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Bitcoin Gains – Analyst Says Correlation Exists Between Crypto Emerging Markets

Bitcoin Gains - Analyst Says Correlation Exists Between Crypto, Emerging Markets

Investing.com – Bitcoin and other major cryptocurrency prices gained on Monday. Fundstrat Global Advisors’ Thomas Lee’s comments received some focus as he said there is a strong correlation between emerging markets and virtual coins.

Bitcoin was up 0.8% to $6,668.9 at 11:55AM ET (03:55 GMT) on the Bitifinex exchange.          

Ethereum edged up 0.1% to $272.4 on the Bitifinex exchange.              

XRP traded up 0.3% to $0.32328 in the last 24 hours on the Poloniex exchange, while Litecoin was also up 0.6% to $56.654.   

Lee said hedge funds are not buying risk when emerging markets sell-off, while the recent slump in digital assets suggested the funds are not buying crypto either.

"Both really essentially peaked early this year, and they both have been in a downward trend," Lee said in an interview with CNBC. "Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren't buying bitcoin."

Lee added that he believed the bear market could come to an end soon, especially if the dollar weakens and the Federal Reserve slows its interest rate hike policy, and that he thinks bitcoin could surge to $25,000 by the end of the year. "I still think it's possible," said Lee. "Bitcoin could end the year explosively higher."

Cryptocurrency prices received some support on Friday after the U.S. Securities and Exchange Commission (SEC) said it would review a decision to reject the applications of Bitcoin exchange traded funds, after its staffs rejected the applications from nine companies to list their Bitcoin ETF funds on Wednesday, citing concerns about fraud and manipulation of bitcoin markets.

Alan Zibluk Markethive Founding Member

Wall Street Bull Tom Lee: Bitcoin Price Is Beating New Round of FUD

Wall Street Bull Tom Lee: Bitcoin Price Is Beating New Round of FUD

Wall Street Bull Tom Lee: Bitcoin Price Is Beating New Round of FUD

The co-founder and head of research at Fundstrat Global says he’s sticking to his prediction that Bitcoin will hit $20,000 by the end of the year.

In a new interview on CNBC, Tom Lee points out that Bitcoin’s price actually climbed after two new rounds of fear, uncertainty and doubt hit the market.

“We’ve had some bad news this week. Two big setbacks, right? The SEC almost universally cancelled nine [ETF] applications, and then China did essentially a re-ban because it sounds like they had to clamp down again on crypto – and Bitcoin’s actually rallied.”

Lee also talks about a potential leading indicator for BTC, outlining the impact that the MSCI Emerging Markets Index and hedge funds have on the market.

Last but not least, Lee breaks out the latest numbers on his company’s proprietary Bitcoin Misery Index, which is designed to gauge just how miserable Bitcoin hodlers are based on price and volatility.

Alan Zibluk Markethive Founding Member

After Bitcoin Price Breakout Pending ETF Decision May Cap Gains

After Bitcoin Price Breakout, Pending ETF Decision May Cap Gains

After Bitcoin Price Breakout, Pending ETF Decision May Cap Gains

Bitcoin's (BTC) jump to a 15-day high is encouraging, but caution ahead of the US Securities Exchange Commission's (SEC) imminent decision on a bitcoin exchange-traded fund (ETF) could limit further price gains.

The leading cryptocurrency rose to $6,899 on Bitfinex earlier today – the highest level since Aug. 7 – and is accompanied by a 10 percent drop in the BTC/USD shorts, adding credence to our assessment that BTC has been mimicking the price action observed in the run-up to a major rally that occurred on April 12.

More importantly, BTC's convincing move above $6,600 marks an upside break of the narrowing price range and signals continuation of the rally from the Aug. 14 low of $5,859.

So, it seems safe to say the doors have been opened for the psychological hurdle of $7,000. However, that may be an uphill task in the short term, as investors are likely to adopt a cautious stance ahead of the SEC's ruling on whether to allow the ETF – due in the next 36 hours.

Further, BTC picked up a bid exactly at 1:00 UTC – the moment when Bitmex, the world's largest exchange for synthetic shorts, shut down for maintenance, forcing many to question the legitimacy of the price rally. As a result, investors may remain on the fence until a more credible evidence of the bullish breakout emerges.

At press time, BTC is changing hands at $6,670 on Bitfinex – up 3.6 percent on a 24-hour basis. While prices could skyrocket if the SEC approves ProShares bitcoin ETF, the bitcoin market will likely crater if the SEC rejects the ETF or delays the decision.

4-hour chart

The upside break of the diamond pattern seen in the chart above confirms a bearish-to-bullish trend change, that is, the sell-off from the July high of $8,507 has ended and the bulls have regained control.

The relative strength index (RSI) is holding above 50.00 in favor of the bulls. Meanwhile, the 50-candle moving average (MA) is beginning to rise in a bull-friendly manner and could soon cut the 100-candle MA from below (bull cross).

Daily chart

BTC's rise to $6,899 validates the bullish crossover between the 5-day and 10-day moving averages (MAs) and the upward sloping RSI.

Although it appears the charts are aligned in favor of the bulls, BTC has already retraced close to 50 percent of the gains seen today, possibly validating the skepticism around today's rally.

What's more, the retreat to $6,670 also marks a failure to hold on to gains above the key resistance at $6,870 (38.2 percent Fibonacci retracement of the sell-off from $8,507 to $5,859).



  • BTC's bullish breakout has proved to be lacking in staying power. That said, acceptance above $6,870 (Fibonacci hurdle) could boost the odds of a rally to $7,000.

  • On the downside, a move below $6,230 (Aug. 20 low) would shift risk in favor of a drop below $6,000 (February low).

The SEC's decision on the bitcoin ETF could send prices either way, but until then the market will likely trade on a cautious note.


Omkar Godbole

Updated Aug 22, 2018 at 11:28 UTC

Alan Zibluk Markethive Founding Member

Bitcoin price analysis – Blasts through 6800 critical resistance jumps 4 on a daily basis

Bitcoin price analysis - Blasts through $6,800 critical resistance; jumps 4% on a daily basis

Bitcoin price analysis – Blasts through $6,800 critical resistance; jumps 4% on a daily basis


  • Bitcoin bounces sharply to trade intraday highs of $6,875.10 but currently seeking support above $6,700.

  • Bitcoin price bullish momentum not only reentered the broken rising wedge pattern support, it broke out of its resistance to test $6,900.

Bitcoin price is trading in the green on Tuesday 22 after adding about $400 in less than 30 minutes. The world’s largest digital asset by market capitalization has jumped 4 percent pushing the price above $6,800 for the first time in weeks. Bitcoin opened the trading session at $6,476.97 and traded intraday highs of $6,875.10.

The cryptocurrency not only reentered the broken rising wedge support at the 50% Fib retracement level with the last swing high of $7,148.96 to a swing low of $5,914.15, it broke out of the resistance at $6,632.31. The price trade above the medium-term stubborn resistance at $6,800, but stalled short of $6,900. At the time of press, BTC/USD is trading at $6,743 after subtle corrections from the resistance.

Bitcoin is likely to settle in a bullish flag pattern supported by the 61.8% Fib level at $6,676.44. The trend is slightly bearish at the moment, but the outlook of the chart is still positive. The stochastic oscillator on the hourly chart is retracting from the oversold to show that the sellers are pushing for entries. The MACD momentum indicator, on the other hand, is deep in the positive region signaling that the buyers still have the control.

A support above $6,700 is vital to the buyers who at the moment, have their eyes set on retesting $6,800 and $6,900 in the near-term. It is apparent now that $7,000 is within reach for Bitcoin in the Month of August in spite of the slight dip below $6,000.



John Isige

FX Street


Alan Zibluk Markethive Founding Member

Bitcoin BTC Price Watch – More Bears Waiting to Hop On

Bitcoin (BTC) Price Watch - More Bears Waiting to Hop On

Bitcoin (BTC) Price Watch – More Bears Waiting to Hop On


Bitcoin Price Key Highlights

  • Bitcoin price broke below its ascending triangle consolidation to signal that more losses are in the cards.

  • Price is finding a bit of support, though, so a pullback may be taking place from here.

  • The Fibonacci retracement tool shows the next potential resistance levels, but technical indicators are signaling more gains.

Bitcoin price made a downside break from its triangle pattern and looks ready for a pullback before heading further down.


Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, there’s still a chance for the uptrend to resume and price to move back inside the triangle pattern.

However, the 200 SMA lines up with the 38.2% Fib at $6,360.50 to add to its strength as resistance and the 100 SMA coincides with the 61.8% Fib at $6,436.90. This is also near the broken triangle support, which might hold as resistance from here. A move past this level could lead to another test of the resistance at the swing high.

RSI already made it to oversold territory and is pulling back up to signal that buyers are returning while sellers take a break. Stochastic is also heading up to indicate a return in bullish momentum.


Market Factors

Bitcoin price seems to be shedding its gains due to the improvement in risk appetite in global financial markets. The economic turmoil in Turkey is taking the backseat to the upcoming trade talks between the US and China, which many traders are hoping to get positive updates from.

One thing to keep in mind, though, is these are just low-level talks and there’s a low likelihood of any decisions being made. Worsening trade tensions could even lead to a return in risk aversion and dollar weakness, which might revive demand for bitcoin. Escalating troubles in Turkey could also boost bitcoin demand as people look for an alternative store of value.



SARAH JENN | AUGUST 21, 2018 | 4:19 AM

Alan Zibluk Markethive Founding Member

Bitcoin BTC Price Watch – Waiting for a Triangle Breakout

Bitcoin (BTC) Price Watch - Waiting for a Triangle Breakout

Bitcoin (BTC) Price Watch – Waiting for a Triangle Breakout

Bitcoin Price Key Highlights

  • Bitcoin price has formed higher lows and found resistance around $6,500 to create an ascending triangle pattern on its 1-hour chart.

  • Price is currently testing the resistance and is nearing the peak of the formation, so a breakout might be due soon.

  • Technical indicators are giving mixed signals on which direction the breakout might take.

Bitcoin price is consolidating inside an ascending triangle pattern and might be due for a breakout in either direction soon.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. This suggests that an upside break is more likely to occur than a break lower. Also, the moving averages are near the triangle bottom to add to its strength as a floor around $6,400.

RSI is heading lower to signal that selling pressure is in play and that resistance would likely hold for now. Stochastic is also in the overbought region and turning lower suggests a pickup in bearish momentum. The chart pattern is around $600 in height so the resulting rally or selloff after a breakout could be of the same size.


Market Factors

Bulls continue to defend long-term support levels for bitcoin, so there’s a strong chance that the floor won’t be giving way anytime soon. Buyers now have another attempt to spur a larger rebound, possibly one that could last longer on a break of nearby resistance levels.

The anticipation for the SEC decision on the bitcoin ETF applications put on hold is building up as the end of the month nears and September approaches. However, a denial could still lead to another round of losses for bitcoin and its peers while approval might see sustained gains.

Other factors pushing bitcoin around include trade-related updates and potential contagion coming from Turkey, so price could stay sensitive to headlines from here.


SARAH JENN | AUGUST 20, 2018 | 4:38 AM

Alan Zibluk Markethive Founding Member

Bitcoin price analysis – Short term support helps but bounce won’t be bigger

Bitcoin price analysis – Short term support helps, but bounce won't be bigger

  • BTC bounces from short term support line.

  • Oscillating between support and resistance.

Bitcoin, the largest cryptocurrency by market capitalisation and poster boy of the crypto world, managed to bounce from the short term support even as the bounce from this support won't be big enough as there's resistance too, not far away from current price.

BTC/USD is down 0.7 percent on day at $6,354 and trading in a narrow band of just about one percent for the day. On the 30-minute chart, BTC has managed to bounce from an ascending trendline even as the bounce from this support won't take it too far.

Descending trendline resistance would act as a barrier around $6,380-90 mark. Gven the range, it shouldn't surprise bulls and bears together if the largest crypto manages to give a break out on either side, which would give about 3-5 percent movement once the range is broken.

BTC/USD 30-minute chart:



Manoj B Rawal


Alan Zibluk Markethive Founding Member

Bitcoin Trend Chart Predicts 2020 Block Halving Could Be Massive For Price

Bitcoin Trend Chart Predicts 2020 Block Halving Could Be Massive For Price

Bitcoin Trend Chart Predicts 2020 Block Halving Could Be Massive For Price

The next Bitcoin block reward halving event could prove to be a watershed moment for its price, according to data currently circulating around social media.


$10 Million By 2023?

A summary of Bitcoin’s price at the first two block halvings uploaded to Reddit by Telegram news channel What’s On Crypto notes that Bitcoin prices increased by orders of magnitude in each period.

At the first halving on November 28, 2012, BTC/USD traded around $12. By the second, on July 9, 2016, it was $657. The third halving — due in mid-2020 or in 644 days — will see the block reward reduce from 12.5 BTC to 6.25 BTC, while What’s On Crypto suggests ongoing trends could see prices hit a giant $10 million by 2023.

The forecast came using a so-called ‘halving line,’ which demonstrates that between the first and second halvings, prices increased bilaterally — 200 percent per year or 3 times year on year.


Price Follows Hashrate’

Bitcoin users who had coins during the second halving will remember that contrary to expectations, the event had little impact on prices or market activity.

“In the months leading up to the last two halving events, we saw bitcoin’s price steadily trend upward, and then power higher following the reward halving,” Bitcoinist reported Blockchain research head Garrick Hileman as saying in May this year. Two years off the 2020 event, Hileman’s comments came as Bitcoin’s network hashrate continued breaking all-time highs.

Halvings can make mining Bitcoin less attractive due to a reduction in block reward size, yet hashrate rarely suffers as a result due to difficulty adjustments. “I do not anticipate a significant change in the total mining hash rate due to the halving, at least not in the short run,” Hileman added.

Alan Zibluk Markethive Founding Member

Bitcoin continues its steady recovery, rising above $8,000/more

Bitcoin continues its steady recovery, rising above $8,000

Other cryptocurrencies match bitcoin’s march higher

Bitcoin continued to move above $8,000 on Thursday,
taking a cue from global equity markets, which appeared to be stabilizing somewhat after a week of extreme volatility. The price of a single bitcoin BTCUSD, +2.72% gained 6.7% to $8,091.23, bouncing off a session low of $7,576.25, according to CoinDesk data. The price of bitcoin remains well below a level of $10,000 seen a week ago, and its December peak above $19,000, but has recovered from a drop below $6,000 on Tuesday. Ether, the coin on the ethereum network, saw a similar rise, up 6.3% to $806.63, while bitcoin cash was at $995.25, up 3.5%. Litecoin rose 2.7% to $142.66, and Ripple gained 3.4% to 75 cents, CoinDesk prices indicated.

If you can’t see bitcoin at $320,000, you just lack imagination

‘We believe bitcoin disrupts gold’

Tyler Winklevoss and Cameron Winklevoss are still fired up about bitcoin.

‘You know the criticisms are just a failure of the imagination.’

That’s what Tyler, one of the Winklevoss twins, had to say to the skeptics — and there are many — who fail to see the massive potential for bitcoin BTCUSD, +2.33%  and the rest of the crypto space. “Cryptocurrencies aren’t really important for human-to-human transactions… but when machines-to-machines trade economic value, they are going to plug into protocols like bitcoin and ethereum,” he explained to CNBC. “They are not going to open bank accounts at J.P. Morgan… those were invented by bankers before the internet existed. Trying to use them as payments or money on the internet is a square peg in a round hole at best.” His brother, Cameron, says bitcoin will one day be worth 40 times today’s price, which is currently just over $8,000, thanks to a double-digit rally.

“We believe bitcoin disrupts gold GCH8, -0.01% We think it’s a better gold if you look at the properties of money. And what makes gold gold? Scarcity,” Cameron said. “Bitcoin is actually fixed in supply so it’s better than scarce … it’s more portable, its fungible, it’s more durable. Its sort of equals a better gold across the board. We think regardless of the price moves in the last few weeks, it’s still a very underappreciated asset.”

Neither Cameron nor his brother put a specific timeline on the prediction during the chat, but they did say they’re taking the 10-to-20 year view. The Winklevoss twins were hailed as the first crypto billionaires, after riding the hype and creating an exchange that processes $300 million in daily transactions. The brothers are currently No. 4 on the Forbes list of wealthiest players in the space, behind the Binance CEO Changpeng Zhao.

February Bitcoin futures on the Cboe Global Markets XBTG8, -0.30%  slipped 2.4%, to settle at $8,040, while those on the CME Group Inc. BTCG8, -1.52%  fell 3.6% to $7,970. Cryptocurrencies have drawn some support this week from a Senate hearing to discuss regulations for the industry , which was viewed as generally positive. But bitcoin and its rivals have been not escaped the volatility that has at times whipsawed global equity markets.

Chuck Reynolds

Marketing Dept

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Analysts Blame Gold’s Fall On Bitcoin’s Rise

Analysts Blame Gold’s Fall On Bitcoin’s Rise

Get Mining Bitcoin Learn How Here

As bitcoin’s price has surged, gold has suffered. Some market analysts see a correlation. Gold and bitcoin have both been viewed as safe havens for capital during periods of uncertainty for asset values. 

GDX price for the last three months. Source: Ycharts.com

As bitcoin’s price has soared, some analysts think investors are favoring bitcoin as an investment, causing gold to lose value.

Gold Hits Low Point

GDX, an exchange-traded fund for gold miners, has lost 15% of its value since September while gold prices have fallen to its July low point.

Larry McDonald, who oversees U.S. macro strategy at ACG Analytics, said gold’s declines have been accompanied by lower bond yields, a situation the strategist calls unusual.

McDonald told CNBC that every time rates have declined in the last two years, gold has increased. There has been an 82% correlation between bonds and gold prices, he said, but this past week, that correlation dissolved. He pointed to bitcoin as the cause for this.

The growth of bitcoin and cryptocurrencies could bring an even greater downside for gold, McDonald said.

Also read: 51% of respondents choose bitcoin over gold and fiat; Ron Paul survey

Bitcoin Eats Into Gold

Cryptocurrencies currently have a market capitalization equal to 23% of liquid tradeable gold, McDonald said. That figure has increased 2% or 3% over a year ago, so cryptocurrencies are definitely eating into the gold.

While gold has declined more than 2% in the last month, bitcoin has more than doubled its value.

Sunday’s launch of the CBOE bitcoin futures took bitcoin to close to $16,800 by Monday morning. Gold, meanwhile, has remained near its July lows.

Phillip Streible, a senior market strategist at RJO Futures, said bitcoin futures contracts will hold a key indicator for gold’s future. If bitcoin futures collapse, gold will gain, he said on CNBC’s “Power Lunch.” Gold will regain its attraction as a safe haven store of value.

CME, another exchange, will launch its bitcoin futures on Dec. 18.

Featured image from Shutterstock.

Chris Corey CMO Markethive.com

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Contributor: Lester Coleman on 12/12/2017




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