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Bitcoin (BTC) Bull-Run Reaches Crucial Juncture, But Breakout Likely

Bitcoin (btc) bull-run reaches crucial juncture, but breakout likely

Bitcoin (BTC) Bull-Run Reaches Crucial Juncture, But Breakout Likely

  • bitcoin price settled above the key $5,000 hurdle and tested the $5,240 resistance against the US Dollar.
  • The price faced a strong selling interest near the main technical barrier at $5,240-5,260.
  • There is a major connecting bullish trend line formed with support near $4,200 on the daily chart of the BTC/USD pair (data feed from Kraken).
  • The pair corrected recently, but it is likely to make another breakout attempt above $5,240.

bitcoin price started a massive bull-run above the $4,500 and $5,000 resistances against the US Dollar. BTC is currently struggling near the $5,240 resistance, but more upsides seems possible.

bitcoin Price Analysis

In the past two days, we saw a nasty upward move above the $4,500 resistance in bitcoin price against the US Dollar. The BTC/USD pair even climbed above the $5,000 resistance and settled well above the 100-day simple moving average. During the recent rise, there was a break above a couple of important resistances near the $4,000 and $4,200 levels (green area). It opened the doors for a sharp rally above the $4,800 and $5,000 levels.

More importantly, there was a break above the 50% Fib retracement level of the last significant drop from the $6,559 high to $3,122 low. The price settled above the $5,000 resistance area and recently tested the next major hurdle near $5,240-5,260. It represents the previous swing low near $5,250 (red line). Besides, the 61.8% Fib retracement level of the last significant drop from the $6,559 high to $3,122 low is also near the $5,240 level. Therefore, the recent downside correction was from a crucial technical resistance near $5,250.

Having said that, downsides are likely to be limited since there are many supports near $5,000, $4,900 and $4,840. If there is an extended correction, the price could test the $4,600 or $4,550 support. There is also a major connecting bullish trend line formed with support near $4,200 on the daily chart of the BTC/USD pair. The main support is near the previous breakout area near the $4,200 level.

Bitcoin price analysis btc chart

Looking at the chart, bitcoin price clearly moved into a strong uptrend above $5,000. It is currently facing a crucial resistance near $5,240, above which there are chances of more upsides towards the $5,500 or $5,750 level. The final stop for buyers could be $6,000 if there is a proper follow through above $5,500. On the downside, buyers are likely to remain active near $4,840 or $4,600 in the near term.

Technical indicators:

Daily MACD – The MACD is placed heavily in the bullish zone.

Daily RSI (Relative Strength Index) – The RSI for BTC/USD climbed above the 80 level and currently flat near 87.

Major Support Levels – $4,840 followed by $4,600.

Major Resistance Levels – $5,250, $5,500 and $5,750.

Published at Thu, 04 Apr 2019 06:38:38 +0000

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Privatix, the world’s first blockchain-based bandwidth marketplace, reaches ICO soft cap.

Privatix, the world’s first decentralized and anonymous peer-to-peer broadband data marketplace, has successfully hit its token sale soft cap.

[Note: This is a press release.]

8,000,000 PRIX tokens was sold to the public, enabling the blockchain-based startup to realize its 3,350 ETH soft cap and signaling community approval and interest in the further development of the platform. Bonuses of 40% were distributed to every buyer in the first 48 hours after the event went live.

Privatix is an anonymous, P2P broadband internet connection marketplace aimed at decentralizing the internet. Presently, more than 3.8 billion people are connected to the internet. This number is expected to increase steadily, growing to 5 billion by 2020. However, with increased user base comes increased content creation, consumption, and censorship.

Internet censorship is the total control or suppression of users experience on the internet. It allows Internet Service Providers (ISP) to dictate where users can go and what they can see, hear, do, or even say. This power also provides the ISP with access to the user’s private information and history. Such access violates users’ rights and enables anyone from cybercriminals to third-party companies and organizations to piggyback on users’ data for their own gain.

[youtube https://www.youtube.com/watch?v=kH8tDnMoaYk]

Virtual Private Networks (VPN) have been touted as the best possible solution for internet censorship and privacy concerns. The service allows users to connect directly to the internet through a secured server that encrypts their data, making it difficult to censor, hack, or intercept traffic. However, this service often comes at an exorbitant price tag, and most are still susceptible to ISP control.

By reducing costs and margins on the VPN consumer market, eliminating middlemen, and enabling users to directly share their broadband connection on a blockchain market, Privatix is set to decentralize the internet and let users monetize their spare internet connection. Users from anywhere in the world can sell their unused internet channels for cryptocurrency or purchase such channels for business and personal purposes.

The network also provides a platform for developers to build decentralized and distributed apps and services such as CDN, business intelligence proxy tools, and anti-censorship SDKs in order to reinforce net neutrality for all.

All transactions between users on the platform are executed by the network’s ERC20 compatible token, PRIX. This token is central to the network’s ecosystem, facilitating the prompt and instantaneous settlement of services. It can be freely exchanged to other currencies.

With 8,000,000 of its fixed 10,000,000 tokens sold already, the Privatix ICO is on course to end its campaign on a high note. Unlike other tokens, PRIX tokens cannot be mined, and after the ICO, no more new tokens will be issued. The limited amount of tokens, coupled with the increasing demands for privacy on the internet, will fuel the growth of the cryptocurrency and market value.

Privatix has also released it development road map to the public, highlighting a couple of key innovations planned for future release. This includes:

● Privatix.Agent – a cross-platform application to buy and sell internet channels, which will be released in Q4 2017.

● Ability to buy and sell Proxy/Socks using the APIs for users in 2018, after the launch of its completely decentralized VPN service.

● Privatix.FAAS (Freedom-as-a-Service) and Privatix.Monetize are SDK available for mobile platform developers and slated to be launched in Q1 2019

About the company

Privatix develops distributed broadband sharing solution based on a P2P VPN platform. The company possesses more than 10 years of experience in VPN development and services. Among products created by Privatix are: the free VPN service, Privatix.com; VPN services for professionals and organizations– 5vpn.net; and Temp-Mail.org, a temporary mail service with integrated spam filters.

Privatix is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

Images courtesy of Privatix.

The post Privatix, the world’s first blockchain-based bandwidth marketplace, reaches ICO soft cap. appeared first on Bitcoinist.com.

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