Major Cryptonews for 10 – 14 of February 2018

So Is There a Correlation Between Bitcoin and Stock Market? Yes, But No

Cryptocurrencies have their own economy based on activity on that Blockchain. Equities have their own economy based on earnings per share multiples. The institutional overlap is essentially zero. But what could be concluded from this recent pattern across the markets is that investor sentiment can carry over from the stock market to the Bitcoin market. Because of a mainstream adoption wave that has seen Bitcoin accepted as an investable asset, there is the beginnings of a crossover.

South Korea Considers Adopting Crypto Exchange Licensing System Like NY’s BitLicense

According to a study reported, over a third of salaried Koreans hold around $5000 in crypto, while 80 percent of South Korean investors have made profits from crypto investments. Government now considers the adoption of an exchange approval system as the additional regulation on cryptocurrencies. Korean Government is most likely benchmark the model of the State of New York that gives a selective permission.

Microsoft To Implement Blockchain-Based ID System

Microsoft revealed its plans to integrate Blockchain-based decentralized IDs (DIDs) into its Microsoft Authenticator app. This digital identity would not be controlled by any centralized institution and would guarantee fully private data storage, enabling the individual to have full control of all elements of digital identity.

Dubai Gold Trader Earns First Cryptocurrency Trading License

A Dubai-based gold investment and trading firm has become the first company in the Middle East to receive a government-backed cryptocurrency trading license. Dubai gold trader Regal RA DMCC has received a trading license by the Dubai Multi Commodities Centre (DMCC), allowing the company store cryptocurrencies like Bitcoin, Ethereum and other altcoins in a “deep cold storage vault” located in Almas Tower, Dubai. “We have developed what we believe is the number one most secure way of investing in Bitcoin, Ethereum and other crypto-commodities.” – stated in the company.

Cryptocurrency market will hit $1 trillion valuation this year, CEO of top exchange says

Jesse Powell, founder and CEO of Kraken, said Tuesday that the cryptocurrency market would continue to see an “acceleration” of growth. Asked whether he thought the market capitalization of all cryptocurrencies would hit the $1 trillion mark in 2018, Powell agreed. He told CNBC: “You’ve got a lot more kids graduating from crypto programs at universities now. I think we’re just going to see it continue exponentially from here.”

(BTC/USD) Bitcoin Analysis

Bitcoin price is finding support at the bottom of its triangle consolidation and may be due for a move past the resistance if buyers are strong enough.

Bitcoin price is currently consolidating, forming higher lows and lower highs inside a triangle pattern.
Price is bouncing off support and might be due for a test of resistance soon.
Technical indicators are also suggesting that the bounce could take place, possibly even leading to an upside break.
The cryptocurrency market recovery hit a wall on Tuesday, forcing the Bitcoin price back down to $8,500 and all major coins and tokens into decline as well.

(ETH/USD) Ethereum Analysis

The Ethereum price matched the index on Tuesday, declining four percent to $828 on Bitfinex. Ethereum now has a market cap of $81.7 billion, which leaves its total market share at 19.8 percent.

ETH price recently traded above the $860 level, but it failed to gain momentum against the US Dollar.
There was a break below a short term contracting triangle with support at $852 on the hourly chart of ETH/USD (data feed via SimpleFX).
The pair may decline a few points in the near term, but it remains supported above the $810 level.
Ethereum price is currently correcting lower against the US Dollar and Bitcoin. ETH/USD remains supported on the downside near the $820 and $810 levels.

Hourly MACD – The MACD is currently showing a few bullish sign, but it is lacking upside momentum.

Hourly RSI – The RSI has just moved above the 50 level, which is a positive sign.

Major Support Level – $830

Major Resistance Level – $865

(BCH/USD) Bitcoin Cash Analysis

Bitcoin cash price is positioned nicely above the $1,160 support area against the US Dollar. BCH/USD may slowly gain pace and move higher towards the $1,350 level.

Bitcoin cash price is well supported above the $1,160-1,180 support area against the US Dollar.
Buyers are attempting an upside break above a bearish trend line with resistance at $1,250 on the hourly chart of BCH/USD (data feed from SimpleFX).
The pair may rise in the short term towards the $1,300 and $1,325 resistance levels.
It seems like bitcoin cash price is consolidating above the $1,160 support level against the US Dollar. There were a couple of attempts to break the $1,150-60 support zone, but sellers failed.

Hourly MACD – The MACD for BCH/USD is slowly moving from the bearish to bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is rising and it has just moved above the 50 level.

Major Support Level – $1,160

Major Resistance Level – $1,350

(XRP/USD) Ripple Analysis

Ripple price is following a bullish path against the US Dollar and Bitcoin. XRP/USD should move above the $0.9800 resistance to gain upside momentum.

Ripple price is finding strong buying interest near the $0.9100 level against the US dollar.
Buyers are making an attempt to push the price above a bearish trend line at $0.9550 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
The pair could accelerate higher once there is a close above the $0.9800 resistance in the near term.
There was a positive development in Ripple price from the $0.9000 swing low against the US Dollar. The price tested the $0.9100 and $0.9000 support levels on a couple of occasions. However, sellers failed to push the price below $0.9000, which prompted an upside move.

Hourly MACD – The MACD for XRP/USD is mostly flat with a few bearish signs.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has just moved below the 50 level.

Major Support Level – $0.9200

Major Resistance Level – $1.0250

(LTC/USD) Litecoin Analysis

Of course there is a direct relationship between yesterday’s close above the middle BB and the way stochastics are turning from the oversold territory if we check the secondary chart.

This is pretty good from a buyers perspective and all that remains is a surge past $170 as per our LTC trade plan.

If that happens today, buyers can begin picking out buy signals in lower time frames from tomorrow.

Sources: 

https://cointelegraph.com/news/so-is-there-a-correlation-between-bitcoin-and-stock-market- yes-but-no

https://cointelegraph.com/news/south-korea-considers-adopting-crypto-exchange-licensing- system-like-nys-bitlicense

https://cointelegraph.com/news/microsoft-to-implement-blockchain-based-id-system

https://www.cnbc.com/2018/02/13/cryptocurrency-market-to-hit-1-trillion-valuation-in-2018- kraken-ceo.html

Dubai Gold Trader Earns First Cryptocurrency Trading License

https://www.ccn.com/bitcoin-price-unable-to-break-through-resistance-at-9000-endures- moderate-decline/

https://www.newsbtc.com/2018/02/14/bitcoin-price-technical-analysis-02-14-2018-sitting- tight-breakout/

https://www.newsbtc.com/2018/02/13/ethereum-price-technical-analysis-eth-usd-remains- supported-2/

https://www.newsbtc.com/2018/02/14/bitcoin-cash-price-technical-analysis-bch-usd- remains-supported-2/

https://www.newsbtc.com/2018/02/14/ripple-price-technical-analysis-can-xrp-usd-gain- upside-momentum/; https://www.newsbtc.com/2018/02/14/altcoin-analysis-neo-eos-ltc-nem- lumens-4/