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Sell-Off Over? Bitcoin’s RSI Just Hit Its Lowest Level Since 2016

Sell-Off Over? Bitcoin’s RSI Just Hit Its Lowest Level Since 2016

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Please share if you find this article interesting. Sell-Off Over? Bitcoin's RSI Just Hit Its Lowest Level Since 2016 Signs are beginning to emerge that bitcoin's sell-off today may be overextended. After hitting a 70-day low of $6,133 on CoinDesk's Bitcoin Price Index (BPI), bitcoin's relative strength index (RSI) hit a level (26.4) last seen in August of 2016, according to data from the Bitfinex exchange. The relative strength index, or RSI, is used for identifying overbought and oversold conditions of an asset by "comparing the magnitude of recent gains and losses over a specified time period to measure speed and change of price." When such levels are hit, the indicator suggests price action is approaching a level below the asset's true value, where a price bounce tends to occu
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Dennis Rodman and Potcoin: How Crypto Gatecrashed a Historic Summit

Dennis Rodman and Potcoin: How Crypto Gatecrashed a Historic Summit

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Please share if you find this article interesting. Dennis Rodman and Potcoin: How Crypto Gatecrashed a Historic Summit With all eyes on Singapore this week, was it any surprise crypto would make an appearance? The historic summit between U.S. President Donald Trump and North Korea's Supreme Leader Kim Jong Un got the crypto community's attention – and held it – thanks to Dennis Rodman and the notorious cryptocurrency that funded his travel to Singapore, potcoin. CoinDesk reported on June 7 that retired basketball star Dennis Rodman was headed to Singapore for the Summit with the help of the marijuana-themed cryptocurrency. As a celebrity who have visited North Korea several times, Rodman's trip was considered as "a celebrity twist" to the historical geopolitical event. According
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Relief Rally Ahead? Litecoin Looks Oversold Below $100

Relief Rally Ahead? Litecoin Looks Oversold Below $100

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Please share if you find this article interesting. Relief Rally Ahead? Litecoin Looks Oversold Below $100 Litecoin may have hit fresh 2018 lows Wednesday, but could be in for corrective rally courtesy of oversold conditions. The world's sixth-largest cryptocurrency fell to $93 at 15:10 UTC, the lowest level since Dec. 8, and is currently trading at at $95.80 on Bitfinex, down 9 percent in the last 24 hours. The 48 percent drop from the May high of $182 has turned the tide in favor of the bears. However, the sell-off looks overdone as the daily relative strength index (RSI) has nosedived into oversold territory (below 30.00) for the first time in over two months. Hence, LTC could revisit $100 (major psychological hurdle) in the short-run before resuming the drop towards $80. Dail
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Bitcoin Bulls Eye $6,400 Defense After Four-Month Low

Bitcoin Bulls Eye $6,400 Defense After Four-Month Low

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Please share if you find this article interesting. Bitcoin Bulls Eye $6,400 Defense After Four-Month Low Bitcoin is still looking south, having hit four-month lows today, but the bearish momentum may wane due to short-term oversold conditions, the technical charts indicate. More bears joined the party in the U.S. session Tuesday after the cryptocurrency failed to cross twin resistance at $6,859 (50-hour moving average (MA) and 23.6 percent Fibonacci retracement). As a result, the price fell to $6,370 on Bitfinex today, the lowest level since Feb. 6. At press time, bitcoin was slightly higher at $6,453. The drop to the four-month low has bolstered the already bearish technical setup and raised the odds of a sell-off to $6,000 (February low). However, the bears may take a breather...
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$97: Litecoin Price Hits Fresh 2018 Low

$97: Litecoin Price Hits Fresh 2018 Low

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Please share if you find this article interesting. $97: Litecoin Price Hits Fresh 2018 Low The price of litecoin (LTC), the world's sixth largest cryptocurrency by market capitalization, fell to a fresh 2018 low on Wednesday.   Data from Bitfinex shows the cryptocurrency slipped to $97.04 today - the lowest level since Dec. 8 in 2017, reflecting a 74 percent decline since its all-time-high at $379 seen on Dec. 19. Further, the price of LTC is also reporting more than 60 percent depreciation since the beginning of this year. LTC's price decline over the past several months also followed a notable remark by its creator Charlie Lee who stated in a Reddit post on Dec. 20 that he had sold off all his holdings in the cryptocurrency, as previously reported by CoinDesk. As of press tim
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Bitcoin’s Price Slides Below $6.5K to Hit 70-Day Low

Bitcoin’s Price Slides Below $6.5K to Hit 70-Day Low

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Please share if you find this article interesting. Bitcoin's Price Slides Below $6.5K to Hit 70-Day Low The price of bitcoin, the world's largest cryptocurrency by market capitalization, fell to its lowest point since April 1 on Tuesday. Bitcoin's value slid to $6,455.92 during the afternoon trading session, dropping more than $280 in the span of two hours, according to data from CoinDesk's Bitcoin Price Index. This represents the lowest figure since the start of April when the BPI registered a low of $6,443. The charts suggest a support of $6436 – if current levels are broken, the next major support is $6000, borne from the lows from early February of this year. As of press time, the BPI is reporting a price of $6,523.86. As of press time, bitcoin is down 5.82 percent in the l
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Dead Cat Bounce? Bitcoin May Struggle to Hold Above $7K

Dead Cat Bounce? Bitcoin May Struggle to Hold Above $7K

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Please share if you find this article interesting. Dead Cat Bounce? Bitcoin May Struggle to Hold Above $7K Bitcoin (BTC) is looking to regain poise after its drop to two-month lows on Sunday, but the recovery will likely be short-lived, the technical charts indicate. At press time, BTC is changing hands at $6,825 on Bitfinex – up 3 percent from the two-month low of $6,619. The recovery could be associated with extreme oversold conditions highlighted by the relative strength index (RSI) yesterday and could be extended further in the next 24 hours. However, crossing $7,000 in a convincing manner will be easier said than done, as the area around the psychological hurdle is packed with key technical resistance lines. Further, the long duration charts have turned bearish, so holding o
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What Would Happen to Crypto In a Global Market Meltdown?

What Would Happen to Crypto In a Global Market Meltdown?

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Please share if you find this article interesting. What Would Happen to Crypto In a Global Market Meltdown? Michael J. Casey is the chairman of CoinDesk's advisory board and a senior advisor for blockchain research at MIT's Digital Currency Initiative. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers. A common thought experiment in the crypto community is to ponder how cryptocurrencies would fare in the event of another global financial meltdown. It is not an idle question. There is a host of troubling developments in the global economy: the threat of a trade war, jitters in Italian debt markets, problems at Deutsche Bank and new emerging market crises in Turkey and Argentina. Meanwhi
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$6K Next? Bitcoin Bear Market Back After 10% Drop

$6K Next? Bitcoin Bear Market Back After 10% Drop

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Please share if you find this article interesting. $6K Next? Bitcoin Bear Market Back After 10% Drop The bitcoin market has come alive in the last 36 hours, with the bears gaining the upper hand and now aiming for fresh 2018 lows below $6,000. The cryptocurrency dropped nearly 10 percent on Sunday, hitting a two-month low of $6,619 on Bitfinex, having spent the last two weeks trading in the narrow range of $7,000–$7,800. Across the media, the price drop has been put down to a cyber attack on South Korean exchange Coinrail, revealed Sunday, and renewed concerns regarding security at cryptocurrency exchanges. However, a big move was expected anyway – as an extended period of consolidation or low volatility is often followed by a sharp move on either side  – and prices started falli
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Lithuania Issues Guidelines for When ICO Tokens Are Securities

Lithuania Issues Guidelines for When ICO Tokens Are Securities

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Please share if you find this article interesting. Lithuania Issues Guidelines for When ICO Tokens Are Securities Lithuania's Ministry of Finance has issued guidelines on initial coin offerings (ICOs), outlining when cryptographic tokens would be viewed as securities and how each aspect of a token sale should be regulated by different laws in the country. According to the document published Friday, a defining feature in the recommended framework is whether a token "grants profits or governance rights" to investors who obtain the token through an ICO. While existing civil code should apply to all projects with tokens that can only be used as a payment tool or the right to access certain products, a variety of financial regulations should apply if a token grants profits or governan