Bitcoin looks going to a 200 day Bearish Market

March 23, 2018

Bitcoin (BTC) fell once again, failing to break the strong resistance level at $9,200. Reports that Japan is planning to stop cryptocurrency exchange Binance was an excuse for traders to sell. Technical analysts are also warning traders that a “death cross” bearish signal is looming.

image in coindesk shows that it's supports levels are at $7,800 while resistance levels are at $9,200 and $10,000.

A death cross occurs when the 50-day moving average crosses below the 200-day moving average, and is a signal for technical analysts to sell. The opposite of the death cross, called the golden cross, last occured in October 28, 2015 where the price was at around $300.

• BTCPHP: 464,670 / 428,900

• USDPHP: 52.32

• BTC market cap: $143B

• Crypto market cap: $323B

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Bitcoin In Supported News:

1) JP Morgan will spinning off its Quorum blockchain project into a separate company

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The software, running on top of the Ethereum blockchain, is aiming to create a digital ledger tailored for use of private enterprise clients. JPMorgan spokesman Brian Marchiony said in a statement that they are not going to comment on speculation, but Quorum has become an extremely successful enterprise platform even beyond financial services and we’re excited about its potential.

2) Germany’s Goethe and Aachen Universities exposed 8 files containing sexual data hidden inside the Bitcoin Blockchain.

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Since the blockchain allows users to store and transmit files and information through transactions, some users have used the blockchain to store these files. The cryptography consultant believes this situation hinders progress, in that developers and users are being made to worry about the possibility of this type of data be stored and shared in the Bitcoin Blockchain.

3) Japan’s Financial Services Agency is dictating cryptocurrency exchange Binance to stop operating in Japan without a license.

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A person familiar with the matter said that Binance has several staff in Japan and has been expanding without receiving permission. Binance CEO Changpeng Zhao (@cz_binance) took to Twitter to slam Nikkei’s news, saying that the company and the FSA are in constructive dialogues and that they have not received any mandate.Binance told Bloomberg in January that it was working to acquire a license in Japan, but the warning could complicate those efforts. Zhao said on Thursday that the exchange is “engaged in constructive dialogue” with the FSA. While Binance was founded in Hong Kong last year, Zhao has said that his company does not currently have a legal headquarters anywhere in the world.

4) Alphabet the parent company of Google is Developing Blockchain-Based Solutions for its Cloud

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Cloud Chief Diane Greene started to work on Blockchain according to the company it's reasonable to have a blockchain related services that functioning inside the Google's Infrastructure group. Alphabet’s venture capital arm has invested in wallet service Blockchain Luxembourg, financial transactions network Ripple, cryptocurrency asset management platform LedgerX, and international payments provider Veem, according to CB Insights.

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Notes and Disclaimer:

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• If you like what you read here, please consider follow me.

• Invest in bitcoins (or in any altcoins) only the amount you can afford to lose!

• Don’t put all your eggs in one basket. Spread your bitcoin and cryptocurrency investment.

• Before investing in any cryptocurrency, check the people behind it, its mission, and other details to ensure that they are worth investing for. Don’t invest in something you don’t know.

• This article is for informational purposes only and does not constitute an investment advice. Your actions are solely your own responsibility. There is no substitute for doing your own research.

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