TOP 3 Bitcoin and Crypto News for Today: 17 April

TOP 3 Bitcoin and Crypto News for Today: 17 April

Geoffrey Schwartz

Bitcoin (BTC) price prediction, Binance (BNB) smart chain white paper released, and Nassim Taleb recommends cryptocurrencies.

The last day of the workweek ended in the green for the three major indexes. The Dow Jones Industrial Average (DJIA) rocketed up 704.81 points (about 3%) to close at 24,242.49. The S&P 500 went up 75.01 points (about 2.7%) to close at 2,874.56. The NASDAQ Composite advanced 117.78 points (about 1.4%) to close at 8,650.14. All of this optimism and hope was based on a drug report published by Gilead Sciences, which showed some promise for treating the coronavirus.

As for news within the crypto world, some of the major headlines include a price prediction for Bitcoin (BTC), the release of a Binance (BNB) Smart Chain white paper, and Nassim Taleb recommending the use of cryptocurrencies.

Overnight growth was not supported by large volumes, and a local maximum was set around the $7,224 area. The next morning, the priced rolled back from its maximum.

Looking at the lines from the Stochastic Relative Strength Index (Stoch RSI), the price of BTC is now in the overbought zone. A rollback to the average price region can therefore be expected in the near future. If the 2H EMA55 provides support, then growth may continue to the $7,300 mark.

Yesterday’s growth to $7,190 mark closed above $7,000 with a full candle, indicating buyer strength. It is likely not the usual removal of short positions. For the moment, the big picture is an upswing. To confirm this, the bulls need to keep the price above $6,900 and pass the $7,150 resistance level. If that is the case, then traders can expect a significant increase to its previous local maximum of $7,459 or higher.

Binance has broken into the decentralized application market by creating the Binance Smart Chain, a special parallel blockchain to land smart contracts. The Binance Smart Chain, which will be cross-chain interoperable, will use a Proof-of-Stake Authority consensus. As a result, staking the Binance Coin (BNB) will be available to all users.

According to the recently released white paper, the reason a separate chain was required was because:

The execution of a Smart Contract may slow down the exchange function and add non-deterministic factors to trading

While Binance (BNB) is aware of the situation in the dApps market, EOS (EOS), Ethereum (ETH), and Tron (TRX) have managed to address the needs of dApp developers.

With developed countries announcing one stimulus package after another to counteract the effects of the COVID-19 pandemic, some governments are screwing over its citizens. Nassim Nicholas Taleb, author of The Black Swan, highlighted the importance of cryptocurrencies as a tool for cross-border remittances.

According to Pierre Madani, Chief Financial Officer of Kafalat S.A.L., BDL has begun to confiscate hard currencies from over-the-counter remittances because of hyperinflation for the Lebanese Pound (LBP) and the national banks losing credit. Instead of acquiring stable foreign currencies, beneficiaries can only obtain the ‘worthless’ LBP.

Taleb, a major advocate for Bitcoin (BTC) and other financial institutions involving cryptocurrencies, believes that they could replace the classical remittance and exchange tools in emerging markets. He also applauded the anti-authoritarian nature of Bitcoin (BTC) and other major cryptocurre

Source: u.today

Author: Sat, 04/18/2020 – 02:50


Bitcoin could compete with gold: investors should know - 04/17/20 - stock exchange online

Bitcoin could compete with gold: investors should know – 04/17/20 – stock exchange online

Source: www.boerse-online.de

finanzen.net GmbH

Bitcoin could compete with gold: investors should know - 04/17/20 - stock exchange online

Bitcoin (BTC) Price Analysis: Bitcoin MUST Break $7,175 To Head Above $8,000 Before Block Halving

  • Bitcoin increased by a total of 8% over the past 3-days which had allowed the cryptocurrency to climb above $7,000.
  • The cryptocurrency is now struggling to break above resistance at $7,175.
  • Bitcoin had witnessed a strong 8% price surge over the past 3-days which allowed the cryptocurrency to climb back above the $7,000 level. However, Bitcoin is now struggling with resistance at $7,174 which is provided by a bearish .618 Fib Retracement level. It must break this resistance and higher resistance at $7,400 if it would like to make a move toward $8,000.

    Bitcoin was previously trading lower over the past 7-days as it dropped into support at $6,612, provided by a short term .382 Fib Retracement level. It rebounded from this support 3 days ago which allowed it to climb back above $7,000.

    This rebound is not surprising when we consider the fact that the Bitcoin block halving is just a short 23 days away now.

    BTC/USD – Daily CHART – SHORT TERM

    Analyzing the daily chart above, we can clearly see Bitcoin dropping into the support at $6,612, provided by short term .236 Fibonacci Retracement level. It had broken beneath a rising support trend line which put it in danger of turning bearish, however, the rebound at $6,612 which stopped the coin from unwinding lower.

    Bitcoin still remains neutral as we wait for a break above $7,400 to turn bullish again.

    The first level of resistance to break is at $7,175 which is provided by a bearish .618 Fib Retracement level. Above this, strong resistance lies at $7,400.

    If the buyers can continue to climb above $7,400, higher resistance is located at $7,500, $7,676 (1.618 Fib Extension), and $8,000 (bearish .786 Fib Retracement).

    On the other hand, if the sellers push beneath $7,000, the first level of support lies at $6,6112 (.236 Fib Retracement). Beneath this, support lies at $6,500, $6,200, and $6,000 (.382 Fib Retracement).

    Key Levels

    Support:$7,000 $6,800, $6,500, $6,100, $6,000, $5,911, $5,786, $5,636, $5,600, $5,500, $5,467 $5,200, $5,000, $4,800, $4,672, $4,577, $4,139, $4,000, $3,912, $3,500, $3,436.

    Resistance: $7,174, $7,400, $7,500, $7,676, $8,000, $8,073, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100.

    Summary

    Bitcoin (BTC) Price Analysis: Bitcoin MUST Break $7,175 To Head Above $8,000 Before Block Halving

    Article Name

    Bitcoin (BTC) Price Analysis: Bitcoin MUST Break $7,175 To Head Above $8,000 Before Block Halving

    Description

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    Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.

    Source: coingape.com


    TOP 3 Bitcoin and Crypto News for Today: 17 April

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