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Chinese cryptocurrency mining giant Bitmain confirmed it would roll out a firmware update for so-called ‘Overt AsicBoost’ to all its Antminer models in a blog post Monday, Oct. 22. Bitmain, which holds a monopoly on Bitcoin mining through its subsidiary mining pools BTC.com and Antpool, said the release would begin with its most recent Antminer S9 product, extending to older versions next week. Overt AsicBoost refers to a method of increasing mining “effectiveness” for Antminers, Bitmain says, in a way that does not produce “any negative impact on the Bitcoin protocol.” “Initially, we decided against activating this mathematical function in mining hardware produced by us, largely because of the legal uncertainty surrounding the use of AsicBoost,” the post reads: “As an organization, we didn’t want to violate patent laws or act in any way that was untoward.” Bitmain garnered a slew of criticism beginning in 2017 over AsicBoost, with Bitcoin Core developers in particular v...

Bitcoin so far has been able to find support above the so-called bottom area below $6,000. But it is not enough to beat the long-term bearish bias, according to a famous cryptocurrency analyst. Crypto Thoreau, in one of its  latest tweets , predicted that Bitcoin price is in for a drop towards $3,500. The analyst backed his prediction by a historical price action between early-2014 and mid-2015 in which Bitcoin price can be seen dropping 83.39 percent after forming 626 bars on the daily chart.  The pattern, which looks identical to the one building these days, indicates a similar downside run after a breakdown action of 626 bars in 626 days, eventually to a point where Bitcoin will establish a nearly 83 percent drop to $3,500 by mid-2019. Image Credits: Crypto Thoreau | A Bitcoin-Volume graph indicating price action similarity. It is, of course, theory and even Crypto Thoreau admits that. The fundamental dynamics between the two timelines are poles apart. 2014 and 2015 ...

The question of whether Bitcoin has bottomed already has again surfaced following the latest drop in the digital currency price. Bears have no explanation as to why BTC has been holding this price for so long… as if it were forming a floor. Those bullish can explain this – BTC has fully corrected… and equal to the previous corrections of 0.236 [23% in real value]. pic.twitter.com/8brzXRxBsJ — dave the wave (@davthewave) October 13, 2018 The BTC/USD pair last week fell 7 percent to near 6222 after pursuing a sideways consolidation trend for weeks. There were predictions of an extended sell-off period amidst a bearish crypto market, which targeted 6000 as a potential short target. Also, bears on community forums called for a possible dive below this year’s bottom, predicting a wild swing action towards 4500, which upon testing would wake the bulls, and Bitcoin would reverse the trend. But, as the aggregated BTC price data details, BTC downtrend has already been deflected. Bitc...

The prospect of a deeper drop in bitcoin prices has increased, price-volume analysis indicates. The world’s most valuable cryptocurrency, which had been trading sideways since September 22, fell sharply to a three-week low of $6,220 on Bitfinex yesterday, confirming a range breakdown. The technical indicators on the daily chart also turned bearish, validating a negative moving average crossover on the long duration charts. Essentially, bears regained control 24 hours ago, opening the doors to the key support of $6,000. Furthermore, the bearish case is now looking stronger than it did 24 hours ago due to these three factors: 1) BTC breached key support As seen in the chart above, BTC witnessed a Bollinger band breakdown yesterday and also penetrated the support of the trendline drawn between the June 24 low and Aug. 11 low. This will likely embolden the bears, as the trendline had repeatedly put the brakes on any sell-off in the first half of September. Further, the trendline i...

Investment consultation firm Pension Partners released an index listing the worst performing cryptocurrencies in 2018. Qtum, a cryptocurrency-backed hybrid blockchain platform, suffered a maximum 93.9 percent loss by Q3 2018. A high marketing pitch, which projected Qtum as the best of both blockchain and mainstream worlds, allowed the project to establish an all-time high token value at $82.66 in January. But eventually, Qtum project lost shine due to decreasing performance and increasing challenges. Its blockchain has seen a significant drop in the number of daily transactions, while the mining difficulty has also fallen drastically. At the press time, QTUM is trading at $3.47. NEM Plunges 91% The New Economy Movement, or NEM , began as a revolutionary blockchain project for enterprises. During early 2017, the Japanese firm received substantial financial support from local investors. NEM sold its XEM tokens at the initial rate of $0.00023107 and by the end of...

Bitcoin saw a low-volume bullish breakout Monday, but the long-awaited move is sending mixed signals to investors The leading cryptocurrency cleared the trendline sloping downwards from the July 25 high and Sept. 5 high around midday yesterday, adding credence to the argument put forward by many, including billionaire investor Novogratz , that the market has carved out a long-term bottom around $6,000. However, so far, the bullish trend change hasn’t significantly revved up investor interest. This is evident from the fact that the total trading volume rose by a meager 15 percent yesterday, according to CoinMarketCap. More importantly, 24-hour trading volume is holding below $4 billion (near the yearly low so far). Further, the follow-through has not been impressive either. By now, one would have expected BTC to be trading above last week’s high of $6,741. After all, the breakout occurred after a prolonged period of low volatility action. Instead, it is trading at $6,650 at press ...

So you’ve pivoted to the upper echelons of your newfound expertise and are looking to increase your skill set to enable a greater understanding of the markets. When combined with other technical tools, pivot points are valued among day traders for their ability to analyze price movement of an asset as well as defining the support and resistance levels during a short-term trading session. What are pivot points? Pivot points were first developed by floor traders to predict support and resistance levels in the equity and commodities markets. They can also help to determine overall market trends, whereby if prices break upward past a certain area they can be considered bullish or, conversely, bearish if they pass below the same region. The most common way to calculate a pivot point is the “five-point system.” This comprises an average of the numerical high, low and close of the previous trading period to plot a course for five levels: two sets of supports, two sets of resistance l...

Bitcoin price is vulnerable to modest slippage as the persistent failure to beat a key moving average hurdle may embolden the bears. The leading cryptocurrency has been in a narrow sideways drift in recent days. More importantly, the sideways moving 50-day exponential moving average (EMA) has proved a tough nut to crack since Saturday. BTC’s inability to cross the 50-day EMA for four straight trading days indicates that the bullish move from the Sept. 19 low of $6,100 has likely lost momentum. As a result, the door is open for the bears to make their presence felt in the next 24 hours by pushing prices down to $6,300. As of writing, BTC is changing hands at $6,580 on Bitfinex, having faced rejection at the 50-day EMA hurdle of $6,649 earlier today. Daily chart As seen on the daily chart, the 50-day EMA is capping the upside in BTC. It is worth noting that BTC is trading below all three major moving averages – 50-day, 100-day, and 200-day EMA – and that could be considered a bea...

Bitcoin (BTC) seems to have built a base around a key moving average in the last four months, although, so far, it has not been able to produce a definitive bullish breakout. Throughout 2018, the leading cryptocurrency has set lower price highs, indicating the path of least resistance is to the downside. Despite the bearish setup, the 21-month exponential moving average (EMA) has served as a strong floor since June. More importantly, the failure to beat the EMA support for four straight months indicates that the sell-off from the record high of $20,000 reached in December has likely run its course. So, it seems safe to say that the stage has been set for the cryptocurrency to jump above the recent lower price high of $7,429 hit a month ago and confirm a bearish-to-bullish trend change. Even so, the bulls have been reluctant to push prices north of $6,800 in the last two weeks. Still, since BTC tends to perform well in the last three months of the calendar year, that may be abou...

Bitcoin (BTC) is on the defensive, having breached crucial support on Monday and could suffer a deeper drop, courtesy of a bearish crossover between key moving averages. As of writing, BTC is changing hands at $6,420 on Bitfinex, representing a 3 percent drop on a 24-hour basis. The bullish break above $6,600 witnessed on Friday had set the tone for a move toward the psychological hurdle of $7,000. However, the rally in alternative cryptocurrencies fizzled out over the weekend. As a result, while BTC managed to hit 17-day highs above $6,800 on Saturday, it fell back below $6,600 yesterday, neutralizing the bullish outlook. Further, the pullback from the weekend high of $6,841 to today’s low of $6,370 validates the bearish view put forward by the negative moving average crossover on the monthly chart. Hence, BTC risks falling to the major support at $6,000 in the next few days. Daily chart Over on the daily chart, BTC has found acceptance below the double bottom neckline of $6,...

Bitcoin has pulled back from 17-days highs clocked over the weekend and risks losing bullish bias if prices close below $6,600, technical studies indicate. A break below that level will make it far harder for the bulls to force a major upside breakout above the crucial resistance at $6,970. However, if prices hold above $6,600 in the next 24 hours, that target may be achievable. The leading cryptocurrency was solidly bid on Friday likely due to an increased investor interest in XRP and other alternative cryptocurrencies. Notably, prices flew past $6,600, confirming a double bottom bullish reversal and opening doors to the psychological support of $7,000. However, the altcoin rally fizzled out over the weekend. For instance, XRP, which was reporting a 75 percent gain at $0.77 in the US hours on Friday, fell back to $0.50 just a day later and is currently threatening to drop below that level. Further, Friday’s other big gainers like aurora and monacoin shed a major chunk of t...

Storing and transferring cryptocurrencies requires a deeper understanding of Internet security protocols than your typical email or Facebook user is accustomed to. You have to set up a digital or hardware wallet, create a password and 2-factor authentication and store your 64 character private key. All while also making sure to copy and paste your exact public key when sending it to others to make sure your funds are transferred to you, and not someone else. Of all of these components, the most important is the private key. It’s a secret code that if accessed by anyone else, would instantly give them access to your cryptocurrency funds. Private keys are always randomly generated characters. With 64 characters that consist of letters and numbers, it’s hard to imagine that anyone could end up with the same private key as another user. But is this actually possible? We discovered that there are 2 scenarios where this might happen: 1) Person A generates the same key pair (private ke...

Bitcoin’s (BTC) drop to five-day lows on Monday has likely emboldened the bears, technical studies indicate. The leading cryptocurrency traded in a sideways manner over the weekend, neutralizing the immediate bullish outlook. However, the consolidation was expected to end with an upside break, as the short-term moving averages (MAs) turned bullish on Saturday, adding credence to positive relative strength index divergence. Instead, BTC dived out of the trading range in the US session yesterday and fell to a low of $6,203 – the lowest level since Sept. 12 – indicating the corrective rally from the recent lows near $6,100 has likely ended at Friday’s high of $6,600. More importantly, the drop witnessed yesterday signaled a revival of the sell-off from highs above $7,400 seen earlier this month. At press time, BTC is changing hands at $6,250 on Bitfinex – down 3 percent on a 24-hour basis. 4-hour chart The bear flag breakdown seen in the above chart is a bearish continuation pa...