Bitcoin Feeling Bullish at 6450 A Substantial Upsurge is Expected before 2018-End

 

Bitcoin Feeling Bullish at $6,450, A Substantial Upsurge is Expected before 2018-End

Bitcoin price is feeling bullish at $6,450 amidst positive news of Google allowing crypto ads from next month, Bakkt confirming physically delivered bitcoin futures contracts and gaining mainstream recognition on Scrabble dictionary. Meanwhile, experts share a bullish scenario.

 

Bitcoin (BTC) aiming for higher ground

Bitcoin is currently trading at $6,450 with slight gains. The world’s leading cryptocurrency is managing the daily trading volume of $4.2 billion while trading in the range of $6,382 and $6,473 today.

Recently, Bitcoin found support at $6,100 while forming lower highs after rejecting the $6k resistance mark. However, bulls seem to be ready to make a break as the short-term potential is showing an ascending trend.
 

If bitcoin drops below its support level at $6,100, it can test out the June lows while on the higher ground, it will find resistance at about $6,560.

 

Amidst numerous positive news

Bitcoin is feeling bullish amidst various positive news as the search engine giant, Google removes the ban on bitcoin ads.

After banning the crypto related activity on the platform in March, Google has yet again opened its door to the crypto world, albeit in a limited manner. From next month onwards, regulated exchanges can purchase ads in the US and Japan.

The biggest Bitcoin bullish news Bakkt has announced that the first of its contracts will be physically delivered bitcoin futures contracts. With the focus on regulated institutions, the platform won’t be allowing any margin or leverage trading.

Moreover, Bitcoin just got added to the Scrabble dictionary and got mainstream adoption and furthermore appeared on Australia’s ‘Who Wants to be a Millionaire’.
 

Meanwhile, experts are extremely bullish on Bitcoin

Industry experts have already called out a bottom for bitcoin price. Now the co-founder of CryptoCurrencySimplified, Erica Sanford stated,

“IT’S UNLIKELY TO DROP ANY FURTHER. BITCOIN HAS BEEN GOING DOWN SINCE JANUARY. MANY INDIVIDUALS HAVE ALREADY SOLD OUT. INSTITUTIONS HAVE HAD EVERY CHANCE TO DROP THE PRICE DOWN FURTHER HAD THEY WANTED TO CRASH BITCOIN EVEN MORE. THERE HAS BEEN STRONG SUPPORT AT AROUND $5800 – EVERY TIME BITCOIN HAS GONE BELOW $6000, IT HAS BEEN BOUGHT STRAIGHT BACK UP. THE VOLUME OF BITCOIN TRADING IS STILL HUGE. THERE IS SO MUCH BUYING VOLUME ON EXCHANGES AND ESPECIALLY OTC THAT IT SEEMS THE VALUE SHOULD HOLD AROUND $6000 AND HOPEFULLY GO UP WITH SOME GOOD NEWS RELEASES LATER THIS YEAR.”

With Bakkt scheduled for the launch in November and BItcoin ETF still to gain approval, Bitcoin surely has the bulls coming up.

Hence, experts like the CEO of BitcoinIRA, Chris Kline is expecting Bitcoin to hit $40,000 before this year ends as he shares,

“LAUNCHING A BITCOIN ETF WOULD, TO ME, BE A CRUCIAL ADVANCEMENT IN THE CRYPTOCURRENCY SECTOR, AS IT WILL MAKE DIGITAL CURRENCIES MORE ACCESSIBLE TO A WIDE RANGE OF PEOPLE WHO MIGHT CURRENTLY DEEM THEM TOO VOLATILE OR HIGH-RISK.”
 

With Bitcoin market becoming more accessible to investors leading to more money pouring into the crypto market, prices can surely make a substantial j

 

 

Author SAGAR SAXENA

 

Bitcoin Feeling Bullish at $6,450, A Substantial Upsurge is Expected before 2018-End

Alan Zibluk Markethive Founding Member

Bitcoin price analysis – BTCUSD rangebound under 6400 but further losses are limited

Bitcoin price analysis - BTC/USD rangebound under $6,400, but further losses are limited

Bitcoin price analysis – BTC/USD rangebound under $6,400, but further losses are limited

  • BTC/USD stays below critical support, but the downside momentum is fading away.

  • New Tether coins hit the market, BTC did not react.

BTC/USD is changing hands at $6,388, consolidating losses incurred at the beginning of the week. The digital currency No. 1 touched $6,327 low on Tuesday, though the bearish momentum has faded away, allowing for the recovery towards the key resistance area, created by 23.6% Fibo retracement for the downside movement from September 4 peak.
 

Bitcoin's technical picture

Looking technically, BTC/USD is recovering slowly from September 8 low reached at $6,114. This trend remains untouched as long as the price stays above the upside trendline currently at $6,280. Once it is broken, $6,000 will come into focus, threatening to push BTC/USD back on the bearish track.

Meanwhile, from the short-term point of view, a sustainable move below $6,400 looks nasty. If this ground is not regained soon, the selling pressure may intensify and push the price towards the above-said critical trend line support.

The next hurdle is created by SMA40 (4-hour chart) above $6,500 and $6,600 (38.2% Fibo retracement). A sustainable movement higher will allow proceeding towards $6,650 (SMA200, 4-hour chart) and psychological $6,700.
 

Tether movements

Meanwhile, crypto community noticed that the amount of Tether in circulation increased by $12.89M. The newly minted coins were transferred to Bitfinex, the fourth largest cryptocurrency exchange by trading volumes. However, this Tether issuance did not influence Bitcoin's momentum in any noticeable way.

 

Tanya Abrosimova

FXStreet

 

Alan Zibluk Markethive Founding Member

Bitcoin BTC Price Watch – Back to Support Yet Again

Bitcoin (BTC) Price Watch -  Back to Support Yet Again!

Bitcoin (BTC) Price Watch – Back to Support Yet Again!

Bitcoin Price Key Highlights

 

  • Bitcoin price has formed higher lows and lower highs to trade inside a triangle pattern on its 4-hour time frame.

  • Price got rejected on a test of resistance once more and a move to support appears to be taking place.

  • Technical indicators are suggesting that further declines could be in the cards.

Bitcoin price bounced off the top of its triangle consolidation pattern and is gearing up for another test of support.

 

Technical Indicators Signals

 

The 100 SMA is 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. Price is currently testing the 100 SMA dynamic inflection point and might be due for further losses if it breaks below this level or the $6,250 triangle bottom.

Stochastic is also heading south so bitcoin price might follow suit while sellers have the upper hand. This oscillator is nearing oversold levels, though, so bears might be feeling exhausted soon. RSI is pointing down and has more room to fall before hitting oversold levels, so sellers could stay in control for a bit longer.

The chart pattern spans $6,000 to around $8,250 so a break lower could be followed by a drop of the same height. Similarly an upside break could lead to a rally that’s the same height as the triangle.

Bitcoin price has drawn support from the SEC decision to open the comment period for the proposed rule change to list the bitcoin ETF by VanEck/SolidX on an exchange. This keeps traders’ hopes up that an approval may be in the works sooner or later as it managed to avoid a quick rejection.

Meanwhile, there appears to be no major catalyst that has spurred the sharp tumble, apart from profit-taking. Some point to the BIS report that regulation has been a driving factor for bitcoin price also.

SARAH JENN | SEPTEMBER 25, 2018 | 4:34 AM

Alan Zibluk Markethive Founding Member

Bitcoin Price Analysis – BTC Acquires Safe Haven Status After Brexit Woes

Bitcoin Price Analysis -  BTC Acquires “Safe Haven” Status After Brexit Woes

Bitcoin Price Analysis – BTC Acquires “Safe Haven” Status After Brexit Woes

All in all, Bitcoin prices are on an uptrend. Backing these are boosting fundamentals with investors anchoring their bullish hopes on Bakkt, the ICE subsidiary. The platform will make use of Microsoft technologies for expediency. Regardless, our previous trade plan holds true. Even with a modest three percent gain in the last week, we need to see strong gains above $7,000 or safely $7,200 for trend continuation. Thereafter we shall recommend large volume buys with targets at $10,000.

Latest Bitcoin News

At current levels, Bitcoin prices are not only vibrant but are bottoming up. Bitcoin prices are up roughly $500 from last week’s lows. Factoring in candlestick formations, it appears that there is more room for upsides thanks to spikes in market participation levels.

All eyes are now set on Intercontinental Exchange (ICE), the owners of the New York Stock Exchange. The ICE plans on launching a new regulated “on-ramp” platform for institutional investors, merchants and retail investors to trade, store and spend various digital assets through

All aspects of the existing futures market will, for the first time, be part of physical delivery and warehousing of Bitcoin

Bakkt will utilize MS cloud solutions with backing from traditional Wall Street companies and crypto funds as Starbucks, BCG and Fortress Investments. Once they get the green-lights, Bitcoin prices will likely on a high by the end of the year as investors rush to invest. In fact the optimism is so high that Michael Novogratz, the Former Managing Partner at Goldman Sachs said it is impossible for Bitcoin prices not to test $10,000 by the end of the year re-affirming his previous stands on price.

Bitcoin Technical Analysis

Weekly Chart

Though there is optimism in the market, our last Bitcoin trade plan is solid and on course. From the weekly chart, it’s clear that Bitcoin prices are on a consolidation. As they oscillate within a $1,200 range with supports at $5,800–$6,000 support and $6,800–$7,200 resistance level, our Bitcoin buy triggers would only go live once there are conclusive surges above the resistance trend line separating buyers and sellers at around $7,200—Sep 2018 highs. Besides the ranging market, the $6,000 level is proving to be a solid foundation for Bitcoin buyers.

After all, BTC sellers have so far retested $6,000, six times. Every time sellers fail to breach these resilient floors. Overly, this is good for BTC optimists. It goes to show how important $5,800–$6,000 level is from our analysis.

Daily Chart

Before Sep 18 surges, $6,500 or Sep 17 highs were our minor resistance level. Cementing our decision to anchor suitable stops and buy triggers at $6,500 was those high trading volumes of Sep 17.

Notice that average volumes before Sep 17 bearish engulfing candlesticks were low. Besides, we would strong reasons to hold on to short positions because Sep 18-20 candlestick volumes were low. However, after Sep 21 price explosion at the back of high volumes, sells were nullified and short term bulls were triggered with first targets at Sep 5 highs at $7,300.

In the course of this week, it’s likely that Bitcoin bulls will follow through. In that case conservative buyers would only enter long trades if and only if there is Sep 21-like breach above $7,000–$7,200. Thereafter, we can recommend loading on pull backs in lower time frames with first targets at $8,500 and later $10,000.

 

DALMAS NGETICH | SEPTEMBER 24, 2018 | 4:30 AM

Alan Zibluk Markethive Founding Member

In Argentina Investors Flock to Safe-Haven Bitcoin

 

The economic crisis in Argentina is driving investors to buy Bitcoin in order to protect their wealth, pushing the cryptocurrency’s price higher in-turn. In parallel, to satisfy the increasing demand, the first of 12 Bitcoin ATMs has already begun to operate in a Buenos Aires mall. The number of stores accepting Bitcoin also continues to rise.

BITCOIN IS A SAFE-HAVEN DURING AN ECONOMIC CRISIS

As the country’s currency plunges, Argentinian investors and ordinary people are exchanging their pesos for Bitcoin (BTC) $6720.73 +0.22%. In this regard, economist and mathematician D.H. Taylor writes,

“Argentinians are moving in large numbers out of their peso and into a more stable currency, BTC. The numbers being witnessed by the markets in BTC are surging from Argentina.” And he adds, “The stability being offered by the digital currency is far greater than the peso and Argentinians are moving in quickly.”

As for substantiating evidence, Taylor refers to the chart below showing the weekly volume of Bitcoin purchases in Argentina:

One of the wealthiest countries in Latin America, Argentina is once again undergoing a severe economic crisis. In April 2018, the peso started plunging against the dollar at an unexpected speed.
 

Most economists agree that the devaluation of the peso is due to investors’ doubts about the government’s ability to contain its unrelenting inflation and to minimize the effects of the U.S. Federal Reserve interest rate increases, which have strengthened the dollar all over the world.

Now, the Argentina year-over-year inflation rate reaches over 34 percent.

TAYLOR: THE BIGGEST SOLUTION IS BITCOIN

So far, the efforts of Argentina’s Central Bank to stabilize the peso have been to no avail. As a result, according to Taylor, the Central Bank is exploring the possibility of diversifying into Bitcoin,

The biggest solution is Bitcoin, or BTC-USD and, according to the data, Argentinians are buying large amounts. At the same time, the Argentinian Central Bank is considering diversifying their currency reserves into BTC.

The Central Bank has already eased regulations regarding ATMs in the country. This easing of regulations has facilitated the installation of ATMs processing cryptocurrencies.

In Argentina, Investors Flock to Safe-Haven Bitcoin

Alan Zibluk Markethive Founding Member

Bitcoin Price Analysis: BTCUSD Testing Double Bottom Neckline

Bitcoin Price Analysis: BTC/USD Testing Double Bottom Neckline

Bitcoin Price Analysis: BTC/USD Testing Double Bottom Neckline

Bitcoin could be due for an uptrend anytime now as the price is already testing the neckline of its double bottom on the 1-hour chart. A break past the $6,650 area could lead to a climb that’s the same height as the chart formation, which spans $6,100 to $6,600.

However, the 100 SMA recently crossed below the longer-term 200 SMA to signal that bearish pressure is present. This could force the neckline resistance to hold and push Bitcoin back down to the bottoms again. Then again, the moving averages just seem to be oscillating to reflect consolidation conditions, so a bullish crossover might be possible again.

RSI is hovering close to the overbought zone to signal bullish exhaustion. Turning lower could confirm that sellers are taking over while buyers take a break. Stochastic has some room to climb before hitting overbought levels, though, so buyers could have a bit more energy left to push for a neckline breakout.

he SEC just issued an order to gather more input from the public to help in its ruling on the proposed rule changes to list the Bitcoin ETF from SolidX/VanEck. Recall that they already pushed the ruling deadline back on this and could still do so again, possibly not making any decision until February next year.

If so, Bitcoin bulls might still be disappointed but could continue to keep hopes up for an approval. A flat-out rejection, on the other hand, could douse any expectations that a strong rebound to the record highs could take place this year. Approval, although seemingly least likely, could usher in strong gains across the board.

The decision is due at the end of the month and analysts are already pointing to the buildup of short positions on Bitcoin, likely the cause for the sharp dip earlier this week.

 

SARA JENN · SEPTEMBER 21, 2018 · 1:00 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

Time to regulate bitcoin says Treasury committee report

Time to regulate bitcoin, says Treasury committee report

Time to regulate bitcoin, says Treasury committee report

 

MPs in UK say ‘wild west’ cryptocurrency industry is leaving investors vulnerable

 

Bitcoin and other cryptocurrencies are “wild west” assets that expose investors to a litany of risks and are in urgent need of regulation, MPs on the Treasury select committee have said.

 

The committee said in a report that consumers were left unprotected from an unregulated industry that aided money laundering, while the government and regulators “bumble along” and fail to take action.

 

The Conservative MP Nicky Morgan, the chair of the committee, said the current situation was unsustainable.

 

“Bitcoin and other crypto-assets exist in the wild west industry of crypto-assets. This unregulated industry leaves investors facing numerous risks,” Morgan said. “Given the high price volatility, the hacking vulnerability of exchanges and the potential role in money laundering, the Treasury committee strongly believes that regulation should be introduced.”

 

Crypto-assets are not covered by the City regulator, the Financial Conduct Authority (FCA), and there are no formal mechanisms for consumer redress or investor compensation.

 

The committee argues in the report that at a minimum, regulation should be introduced to add consumer protection and counter money laundering.

 

It said that as things stood, the price of crypto-assets was so volatile that while potential gains were large, so too were potential losses. “Accordingly, investors should be prepared to lose all their money,” the committee said.

 

The FCA said: “The FCA agrees with the committee’s conclusion that bitcoin and similar crypto-assets are ill-suited to retail investors, and as we have warned in the past, investors in this type of crypto-asset should be prepared to lose all their money.”

 

A Treasury spokesman said: “We set up the joint Cryptoassets Taskforce earlier this year because we want to better understand the potential risks and benefits of crypto-assets to people, businesses, and the economy.”

 

In 2017, the price of a bitcoin soared by more than 900%, hitting a peak of almost $20,000 in December. Its popularity has since waned, with one bitcoin now priced at around $6,270.

 

 

Bitcoin: is it a bubble waiting to burst or a good investment?

Read more

The digital currency emerged after the financial crisis. It allows people to bypass banks and usual payment processes to pay for goods and services.

 

Last year Jamie Dimon, the chief executive of JP Morgan, said bitcoin was a fraud and only fit for use by drug dealers, murderers and people living in places such as North Korea. He said: “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.”

 

Originally printed in the Guardian.

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

DOES THIS MARKET INDICATOR CONFIRM THE NOVOGRATZ PREDICTED REBOUND?

DOES THIS MARKET INDICATOR CONFIRM THE NOVOGRATZ PREDICTED REBOUND?

DOES THIS MARKET INDICATOR CONFIRM THE NOVOGRATZ PREDICTED REBOUND?

Bitcoin bull and highly cited cryptocurrency proponent Mike Novogratz called “bottom” this week on Twitter. On Friday, Bitcoin’s market performance and key market reversal indicated a possible turning point. What will Monday bring? Is the market still too bearish?

 

BITCOIN COULD HAVE OVERSOLD

According to a Friday report from Bloomberg, a key market sign — the Williams %R Indicator — is showing the market for Bitcoin (BTC) $6517.38 -0.04% has “oversold.”
 

This may portend that the great Bitcoin selloff is finally over. The Williams %R Indicator moves between a level of 0 and -100, showing an overbought or oversold market.
 

According to Bloomberg’s chart below, that measure is sitting at -83. This equates to an oversold market. The last time this level was reached Bitcoin price subsequently rose 22%, says Bloomberg.

NOVOGRATZ FORECASTS BOTTOM AND REBOUND TO EQUAL 2017 BOOM

On September 13, 2018, Mike Novogratz referred to the Bloomberg Galaxy Crypto Index Chart, asserted a low, and likened market performance to “the point of acceleration that led to the massive rally/bubble.” He finished his tweet with the hashtag #callingabottom.
 

PRE-WEEKEND RALLY… WHAT WILL MONDAY BRING?

On the day of Novogratz’ tweet, Bitcoin’s value began at $6337.46 before rising to $6589.32. Over the weekend the price has fallen back, but not too far —$6495.18at the time of writing. Monday and next week’s trading will likely prove or disprove Novogratz and Bloomberg’s theories.

As per Bitcoinist’s analysis today, we could be looking at a slow and steady recovery towards $7000 or it could be an “oversold” bounce. We predict Bitcoin is “well situated” for short-term gains, but could still be victim to a bearish market.

Novogratz isn’t the only confident bull. Tim Draper, speaking at a DealStreetAsia summit in Singapore last week predicted the total market capitalization for cryptocurrencies will reach a whopping $80 trillion by 2023. As of today, Bitcoin is still dominating the cryptocurrency markets, with 55% of the total market capitalization invested in Bitcoin alone.

Bullish or Bearish? Where are your sentiments today? What do you think next week will bring?

 

MELANIE KRAMER | SEP 17, 2018 | 00:00

Alan Zibluk Markethive Founding Member

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