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Cryptocurrency (Coins)

4 Reasons Why Cryptocurrency is Here to Stay For Years To Come

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Is Cryptocurrency Here to Stay?

Are you considering an investment in cryptocurrency? You’ve probably noticed the endless headlines praising this completely new and digital form of currency. Whether it’s Bitcoin, Bitcoin Cash, Ethereum, Litecoin, or any other, you’re wondering why it’s making such an imprint on society.

Let’s explores several reasons why cryptocurrency is becoming so focused on by investors, technology buffs, investors, and more. Learn why you should pay attention to the rise of digital coins that has come about over the past several years.

1. Cryptocurrency combats against the monopoly of banks

If you’ve ever tried to wire transfer a sum of funds to friends, family, or clients, you may have been quite shocked at the outrageous fees involved in order to complete your transaction. Money transfer companies like Western Union rely on their stronghold over the industry. They know that very few companies do what they do, and they take advantage of that by setting the price of transfer. Because very few organizations allow users to transfer instantly around the world, they make a great profit from customers who are forced to use their services.

Companies such as PayPal have come about recently to compete against businesses such as Western Union. And PayPal has done a great job at making money transferring fast, cheap, and easy. However there’ve been many complaints against PayPal for monitoring and limiting transfer activity. There have also been a few complaints regarding customers’ accounts becoming suspended without any forewarning.

The problem with both Western Union and PayPal is that they are owned by a very small portion of businessmen and businesswomen who call the shots. Policies can change at any time without notice. Fees may come into being that aren’t agreed upon by the general public. These companies have the final word in how money transfer takes place.

Cryptocurrency is the anti-monopoly. Its money transfer structure is Open Source; it’s visible for everyone to see. Additionally, its infrastructure is not easily changed. In order for a cryptocurrency to change how it operates, over 50% of the computers and networks mining that cryptocurrency would have to agree upon the new set of rules. This sort of democracy presents any one person or organization from calling the shots that everyone would have to abide by.

This 51% rule has been put into action several times in the past. For example, in August of 2017, a majority of Bitcoin miners agreed that the blocksize was too limited – a mere 1 megabyte per block. All miners agreed on a new standard of 2mb per block. This meant that more transactions would be verified per block, and that implicates both faster transaction time and reduced fees. The new digital currency that rose from this new agreed-upon set of rules is called Bitcoin Cash.

Bitcoin Cash (or Bcash by many) is a perfect example of how the democracy of cryptocurrency must occur in order for a change to take place.

2. Cyrptocurrency Promotes Anonymity

Identity is sacred when it comes to money transfer. Take into consideration the many stories of insurance providers nulling citizens’ insurance policies because of a conflicting purchase. For example, someone who receives the highest benefit from a life insurance policy may be at risk for a policy nulling based on a purchase they made for a friend (such as cigarettes). While it sounds outlandish, these invasions of financial freedom happen around the world on a daily basis.

Governments, insurance providers, and even the banks themselves are monitoring your activity. Every item you buy in person or online with a credit card is saved in a database somewhere. You might say, “But I don’t care; I don’t do anything bad,” this breach of privacy is a peephole into your personal life. You never know when or how your purchases may be used against you, whether now or in the future.

Cryptocurrency is completely anonymous when used right. There are no transaction labels; there are simply public addresses. It is true that a public address may be tied to a company or person, but that party must willingly disclose their information online in order for it to be public knowledge. Even if such an entity publishes their public address, it’s very difficult to know who the senders to and receivers from that address are unless they publish their own identities. Simply put, it’s very hard for a government or organization to map out all of the identities on the blockchain (public record).

When you send or receive a cryptocurrency, you’re adding several more layers of protection to prevent unwanted parties from snooping into your financial spending habits. As technology becomes more prevalent, there will be more purchase monitoring by the governments and banks. It’s best to get into a habit of keeping your spending habits safe, even if you are doing absolutely nothing risky or wrong!

3. Cryptocurrency Encourages Innovation

While Bitcoin is the ‘name brand’ cryptocurrency, there are hundreds others quite similar – and even different – to it. Each individual digital coin adopts its own set of rules, freedoms, limitations, and technologies. Would you believe that despite all that has happened so far that we are still in the beginning? There’s much talk about how cryptocurrencies are not only the future of finance but also the future of the digital world.

Take into consideration, if you will, an Open Source Internet. Imagine that this internet is stored remotely on each and every electronic device connected to the network. There’s no single on/off switch. There’s no single point of change or modification. This sort of hypothetical Internet is controlled by the masses; everyone has an equal say how it evolves. This is just one single example hypothesized by many cryptocurrency experts. This is a very simple vision into what could come to be.

As governing agencies impose more restrictions upon the general public, more extreme measures must take place in order to encourage innovation, stifle restrictions, and snuff out snooping and breaches of privacy!

4. Cryptocurrency Could Very Well Be The Future As We Know It

If you can remember (or imagine) the Internet as it existed in the late 80’s you’d see a world where computer nerds embraced this newfound form of communication. However, despite its amazing potential, there were many roadblocks and speed bumps, namely data transfer speeds and processing capabilities. The Internet in the early days was seen as a hobbyist’s evening project, not an integral foundation of the future.

Cryptocurrency could be to finance as the Internet is to communication. If you truly believe that we’re still living in infant years of cryptocurrency, then you understand that while there are many obstacles to overcome and puzzles to solve, there’s also a very bright and prosperous horizon to look forward to. If you believe that cryptocurrency could be the very expression of finance that the world needs, much like credit cards were for paper-less transactions, then it’s best to consider what place you’ll take in this voyage to the future. You might evaluate if an investment in cryptocurrency is right for you. Your future self might thank you for it.

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Ethereum (ETH)

Ethereum Price Analysis: ETH Approaching Significant Support Area

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Ethereum Price Analysis ETH Chart

There was another rejection noted near $265.00 in Ethereum vs the US Dollar. ETH/USD is currently declining and approaching towards a couple of important supports near $254.00 and $250.00.

Key Takeaways: ETH/USD

  • Ethereum price formed a short term top near the $264.4 level and declined against the US Dollar.
  • ETH/USD is currently approaching the $254.00 support and a bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price remains in an uptrend and it could accelerate gains above the $8,300 level.

Ethereum Price Analysis

Recently, bitcoin price gained momentum and broke the $8,100 and $8,200 resistance levels. However, Ethereum price failed to gain traction and formed a short term top near the $264.4 level.

Looking at the 2-hours chart, Ethereum price started a downside correction from the $264.41 high and declined below the $260.00 level. There was a break below the 23.6% Fib retracement level of the last rally from the $236.89 to $264.41.

Ethereum Price Analysis ETH Chart

Besides, there was a break below the $258.00 level, but the price found support near $255.00. Moreover, the price is approaching the $254.00 support and a bullish trend line on the 2-hours chart.

Below the trend line, the main support is near the $250.20 level and the 50 simple moving average (2-hours, purple). The 50% Fib retracement level of the last rally from the $236.89 to $264.41 is also near the $250.65 level to act as a support.

If there is a downside break below the $250.00 support, the price could extend losses and decline towards the $243.50 zone. The 76.4% Fib retracement level of the last rally from the $236.89 to $264.41 is also near $243.40.

Conversely, if the trend line support holds, the price is likely to start a fresh increase in the coming sessions. An initial resistance is near $260.00 and a connecting bearish trend line. A break above the $260.00 barrier might start a strong rally in Ethereum price above the $265.00 level.

Overall, ETH price is trading with a positive bias as long as it is above $250.00, and it could rise again above $260.00 and $265.00.

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Bitcoin (BTC)

Bitcoin Price Analysis: BTC Setting Up For Another Bull Run

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Bitcoin Price Analysis BTC Chart

After a major decline, bitcoin price started a solid upward move above $7,750. BTC to USD gained momentum above $8,000 and even spiked above the $8,250 resistance area.

Key Takeaways: BTC/USD

  • Bitcoin price formed a strong support above $7,550 and recently climbed higher against the US Dollar.
  • BTC/USD broke the main $7900 resistance and a couple of bearish trend lines on the 2-hours chart (data feed from Bitstamp).
  • Ethereum, ripple, and bitcoin cash also gained momentum and moved into a positive zone.

Bitcoin Price Analysis

After testing the $7,500 and $7,520 levels on multiple occasions, bitcoin price finally started a fresh increase. BTC started an upside reversal after it successful broke the $7,600 and $7,850 barriers.

Looking at the 2-hours chart, bitcoin even broke the main resistance near the $7,900 level to move into an uptrend. Finally, there was a break above the $8,000 level plus a close above the 50 simple moving average (2-hours, purple).

Bitcoin Price Analysis BTC Chart

During the rise, the price even broke the $8,150 resistance and a couple of bearish trend lines on the same chart. A new swing high was formed at $8,266 and the price is currently correcting lower.

It broke the $8,150 level and the 23.6% Fib retracement level of the recent wave from $7,903 to $8,266. However, the price is currently finding a strong buying interest near the $8,060 level.

The 50% Fib retracement level of the recent wave from $7,903 to $8,266 is also acting as a decent support. The main support is near the $8,000 level and a connecting bullish trend line on the same chart.

Therefore, bitcoin price is gaining pace and it remains in an uptrend as long as it is above $7,980 and the 50 simple moving average (2-hours, purple).

On the upside, an initial resistance is near the $8,100 level and a connecting bearish trend line. A successful close above $8,100 might start a strong rise in the coming sessions.

The next major hurdle for the bulls is near the $8,250 level, above which the price might start a rally towards the $8,500 level.

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Price Analysis

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) Price Analysis June 10th

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Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) Price Analysis June 10th

BItcoin BTC/USD Forecast

Last Friday the price of Bitcoin came up for interaction with the first significant horizontal resistance at $8140. As the interaction ended as a rejection the price was propelled in a downward trajectory and came down to the levels of the prior low at $7576 which was a decrease of around 6.7%. From today's open which was around the mentioned prior low level, the price has increased by 5.43% with strong bullish momentum as the majority of the increase occurred in only one hour but we are now seeing the price struggling to keep up the upward movement slightly lower then on the prior high.

BTC-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price encountered resistance, indicated by the wick from the upper side of the last hourly candle and is now likely to keep interacting with the current level as it's retesting it for resistance further. If the price manages to keep up the upward movement we could see a breakout to the upside from the first significant resistance point and to the next on at around $8500.

This would be unlikely if the found resistance proves to be stronger then the currently seen bullish momentum as a rejection at the current levels would likely lead to a lower low below the one made on 5th at $7506. The price spiked to those levels on today's open but a proper interaction with a lower spike would likely occur if the increase was seen would be stopped out at the mentioned first significant resistance as it would mean that from last Thursday we have been seeing the development of the five-wave move to the downside out of the starting downtrend.

Litecoin LTC/USD Forecast

Last Friday the price of Litecoin increased by around 9.6% coming from $109.96 to $120.47 at its highest which has pushed the price above the first significant resistance level at the descending channels resistance. The price came down for a retest of support at the broken level over the weekend and as it found support it continued moving to the upside above the prior high level, coming to $126.8 at its highest point today.

LTC-USD-Market-June-10

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The price came above the 0 Fibonacci level which was the ending point of the prior high and above the next highly significant horizontal level at $122.32 above which it is considered to be the sellers' territory. I was expecting the price to start moving to the downside after an interaction with the first significant resistance at the descending channels resistance but as the price continued increasing further past the other significant resistance point we have likely seen the development of another five-wave move to the upside. As the move looks finished or near completion and especially considering that the price has entered the seller's territory I will be shortly expecting the start of the impulsive move to the downside.

Even though we have seen a five-wave increase I don't believe that its the starting upside wave, but is more likely the second correctional structure after the first one currently labeled as a WXYXZ correction ended. The price did make a higher high but this can also be seen on a corrective move usually ending as a running flat. If we are soon the see the start of an impulsive move to the downside the first significant support zone for the price of Litecoin would be at around $83 area.

Ethereum ETH/USD Forecast

The price of Ethereum has increased from today’s open at $228.8 by 6.59%, coming to $243.4 at its highest point today but has encounterd strong resistance there and is currently being traded slightly below those levels.

ETH-USD-Market-June-10

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On the hourly chart, you can see that the price came down over the weekend below the prior low at around the vicinitly of the 4th wave’s ending point from the previous upside move where it found support as the price immediately started moving impulsively to the upside again.

The rise has been stopped out at the previous horizontal support which now serves as resistance but since a breakout occurred to form the descending triangle which was formed from 30th of May we are likely to see the increase continue for a bit longer before the price continues moving to the downside again.

If the descending triangle was the first structure out of the starting downward move, the increase seen from today could be viewed as a correctional upside move in which case it cannot exceed the 258 level which is around half range between the last Thursdays high and today’s open.

Bitcoin Cash BCH/USD Forecast

Over the weekend the price of Bitcoin Cash has decreased by 8.2% as it came down from $409.2 to $375.6 at its lowest point. From today’s open around the mentioned low level we have seen an increase of 5.36% to $395.7 but the price has encountered resistance as the rise has been stopped out.

BCH-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price decreased slightly above the last week’s low at $366.5 made on Wednesday which is why a lower low before the completion of the downward move would be expected if we are seeing the development of the five-wave move to the downside out of the starting downtrend.

If we are seeing the development of the 4th wave it cannot go above the $413 which the price interacted with over the weekend and found resistance there which makes this possibility higher. As the 4th wave is corrective in nature it could mean that today’s increase is still its development which we are to see from the currently encountered resistance interaction.

Conclusion

Over the weekend the prices have continued increasing to their first significant resistance point and have gotten rejected with the price going to the levels from which the increase was made. This movement could have been the end of the first wave from the starting downtrend but a more likely outcome would be that another lower low is coming before we see some major upside correctional movements.

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