- Bitcoin Course Analysis for Week 36/2017!
- Securities Commission of Malaysia warns Investors for ICO risks!
- Bitcoin Change opens in Tel Aviv!
- GMO starts Bitcoin Mining Project in 2018!
Influenced by the latest news from China, the price has dropped to EUR 3.493,05 (USD 4.204,01), but it was able to catch up again and is currently at EUR 3.659,84 (USD 4.404,75).
Image based on data from coinbase.com
- The Bitcoin course has fallen during the week.
- On 4 September and 8 September, there were strong downwards movements which pushed the price to EUR 3,577.41 (USD 4,305.54) and EUR 3493.05 (USD 4.204.01) respectively.
- The first important short-term resistance is EUR 3,720.65 (USD 4 477.93), the first important short-term support is EUR 3,577.41 (USD 4,305.54).
The ICO Ban Chinas caused some nervous sales. The first came directly after the news. A second wave did not come until yesterday, when the rumor took the lead, that China would also close Exchanges, a rumor that the Chinese Exchange BTCC denied. In any case, the news has led to a marked loss of course; especially on Friday, Bitcoin lost about EUR 400 (USD 481)in value within a few hours. However, the course has been able to catch up again since then.
The MACD (second panel) is negative by the course correction, but the MACD line (blue) is above the signal (orange).
The RSI (third panel) stands at 45 and is therefore slightly bearish.
The analysis of the movements in the 60min chart speaks a slightly bearish language. A first important support is described by the minimum of 4 September and is EUR 3,577.41 (USD 4,305.54). Should this be broken through, a support for the dramatic downtrend would still be at the week's minimum, that is, at 3.493,05 EUR (4,204.01 USD). The first interesting resistance is 3.720,65 EUR (4.477.93 USD) and therefore the exponential moving average over the last two days. Should this be overcome, a week's resistance of EUR 3,935.06 (USD 4,735.98) would indicate a new uptrend.
Let us consider the 240min chart as the first to assess medium and long-term developments:
Image based on data from coinbase.com
While we are still in an uptrend, the negative price movements of the week have led to the exponential moving mean values being breached over a week or two. This breakthrough is currently so sustained that the mean values are one and two weeks before the formation of a death cross. Currently the course is oscillating around the 38.2% fib retraction level.
The MACD is negative, and the MACD line is below the signal. The RSI is bearish with 42. In the medium term, the situation is bearish. The most important support is described by the 50% Fib retraction level, which is about 3,499.73 EUR (4,212.05 USD) roughly equal to the aforementioned weekly minimum. The most important resistance described by the 23.6-Fib retraction level is 3,860.72 EUR (4,646.51 USD) - but beforehand the exponential moving mean values of the last one or two weeks have to be overcome.
Image based on data from coinbase.com
Compared to the previous charts, the long-term view is comparatively pleasant. Sure, there was a good price loss, but it did not lead to a test of the exponential moving average over one or two months to one of the 23.6% fib retraction levels.
The MACD is still correspondingly positive, even though the MACD line has fallen below the signal. The RSI is 49 and thus rather neutral.
Overall the long-term forecast is slightly bullish. The most important support is described by the 23.6% Fib retraction level and stands at 3,425.50 EUR (4.122.71 USD). The most important resistance at the time of the all-time high is about 4.183,43 EUR (5,034.90 USD).
Disclaimer: The course analysis is from September 9th and has changed since. The price estimates presented in this post are not a recommendation to buy or sell. They are merely an estimate of me.
The Malaysian Securities Commission, the public-law corporation responsible for supervision and financial supervision, has issued a warning to investors regarding the risks of Initial Coin Offerings (ICOs).
According to a statement released in recent days, unregulated ICO systems might expose investors to fraud. They could also be involved in money laundering or the financing of terrorism. In addition, operators of token-sales could be located outside the country, which means that the recovery of investment is subject to foreign laws or regulations.
Investors should be cautious and "carefully weigh the risks before they take part in an ICO with their funds". This statement follows a wave of countries that have issued similar warnings against token sales. These include Russia and China, where they have recently been banned. In the US and some other countries, the authorities, such as the SEC, have also in some cases found it necessary to classify ICO tokens as securities. Such movements are threatening to dampen the increasing popularity of such a financing method, which has even attracted institutional investors.
According to reports, ICOs in the second quarter have become the world's most important crowd funding tool in the blockchain sector and even outperform VC investment and other financing platforms. According to investigations, venture capital funding reached a total of 235 million US dollars in the first quarter, while ICOs were able to take more than three times as much as 797 million US dollars.
The Bauhaus Center Tel-Aviv will open a new crypt-currency business called Bitcoin Change. The shop will feature a Bitcoin ATM as well as a small "Bitcoin Museum" with selected works of art.
The Bitcoin Change business will open in Dizengoff Street in Israel. After a few weeks of pictures of the business on the Internet, many asked what Bitcoin Change will offer. Co-founder Abe Ziv now explained that the shop will be a Bitcoin ATM, where the Israeli currency Shekel can be exchanged for Bitcoin. Furthermore, other selected currencies are also to be accepted by the ATM. In addition to the ATM, a small museum is opened in the shop. There, a few works of art are supposed to portray the development of Bitcoin artistically.
Until 10 September, restructuring measures will be taken on the business.
The Bauhaus Center is located in a tourist region in Israel and is particularly popular with Europeans and Americans. Co-founder Ziv also explained that bitcoin can be exchanged to other crypto currencies at the ATM in the future. He also emphasized that the ATM is in line with all the legal guidelines for combating money laundering. The ATM will settle a charge of 4% per transaction and is thus 1% cheaper than the ATM of "Bits of Gold", which is also in Israel.
Abe Ziv said:
In addition to Bitcoin ATM, Bitcoin is to be represented in a small Bitcoin museum by films, documentaries and works of art. Meetings and seminars are also to be held on the first floor of the building.
The Japanese Internet company GMO has announced that it intends to enter the Bitcoin mining business in 2018. Up to 6% market share of global Bitcoin mining will be imported.
In a press release from Thursday, it is said that in the first half of 2018, more than 10% of the total assets invested would be invested in the Bitcoin mining by circa 320 million US dollars (as of December 31, 2016).
GMO is announcing the launch of a "next generation mining center" using renewable energy and advanced semiconductor chips. 7 nano meter nodes are used for these self-developed chips, which are about four times more energy-efficient than the currently used 16-nm nodes. This will bring Mining to a completely new technological level.
As a basis for the mining activity, a standpoint in Northern Europe is to be selected. This is justified by the access to cheap, easily available and clean energy with which the mine is to be operated.
The company GMO, which has been operating since 1995, began its activities in the crypto market only this year. The Communication states that GMOs believe that "crypto currencies will develop in the direction of new universal currencies" which can be used by any human being, regardless of their country or region, to "free exchange of goods" borderless economic space ".
The entry of GMOs into the bitcoin mining business could be very confusing. Given the significantly higher efficiency that GMO would bring with its superior technology, the established mining company could face serious problems. Thus, it is already assumed that GMO can achieve up to 6% market share of bitcoin mining within a very short time.
I wish you all a lovely Sunday and a great start in the new Week!!!
Best regards
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