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Bitcoin Price Watch: Bulls Are Back as Currency Reaches $8,100

Bitcoin is on the rise. After yesterday’s impressive surge to $7,600, the currency has once again defied all odds and spiked beyond the $8,000 mark. At press time, bitcoin is trading for just over $8,100, and is once again reminding enthusiasts of why they got involved in crypto-trading in the first place.

The currency had experienced quite a few nasty runs over the past few weeks. While it never seemingly dropped below 6,600, the resistance levels between $6,700 and $6,900 were proving to be tougher than the coin could handle. Bitcoin hovered within this range for some time, and many analysts were predicting that the currency’s future would yield bleak results.

Now, it seems things are changing. Naturally, advocates and users are warned to be wary. Cryptocurrency hasn’t always proven to be the most predictable of assets, but one can allege that the bears have once again taken the reins. The current price marks a new stronghold and a $1,200 rise in the last few days.

Yesterday, we discussed the wide array of new Muslim investors that suddenly had an open doorway to the cryptocurrency. Bitcoin trades were deemed acceptable in certain instances according to Muslim law, and with nearly 1.6 billion followers, massive waves were potentially made on the virtual asset playground.

However, today’s news may have also bore some positive effects on bitcoin and cryptocurrency. Yahoo Japan has announced that it will invest a near 40 percent stake into the popular Japanese cryptocurrency exchange BitARG. The investment has already garnered approval from the country’s Financial Services Agency (FSA).

For the past month, executives at BitARG had remained relatively silent about who or what was investing in their company. They were hesitant to reveal Yahoo’s interest, saying instead that they were simply exploring “various possibilities.” Now, the company’s identity has been revealed. As the country’s primary online auction site, Yahoo Japan becomes the latest large financial services company to reject security concerns and enter the cryptocurrency scene since Monex Group last week. The organization announced that it would take over Coincheck and handle all the exchange’s customer accounts.

Coincheck was the victim of a hack last January that saw over half-a-billion in NEM coins vanish practically overnight. It’s the largest cryptocurrency-related hack in history, “beating out” Mt. Gox in 2014 by roughly $100 million. The exchange was eventually forced into bankruptcy and was overtaken by San Francisco-based platform Kraken.

Yahoo’s investment will equal anywhere between $18 and $27 million USD. That’s roughly two to three billion yen. Shares in Yahoo Japan have since closed at 0.2 percent.

While the currency still has a long way to go, bitcoin is earning positive feedback from analysts, most notably Tom Lee of Fundstradt fame, who despite the consistent price drops of the last several weeks, has remaining relatively bullish on bitcoin. He says he and his fellow team members remain convinced that bitcoin will finish out the year at $25,000 – its highest price mark since December of 2017.

Tech billionaire Tim Draper is even more enthusiastic, claiming that the currency could reach as high as $250,000 by the year 2022.

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NEO, EOS, Litecoin, IOTA and Stellar: Technical Analysis April 24, 2018

In the last 24 hours, gains have been modest to say the least and still IOTA is the top performer after adding three percent. This way, its market cap stands at $5.86 billion. In my view, IOTA is a coin to watch. On the other side of the spectrum, Stellar Lumens led the erosion as it is down three percent with EOS following close behind. Let’s have a look at these charts: XLM/USD (Stellar Lumens) Stellar Lumens 4HR Chart by Trading View Other than Ripple, Stellar Lumens is amongst the biggest loser sliding three percent and printing 36 cents in last 24 hours. I remain stead fast and my approach is simple. Even though it’s obvious that buyers-across the board by the way-are in charge, bull pressure is waning. It is because of this that I expect sellers to drive prices towards key support lines at 30 cents or until a stochastic buy signal prints in the 4 HR chart. Before then, any surge below 35 cents is inviting for sellers who should instead aim for 30 cents or there about. IOT/USD (IOTA) IOTA 4HR Chart by Trading View By now, you should have your first IOTA newsletter assuming you subscribed to IOTA’s news website. Other than that, prices are generally stable following that Hannover Messe “pitch” where Fujitsu and a couple of other IoT supporters were presenting. So far we have 5 of the world’s biggest brands as Deutsche Telkom, Bosch, DXC, and possibly Nestle in the IOTA camp. There are more to follow and that is why in the long-term, IOTA is a bullish. Let’s also not forget about CarrIOTA amazing 1.2Txs/H through put that would help suppose adoption spikes. #CarrIOTA #Hercules +1.2M TXs/h. pic.twitter.com/Y9adSOFrfv — Roman Semko [DevIOTA] (@RomanSemko) April 23, 2018 Apparently, every IOTA lower low is another loading zone and so far, prices are above $2 which is quite impressive. In my view and considering the waning buy pressure, a pull back below the middle BB in the 4HR chart towards $1.80 would be perfect for buyers. In that case, I recommend not fading the current trend but rather remaining neutral until a stochastic buy signal prints or there are strong bullish candlestick forming at our key support lines. EOS/USD (EOS) EOS 4HR Chart by Trading View Regardless of bumps, the ride up has been awesome. For all we know, we can attribute the spike in cryptocurrency market cap-it’s now at $396 billion to the current appreciation of EOS and of course Bitcoin which is still king. Anyhow, recent development is that BitFinex is presenting itself as a potential EOS BP. As such, there will be EOSFinex, a DEX platform guaranteeing peed, high performance and scalability in mind. It will also be the first DEX to launch on the EOSIO blockchain. Şubat ayında açıklanan $eosfinex Dex (merkeziyetsiz borsa) duyurusundan sonra, zaten olması gereken ve beklenende buydu. $eos pic.twitter.com/whqloR9SAm — Krezus (@KralKrezus) April 23, 2018 If you also missed EOSDAC air drop, MEET is on the way and you should register before June 1, 2018. Price wise, it’s not rocket science to see that distribution and selling pressure at $12. As visible from the chart, prices have been in consolidation mode in the last 24 hours with EOS shedding two percent in the process. This is what I was expecting. So, until strong buy momentum build up, I shall be net bearish and expect potential reversals to happen ideally between $8 and $9.5. However, if prices surge past $12, we can cancel this short term correction. LTC/USD (Litecoin) Litecoin 4HR Chart by Trading View As much as Litecoin is outside the top 5 spot, I believe it shall recover and claim its initial position assuming EOSIO launch is a disappointment. After all, rumors are rife that EOS will after all launch its software and not a platform as many are expecting. Now will EOS have to counter claims that it’s a useless token? Well, we shall wait and see as price action is the mirror that prints all. At the moment, Litecoin needs to build up its consumer adoption because as we have seen merchant adoption is not a problem. From the charts and April 21 highs is still a perch that buyers are angling for. In my view, I will still maintain my short-term correction and retest of $140 especially if prices fail to move higher today. All we need is a strong bearish candlestick pushing prices below the middle BB in our entry chart and Litecoin is likely to drop $140. It’s from there when buyers can find a spring board and race towards $180, our ideal bull target. NEO/USD (NEO) NEO 4HR Chart by Trading View The NEO blockchain explorer and light wallet from NewEcono Labs is now live. However, this seems to be of little help to prices as they continue to find liquidation at around $80. Our NEO blockchain explorer https://t.co/OnivsImqwq and light wallet https://t.co/y1ckMAKWLe go live. And our light wallet will integrate our NNS service on the testnet soon. pic.twitter.com/ebLF1xNevb — NewEconoLabs (@NewEconoLab) April 23, 2018 Remember, from our previous NEO technical analysis, our main resistance line is at $80 and until enough buy momentum builds up, prices should correct towards $60. This will be so especially if bears push prices below $70 and April 21 lows in the coming session. Because of this decreasing buy momentum, I’m neutral until a stochastic buy signal prints or there are reaction at our key support levels between $60 and $65. The post NEO, EOS, Litecoin, IOTA and Stellar: Technical Analysis April 24, 2018 appeared first on NewsBTC.

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