Bitcoin News Summary – February 18, 2019

The fund has raised $40 million, most of which for investment in promising crypto companies, though some portion will also be allocated to Bitcoin.

Here’s what happened this week in Bitcoin in 99 seconds.

Morgan Creek Digital’s new crypto venture capital fund received investment from Virginian pension plans. The fund has raised $40 million, most of which for investment in promising crypto companies, though some portion will also be allocated to Bitcoin.

A series of tweets by Wikileaks denounced Craig Wright, the self-proclaimed inventor of Bitcoin, as a “serial fabricator.” Wikileaks also presented documents which they say Wright forged to support his claim to be Satoshi Nakamoto.

US bank, JP Morgan Chase & Co., is releasing a permissioned stablecoin pegged to the US Dollar. The bank will trial JPM Coin in the coming months, using it to transfer value between clients. Last year, JPM banned Bitcoin purchases through its credit cards and JPM’s CEO, Jamie Dimon, bashed Bitcoin as a “fraud.”

Details emerged that a trade deal between Argentina and Paraguay was settled in Bitcoin. Argentina exported $7,100 worth of fumigation and pesticide products to Paraguay, which was paid for in Bitcoin. Although the amount is small, the deal sets an interesting precedent for international trade.

And finally, crypto broker Coinmama published information on a recent data breach. No user or company funds are directly affected. A list of emails addresses and encrypted passwords belonging to around 450,000 Coinmama clients, was discovered on the darknet. Coinmama was one of 24 other companies in the list. It’s recommended that affected users change their password.

That’s what happened this week in Bitcoin. See you next week.

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Bitcoin Price Watch: BTC Turned Buy On Dips, Uptrend Intact

Bitcoin price gained traction and broke the key $3,600 resistance against the US Dollar. BTC is now placed nicely in a positive zone and dips remain …

  • Bitcoin price formed a strong support near the $3,550 level and traded higher against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $3,610 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair broke the $3,650 and $3,700 resistance levels to move into a positive zone.
  • A high was formed at $3,732 before the price started a downside correction.

Bitcoin price gained traction and broke the key $3,600 resistance against the US Dollar. BTC is now placed nicely in a positive zone and dips remain supported near $3,620 and $3,600.

Bitcoin Price Analysis

There was a brief consolidation this past week above the $3,550 support in bitcoin price against the US Dollar. The BTC/USD pair formed a strong support near the $3,550 level and later traded higher. The price gained traction and broke many resistances, including $3,580 and $3,600. It opened the doors for more gains and the price even settled above $3,600 and the 100 hourly simple moving average. During the upward move, there was a break above a major bearish trend line with resistance at $3,610 on the hourly chart of the BTC/USD pair.

The pair even cleared the $3,700 resistance and traded to a new weekly high at $3,732. Later, there was a downside correction below the $3,700 level. Sellers pushed the price below the 23.6% Fib retracement level of the last wave from the $3,553 low to $3,732 high. However, there are many supports near the $3,640 and $3,620 levels. An initial support is $3,645 and the 50% Fib retracement level of the last wave from the $3,553 low to $3,732 high.

The main support is near the $3,620 level (the previous breakout resistance). It also coincides with the 61.8% Fib retracement level of the last wave from the $3,553 low to $3,732 high. Therefore, if there is a downside correction below $3,660, the price could find support near the $3,640 and $3,620 levels. On the upside, an initial resistance is near the $3,700 level, above which the price may perhaps test $3,750.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price clearly broke a few important resistances near $3,600 to move into a bullish zone. The current price action is positive, with chances of more gains above $3,700 and $3,750. The next key resistance above $3,750 is near the $3,880 level.

Technical indicators

Hourly MACD – The MACD is placed heavily in the bullish zone, signaling a strong upward move in the short term.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently retreating from the overbought levels.

Major Support Levels – $3,640 followed by $3,620 and $3,600.

Major Resistance Levels – $3,700, $3,720 and 3,740.

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Crypto Market Could Extend Gains: EOS, Bitcoin Cash, Tron (TRX), ADA Price Analysis

The crypto market gained bullish momentum, with gains in bitcoin (BTC) and Ethereum (ETH). EOS, BCH, ripple, tron, ADA and other altcoins are also …

  • The total crypto market cap gained momentum and broke the $118.0B resistance level.
  • EOS price broke the $2.85 resistance and it is currently approaching the $3.00 resistance.
  • Bitcoin cash price is up more than 5% and it could soon test the $130 level.
  • Tron (TRX) price is facing a strong resistance near the $0.0250 and $0.0255 levels.
  • Cardano (ADA) price rallied and broke the $0.0400 and $0.0420 resistance levels.

The crypto market gained bullish momentum, with gains in bitcoin (BTC) and Ethereum (ETH). EOS, BCH, ripple, tron, ADA and other altcoins are also placed nicely above key supports.

Bitcoin Cash Price Analysis

Bitcoin cash price formed a decent support near the $120 level against the US Dollar. The BCH/USD pair started a fresh upward move and it recently broke the $124 and $125 resistance levels. The pair is now trading above the $128 level and it seems like it could soon test the $130 level.

Above $130, the next key resistance is near the $135 level, where sellers might appear. On the downside, the previous resistance near the $125 level may act as a support if there is a downside correction.

EOS, Tron (TRX) and ADA Price Analysis

EOS price traded with a lot of bullish moves in the past few days above the $2.55 resistance. The price recently broke the $2.80 and $2.85 resistance levels to move into a bullish zone. It seems like the price might continue to move higher above the $3.00 resistance. On the downside, an initial support is at $2.90, below which the price could test the $2.85 level.

Tron price settled below the $0.0255 support this past week, with a few bearish moves. TRX price is currently consolidating above the $0.0240 support, but it is facing a strong resistance near the $0.0250 and $0.0255 levels.

Cardano price is up more than 4% and it settled above the $0.0400 resistance level. ADA price recently broke the $0.0420 resistance, opening the doors for more gains. If buyers remain in action, there are chances of a push towards the $0.0450 resistance in the near term.

Crypto Market Cap Bitcoin BCH EOS TRON ADA

Crypto Market Cap Bitcoin BCH EOS TRON ADA

Looking at the total cryptocurrency market cap hourly chart, there was a decent support formed near the $115.0B and $116.0B levels. The market cap started a strong upward move and broke the $118.0B and $120.0B resistance levels. It traded close to the $124.0B level and it is currently consolidating gains. It seems like there could be a minor dip, but the $120.0B level is likely to act as a strong support. Therefore, if there is a downside correction, bitcoin, ETH, XRP, tron, bitcoin cash, litecoin, EOS, stellar, IOTA and other altcoins could find buyers.

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Blockchain gaming platform PlayGame secures funding from TRON

PlayGame, Indonesia-based blockchain gaming platform announced today that TRON has injected an undisclosed amount into the company. TRON is …

PlayGame, Indonesia-based blockchain gaming platform announced today that TRON has injected an undisclosed amount into the company. TRON is a decentralised blockchain-based protocol that aims to build a worldwide free content entertainment system.

Also Read: Personal finance startup DollarsAndSense buys insurtech fundMyLife

TRON’s investment to PlayGame is said to be focussed on accelerating the company’s plan to launch Proof of Play and crypto payment gateway. Carrying the mission to introduce the blockchain-gaming, the funding will also be used to support expansion plans in South East Asia, Japan, Korea, China, and other key-growth markets and to simultaneously build partnership and alliances with strategic partners.

PlayGame was launched in June 2018 by Anton Soeharyo, who was the former CEO of Touchten Games, one of Indonesia’s leading game developer.

PlayGame seeks to overcome hurdles that game developers face regarding the lack of transparency, piracy issues, inefficient payment calculation, and distribution in the industry using a smart contract platform. It allows game publishers, developers, crypto-enthusiasts, and gaming communities around the world to monetise the use of cryptocurrencies without a single deduction to their revenue and make sure all activities and transactions are transparent.

Within a relatively short amount of time, PlayGame has managed to have over 67 per cent paid competition with an average of 272 PXG and two times more players competing in paid competition. The biggest PXG issued was 500,000 PXG, and a total of 59 per cent players on the platform do have PXG on their account.

Also Read: Blockchain-based information curation startup Band Protocol secures US$3M seed funding

Aside from backing PlayGame, TRON has also announced the launch of a US$100 million blockchain gaming fund to speed up the integration of cryptocurrencies with gaming in three year span. The fund will support the establishment of TRON Arcade to generate more ideas and transform them into actual games to empower developers.

Image Credit: PlayGame

The post Blockchain gaming platform PlayGame secures funding from TRON appeared first on e27.

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Bitcoin (BTC) Price Analysis: Aiming for Triangle Top Next!

Bitcoin broke above its short-term descending channel to confirm that the climb is gaining traction. This also completes a breakout from the bullish flag …

Bitcoin broke above its short-term descending channel to confirm that the climb is gaining traction. This also completes a breakout from the bullish flag continuation pattern, indicating that a climb of the same height as the mast is in order.

The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the uptrend is more likely to continue than to reverse. This might even lead to a break above the triangle top on the 4-hour time frame.

If so, bitcoin might see a climb that’s the same height as the triangle, which spans $3,300 to $4,400. This might take it all the way up to the forecast of “$5,000 in the next ten days” from the previous week.

So far, the 100 SMA is holding up well as a dynamic support level while the 200 SMA could also hold as a floor near the $3,600 mark in the event of a pullback. A break below the triangle bottom at $3,500 could signal that bearish pressure is back in play.

RSI is already in the overbought zone to indicate that buyers are tired and sellers might take over. In that case, price might also pull back to the broken channel top around $3,700. Stochastic has more room to climb before hitting the overbought zone, which means that buyers could have the upper hand for much longer.

The recent upside break would likely draw more bullish forecasts from analysts, possibly extending the rally even further. Meanwhile, anticipation for the Fidelity institutional platform is also building up as the March launch data approaches.

If this pushes through, a pickup in volumes from institution is expected, likely drawing even more bullish interest. On the other hand, another delay could spur a major correction once more.

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