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COT Reports Highlight BTC Futures Gap, EOS Gains 17%, CHZ Targets Soccer Fans, Sep. 9

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Bitcoin holds support for the week as EOS gains 17% and soccer club Atletico Madrid joins the sports teams embracing fan tokens.

BTC

In my last article I wrote that Bitcoin,  

…saw support at a weekly resistance level around $9,500 and this gives hope for further gains.

We did see some gains with BTC rallying through the $10,000 level once more. The price went close to $11,000 before settling around $10,250. 

The price of BTC is consolidating and trading in a range as we await some kind of catalyst for a breakout. We still have two weeks until the Bakkt exchange goes live and this may be the event that provides additional volumes. 

Data from the weekly “Commitment of Traders” report released by the U.S. Commodity Futures Trading Commission (CFTC) shows the difference between the volumes in Bitcoin versus other commodities on the futures exchange. The current volume on the Chicago Mercantile Exchange (CME) Bitcoin futures contract is very light in comparison to gold and crude oil.

Many hope that the upcoming Bakkt contract will bring the volumes more in line. The Bakkt futures contract will provide physical delivery and institutional-grade security which is more in line with the other assets. The figures are slightly skewed by the fact that small speculators are more centered on other exchanges and that there is less commercial demand. If we do see large speculators and fund managers adding to their portfolios, however, it will be positive for prices and the additional liquidity will also solve the volatility that BTC has been criticized for in the past. 

bitcoin price
BTC Price Index

I mentioned in a previous article that the correction in BTC was a measured move and a simple pullback from the over-extended rally. The Fibonacci support at 38.2% of the rally is still holding and we are awaiting confirmation of the next direction. We may not see much happening over the next two weeks but it will be interesting to see how the Bakkt futures launch affects volume and whether we will see the futures contracts gap close between BTC and its peers.

EOS 

EOS is one of the top performers on the week with a gain of 17%, which sees EOS hold the number 7 spot in the list of coins with a market cap of $3.6 billion and the price trading near $3.90. 

eos coin
EOS Price Index

We can see on the weekly chart that there is a convergence of key resistance around the $4.00 mark with the 50 moving average residing there also. A strong move above there would signify further gains ahead. If the price can push higher, then the $7-8.00 level is next resistance. 

Block.one recently provided a strategic vision for the growth of the project with the goal of making EOSIO “the most performant blockchain software in the market.”

The core areas of the vision are defined as:

  • Scalability: More apps, more users
  • Developers: Better tooling, faster app development
  • Users: Greater security, less friction
  • Enterprise: Greater flexibility, better compliance

A project that is utilizing the EOS blockchain is GeneOS, which is focused on wellness insights and genetic data.

geneos

One of the highlights of the project is the goal to allow users to rent their health or genetic data for research. This is one of the benefits of blockchain and is an example of how it can benefit science and the public. Blockchain marketplaces where users can monetize their data is something that could disrupt areas such as social media, where platforms are free to use but are harvesting personal data and consumer habits.

CHZ

Spanish soccer team Atletico Madrid have become the latest club to link up with the Socios.com blockchain and the Chiliz token (CHZ).

atletico madrid token

Fan tokens are digital assets that allow fans to interact with the club through the app and earn rewards for participation. These rewards could later be used for merchandise and games and are also tradeable with the CHZ token, which is currently listed on Binance. 

Atletico is the latest in a list of big-name teams that have joined with Socios, including Juventus and Roma of Italy, Paris St Germain and also England’s West Ham United. A member of Atletico Madrid’s board commented on the partnership:

It is a pleasure to join this technological platform that other great European clubs already use and that will allow us to engage and interact with our fans from all over the world in a very innovative way. We are a Club that is constantly committed to technological innovation and in this sense, we see it as very positive to join the Socios.com community.

Atletico is listed at number 13 in a list of football clubs by value with an estimated net worth of $848 million. The other CHZ teams are also there Juventus at 9th being the richest with a valuation of $1.47 billion and annual revenue of $442 billion. 

We can expect to see other teams join the platform in the future, which would add demand for Chiliz as the token is needed for fan tokens. The current price of CHZ is $0.009 and the coin is ranked at 115 on the market cap list. The fan base of these teams could be a game-changer for CHZ which has a current market cap of $30 million.

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EOS Price Analysis and Prediction for September 16th 2019 – Can EOS HODL $4 Support?

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It’s a great start to a new week for cryptocurrency markets. While there aren’t any big price changes, most markets are in the green today which is a great sign. EOS has finally reached the dreaded $4.0 support level. Let’s take a look at some relevant EOS news and see if anything caused that spike, we will also take a look at the charts and see what they have in store for us.

coinmarketcap
Source: Coinmarketcap

EOS News

The biggest news for EOS, and the main reason the price is exhibiting so much bullish momentum is due to the upcoming EOS version upgrade on September 23rd. As discussed in our previous EOS price prediction:

“THE BIGGEST DEAL ABOUT THE NEW EOS UPGRADE IS THAT IT WILL ALLOW DAPPS TO PAY USERS FOR THEIR CPU POWER.”

This new feature will give EOS a leg up on Ethereum and allow developers to create some truly revolutionary dApps. Ethereum is also gearing up for its ETH 2.0 upgrade on November so the two smart contract platforms are definitely going head to head.

In other not so positive news, NullTX reported how a hacker stole 30,000 EOS by exploiting a gambling dApp. The app in question is called EOSPlay and the hacker used the REX platform which allowed him to stake CPU power and in exchange “negate” other users’ transactions. An extremely clever technique that was going to be used to exploit an app by someone sooner or later.

EOS Price Analysis

eos price chart double top 9/16/19

Relative Strength Index: The RSI is currently at a healthy 43 points. It’s a bit low, but that’s expected given the recent slight price decline.

Bollinger Bands: The price is also leaning towards the low end of the band which most likely means it will stay at the current level for a few more hours at least.

Volume: The volume is surprisingly high at the time of writing. That’s most likely because it’s a start of a new week when market action usually picks up.

Double Top: With the EOS price dropping from a high of $4.15 to a current of $4.09, a double top pattern has formed. This pattern is extremely bearish, but the caveat here is that a double top usually signifies medium to long term trend change. Since we are looking at the 15 minute chart, we are dealing with short term trends. As such, there’s no reason to take the double top too seriously.

EOS Price Prediciton

Because we’re at the start of a new week, and with the EOS and Ethereum upgrades ahead of us, I’m going to predict that EOS will be able to hold the $4.0 support. Even though some news came out about the EOSPlay hack, 30,000 isn’t that significant and won’t have much of an impact on the market. On the other hand, with the new EOS version upgrade coming up in seven days, bullish momentum is in the works for the cryptocurrency.

On another note, it’s important to keep a good eye on Bitcoin’s price movements. As any big swings will have a similar effect on the rest of the crypto markets.

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EOS Price Analysis – Bulls are Taking Over the Market

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EOS price:$4
Key EOS resistance levels:$4.5, $5, $5.6
Key EOS support levels:$3.7, $3.2, $3

*Price at the time of writing

EOS Long Term Trend Price Prediction: Bullish

The mid-year bearish correction seems to be over for EOS EOS, 8.69% as the market shows a positive momentum after relying on the $3 key support since early this month. The latest price growth has currently brought the market to $4, making the EOS price to correct 33% gain over the past 7 days and 8.45% gain under 24-hours of trading.

As we can see on the daily chart, the price is attempting to breakthrough from the descending channel pattern, which has been carving since June. Following yesterday bullish engulfing pattern, we can expect a price push to $4.5, $5 and $5.6 on the upside.

On the other hand, we may as well witness a price pull to $3.7, $3.2 and $3 support if the sellers manage to regain control of the market. A drive below the important support at $3 might lead to a serious bearish action in the market.

EOS is looking bullish on the RSI after bolstering at the 30 level since mid-July. The price is now significantly shooting at the 70 level. The Stochastic RSI is revealing a bullish momentum but appears weak at the overbought zone.

EOS Medium Term Trend Price Prediction: Bullish

The past few days of price increase has made EOS to reach $4 and at the same time testing the channel’s upper boundary. The token may drop if the price action keeps respecting the four weeks channel pattern. However, we can expect the $3.7, $3.5 and $3.2 to provide supports for the market.

Currently, the EOS market has slightly broken above the channel’s upper boundary yesterday. If the break becomes significant, we may see a decent rise to $4.3, $4.6 and $4.9 resistance. But now, the market is yet to give a clear sign for a breakout.

As we can see, the RSI is lying on the overbought region, showing a little bullish weakness, although the buyers may regroup back if the RSI 50 can hold. The Stochastic RSI has reached an overbought area after revealing an ongoing buying pressure in the market. EOS may see a little price drop before rising back.

EOS Short Term Trend Price Prediction: Bullish

EOS is caught in a bullish trend on the hourly chart, although a sell is signaled on the technical indicators. If the RSI indicator follows the September 7 bearish divergence signal, the price may still rise a bit to $4.2 and $4.4 resistance before it clearly plays out on the price chart – whereby retracing to the rising trend line (yellow).

However, the Stochastic RSI will continue to oscillate within its limits, although currently in the oversold area. In case of a sudden price drop, the closest support to watch out for is $3.8 level. A drive below the yellow line may cause the price to slump heavily to $3.6, $3.4 and $3.2 on the downside. For now, the bulls are gaining control of the EOS market.

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EOS gambling dApp’s loophole exploited; attacker walks away with 30,000 EOS

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The parent blockchain of EOS token, EOSIO became a casualty of an attack, after a gambling dApp was exploited by an attacker, accumulating 30,000 EOS (approximately amounting to 111,000 $) in the process.

The intruder reportedly took advantage of a loophole in the dApp EOSplay, permitting him to win consecutive rolls by filling the blocks with paid transactions.

Twitter user @rektkid, was one of the first to notice the intrusion. He took to the social media platform to explain that the attacker had taken the help of REX, an ESO resource exchange for RAM and CPU outlets, which led to consistent fill-up of blocks with transactions, allowing him to create a continuous win situation on the gambling app. After over 30,000 EOS was transferred to the attacker’s wallet, the blockchain’s network froze.

Source: Twitter

However, the attack may have effected the network more than it was expected.

Another twitter user Dexaran, provided more insight into the attack and claimed that all his contracts on the EOS mainnet had stopped due to high network congestion. He added that his 20 staked EOS CPU gave him a feeble network signal of 6 ms instead of the 2800 ms in normal state.

He contemplated the intruder’s plan of action and addressed how the attack occurred. An update on the network was released by Dexaran. He said,

“Attack stopped, network is back in a normal mode.

>30K EOS stolen because of the vulnerability of DApp design.

Not $EOS flaw. Just a smart-contract that was hacked. To smart-contract devs: 1. Follow best security practices. 2. Do not rely on on-chain source of entropy in EOS.”

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