A group of musicians, entrepreneurs and blockchain advocates is set to gather at a festival in Germany later this week with the aim of testing how the technology can change the music industry. The Music Tech Fest Berlin is set to be held from 27th to 30th May. During this time, the MTFLabs: Blockchain initiative will bring together participants including Grammy Award winner Imogen Heap, who has been advocating for blockchain applications in the music industry since last year. Also participating in the event are Vinay Gupta of Ethereum, music production platform PledgeMusic founder Benji Rogers and blockchain startups Ujo and Ascribe. About 25 participants total are set to take part. Notably, attendees intend to write a policy report based on the event’s…
The European Parliament, the legislative branch of the European Union, has approved a proposal for a task force dedicated to digital currencies and blockchain technology. A report drafted by European Parliament member (MEP) Jakob von Weizsäcker first began circulating in late February. It called for measured exploration of the technology by the European Commission, the executive branch of the EU, but stopped short of recommending more than closer monitoring. The report also urged EU leaders to address any risks related to money laundering and terrorism financing. In the months since, the EU Parliament has held a number of events focused on bitcoin and blockchain. Versions of the report moved through the legislature in April, setting the stage for today’s vote….
We are going to start off this morning’s analysis with a daily chart. It’s little more expansive a time frame than we normally focus on, but it offers us some insight, so it’s worth looking at quickly. As the chart below shows, action in the bitcoin price has, over the last few weeks, formed something of a triangle at the end of an upside run. We are going to use this triangle to help form our bias today – specifically, a break of the triangle’s outer perimeters (in either direction) will dictate our medium to long-term bias in the bitcoin price. For our intraday strategy, however and as we head into a fresh European session this morning, let’s look at a more focused timeframe. The chart below shows the same action, but on a 15-minute candlestick chart, and only…
The European session is drawing to a close, and the action we have seen today in the bitcoin rice has given us plenty to discuss for this evening’s analysis. In this morning’s price watch piece, we focused on the upside momentum we had seen in the bitcoin price across the last few days, and specifically, how we intended to play this sort of momentum going forward. Our range was pretty tight, but still gave us enough room to bring our intrarange strategy to the table if action gave us an opportunity to do so, and we lined up both this and our breakout levels pre-session. So, now action has matured across the European session, and as we head into the US afternoon, what has today’s action told us about what we can expect from the bitcoin price this evening, and…
Key Highlights Ethereum price after trading as low as $11.79 vs the US Dollar found buyers, and started to recover. However, yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD is acting as a resistance. As long as the price is under the trend line, it remains at a risk of more declines in the near term. Ethereum price is facing a hurdle in the form of a bearish trend line, and if it holds ETH/USD may trade down once again. Ethereum Price Resistance Ethereum price ETH just managed to gain bids near the $11.80 support area vs the US Dollar where the bulls appeared to defend the downside. The price is currently recovering, but facing resistance near yesterday’s highlighted bearish trend line on the hourly chart (data…
Bitcoin Price Key Highlights Bitcoin price had been moving above an ascending trend line on its 1-hour time frame. Price just made a downside break of support as risk aversion seems to be back in the financial markets. This could be an early signal of a pending selloff, although technical indicators are still giving mixed signs. Bitcoin price made a break of the short-term trend line support, signaling a potential selloff from here. Technical Indicators Signals The 100 SMA is starting to cross above the longer-term 200 SMA, which suggests potentially stronger buying pressure. If so, bitcoin price could land back above the rising trend line and carry on with its climb. Stochastic, however, is on the move down and indicating that sellers are taking control. In that…