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Bitrefill launches giftcards on Amazon China; plans to make it easier for Chinese users to ‘live with Bitcoin, altcoins’

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The wider adoption of cryptocurrencies primarily depends on the synergy of companies which enable technological adoption. This year saw the highest number of collaborations aimed at crypto-enablement. In yet another addition to the growing list of such collaborations, Amazon China has partnered with a Lightning network service provider, Bitrefill.

Although no official announcement has been made at press time, the news came through after a tweet by @Ramadit73993290. The user’s tweet read,“Bitrefill Has Launched Gift Cards On Amazon China.”

The tweet also contained a source link which featured two screenshots confirming the development.

Source: weibo.com

The Amazon-Bitrefill partnership is intended to ease crypto-adoption for Chinese users. The email circulated by Bitrefill also stated that the product would “make it a lot easier for (Chinese) residents to live with Bitcoin and altcoins”.

The service specifically allows users to load and recharge their Amazon balance through Bitrefill-provided Gift card codes or mobile applications. The source of the news also shared a screenshot of the email from Bitrefill, which confirmed fiat to crypto conversion for one of its users.

Source: weibo.com

While the development seems to be a step in the right direction and would no doubt boost crypto-adoption, it was recently reported that Amazon would shut down its e-commerce business in China by the end of July. Whatever the future of the e-commerce giant is in the Asian country, users can, for the time being, leverage the service to buy products on Amazon through cryptocurrencies. However, the sustainability of the partnership in the long run, in light of the questions around Amazon’s future in China, remains uncertain until Amazon directly addresses it.

Source/ambcrypto

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Cryptocurrencies

EOS, Stellar, Cardano, and TRON are showing signs of the next altseason

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Bitcoin’s surge above $9,000 diverted investor attention away from altcoins with most coins relative to BTC experiencing single-digit losses. This technical analysis will explore whether EOS, Stellar, Cardano, and TRON are preparing for an upswing when interest returns to the market.

EOS

Support and resistance levels use historical data to identify the price points that act as barriers in a bearish or bullish moves, pausing the continuation of a trend due to unusually high supply or demand.

On the 1-week chart, EOS is trading above the $6.92 support level. A break below this price could take the cryptocurrency down to $6.00 while a bullish impulse could reach the next resistance levels at $7.75, $9.00, $10.50, or $12.50.

Source: TradingView

EOS is trading inside an ascending parallel channel that has contained the price action since Dec. 18, 2018, on the 3-day chart. The coin has been making higher highs and higher lows, which characterize this technical pattern.

Now, that it has reached the bottom of the channel and bounced off, it could be on its way back to the middle of the channel where it could find some resistance. If the buying pressure increases, EOS could reach the top of the channel to make a new yearly high.

Source: TradingView

On the 1-day chart, this cryptocurrency looks bullish since the 50-day moving average was able to hold it from a further decline. And, the crypto managed to get back on top of the 7-day moving average for the last 5 days.

A golden cross could happen in the next couple of days, when, and if, the 7-day MA moves above the 30-day MA. Since this is a bullish breakout pattern it will add credibility to the bullishness seen on this timeframe, if validated.

Source: TradingView

Stellar

Stellar could soon experience a strong upswing since most long to mid-term time frames are showing bullish patterns.

On the 1-week chart, for instance, a golden cross between the 7 and 30-week moving average developed two weeks ago, and XLM is currently trading above the 7-week moving average, both bullish signals. A push up to the 50-week MA could be expected.

Nonetheless, if selling pressures rises and XLM moves below the 7-week MA, then it would probably try to test the 30-week moving average.

Source: TradingView

An inverse head-and-shoulder pattern formed on the 3-day chart predicting a bearish to bullish trend reversal. A move above resistance, also known as the neckline, could signal a sharp upswing which will need to be confirmed by a large spike in volume that will help validate that the pattern is actually a break out.

This technical formation projects a 47 percent profit target that is obtained by measuring the distance between the head and the neckline and adding it to the breakout point. A move below $0.120 could give the first signs that the head-and-shoulders pattern will be invalidated and breaking below the right shoulder will confirm it.

Source: TradingView

A bull pennant formed on the 1-day chart and could be in its breakout stage. This is considered a continuation pattern that developed after a strong upward movement, known as the flagpole, and was preceded by a consolidation period, known as the pennant. This bullish formation predicts a 45 percent target to the upside that was determined by measuring the height of the flagpole.

Now that XLM seems to be breaking out of the pattern, it could be on its way to reach the target mentioned before. But, if instead, it reverses and moves below $0.116, the bull pennant will be invalidated.

Source: TradingView

Cardano

Since the beginning of April, Cardano has been consolidating, mostly between the $0.07 support and the $0.10 resistance level, despite a move down to $0.06 in early May.

Now, ADA is trading around $0.09 indicating that it could soon try to test the $0.10 level of resistance once again. Breaking above this price point could take it up to the next supply barrier sitting at $0.13.

Source: TradingView

An ascending triangle could be forming on the 3-day chart, based on the price movements that allow for a horizontal line to be drawn along the swing highs, at $0.10, and a rising trendline to be drawn along the swing lows. Although this is a continuation pattern, since the price usually goes in the same direction as the trend before the triangle formed, a breakout can occur to the upside or downside.

If Cardano breaks the $0.10 resistance level with enough volume, it could go as high as $0.135, which is the target given by the bullish formation.

Conversely, a move below the 7-three-day moving average could indicate that ADA is about to fall to around $0.06 depending on the strength of the support provided by the 30 and 50-three day moving averages.

Source: TradingView

TRON

TRON spent most of the year trading within a $0.006 range, between $0.023 and $0.029. Around mid-May, it finally broke out of that trading range to reach the $0.038 resistance level, which rejected the price of TRX and precipitated a retrace to $0.029.

Based on TRON price action on the 1-week chart, it can be presumed that it will trade between $0.029 and $0.038. Therefore, this cryptocurrency could be on its way up to test the $0.038 level of resistance once again, but breaking above this price point could take it up to $0.049.

Source: TradingView

On the 3-day chart, TRX is trying to move above the 7-three-day moving average, which will confirm the continuation of the bullish trend and a possible test of the $0.038 resistance level.

Failing to trade above the 7-three-day MA could take this cryptocurrency down to the 30 or 50-three day MA.

Source: TradingView

Overall Sentiment

Despite the reduced price action that the cryptocurrencies previously mentioned have had in respect to Bitcoin, it seems like they are just about to continue the bullish trend and potentially make new yearly highs. It seems like it is just a matter of time before a breakout occurs, and patience will play a key role in profiting from the next upswing.

It is worth noting that since the beginning of the year most of the cryptocurrencies in the space have surged more than 100 percent in value, so there is a nontrivial chance for a major correction. At this point, to minimize risk and exposure, it is wise to wait for confirmation before entering a trade.

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Alex Krüger Warns Bitcoin Approaching Major Line of Resistance – Plus Ethereum, Ripple and XRP, Litecoin, Stellar, Tron, Cardano

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From analysis on the potential path ahead for Bitcoin to the rollout of a new developer site for the XRP ledger, here’s a look at some of the stories breaking in the world of crypto.

Bitcoin

Economist and crypto analyst Alex Krüger is mapping out the lines of resistance and support for Bitcoin. According to Kruger, the $10,000 mark is a crucial psychological line on the horizon.

“I use Bitmex for levels (and charting), as that’s where most of the bitcoin-USD liquidity is. The first level is a fib, not as meaningful IMO as prior highs and key psychological levels (e.g. 10K).”

Before $10,000, Krüger says he’s eyeing $9,600 as the most immediate technical hurdle for the bulls and $9,000 as the first line of support.

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Looming ‘Supply Shock’ Behind Bitcoin’s 138% Rally, Says VC Executive – Plus Ethereum, Ripple XRP, Litecoin, Tron, Augur, VeChain

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From new analysis on Bitcoin’s big rally to a new potential launch date for Ethereum 2.0’s genesis block, here’s a look at some of the stories breaking in the world of crypto.

Bitcoin

Anticipation of a supply shock in 2020 is likely driving Bitcoin’s 138% rally in 2019, according to Alyse Killeen, a partner at the investment group StillMark.

Killeen, a fellow at the Singapore University of Social Sciences, told Bloomberg Technology that she believes Bitcoin’s upcoming halvening is the number one reason for the surge.

“What I think might be happening is an anticipation of a coming supply shock in 2020. So what we’re looking ahead to is a halvening event. The way that new Bitcoin is introduced to the market is through a process called mining and the mining reward decreases by half every few years. And so in 2020 we’ll have much less of a daily supply of Bitcoin that we do now…

“While we’re looking ahead to the halvening and the supply shock, we’re also seeing a greater demand for Bitcoin and new on-ramps for familiar and conventional sources, so there’s an anticipation that there will be a broader group of consumers that have access and appetite for Bitcoin.”

Killeen says there have recently been “exciting progressions” in terms of scaling the currency up to a level where it can be used for more purchases.

“In 2019 we’re actually seeing higher layer infrastructure development rapidly progressing and so by that, what I mean is, the development of Lightning Network and the quick adoption from an early-user set of Lightning Network, as well as entrepreneurs building on top of Lighting Network, and so that will provide scale and has already. We’re looking at the introduction of sidechain technology including Blockstream’s Liquid network which gives us a new breadth and depth of use cases of the blockchain.”

The StillMark partner also believes Bitcoin stands alone among cryptocurrencies in terms of “stability, security and dependability,” and that it will serve as the main store of value in the crypto ecosystem going forward.

Ethereum

Justin Drake, a researcher at the Ethereum Foundation, says ETH 2.0 genesis block could launch at the beginning of next year.

“Looking at a target Genesis date toward the end of 2019 could be realistic. One thing that could work well is the third of January 2020, so… that comes after the December holidays, which are generally quieter, and it would be the 11th anniversary of the Bitcoin genesis.” 

Ripple and XRP

In a new interview, Ripple’s general counsel Stuart Alderoty talks about Ripple’s efforts to work with regulators.

Alderoty told Law.com that Ripple is constantly engaging with representatives around the world to teach them about blockchain and cryptocurrency.

“We have government affairs, full-time representatives in the U.S., in Europe, in Asia Pacific. We regularly meet with regulators to educate them, to get them more comfortable with what we’re doing and trying to do, which is to solve for the very real-world problem of being able to move money cross-border without a lot of friction and expense.

We’ve also sat on the Federal Reserve Faster Payments Task Force. We’ve hosted a summit for central banks to learn more about blockchain. We regularly speak on panels. We’re often invited by regulatory organizations to come speak or serve on panels. I would say we’ve engaged with more than 50 regulators and policymakers worldwide on this issue.”

Litecoin

Litecoin’s halving is now 50 days away, according to a countdown clock from CoinGecko.

The Litecoin block reward for miners will decrease from 25 to 12.5 coins, a difference in value from about $3,542 to $1,726, according to current market prices.

Tron

Tron founder Justin Sun is moving the location of his much-publicized $4.6 million lunch with famed investor Warren Buffett to the “heartland of tech.”

Sun says the meeting will happen in San Francisco for the first time in its history.

“We decided to move this year’s lunch to a restaurant in the Bay Area to further shine the spotlight on GLIDE’s amazing charitable efforts. I’ve also said we want to bridge the gap between the world of blockchain and institutional investors. Nowhere is that goal more apt than in the heartland of tech.”

Augur

Augur is working to explain how and why prediction markets work.

The company has released a thought experiment explaining the mechanics. It also plans to publish a future post on how decentralized prediction markets operate.

VeChain

OceanEx has released an alpha version of its crypto exchange and asset management platform on iOS, built on the VeChainThor blockchain.

Features include trading pair recommendation for new users and fast tracks for deposits and withdrawals.

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