Tag Archives: bitcoin bears

Blockchain revolution is on the way as Bitcoin slips back under 6300

Blockchain revolution is on the way as Bitcoin slips back under $6,300

Blockchain revolution is on the way as Bitcoin slips back under $6,300

  • Bitcoin dips under $6,300 after a short recovery.

  • Adam Jiwan from Spring Labs touts blockchain technology.

Bitcoin is changing hands at $6,299, marginally higher since this time on Wednesday. However, the shrinking volatility and low trading activity make further upside unlikely.

On the intraday chart, BTC/USD returned to the area under $6,300 after Wednesday's recovery attempt. The stopped short of the lower line of the previous consolidation channel and SMA50 (4-hour). The support lies with $6,200. Once it is broken, the sell-off may gain traction with the next bullish aim at $6,100 and the recent low of $6,060.

The Relative Strength Index (RSI) recovered from oversold territory and settled at a neutral level, which means that more consolidation might be in store for us in the short-term.

Meanwhile, experts believe that the technology behind the cryptocurrency is likely to attract financial and intellectual capital, creating a technological revolution.“Regpic

ardless of how one feels about cryptocurrencies, bitcoin has ushered in a technological revolution that will have profound implications for how information is shared, consumed, and protected,” Adam Jiwan, CEO and co-founder of Spring Labs, explains.

Spring Labs is creating a blockchain-based ecosystem that will allow exchanging credit and identity information in a secure way

“I’m a big believer in the unstoppable nature of technological revolutions, and we’re only ten years into the development of distributed ledger technology. Blockchain will be ubiquitous, and the world will have to adjust. The only question is, “How soon?”

 

 

Tanya Abrosimova Tanya Abrosimova

FXStreet 23 minutes ago

Alan Zibluk Markethive Founding Member

Bitcoin BTC Daily Price Forecast October 30

Bitcoin (BTC) Daily Price Forecast – October 30

Bitcoin (BTC) Daily Price Forecast – October 30

BTC/USD Medium-term Trend: Bearish

Resistance Levels: $6,800, $7,000, $7,200

Support levels: $6,200, $6,000, $5,900

Yesterday, October 29, the price of Bitcoin was in a bearish trend. The digital currency had been range bound above the $6,500 price level in the last three weeks. The cryptocurrency fell to the low of $6,300 and commenced a range bound movement. Previously, the BTC price was range bound between the levels of $6,200 and $6,600.

The crypto's price is likely to revisit the previous low of $ 6,200. This was the lower price range which is likely to be tested. If the price falls again and holds at the $6,200 price level traders should initiate long trades. Then stop-loss orders should be placed below the $6,200 price level. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is in a bearish trend zone.

BTC/USD Short-term Trend: Bearish

On the 1-hour chart, the BTC price is in a bearish trend. The digital currency is below the 12-day EMA and the 26-day EMA which indicates that price is falling. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
 

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

 

By Azeez M – October 30, 2018

Alan Zibluk Markethive Founding Member

Bitcoin BTC Price Watch – Bears Refusing to Let Up

Bitcoin (BTC) Price Watch - Bears Refusing to Let Up

Bitcoin (BTC) Price Watch – Bears Refusing to Let Up

Bitcoin Price Key Highlights
 

  • Bitcoin price recently tumbled below a short-term rising trend line but might be due for a pullback.

  • Applying the Fib retracement tool on the latest swing high and low shows the levels where more sellers might be waiting.

  • However, technical indicators are giving mixed signals on whether the slide could resume or not.

Bitcoin price fell through a short-term support zone and might be due for a pullback before heading further south.

 

Technical Indicators Signals
 

The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse from here.

Sellers might be waiting around the 61.8% Fib or $6,564 level which lines up with the broken rising trend line support. This is also close to the 100 SMA dynamic inflection point, which might add another layer of resistance.

Stochastic is pulling up without even hitting oversold territory, which suggests that buyers are eager to return. Sustained buying pressure could even take bitcoin price back up above the trend line to continue its climb. RSI is also pointing up to suggest that buyers might be ready to return. Reaching overbought levels and turning back down could still allow the Fibs to hold, pushing bitcoin price back to the swing low or lower.

Bitcoin was unable to sustain its earlier pop higher as profit-taking was quick. Traders must be feeling anxious on account of risk-off flows in general financial markets and while waiting for the SEC decision on bitcoin ETF applications.

Still, there’s a lot to look forward to, particularly the launch of ICE Bakkt bitcoin futures later this year. However, there might also be some unease as traders recall that last year’s CME bitcoin futures were blamed for the sharp drop that followed then.

 

SARAH JENN | OCTOBER 25, 2018 | 4:24 AM

Alan Zibluk Markethive Founding Member

Bitcoin BTC – Are Bears Back in the Game?

 

Bitcoin (BTC) - Are Bears Back in the Game?

Bitcoin (BTC) – Are Bears Back in the Game?

 

Bitcoin Price Key Highlights

  • Bitcoin price appears to be turning from the resistance at the top of its descending triangle on the 4-hour chart.

  • Price could be making its way back to the bottom of the triangle again from here.

  • Technical indicators are also reflecting the presence of selling pressure that could keep gains in check.

Bitcoin price seems to be having trouble sustaining its earlier climb as the top of the descending triangle is holding as resistance.

Technical Indicators Signals

 

The 100 SMA is below the longer-term 200 SMA on this time frame, confirming that the path of least resistance is to the downside. In other words, resistance is more likely to hold than to break. These moving averages also coincide with the triangle top to add to its strength as a ceiling.

Stochastic is on the move down so bitcoin price could follow suit while selling pressure is present. This oscillator has some room to go before reaching oversold levels, which means that sellers could stay in control for a bit longer. RSI is also heading south and has plenty of room to cover before reaching oversold territory as well.

The spike higher in bitcoin is seen to be a result of the selloff in Tether as doubts are emerging on its stability and the financial health of Bitfinex. However, traders quickly booked profits as most of the move was also spurred by FOMO or fear of missing out.

Still, there’s enough reason to expect a longer-term rally to materialize as institutional funds could flow in by early next year. Fidelity Investments has unveiled its institutional platform for bitcoin and ethereum, making it available to more hedge funds and financial institutions. Goldman Sachs has also reportedly invested in BitGo in order to make cryptocurrencies more accessible to its clients.

SARAH JENN | OCTOBER 19, 2018 | 4:35 AM

Alan Zibluk Markethive Founding Member

Bitcoin BTC Price Analysis – Tossing And Turning At Wedge Support

 

Bitcoin (BTC) Price Analysis – Tossing And Turning At Wedge Support

Bitcoin has spiked around current support levels as bulls and bears battle it out.

 

Bitcoin underwent a pickup in volatility, leading to spikes in both directions, but ultimately holding its head above the falling wedge support. Technical indicators are giving mixed signals, so it’s still tough to tell which direction the next move might go.

 

The 100 SMA just recently crossed below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, support is more likely to break than to hold. In that case, bitcoin could fall by the same height as the chart pattern. Price is also below the moving averages dynamic inflection points, which could keep holding as resistance.

 

RSI is on the move up, though, so there may be some buying pressure left in play. Heading further up until it reaches overbought levels could take bitcoin price along with it. Similarly stochastic has room to head higher before hitting overbought territory, so buyers could have some energy to push for more gains.

 

Price also looks ready to complete a double bottom formation on the latest bounce, with the neckline located around $6,600. A break past this resistance could spur a rally that’s the same height as the chart formation. Stronger bullish pressure could even lead to a test of the wedge resistance at $7,000 or a break higher, which might then be followed by a rally that’s the same height as the chart pattern.

 

Analysts point to the buildup of sell orders leading up to the SEC decision on bitcoin ETF applications. Recall that the regulator already rejected a handful then announced a decision to review those proposals. Soon after, the SEC decided to temporarily suspend a couple of crypto-based instruments, citing “confusion” on the nature of underlying markets and reiterating their mandate to protect consumers.

 

Still, bulls strongly defended support yet again as many have been waiting to buy on dips.

By Rachel Lee On Sep 20, 2018

Bitcoin (BTC) Price Analysis -  Tossing And Turning At Wedge Support

Alan Zibluk Markethive Founding Member

Bitcoin BTC Price Watch – Bearish Wedge Breakout

Bitcoin (BTC) Price Watch - Bearish Wedge Breakout

Bitcoin (BTC) Price Watch – Bearish Wedge Breakout

Bitcoin Price Key Highlights
 

  • Bitcoin price recently broke below a rising wedge pattern to signal that further losses are in the cards.

  • Price might still pull back to the broken support area, which lines up with Fib levels, to gather more selling pressure.

  • Technical indicators are showing that there is still some bullish momentum left.

Bitcoin price made a downside break from its rising wedge pattern but might be due 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 still to the upside. In other words, there still might be a chance for the uptrend to resume.
 

However, the gap between the two is narrowing to reflect weaker bullish momentum and a possible downward crossover. Bitcoin price has also tumbled below both moving averages, so these might hold as dynamic resistance moving forward.
 

RSI is turning higher after recently dipping into oversold territory, suggesting a possible return in bullish pressure. Stochastic also looks ready to climb out of the oversold region and bitcoin price could follow suit once it heads north.
 

However, price could hit roadblocks at the Fib levels marked on the breakdown. The 61.8% Fib lines up with the broken wedge support around $6,430 and the 50% Fib lines up with the 200 SMA dynamic inflection point. If any of these levels keep gains in check, bitcoin price could resume the slide to the swing low or lower.

Risk aversion has returned to broader financial markets on account of the fresh set of tariffs imposed by the US on China. These tariffs, which are due to take effect on September 24, levy 10% of duties on $200 billion worth of Chinese goods and the rate would increase to 25% by the end of the year.

 

With that, it’s understandable that traders are dumping their riskier holdings and flocking back to the safe-havens. Cryptocurrencies have been deep in the red once more, with declines led by ethereum.

SARAH JENN | SEPTEMBER 18, 2018 | 3:52 AM

Alan Zibluk Markethive Founding Member

BitPay Executive Maintains Bullish Stance on Bitcoin

BitPay Executive Maintains Bullish Stance on Bitcoin

BitPay Executive Maintains Bullish Stance on Bitcoin
 

Amid a multi-month downtrend, the price of altcoins and Bitcoin have fallen to yearly lows, pushing market sentiment to near bottom. While price action wanes, BitPay’s Chief Commercial Officer Sonny Singh maintains an optimistic outlook on Bitcoin.

Bitcoin Gaining Institutional Traction

Following the drastic Bitcoin price drop last week, Singh appeared on Bloomberg to discuss the state of the cryptocurrency market and the future of the industry.

Founded in 2011, BitPay offers Bitcoin and Bitcoin Cash payments processing and storage services for merchants around the world.

With institutional solutions to cryptocurrency investing on the rise, Singh believes the market is too eager for certain catalysts to arrive:

“Right now, you’re just seeing rumors that somebody might do something–someone might launch a trading desk; someone might not be launching a trading desk. But I think next year, you’re going to see the big entrance become real; where you see Goldman does launch a trading desk; fidelity does launch a Bitcoin product; Square offers Bitcoin processing for merchants; Blackrock launches an ETF. So all that will then become real and you’ll see some adoption, actually, and you’ll see the price start bouncing back up again.”

Wall Street firms continue to explore digital asset investment products and services, but few have confirmed their plans to follow through. Currently, there are no major investment banks that offer direct cryptocurrency trading services to clients.

Earlier this month, Goldman Sachs CFO Martin Chavez confirmed that the firm never had a defined timeline to launch a Bitcoin trading desk, which had been largely anticipated earlier in the summer.

On Aug. 22, the U.S. Securities and Exchange Commission (SEC) rejected nine Bitcoin ETF applications by ProShares, Direxion and GraniteShares.

The SEC cited failure to prevent manipulation and fraud as well as failure to prove Bitcoin markets are “markets of significant size” as reasons for rejection. This was similar to the reasoning provided by the SEC when it issued a denial of the Winklevoss ETF.

While investment products may still be farther off on the horizon, it’s apparent that the development of blockchain technologies and adoption is still growing. With increasing Bitcoin payments volume on BitPay, Singh gave a bullish stance on the largest cryptocurrency’s future growth:

“Bitcoin will rebound next year when all these products become mainstream adopted. And we’re seeing no slow down at all at BitPay. Our merchants are seeing great growth still every week. They’re signing up more and more all the time. We’re hiring more salespeople.”

Maintaining an optimistic outlook on Bitcoin, Singh did not share the same sentiment for the falling altcoin market, stating:

“It’s still full speed ahead in the Bitcoin space. I can’t guarantee what’s going to happen in the altcoin world. There’s a lot of dodgy ones that are out there that are still overvalued. They can go a lot further down. Who knows what’s going to happen to them. But Bitcoin, again, is the leader in this space.”

The overall cryptocurrency market continues to show a general downward trend. While institutional solutions and emerging regulations continue to develop, it’s unclear which way the market will move.

Traders are reminded to remain cautious and invest only what they can afford to lose.

 

Jonathan Kim

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 Daily Price Forecast November 12

Bitcoin (BTC) Daily Price Forecast – November 12

Bitcoin (BTC) Daily Price Forecast – November 12

BTC/USD Medium-term Trend: Bearish

Resistance Levels: $6,800, $6,900, $7,000

Support levels: $6,300, $6,100, $8,900

Last week the price of Bitcoin was in a bullish trend. The digital currency reached a high of $6,606.42 but the bulls failed to take price to the $7,400 price level. On November 7, the crypto faced resistance at $6,600 price level and it fell. It was suggested that if price broke the $6,400 price level in a downward trend, the crypto would find support at the $6,200 price level.
 

Today, the crypto fell and approached the $6,300 price level but now in a bullish trend. Price of Bitcoin is likely to continue its rise. Meanwhile, the digital currency is below the 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone. The MACD line and the signal line are below the zero line which indicates a sell signal.

On the 1-hour chart, the digital currency reached a low of $6,350 and pulled back. The crypto's price is above the 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone. The MACD line and the signal line are below the zero line which indicates a sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

By Azeez M – November 12, 2018

Alan Zibluk Markethive Founding Member