Bitcoin Looking Weaker

Bitcoin Looking Weaker


 

Bitcoin is looking weaker than it was a week ago, by more than 2 percent Friday.

In the last 7 days, the most popular cryptocurrency lost its value by $150.

After climbing above the $7500 level, Bitcoin showed a downward trend since Monday.

Bitcoin touched two-week low of $7150 on crypto exchange Bitfinex Thursday, its lowest level since November 24.

However, it managed to make a shallow bounce of $100 in the past 24 hours.

As of this writing, Bitcon is trading at $7250.

Despite losing its weight heavily in the latter half of 2019, the cryptocurrency is still up by 100 percent from its value at the beginning of this year.

But it's nowhere near the year's peak of $12575 registered on July 9.

Investors are optimistic of a Christmas-rally in December, reports said last week, but if the current trend is any indication, 2018 year end looks gloomy.

 

By Joji Xavier ✉ | Published: 12/13/2019 10:08 AM ET

Sally Ho’s Technical Analysis 13 December 2019 BTC ETH

Sally Ho's Technical Analysis 13 December 2019 BTC ETH

Bitcoin

Bitcoin (BTC/USD) came off early in today’s Asian session as the pair depreciated to the 7183.29 area after peaking around the 7249.99 level late in yesterday’s North American session. The pair had steadily appreciated since yesterday’s Asian session when the pair had traded as low as the 7075.01 area. Traders continue to encounter selling pressure when price activity rapidly moves higher with very little follow-on buying giving way to selling pressure that once again has traders eyeing the psychologically-important 7000 figure. This has been seen at least twice this month, including when the pair rocketed to the 7775.00 area before coming off and then again appreciating to the 7659.38 area before again declining.

These spikes in price are being capped at lower highs and are becoming more shallow, increasing the risk of a sharper downward movement as Bids become absorbed during these retracements lower. Chartists anticipate some buying pressure around the 7022 – 7053 range with additional Bids expected around the 6851 – 6899 range. Below those areas, the 6653 and 6323 levels remain downside price objectives related to the late-October high of 10540.49. The 6850.00 area is also one being closely watched, as it was a recent relative low print from 27 November.

Price activity is nearest the 50-bar MA (4-hourly) at 7,350.47 and the 50-bar MA (Hourly) at 7,187.79.

Technical Support is expected around 6775.47/ 6653.57/ 6323.42 with Stops expected below.

Technical Resistance is expected around 7870.10/ 8062.04/ 8338.78 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

 

Ethereum

Ethereum (ETH/USD) weakened early in today’s Asian session as the pair fell to the 144.03 level after trading as high as the 146.12 level late in yesterday’s North American session. Traders had steadily lifted the pair from the 139.10 area during yesterday’s Asian session. Stops were elected below the 141.71 area during the move lower this week, an important technical development because that level represents the 61.8% retracement of the recent 131.80 – 157.73 range. During that move lower, traders stopped just short of testing the 137.92 area, a level that represents the 76.4% retracement of the same range.

If that level is tested and absorbed, it will open up a move to the 132.90 area, a key area that represents the 23.6% retracement of the move from 302.20 to 80.60. If the 132.90 area gives way, traders will focus on the 131.80 area and if Bids around that level are absorbed, traders will eye the 127.14 area as a downside price objective. Major Stops are likely in place below some of these downside levels, especially the 127.14 area because it represents a major downside price objective that became technically relevant following the late-October high of 199.50 and the pair’s subsequent trading activity around the 177.25 area on 20 November.

Price activity is nearest the 50-bar MA (4-hourly) at 146.70 and the 50-bar MA (Hourly) at 143.83.

Technical Support is expected around 137.92/ 131.80/ 127.14 with Stops expected below.

Technical Resistance is expected around 146.59/ 149.31/ 152.11 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

 

December 13, 2019

By Sally Ho

Bitcoin amp Crypto Market Bleeding: BNB BCH LTC EOS Analysis

Bitcoin & Crypto Market Bleeding: BNB, BCH, LTC, EOS Analysis

  • The total crypto market cap is declining and struggling to stay above the $188.0B support.

  • Bitcoin price is down more than 2% and it broke the $7,200 support area.

  • Litecoin (LTC) price is declining and approaching the $43.20 support area.

  • BCH price is somehow holding the main $200 support area.

  • EOS price is sliding and it seems like it could soon test the $2.500 support area.

  • Binance coin (BNB) is now well below the $15.00 level and it might struggle to stay above $14.20.

Bitcoin (BTC) and the crypto market cap declining steadily. Many altcoins such as Ethereum (ETH), binance coin (BNB), ripple, litecoin, BCH, EOS, TRX, and ADA are under a lot of pressure.

Bitcoin Cash Price Analysis

In the past few sessions, bitcoin cash price mostly traded in a range below the $220 and $225 resistance levels against the US Dollar. More importantly, BCH price somehow holding the main $200 support area. If there is a downside break below the $200 support, there is a risk of a drop towards the $185 level.

On the upside, an initial resistance is near the $215 level. However, the main hurdles are still near the $220 and $225 levels.

Binance Coin (BNB), Litecoin (LTC) and EOS Price Analysis

Binance coin (BNB) price declined recently and settled below the $15.00 support area. BNB price even spiked below the $14.50 support and it is now consolidating losses. On the upside, there are resistances near the $14.80 and $15.00 levels. On the downside, the main support is near the $14.20 level.

Litecoin price is declining and it recently settled below the $45.00 and $44.50 support levels. LTC price is now approaching the $43.20 support. If it fails to stay above the $43.20 support, the bears are likely to aim the $41.00 support area in the near term.

EOS price is failed to stay above the $2.600 support area and it is sliding toward the $2.500 area. If the price continues to decline, the bears are likely to lead the price towards the $2.350 level. On the upside, the $2.600 and $2.650 levels are now likely to act as hurdles.

Crypto Market Cap

Looking at the total cryptocurrency market cap hourly chart, there was a steady decline below the $195.0B support area. The crypto market cap test the $188.0B support and it seems like it is struggling to hold the ground.

Therefore, a downside break below the $188.0B support area is likely to spark another slide in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, XLM, BNB, TRX, XMR, and other altcoins in the near term.

 

Aayush Jindal

Bitcoin BTC Price Downside Thrust Underway Bulls Struggling

Bitcoin (BTC) Price Downside Thrust Underway, Bulls Struggling

  • Bitcoin price failed to stay above the $7,400 support and declined recently against the US Dollar.

  • The price is trading below $7,280 and it could even decline below the $7,160 support.

  • There is a major declining channel forming with resistance near $7,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair remains at a risk of a downside thrust below $7,160 and $7,040 in the near term.

Bitcoin price is showing a few bearish signs below $7,280 against the US Dollar. BTC is likely to continue lower below $7,160 unless it climbs above $7,400.

Bitcoin Price Analysis

Yesterday, we saw a downside break in bitcoin price below the $7,400 support against the US Dollar. BTC price broke many supports near $7,320 and settled below the 100 hourly simple moving average.

Moreover, the bears were able to push the price below the $7,280 support area. Finally, the price traded below the $7,200 support and tested the $7,160 support zone.

A low was formed near $7,159 and the price is currently correcting higher. An immediate resistance is near the $7,240 and $7,250 levels. Besides, there is a major declining channel forming with resistance near $7,240 on the hourly chart of the BTC/USD pair.

Above the channel resistance, the $7,280 level is a key resistance. Additionally, the 23.6% Fib retracement level of the recent drop from the $7,664 high to $7,159 low.

If bitcoin manages to recover above $7,240 and $7,280, the price could climb towards the next major resistance near the $7,400 area. More importantly, the 50% Fib retracement level of the recent drop from the $7,664 high to $7,159 low is also near the $7,410 level to stop the bulls.

If the bulls succeed in clearing the $7,400 resistance area, the price could surge towards $7,660 or $7,700. On the other hand, the price may perhaps continue to move down below $7,200.

An immediate support is near $7,160, below which the price is likely to accelerate towards $7,040 or $7,000 in the near term. Any further losses might call for a test of the $6,600 area.

 

Bitcoin Price

Looking at the chart, bitcoin price is facing an increase in selling below $7,400 and $7,280. As long as it is trading below $7,400, there remains a risk of another drop below $7,000.

Technical indicators:

Hourly MACD – The MACD is showing negative signs in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level.

Major Support Levels – $7,160 followed by $7,040.

Major Resistance Levels – $7,280, $7,400 and $7,420.

 

 

Aayush Jindal

Bitcoin Bears Back on Bakkt Launch as Markets Tumble Again

Bitcoin Bears Back on Bakkt Launch as Markets Tumble Again

Around $6 billion has been dumped out of crypto markets over the past few hours as the bears return again.has been dumped out of crypto markets over the past few hours as the bears return again. Coincidentally it has happened again, right after Bakkt launched more institutional investment products for Bitcoin.

Bitcoin Barrels Towards $7k

BTC charts were looking positive during late trading yesterday but the Asian session changed all of that. A brief spike above $7,600 was followed by a massive dump back to $7,270 according to Tradingview.com. Bitcoin is currently trading in the $7,350 range but analysts are growing increasingly bearish.

The wicks up have been a bearish test of resistance that was too strong to overcome and BTC is currently battling at the point of control according to analyst Josh Rager.

“Bitcoin is battling the POC at $7315 area and so far holding steady. Below that we’d want to look at the low of the value area – $7100s (sweep of low $7080)”

He added that the asset is still ranging in what could be an accumulation area. Yesterday’s mini-survey on CT resulted in a very even split of market sentiment from the 2,000 respondents though 53% were bullish.

The bottom in 2018 consolidated around or below $4k for almost four months in what was a painfully chilly crypto winter. If this really is the new bottom then BTC could range in this channel until February next year when halving FOMO revives it.

No Favors From Bakkt

Coincidentally this latest drop comes just after Bakkt launched more institutional investment products. The last time this happened was in late September when crypto markets dumped $10 billion following the launch of its BTC futures contracts.

Today markets are down over 21% from those levels and poised to drop below $200 billion again as the bears gather steam. There has been a lot of negativity towards Bakkt from the crypto community following yesterday’s launch of BTC monthly options and cash settled futures in Singapore.

Many feel that these products are providing more tools for institutions to suppress the price of the digital asset. Cash settled futures do nothing for Bitcoin as it is instantly liquidated back into markets on contract expiry.

Day one of trading started well with over a thousand cash settled contracts opened at ICE Futures Singapore according to the official Bakkt channel.

Elsewhere on Crypto Markets

As usual the altcoins have followed their big brother again in a tediously predictable pattern. The $6 billion market dump has seen no survivors but some are suffering more than others.

Ethereum has lost 2% to fall back below $150 again while XRP and BCH have done the same. Following an impressive weekend of gains Tezos is dumping hard today with a 6.5% slide and Cosmos is not far behind.

Today’s altcoin suicide though is MATIC which has just been obliterated 70% an hour or so ago.

 

Martin Young

Make or Break Time For Bitcoin How Likely is Another Final Capitulation?

Make or Break Time For Bitcoin, How Likely is Another Final Capitulation?

Following a little momentum last week Bitcoin spent most of the weekend consolidating. It has been pretty flat for the past fortnight and analysts are now considering the unpopular premise of a final capitulation approaching which would mirror movements from this time last year.

Bitcoin Bulls and Bears Poised

Crypto markets were lifted on Friday which resulted in BTC topping out over $7,600 briefly on Saturday. A Sunday dip to $7,400 was quickly recovered and the best part of the past two days has been spent at $7,500.

BTC price 1 hour chart – Tradingview.com

Since the big dump on November 25, Bitcoin has remained at this level with very little momentum to take it higher. There have been two green weekly closes but nowhere near enough to cancel out last month’s massive red candles.

Sentiment is generally mixed at the moment with a number of analysts eyeing the possibility of another final capitulation as charts are beginning to mirror patterns this time last year when BTC dumped into the $3k zone.

Trader and analyst Jacob Canfield polled some of his followers to gauge sentiment of the two opposing groups of Bitcoin bulls and bears.

Unsurprisingly things were very close from the 1,500 or so respondents at the time of writing with just over half of them bullish. Another sentiment measure is the BTC fear and greed index and that is still registering a fearful 28 at the moment.

Any move south from here is likely to retest the $6,500 level first. A final capitulation however could see prices plunge to $5k which is where the 200 week moving average lies and the first level of resistance on the upside of the rally in April.
 

When Halving Pump?

Eventually though, halving FOMO will start to kick in as mathematical scarcity notion takes a grip. There is usually a little momentum in the lead up to the event but we still have around six months to go. A final shake out could be the last good buying opportunity before a bull market after the halving in 2020.

Replying to a chart comparison, trader and analyst Josh Rager noted that this still feels like the accumulation phase that occurred last year.

It is also highly likely that this consolidation could continue until after the New Year as traders take a break over the festive period.

Either way, if history rhymes there will be a big upside push for the halving as there has been for the past two. Economic principles like stock to flow models are hard to ignore, especially when the banks of the world are trying their hardest to devalue traditional currencies.

Whatever happens in the short term for Bitcoin should not deter investors but it may irk the day traders who are largely responsible for all of this volatility in the first place!

 

Martin Young

Secret Bitcoin Indicator Signals Major BTC Bull Run Incoming Says Crypto Hedge Fund Insider

Secret Bitcoin Indicator Signals Major BTC Bull Run Incoming, Says Crypto Hedge Fund Insider

An analyst at the crypto hedge fund Adaptive Capital is releasing a mysterious chart that he says indicates a major Bitcoin bull run is about to begin.

According to Willy Woo, who invented the Network Value to Transactions Ratio (NVT) to measure the dollar value of crypto transactions relative to network value, Bitcoin’s on-chain volume suggests the bottom is in and a long-term rally is about to begin.

“On-chain momentum is crossing into bullish. Prep for halvening front running here on in. Can’t say what this indicator is, as it’s proprietary to @AdaptiveFund , but it tracks investor momentum.

The bottom is mostly likely in, anything lower will be just a wick in the macro view.”

The debate on the potential impact of Bitcoin’s upcoming halving (aka halvening) is hitting a fever pitch as 2019 comes to a close.

The halving is set to happen in May of next year, slashing the reward miners receive for each new block of Bitcoin, reducing it from 12.5 BTC to 6.25 BTC.

The event happens every four years on average, slowing the amount of new BTC entering the market as the leading cryptocurrency slowly approaches its hard cap of 21 million coins.

Analysts like PlanB say BTC’s price history shows halvings have been strongly correlated with previous Bitcoin rallies.

But other analysts, such as Morgan Creek Digital’s Jason A. Williams, say BTC’s next halving is so highly anticipated that it may already be priced in.

The co-founder of mining giant Bitmain, Jihan Wu, says that although he’s a long-term Bitcoin bull, he’s also not convinced the halving will trigger the next rally, reports the Chinese crypto news outlet 8BTC.

“Bitcoin halving may not lead to bull market, but I am positive about the long-term trend of Bitcoin’s price.

There are many uncertainties, but now is a good time to invest in crypto mining. If I were a miner, I would not stop mining and continue to invest in mining equipment. We are currently in a short-term correction of price. Having a long-term perspective is important. If Bitcoin’s price remains unchanged after halving, the efficiency of existing equipment must be improved to balance efficiency and computing power.”

 

December 8, 2019

Daily Hodl Staff

Bitcoin Price Still on Track to Hit 6200 Eerily Accurate Fractal Predicts

Bitcoin Price Still on Track to Hit $6,200, Eerily Accurate Fractal Predicts

Bitcoin’s precipitous drop to $6,600 seen earlier this month caught many traders aback; nearly no one, not even the top traders and analysts, expected for that price action to play out as it did in real life. Few predicted the subsequent bounce to $7,800, where BTC sits as of the time of writing this, too.

Though, one trader has been calling the moves all along, using a lesser-known and slightly unorthodox method of analysis to predict the directionality of the Bitcoin and cryptocurrency market.

Related Reading: Eat My Shorts: Everything You Need To Know About The Bitcoin Bart Pattern

Bitcoin Fractal Implies 18% Drop

Over the past few months, a popular trader on Twitter, NebraskanGooner, has been touting what is known as a “fractal” via his social media pages.

A quick aside for those unaware of what a fractal is: a fractal, in financial markets, is when the historical price pattern or direction of an asset is reflected/seen again on a different time frame and/or for a different asset. While some analysts see them as pure coincidences, analyses have found that fractals can work well for Bitcoin and other cryptocurrencies, potentially due to the inherent cyclicity of this market.

The fractal predicted the cryptocurrency’s dramatic price drop to $6,600 weeks before it took place, and the subsequent recovery to nearly $8,000 seen a week or two back. Now, as Nebraskan recently pointed out, it shows that Bitcoin is about to fall off a precipitous cliff in the coming week or two, in a move that may bring the price of BTC to $6,200, maybe even lower. That would represent an 18% drop from current levels.

That’s not all. The analyst pointed out in a separate post that Bitcoin’s weekly chart looks bearish again in spite of the fact that a recovery was seen after the strong move lower. The analyst specifically remarked that BTC failed to break the key 99-week simple moving average and a horizontal zone of resistance, before adding that the “increased buyer volume” narrative is a clear misnomer and that the on-balance volume indicator saw a bearish retest.

With that in mind, the cryptocurrency trader remarked that he expects for Bitcoin to see a “slow bleed” lower, which will be marked by investors trying to buy the dip and then being stopped out, then a “fast dip with rapid absorption” in the $6,000s.

 

Nick Chong

British Virgin Islands Government Turning to Blockchain?

British Virgin Islands Government Turning to Blockchain? 

Blockchain technology was first introduced through Bitcoin as a means to aid and empower global citizens. However, governments worldwide are increasingly looking into the nascent tech as a means of building out their own economies and national infrastructure.

Cryptocurrency and blockchain tech have broad applications, as has been exemplified by implementation into a plethora of industries: from cloud computing and predictive analytics to accounting and healthcare. As the space continues to mature, the influence blockchain has as society transitions towards a digital economy will become further evident.

BLOCKCHAIN IN GOVERNMENT

It’s no secret that governments across the board are now looking into blockchain. While some have only just begun dipping their toes into cryptocurrency, others are wholly entrenched with blockchain initiatives across various sectors. The United States government, for example, has already engulfed on a number of projects, including a healthcare data exchange for patients and 3d printing file storage at military bases.

Recently, China has dominated headlines after the nation’s President, Xi Jinping, held a press conference stating China’s intention to go big on blockchain. This recent initiative includes a state-led blockchain alliance with major Chinese cryptocurrency firms to build out blockchain infrastructure throughout the country.

Critics highlight the danger of China’s recent endorsement as a means to leverage transparent and immutable properties of the technology to further increase surveillance on their citizens. Similar concerns have been applied to regimes like North Korea and Russia, who have similarly displayed a curiosity towards blockchain.

ACCELERATING EMERGING ECONOMIES

Beyond potential to further restrict individual freedoms, governments can also utilize digital currencies as a means to bring greater consistency, autonomy, and efficiency to their respective currencies and broader economies. This opportunity is especially worthwhile for third world and emerging nations looking to evolve towards a more digital, interconnected national economy.

Early proponents of cryptocurrency, such as Malta and Estonia, have already reaped benefits from their integration. Malta’s crypto-friendly corporate and tax laws sparked a major GDP boost when cryptocurrency firms worldwide, such as Binance, chose to relocate the island nation. Estonia leveraged blockchain to take their various aspects of their government digital, such as healthcare records for the nation’s 1.3 million citizens. In doing so, they’ve seen major savings in operating costs and gains in efficiency.

Premier Andrew Fahie and Sanjay Jadhav (left)

BRITISH VIRGIN ISLANDS DIGITAL CURRENCY INITIATIVE

A recent pioneer in blockchain integration is found through the British Virgin Islands. Leaders in the BVI have advocated to push the archipelago towards a greater presence in the emerging Financial Technology sector.

As part of this goal, British Virgin Islands hosted its BVI Digital Economy symposium on December 3. This event connected over 100 stakeholders across the private and public sector to strategize and receive further education on the nation’s transition towards a digital standard.

A major highlight of the symposium was seen through a presentation given by philanthropic blockchain startup LIFElabs.io regarding the ongoing BVI~LIFE project. The British Virgin Islands have partnered with LIFElabs to build out a national digital currency as an alternative to the US Dollar, which the government has relied on for business and consumption since 1959.

The central digital currency, coined BVI~LIFE, will be pegged 1:1 against USD and is built as a means to reduce transactional costs, improve transaction speeds, and improve the ability to conduct business between islands. The currency will be available to BVIslanders and tourists alike.

Another component of the project is seen through the Rapid Cash Response (RCR) fund. In 2017, Hurricane Irma spawned US$3 billion in damages across the BVI and instigated immeasurable emotional trauma to citizens. Much of the damage was seen through the aftermath, with insufficient liquid capital available to alleviate the effects of the hurricane. The RCR will enable rapid deployment of funds in order to minimize the damage from future disasters.

If successful, this digital currency initiative could reposition the British Virgin Islands as a noteworthy player in FinTech and blockchain. Additionally, such a success may likely act as a catalyst for other nations, particularly those burdened by a cash-dominated economy, to embark on similar projects.

Mark  5th December 2019

 

Can Central Bank Digital Currencies Oust Bitcoin and Ethereum?

Can Central Bank Digital Currencies Oust Bitcoin and Ethereum?

The debate around central bank digital currencies (CBDCs) has been raging on for the last year, and governments across the world have been studying and researching them very intricately. As more governments explore digital money, some traditional-minded economists believe that these currencies can erode the value of public ledger cryptocurrencies.

Understanding the Value of Decentralization and Censorship Resistance

Central bank digital currencies will simply be another form of fiat. The main difference between regular fiat and a CBDC will just be their form and efficiency. In essence, all the money in your bank account is digital fiat currency. You can choose to print it into existence at an ATM or simply transact with the digital variant using cards, cheques, etc.

Fiat currencies are not inherently present. By this, I mean a dollar bill is not actually a dollar – it’s an IOU for a dollar from the central bank or the Federal Reserve. Cash is a term used to classify securities that are liquid and easily convertible, but all cash is merely a debt note. Ever since the gold standard was abolished, the redeemable features have been non-existent, rendering the dollar bill itself into a true commodity.

Bitcoin and Ethereum derive their value from being inherently present and uncensorable. Bitcoin is a decentralized store of value and a simple payments ledger, while Ethereum enables a world of financial activity. Store of value and payments are very much present in traditional finance by way of equities, bonds, and gold for SoV properties, and various systems and processors for payments. So where does the real benefit lie?

Firstly, nobody can stop anyone from doing anything. Bottom line, that is the true value. When you look at decentralized technology, what you are looking at is a political revolution masked by a layer of secure, distributed technology. UMA Protocol is a synthetic asset minting system that runs on Ethereum. It allows anyone to recreate any real-world asset and mimic its price action. The implications of this are a synthetic Tesla stock that a retail investor can invest in from Estonia. For the Estonian resident to do so via the New York Stock Exchange and traditional channels would take mounds of paperwork and hours – if not days – of time. With UMA, it’s a matter of minutes.

Understanding this industry lies in the social repercussions it brings with it. The technology, the blockchain – they are just tools that make the political revolution possible. In reality, these systems are about creating something that cannot discriminate or seize. A system for the people, by the people.

 

The End Game

At long last, the conclusion of this is that central bank digital currencies are an efficient version of fiat. And while they improve on the weaknesses in payment throughput and cost, they do not even skim the surface when it comes to censorship.

In fact, given the absolute lack of privacy over CBDC ledgers and the massive amount of data that can be procured, they are actually even worse than regular banks and paper fiat.

 

Published by Ashwath Balakrishnan at December 4, 2019