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Opinions – What Experts Think about a Possible Bitcoin ETF

Opinions - What Experts Think about a Possible Bitcoin ETF

Opinions – What Experts Think about a Possible Bitcoin ETF

Since 2017, SEC has turned down at least three bitcoin ETF applications (including the Winklevoss twins on two occasions) from different groups citing specific reasons for such denials. This has not stopped the surfacing of new applications. Just last month three groups that have been turned down before (CBOE, VanEcK and SolidX) returned with revised applications.

This latest development has reignited the influx of opinions and predictions to how necessary the ETF is to bitcoin and the possible effects of any form of approval of such. While some experts do not see the necessity of an ETF for bitcoin, others believe that is will be a major catalyst for the next big move and possible establishment of the cryptocurrency in the mainstream.

Here are the opinions of a few experts who told CCN how much they believe an ETF will affect the development of bitcoin.

 

An Interesting Idea

Founder of Netcoins, Michael Vogel sees the possibility of a bitcoin ETF as “an interesting idea” even though he does not think that such is crucial to bitcoin’s long term success.

According to Vogel, many see an ETF approval as another step forward to legitimizing bitcoin in the eyes of Wall Street and the world of traditional finance because it would ultimately put bitcoin (as a trading instrument) in the hands of conventional traders. However, he believes that it would also denote a significant step forward in terms of the comfort level that regulators display around cryptocurrency, given the extreme hesitancy around past ETF applications.

“A large ETF would likely have a significant impact on bitcoin prices as well, not just due to trading volume but simply because of the volume of bitcoin that it would remove from the liquid trading market (because the BTC would need to be permanently held by the ETF corporation)”.

 

Absolutely Not Necessary

Another expert who aired her view on the developing event is the founder of Trezor and business strategy advisor for crypto companies, Alena Vranova.

In Vranova’s opinion, an ETF is absolutely not necessary for the development of bitcoin. However, she notes that it will open doors to a substantial mass of new investors who believe that some kind of regulatory approval makes bitcoin legitimate. Vranova indicates that in the short-term, bitcoin will benefit from a positive publicity and the price will probably skyrocket, even as she advised hodlers to ensure the security of their coins.

She said:

“Everyone who wants to hodl on, please make sure your bitcoin is safe against hackers, because their interest will skyrocket too. I’d recommend to abandon any custodian service, set up some of the proven hardware wallets (TREZOR or Ledger), set up a non-custodian multisig wallet (such as CASA) and read Pamela Morgan’s book on crypto asset inheritance.”

 

Nothing Spectacular

For Dana Coe, Partner at CryptoCrest, an ETF is simply any fund (mutual, hedge, whatever)traded on a listed exchange.

He explains that ETFs are mostly trading SEC- or CFTC-regulated assets and, right now, many or most cryptos are neither. Consequently, a fund trading them would have to register its shareholders’ interests in the fund as securities but the traded assets are unregulated. This may add to the reticence of the SEC to allow such a thing.

Coe continued by noting that as far as the importance of an ETF to bitcoin, what would really be a good way around is for funds that use large broker-dealers to sell membership interests in whatever fund type they have. So it wouldn’t be an ETF, but the funds themselves could have their membership interests be bought through Vanguard or similar.

“In the end that’s how it works anyway – difference being they aren’t listed on an exchange,” concluded Coe.

While the ecosystem awaits the new September appointment by SEC in making a decision on the ETF applications, investors and other bitcoin users will continue to ponder on both the long- and short-term effects that may arise. No matter the outcome, the increase in awareness and interest in bitcoin is becoming more certain. Also, with the various development across the entire blockchain ecosystem, improved robustness and industrial stability is becoming more obvious.

Article courtesy of CNN

David Ogden – Http://markethive.com/david-ogden

3 THINGS PEOPLE GET WRONG ABOUT BITCOIN, ACCORDING TO AN EARLY INVESTOR

 

3 THINGS PEOPLE GET WRONG ABOUT BITCOIN, ACCORDING TO AN EARLY INVESTOR

 

Famous Bitcoin early investor Jeffrey Wernick — who also got into Uber and Airbnb as an angel investor — recently told Business Insider that people get a lot of things wrong about the first and foremost cryptocurrency. Here’s some of what he had to say.
 

When asked by Business Insider‘s Sara Silverstein what “most people get wrong about bitcoin or cryptocurrency,” the successful financial expert had a lot to say on the matter.
 

‘IT’S A PEOPLE’S MONEY’

Firstly, Wernick claims most people today have either neglected to recall or totally forgotten the philosophical purpose which underlined Bitcoin’s creation — namely, that it would be an alternative currency outside the reach of governments and traditional financial institutions. He explained:

 

People who have got into it now talk more about blockchain than bitcoin, because they’re just looking for an alternative model to make money and they don’t care about — they’re agnostic to the initial philosophical framework that drove people to adopt bitcoin to begin with and kept it alive from 2009 through 2013 or ’14, when all of a sudden, adoption started to grow. There was a small universe of people that actively worked to keep it alive by continuing to mine and continuing to buy and they were doing it because of the concept that they believed in, and that it’s a people’s money.

 

Indeed, one doesn’t have to look very far to see that every traditional financial institution under the sun is looking to utilize blockchain technology for their own purposes — none of which align with Bitcoin’s ethos.

IT ONLY FACES HEADWINDS’

And while the eyes of the market focus firmly on the US Securities and Exchange Commission’s pending exchange-traded fund decisions, it might be worth examining what such derivatives have done to another ‘people’s money,’ silver. Also, is Bitcoin meant to be a speculative investment or a currency that undermines an unfair and unjust global financial system, which itself aims to destroy Bitcoin?
 

Wernick explained:

 

Since bitcoin has been created in 2009, it’s outperformed every currency, even with governments hostile to it, and a regulatory regime that’s an uncertain regime and the governments have been designing, have been managing it in a way so people cannot know what to expect. So it’s amazing the valuation it has today given the fact that it only faces, it only faces headwinds, no tailwinds. Every government throughout the world is trying to figure out how to stop and kill bitcoin.
 

THE ‘ONLY ANSWER’

Investing in Bitcoin, according to Wernick, should be seen as a form of protest against the government and its financial policies — and it’ll probably be a profitable investment at that. He explained:
 

I think over five years, you’re going to accumulate a lot more wealth than you would in any other alternative investment, but again, you don’t want to buy more than you can afford to lose, because I could be wrong, and you’d be making a statement to the government that says, “What you’re doing is completely unacceptable.” Because if you think about how the financial system works, the financial system punishes the saver and benefits the borrower, but only benefits a small classification of borrowers.

 

Then the question is, is what, what for a typical middle class person — how do they accumulate wealth? And I think their only answer is to put a certain percentage in crypto.
 

ADAM JAMES · @SHASDAM | JUL 27, 2018 | 20:00

David Ogden – Http://markethive.com/david-ogden

‘Any number of catalysts could send bitcoin exploding higher,’ says blockchain venture capitalist

‘Any number of catalysts could send bitcoin exploding higher,' says blockchain venture capitalist

‘Any number of catalysts could send bitcoin exploding higher,' says blockchain venture capitalist

  • Bitcoin trading at about $8,200 as of the earlier hours of Thursday.

  • Blockchain venture capitalist Spencer Bogart says many things could cause the coin to gain value — or fall — rapidly.

  • "Bitcoin is kind of a tinderbox right now, waiting for reasons to go higher," he says.

Bitcoin has seen strong gains over the last week — trading at about $8,200 as of the earlier hours of Thursday.

But the largest digital currency by market cap still isn't close to its December, 2017 high of $19,783.21. Now, market watchers are waiting in anticipation for the next jump — or decline.

"Any number of catalysts could send bitcoin exploding higher," Spencer Bogart, a partner at Blockchain Capital, told CNBC on "Fast Money" Wednesday.

Those catalysts include global trade tensions, the possibility of a bitcoin ETF, rising currency rates and Mastercard's recent announcement of a new patent that could allow bitcoin transactions on credit cards.

"Bitcoin is kind of a tinderbox right now, waiting for reasons to go higher," said the venture capitalist.

In May, even as bitcoin continued to fall, Bogart said it was the only digital coin worth buying, as more banks and large institutions were beginning to accept the coin, and urged long-term investors to get on board.

Other cryptocurrencies, he said, were "over-promising and under-delivering. Meanwhile you have a few that are kind of excelling at their use cases. Bitcoin being one of them." He said bitcoin, which was priced around $7,400 at the time, would likely go lower before hitting at least $10,000 by the end of 2018. The coin fell below $6,000 the following month.

On Wednesday, Bogart said bitcoin may have hit its bottom for the year, but that he was "definitely expecting to see new highs" and told investors to expect more regulatory approval of the space in the coming year.

"The cat’s already out of the bag," Bogart said, adding that "innovation is going elsewhere if the SEC doesn’t get on board soon."

 

Author Kellie Ell |

David Ogden – Http://markethive.com/david-ogden

Bitcoin Price Set for Major Bullish Breakout – Traders

Bitcoin Price Set for Major Bullish Breakout – Traders

Bitcoin Price Set for Major Bullish Breakout – Traders

 

According to sources who are analysing the current situation regarding the bitcoin price consistently, it appears that the cryptocurrency may be in line for a major breakout.

An analysis from Telegram groups and recent comments on Discord channels have also appeared to confirm this sentiment.

Bitcoin has officially made a higher high on the daily, testing a big resistance at $7,800 (inverted head and shoulders target) and testing the mid-term downtrend line. The top line has now broken and one can expect a big run up in the days ahead. According to sources, if the line is broken more this week at the right time, it will cause a flood of buying followed by a small retracement or correction.

At present, the bitcoin price is trading just above the $7,700 level on Bitfinex, with turnover slightly on the lower side when compared to last week’s levels. What is different from the usual is that all major cryptocurrencies have either registered small drops or are stable, with BTC being the only real gainer alongside bitcoin cash and cardano. Sources said that it is still not the season for alts –- these continue to perform sluggishly although that could change when bitcoin starts its upward ride.

 

The fact that BTC pushed a higher high is already bullish, and we also closed the daily with a higher low. The RSI keeps peaking into overbought conditions and cooling off, maintaining bull momentum for the upcoming ETF news. The news regarding a new bitcoin ETF would certainly send the market skyrocketing upwards.
 

It appears that bitcoin is nearing bull confirmation, with high volume coming from buyers. A break of $7,800 can send BTC into a run to $8,250, which is the level needed to break and confirm at least mid-term bull, as it is a swing high of the recent downtrend.
 

Sentiment remains bullish, with bears struck in fear with every leg up. This is looking great for BTC; however, we are still in a 6-month bear market trend, so it would be good to keep an eye on price movements.
 

Supports and Resistances have been identified by traders in Telegram group RSSignals as follows:
 

Key Supports:

$7339

$7214

$7075

 

Key Resistances:

$7798

$7943

$8225

 

AUTHOR  Gerald Fenech

David Ogden – Http://markethive.com/david-ogden

BTC/USDUptrend Aims at 10k after Bulls Regain Control

BTC/USDUptrend Aims at 10k after Bulls Regain Control

Bitcoin (BTC/USD) is showing strong bullish momentum because multiple daily candlesticks are managing to stay above the 21 ema zone, which indicates that the bulls are fully in control at the moment

2 hour

BTC/USD’s lack of any bearish retracement indicates that more bullish continuation is likely at the moment, which is confirmed when price manages to break above the long-term moving average. A bullish breakout (blue arrows) could take price up to the Fibonacci targets and complete a potential wave 3 (purple). Then a mild bull flag chart pattern is expected (wave 4) and one more push within wave 5 (purple). This will complete a potential wave 1 (blue) – see next image.
 

The wave 1 (blue) could stop at for instance the previous resistance zone (orange lines), which is also the 10k round level. If price makes a wave 2 (blue) as expected, then price should fall in a corrective 3 wave pattern (ABC zigzag) back to support. The inverted head and shoulders pattern (purple box) could kick start a larger bullish reversal by completing the wave 2 (blue) correction and starting a bullish wave 3 (blue).

 

4 hour

Price is building a consolidation zone (green box) on the 4 hour chart after showing strong bullish momentum (green arrow). Usually the breakout (2nd green arrow) travels the same distance after pushing through the range (green box) as the original impulsive swing (1st green arrow), although the momentum could be less strong. For instance, a bullish channel (purple) could emerge as well. I’m expecting bull flags and continuations towards the Fibonacci targets and weekly Pivot Points for the moment.

1 hour

The ecs.SWAT software can be used on Bitcoin as well the 1 hour chart shows. Blue ECS candles above the 21 ema indicate momentum or a new breakout (if its first blue candle), whereas bullish blue arrows indicate potential continuation or loss of momentum (red arrow). The green candles indicate breakout setups.

 

 

 

Author Chris Svorcik

David Ogden – Http://markethive.com/david-ogden

South Korea Makes 2018 the Year of Bitcoin and Cryptocurrency Acceptance

South Korea Makes 2018 the Year of Bitcoin and Cryptocurrency Acceptance

South Korea Makes 2018 the Year of Bitcoin and Cryptocurrency Acceptance

 

South Korea has done a crypto pivot. Regulators announced today that the Financial Services Commission (FSC) is establishing a policymaking body to lead the country’s efforts in the Fourth Industrial Revolution era, commonly characterized as the emergence of robotics, artificial intelligence, blockchain, biotech, nanotech, quantum computing and the Internet of Things. The newly-created Financial Innovation Bureau will focus on blockchain, cryptocurrency and fintech.

The decision was made during an FSC cabinet meeting with the Ministry of the Interior and Safety.

The FSC plans a major organizational reshuffle to “better protect financial consumers and proactively respond to financial innovation,” according to a statement by the FSC. “The new Financial Innovation Bureau will be tasked with policy initiatives for financial innovation – e.g. innovative financial services using fintech or big data and responses to new developments and challenges such as cryptocurrencies.”

The proactive response is widely regarded as a major positive step toward regulating, and not stifling, cryptocurrency innovations.

In January, 228,295 citizens petitioned the government over regulations banning ICOs and forcing investors to verify their identity to trade crypto on virtual accounts opened at local banks. The people demanded to know why regulators wanted to restrict certain crypto-related activities – crushing their dreams of a happier life.

Petition December 28, 2017

I want to ask the government:
Has the government ever dreamed a happy dream for our people once?

Many people have suffered from virtual currency? 
Investment is the responsibility of an individual who has failed or failed. 
Damage caused by unreasonable investment is not only the virtual money, but also the stock. 
Just as the people who make virtual money do damage, they dominate the media and declare war again. 
“We can close even the virtual currency exchanges, so please listen carefully.” 
Our people have been able to make a happy dream that they have never had in Korea due to virtual money.
I might be able to buy a house in Korea where it is hard to buy my house. 
Maybe I can live by doing what I want to do. Maybe I can 
become a little bit of my life and I can breathe. Do our people illegally gamble? 
People are not stupid. In the flow of time, virtual money is invested in the fourth revolution
It is not just a random investment, but also a company that sells virtual money exactly like a stock, and 
invests wisely enough to make sure that you do not overdo it. 

The large number of petitioners legally compelled the government to respond. The blowback set into motion a rigorous debate about government oversight in the crypto space.

Subsequent events made it difficult to impose a comprehensive ban on cryptocurrencies.

 

  • January – It was revealed that the South Korean National Pension Fund made indirect investments in four cryptocurrency exchanges – Korbit, Upbit, Coinplug, and Bithumb – totaling 2.6 billion won, making a proposed comprehensive ban on cryptocurrencies impractical.

  • March – Bithumb, Korea’s largest cryptocurrency exchange, announced a breakthrough platform that will allow 6,000 physical stores across the country to sell a variety of products, including meals, for cryptocurrency. The platform, which is set to launch at the end of the year, is a joint venture with mobile payment operator and gift-card platform Korea Pay’s Service.

  • May – South Korea’s Supreme Court officially proclaimed that Bitcoin is an ‘asset with measurable value.’

The government has been working to come up with a regulatory framework that can advance cryptocurrencies and spur innovation while protecting consumers. As a global movement in a global economy, regulators in every country risk ending up in last place in the race for technological supremacy by imposing any heavy-handed actions to eliminate cryptocurrencies. Because of their decentralized nature and accessibility through the internet, they cannot be shut down.

It’s also hard to separate blockchain from cryptocurrencies. Many tech experts, financial analysts and admired investors have spoken fondly of blockchain while condemning cryptocurrencies, but the distinction between the two is difficult to reflect in policymaking since blockchain technology is what underpins cryptocurrencies and because cryptocurrencies are often the underlying instrument that fuel innovative blockchains. The two are commonly and inextricably linked.

The new Financial Innovation Bureau will take a holistic approach to integrating cryptocurrencies and blockchain. The bureau will coordinate three divisions: the Financial Innovation Division, the Electronic Finance Division and the Financial Data Policy Division.

According to a study released in December 2017, one third of South Korean professionals are invested in cryptocurrencies such as Bitcoin, making South Korea one the biggest cryptocurrency markets in the world.

 

David Ogden – Http://markethive.com/david-ogden

Bitcoin could take a major chunk of change from gold, crypto expert says

Bitcoin could take a major chunk of change from gold, crypto expert says

Bitcoin back above $7,000 has crypto bulls believing in the rally again. To one crypto expert, the leading cryptocurrency’s long-term move could be stratospheric.

Such a move will be fueled by a maturing crypto market that could lure investors out of physical gold and into “digital gold,” says Gabor Gurbacs, director of digital asset strategies at VanEck/MVIS.

“Gold today has around $7 trillion outstanding. If you take, say, 5 to 10 percent — I’ll let everyone do the math — bitcoin has upside,” he explained on CNBC’s “Futures Now” on Thursday.

Bitcoin currently has a market cap of $128 billion, according to Coindesk. If 10 percent of the gold trade were to shift into bitcoin, it would more than triple its market cap, by Gurbacs’ calculations.

“Bitcoin is used as digital gold today. It’s a de-risk asset. Basically if someone wants to outlay systematic risk, then one would go to access gold or digital gold (bitcoin),” he added.

Before bitcoin can take off, the crypto market first needs to evolve to address a few topics of consternation to institutional investors, says Gurbacs. He counts marketwide pricing and valuation and customer protection and compliance as among those issues.

There are 120 different exchanges out there, he says, and often the price of bitcoin changes from platform to platform. His firm, VanEck/MVIS, is addressing that issue with independent pricing benchmarks.

Gurbacs is optimistic the crypto market can change and mature to mirror more traditional investments.

“We believe that there is sufficient liquidity. We believe there is pricing benchmarks. We believe there is a way to integrate bitcoin into the financial ecosystem that we are used to for ETFs, stocks, bonds and commodities,” he explained.

The bitcoin rally found its momentum again this week after sinking to a year-to-date low below $6,000 in late June. The cryptocurrency now trades at $7,457.

 

 

Author Keris Lahiff

David Ogden – Http://markethive.com/david-ogden

Bust pensions firm ordered to pay out thousands in Bitcoin row

Bust pensions firm ordered to pay out thousands in Bitcoin row

Bust pensions firm ordered to pay out thousands in Bitcoin row

 

THE director of a dissolved pensions firm has been ordered by The Pensions Ombudsman to pay £3,000 compensation to an investor and explain whether he invested her £19,000 into the Bitcoin Store.

 

Former journalist Pam Spooner transferred money from her Express Newspapers pension pot to Alternative Pensions Plan Trustees Ltd with the understanding it would be used to buy 113 Bitcoins.

However, the Kerswell Green-based firm then went bust without ever confirming where her investment had gone, according to ombudsman Anthony Arter's report.

 

Company director Ross White has until Wednesday (July 25) to provide proof that he invested the 64-year-old’s £18,924 pension fund into the Bitcoin Store, or if not, where it went.

“It’s just a pension transfer and me wanting to know where did the money go?" said Ms Spooner, who went to school in Malvern but now lives in the South West.

She said the money is her “only significant pension pot”, having moved around to various companies during her career, and after much research,had decided to invest it in Bitcoin.

She has been told by an independent financial adviser friend that it could be the highest pay out ever directed by The Pensions Ombudsman.

Ms Spooner transferred the money to APP – which is authorised by the HMRC and Pensions Regulator – in December 2014, receiving an invoice the following March to say it had been paid into the Bitcoin Store.

Months later she attempted to contact APP to get a pension drawdown by selling 13 bitcoins, which she calculated would be worth about £10,000 – later learning the company had been dissolved.

Ms Spooner said she then contacted various organisation’s such as Action Fraud and the Financial Conduct Authority, before take the case to the ombudsman with the ruling coming last week.

“It’s been a nightmare for the last three years,” said Ms Spooner. “All I’ve ever wanted to know is where he sent my money to? Did he put it in Bitcoin or has he still got it? I don’t know where my £19,000 went. That’s why the ombudsman came down heavily, I think.”

 

The report said Mr White had claimed an investment in the Bitcoin Store was not approved by the scheme’s financial advisor, “as it is not acceptable under HMRC’s rules and not approved by the plan”.

However, the ombudsman said if that was the case, the trustee “should not have proceeded with the investment” and advised Ms Spooner accordingly.

It added that if the investment had been made in Bitcoins then it is “probable that it would have grown substantially”.

“If the investment was made then Mr White should provide bank statements to show that a transfer to the Bitcoin Store was made,” the report said.

It said Mr White’s failure to answer this question both to the complainant and the ombudsman’s office, “amounted to maladministration and would have been a source of considerable distress”.

Mr White said: “This matter is still an open case with the ombudsman. To date, I have not received a reply to my most recent communication, although on contacting the WN they have a letter from the Pensions Ombudsman dated July 11.

"Many of the assertions contained in the determination have been refuted and I am still awaiting a return call from Christopher Rattigan [senior adjudicator].”

 

By Chris Vaughan

David Ogden – Http://markethive.com/david-ogden

Bitcoin (BTC) Price Watch – Bullish Pattern Confirmation

Bitcoin (BTC) Price Watch - Bullish Pattern Confirmation

Bitcoin (BTC) Price Watch – Bullish Pattern Confirmation!

Bitcoin Price Key Highlights

 

  • Bitcoin price finally broke above the neckline of its inverse head and shoulders pattern to signal that a rally is underway.

  • The chart pattern is around $1,000 tall so the uptrend has room to go, but a pullback might take place.

  • Technical indicators are showing mixed signals while sentiment favors more bitcoin price gains.

Bitcoin price made a strong upside break from the neckline of its inverse head and shoulders pattern.
 

Technical Indicators Signals

 

The 100 SMA just crossed above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This confirms that the reversal is more likely to gain traction than to retreat.

 

The chart pattern spans $5,800 to $6,800 so the resulting uptrend could be of the same size. This could be enough to take bitcoin price to $7,800 so it’s not too late to join the rally. However, stochastic is already indicating overbought conditions so there may be some profit-taking here.
 

Once the oscillator heads south, bitcoin price might follow suit and retest the broken neckline before resuming the climb. Stochastic is also in overbought territory to indicate that buyers are exhausted and that sellers might take over.

BTCUSD Chart from TradingView

Market Factors
 

The recent run higher is being attributed to the pickup in institutional interest after it was reported that hedge funds are looking to invest in the space. In particular, confirmation from BlackRock’s CEO that the world’s largest asset manager formed a team to look at crypto investments drew traders back to bitcoin.
 

It’s worth noting that the US dollar also had a good run in recent sessions but proved no match to bitcoin strength. Risk appetite popped back in the US session and investor confidence may have also contributed to bitcoin price gains.
 

Positive views on the regulatory moves in South Korea are also being lauded for shoring up the legitimacy of the cryptocurrency market. Although other notable developments were reported in the past weeks, it seems that most

 

SARAH JENN | JULY 18, 2018 | 4:09 AM

David Ogden – Http://markethive.com/david-ogden

Bitcoin (BTC) Price Watch- Down But Not Out

Bitcoin (BTC) Price Watch- Down But Not Out

Bitcoin (BTC) Price Watch- Down But Not Out!

 

Bitcoin Price Key Highlights
 

  • Bitcoin price appears to be keeping its head above the near-term area of interest at the channel support.

  • If a bounce back to the resistance happens, an inverse head and shoulders pattern could also be completed.

  • A break past the channel top could be enough to confirm that a long-term uptrend is underway.

Bitcoin price is staying above the $6,300 area of interest to signal that bulls are putting up a good fight.
 

Technical Indicators Signals

 

The 100 SMA is starting to cross above the longer-term 200 SMA to suggest that bearish momentum is over and that the path of least resistance is to the upside. This means that the reversal could gain more traction from here, especially once the crossover is completed.
 

In that case, support at the ascending channel could keep holding as this lines up with an area of interest or former support and resistance level. Price could find its way back to the channel top at $7,200, which would also be above the neckline of a reversal pattern.
 

Bitcoin price continues to attempt to complete the inverse head and shoulders formation on this 4-hour time frame, and this is considered a potent reversal signal. The pattern would span $5,800 to $6,800 or $1,000 in height, so the resulting uptrend could be of at least the same size.
 

However, RSI is already closing in on the overbought zone and is showing intention to head back down. This could mean that sellers are eager to push bitcoin price south again. Similarly stochastic is starting to turn upon reaching overbought territory so bitcoin could follow suit.
 

Market Factors

 

Bitcoin price was off to a rallying start in July but most of these gains were returned last week on negative commentary and another exchange hack. US authorities also indicted twelve Russian officials for using cryptocurrency in interfering with the 2016 elections.

 

This time, the focus could remain on related headlines that could determine whether the bullish run could resume or if another set of downbeat updates could force a continuation of the earlier slide

 

SARAH JENN | JULY 16, 2018 | 3:57 AM

David Ogden – Http://markethive.com/david-ogden