For only the second time in its history, an attempt at tokenizing Ripple’s XRP ledger through an initial coin offering (ICO) is being seriously offered by a group not formally associated with the company. It’s an interesting juxtaposition for a project widely believed to be actively separating itself from the messiness of the cryptocurrency world. ICOs are an unintended use case, it turns out, for the legacy banking establishment’s favorite new settlement tech, and, if it proves successful, could push the XRP ledger into Ethereum territory.

The current bid will follow the black line that I drew.

BTC/USD is currently trading a range between $6,870 - $6,571 levels. The MACD momentum indicator is dipping slightly into the negative region to signal that increasing selling will continue and therefore, the major support level $6,450 is well within reach. On the contrary, the two moving averages (50 and 100) cross at $7,029 to show that Bitcoin price could consolidate above $7,000 in the next few days. The price is encountering stiff resistance at the 61.8% Fib retracement level with the last swing high at $7,472 and a low of $6,450. Significantly, above $7,000, the price there will be increasing selling pressure at the 50% Fib retracement.

A few days ago i made a perfect call by going long at 6460 (average price) when we broke that flag/triangle/pennant/whatever on the downside. I was watching the price action very closely and my gut told me there were some big buyers there and in a split second i decided to go long. Was a risky trade, no risk no reward . My target was 7700 and everything was looking just perfect. I closed half my position at 7330 (because of that fractal analysis of mine), because i thought just in case, lets lock in some profit and reduce risk. I wanted to let the rest ride to at least 7700 but maybe even higher but in secret i was going for 8K levels (shhhh don't tell anyone). I saw that small H&S and the bigger one getting formed at the same time, But i thought if this market is really strong, the H&S fails and it would accelerate up, just like it did around the 6800 during that rally, which i posted realtime.

BITCOIN price is likely to plummet amid tighter regulation from legislators across the globe, cryptocurrency expert Jim Iuorio has warned.

So yesterday I literally nailed it, when it came to finding the bouncing area. BUT that was not good enough. I did expect more. I assumed we were done with our Blue A-Wave 1.47% correction, and was about to ride up on the B-Wave. Everything was also looking good for at long time, all the indicators were pointing in that direction.

But when we couldn't break the 6,900 USD level, and get our 3rd sub-wave going. I then started to doubt if this scenario was the right one.

We now got more data, and we obviously have to adapt and adjust to our new knowledge. As you can see, I have moved Wave A further down in the 6k area. The reason for that is, that a bear flag has taking form, which predicts we will go lower very soon.

The RSI also confirms that. The price is making higher lows, but the RSI is making lower lows. This is called Regular Bearish Divergence, which is a reversal pattern, which means we will go down.

All this together will also match our sub-waves I have drawn for you in pink. The 3rd wave is reaaally long (around 326 % percent of the 1st wave) but it's still valid according to Elliott Wave Theory and Fibonacci Ratio Extension Relationship.

Expect therefore, that we first will go down to around around 6,400 USD, where we also have the shortest Low Volume Node. We can expect a small correction there - hereafter we will probably go down to 6,000 USD.

The price remains below the converged 100 and 200 hour MAs at $6984 (blue and green lines in the chart above).  Both those MAs (blue and green lines) are moving lower. If the price is to continue to fall, stay below those MAs will keep the bias to the downside, and in the process keep the longs uncomfortable (another paper cut).

On the downside the April swing low at $6450 is the next obvious target.

Bitcoin recovered strongly from its previous low of $6,000 as buy orders were hit on several exchanges. This lead to a strong rally initially but it fizzled out as BTC neared the main resistance trend line. It was rejected from there and started to drop heavily against USD on the 1D Chart. However, a lot of positive news have come to light during the past few days and investor sentiments seems to be changing from bearish to bullish but big money is not getting involved yet. Most analysts expected a retest of 6,000 and a double bottom but seeing the swift recovery after the previous fall to $6,000 investors are hesitant to sell. The big picture on the chart indicates an Adam and Eve Pattern which could finally help BTC break out of the wedge and continue towards new highs. If the Adam and Eve Pattern fails to complete, then BTC should be expected to trade within the wedge and it could take more than a month for it to breakout.

Ripple is willing to pay millions of dollars to be listed on US exchanges

TOKYO, April 6 (Reuters) - Japanese online brokerage firm Monex Group Inc said on Friday it would buy hacked cryptocurrency exchange Coincheck Inc, acquiring full ownership of the Tokyo-based firm for 3.6 billion yen ($33.59 million).
Monex, Japan’s No.3 online brokerage by customer accounts, said in a statement it would execute the deal on April 16. Coincheck’s CEO and COO will resign from the board of directors and become the company’s executive directors, Monex said.
Coincheck was hit by a daring $530 million theft of digital money earlier this year, prompting penalties from Japan’s financial regulators for lax security protocols. ($1 = 107.1800 yen) (Reporting by Thomas Wilson Editing by Shri Navaratnam)

TOKYO, April 6 (Reuters) - Japanese online brokerage firm Monex Group Inc said on Friday it would buy hacked cryptocurrency exchange Coincheck Inc, acquiring full ownership of the Tokyo-based firm for 3.6 billion yen ($33.59 million).

The red bottom line is the support at 6600 usd. In the near future, if the buying power is strong, the price will penetrate 7000 usd and increase dramatically. But if after 11 o'clock, under the pressure of the market, prices will fluctuate around 6750 usd and then fell sharply.

As CCN previously reported, Japan’s Coincheck may be on the block. Not only is it for sale but the potential buyer, online brokerage Monex Group, is the parent company of US-based TradeStation (with massive data and charting capabilities) and is publicly traded.

“It’s a massive confidence boost; you now have a regulated public company in Japan buying into a crypto exchange,” Brian Kelly, CEO of BK Capital Management, told CNBC.

April 15 marks the end of tax season in the United States, and it’s just around the corner. Investors who profited from bitcoin’s massive rally in December are having to come up with the money to pay Uncle Sam now, which could explain a percentage of the selling pressure in the bitcoin price in March. Kelly noted that any “tax-related selling” that’s been happening in March is going to come to an end in a little more than a week. (Separately, Kelly also noted that the blockbuster $2 billion Telegram ICO may have attracted investments away from BTC.)

It has been a bit of a mixed 24 hours for the cryptocurrency market. Although the market has dropped lower during this time, it has recovered from heavier declines. This has left it with a total market value of US$255.7 billion according to Coin Market Cap, down 1.6% since this time yesterday. Here is the state of play on Friday morning: The bitcoin (BTC) price is down 1.6% during the period to US$6,780.10 per coin, reducing its market capitalisation to just under US$115 billion. Bitcoin came under pressure yesterday after one analyst warned that it could be heading to US$4,000….

Yesterday’s intraday low was at $6400 (which confirmed end of wave iii) before price rallied to $7500. At $7500, wave iv completed and price dropped quickly. The 5th wave of this degree is expected to continue in the next few days to $5500-$6000. At the end of this, at least a 3-wave rally could happen back to $8000 region. Stay tuned for the next update.