Tag Archives: bitcoin bulls

The cumbersome process of bulding laws for Bitcoin

The cumbersome process of bulding laws for Bitcoin

The cumbersome process of bulding laws for Bitcoin

Crypto is in a precarious legal state, with slow-moving regulation struggling to keep up with technological innovations.

In a press release with News.Bitcoin, two lawyers working on a crypto money laundering case highlight how murky the legal framework for crypto really is. The lawyers in question, Matt Kohen and Justin Wales, are involved in a case in which a man named Michell Espinoza sold Bitcoin to undercover officers. The man was charged with money laundering, which eventually was dropped by a judge who decreed Bitcoin as a legally distinct from ‘money.’ This decision itself has since been overturned by a separate judge. Furthermore, in a separate jurisdiction involving a seperate money laundering case, Bitcoin was declared ‘unambiguously money’ by US District Court for the Eastern District of Michigan.

Kohen and Wales describe the legal framework which Bitcoin and other cryptocurrencies exist in as ‘patchwork.’ Furthermore, the legal or criminal implications of crypto are separate from its place in securities law, and how it is overseen by the CFTC and SEC.

In a recently published speech by Hester Pierce, the so-called ‘crypto mom,’ the SEC commissioner attempted to make more clear the opaque process by which the SEC is to decide whether Bitcoin is a security, and the exact specifications involved with regulating a BTC ETF. Pierce paints her (and the rest of the SEC’s role) as a gatekeeper to innovation.

The SEC, as well as the criminal and civil courts, are attempting to decide not only exactly what crypto is, but what limitations and barriers their should be on its use. In the meantime, blockchain and crypto are not going to slow down, and the necessarily bulky legal system is likely just beginning to turn its gaze towards the asset class. The process of Bitcoin and other crypto becoming truly legally recognized entities may not have even started yet in earnest, and 2019 will be an interesting year for crypto in court.

 

12 FEB, 2019 BY ARTHUR SILLERS

Alan Zibluk Markethive Founding Member

Bitcoin BTC Price Analysis – Finally Some Signs of Life

Bitcoin (BTC) Price Analysis – Finally, Some Signs of Life!

 

Bitcoin enjoyed a sharp pop higher, enough to lead to a break above the descending trend line on its 4-hour chart. Price made a strong rally but is encountering resistance at the top of the falling channel seen on the same time frame.

The 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the downtrend is more likely to resume than to reverse. Then again, price is trading above both moving averages to signal that bullish momentum is picking up. The gap between the moving averages is narrowing also, so a bullish crossover might follow.

If so, price could break past the channel top around the $3,700 mark and carry on with its climb. The current consolidation appears as a flag pattern, which is often seen as a continuation signal.

However, RSI is turning lower from the overbought zone to indicate that buyers are tired and letting sellers take over. This could lead to a pullback to the broken short-term trend line resistance or all the way down to the bottom of the channel at $3,300. Stochastic is also turning lower so price might follow suit as sellers take the upper hand.

Bitcoin’s strong rally is seen to have been spurred by a combination of low volumes and a few positive updates. This has prompted several analysts to renew their bullish forecasts and some even to switch from a bearish to a slightly more upbeat view.

Tom Lee of Fundstrat cites that technical analysts that were bearish in early-2019 are becoming “incrementally bullish” on BTC. This follows a claim by another analyst who said that he wouldn’t be surprised if Bitcoin surged to $5,000 in the next ten days. Mitoshi Kaku, a popular cryptocurrency trader on Twitter, posted:

“I wouldn’t be surprise at ALL, if the price goes straight to $5K in the next 10 days. The conditions are present TA-wise. Obviously that sort of move would need a strong catalyzer, but anything is possible when it comes to price action.”

 

Rachel Lee by Rachel Lee February 11, 2019

Bitcoin (BTC) Price Analysis -  Finally, Some Signs of Life!

Alan Zibluk Markethive Founding Member

Report: Philippines-Based Banking Giant Launching Two-Way Crypto ATMs

Report: Philippines-Based Banking Giant Launching Two-Way Crypto ATMs

Report: Philippines-Based Banking Giant Launching Two-Way Crypto ATMs

When you think of nations with a notable Bitcoin ecosystem, many crypto investors would immediately think of the U.S., Malta, Singapore, Japan, and South Korea. Yet, many draw little attention to the Philippines, a nation that is seemingly filled to the brim with cryptocurrency users.

A large financial institution based in the Philippines made a notable pro-crypto move last week — one that could potentially spark widespread adoption within the Asian nation.

Meet Union Bank’s Crypto ATMs

According to reports from Filipino media, Union Bank of the Philippines, a banking giant that is the seventh largest in the country, is launching crypto asset automated teller machines (ATM). The Philippine Star, who broke the news on the matter, cited a Union Bank press statement.

Per the statement, the company launched its first two-way cryptocurrency ATM earlier this week, allowing customers to purchase and sell assets like Bitcoin for pesos. Union Bank has purportedly collaborated with the Bangko Sentral ng Pilipinas (BSP), the nation’s central bank, to ensure that this newfangled offering is compliant. The Manila-headquartered institution, which has over 300 branches smattered across metropolises and the countryside, remarked:

“In the bank’s continued quest to cater to the evolving needs and tastes of customers, including clients who use virtual currency, the ATM will provide these clients an alternative channel to convert their pesos to virtual currency and vice versa.”

In a comment on Twitter, NewsBTC’s Joseph Young remarked that Union Bank’s proactivity in the crypto space is not only good for regulation, but for awareness and adoption too.

No reports indicate that Union Bank has plans to inaugurate more than a few Bitcoin-friendly ATMs at the moment. Regardless, this move only underscores the growing industry theme of ATMs that cast aside the shackles of the traditional financial system, which include fiat and payments processors like Visa and Mastercard.

Per previous reports from NewsBTC, Bitcoin Depot, a subsidiary of Lux Vending, is looking to prop up 30 ATMs in Chicago that support Bitcoin, Ethereum, and other digital assets in the coming months. While these efforts are centered around Chicago, a little-known crypto hotspot that hosts ErisX, hype regarding brick and mortar crypto purchases is a global trend, as there are now over 4,323 of these machines worldwide. And according to data from CoinATMRadar, this number is swelling by 5.6 each and every day.

Fiat To Crypto On-Ramps To Boost Bitcoin Over 2019

This venture in the Philippines comes as Fundstrat’s research team, which includes Rob Sluymer and Tom Lee, claimed that the rise in the fiat-to-crypto on-ramp sector will be a positive catalyst for Bitcoin in the coming year. According to a sneak peek of a Fundstrat report, the New York investment advisory outfit noted that influx of consumer interest in Bitcoin may be catalyzed by Binance’s recent addition of credit card crypto purchasing capabilities, along with other fiat-supported infrastructure from other upstarts.

 

NICK CHONG | FEBRUARY 10, 2019 | 6:03 AM

Alan Zibluk Markethive Founding Member

What’s Next For The Bitcoin Price? Crypto Analysts Weigh In

What's Next For The Bitcoin Price? Crypto Analysts Weigh In

What’s Next For The Bitcoin Price? Crypto Analysts Weigh In

 

What’s Was Behind Friday’s Crypto Boom?

Your eyes aren’t kidding themselves. On Friday, the Bitcoin price truly did boom, with BTC moving higher than $3,700 for the first time in seemingly forever, seemingly on the back of zero catalysts. As normal, altcoins followed, with Litecoin (LTC) posting a 30% gain, as a majority of other cryptocurrencies posted daily returns that ranged between BTC’s 8% and LTC’s 30%.

This move, which was the first bout of notable crypto volatility in weeks, pushed the aggregate value of all cryptocurrencies beyond $121 billion, which comes after the figure traded in and around $110 billion, as the Bitcoin price stalled at $3,400 — inches above its ever-important yearly low price point.

But what caused the surge in the Bitcoin price?

Some have argued that this was single-handedly catalysed by the bump in Litecoin, as the hype regarding the project’s block reward reduction, coupled with its potential integration of Grin-esque MimbleWimble technology and/or more traditional confidential transactions in the near future. Yet, some say it has more to do with the broader fundamentals in the cryptosphere, especially regarding the flagship asset and its not-so walled garden ecosystem.

Some notable fundamental news, which has been deemed catalysts by some, include Abra’s launch of crypto-to-stock capabilities, rumors regarding the approval of a Bitcoin ETF application, the incessant stream of Wall Street-centric products, and funny enough, somewhat bearish comments from Fundstrat.

Bitcoin Price: Where To Next?

While this all is well and good, what’s next for the Bitcoin price?

Well, most notable analysts on Twitter, who sport tens of thousands of followers, claim that upside for cryptocurrencies, especially BTC, is inbound due to technical analysis. Benjamin Blunts, a markets analyst enamored with volatility, claimed that a declining diagonal that he’d been tracking for the past four weeks had concluded with this move.

Thus, he subsequently remarked that upside is inbound, drawing a somewhat nebulous arrow to the $4,300 price level.

Benjamin even noted that it is rest in pieces for all the $1,800 bears, likely referencing a comment from his peer, the Crypto Dog, in which the analyst stated that he wouldn’t be all too surprised to see $1,800 for BTC in the near future.

DonAlt was seemingly just as bullish. The pre eminent trader noted that BTC and Ethereum (ETH) are nearing the top of their short-term trading ranges, meaning profit-taking would be optimal. Yet, considering the “violence” that has occurred in these markets in recent weeks, Don remarked that he wouldn’t be surprised to see $4,000 for the Bitcoin price, which is around two levels of importance as depicted in the image below.

Galaxy, a leading crypto bull and self-proclaimed “accumulation machine,” drew an optimistic “Adam and Eve” chart outlining the Bitcoin price. In the analysis, which was optimistic first and foremost, Galaxy noted that BTC could trend slightly lower, for the time being, potentially retesting its yearly lows, before breaking above $4,000 (which would confirm a recovery) and moving back above $5,000, $6,000 and beyond by year’s end.

 

Nick Chong by Nick Chong February 9, 2019

Alan Zibluk Markethive Founding Member

BITCOIN NOT GOLD REMAINS BEST BET AGAINST DEBT-BASED FIAT PONZI SCHEME

 

BITCOIN (NOT GOLD) REMAINS BEST BET AGAINST DEBT-BASED FIAT PONZI SCHEME

The price of gold has been on a bit of a tear recently as investors begin scaling into precious metals amid stock-market uncertainty — but some investment professionals believe there’s a better hedge out there. Of course, that hedge is Bitcoin.

At the moment, Bitcoin (BTC) might not look like a more attractive investment option to the impartial eye. Gold appears to have bottomed at just above $1150 per ounce as stock markets begin to show signals of being overbought and signs on an impending financial recession have put smart money on alert.

f you really want to hedge against the debt-based Ponzi scheme central banks run with printed fiat currencies, however, there’s an alternative currency created for that very reason — Bitcoin (BTC).

BETTER THAN GOLD’

According to some investment professionals with skin in the game, the first and foremost cryptocurrency is more attractive than precious metals. Travis Kling, Ikigai Asset Management’s founder and Chief Investment Officer, reportedly stated at the Cayman Alternative Investment Summit in Grand Cayman:

There is a really good chance we have something better than gold. It’s like a CDS against fiscal and monetary policy irresponsibility.

As noted by CNN, Kling takes issue with the current global debt situation and the way central banks have propped up growth. The United State’s national debt is currently approaching 22 trillion USD and the Federal Reserve can no longer feasibly lower interest rates — a recipe many see as leading to another global financial recession.

BEYOND ANY OF OUR IMAGINATIONS’

With fiat inflation and a loss of trust in the government’s fiscal policies comes the mass adoption of viable alternatives. With this view, Morgan Creek founder and CEO Mark Yusko has gone on record to state:

We believe bitcoin will be one of, if not the, largest network on the planet. We are in the middle of the greatest wealth opportunity … It’s beyond any of our imaginations.

 

ELSA SAIKKONEN | FEB 08, 2019 | 00:00

Alan Zibluk Markethive Founding Member

BETTER LATE THAN NEVER – COINBASE WALLET FINALLY ADDS SUPPORT FOR BITCOIN

BETTER LATE THAN NEVER - COINBASE WALLET FINALLY ADDS SUPPORT FOR BITCOIN

BETTER LATE THAN NEVER – COINBASE WALLET FINALLY ADDS SUPPORT FOR BITCOIN

Coinbase has officially announced support for Bitcoin (BTC) on its Coinbase Wallet app.

Previously known as Toshi, the newly-rebranded Coinbase Wallet has long supported Ethereum (ETH), Ethereum Classic (ETC), more than 100,000 ERC20 tokens and ERC721 collectibles. Now, users can finally use the wallet app for Bitcoin storage and transactions. (Why it took so long for the first and foremost cryptocurrency to be added to the Wallet is over our head — but it probably has ‘something to do with SegWit.’)

Speaking of Segregated Witness, Coinbase Wallet supports both the soft-forked wallet formats (which you should probably use) and old-school Bitcoin wallets — meaning everything is backward compatible. As an added bonus, Coinbase Wallet also supports the Bitcoin Testnet.

NOT YOUR KEYS, NOT YOUR BITCOIN

Unlike the standard Coinbase web-based platform or mobile app, storing Bitcoin (BTC) in Coinbase Wallet is private — meaning the San Francisco-based company doesn’t have access to your private keys. In fact, users private keys are encrypted using Secure Enclave technology.

The move from Coinbase positions its Wallet as a direct competitor to the likes of BRD, a popular and user-friendly iOS and Android app that allows users to privately store their digital assets without submitting know-your-customer (KYC) requirements. Furthermore, the move is almost certainly a move to provide Coinbase users with something they have been lacking for years — a proper wallet that actually puts users in control of their cryptocurrencies and cryptoassets.

For those still interested in Bitcoin Cash (BCH) and Litecoin (LTC), Coinbase is looking to add support for both of the altcoins in the near future.

In other news, Coinbase also just added support for PayPal in European Union (EU) and European Free Trade Association (EFTA) countries.

What do you think about Coinbase Wallet and the better-late-than-never addition of Bitcoin (BTC)? Do you plan on using it? Let us know your thoughts in the comments below!

 

ELSA SAIKKONEN | FEB 07, 2019 | 00:00

Alan Zibluk Markethive Founding Member

Bitcoin could rise by 84 per cent’ in 2019

Bitcoin ‘could rise by 84 per cent' in 2019

Bitcoin ‘could rise by 84 per cent’ in 2019

After a horror 2018, these experts are tipping a bitcoin bounce that could see the cryptocurrency end the year at nearly double its current price.

After peaking at $US20,000 in December 2017 off the back of a global cryptocurrency mania, bitcoin lost 71 per cent of its value and spent most of last year hovering around the $US4000 mark. At the time of writing, bitcoin was trading at just under $US3500.

Of the six fintech experts who offered their predictions, Digital Capital Management chief operating officer Ben Ritchie was the most bullish, tipping a year-end price of $US9500. The average price prediction was just under $US7000.

“Two things to look out for in 2019 will be whether we will see decoupling of the cryptocurrencies, as to date they have trended in a relatively similar manner,” Mr Richie said in the report, forecasting a “slow and steady rise in 2019”.

“The second is the impact of the traditional markets on cryptocurrencies. Will bitcoin rise if the S&P drops? On-ramp and off-ramps to purchasing cryptocurrencies will improve in 2019 with Bakkt and Fidelity Group entering the market. However, I do not believe we will see many institutional investors enter for some time yet.”

It comes as a poll by the comparison website found millennials have been the biggest adopters, with 12 per cent of respondents aged 24 to 38 saying they invest in cryptocurrency, which would equate to 661,000 young Australians.

Bitcoin, the original digital currency, was the most in-demand, followed by ethereum and ripple. Overall some 6 per cent of adults, or an estimated 1.1 million Australians, said they invest in cryptocurrency, up from 5 per cent a year ago.

“Millennials are particularly open to embracing crypto in order to accumulate wealth for themselves,” said Finder.com.au and HiveEx.com co-founder Fred Schebesta. “They’ve grown up with digital technology, so it’s little wonder they want to get involved in digital currency. They are looking at investing very differently to their parents.”

Mr Schebesta said lack understanding was one of the bigger barriers to entry, with 11 per cent of respondents saying it was too complicated to trade in cryptocurrency. Older Australians were particularly sceptical, with only 1 per cent of Baby Boomers getting involved.

Frank Chung

Alan Zibluk Markethive Founding Member

Digital Gold Thesis Shows Bitcoin BTC Is Undervalued Should Be At 10000

Digital Gold Thesis Shows Bitcoin (BTC) Is Undervalued, Should Be At $10,000

Digital Gold Thesis Shows Bitcoin (BTC) Is Undervalued, Should Be At $10,000

Bitcoin Likely “Massively Undervalued,” Claims Analyst

PlanB, a leading cryptocurrency-friendly researcher on Twitter that has the handle “100trillionUSD” a (likely reference to his/her long-term prediction for the market capitalization of Bitcoin), recently took to his feed to claim that at the moment, BTC could be “MASSIVELY undervalued.”

Citing a comment regarding Bitcoin’s underlying status/value proposition from Satoshi Nakamoto, the crypto godfather, himself, PlanB noted that BTC is similar to a metal “as scarce as gold,” yet unlike physical precious metals, it can be transferred/transported over a digital communications channel in a secure, decentralized, immutable, censorship-resistant, and efficient manner.

Considering traditional valuation models of scarce metals (gold, silver, palladium, platinum), like stock-to-flow ratios, PlanB noted that BTC is currently valued at one-third of its fair value, meaning that it should currently be priced at around $10,400 apiece. And, after the 2020 halving, an overtly auspicious event in the eyes of most crypto traders, BTC will be undervalued by ten to one hundred times.

Backing his prediction, the researcher went on to outline stock-to-flow ratios for those who aren’t in the know, explaining that stock is above ground reserves, while flow is the yearly production of the commodity in question. As it stands, gold, which Bitcoin is most aptly compared to out of the four aforementioned metals, has a stock flow of 57, meaning that it would take 57 years for producers at current rates to replicate the current supply of all gold above ground.

As BTC’s stock-to-flow ratio is slated to swell from 25 to approximately 55 (double of 25 plus ever-increasing supply) after the next halving, PlanB seemed adamant that if traditional metrics hold true to this paradigm-shifting asset, the cryptocurrency would be dramatically undervalued at its current valuation of $3,400. In fact, the researcher remarked that if Bitcoin was fairly valued following its halving, it would be valued somewhere between $34,000 and $340,000.

The $333,000 BTC Price Point

Interestingly, the upper-end of that prediction is a price point that a number of leading investors have mentioned previously. Per previous reports from Ethereum World News, Bobby Lee, the co-founder of BTCC and the brother of Charlie Lee, remarked on Twitter that if history repeats itself, BTC will bottom at $2,500, before entering a lull that will last until late-2020. By that time, mere months after the next Bitcoin block halving, Lee noted that the cryptocurrency market would begin its next rally. He elaborated:

[The next rally] would peak out in Dec 2021 at $333,000, and then crash back down to $41,000 in Jan 2023. Something like that?

While Lee didn’t explicitly mention the halving in the aforementioned tweet, he has overtly lauded the event (and Bitcoin’s status as digital gold) previously.

Filb Filb, another leading industry insider, echoed Lee’s analysis, noting that BTC could bottom between $2,500 and $3,100, then subsequently breaking out of its quintuple digit cell to eventually reach $333,000 apiece. In a tweet storm, Filb compiling the Internet’s historical growth cycles, Bitcoin’s adoption curve, among other factors, then outlined why this call makes sense from a fundamental point of view.

Digital Gold Argument

PlanB’s call relating BTC to precious metals comes as cryptocurrency enthusiasts en-masse have begun to realize Bitcoin’s potential as a digital store of value. Anti-establishment figures Max Keiser, for instance, recently stated that after a personal review of Bitcoin’s whitepaper and discussion with cypherpunks, he was sure that BTC is more “peer-to-peer gold” than digital cash. He added that the flagship cryptocurrency is inherently a decentralized store of value that doesn’t require third parties for transactions nor verification, even quipping that those who think otherwise should fight him.

Nick Chong by Nick Chong February 4, 2019

Alan Zibluk Markethive Founding Member

Bitcoin Price Weekly Analysis – BTC Rebound Approaching Crucial Resistance

Bitcoin Price Weekly Analysis - BTC Rebound Approaching Crucial Resistance

Bitcoin Price Weekly Analysis – BTC Rebound Approaching Crucial Resistance

  • Bitcoin price formed a support base near $3,370 and recovered higher above $3,450 against the US Dollar.

  • There was a break above a major contracting triangle with resistance at $3,440 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

  • The pair seems to be approaching a couple of important resistances near $3,500 and $3,510.

Bitcoin price is slowly moving higher with positive signs against the US Dollar. However, BTC/USD is now approaching a significant hurdle near the $3,500 resistance zone.

Bitcoin Price Analysis

This past week, bitcoin price remained in a bearish zone below the $3,500 resistance against the US Dollar. The BTC/USD pair tested the $3,375 support area on the couple of occasions and later bounced back. The pair moved above the $3,400 and $3,420 resistance levels to start a decent recovery. The price also traded above the 23.6% Fib retracement level of the last decline from the $3,673 high to $3,346 low. There was a positive price action developed above the $3,440 resistance level.

Moreover, there was a break above a major contracting triangle with resistance at $3,440 on the 4-hours chart of the BTC/USD pair. The price spiked above the $3,475 resistance level, but it remained well below the 100 simple moving average (4-hours). Besides, there was no test of the 50% Fib retracement level of the last decline from the $3,673 high to $3,346 low. Buyers failed to clear the $3,500 resistance area, which ignited bearish moves. At the outset, the price is trading near the $3,440 level, with supports near $3,420 and $3,400. If there is a downside break below $3,400, the price is likely to test the $3,350 and $3,320 levels.

Looking at the chart, BTC price is clearly facing a solid resistance near the $3,500 level and the 100 SMA. As long as the price is trading below $3,500, there is a risk of a downside break in the near term.
 

Technical indicators

4-hours MACD – The MACD for BTC/USD is slightly placed in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 50 level.

Major Support Level – $3,400

Major Resistance Level – $3,500

 

AAYUSH JINDAL | FEBRUARY 3, 2019 | 5:00 AM

Alan Zibluk Markethive Founding Member

Bitcoin The Bears Fight back to Drag Bitcoin to sub-3500

Bitcoin – The Bears Fight back to Drag Bitcoin to sub-$3,500

Bitcoin – The Bears Fight back to Drag Bitcoin to sub-$3,500

It’s back in the red and after a 6th consecutively monthly loss, can Bitcoin avoid sub-$3,000 levels?

Bitcoin fell by 0.73% on Thursday, partially reversing a 1.48% rise from Wednesday, to end the day at $3,503.8.

For the month of January, Bitcoin fell by 8.58% and for the bears, the monthly loss was a 6th consecutive monthly in the red, with Bitcoin seeing monthly gains in just 3 of the last 13 months.

A bullish start to the day saw Bitcoin rally to an intraday high $3,574.8, breaking through the first major resistance level at $3,569.33 before hitting reverse.

Sliding through to the early evening, Bitcoin fell to an intraday low $3,482.1 before finding support to move back through to $3,500 levels by the day’s end. Bitcoin managed to steer clear of the first major support level at $3,470.53 in spite of the reversal, with sub-$3,500 support continuing to limit the damage.

Elsewhere amongst the top 10 cryptos, there were no buck-trending moves on the day, with Tron seeing the heaviest losses on Thursday, sliding by 7.44% to eat into January’s gains.

The negative sentiment even weighed on Ripple’s XRP that had bounced on Wednesday on news of SWIFT adopting R3’s platform for global payments on a trial basis.

For January, it wasn’t a great month for the majors. Stellar’s Lumen saw the heaviest losses, down by 26.64%. Bitcoin Cash SV and Bitcoin Cash ABC were close behind, the pair down by 25.21% and by 24.03% respectively.

Ethereum managed to hold onto $100 levels, but a 19% slide in the month will leave it on the defensive going into February.

Bucking the trend through the month were Litecoin, which gained 4.9% and Tron’s TRX, which trailblazed its way through January with a 33.3% rally. It could have been a lot more had it not been for Thursday’s sell-off.

On the news front, there was very little driving the cryptomarket through the day, with even the news of VanEck resubmitting its Bitcoin ETF application providing little support. The reason for withdrawing had been the U.S government shutdown, rather than any material issues with the application, so there was very little reason for the market to respond.

At the time of writing, Bitcoin was down by 0.73% to $3,478.2. A bearish start to the day saw Bitcoin slide from a morning high $3,513.4 to a low $3,462.2. The pullback saw Bitcoin call on support at the first major support level at $3,465.67 before steadying, the morning high having come up well short of the first major resistance level at $3,558.37.

For the day ahead, a move back through the morning high $3,513.4 to $3,520 levels would support a run at the first major resistance level at 3,558.37. We can expect Bitcoin to continue to face plenty of resistance at $3,500 to pin Bitcoin back from a breakout to $3,600 levels on the day. For the bulls, a move back through to $3,500 would be needed and sentiment across the broader market will also need to shift to support a recovery.

Failure to move back through the morning high could see Bitcoin fall deeper into the red. A fall through the first major support level at $3,465.67 could see Bitcoin call on support at the second major support level at $3,427.53 before any recovery. We would expect Bitcoin to steer clear of sub-$3,400 levels on the day, barring a crypto meltdown event.

 

Bob Mason

42 minutes ago (Feb 01, 2019 4:

Alan Zibluk Markethive Founding Member