jeudi 26 septembre 2019

Meet the youth activists fighting for climate action

Greta Thunberg is joined by teen activists from all over the world fighting for action against climate change.

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Bitcoin Price (BTC) Weekly Target of $7.5K Still In Sight

  • Bitcoin price extended its decline and broke the key $8,000 support area against the US Dollar.
  • The price is likely to test the main weekly bearish target of $7,500 in the coming sessions.
  • There was a bearish break below a contracting triangle with support near $8,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently trading near $8,000 and it is likely to extend its decline towards $7,500.

Bitcoin price is extending its decline below $8,000 against the US Dollar. BTC could soon test the bearish target of $7,500 as discussed in one of the recent analyses.

Bitcoin Price Analysis

After a short term correction, bitcoin struggled to break the $8,750 resistance area against the US Dollar. As a result, the price started consolidating losses below $8,500 and the 100 hourly simple moving average. Finally, there was a downside break below the $8,350 and $8,200 support levels. It seems like the bulls failed to protect losses below the $8,200 support level.

Moreover, there was a bearish break below a contracting triangle with support near $8,350 on the hourly chart of the BTC/USD pair. The pair even broke the key $8,000 support and traded to a new monthly low at $7,736. Recently, there was an upside correction above the $7,850 level. The price traded above the 23.6% Fib retracement level of the recent decline from the $8,646 high to $7,736 low.

However, the upward move is facing resistance near the $8,200 level (the previous support). Additionally, the 50% Fib retracement level of the recent decline from the $8,646 high to $7,736 low is capping upsides. There is also a connecting bearish trend line forming with resistance near $8,040 on the same chart. Therefore, an upside break above $8,050 and $8,200 is needed for a decent recovery.

If the price fails to correct above $8,200, it could continue to move down. An immediate support is near the $7,800 level. Any further losses is likely to open the doors for a sharp decline towards the $7,500 support area in the near term. If the bulls fail to protect $7,500, the price could tumble towards the $7,000 support.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin is clearly under pressure below $8,200 and $8,350. Therefore, there are high possibilities of more downsides towards $7,500 or even $7,200. Once the current decline is over, the price might correct above $8,500 in the coming days.

Technical indicators:

Hourly MACD – The MACD is slowly moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level.

Major Support Levels – $7,800 followed by $7,500.

Major Resistance Levels – $8,200, $8,350 and $8,500.

The post Bitcoin Price (BTC) Weekly Target of $7.5K Still In Sight appeared first on NewsBTC.



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Asia stocks mostly fall on China data and trade uncertainty

Asian markets mostly dropped Friday on poor Chinese economic data and uncertainty surrounding the US-China trade talks.

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Bitmain to launch the World Digital Mining Map this October

During the World Digital Mining Summit [WDMS] – which will take place in Frankfurt on 8-10 October – Bitmain will launch the first platform to connect mining hardware owners with mining farm owners via the World Digital Mining Map [WDMM]. To remain price-efficient, owners of mining hardware are regularly on the lookout for locations with […]

The post Bitmain to launch the World Digital Mining Map this October appeared first on AMBCrypto.



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Ripple Price (XRP) Could Spike To $0.2650 Before Fresh Decrease

  • Ripple price is forming a decent support base near the $0.2300 level against the US dollar.
  • The price is facing a lot of hurdles on the upside near $0.2450 and $0.2500.
  • There is a solid bearish trend line forming with resistance near $0.2440 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could spike towards $0.2550 or $0.2650 before it starts a fresh decrease in the near term.

Ripple price is currently consolidating above key supports against the US Dollar, while bitcoin is declining. XRP price is likely to face sellers if it climbs towards the $0.2650 resistance.

Ripple Price Analysis

Recently, we saw a sharp decline in ripple price below the $0.2650 support against the US Dollar. The XRP/USD pair even broke the $0.2250 support and settled well below the 100 hourly simple moving average. A low was formed near $0.2062 and the price recently corrected higher. It broke the $0.2250 and $0.2300 resistance levels. Moreover, the price is forming a decent support base near the $0.2300 level.

The last swing low was near $0.2244 before the price started an upside correction. There was a break above the $0.2350 resistance. Moreover, the price surpassed the 50% Fib retracement level of the recent drop from the $0.2502 high to $0.2244 low. However, the price seems to be facing a strong resistance near the $0.2450 level. There is also a solid bearish trend line forming with resistance near $0.2440 on the hourly chart of the XRP/USD pair.

The trend line is close to the 76.4% Fib retracement level of the recent drop from the $0.2502 high to $0.2244 low. Above the trend line, the next important resistance is near the $0.2500 and $0.2550 levels. The 100 hourly simple moving average is also near the $0.2550 level. The current price action suggests that ripple could spike towards the $0.2500 or $0.2650 resistance area before it starts a fresh decrease.

Only a successful close above $0.2650 could start a strong rise in the near term. If not, there are chances of more downsides below the $0.2320 and $0.2300 support levels. The next key support is near the $0.2250 level, below which the price may perhaps retest $0.2060.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is consolidating above the $0.2300 support area. There could be another rise, but upsides are likely to be capped near $0.2550 or $0.2650.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level, with a positive angle.

Major Support Levels – $0.2300, $0.2250 and $0.2200.

Major Resistance Levels – $0.2450, $0.2550 and $0.0.2650.

The post Ripple Price (XRP) Could Spike To $0.2650 Before Fresh Decrease appeared first on NewsBTC.



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Loom Network Offers a Rewards Program to Its DApp Developers

Loom Network launched a new campaign to recruit DApp developers and gives away bonuses worth up to $70K



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No US China Trade Deal Says Morgan Creek CEO, Better Buy Bitcoin

With trade talks between the US and China resuming next month all eyes are on the prospect of some kind of a deal. Not all are confident however and one industry executive still favors Bitcoin over any kind of economic recovery based on bilateral cooperation between the two powerhouses.

China Won’t Back Down

Founder and CEO of Morgan Creek Capital Management, Mark Yusko, joined the panel on CNBC’s Fast Money to discuss the likelihood of a trade deal emerging from the upcoming talks in Washington DC next month.

He stated that it was highly unlikely that China would back down and that tariffs are essentially a tax on poor people so they too have failed and should never have happened in the first place. He added that the ‘fight’ has now changed from outsourcing to China and ‘made in China’ to ‘made for China’ as it will be the largest consumer market in history.

According to Yusko China is no longer worried about exports, it is all about importing now to satisfy the growing material appetite of its burgeoning middle classes. China is focused on doing deals to grow consumers domestically.

When asked by the anchor about a trigger, Yusko replied that the market is still overvalued and things will get far worse in 2020 when the debt bubble pops. A recession is likely to trigger this as there is no longer the growth that flourished in previous years.

What About Bitcoin

The interesting comments came next when the chief executive was asked about Bitcoin. Naturally the first comment made by the anchor was its price, having dropped below $8,000 during intraday trading.

“Buy it. The daily price of Bitcoin doesn’t matter, its been alive for ten years. In ever year other than 2015 it has made a higher low and market cap has grown every single year.”

He added that every fundamental indicator for Bitcoin including usage, transactions, wallets, hash rate etc. is making new highs. All the indicators of the network and its value are rising but the price of any asset fluctuates.

He went on to compare this with Amazon which has been a public company for twenty years. The average peak to trough on the stock has been -31% and he concluded that only Jeff and his parents have owned it since the IPO.

Even in 2019 and even with a 42 percent correction from its high this year, Bitcoin is still in good shape. Since the beginning of the year when it was priced in the late $3,000 range BTC has made over 100 percent gains.

The naysayers and doom merchants will continue to bash it regardless so Yusko’s reasoned commentary provides a solid counter balance to their FUD.

Image From Shutterstock

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Dog creator regrets 'Frankenstein's monster'



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Indian children 'killed for defecating in public'

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UK PM's sister calls him 'reprehensible'

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Trending FOX BUSINESS News: Lil Kim to receive BET hip hop award after releasing her new single


Lil Kim to receive BET hip hop award after releasing her new single


Rap icon Lil Kim will be given the “I Am Hip Hop” Award at the BET Awards on Oct. 8.

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Ethereum (ETH) Price Showing Signs of Further Weakness

  • ETH price failed to surpass the $172-$175 resistance and declined again against the US Dollar.
  • The price retested the $152 support area and it is currently correcting higher.
  • There is a new connecting bearish trend line forming with resistance near $168 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price is showing a few negative signs and it could decline towards $152 and $150.

Ethereum price is trading below a few key resistances versus the US Dollar and bitcoin. ETH price is likely to extend its decline as long as it is below $175.

Ethereum Price Analysis

Yesterday, we discussed the importance of the $175 resistance for Ethereum against the US Dollar. ETH price struggled to climb above the $172 and $175 resistance levels. As a result, there was a sharp decline below the $165 support. Moreover, the price broke the $160 support level and revisited the last swing low near the $152 level. It is currently correcting higher and is trading above the $160 level, but it is still well below the 100 hourly simple moving average.

Additionally, there was a break above the 50% Fib retracement level of the recent decline from the $174 swing high to $152 swing low. At the moment, the price is consolidating near the $165 level. On the upside, there is a strong resistance forming near the $170 level. There is also a new connecting bearish trend line forming with resistance near $168 on the hourly chart of ETH/USD.

The trend line is close to the 76.4% Fib retracement level of the recent decline from the $174 swing high to $152 swing low. Therefore, an upside break above the $168 resistance might push the price higher. However, the price needs to surpass the key $172 and $175 resistance levels to continue higher. Moreover, the 100 hourly simple moving average is currently near $178 to provide resistance.

If the price fails to climb above $168 or $170, it is likely to resume its decline. An immediate support is near the $162 and $160 levels. If there is a successful break below the $160 level, the price could revisit the $152 support area in the near term.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is showing a lot of bearish signs below the $170 level. To start a solid upward move, the price must surpass many hurdles such as $168, $170, $172 and $175. If not, it is likely to continue lower towards $150.

ETH Technical Indicators

Hourly MACD The MACD for ETH/USD is struggling to remain in the bullish zone.

Hourly RSI The RSI for ETH/USD is still well below the 50 level.

Major Support Level – $160

Major Resistance Level – $170

The post Ethereum (ETH) Price Showing Signs of Further Weakness appeared first on NewsBTC.



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Underdogs Colón and Del Valle reach Copa Sudamericana final

Underdogs Colón of Argentina and Independiente del Valle of Ecuador will play the Copa Sudamericana final on Nov.9 in Asunción

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The most talked about moments in Milan Fashion Week

Some of the biggest names in Italian fashion bookended a shorter, tighter Milan Fashion Week, beginning with Prada and ending with a surprise Gucci protest.

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Protests Led RBI to Raise PMC Bank’s Withdrawal Limit

Protests Led RBI to Raise PMC Bank's Withdrawal Limit

The Reserve Bank of India has relaxed the withdrawal limit of 1,000 rupees (approximately $14) it placed on a cooperative bank a couple of days ago. The central bank said it aims to reduce the hardship of depositors after many heavy protests followed its original order.

Also read: Panic at 137 Bank Branches as RBI Limits Withdrawals to ₹1,000

Relaxing Withdrawal Limit

India’s central bank has issued another circular regarding Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) Ltd. The first one, dated Sept. 24, puts PMC Bank under regulatory restrictions, including limiting customer withdrawal limit to 1,000 rupees (~$14) per account for six months. As customers protested heavily at PBC Bank branches, the RBI responded by issuing a follow-up circular to relax the imposed withdrawal limit. The new RBI circular, dated Sept. 26, states that the central bank “has decided, in the interest of depositors, to review the directions,” elaborating:

It has been decided to allow the depositors to withdraw a sum not exceeding ₹10,000/- (rupees ten thousand only) (including ₹1,000/- wherever already withdrawn) of the total balance.

Protests Led RBI to Raise PMC Bank's Withdrawal Limit
Customers protesting at a PMC Bank branch. Image credit: Newsband India.

The total balance in question is one “held in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI Directive dated September 23, 2019,” the RBI clarified. “Other terms and conditions of said directive shall remain unchanged,” including granting or renewing any loans and advances, making investments, and incurring any liabilities including borrowing funds or accepting new deposits, the central bank noted.

The RBI cited “major financial irregularities, failure of internal control and systems of the bank and wrong/under-reporting of its exposures under various off-site Surveillance reports” as the reasons for putting PMC Bank under regulatory restrictions, NDTV reported.

RBI Wants to Reduce Hardship

The move by the central bank to limit withdrawals to only 1,000 rupees (~$14) led to multiple protests by customers and long queues outside of PMC Bank branches. According to local media, the bank currently has 137 branches in multiple states across India. In its circular, the central bank stated that “With the above relaxation, more than 60% of the depositors of the bank will be able to withdraw their entire account balance,” adding:

The above relaxation has been granted with a view to reducing the hardship of the depositors.

PMC Bank customers are reportedly worried about their life savings. “My money is gone now,” one customer told NDTV, convinced that he would not be able to access his savings. He was not alone, as thousands of customers stood outside various branches, demanding answers about their life savings, the news outlet detailed. “We need money urgently for the medical surgery of my mother-in-law and we can’t withdraw our own money,” one customer exclaimed.

Protests Led RBI to Raise PMC Bank's Withdrawal Limit
Customers demanding answers at PMC Bank. Image credit: DNA India.

According to the news outlet, over two dozen of cooperative banks are now under RBI administration, but PMC Bank is by far the largest one to receive such restrictions. The bank had deposits of Rs. 11,617 crore (~$127 billion) as of March 31.

Joy Thomas, Managing Director of PMC Bank, attempted to reassure customers, stating that “All efforts are being made to remove the restrictions by rectifying the irregularities … As the M.D. of the bank, I take the responsibility and assure all the depositors that these irregularities will be rectified before the expiry of six months.” Sonia Malik, a branch manager at a PMC Bank in Delhi, said that the bank’s employees were worried about their jobs, adding that “Our staff has worked hard to win the confidence of clients over the years. After this incident, it’ll be very difficult to revive that confidence.”

The central bank has also placed banking restrictions on all banks, prohibiting them from providing services to crypto businesses. A number of industry stakeholders have filed writ petitions with the country’s supreme court to challenge the RBI ban, which the court is scheduled to resume hearing this week.

What do you think of the RBI’s attempt to alleviate the situation for customers of PMC Bank? Will 10,000 rupees be enough? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock.


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J.Lo returns to her iconic Versace dress from the 2000 Grammy's

You remember it. It was 2000, and Jennifer Lopez wore a plunging, jungle green Versace dress to the Grammy Awards, causing so many searches on Google that the company was inspired to create Google Image search.

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MediConnect Completes PoC to Track Medication Through the Supply Chain

MediConnect has established a foundation and methodology to finalize the PoC designed to track drugs through the supply chain



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Trending FOX BUSINESS News: Varney: Trump impeachment inquiry will have consequences


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Varney says regardless of the result of Trump’s impeachment inquiry 'there will be consequences. And they're not good.'

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Why Bitcoin Tumbled Below 8K

Where is bitcoin going? CoinDesk's experts weigh in on crypto's recent precipitous drop.

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Top 10 Alternative Cryptocurrencies Hit 6 Month Lows

Nearly all top 10 alternative cryptocurrencies by Market Capitalization have hit their respective 6-month lows after bitcoin's rapid price slide on Tuesday.

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Bittrex to Use Chainalysis Tool to Identify High-Risk Transactions

Bittrex is using Chainalysis’ know your transaction tool to spot high-risk transactions



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mercredi 25 septembre 2019

Neo Becomes .NET Foundation’s First Blockchain Member

Neo becomes .NET Foundation’s first blockchain member



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LA Galaxy earn playoff spot, beating Real Salt Lake 2-1

MLS Capsules

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Galaxy clinch 1st playoff spot since 2016

The LA Galaxy earned a 2-1 victory over Real Salt Lake Wednesday

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UK Parliament is back, and angrier than ever



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UN crowd laugh at UK PM's Brexit joke

In a United Nations speech on technology, British Prime Minister Boris Johnson jokingly compared the process of leaving the European Union to the classical Greek tale of Prometheus having his liver eaten by an eagle for eternity.

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Chinese relatives marry each other 23 times in 2 weeks

Eleven members of the same Chinese family allegedly staged 23 phoney marriages within two weeks -- all to access free housing.

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Archie makes his debut in South Africa

Britain's Duke and Duchess of Sussex brought their son Archie to his first official engagement on Wednesday -- a meeting with Nobel laureate and retired Archbishop Desmond Tutu.

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Bitcoin Bull Market May Have Ended, How Low Will BTC Go?

This week’s monumental market crash has resulted in Bitcoin dumping 20 percent in just a couple of days. Technical indicators are now showing that a trend reversal could be imminent and the end of the 2019 bull market may have just begun.

Bitcoin Bull Market Over?

Bitcoin could only manage a feeble climb to $8,640 over the past few hours which indicates that more pain lies ahead. The bulls have all left for hills leaving the bears gearing up to inflict more pain on crypto markets.

At the time of writing Bitcoin has pulled back below $8,400 but appears to be holding here for the time being. As yet there has been no fall into the $7,000 region but the longer BTC flails around current levels the more likely this will be.

Trader and analyst ‘Crypto Hamster’ noted that BTC has never dropped out of the Bollinger Bands in a bull market before.

“Bitcoin have NEVER dropped below the lower Bollinger Band on a bull market so far. Now it is at ~7700$. So, either ~8k is a bottom, or this is not a bull market anymore.”

Confirmation of this trend reversal would be a death cross on the daily chart. This is still a while away yet, but the last time the 50 MA dropped below the 200 MA was in March 2018 and a year-long bear market followed.

The bearish sentiment seems to be spreading. Analyst Josh Rager pointed out that selling pressure on altcoins is still strong indicating that there will be no bounce from this level.

“Have seen more selling pressure after the breakdown of Bitcoin – people realize this isn’t likely to be a quick “v” reversal. I expect some alts to see new lows for this year against Bitcoin. Can lose 20%+ more as Bitcoin likely hits $7ks again”

Others are of the opinion that altcoins have already bottomed and Bitcoin’s losses could be their gains. At the moment BTC dominance is still over 70% according to Tradingview.com so this scenario is not playing out yet.

Since the beginning of the week crypto markets have dumped over $40 billion, or 16 percent. They could easily go sub-$200 billion again if BTC falls back to $7k. It is highly unlikely the altcoins will recover independently as they did two years ago.

Some analysts are predicting a drop below $6k which could make things really interesting.

“2 Months ago July the 12th-17th, I called off the Bull Run as one of the first. Not only that, as you can see I told you about targets between 7.4-5.5k.”

It appears that most of the analysts are in agreement that there is still more pain to come for Bitcoin. The questions remain: how low will it go this time and how many will be buying the dip?

Image from Shutterstock

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Beijing's Daxing International Airport is officially open. Here's what travelers can expect

Beijing's massive new Daxing International Airport is officially open for business -- just in time for celebrations marking the 70th anniversary of the People's Republic of China on October 1.

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Ethereum (ETH) Looks Poised To Resume Its Decline

  • ETH price corrected higher from the $152 low and traded above $165 against the US Dollar.
  • The price is currently struggling to break the $172 and $175 resistance levels.
  • Yesterday’s highlighted key bearish trend line is still active with resistance near $172 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price remains at a risk of another drop below the $165 and $160 support levels in the near term.

Ethereum price is facing a strong resistance near $175 versus the US Dollar, while bitcoin is bleeding. ETH price is likely to resume its decline if it breaks $165 and $160.

Ethereum Price Analysis

Yesterday, we saw a nasty decline in bitcoin, Ethereum, ripple, and major other cryptocurrencies against the US Dollar. ETH price nosedived below the $185 support and traded close to the $150 level. Moreover, there was a close below the $180 level and the 100 hourly simple moving average. A swing low was formed near $152 and the price recently started an upside correction.

It recovered above the $160 and $165 levels. Additionally, there was a break above the 23.6% Fib retracement level of the last decline from the $211 high to $152 low. The price even traded above the $170 level. However, it struggled to clear the $175 level. It seems like yesterday’s highlighted key bearish trend line is still active with resistance near $172 on the hourly chart of ETH/USD.

If the price breaks the trend line resistance and $175, there could be a decent recovery. The next key resistance is near the $182 level. It coincides with the 50% Fib retracement level of the last decline from the $211 high to $152 low. However, the main resistance for a trend change is near the $185 level. The stated $185 level has acted as a support and resistances on many occasions. Therefore, a close above $185 is needed for a strong recovery.

On the other hand, the price could resume its decline below $165. An immediate support is near the $160 level. If there is a downside break below the $160 level, the price could accelerate towards the $150 level in the coming sessions.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly facing a lot of hurdles on the upside near the $175 and $185 levels. As long as the price is trading below both $175 and $185, it remains at a risk of a fresh decline towards $150 or even lower.

ETH Technical Indicators

Hourly MACD The MACD for ETH/USD is likely to move back into the bearish zone.

Hourly RSI The RSI for ETH/USD is currently moving lower towards the 40 level.

Major Support Level – $160

Major Resistance Level – $175

The post Ethereum (ETH) Looks Poised To Resume Its Decline appeared first on NewsBTC.



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Minnesota United earns first MLS playoff spot

MLS Capsules

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Bitcoin Price (BTC) Decline Far From Over, Bears Eye $7.5K

  • Bitcoin price is down more than 12% and it recently broke the $8,500 support against the US Dollar.
  • The price is currently correcting higher, but the $8,750 and $8,800 levels are preventing recovery.
  • There is a crucial bearish trend line forming with resistance near $9,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to resume its decline as long as it is below $8,750 and $9,000.

Bitcoin price nosedived below $9,000 and tested $8,050 against the US Dollar. BTC remains at a risk of more downsides as long as it is below $9,000.

Bitcoin Price Analysis

Yesterday, we saw a breakdown in bitcoin below the $10,000 support area against the US Dollar. The price remained in a bearish zone and broke many supports near $9,800 and $9,500. Moreover, there was a break below the $9,000 support and the 100 hourly simple moving average. Finally, the price traded close to the $8,000 level and registered a nasty decline. A low was formed near $8,055 and the price is currently correcting higher.

There was a break above the $8,250 and $8,400 levels. Moreover, the price traded above the 23.6% Fib retracement level of the recent decline from the $9,779 high to $8,055 low. However, the $8,750 level is acting as a strong resistance. The next resistance is near the $8,920 level. It coincides with the 50% Fib retracement level of the recent decline from the $9,779 high to $8,055 low.

If there is an upside break above $9,000, the price could recover towards the $9,400 and $9,500 resistance levels. Additionally, there is a crucial bearish trend line forming with resistance near $9,500 on the hourly chart of the BTC/USD pair. An intermediate resistance is near $9,120 and the 61.8% Fib retracement level of the recent decline from the $9,779 high to $8,055 low.

On the other hand, if the price continues to struggle near $8,750 and $9,000, it could resume its decline. An immediate support is near the $8,400 level, below which it could test $8,250. If the bears remain in action, there is a chances of a break below $8,000. The next major support is near the $7,500 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly bleeding below $9,000 and it might continue to decline. It seems like there are high chances of a break below $8,000 in the near term.

Technical indicators:

Hourly MACD – The MACD is showing a few positive signs in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently struggling to recover above the 30 level.

Major Support Levels – $8,250 followed by $8,000.

Major Resistance Levels – $8,750, $8,800 and $9,120.

The post Bitcoin Price (BTC) Decline Far From Over, Bears Eye $7.5K appeared first on NewsBTC.



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Did US FED Repo Transactions Cause Bitcoin Price Crash?

Whenever Bitcoin prices fall off the cliff industry observers scramble to find a reason beyond the technical indicators. Something fundamental must have caused the crash and one industry executive has fingered the FED’s recent market meddling.

FED Repo and Bitcoin Related?

Last week the US Federal Reserve pumped more than the entire crypto currency market capitalization back into money markets in order to control lending rates. A surge in short term rates last week threatened to disrupt the bond market and the overall lending system which resulted in these overnight repurchase (repo) agreements.

Those cash injections have continued into this week as a further $100 billion floods into markets. According to an official statement the central bank’s schedule calls for another $75 billion of overnight repos to be sold every business day until October 10. Certain days will also be offering at least $30 billion worth of 14-day repos.

The FED appears to be back where it was roughly a decade ago, effectively buying US Treasuries from banks on an indefinite basis. According to a Bank of America research note;

“For all intents and purposes, this will be equivalent to QE, with scheduled purchases of securities. We estimate that over the first year, the Fed would need to buy roughly $400bn of Treasury securities to achieve an appropriate level of reserves, plus a buffer,”

The ‘repo market’ consists of short-term funding that banks and financial counter-parties regularly tap to lend each other trillions. It is making the news again for all the wrong reasons and is looking a lot like it did just before the 2007 housing market crash.

This week Bitcoin prices dump 20 percent as $30 billion flooded out of the digital asset and back into fiat. Once support was broken BTC prices plunged to their longer term floor at $8,000 before settling just above that a few hours ago.

The question being asked by some industry observers now is: are the repo agreements and Bitcoin price action related. Ikigai fund manager Travis Kling thinks they are.

“The repo market situation is a symptom of a larger situation that has been dubbed the “dollar shortage”. If you drop a big rock in the middle of a pond, how far do the ripples go? All the way out. Getting smaller as they go. If you throw a wrench in the quadrillion dollar eurodollar market, how far out does liquidity hiccup? BTC 30-day circulating supply is <$20bn. Small ripple.”

Since Bitcoin is priced in dollars it is entirely plausible that there could be a correlation with demand during a ‘dollar shortage’. If one is sold to get more of the other this could be what just happened to BTC as its market capitalization has just shrunk by $30 billion.

Food for thought at least.

Image from Shutterstock

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SEC delays Wilshire Phoenix Bitcoin-Treasury Bonds ETF as final call on Bitwise’s proposal beckons

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The post SEC delays Wilshire Phoenix Bitcoin-Treasury Bonds ETF as final call on Bitwise’s proposal beckons appeared first on AMBCrypto.



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Ripple Price (XRP) Rebound After 15% Drop Is Facing Resistance

  • Ripple price declined sharply after it broke the $0.2650 and $0.2500 supports against the US dollar.
  • The price is down more than 10% and it recently traded close to the $0.2050 level.
  • Yesterday’s highlighted declining channel was breached with support near $0.2620 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is currently correcting higher, but it is facing hurdles near $0.2450 and $0.2550.

Ripple price is currently rebounding after a sharp decline against the US Dollar, similar to bitcoin and Ethereum. XRP price is likely to face resistance near $0.2450 and $0.2550.

Ripple Price Analysis

In the past two analysis, we discussed the importance of the $0.2650 support for ripple price against the US Dollar. The XRP/USD pair failed to hold the $0.2650 support, resulting in a sharp decline. The pair declined more than 15% and broke many supports, including $0.2550, $0.2500, $0.2400 and $0.2200. Moreover, there was a close below the $0.2500 level and the 100 hourly simple moving average.

Additionally, yesterday’s highlighted declining channel was breached with support near $0.2620 on the hourly chart of the XRP/USD pair. Finally, the price traded close to the $0.2050 level and formed a new monthly low at $0.2064. It is currently correcting higher above the $0.2100 and $0.2200 levels. Moreover, there was a break above the 23.6% Fib retracement level of the recent slide from the $0.2729 high to $0.2064 low.

At the moment, the price is trading near the $0.2400 level. The 50% Fib retracement level of the recent slide from the $0.2729 high to $0.2064 low is also near $0.2400. On the upside, an immediate resistance is near the $0.2450 level. If there is an upside break above $0.2450, the price could recover towards the $0.2550 resistance area. Any further gains might push the price back into a positive zone above $0.2650.

Conversely, if the price fails to continue above $0.2450 or $0.2550, it is likely to resume its downward move. An immediate support is near the $0.2350 level, below which the price might test the $0.2200 support area. If the price fails to stay above $0.2200, it is likely to test the $0.2000 support area in the near term.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly rebounding nicely above $0.2350. Having said that, the price must move back above $0.2450 and $0.2550 to decrease the bearish pressure and start a fresh increase.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is likely moving back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting higher towards the 40 level.

Major Support Levels – $0.2350, $0.2200 and $0.2120.

Major Resistance Levels – $0.2450, $0.2550 and $0.0.2650.

The post Ripple Price (XRP) Rebound After 15% Drop Is Facing Resistance appeared first on NewsBTC.



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Crypto Markets Crash $30 Billion In Epic Bitcoin Sell Off

In what has been one of the largest 24 hour market dumps this year over $30 billion has been dumped from crypto assets. Bitcoin reached the end of its bearish triangle pattern and dumped hard down to a three month low at $8,000.

Bitcoin Crashes 17%

Many had predicted a huge drop to long term support around $8k this week but it is still a shock to see it happen. Bitcoin had been sliding since late last week when it dropped below five figures again and failed to recover. Bakkt was underwhelming and markets did not react though they were not expected to.

The move have when BTC reached the apex of the large descending triangle that has formed since the top out in late June. The downwards momentum started to accelerate as soon as support at $9,500 was broken. Next came two almighty red candles which dumped Bitcoin back to $8,000 according to Tradingview.com.

bitcoin

BTC price 1 hour chart – Tradingview.com

This area is a massive support zone and as expected a lot of buys were triggered there resulting in the hourly closure back up at $8,600. It appears to have settled in this zone for the time being.

The dump was so large that the Bitcoin bashers wasted no time on twitter. Goldbug Peter Schiff was one of the first to react calling for an even lower slide.

“Bitcoin has finally broken below the support line of the large descending triangle it has been carving out for months. This is a very a bearish technical pattern, and it confirms that a major top has been established.  The risk is high for a rapid decent down to $4,000 or lower!”

The $4k call is a little extreme but to be expected from those that are anti-crypto. A more balanced prediction came from analyst Josh Rager who identified some of the larger buying zones.

“If Bitcoin fails to break above the current level, we’ll get another retest of the support below – which has bounced once and could hold. But if this isn’t a bear trap I do see price heading down to low $7ks. Lots of buyers are waiting between $6180 & $6500”

Altcoins Annihilated

With Bitcoin getting smashed the situation for the rest of the crypto markets is grim to say the least. Ethereum has been eclipsed 15 percent in a slump back to $170 where it is currently holding support.

XRP has hit a new yearly low below $0.24 in an 11 percent slide and Bitcoin Cash has been crushed to $230 in a massive 20 percent dump.

Tether has regained fifth spot in terms of market cap as Litecoin got axed 15 percent in a fall below $60. EOS has dumped 22 percent in an epic crash to $2.90 and Binance Coin is hurting at $16, down 16 percent on the day.

September 25 has been one of the largest crypto market dumps of the year.

Image from Shutterstock

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Panic at 137 Bank Branches as RBI Limits Withdrawals to ₹1,000

Panic at 137 Bank Branches as RBI Limits Withdrawals to 1,000 Rupees

The Reserve Bank of India has imposed regulatory restrictions on a cooperative bank with 137 branches across India, including limiting customer withdrawals to a total of 1,000 rupees (approximately $14) per account for six months. Police personnel had to be deployed to control angry customers at some locations.

Also read: Indian Parliament Member Helping Crypto Community Influence Regulation

RBI’s Restrictions

The Reserve Bank of India (RBI) announced on Sept. 24 that it has placed Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) Ltd. under regulatory restrictions. The central bank wrote:

Depositors will be allowed to withdraw a sum not exceeding ₹ 1,000 (rupees one thousand only) of the total balance in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI directions.

Panic at 137 Bank Branches as RBI Limits Withdrawals to ₹1,000

Punjab and Maharashtra Cooperative Bank is also prohibited from a number of activities without prior approval in writing from the RBI. These include granting or renewing any loans and advances, making investments, and incurring any liabilities including borrowing funds or accepting new deposits. After detailing a long list of prohibited activities, the RBI wrote:

The directions shall remain in force for a period of six months from the close of business of the bank on September 23, 2019.

The central bank noted, however, that the notice does not mean the cancellation of the Punjab and Maharashtra Cooperative Bank’s license. “The bank will continue to undertake banking business with restrictions till further notice/instructions,” the RBI detailed, adding that it “may consider modifications of these directions depending upon circumstances.”

Panic at 137 Bank Branches as RBI Limits Withdrawals to ₹1,000

Joy Thomas, Managing Director of PMC Bank, clarified in a statement that the bank has been put under regulatory restrictions because of irregularities disclosed to the central bank. “All efforts are being made to remove the restrictions by rectifying the irregularities,” The Hindu conveyed. “As the M.D. of the Bank, I take the responsibility and assure all the depositors that these irregularities will be rectified before the expiry of six months,” Thomas was quoted as saying.

Panic Erupts

PMC Bank currently has 137 branches across multiple states in India, The Hindu detailed, adding that they are located in Maharashtra, Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. At the end of March, the bank had deposits and advances aggregating ₹11,617 crore (~1.63 billion) and ₹8,383 crore (~1.18 billion), respectively, the news outlet elaborated.

The central bank’s action has led to protest by customers outside the bank’s main branch in Mumbai and various other branches, local media reported. “Angry and dejected customers, both young and old, protested across various branches” of PMC Bank, the publication wrote. A reporter spoke to several customers waiting for answers at their bank, who said they were “anxious about the fate of their savings,” having “parked their lifetime savings in the bank as it offered higher fixed deposit rates than mainstream banks, and its customer service was good.” The news outlet continued:

At some locations, police personnel had to be deployed to control angry customers who had either queued up at the bank’s onsite ATMs to withdraw money or demanded to know the fate of their deposits. Cops waved the RBI circular at the customers, but they were in no mood to listen or disperse.

Customers turning up to the bank told the publication that they are worried about the fixed deposits they had placed with the bank, as interest on these deposits was a key source of income for some.

Panic at 137 Bank Branches as RBI Limits Withdrawals to ₹1,000
Angry customers at PMB Bank demanding to know the fate of their money. Image credit: PTI

Other customers were worried about the fate of their electronic clearing service (ECS) transactions and post-dated checks they had issued towards monthly installments for home, auto and vehicle loans. Some “feared they may be classified as loan defaulters, with lenders taking recovery action due to the non-execution of the ECS mandates or bouncing of post-dated PMC Bank cheques,” the publication added. One family told the news outlet that they hold about ₹22 lakh (~$30,962) with the bank, stating that “The management and RBI officials should have reached out to assuage customers’ concerns.”

RBI’s Powers and Other Banking Restrictions

According to the RBI, “The directions are imposed in exercise of powers vested in the Reserve Bank under Sub-section (1) of Section 35 A of the Banking Regulation Act, 1949 read with Section 56 of the said Act.” Section 35(A) of the Banking Regulation Act says that the RBI can issue the restriction on entities “to prevent the affairs of any banking company being conducted in a manner detrimental to the interests of the depositors or in a manner prejudicial to the interests of the banking company; or to secure the proper management of any banking company generally,” The Hindu Business Line detailed.

This is not the first time the central bank has put this kind of restriction on a cooperative bank. In June, the RBI issued a similar order to Shri Anand Co-operative Bank Ltd., also limiting withdrawal amounts to 1,000 rupees for six months.

Panic at 137 Bank Branches as RBI Limits Withdrawals to ₹1,000

Historically the RBI has been known to raise the limit amount at times. For example, in August, the central bank modified its restrictions on Adoor Co-operative Urban Bank Ltd., originally placed in November last year, which limited withdrawals to 2,000 rupees per account. The RBI stated that it had reviewed the financial position of the bank and considered it necessary in public interest to allow withdrawals of up to 25,000 rupees per account, with other restrictions unchanged.

Deepak Shenoy, the founder of Capitalmind, believes the latest RBI order could last “a long time.” He cited another bank, the Rupee Cooperative bank, which received a similar 1,000 rupee withdrawal restriction order in February 2013, and is still not clear of RBI’s restrictions even after the central bank amended its order three years later to allow withdrawals of 20,000 rupees per account. “The PMC Bank mess can last a long time. Even a change in the 1000 rs. withdrawal limit can be far away,” he tweeted, emphasizing:

I would suggest that please do not keep your money in cooperative banks. RBI’s total lack of transparency and slow resolution means there is little hope of getting your money back if things go wrong.

“As a deposit holder, you have a right to go to court against the bank – and you should, Shenoy continued. “However, the situation will take years to resolve. Unless RBI acts fast, confidence in coop banks is going to fall. RBI has not acted fast in the past.”

The central bank has also placed banking restrictions on all regulated financial institutions, prohibiting them from providing services to crypto businesses such as exchanges. Banks subsequently closed accounts of crypto exchanges forcing some of them to shut down. Following the ban, a number of industry stakeholders filed writ petitions, challenging the RBI restriction at the country’s supreme court which is scheduled to resume hearing the case today.

What do you think of the RBI’s restrictions on PMC Bank? Do you think cryptocurrency will help the situation? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock and PTI.


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Ethereum (ETH) Price Flash Crash To $150, Bitcoin Dives 10%

  • ETH price declined heavily and tumbled more than 10% below $185 against the US Dollar.
  • The price is currently correcting higher after it traded close to the $150 level.
  • There is a new major bearish trend line forming with resistance near $182 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is down more than 10% and it broke the $9,000 support area.

Ethereum price is back in a downtrend below $185 versus the US Dollar, similar to bitcoin below $10,000. ETH price might correct higher, but it is likely to struggle near $185.

Ethereum Price Analysis

In the past few hours, there was a sharp decline in Ethereum, bitcoin, ripple, and major other cryptocurrencies against the US Dollar. ETH price tumbled below the $200 and $185 support levels. Moreover, there was a close below the $185 level and the 100 hourly simple moving average. The decline was such that the price crashed close to $150 on the Kraken exchange. A new monthly low was formed near $152 and the price is currently correcting higher.

There was a break above the $165 level, plus the 23.6% Fib retracement level of the recent drop from the $210 high to $152 swing low. The price is now trading above the $170 level, but there are many hurdles on the upside near the $180 and $182 levels. Moreover, there is a new major bearish trend line forming with resistance near $182 on the hourly chart of ETH/USD.

The trend line coincides with the 50% Fib retracement level of the recent drop from the $210 high to $152 swing low. More importantly, the previous support near the $185 level might once again act as a resistance. Above $185, Ethereum price could recover towards the $200 resistance area and the 100 hourly SMA. Conversely, the price could complete the current correction near the $180 or $185 resistance.

An initial support on the downside is near the $165 level. If there is a fresh decrease below $165, the price may perhaps retest the $152 low. Any further losses could push the price below the $150 support area in the coming sessions.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly back in a downtrend with a close below $200 and $185. As long as the price is below the $185 and $200 resistances, it remains at a risk of another drop towards the $150 support in the near term.

ETH Technical Indicators

Hourly MACD The MACD for ETH/USD is about to move back into the bullish zone.

Hourly RSI The RSI for ETH/USD is currently correcting higher from the 10 level.

Major Support Level – $165

Major Resistance Level – $185

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CoinJar, an Australian-headquartered bitcoin and crypto-asset exchange company, today announced the launch of a new over-the-counter (OTC) trading and institutional solutions service. The new service offers competitive rates and liquidity of digital assets including Bitcoin, Ethereum, Ripple, and Litecoin, for those executing trades of more than A$50,000 away from open marketplaces. “We have had many […]

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