July 7, 2018

How to Invest in Bitcoin, Ethereum and Other Cryptocurrencies

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How to Start Investing in bitcoin, Ethereum, and Other Cryptocurrencies

How to Start Investing in bitcoin and Ethereum

There are multiple ways to invest in virtual currencies, and it all depends on what you want. Here are the basics of buying and investing in bitcoin, Ethereum and other alternative cryptocurrencies (altcoins).

Coinbase

If you’re new to cryptocurrencies, then Coinbase is the best way to get started.

Coinbase is an online exchange platform for transferring, buying, selling, and storing cryptocurrency. Its creators wanted to develop an open system that would allow people to convert digital currency into their local currency. In 2013, Coinbase became the top-funded bitcoin startup, raising over $25 million.

If you signup for Coinbase using this link (http://ianbalina.com/sixfigures/coinbase), and buy or sell $100 of digital currency or more, both you and I can earn $10 of free bitcoin!

GDAX and Gemini

If you’ve already tested the waters and decided that bitcoin is something worth investing in, then you need to learn how to use GDAX and Gemini. Just like Coinbase, they are exchange trading platforms that allow you to buy, sell, and store cryptocurrencies. However, these systems are more complex than Coinbase and perfect for day trading. Moreover, they have lower transaction fees than Coinbase.

Let’s take a look at both of them to understand how they work.

GDAX

GDAX (Global Digital Asset Exchange) is a service provided by Coinbase that offers a secure and easy way for traders of all levels to buy and sell digital assets online and instantly, across six trading pairs:

BTC (bitcoin) to USD
BTC to EUR
BTC to GBP
ETH (Ether) to USD
ETH to BTC

So, while Coinbase is a place for consumers to buy, sell, and store digital currency easily, GDAX is an exchange for professionals to trade digital assets. Coinbase created GDAX because it identified a need in the market for a more controlled exchange to trade bitcoin and Ether.

Gemini

Gemini is another cryptocurrency exchange that has seen a massive expansion in the last years. As a world-class digital asset exchange, it provides an electronic trading platform to both individual and institutional customers.

The process of registering and using Gemini is similar to GDAX. However, there are a few notable differences.

For starters, Gemini allows you only to deposit and withdraw US Dollars, Bitcoins, and Ether. Unlike GDAX where you have six trading pairs, Gemini provides only four: USD to BTC, USD to ETH, BTC to ETH, and ETH to BTC.

On the other hand, with Gemini, you can make a deposit and then use the funds within a matter of seconds. So, you don’t have to wait a few days for the transaction to be completed as it happens with GDAX. However, with Gemini, you can only trade bitcoin and Ether, while with GDAX you can also trade Litecoin;

I personally use GDAX to purchase my bitcoin or Ether and then transfer it Poloniex, where I do my investing and trading.

Poloniex and Bittrex

Let’s say the gold rush for making a ton of money on bitcoin and Ethereum is over, what can one do?

No need to worry, there are numerous small virtual currencies, less well-known, that are actually growing faster than bitcoin and Ethereum. In general, bitcoin is the 800-pound gorilla in the room and all other non-bitcoin currencies are referred to as Altcoins.

If you head over to Coin Market Cap, you can see a list of 100 cryptocurrencies. Including bitcoin, they all total up to a whopping $28 billion dollar market cap. In other words, a lot of people are taking their chances at these currencies.

Where to Invest in Altcoins?

There are numerous other smaller exchanges to invest in altcoins. I personally, use Poloniex and Bittrex to exchange bitcoin into other altcoins.

One thing to note is that Poloniex and Bitttrex are cryptocurrency exchanges. You can ONLY exchange cryptocurrencies for other cryptocurrencies. You cannot purchase fiat currencies on Poloniex, you will have to do that at a different site like GDAX or Gemini. In other words, you cannot buy currencies on there using the dollar, euro, yen, etc. You can only make purchases (to exchange a currency) with bitcoin, ethereum, and a few others; bitcoin is the universal cryptocurrency for exchanging to other currencies.

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August 30, 2017

Bitcoin Price Analysis: Watching World Events and “Three Pushes to a High”

BTC-USD is up 160% in the 6 weeks since it last bottomed out at around $1800. The $2850 growth marks the sixth week in a row of new highs and aggressive bull runs as bitcoin sits upon its current all-time high in the $4600s. One can’t help but wonder where the top of this run lies; Goldman Sachs is calling the top of the bull run at around $4800.

Historically, during times of war and political uncertainty, investors tend to seek financial safe havens in precious metals and other long-lasting, stable investment vehicles. Yesterday, North Korea made an aggressive move toward Japan by launching a missile over Japanese airspace. Within hours of the news hitting the public, bitcoin saw massive price growth, thus establishing, once again, a new all-time high:

Figure 1: BTC-USD, 6 Hour Candles, Bitfinex, Volume Spike Post-news Release

After an entire week of decreasing volume, BTC-USD saw a spike in buy volume once the news of North Korea’s aggression hit the public. This is one of several bullish moves in the recent series of news events following North Korean aggression. As of the time of this article, Japan has yet to formally respond to this act of aggression, and one can speculate that bitcoin will likely continue to see price growth as the political uncertainty continues to grow.

On the macro scale, bitcoin is showing signs of bullish exhaustion despite the push to greater highs:

Figure 2: BTC-USD, 1-Day Candles, Bitfinex, Signs of Bullish Exhaustion

Although there is a good argument for bitcoin price growth on just fundamental analysis of the North Korean situation alone, it’s important to remain objective in our analysis. There are three signs of bullish exhaustion in the macro trend of this BTC-USD market.

Although bitcoin is making new price highs, on the 1-day candle trend the RSI is failing to make a new high (shown in yellow) — this activity is called “divergence” and shows a decrease in bullish momentum. Additionally, although the 6-hour volume made a significant impact on the market, the 1-day volume is currently failing to make any significant impact on the overall trend (shown in blue).

Lastly and most significantly, the 1-day Bollinger Bands (shown in pink) have begun to go completely horizontal and are now beginning to actually curve downward.

The current Bollinger Band trend accompanied by the bullish momentum loss is pushing BTC-USD into a potential reversal pattern known as “Three Pushes to a High.” Basic characteristics of this pattern are:

Narrowing Bollinger Bands upon the advance of each high;
Momentum loss on various indicators;
Continued divergence across all three highs.

Currently, the “Three Pushes to a High” reversal has yet to be confirmed and is certainly not in a tradable condition, but it is something that every bitcoin trader should consider on the macro trend of this market.

Since the run from $1800, well established Fibonacci Retracement lines have revealed themselves on the market:

Figure 3: BTC-USD, 6 Hour Candles, Bitfinex, Macro Support Lines

There is very strong support on the 23% line, as the market consolidated for about a week at those values. If our current price level proves to be the top of this run, a possible retracement might occur. Should a retracement occur, Figure 3 will be an important reference in order to see, on a macro scale, where the support levels lie and where potential market entry and exits will exist.

Summary:

Uncertainty surrounding Japan’s response to North Korean aggression reveals investor interest in bitcoin;
Technical indicators show the market is possibly approaching its top on the macro-trend;
Support lines exist on the Fibonacci Retracement values shown in Figure 3.

Trading and investing in digital assets like bitcoin, bitcoin cash and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: Watching World Events and “Three Pushes to a High” appeared first on Bitcoin Magazine.

December 3, 2018

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