Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS: Price Analysis, March 23

The pullback in cryptocurrencies could not sustain as fears of a clampdown by the regulators again sent them crashing down. The latest news came from the Japan Financial Services Agency, as it issued a warning for Binance, the largest cryptocurrency exchange by volume, for operating in Japan without a license.

Binance, which was founded in Hong Kong said that it is “in conversation” with the FSA to seek a license. Additionally, it is examining the possibility of opening an office in Malta, according to the founder Zhao Changpeng.

Such obstacles are to be expected in any new asset class, more so, if it has a reputation of being preferred by tax hoarders and money launderers. However, for every avenue that closes, another new one opens. Cryptocurrencies are here to stay and grow in value in the future.

So, let’s see if we find any buying opportunities.

BTC/USD

We had suggested traders buying 50 percent of the desired allocation if Bitcoin dips to $8,800. The levels were reached today, March 23, and the trade is active. The initial stop loss is $7,600, which should be trailed higher once the price breaks out of $9,300.

For the past two days, the bulls have managed to keep prices above the descending channel, which is a positive sign.

The BTC/USD pair will gain momentum once it sustains above the 50-day SMA and $10,000. Once these two levels are crossed, a rally to $12,172 is likely.

On the other hand, if prices fall into the descending channel and break below the March 18 lows of $7,715, a retest of the February 06 lows of $6,075.04 is possible.

ETH/USD

On March 19, though the intraday high was $590.11, the closing (UTC) was at $558.78. Our proposed long positions were not filled because Ethereum could not close above $575.  

Currently, the bulls are trying to push prices back above the descending channel. If successful, we can expect a move to the 20-day EMA at $641.

On the contrary, if the bears push prices back into the channel, a retest of the March 18th lows of $452.32 might take place.

We don’t find any setup that has a good risk to reward ratio, hence, we don’t recommend a trade on the ETH/USDpair at the moment.

BCH/USD

Bitcoin Cash could not break out of the 20-day EMA but is holding above the downtrend line, which is a positive sign.

If the BCH/USD pair fails to hold the $980 levels, it can slide to $940 and then to the March 18th lows of $884.7951.

On the upside, the 20-day EMA and the 50-day SMA will act as a strong resistance. Once the price sustains above $1,200, it will indicate the start of a new trend. Until then, we shall remain on the sidelines.      

XRP/USD

We went long on Ripple at $0.71, on March 19. Our suggested stop loss is $0.52, just below the March 18th lows. We took this trade because we anticipated a range bound action on the cryptocurrency.

However, for the past four days, the XRP/USD pair has been correcting back towards the critical support of $0.5627.

If the bulls are unable to recover prices within a day or two, a breakdown of the March 18th lows is possible. If the $0.5375 level breaks, the next support is only at $0.22.

On the upside, the cryptocurrency will pick up momentum above $0.75.

XLM/USD

In our previous analysis, we had suggested long positions in Stellar if the bulls buy the dip at $0.23. Currently, the price is struggling to hold above the downtrend line.

If prices dip back below the downtrend line, a retest of the $0.2 level is possible. If this level breaks, the next support is way lower at the support line of the descending channel.

Therefore, we suggest buying the XLM/USD pair on a close (UTC) at $0.25, which will confirm a successful retest of the downtrend line. The target objective on the upside is $0.32 followed by a move to $0.35.

The initial stop loss can be kept at $0.19, on a closing basis (UTC), which can subsequently be trailed higher.

LTC/USD

We had recommended buying Litecoinon dips to $165. Traders who have initiated long positions today should keep the stop loss at $142.

The LTC/USD pair turned down from the 20-day EMA on March 21 and broke below the downtrend line. Unless the bulls recover prices quickly, the cryptocurrency will retest the March 18th lows. If the retest fails, a slide to $128 will be on the cards.

The first sign of strength will be when the price sustains above $180. Please use only 50 percent of the usual position size. If you have purchased the normal size, please sell half at the current levels. Let’s keep our risk to the minimum.

ADA/BTC

Cardano did not trigger our buy levels of 0.000025. It turned down from 0.00002449 on March 21. We expect it to find buying support above the downtrend line, around the 0.00002 mark.

We continue to be bullish on the ADA/BTC pair, providing it breaks out and closes (UTC) above 0.000025. The target objective is 0.000035 and the stop loss can be kept just below the recent lows.

Critical supports on the downside are at 0.00002 and 0.00001690.

NEO/USD

In our previous analysis, we had recommended long positions in NEO if it holds the $65 mark. Right now, we don’t see any significant buying support at this level. If the support breaks, a fall to the March 18th lows of $49.04 is likely.

Therefore, traders should wait for a bounce and initiate long positions after the NEO/USD pair breaks out $82. The stop loss can be kept just below the recent lows, and the target objective is a rally to the downtrend line of the descending triangle at $110.  

Our bullish view will be invalidated if the cryptocurrency continues to slide below $65 levels.   

EOS/USD

EOS has risen close to the resistance line of the descending channel, which is a major hurdle to cross because the price has turned down from this line on two previous occasions.

For the past two days, the EOS/USDpair has been trading close to the resistance line, but to its credit, it has not given up much ground. It continues to trade above the 20-day EMA; it is a positive sign.

A breakout and close (UTC) above the resistance line of the channel and the 50-day SMA gives a pattern target of $11.5. Aggressive traders can initiate a long position around $8 with a stop loss of $6.

This is a risky trade because the cryptocurrency has resistances at $8.6 and $10. Therefore, traders should close the position if they find that one of the above-mentioned levels is proving difficult to cross.

Bill Gates Thinks Cryptocurrency Is Killing People 'In a Fairly Direct Way

Microsoft co-founder Bill Gates, whose recent takes have included that Apple should just build a backdoor into the iPhone because the government might demand it anyway, is now warning that cryptocurrency is killing people.

As noted by CNBC, during a Reddit “Ask Me Anything” session on Tuesday, Gates explained that he thinks cryptocurrency is really bad because it aids and abets people who want to keep their financial transactions hidden from the government. He seemed particularly concerned with whether the blockchain revolution is mostly revolutionizing financial crime, terrorism, and drug dealing, thus killing people “in a fairly direct way”:

The main feature of crypto currencies is their anonymity. I don’t think this is a good thing. The Governments ability to find money laundering and tax evasion and terrorist funding is a good thing. Right now crypto currencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way. I think the speculative wave around ICOs and crypto currencies is super risky for those who go long.

Gates is far from objectively wrong here—the crypto space is chock full of outright thievingand pump-and-dump schemes, while authorities claim criminals the world over hide billions in profits in various coins. Hard cash is technically vaguely anonymous in the sense that it circulates freely without being tracked all the time, but it’s a lot harder to transfer secretly than crypto. (You have to carry cash, which is probably hard on the glutes, or route it through state-monitored financial institutions.) New varieties of token that are taking off in the wake of Bitcoin also seem to have conveniently crime-friendly features (hmm) like even greater anonymity and hidden transaction histories.

Yet that transition has been driven in part because Bitcoin is too hot for criminals, and also in part because authorities are starting to get a lot better at tracking down and bustingcriminals who try to anonymize themselves with crypto.

There’s the fact that some of the crimes to which Gates alluded, like drug dealing and terrorism, have an irreplaceable physical element. If you’re a drug dealer or a terrorist, at some point you’re going to have to lug actual drugs or guns or bombs around, and payment or funding is only one part of the equation as to how the police can track you down. Authorities can also suppress illicit crypto activity by going after the hard points where the blockchain by necessity meets IRL, like exchanges where tokens can turn into cash, and appear to already be doing so

In most rich countries, crime is falling dramatically, perhaps in part because the authorities are better capable of using technology to fight crime than criminals are to increase it. Problems like the opioid crisis also are much more deeply rooted than whatever payment mechanism is used, you know?

So, again, Gates isn’t wrong, but in lieu of the collapse of organized government and a descent into a dystopian cyberpunk universe, it’s pretty hard to determine what impact crypto is actually having on the public’s safety. For what it’s worth, there are plenty of reasons to be somewhat skepticalabout cryptocurrency that have nothing to do with money laundering or terrorism, like its Tulip mania-esque boom and bust cycle that increasingly hints at destabilizing the real economy, or how a non-negligible portion of the market is built on people legally exploiting dopes who think they can ride price surges to easy riches.

[CNBC/Reddit]

Coinbase tells 13,000 users their data will be sent to the IRS soon

By Shannon Liao 

on February 26, 2018 5:00 pm

  

Photo by Dan Kitwood/Getty Images

Coinbase told its customers on Friday that it plans to comply with a court order and hand over about 13,000 customers’ data to the IRS within 21 days. The IRS made the request back in November 2016, asking for the Coinbase records of all the people who bought bitcoin from 2013 to 2015 to seek out those who were evading cryptocurrency taxes. Anyone affected by the order should now have received an email from Coinbase to that effect.

Coinbase heavily resisted the summons. But ultimately, in November last year, the San Francisco court ruled Coinbase had to turn over identifying records for all users who have completed transactions of more than $20,000 through their accounts in a single year between 2013 and 2015. The data requested includes taxpayer IDs, names, dates of birth, addresses, and transaction records from that period.

In an email and on its website on Friday, Coinbase noted that it had tried: “Coinbase fought this summons in court in an effort to protect its customers, and the industry as a whole, from unwarranted intrusions from the government.”

It informed its 13,000 affected customers that the “court order requires us to produce information specific to your account,” but that the company could not provide legal or tax advice. So far, 2018 is shaping up to be the year that tax collectors get serious about bitcoin earnings, meaning that it’s a good time to be extra careful about compliance.

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS: Price Analysis, Feb. 16

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

After a massive sell-off earlier this year, the cryptocurrencies are trying to pull back. Among the top coins, Litecoin has garnered all the attention with favorable news and an upcoming fork on Feb. 18.

At the same time, Western Union, one of the oldest money transfer companies, has confirmed it is testing Ripple’s Blockchain-based settlement system.

George Soros, who had earlier referred to cryptocurrencies as a “typical bubble” has invested in Overstock, through his investment fund. Overstock is one of the most pro-cryptocurrencies businesses, and its stock price has appreciated immensely as the cryptocurrencies skyrocketed.

This shows that the mainstream businesses are slowly recognizing the value of blockchain technology.

However, a few old-timers are still skeptical of cryptocurrencies and the latest to voice his opinion is Berkshire Hathaway vice chairman Charlie Munger, who called Bitcoin “totally asinine.”

Nevertheless, as traders, if an asset class offers us an opportunity, we take it. Let’s see if we find some interesting plays today.  

BTC/USD

Our recommendation of a long position in Bitcoin triggered on Feb. 15. Traders, who follow us, would have entered their positions between $9,500 and $9,700. We had anticipated that once the cryptocurrency broke out of the overhead resistance, it would rally towards the 50-day SMA. But the price action above $9,500 has not been encouraging.  

We prefer breakouts that quickly gain momentum once they clear a resistance area. In this case, the BTC/USD pair is facing selling pressure at the resistance line, as shown in the chart.

If the cryptocurrency holds the $9,500 levels and breaks out of the resistance line, it is likely to continue trading inside the ascending channel and reach the 50-day SMA, where traders can book profits on 50 percent of their positions and hold the rest with a trailing stop loss for a target of about $12,500.

Bitcoin is at risk of a bear attack as long as it trades inside the descending channel. Therefore, we want to reduce our risk. We recommend raising the stop loss on 50 percent positions to $8,600 and keeping the rest at the previously mentioned level of $7,800.    

ETH/USD

Ethereum triggered our buy levels on Feb.14. But, it also has failed to extend its pullback. It entered a small range day yesterday, Feb. 15, and is following it up with another short range day today, Feb.16.  

While the ETH/USD pair has not given up any ground, it has struggled to move up. Our first target objective was a move to the 50-day SMA, currently close to the $1,000 mark followed by a rally to $1,050 levels.

The stop loss remains at $775, because we don’t find any higher logical stop loss level.

BCH/USD

Bitcoin Cash has broken out of the resistance zone and has triggered our buy levels of $1,400 today. We now expect a rally to the 50-day SMA at $1,818, followed by a move to $2,000.    

Breaking out of the long-term downtrend line and the 20-day EMA is a bullish sign. But if the other cryptocurrencies turn down, the BCH/USD pair may also find it difficult to rally.

Therefore, we retain the stop loss at $1,100, below which a fall to $854 is likely.  

XRP/USD

Ripple rose above our suggested buy level on Feb. 14. Despite our opinion, it has again entered into a tight range since Feb.15.

As the XRP/USD pair continues to trade above the 20-day EMA, we expect it to gain momentum and quickly rally to $1.5 levels, where traders can book profits on 50 percent positions. The remaining stops can be trailed for a higher target objective of $1.74.

Our bullish view will be invalidated if the cryptocurrency falls below the stop loss of $0.86.         

XLM/USD

Stellar broke out of the descending channel and triggered our buy level at $0.45. As the markets have rejected the break below $0.41, we expect a move to the overhead resistance level of $0.63.

As long as the XLM/USD pair sustains above the 20-day EMA and the $0.41 levels, a rally towards $0.63 is likely.

Hence, we recommend holding the position with the suggested stop loss of $0.30 on a daily closing basis (as per UTC).

LTC/USD

Yesterday, Feb. 15, Litecoincontinued its up move, breaking out of the small overhead resistance at $214.483. Our readers are long from the $180 levels. We had forecast a rally to $242, and yesterday, the cryptocurrency reached $239.705 levels, very close to our target objective.

We believe that as long as the LTC/USD pair stays above $214.483 levels, it is on target to reach $242. Once above this, a move to $270 and, after that, to $307 is likely.

So, traders should book 50 percent profits at $240 and keep a trailing stop loss on the remaining position.

For now, we suggest raising the stop loss to break even. Let’s not lose any money on the trade.

ADA/BTC

Cardano has completed a breakdown from the bearish descending triangle pattern. It has one final support at 0.00003700, below which, a fall to 0.0000246 is likely.  

The ADA/BTC pair remains negative as long as it trades below the overhead resistance of 0.00004070.

We should turn positive on the cryptocurrency if it breaks out of the downtrend line of the descending triangle.   

NEO/USD

Our long position on NEO at $121, suggested in the previous analysiswas triggered on Feb. 14.   

Yesterday, Feb. 15, efforts by the bears to push the NEO/USD pair back below the support of $120.33 failed. This shows that the bulls are providing support at lower levels.

Our target objective is a move to the downtrend line of the descending triangle. We recommend raising the stop loss from $100 to $107. We don’t want to hang on to the trade if it falls below $120.33 levels.

EOS/USD

EOS is currently facing resistance from the 20-day EMA. Above this, it is again likely to face resistance from the downtrend line. Just above the downtrend line lies the 50-day SMA.

As there is a confluence of resistance in the $9.8 to $10.7 zone, we are not suggesting any trade. We should buy once the EOS/USD pair breaks out of this resistance zone.