BTC price analysis – Correction after new all-time high?

A new all-time high of EUR 14,946.27 (USD 17,585.03) was reached between Thursday and Friday – but the price is currently falling.

Summary of the Bitcoin secret

The Bitcoin secret price has risen over the week as shown on: On 6 December, a rally to new all-time highs began, which ended in the night between 7 and 8 December – but the course plunged to bottomless ground a day later. The most important short-term resistance is EUR 14,946.27 (USD 17,585.03), the most important short-term support is EUR 10,896.25 (USD 12,819.98).

Apparently the crypto scene was good this year, after all St. Nikolaus experienced a price increase that was much steeper than the previous trend. This rally culminated in two peaks on 7 December early in the morning and late at night, the latter being the new all-time high of EUR 14,946.27 (USD 17,585.03). Since then, there has been a slight correction, a slight drop in the plateau and a dramatic fall in prices, which at times seemed to make up for all the gains made this week.

The MACD (second panel) is of course negative, as is the MACD line (blue) below the signal (orange).

The RSI (third panel) is at 21 and strongly oversold.

The analysis of movements on the 60min chart speaks bearish language, but one should keep in mind that the RSI is oversold. This may be a sign of a reversal. The most important support is described by the uptrend that took place before December 6th and currently stands at 10,896.25 EUR (12,819.98 USD). The most important resistance on the 60min chart is the all-time high at 14,946.27 EUR (17,585.03 USD).

The long-term development of the share price

Was that ascension now? Can we expect a dramatic correction? For an assessment, let’s look at the medium- and long-term price movements and first the 240min chart:

The medium-term chart is also characterized by an upward trend. Instead of the already discussed upward trend, the upward trend that has been observed since mid-November is shown here. We can see here that since the end of November the price has been behaving better than this upward trend. The price is still above the exponential moving average of the last two weeks, but the exponential moving average of the last week was tested.

The MACD is still positive, but the MACD line has dropped below the signal. The RSI stands at 40 and is bearish. In the medium term the situation is neutral to bearish. The most important support is described by the upward trend since mid-November, which is currently at 9,167.37 EUR (10,785.87 USD). Here, too, the resistance can be described by the all-time high, which is 14,635.15 EUR (17,218.99 USD) on the 240min chart.

Let’s close with a long-term view on the 1D chart:

In the long run, the price correction is significant, but not dramatic: The steep upward channel mentioned last week, here marked in light blue, has now been surpassed. The most recent correction tried to test the former resistance of the upward-channel.

The MACD is positive despite the recent correction, as is the MACD line above the signal. The RSI was in the overbought territory, but is now at 69.

Overall, the long-term outlook is bullish from a technical perspective. The most important support is described by the support of the new uptrend channel and is at 9,097.02 EUR (10,703.10 USD). The most important resistance is the all-time high on the 1D chart at 14,525.98 EUR (17,090.54 USD).

Opinion-ECHO: Blockchain becomes boring – in the best sense of the word

After the ups and downs of Bitcoin & Co. last year, the MIT Technology Review forecasts a „boring“ blockchain year 2019. Jed McCaleb still considers the crypto market to be overvalued and states that Stellar no longer looks at prices, but only at technology. This is „bullshit“ in most projects. John McAfee thinks the latter is tax-paying, which is why he reveals on Twitter that he hasn’t paid taxes in eight years. The opinion ECHO of the first calendar week 2019.

John McAfee makes no secret of his hatred of the Bitcoin formula

He has now announced on Twitter that he has not filed a tax return for eight years. The enfant terrible of the Bitcoin formula scene justifies this with five arguments:

Taxation is illegal.
I have already paid tens of millions and received Jack Sh*t in services.
I am done making money.
I live on cash from McAfee Inc.
My net income is negative.
McAfee is increasingly shooting himself into the U.S. Internal Revenue Service (IRS), which he feels persecuted by (for whatever reason).

I have not filed a tax return for 8 years. Why? 1: taxation is illegal. 2: I paid tens of millions already and received Jack Shit in services. 3. I’m done making money. I live off of cash from McAfee Inc. My net income is negative. But i am a prime target for the IRS. Here I am.

While McAfee is pestering the tax authorities in particular, Craig „Faketoshi“ Wright apparently feels increasingly annoyed by Altcoin supporters. Wright had to listen to some of them at least since the last Bitcoin Cash Hard Fork. Among other things, that the creation of Bitcoin Satoshi Vision was responsible for the tightening of the bear market. Before Wright set his Twitter account to „private“, he shot against crypto expert Andreas Antonopoulos:

„The renowned Shitcoin expert Andreas Antonopoulos is so far from understanding Bitcoin as one can be. The only thing [he] does right is spell Bitcoin right.“

Now Wright only allows opinions in his Safe Space that are consistent with his own. Chapeau!

Tom Lee: Dow Jones is in a midlife crisis

Bitcoin bull and Fundstrat CEO Tom Lee sees the Dow Jones in a midlife crisis. The US Federal Reserve is not completely uninvolved in this. Like President Trump, Lee is critical of the last increase in the key interest rate last December:

„I think the Fed has really undermined the liquid markets. This has really worsened the trade dynamic,

Lee said on CNBC.

What the whole thing has to do with a midlife crisis, however, Tom Lee left open. Rumours that the Dow Jones has bought a motorcycle and wants to start a new life with a much younger partner remain unconfirmed.

Election fraud passé? Thailand plans introduction of blockchain electoral system

A Thai organization close to the government is working on the development of a blockchain election system. The aim of the project is to be able to hold both national and regional elections in Thailand completely electronically in the near future.

However, there are still some hurdles for cryptosoft

As a „cryptosoft nation“ Thailand flew under the radar for a long time. The Southeast Asian country is making more and more efforts to into its administration. A crypto currency of its own is also being planned.

Now as Blockchain Voting Land. As the Bangkok Post reports, the Kingdom is striving for the nationwide implementation of a blockchain voting system. According to the report, the National Electronics Technology Center (NECTEC), which is in charge of the development of the electronic voting system, is making rapid technical progress.

The NECTEC is a government-related organisation under the auspices of the Ministry of Science.

The research goal of the project is „to reduce election fraud and preserve data integrity,“ Chalee Vorakulpipat, head of NECTEC’s cybersecurity division, told the Bangkok Post. Upon completion, his organization will deliver „a block-chain-based e-voting technology applicable to both national and regional elections […]“.

Secure, transparent, convenient, fast

The implementation of blockchain technology in electronic voting systems brings – besides the convenience of being able to cast the vote from the home computer – several advantages: Blockchain-based voting is therefore faster, cheaper and more secure than conventional voting systems. This is because data stored on the blockchain can be viewed transparently by all the instances involved, such as voters, candidates and election officials, and is stored in a forgery-proof manner.

Internet first
However, it is likely that some time will pass before the nationwide integration into „everyday electoral life“ takes place.

This is because the system requires reliable coverage with fast Internet throughout Thailand, preferably with the new 5G mobile communications standard, according to NECTEC. It is still completely unclear when this can be expected.

For this reason, the developers are initially striving for an extended test phase within a suitable framework. According to Quelle, provincial, municipal or university elections can be considered for the test runs.