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#Bitcoin Price Analysis

Supreme Court of India hearing on Bitcoin Updates 3 July

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Supreme court of India SC on Bitcoin 3 July

Supreme Court of India hearing on Bitcoin Updates 3 July

 

Indian cryptocurrency firms, for example, Zebpay, Unocoin, WazirX and Koinex have depended on peer-to-peer exchanging even as they anticipate a Supreme Court hearing on Tuesday, 3 July, 2018, which will take up an appeal to against the Reserve Bank of India for blocking banking administrations for bitcoin exchanging.

The Internet and Mobile Association of India (IAMAI), which speaks to web firms has recorded a writ request of against the RBI move that has set a July 5 due date for banks and installment doors to quit working with cryptocurrency, influencing trades and brokers.

“In the event that banking is something the trades are not permitted to do, at that point the arrangement is something that immediate banking doesn’t come in,”

said Nischal Shetty, CEO of WazirX, an Indian crypto trade that is set to present P2P exchanging.

Generally, all exchange on trades occur through web based banking channels where clients can purchase and exchange bitcoins. The trades charge an exchange expense on each exchange. The Reserve Bank of India (RBI) roundabout on April 6 orders banks against offering administrations to trades, pushing them toward a distributed trade.

In P2P exchange, the purchaser and dealer can manage each other specifically while WazirX go about as an escrow account that holds the cryptos amid the exchange to abstain from swindling.

“We constructed an escrow framework, where before you offer 1 bitcoin, you (A) store the bitcoin to our escrow for care. Once the purchaser (B) pays rupees to you (A), WazirX discharges the crypto to the purchaser (B), in the wake of getting an affirmation from you (A),”

said Shetty. WazirX permits just enrolled clients, with checked KYC subtle elements to exchange on their stage. They guarantee this is not the same as sites like localbitcoin.com that enables outsiders to trade their nearby cash for bitcoins.

While the administrative vulnerabilities is a reason for concern, and has constrained numerous informal investors to money out their speculations, experienced dealers remain undeterred.

“We should comprehend that exclusive withdrawal (of rupees) will be ceased yet different capacities like purchase and offer/send and get crypto in Indian trades will work,”

stated, Avinash Baboo, who has been a crypto broker for a long time.

Other than WazirX, another trade Koinex has presented its escrow arrangement called Koinex Loop. Both WazirX and Koinex escrow arrangement will go live when the RBI ban on banking administrations happen.

For the Indian crypto exchanges the coming week is critical: On July 3, the Supreme court will hear a writen documented by IAMAI against RBI for blocking banking administrations for cryptocurrency organizations. On the off chance that the SC rules against IAMAI, the July 5 due date for banks and installment doors to quit working with cryptocurrency will produce results, influencing trades and dealers.

“The court could permit the request application and stop the RBI order in which case banks can keep on offering administrations to trades until July 20,”

said Mohammed Danish, advocate and crypto investigator. The best court has coordinated the exchange of various writ petitions testing the defendability of the RBI round to be heard on July 20.

The legislature is thinking of a draft identified with crypto by first seven day stretch of July, said Subhash Chandra Garg, the secretary of the bureau of monetary undertakings in an ongoing TV meet with ET Now. However, a couple of trust, the administrative overhead for Indian trades is costing them profoundly as non-Indian players enter the market. Korean cryptocurrency trade Bithumb has begun showing provincial dialect advertisements in India. Hong Kongbased trade Binance is venturing into worldwide markets and is enrolling individuals in India to reinforce their advertising activities.

#Bitcoin Price Analysis

BTC to USD: Bitcoin Price Analysis, BTC going to rise?

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Bitcoin price is supported strongly around $5200. BTC is currently in a bullish momentum with the next aim of $5400 and $5500.

Technical Indicators:

Support Levels: $5200, $5150

Resistance Levels: $5350, $5400, $5500

 

Key Points:

  • Bitcoin price is currently trading well above $5200 support level.
  • BTC is gaining momentum and trying to move over the $5350 resistance zone.
  • A bullish pattern is being formed with support around $5200 on the hourly chart.
  • Bitcoin price is currently in a bullish momentum and might move towards $5400 and $5500 resistance levels soon.

 

Bitcoin Price Analysis:

Summary: Bitcoin price is supported strongly around $5200. BTC is currently in a bullish momentum with the next aim of $5400 and $5500.

 

This week, bitcoin price maintained a slow bullish pace after rising over $5100 level. BTC was able to maintain its position above $5100 and $5200 support levels after breaking through the major resistance around $5200. BTC was able to close over the 100 hourly SMA. After falling up to $5190, bitcoin price was able to recover sharply to over $5300.

 

Bitcoin price spiked up to $5365 before correcting downwards. The support around $5250 proved strong enough to stop further declines and BTC was able to maintain its position above the 100 hourly SMA. Also, a bullish pattern is being formed with support around $5200 on the hourly chart.

 

BTC will most probably experience some dips, however, it remains strong support around $5200. The current target for bitcoin is $5350 above which it might test $5400 and $5500 resistance levels.

 

BTCUSD Price Chart 20 April

BTCUSD Price Chart 20 April

 

The chart shows that bitcoin price is currently trading with a bullish force above the $5200 support level. Until BTC remains above this support, there are high chances of BTC testing the $5400 and $5500 resistance levels. However, if the support level is broken, Bitcoin might fall down to $5150 and $5100 supports.

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#Bitcoin Price Analysis

BTC to USD: Bitcoin Price Analysis, Bulls vs Bears

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Bitcoin price was able to recover after falling up to $4920 recently. BTC is currently trading nicely and might soon test $5200 resistance level.

Technical Indicators:

Support Levels: $5120, $5050

Resistance Levels: $5200, $5250

 

Key Points:

  • Bitcoin price crashed below $5000 support level recently.
  • The support around $4920 proved strong enough to stop further losses and BTC started to recover after testing this support range.
  • Bitcoin price was able to break through the bearish pattern which was formed with resistance around $5100 on the hourly chart.
  • BTC is currently trading in an upward momentum above the 100 hourly SMA.

Bitcoin Price Analysis:

Summary: Bitcoin price was able to recover after falling up to $4920 recently. BTC is currently trading nicely and might soon test $5200 resistance level.

Last week, bitcoin corrected downwards sharply falling below $5000 support level and tested the $4920 support. After this, bitcoin started a fresh upward move and moved over $5000 and $5100 resistance levels. The buying pressure even moved BTC above $5150 and the 10 hourly SMA.

Bitcoin price was able to break through the bearish pattern line which was formed with resistance around $5100 on the hourly chart. Currently, bitcoin is trading in a positive momentum above the 100 hourly SMA and might soon test the $5200 resistance level. However, it is very essential for BTC to maintain its position above $5100 and $5000 for a long time in order to be perfectly bullish.

BTCUSD Price Chart 15 April

BTC/USD Price Chart 15 April

The chart shows that bitcoin recovered nicely and moved into a bullish zone above $5100 and the 100 hourly SMA. The current resistance lies around $5200 above which bitcoin could test $5250 and $5300 levels. On the downside, the initial support is at $5120 and $5050 below which it might turn bearish again.

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#Bitcoin Price Analysis

Bitcoin Price Quick Surge: Is it a Conspiracy?

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Bitcoin is famous for its quick upward spike and downward crash since its inception. Bitcoin has experienced many sudden moves in the past; from spiking upwards more than 20 percent to declining more than 40 to 50 percent in a single day. And as always other cryptocurrencies follow the moves of bitcoin. However, the current price increase that occurred on the 2nd of April might seem a little different.

 

There is absolutely no news such as a large scale adoption, approval of Bitcoin ETF, the launch of Bakkt or anything like that which could lead to a large number of people entering into the market and drive the price upwards. Also, rumors suggest that a single trader was behind the sudden price rally as he bought more than 20,000 BTC through three different exchanges using trading bots after reading an April fool’s day article posted on some cryptocurrency news website which said that two bitcoin ETFs have been approved by the US SEC.

 

Bitcoin Bull Rally: A Conspiracy?

While some analysts have started to believe that the bear market has finally come to an end and the bulls are back to action and bitcoin will soon reach to $6000 mark, other major analysts are cautioning investors about the risk of trading in such a situation. Recently, Bloomberg posted an article which said that the sudden price surge is a blip and investors should just ignore it.

BTCUSD 3 month chart - Coinbase

BTC/USD 3-month chart – Coinbase

Bitcoin crashed to near $3100 in December last year after which it started to correct upwards. However, the major correction started in February this year which the price of BTC was around $3350 and corrected to around $3900. At the end of March, the price touched the $4100 mark reaching up to $4150. The total increase in the two months (February and March) was around $800 in total. However, on 2nd April, bitcoin spiked up from around $4100 to $5100 which is a massive $1000 increase in just 24 hours which is $200 more than the price increase in the two months (March and April) combined.

 

Different Possibilities:

If the rumors about the single trader reading a piece of fake news and buying 20,000 BTC is correct, it might just have an adverse effect on the overall market as the trader might just sell the same amount of BTC after knowing the truth about the April Fool’s day article. The sudden price increase created a feeling of confidence amongst most cryptocurrency enthusiasts as their thoughts suddenly turned bullish and everyone started to buy which even spiked the price up to $5350 yesterday (Bitmex).

 

The market is always run by two kinds of traders; one who is bearish and is willing to sell and one who is bullish and willing to buy. If everyone turns bullish, no one will be willing to sell their bitcoin and there will be no selling orders in the market. Large institutions take advantage of such a situation (like the current) where most of the people who were earlier selling their BTC at $4000 mark have now turned bullish and are willing to buy even at a high price such like $5300. At such a situation a large institution who has tons of BTC stored in their cold wallets find the best suitable time to sell all their holdings at once and the market crashes before anyone even understands what just happened and the small traders are left with nothing but losses.

 

The cryptocurrency market is highly volatile and is run mostly due to the emotions of the traders and enthusiasts who believe in the future of bitcoin. The increase of price when there is massive adoption, regulation or launch of a large product can be termed as genuine, however, a sudden increase in the price without any reason behind it might be termed as a conspiracy as the person, institution or group of institutions who were behind the sudden surge would surely have a profit earning theory at the back of their mind.

 

Investors and traders are advised to do their own research and analysis before investing or trading in any digital currencies as the market is highly volatile.

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