Tag Archives: bitcoin news

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

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

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

Are Bitcoin Traders That Bought at 3-6k Starting to Sell BTC Now?

Are Bitcoin Traders That Bought at $3-6k Starting to Sell BTC Now?

On-chain metrics can offer valuable insights into Bitcoin market movements and the latest data is showing that unrealized losses are mounting up. This could lead to a larger selloff as those that bought the dip in late 2018 fear for loss of profits now.

Bitcoin Selloff Resumes

Following the weekend’s push to close in on $8k, there has been a slide of almost 8% as the king of crypto retreats for the seventh time since late June. The correction from this year’s peak is currently 48% and analysts are suggesting that it is not over yet.

Chances of a ‘Santa rally’ are dwindling as the asset looks set to dip into the $6k region again this week. There may well be no recovery until the halving approaches in six months’ time, and that may even take a while to gather momentum.

On-chain data has been used to analyze estimated cost basis and 45% of investors are currently in the red. CIO of Point-Slope Capital Chris Russi has been looking at the figures and they do not bode well.

“While it’s been quite a drawdown from the ~$13k top in June, I still expect slightly more pain to push that # closer to ≥50% until we trend up again.”

A 50% figure would have a BTC price of around $6k which is where a number of technical analysts expect it to go. Mid-$5ks could also be possible as that is where the asset held for a month before initiating its huge rally up to $13,800.

Russi speculated that the largest capitulators have been those that bought the top. This was exactly what happened after the massive boom in early 2018, day traders dumping for fear of losing too much.

“Biggest capitulators during the draw down period have been top buyers @ ~$12K, recent dip buyers at ~$7.5K-$8K, and people locking in profits from catching the earlier bottom @ $3-$6k”

A scarier thought is another big selloff initiated by those that bought Bitcoin during the depths of crypto winter when it spent five months trading below $6k.

This would negate the premise that there has been more hodling occurring this time around and that institutional players have been stock piling the asset for product liquidity.

It stands to reason that anyone lucky enough to time the exact market bottom (which was just below $3,200 on December 15, 2018) would have been selling on the way up and would not have waited until now to offload.

A higher low is expected which would confirm that the long term trend is still intact and BTC is still heading upwards despite these massive peaks and toughs. If Bitcoin drops back into the $3k zone then the bear market that started almost two years ago is still not over.

 

Martin Young

The Crypto Daily Movers and Shakers -021219

The Crypto Daily – Movers and Shakers -02/12/19

Bitcoin fell by 1.96% on Sunday. Following on from a 2.52% slide from Saturday, Bitcoin ended the week up 6.96% to $7,450.1.

A particularly bearish start to the day saw Bitcoin slide from an early morning intraday high $7,600.1 to an intraday low $7,288.6.

Falling short of the major resistance levels, Bitcoin fell through the first major support level at $7,440.73.

Finding support at the second major support level at $7,281.57, Bitcoin recovered to an afternoon high $7,523.2.

The return to $7,500 levels was brief, however, with Bitcoin sliding back through the first major support level.

Late support led to a move back through to $7,400 levels to limit the downside on the day.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the upside in the week.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

 

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed day for the majors on Sunday.

Bitcoin Cash SV led the way down, sliding by 2.94%.

Binance Coin (-1.72%), Ethereum (-0.42), and Ripple’s XRP (-0.18%) also joined Bitcoin in the red.

It was a bullish day for the rest of the pack, however, with Litecoin and EOS rising by 1.29% and 1.23% respectively to lead the way.

Stellar’s Lumen and Bitcoin Cash ABC saw more modest gains of 0.84% and 0.71% respectively.

For the week, it was green across the board, however, with EOS surging by 15.15% to lead the way.

Bitcoin Cash ABC (7.22%), Ethereum (7.76%), and Litecoin (8.90%) also found strong support.

Binance Coin (3.06%), Bitcoin Cash SV (5.18%), Ripple’s XRP (1.97%), and Stellar’s Lumen (3.41%) trailed the front runners.

Through the week, the crypto total market cap slid to a Monday week low $180.76bn before rebounding to a Saturday week high $211.90bn. At the time of writing, the total market cap stood at $201.29bn.

Bitcoin’s dominance held on to 66% levels. 24-hour trading volumes fell back to sub-$60bn levels on Saturday before recovering to $62bn levels. Earlier in the week, volumes had peaked at $133bn levels.

This Morning

At the time of writing, Bitcoin was down by 0.34% to $7,424.6. A bearish start to the day saw Bitcoin fall from an early morning high $7,462.8 to a low $7,411.3.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was red across the crypto board, with Stellar’s Lumen falling by 1.18% to lead the way down.

Losses elsewhere were modest within the 1st hour, with Ripple’s XRP down by just 0.05%.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,450 levels to support a run at the first major resistance level at $7,603.93.

Support from the broader market would be needed, however, for Bitcoin to break through to $7,600 levels.

Barring a broad-based crypto rally on the day, Sunday’s high $7,600.1 and the first major resistance level should cap any upside.

Failure to move through to $7,450 levels could see Bitcoin fall for 3rd consecutive day.

A slide back through to sub-$7,400 levels would bring the first major support level at $7,292.43 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $7,134.77.

 

Bob Mason

FX EmpireDecember 2, 2019

Bitcoin Weekly Forecast: BTC Eyeing Last Line Of Defense

Bitcoin Weekly Forecast: BTC Eyeing Last Line Of Defense

  • After a decent recovery, bitcoin price faced resistance near the $7,880 level against the US Dollar.

  • The price is currently correcting gains and it is trading near the $7,300 support area.

  • There is a crucial bearish trend line forming with resistance near $7,678 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

  • The price might test $7,200 or $7,000 before a fresh wave towards the $7,700 resistance.

Bitcoin price is struggling to continue higher above $7,500 and $7,800 against the US Dollar. BTC is approaching the $7,000 support and it could bounce back.
 

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin started a decent recovery wave from the $6,521 low against the US Dollar. BTC price gained pace above the $7,000 resistance area. Moreover, there was a break above the key $7,400 resistance area.

Finally, the price rallied above the $7,600 level, but it struggled to test the $8,000 resistance area. It seems like the price formed a short term top near the $7,880 area and the 100 simple moving average (4-hours).

More importantly, there is a crucial bearish trend line forming with resistance near $7,678 on the 4-hours chart of the BTC/USD pair. Bitcoin price is currently correcting lower below the $7,500 level.

Besides, the price is now trading below the 23.6% Fib retracement level of the recent wave from the $6,521 low to $7,873 high. On the downside, an immediate support is near the $7,200 level.

Additionally, the 50% Fib retracement level of the recent wave from the $6,521 low to $7,873 high is near the $7,197 level to provide support. If there are more downsides, the price could test the main $7,000 support area in the near term.

Therefore, a daily close below the main $7,000 support could start a fresh bearish wave. In the mentioned case, the price is likely to break the $6,500 support in the near term.

On the upside, the price is facing a lot of hurdles near the $7,700 and $7,800 levels. However, the price must settle above the $8,000 resistance area, the trend line, and the 100 simple moving average (4-hours) to start a strong rise in the coming weeks.

Bitcoin Price

 

Looking at the chart, bitcoin price is facing a fresh round of selling below $7,500. Though, the price is approaching a couple of important supports near $7,200 and $7,000, where the bulls are likely to take a stand.

 

Technical indicators

4 hours MACD – The MACD for BTC/USD is currently gaining bearish momentum.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now declining and it is well below the 50 level.

Major Support Level – $7,000

Major Resistance Level – $7,700

 

Aayush Jindal