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Bitcoin Chart Analysis – 19Apr2018

Bitcoin bearish signal was reversed into bullish signal last week on 12 April 2018. Now the upside target is 11,100.
And as per the near-term charts, 9600 can come within next 3-4 weeks, or sooner because Bitcoin tends to move rapidly once the movement starts.  Current level of 8000 is intermediate resistance, and above 8000, there may be a swift move to 9600-9900. There is a strong support at 6400, so the downside looks limited as of now. The long term chart of Bitcoin (over 3-5 year timeframe) is still very bullish, and these are all small moves compared to the big move that is likely above 15K. Please see the attached chart. Thanks.

Bill Gates view on Crypto currencies

In an AMA (ask me anything) session on social media website Reddit on Wednesday, 28 Feb 2018, Microsoft founder Bill Gates shared his views on  crypto currencies like Bitcoin.

“The main feature of crypto currencies is their anonymity. I don’t think this is a good thing. The government’s ability to find money laundering and tax evasion and terrorist funding is a good thing.”

“Right now crypto currencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way. I think the speculative wave around ICOs and crypto currencies is super risky for those who go long.” Bill Gates said.

Our view:  The main feature of crypto currencies is also low transaction costs and high speed transfers globally. While drug finance has been going on nicely even without crypto currencies, we agree that almost all ICOs are super risky, and their only goal is to make their promoter rich by cashing in on the hype.  Even today, vast majority (over 95%) of crypto currencies don’t have a clear business model or use case. Investors must be very cautious when dealing with anything outside the top 10 crypto currencies. Bitcoin is the safest and most reliable crypto currency.

Bitcoin Daily Chart Analysis – 28Feb2018

Bitcoin has faced clear selling pressure today at 11,000 level and the chart towards end of day has turned bearish in the near term for next few days unless we see a strong buying with green closing.

At the time of writing this post, Bitcoin is at 10,480 and its possible that Bitcoin may test 9500 in the next 4-5 days, before buying support can emerge again.

If Bitcoin can defend 10,000 level after today’s bearish signal, that will be very bullish, but the probability of it looks very less, because of failure to hold 11,000 – 11,500 levels on two different days.

If Bitcoin falls below 9300, then it would be breakdown, and the next buying support comes only near 8000 level. The probability of it looks high as of now.



Kraken Bank Accounts Closure in Japan

Here is an update received from Kraken, which is a leading crypto currency exchange. Bank account closures like this have frequently happened with other crypto currency exchanges too, but Kraken is at least giving some notice.

—————–Email from Kraken———————————
We regret to inform you that due to a variety of circumstances, we will be closing the following SWIFT bank accounts, as well as our domestic JPY funding accounts at SMBC in Japan. Please note that SEPA Euro funding will not be affected. Cryptocurrency funding will continue as usual. (All dates mentioned below are represented in JST)

The Following Funding Accounts will be Closed on March 21st:

Account Name: Payward Japan K.K.
Address: 3-11-10 Higashi, Shibuya-ku, Tokyo
Bank name: Sumitomo Mitsui Banking Corporation (SMBC)
Bank / branch location: 2-4-1 Hamamatsucho, Minato-ku, Tokyo 105-6101, Japan
Account number: 6793010727 Continue reading Kraken Bank Accounts Closure in Japan