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Bitcoin Cash Jumps to Highest Level Since January Amid Controversy Surrounding Bitcoin.com

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Bitcoin cash (BCH) rose to more than three-month highs on Sunday even as controversy over its status continued to swirl. As Hacked reported two weeks ago, Bitcoin.com has been at the center of the controversy by insisting that BCH is the truer expression of the original blockchain developed by Satoshi Nakomoto.

BCH/USD Price Levels

The value of bitcoin cash rose double-digits on Sunday en route to its highest level since January. In doing so, it defied a broad cool down in the cryptocurrency market following a strong start to the weekend.

At the time of writing, BCH was up 11.4% at $1,688. Prices peaked around $1,844 earlier in the day for a total market cap of $31.5 billion. The total market for bitcoin cash was last valued at $29.1 billion.

Daily trading volumes approached $2 billion on the major exchanges, with South Korea’s Upbit and Bithumb accounting for more than a fifth of the total market.

CoinMarketCap De-Lists Bitcoin.com

Cryptocurrency data provider CoinMarketCap has removed Bitcoin.com from its BTC page amid allegations that the website was manipulating the market in favor of BCH.

The controversial website, which describes itself as the “premier source for everything bitcoin,” has been promoting the idea that bitcoin cash is the original blockchain protocol. In doing so, it has linked “bitcoin” to the BCH currency – a move that runs contrary to standard industry practice. We speculated two weeks ago that the confusion may have been partly responsible for bitcoin cash’s massive rally. The question we raised at the time was: How many people bought bitcoin (BCH) thinking they were receiving actual bitcoin (BTC)

On Saturday, Bitcoin.com issued the following tweet:

“Bitcoin Cash is the oldest cryptocurrency. Its white paper was published in 2008 and the genesis block mined in January 2009.

Bitcoin Core (BTC) is an experimental currency that does not have a white paper and has only operated under its current model for two years.”

Former hedge fund manager Mike Novogratz took exception to the tweet by issuing the following response:

“Enough already. Bitcoin core is BTC. It is a store of value. It is digital gold. It’s market cap dwarfs bitcoin cash. If you want to be a payments currency by definition you need to have stable value. So why own it. ??”

Those arguing against Bitcoin.com’s viewpoint insist that BTC is the chain originating from the genesis block, which means it has accumulated the highest proof of work. Bitcoin cash, on the other hand, failed to gain consensus last summer when it forked from the original blockchain.

At the time of writing, Bitcoin.com appears to have reverted back to using BCH for Cash and BTC for Core, although it appears to be “recommending” that users buy BCH:

Bitcoin cash aims to resolve the fundamental issue of scalability in cryptocurrency transactions. To achieve that end, it has implemented a larger block size to speed up the verification process while also creating an adjustable level of difficulty in the mining process.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 772 rated postsChief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi




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IOTA Price Analysis: Bulls on the Loose as IOTA Foundation Announces New Collaboration with Nova to Fund Start-ups

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  • The IOTA Foundation has entered into a partnership with Nova to provide funded support for start-ups.
  • IOT/USD is currently enjoying a decent push north, following a breakout of a bullish pennant pattern structure.

IOT/USD: Recent Price Behaviour

IOT/USD has been on a decent run of gains over the five sessions, having jumped around 18% at the time of writing. The price has been on a path to the north since 7th February, after hitting a low for 2019 around $0.2400. A chunky amount of buying pressure was observed down at these depressed levels.

The bulls enjoyed an initial jump between 7-8th February, gaining around 18% on the fast two-day rally. IOT/USD then consolidated trading within a range-bound nature to then have formed a bullish pennant pattern formation. On 17th February, an explosive amount of upside came into play following this technical breakout.

IOTA Announces New Collaboration with Nova

The IOTA Foundation has announced a new partnership with Nova, a start-up incubator, according to an official press release from the organization. As part of the collaboration, its goal is to begin funding start-ups employing the platform of IOTA. The program will be called IOTA Cofoundery on Nova’s website; it will be focusing on early stages of development and seed funding.

Start-ups will be able to leverage through the program a mentoring and tech start-up service to consist of over 20 consultants that specialize in technology. There will be much nurturing and guidance as part of this offering. To-date Nova has already co-founded over 80 technology start-ups, with over half of those still being active after three years. It is further noted within the official release that the three-year start-up survival rate is 10%.

Nova will invest in ideas that can prove user problem-fit. IOTA via their grant program will match the investment. It will provide a comforting amount of support and the foundations for viable businesses to develop within the ecosystem of IOTA.

The program will allow entrepreneurial tech start-ups to build new innovative business models by leveraging IOTA technology. Nova has noted that this new offering is now already open for applications and can apply directly on the Nova website.

Technical Review – IOT/USD

IOT/USD daily chart.

Given the noted move north from a bullish pennant pattern structure, the doors to further upside potential have opened. Near-term supply is observed heading into the $0.3400 territory, IOT/USD last traded here in January and dealt a rejection blow. Should the bulls manage to maintain current upside momentum and break above this zone, eyes will then be on the 2019 high area. At the start of the year, the price managed to hit $0.4088 on 2nd January.

In terms of support, this should be noted back down at the broken pennant pattern. A retest just on top could be seen which currently tracks at around $0.2750-40. Failure of this holding could then see the February gains wholly reversed.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 124 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Tron Price Analysis: TRX/USD Bulls Hunting for a Potential Charge Back Above Broken Critical Trend Line

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  • Tron bulls continue to push the price north maintaining a firmer path of recovery.
  • TRX/USD has gained a significant 10% over the past four sessions, moving to its highest level in five days.

TRX/USD: Recent Price Behavior

The TRX/USD bulls have been enjoying some upside relief over the past few sessions now, picking up much pace in the session on Monday. The price managed to move to its highest level  in over seven sessions. Over the past four days, Tron has gained just shy of 10% as the price looks set for recovery following a breach last week of critical support.

An ascending trend line initially supported TRX/USD to the upside, providing exceptional comfort in its move north. The running support had been in play since the back-end of December 2018; however, after a decent run, the bears managed to force a breach. Sellers were able to regain control after the move below, to then see four consecutive days of selling, dropping around 10% in total.

Between 14-15th February, TRX/USD managed to find its feet after what could have very much been a free-fall to the deep south. Daily support came into play around $0.023550, which has provided needed comfort on several occasions already this side of the year. The recovery has been in play since this decent bounce occurred.

Tron Crypto Card

TRON recently detailed more information about its upcoming crypto card. The date of pre-order for the GRID X BitTorrent crypto card is going to be live on 18th February 18 2019 at 8 PM UTC. The GRID crypto card will be a prepaid card that can be topped with TRX in three amounts of 15,000, 50,000 and 100,000. Holders of the cards will be rewarded with BitTorrent (BTT) tokens as part of monthly BTT airdrops.

GRID will be one of two crypto cards built via the Tron network. The first, TronCard, was introduced as a tangible TRX wallet. Both TRX and TRC10 tokens can be stored on the TronCard similarly to a virtual wallet. These mentioned tokens are tokenized assets which would be leveraged via decentralized applications (dApps) via the Tron Network. A QR code feature can also be scanned by users for access to the public key. A physical card will then be able to integrate with the virtual wallet.

Technical Review – TRX/USD

TRX/USD daily chart.

The major challenge for the bulls as detailed above is seen underneath the breached ascending trend line; this is tracking at around $0.027500. Should the bulls manage to break back above this prior acting support, then expect a strong wave of buying pressure to come into play. Further to the north, eyes will be on the $0.03000 area. TRX/USD has not comfortably traded above this price region since August 2018. Once broken down, there isn’t too much in the way of a return back up to $0.04000 territory.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 124 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Crypto Update: 5 Altcoins to Watch This Week

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All of the five altcoins included on last week’s list moved within our expectations. Ark (ARK/BTC) led the way as it retested the range support before hitting both of our targets in one week. It is followed by Dash (DASH/BTC), rallying strong after recovering a key support area as predicted. In addition, Litecoin pulled back as expected but it managed to show bullish signals towards the end of the week. Talking about retesting supports, Monero (XMR/BTC) retested a support as well while showing signs of stability.

The only non-mover on last week’s list was Ripple (XRP/BTC). The market continues to trade at our range support while printing a double bottom pattern.

This week, we put our attention on altcoins that are showing strong bullish signs. With Bitcoin (XBT/USD) stuck in a range, this week might be the chance for many coins to fly. Here are the five altcoins to watch this week.

Ethereum (ETH/BTC)

Ethereum bulls have recently been flexing their muscles. They continue to defy expectations as they push Ethereum close to our range high of 0.0418 with significant volume. With yesterday’s strong rally, the market is now trading above its 200-day moving average.

Daily chart of ETH/BTC

However, Ethereum is now trading in overbought territory. Thus, a brief pullback is needed to allow technical indicators to cool down. So instead of letting the fear of missing out influence your trading decisions, wait for the correction before entering the market. A good target is our current range midpoint of 0.0339.

Once the retracement is complete, we believe Ethereum will continue its ascent to our initial target of 0.0418.

EOS (EOS/BTC)

EOS is looking pretty bullish. After it nearly touched our range midpoint of 0.00828 on February 12, 2019, the market showed signs of short-term bullish exhaustion. More often than not, failure to take out the range midpoint leads to a retrace down to the range low. EOS wants to part of this trend.


Daily chart of EOS/BTC

However, the market refuses to revisit the range low of 0.000073 as it flashes bullish signals. First, we can see the 200-day MA acting as support. Second, there’s a golden cross between the 50-day MA and the 100-day MA. With these signs, we won’t be surprised to see EOS flip 0.0000828 resistance into support this week. Should that happen, the next target is 0.0000926.

Mainframe (MFT/BTC)

After failing to take out our range high of 0.000001 on February 11, Mainframe unravelled as it posted five red candles in seven days. Nevertheless, the market is starting to look attractive to bottom-pickers.

Daily chart of MFT/BTC

On February 16, Mainframe went below our range midpoint of 0.00000085. It then retested this level as a resistance on February 17. Should the market recover this support soon, we could expect Mainframe to rally to our range high of 0.000001. Otherwise, we can expect it to retrace all the way down to our range low of 0.0000007.

Komodo (KMD/BTC)

Komodo is a market that wants to range higher. Bulls are working hard today, February 18, to finally take out our current range high of 0.0000239. However, bears have no intentions of making it easy as they continue to dump positions. As a result, the daily candles in the last two days have wicks above their bodies.


Daily chart of KMD/BTC

Looks like Komodo is flipping 0.0000239 resistance into support. The market already rallied to our target of 0.0000279 today. However, Komodo may still go back down to 0.00001968 should 0.0000239 not hold as a support.

VeChain (VET/BTC)

VeChain has been range trading between 0.00000102 and 0.00000127 for about three months. Recent price action tells us that it might be ready to break out of its range.

Daily chart of VET/BTC

Just like EOS, Vechain also refused to revisit its range low of 0.00000102. The high volume rally on February 16 tells us that the market is intent on flipping resistance of 0.00000115 into support. If it does, we expect VeChain to climb to our range high of 0.00000127.

Bottom Line

With Bitcoin stuck in sideways trading, altcoins have some room to grow. We believe that Ethereum and EOS will lead the charge this week. Mainframe, Komodo, and VeChain will likely follow their lead. Looks like we have an exciting week of trading ahead of us.

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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3.9 stars on average, based on 328 rated postsKiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

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