Bitcoin Indicator Shows Price Could Hit $7,100 as Resistance Mounts

Ursprünglich erschienen auf: https://thebitcoinnews.com/bitcoin-indicator-shows-price-could-hit-7100-as-resistance-mounts/

Bitcoin has further extended its long-held bout of sideways trading as it hovers within the lower-$9,000 region
It is continuing to flash some signs of weakness, however, as its price has been unable to garner any upwards momentum
This weakness has caused the one indicator to suggest that the crypto could be positioned to see a swift movement to lows of $7,100 if it is unable to garner any heavy buying pressure
This comes as the crypto’s sellers begin flipping a previous support level into resistance, signaling that further short-term weakness is imminent

Bitcoin’s lackluster price action isn’t letting up, as the cryptocurrency is currently caught within a bout of trading between $9,000 and $10,000.
This range has been established over the past couple of months, and each break above or below it has been fleeting.
It is a strong possibility that this consolidation phase is BTC’s way of “coiling up” before it makes a massive movement.
One technical indicator seems to suggest that this next movement could heavily favor bears, as the Ichimoku Cloud shows that a breakdown could lead the crypto to $7,100.
That being said, the same indicator also suggests that a breakout could catalyze some significant momentum that sends it to $13,000.
Bitcoin Flashes Signs of Short-Term Weakness as Previous Support Becomes Resistance 
At the time of writing, Bitcoin is trading down just over 1% at its current price of $9,080. This is around where it has been trading over the past couple of days.
Last week, BTC incurred some turbulence when its price ran to highs of $9,800 before facing a rejection that sent it down to lows of $8,900.
Although this jeopardized the crypto’s consolidation phase, buyers had enough strength to send it back above the lower boundary of its established range.
One factor to be aware of is a recent support-resistance flip of $9,225 that could fuel further downside.
An analyst spoke about this level in a recent tweet, explaining that “bulls want to be above it.”
“Daily price action. Previous support now resistance; bulls want to be above it…” he explained.

Image Courtesy of Teddy. Chart via TradingView
BTC’s Ichimoku Cloud Shows Price Could Soon Reel To $7,100
Bitcoin’s Ichimoku Cloud is showing that the next movement will likely be massive, with an upside target sitting around $13,000 and a downside target at $7,100.
It is important to note that the consecutive rejections at $10,000, frequent lower highs, and recent support-resistance flip all seem to suggest that this next movement will be downwards.
“1D BTC Cloud still shows weakening bullish momentum…” one popular analyst said while pointing to a chart showing the cloud.

Image Courtesy of Josh Olszewicz. Chart via TradingView

Featured image from Shutterstock.
Charts from TradingView.

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A $2B Gold Fraud Portrays Bitcoin as “Less Vulnerable” Alternative

Ursprünglich erschienen auf: https://thebitcoinnews.com/a-2b-gold-fraud-portrays-bitcoin-as-less-vulnerable-alternative/

Bitcoin found itself competing with traditional safe-haven gold all over again as authorities in China uncovered a $2 billion fraud.
Kingold, one of the mainland’s most significant gold processing firms, allegedly collateralized 83 tons of fake yellow metal bars to secure 20 billion yuan (~$2.82 billion) worth of loans.
Robert Breedlove, chief executive of crypto hedge fund Parallax Digital, used the case to present Bitcoin as a more auditable alternative to gold.

Bitcoin is battling gold over its so-called superior properties all over again as the Chinese authorities uncover a $2 billion fraud involving the precious metal.
The scam involved Kingold, one of China’s largest gold processing firms. Nikkei Asian Review on Monday reported that the Nasdaq-listed company borrowed $2.82 billion from China Minsheng Trust Co. Ltd and others. In return, it collateralized the loans with gold bars.
Adulterated Gold Collateral
Kingold failed to pay back its debts on time, prompting Dongguan Trust Co. Ltd, one of the lenders, to liquidate its gold collateral to cover their investments. However, the infamous shadow bank discovered in late February that about 83 tons of those gold bars were gilded copper alloy–completely bogus.
Minsheng Trust obtained a court order to have authorities inspect Kingold’s gold coffers. On May 22, the test results returned, stating the yellow metal bars kept in Minsheng Trust’s custody are also copper alloy. That amounted to almost $2 billion worth of fake gold collateral.

The problem with Wuhan is not only do they lie about the virus, they lie about gold also. Wuhan looks like the world center of counterfeit gold bars. The solution is simple. Stick with trusted dealers and keep away from China.https://t.co/UrOx439APA
— Jim Rickards (@JamesGRickards) June 29, 2020

Kingold’s chief executive Jia denied any wrongdoings, noting that top insurance companies in China had insured their coffers.
“How could it be fake if insurance companies agreed to cover it?” he said but refused to comment further.
The clearest takeaway, as ZeroHedge highlighted, is that insurance companies (or their officials) knew about the fake gold bars in advance. But they preferred not to notice the elephant in the room altogether.
Pick Bitcoin
The $2 billion gold fraud ended up portraying Bitcoin, a decentralized asset, as a better alternative to the yellow metal.
Unlike gold, Bitcoin operates atop an immutable distributed ledger that independently verifies its transactions. In layman terms, a large and distributed group of miners across the world runs the Bitcoin network based on a pre-defined mathematical algorithm.
Bitcoin chart showing its 40 percent YTD gains in 2020. Source: TradingView.com
So, if an evil miner attempts to create a fake Bitcoin, the rest of the network invalidates the effort. Moreover, it would take at least 51 percent of miners to mine and validate a false token –  an expensive attack. That further makes Bitcoin more immutable than gold.
Robert Breedlove of crypto hedge fund Parallax Digital reiterated the same in his latest statement. The chief executive called Bitcoin a “more divisible, durable, portable, recognizable (which encompasses verifiability), and [scarcer]” asset than gold.

#Bitcoin is more divisible, durable, portable, recognizable (which encompasses verifiability), and scarce than gold. Bitcoin is also cheaper to safeguard and less vulnerable to theft.
I wonder which one the free market will select?
h/t: @MartyBent https://t.co/fGCb8tUIaW
— Robert Breedlove (@Breedlove22) June 29, 2020

Meanwhile, hardcore gold investors reject Bitcoin’s immutability. Peter Schiff, the CEO of Euro Pacific Capital, for instance, argues that miners can create a new token out of Bitcoin through a hard fork, citing Bitcoin Cash and Bitcoin SV as examples.

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Rapids – A Transformative Platform that Utilizes Social Media and Blockchain Technology

Ursprünglich erschienen auf: https://thebitcoinnews.com/rapids-a-transformative-platform-that-utilizes-social-media-and-blockchain-technology/

The Rapids Network (RPD) is a crypto project that uses Social Media Networks to power everyday transactions and makes it possible to send and receive payments. To make this possible, the blockchain-focused platform will integrate widgets into major social media networks.

In the recent past, various applications for blockchain technology have been developed and are now prevalent in various industries. With so many social media platforms available to the masses these days, it is difficult to be present and active on all of them.

The Rapids Network wants to make it possible for people to interact even when they are on different social media platforms. Using their solution, users will be able to send funds across different social media platforms. To make this a reality, the team behind the project will use blockchain technology and the Rapids coin. The team wants to make it as easy as possible to use crypto no matter which device or platform one uses. This will make online transactions faster and more convenient.

The Rapids 2.0 Upgrade

The Rapids Network shortly ago upgraded to the 2.0 version of the platform. Various areas were affected by this upgrade including the block rewards, which are now 35% for staking and 65% for masternodes.

Besides that, the project is increasing listing at exchanges, resulting in more liquidity, which will help grow the community. Additionally, the team is growing partnerships within the blockchain and crypto community. The team also made upgrades to the Tipbot and mobile wallet.

The recent upgrade to Rapid 2.0 helps to propel all planned developments and grow use cases for RPD.

Mobile Wallet Upgrade

The team recently released v2.0 of the Core Wallet. The v2.0 Wallet can be downloaded through this link. The new wallet is operational and can host the Consensus mechanism that launched on May 22 when the chain reached Block 793850.

The new wallet comes with a new Consensus, a more versatile blockchain, upgrades to the security, increased block rewards, and many other features that are in development.

The wallet was also redesigned and features a better UI. It is easier to navigate and the colors have been redesigned to be in line with the new design of the Rapids Logo. There is a video tutorial to help understand how to make the upgrade from the old version or install the new wallet from scratch.

If you wish to download the wallet, the first thing you need to do while the wallet synchronizes, is to create a backup. You must not skip this step. After that, you can patiently wait for the synchronization process to complete. If the V1 wallet was already synchronized, that balance should be instantly available.

All the capabilities available in the old wallet will be there plus new features. For those that have RPD on Staking and Masternode pool sites, there is nothing to worry about. These sites update the wallet to ensure that you have a great experience when using their service. If an exchange or hosting platform is not compliant with the update, users will receive a notification. It will allow users to move to sites that support the upgrade.

About Rapids.Host -A Masternode Hosting Platform

In the crypto community, there are several options to make a passive income. These are crypto mining, masternode hosting, and staking. However, these three options have their limitations. It is with these limitations in mind that Rapids Network decided to create a masternode hosting platform.

Recently, Rapids Network announced they acquired Masternode.Community, a Staking and Masternode Hosting platform. They changed the name to Rapids.Host or simply “Host.”

The Rapids.Host platform is designed to be as easy to use as possible. If one doesn’t have many RPD coins, it is possible to join the Smart Pools on the platform and earn daily staking rewards. For Masternode Hosting, one needs at least 10 million RPD. It will only cost a monthly fee of 0.99€. Once the masternode is deployed, there is nothing more to be done.

Everything will be handled by the platform, letting users earn a passive income. Once the hosting is set up, users can switch off computer and the platform will continue to run on the virtual server. The hosting platform does not just support Rapids Masternodes. Users have a choice of 40 other coins including DIVI, XFE, SAFE coin, TELOS, and TPWR. 

It is also possible to contact the support team for assistance with registration.

Why Rapids.Host

The Rapid Network is always in search of new features and capabilities to add to the platform. However, the development of these capabilities costs money. As a result, the team decided to purchase the hosting platform as a long term and stable source of revenue. With revenue from the Rapids.Host, the team can have a dependable source of income and can focus all their efforts on developing the Rapids Network.

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