7,792 as highlighted using the previous week low, pivot point one daily support three.

On the upside, huge resistance awaits the bulls at $8,297. The indicators converging in this zone are the simple moving average five one-day, SMA 10 one-day, Bollinger Band four-hour middle, Fibonacci 23.6% one-week and the Fibonacci 61.8% one-day.

On the brighter side, if the price manages to clear the resistance at $8,297 the remaining journey to $9,000 will be less bumpy except for a few hurdles at $8,549 and $8,969.

John Isige

FXStreet

David – http://markethive.com/david-ogden

Experts See Bitcoin Rallying to 20000 Before End of the Year – Here are the Reasons

October 3, 2019 David

Experts See Bitcoin Rallying to $20,000 Before End of the Year – Here are the Reasons

Bitcoin is down by over 40% from the 2019 high of $13,880. Any other asset plunging by 20% or more would have been in a bear market. But not the king of cryptocurrencies.

Bitcoin has retraced by more than 40% in previous bull runs and many market participants are comfortable holding the cryptocurrency.

To prove our point, we asked experts what are their year-end target for the top cryptocurrency. We were surprised to see that many of them are bullish on bitcoin and believe that it will regain the all-time high of $20,000 before this year expires.

$10,000 Appears to Be the Conservative Target

Experienced traders are not fond of doling out extreme target prices. They believe that it encourages some retail traders to think of how much money they can make instead of protecting their capital. This strategy often leads to tremendous losses.

Hence, some traders gave us conservative price targets. For instance, Elliotician Benjamin Blunts sees bitcoin recovering $10,000. He said,

I think we can be back at $10,000 by year end provided we get a strong bounce from the $7,500 support zone on [the] daily.

Crypto trader Beastlorion supports the call of Benjamin Blunts. The analyst told CCN,

Well, between $10,000 – $12,000.

Michael Terpin, founder and chief executive of Transform Group, also chimed in. He said,

The price of bitcoin historically advances sharply two quarters before the halving and has also averaged triple-digit gains in the fourth quarter if you remove the corrective years following all-time highs. This Q4 should most closely resemble Q4 2015, which saw an 85 pct gain in the quarter, which would put the price of BTC at $15,400.

In addition, the widely-followed Trader Mayne is sticking to his call. When asked about his year-end target, the trader said,

$16,000.

It seems that technical analysts have a wide range in terms of their target price for bitcoin this year. On the contrary, those who look at the fundamentals seem confident that bitcoin will reach $20,000.

$20,000 Attainable Due to Bitcoin’s Growing Fundamentals

While poring over charts might give analysts a target between $10,000 and $16,000, those who focus on bitcoin’s strengthening fundamentals are looking at $20,000 or higher.

For instance, Sean Barger, managing director of CPUcoin, said,

I believe BTC will pierce $20,000 by the end of the year. There’s simply too much being built on BTC as the foundation for the universal world currency, and there are signs of deep adoption from enterprise and consumers alike.

Tomàs Sallés a financial writer at FXStreet supports Mr. Barger’s call. He said,

If [bitcoin] resists above $7,750 we could see [it] closing in the $17,000 zone or above historical highs and $20,000 price level.

Nick Hellman, the president of LearnCrypto, was ready to up the ante but he extended the timeline. He told CCN,

Let’s just say new highs before May of 2020, probably somewhere from $24,000 – $32,000.

For those who are not aware, May 2020 is when the next bitcoin halving takes place. This is an ultra bullish event that even a German bank sees the cryptocurrency trading at $90,000 after the halving.

Thus, if a financial institution sees bitcoin valued at $90,000 after the May halving, it may not be so far-fetched to think that the cryptocurrency could be priced at $20,000 before the turn of the calendar.

Disclaimer: The above should not be considered trading advice from CCN. The writer owns bitcoin, Ethereum, and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.

Kiril Nikolaev @kirilnikk123

October 2, 2019

David – http://markethive.com/david-ogden

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Month: October 2019