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Trade Recommendation: Bitcoin Gold

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The trading idea is based on a price reversal from the support zone formed by the uptrend line, SMA100 and 300.00 support level. If the market bounces from this zone and breaks the downtrend line, we’ll get a confirmation of further upward movement. Pending orders for buy can be placed above the local swing high at 322.00 level. Stop orders must be placed at 288.00 level. Profit targets are 380.00 and 410.00 resistance levels. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: BTGUSDT
Buy: 322.00
Stop: 288.00
Profit Targets: 380.00 and 410.00

The trading signal is based on Bittrex chart.
Disclaimer: The analyst does not have investments in Bitcoin Gold.  

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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3.3 stars on average, based on 44 rated postsDmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.




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Altcoins

Stellar Acquires Blockchain Startup Chain to form Interstellar

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The commercial arm of the Stellar Development Corporation has acquired a promising blockchain startup by the name of Chain, paving the way for possibly higher enterprise adoption of distributed ledger technology. The deal adds to Stellar’s credibility as one of the world’s leading blockchain companies.

Chain Acquired

Chain, a San Francisco-based startup pursuing enterprise grade adoption of blockchain technology in finance, has sold to Lightyear in an undisclosed cash agreement. Lightyear, the subsidiary of the Stellar Development Corporation, will be re-named Interstellar, according to official reports. Jed McCaleb, Stellar’s founder, will be the chief technology officer of the newly formed company, which he said should help companies build on the Stellar network. He adds:

“Chain’s team has led the market for enterprise adoption of blockchain technology, which is a critical component of building a future where money and digital assets move over open protocols.”

Interstellar’s new CEO Adam Ludwin explained how the newly merged company will work together:

“Chain has worked from inside the enterprise while Stellar has focused on the network between organizations. As a single team we will have a complete view and set of capabilities to make value-over-IP a reality.”

Chain is said to be a leader in the world of fin-tech, having built enterprise-grade blockchain solutions for Visa, Citigroup and Nasdaq, among others. With the merger, Interstellar will have access to Sequence, Chain’s powerful cloud solution that enables companies to monitor assets moving between private ledgers and the Stellar network.

Previously, Chain had raised more than $43 million across multiple deals. Financiers included Capital One, Citigroup, Pantera Capital and Blockchain Capital.

XLM Price Update

Although the merger between Chain and Lightyear has not had a demonstrably positive effect on XLM’s price, the cryptocurrency continues to outperform leading assets such as Ethereum and bitcoin cash. The XLM price was down 4.4% on Tuesday but has gained 3.2% over the past seven days. By comparison, bitcoin has declined nearly 1% over that period while Cardano has lost more than 10%. Ethereum is trading in positive territory over seven days as prices recovered from 16-month lows.

XLM, which is currently valued at $0.197, has declined roughly 12% over the past month. At current values, it has a market capitalization of $3.7 billion, placing it sixth among active cryptocurrencies. Bitbox is the most active market for XLM traders, accounting for more than 54% of daily transactions.

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 601 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Altcoins

Kovri & Bulletproofs: How Monero is Improving Privacy

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Kovri Bulletproofs Monero

Monero is one of the premier privacy conscious cryptocurrencies currently on the market.

It makes use some of the most advanced technologies in cryptography and blockchain technology. These include such features as stealth addresses, transaction mixing and Ring Confidential transactions.

These have made Monero (XMR) almost untraceable. Yet, “almost” is not good enough for the Monero community as they have strived to improve the protocol in their latest updates.

These updates include the Monero Kovri I2P implementation as well as what are termed “bulletproofs”. These developments have been in the pipeline for sometime and we are starting to see them being actively rolled out.

So what are they and how are they going to make Monero even more secure?

Before we can delve into the technology, we have to take a look the current state of Monero’s privacy.

Secure, Untraceable Digital Cash

Currently, Monero is able to hide all details about a transaction. Making use of stealth addresses, they are able to hide the recipient’s and payers’ details from the rest of the network. They are also able to hide the amount that has been transacted.

Making use of Ring Confidential transaction and transaction Mixin, information about future transactions is also hidden from the original sender of these funds.

Therefore, a Monero transaction is probably the closest you will get to making a payment with untraceable bank notes.

Monero USPs. Image source: Monero.

However, there are two outstanding quirks that the Monero community was not 100% comfortable with.

The first related to the potential of user IP address leaks and the other revolved around the inefficiencies of current Monero “Range proofs”.

Kovri and IP Anonymization

As mentioned, Monero is almost completely private. However, there was always a question that remained around the IP addresses of those who interacted with the Monero network.

When you initiate a transaction on the Monero blockchain, your IP address is being exposed to the network. If there was a malicious actor, they could observe this event and log your IP address. This could create the potential for meta data analysis by large and determined adversaries.

While this is a really difficult attack to complete, it is still a concern for some.

This is the reason that the community has been excited about the release of Kovri and its potential to encrypt and route transactions through I2P (Invisible Internet Protocol) nodes. Technically, Kovri will make use of “Garlic encryption” and “Garlic routing”

We won’t go into more detail about Garlic routing but one can think of it as a more secure version of the Onion routing. Onion routing is the current networking implementation that is on use in the TOR network.

By using this routing protocol, your connection to the Monero network is masked and your IP address cannot be identified. According to the Kovri lead developer, Anonimal, the Kovri protocol will:

“Essentially, we will be able to anonymise monero transactions even more than what monero is capable of doing right now, technically speaking, at the network layer”

Kovri is currently in alpha release stage and there is still a great deal of testing that needs to be done. There are currently 48 contributors who are working on it and the project still has a healthy chunk of funding to move the project forward.

BulletProofs and Lower Fees

While Monero transactions are completely private, they are relatively inefficient. This basically comes down to the nature of Monero’s “range proofs”.

Range proofs basically allow anyone to verify that a particular commitment represents an amount within a particular range without revealing anything else. These are needed in order ensure that transaction input and output amounts are positive.

This may sound like a mouthful, but all you need to know is that these range proofs are essential components for the private transaction.

However, the current range proofs on the Monero network are inefficient as they make up the bulk of the size of the transaction. This means that a great deal of mining resources goes towards verifying these range proofs and increases the cost of these transactions.

This is where BulletProofs come in.

Despite the catchy name, BulletProofs are the ideal solution to the Monero range proof problem. They scale in size differently to Monero’s current proofs and as a result, save space as transactions inputs and outputs increase.

A full explanation of Bulletproofs is beyond the scope of this article but if you wanted to flex your intellectual muscles you could read the paper on it by Bünz, Bootle et al.

The most important takeaway from the bulletproofs is the space that it saves in Monero transactions. For example, a simple Monero transaction that has two outputs is about 13.2kb in size. However, with bulletproofs the transaction is only 2.5kb in size. This is a full 80% reduction in size which will translate into a commensurate reduction in fees.

Given that bulletproofs scale logarithmically, the space savings on these transactions are even more pronounced with multiple output transactions.

In short, bulletproofs is a solution that all Monero users will notice immediately.

So where in the pipeline are Monero bulletproofs?

In July, Kudelski securities completed their audit of Monero compatible bulletproofs. While there were a few minor issues, it passed audit stage and was ready for implementation on the Monero test network.

If all goes well in the testing phase, then the bulletproofs are expected to be released live on the Monero network in October.

Conclusion

Monero has proven itself to be one of the premier privacy coins on the market. The community is thriving and is comprised of some of the smartest and most privacy conscious individuals in the world.

Of course, as Monero has garnered attention from government backed entities, so too have the risks increased for vulnerabilities and deanonymization.

The Monero developers are well aware of this and are always looking for solution to improve on the Protocol.

Kovri and bulletproofs are two really important improvements that will help cement Monero’s market leading status.

We will keep a keen eye on the rollout of this technology.

Featured Image via Fotolia

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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5 stars on average, based on 3 rated postsNic is an ex Investment Banker and current crypto enthusiast. When he is not sitting behind six screens trading Bitcoin, he is maintaining his numerous mining rigs.




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Analysis

Crypto Update: Monday Selloff Drags Majors Lower

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The cryptocurrency continues to show mixed short-term signs following last week’s Ethereum-led bounce, and the subsequent consolidation. Today, all of the majors sold off after the US open, triggering downgrades in our trend model, but the two largest coins, barely, retained their short-term buy signals, holding up above key support levels.

Ethereum remained north of $200, while Bitcoin is still above the $6275 level, but the total value of the market is back at $195 billion as BTC failed to gain ground during last week’s rebound, and as several coins failed to join the move. The odds of a failed rally got higher after today’s selloff, and the move still only qualifies as a counter-trend one, with the long-term downtrends being in no danger in most cases.

XMR/USD, 4-Hour Chart Analysis

Monro, which has been the third major on a short-term buy signal, is also still positive in our model, despite bouncing lower off the $120-$125 resistance zone and getting close to testing the $108 support level. The coin is now trading slightly below the rising short-term trendline and it would need to show strength quickly to retain stay on a buy signal. Further support is found near $100, while key long-term resistance is ahead at $150.

ETH/USD, 4-Hour Chart Analysis

Ethereum fell back to the $200-$205 support zone today, and the coin is trying to establish a swing low, following the initial rally of its 15-month low. Despite the pullback, ETH is still on a short-term buy signal, but given the segment-wide long-term weakness, traders should still not enter full positions. A sustained move below $200 would warn of a test of the lows and a possible new leg lower, with strong resistance still ahead at $235 and $260 and with further support found at $180.

Market Still Lacking Sustained Strength

BTC/USD, 4-Hour Chart Analysis

Bitcoin fell back to $6275 again after failing to show bullish momentum last week, and although BTC is still trading with relatively low volatility, well above the crucial support zone near $5850, the recent days are not positive for crypto-bulls. A sustained move below primary support would warn of a test of the weaker support near $6000 and a likely move to the key long-term zone, with resistance levels now ahead at $6500, $6750, and $7000.

XRP/USDT, 4-Hour Chart Analysis

Ripple’s weakness is also a warning sign for bulls, as the third largest coin not just failed to join the rally last week, but it turned lower today, threatening with another move towards the August lows. XRP is still trading within its short-term range, and it remains on a neutral short-term signal, but further weakness could quickly trigger a sell signal. Support below $0.26 is found near $0.23, while resistance is ahead at $0.30, $0.3130, and $0.32.

EOS/USD, 4-Hour Chart Analysis

EOS also remained weak during the recent altcoin bounce and now it is back on a short-term sell signal after dipping lower together with the broader market, plunging below $5 yet again. Now, a test of the August lows and a move to $4 is once again the most likely, with only the support between $4.55 and $4.65 found above the August low, while strong resistance is ahead between $5.35 and $5.55.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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 347 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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