February 6, 2019

Two Investment Firms Launch ETF Tracking Cloud Computing and Blockchain Companies

United States-based Investment management firm AdvisorShares and investments advisory company Sabretooth Advisors will jointly launch an exchange-traded fund (ETF) that tracks tech companies, including those involved with blockchain and cloud computing, MarketWatch reported on Feb. 6.

ETFs are marketable securities that track a basket of assets proportionately represented in the fund’s shares. ETFs are offered on all asset classes, including traditional investments and alternative assets like commodities or currencies, also enabling investors to short markets or to gain leverage.

The idea of the new AdvisorShares Sabretooth ETF (ticker: BKCH) — which is set to come to market on Feb. 7 — is that entities deploying cloud computing and involved with emerging technologies like blockchain could reach increased profitability and rises in share prices within a reasonable time.

Many see the emergence of cryptocurrency and blockchain ETFs, among other derivatives, as a sign that those markets are maturing.

In February 2018, Canadian regulators approved the country’s first blockchain-based ETF focused on both large and small-scale blockchain corporations. By that time, the ETF issuer Harvest Portfolios already had their Harvest Blockchain Technologies Index, which was designed to track the performance of issuers in both the large-cap and emerging blockchain segments.

In the end of January, the Chicago Board Options Exchange’s (CBOE), along with investment firm VanEck and financial services company SolidX, re-applied with the U.S. Securities and Exchange Commission (SEC) for a rule change to list a ₿itcoin (BTC) ETF. While the firms first filed with the SEC to list a ₿itcoin-based ETF on June 6, 2018, the application process has since experienced several delays, as the SEC pushed back its decision on multiple occasions.

Published at Thu, 07 Feb 2019 01:00:00 +0000

Key Points

bitcoin gold price is slowly gaining pace and is currently above the $240 support against the US Dollar.
There is a key contracting triangle forming with resistance at $280 on the hourly chart of BTG/USD (data feed from Bitfinex).
The pair might consolidate in a range before making the next move above $280 in the near term.

bitcoin gold price is consolidating above $240 against the US Dollar. BTG/USD may soon make the next move and trade above $280 to gain traction.

bitcoin Gold Price Upside Hurdle

Recently, we saw a major decline in bitcoin gold price from the $420 resistance against the US Dollar. The price traded below the $400 and $300 support levels. The downside move was strong as the price declined below the $280 support as well. A low was formed at $193 from where the price started correcting higher. It has moved above the 23.6% Fib retracement level of the last decline from the $420 high to $193 low.

However, the price is struggling to gain momentum above the $280 and $300 levels. At the moment, it seems like there is a key contracting triangle forming with resistance at $280 on the hourly chart of BTG/USD. The pair might continue to consolidate above the $240 support area before making the next move. The triangle resistance is around the 38.2% Fib retracement level of the last decline from the $420 high to $193 low. Therefore, a close above the $280 level and the 100 hourly SMA is needed for buyers to gain traction.

On the downside, the $240 support area holds a lot of importance and it must hold to prevent further declines in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is slightly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is currently just above the 50 level.

Major Support Level – $240

Major Resistance Level – $280

Charts courtesy – Trading View, Bitfinex

The post Bitcoin Gold Price Technical Analysis – BTG/USD Approaching Break appeared first on NEWSBTC.

March 15, 2017

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November 8, 2018

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Key Points

bitcoin Gold Price Upside Hurdle