Ethereum Price Technical Analysis – ETH/USD Remains Supported
Key Highlights
- ETH price recently traded above the $860 level, but it failed to gain momentum against the US Dollar.
- There was a break below a short term contracting triangle with support at $852 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair may decline a few points in the near term, but it remains supported above the $810 level.
Ethereum price is currently correcting lower against the US Dollar and Bitcoin. ETH/USD remains supported on the downside near the $820 and $810 levels.
Ethereum Price Correction
There was a decent upside move in ETH price above the $850 level against the US Dollar. The price traded above the $860 level as well, but it failed to move past the $865 level. It faced tiny sell offers and started a downside correction from $865. It broke the 23.6% Fib retracement level of the last wave from the $768 low to $865 high. It seems like the price may decline a bit more towards $810, but it remains supported.
At the moment, the ETH/USD pair is attempting a close below a short term contracting triangle with support at $852 on the hourly chart. However, the 100 hourly simple moving average at $830 is acting as a support. If the price moves below the $830 support, the next major support is the 50% Fib retracement level of the last wave from the $768 low to $865 high at $817. The mentioned $817 support could stop the current decline and act as a buy zone. Moreover, the $810 level is also a decent support.
On the upside, the price has to move above the $865 and $890 levels to gain upside momentum in the near term.
Hourly MACD – The MACD is currently reducing its bullish zone and it could even move into the bearish zone.
Hourly RSI – The RSI is moving to and fro near the 50 level.
Major Support Level – $810
Major Resistance Level – $865
Charts courtesy – SimpleFX
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Who Needs a Lawyer or Accountant When You Have Blockchain Technology? This Project Is Making Private Investment Easy and Transparent
Accountants, lawyers, bankers, bookkeepers, and VC firms: these are just some of the intermediaries and support staff that are needed to allow private startup companies to take on private investment in their early stages (Pre IPO). This incurs a lot of overhead and lead time, and can completely price out some types of investor from getting in on the ground floor of the next Uber or Palantir technologies. Even platforms like Kickstarter fail to give anything close to the amount of legal protection to the investor that legit private investment should offer.
This results in a situation where nascent companies have limited access to cash and investors have limited access to promising investments. The only people profiting from this setup are the middlemen who tick the bureaucratic boxes for high fees.
A new blockchain startup, OnPlace, is building a platform to use the transparency, security, and details of decentralized blockchains to eliminate the need for manual input and allow more people to privately invest in more companies.
Protocols for investment
OnPlace uses their PATS token to power their system and grants complete and legally binding shares of a company to investors. The token “will allow the community of investors to make decisions in a decentralized manner in regards to the further distribution and motion of tokenized assets. The use of the protocol will mean that each decision in connection to transactions over tokens will be recorded in a network with its own blockchain and will not be subject to change,” according to their whitepaper.
The importance of a fluid market
The lack of a marketplace where startups can access private funding easily is of great detriment to the industry. By virtue of power-law dynamics, only a small percentage become successful, making a diversified portfolio important for investors. As the OnPlace team said:
“The reasons for these are simple – the same economic laws operate in a world of crypto-currency venture investments just as in the sphere of traditional classic startups: 90% of all beginnings are going to be closed because of a number of reasons such as; lack of financing, absence of necessary experience and skills in the team, while sometimes just the irrelevance of the product or service in the market.”
But if there is access to fewer companies, there will be less opportunity to diversify. So the OnPlace market could change investing completely – imagine being able to buy private shares as easily as buying Fortune 500 stocks? This is only possible with automation and digitization of shares.
Roadmapped Out
The team elaborated on the life cycle of an investment project, wherein their token is “a protocol created by the OnPlace team, which allows investors (the holders of issued tokens) to monitor and control operations over tokenized assets. After completing the project selection stage OnPlace legislates legal preparations
and develops an agreement, within the limits of which property rights over a part of private company shares (an underlying asset of a token) are transferred to future holders of the created tokens.”
The PATS token sale is currently underway.
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Bitcoin Price Technical Analysis for 02/13/2018 – Next Hurdles to Clear
Bitcoin Price Key Highlights
- Bitcoin price appears to be breaking out of its descending channel pattern to show that bullish momentum is picking up.
- Price has yet to clear several upside hurdles to confirm that the longer-term rally is resuming.
- Technical indicators are showing that the uptrend would likely persist.
Bitcoin price appears to be getting back on its feet and might be poised to text the next upside hurdles soon.
Technical Indicators Signals
The 100 SMA is safely above the longer-term 200 SMA on the daily time frame, confirming that the path of least resistance is to the upside. The 200 SMA is holding as dynamic support as well.
A candle appears to be closing above the descending channel resistance, and this is an early signal of a reversal from the short-term selloff. From here, bitcoin price could set its sights on the $11,000-12,000 area of interest next. This lines up with a former horizontal support and a broken rising trend line.
After that, sustained bullish momentum could take bitcoin price to the next barrier around $13,000 to $14,000 which would be back above the trend line.
Stochastic is on the move up to indicate that buyers have the upper hand. RSI has more room to climb, so bitcoin price could follow suit. The gap between the moving averages is widening to reflect stronger bullish pressure as well.
Market Factors
Bitcoin price is also able to benefit from the improvement in investor sentiment these days. Note that the cryptocurrency has been trailing higher-yielders and risky assets like stocks and commodities, which tend to rally when traders are in the mood for more risk.
Apart from that, easing concerns about strict regulation in the cryptocurrency industry are in play. Following the Senate hearing encouraging regulators to give way to development even with increased oversight, other nations could follow suit and this might be evident in the upcoming global summits.
At the same time, crackdown efforts in South Korea appear to have taken the back seat as traders are now being more hopeful that governments and regulators could be more welcoming of bitcoin developments.
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