Bitcoin Weekly Forecast –  BTC Aiming Key $6.5K Support

• There was a sharp decline in bitcoin below the $8,000 and $7,500 supports against the US Dollar.

• The price is currently correcting losses, but remains at a risk below $7,400.

• There is another breakdown pattern forming with support near $7,240 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

The price is currently trading below the $7,500 resistance and likely to decline further.

Bitcoin price is trading in a strong downtrend below $7,500 against the US Dollar. BTC is likely to continue lower towards the main $6,500 bearish target.

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin started a nasty decline below the $8,000 support area against the US Dollar. As a result, BTC price gained bearish momentum below the $7,800 support and the 100 simple moving average (4-hours).

It opened the doors for more losses and the price even declined sharply below the $7,500 support. Moreover, the price tested the $7,000 support area (the first bearish target as per the medium term outlook).

Finally, the price spiked below $6,900 and a new multi-month low was formed near the $6,776 level. At the outset, bitcoin price is correcting higher and recently traded above the 23.6% Fib retracement level of the last decline from the $8,213 high to $6,776 low.

However, the upward correction is facing resistance near the $7,400 level. Additionally, there is another breakdown pattern forming with support near $7,240 on the 4-hours chart of the BTC/USD pair.

If there is a downside break below $7,240 and $7,200, there are chances of more downsides in the near term. In the mentioned case, the price is likely to break the $7,000 support and $6,800 level. The main target for the bears seem to be the $6,500 support area.

On the upside, the price must break the triangle resistance and $7,400. Besides, the 50% Fib retracement level of the last decline from the $8,213 high to $6,776 low is near the $7,500 level.

The key resistance is near the $7,550 level and a connecting bearish trend line on the same chart. A clear break above the $7,500 and $7,550 resistance levels could set the pace for more gains.

Bitcoin Price

Looking at the chart, bitcoin price is likely setting up for another breakdown below the $7,200 and $7,000 support levels. Conversely, a close above $7,550 is needed for a correction towards the $8,000 level in the coming days.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now recovering, but it is well below the 40 level.

Major Support Level – $7,000

Major Resistance Level – $7,550

 

Aayush Jindal

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

Bitcoin Dives to a Six-Month Low on China Crackdown

Bitcoin has slumped by nearly a third since late-October.

Bitcoin Dives to a Six-Month Low on China Crackdown

Chinese President last month said the country's economy should accelerate blockchain development

HIGHLIGHTS

Bitcoin fell nine percent to $6,929

Its the lowest since May

Bitcoin in late October slumped by nearly a third

Bitcoin slumped to a six-month low on Friday after China's central bank launched a fresh crackdown on cryptocurrencies, warning of the risks entailed in issuing or trading them. Bitcoin, the world's biggest cryptocurrency, fell nine percent to $6,929 (roughly Rs. 4,97,400), its lowest since May, and was last down seven percent at $7,107 (roughly Rs. 5,10,200). The People's Bank of China's Shanghai headquarters said it would tackle growing cases of illegality involving virtual currencies. It also cautioned investors not to confuse crypto with blockchain technology, the digital ledger that underpins many cryptocurrencies such as bitcoin.

The move came a day after regulators in Shenzhen launched a similar campaign, and came as the PBOC prepares to launch its own digital currency.

Chinese President Xi Jinping said last month that the world's second-biggest economy should accelerate the development of blockchain technology.

Bitcoin, known for its wild price swings, soared over 40 percent in two days after Xi's remarks, with investors betting that Beijing's backing of blockchain and plans for a digital renminbi would accelerate the mainstream embrace of cryptocurrencies.

But since late October bitcoin has slumped by nearly a third.

Jamie Farquhar, portfolio manager at London-based crypto firm NKB Group, said the PBOC statement crystallised a growing sense among crypto investors that China's embrace of blockchain would be unlikely to include cryptocurrencies like bitcoin.

"It's the realisation that the positivity over Xi's blockchain announcement was exaggerated," he said. "It may not include bitcoin at this point."

 

© Thomson Reuters 2019

By Reuters | Updated: 23 November 2019 10:31 IST

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

Bitcoin Daily –  Binance Denies Reports Of Police Raid; Blockchain Expands To Gaming Payments

Paris-based Ultra, which has created its own blockchain, announced that French video game giant Ubisoft will become the first major gaming system to test out payments on its blockchain for gamers.

“Since Ubisoft is already a leader in the games industry, and shows commitment to probe blockchain as a viable technology for games, we are very excited to be announcing our first cooperation of this kind with them,” said Nicolas Gilot, Co-CEO of Ultra, in a statement. “Ubisoft’s rich portfolio of world-renowned brands — including Assassin’s Creed, Just Dance and Far Cry — is a testament to their dedication to creating quality content for all, and their years-long dedication to exploring blockchain technology ensures they have the knowledge and skills to be excellent block producers.”

Elsewhere, there have been reports that police raided Binance‘s office in Shanghai, but the crypto exchange said it doesn’t have any fixed offices in China.

“Any reports of a police raid are false,” said Leah Li, a spokeswoman for Malta-based Binance, in an email, according to Reuters. “We do not have an office in Shanghai.”

In other Binance news, the crypto exchange announced that it has acquired India-based bitcoin exchange WazirX, which will allow customers to buy and sell crypto with Indian rupees on the Binance Fiat Gateway.

“The young demographic in India give[s] an edge to adopt and build on new financial technologies, and I believe this will play a vital role in making India a global blockchain innovation center to also spur cryptocurrency adoption throughout the larger public in the country,” said CEO Changpeng Zhao of Binance in a press release. “The acquisition of WazirX shows our commitment and dedication to the Indian people, and [to] strengthen the blockchain ecosystem in India, as well as another step forward in achieving the freedom of money.”

After Argentina’s central bank banned consumers from purchasing bitcoin and other crypto using credit cards, the country has seen the highest amount of bitcoin trades over the past two weeks. The surge is similar to what was seen in India and China, which saw a boost in crypto trading after the digital currencies were banned in those nations.

“Capital controls seem to have a direct correlation with getting people more interested in bitcoin because it’s something the government can’t control. The population of the country sees these capital controls are put in place, and then they’re going to look for a way around it. That’s where bitcoin and crypto come in, as they give a good way to store and transfer values when they’re dealing with this type of uncertainty,” said the co-founder and chief operations officer at ShapeShift exchange according to Cointelelgraph.

 

By PYMNTS Posted on November 22, 2019

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

Crypto Market Could Dive To $200B, Bitcoin Turns Red – BCH, XLM, EOS, TRX Analysis

• The total crypto market cap is currently in a bearish zone below the $220.0B resistance.

• Bitcoin price is trading above the $8,000 support and remains at a risk of more losses.

• BCH price is now consolidating losses below the $250 resistance area.

• EOS price is declining and approaching the $3.050 and $3.000 support levels.

• Stellar (XLM) price is down more than 2% and it is now below the $0.0650 support.

• Tron (TRX) price is down close to 4% and it is trading near the $0.0165 support.

Bitcoin (BTC) and the crypto market cap are currently in a heavy downtrend. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are under a lot of selling pressure.

Bitcoin Cash Price Analysis

Recently, BCH price declined heavily below the $265 support area against the US Dollar. The price even broke the $250 support area and traded close to $235. It is currently consolidating losses above $240 and facing a strong resistance near the $250 and $255 levels.

The main resistance is now near the $265 level. On the downside, an initial support is near the $235 level, below which the price could test the $225 level.

 

Stellar (XLM), EOS and Tron (TRX) Price Analysis

EOS price declined sharply in the past few days and broke many key supports near $3.500 and $3.350. The price is now trading in a bearish zone and it is approaching the $3.050 and $3.000 support levels. A downside break below $3.000 might push the price towards $2.850.

Stellar price trimmed most its gains from well above the $0.0700 level and it is now declining below $0.0168. XLM price even broke the $0.0650 support and it seems like it is likely to test the $0.0620 support area. On the upside, the $0.0665 may perhaps act as a resistance.

Tron price faced an increase in selling pressure after it broke the 0.0185 support area. TRX price is down around 4% and it is trading near the $0.0165 support area. If there are more losses, the price is likely to continue lower towards the $0.0152 support area.

Crypto Market Cap

 

Looking at the total cryptocurrency market cap 4-hours chart, there are many bearish signs visible below the $220.0B and $230.0B resistance levels. On the downside, the main support is near the $210.0B level, below which there is a risk of a drop towards the $200.0B support area. Therefore, there are chances of more downsides in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term unless the crypto market cap climbs back above $230.0B.

 

Aayush Jindal

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

As Bitcoin traders bet on a big rebound, did Ethereum and XRP avoid a big drop?

As Bitcoin traders bet on a big rebound, did Ethereum and XRP avoid a big drop?

As theories on the potential sell-off of Bitcoin by miners emerged amidst declining sentiment around cryptocurrencies, major altcoins like Ethereum and XRP were at risk of a deep pullback.

With the majority of altcoins still being correlated with Bitcoin to a large extent and analysts expecting the price of BTC to decline in the short term following a weak of weakened momentum, the outlook on Ethereum and XRP, which have performed strongly in the past two weeks, worsened earlier this week.

Why Ethereum, XRP, and others avoided a deep fall

With Ethereum being down by over 87 percent from its record high and XRP having fallen by nearly 93 percent from its all-time high, the risk to reward ratio for a move down for most alternative cryptocurrencies remains low.

As such, with traders having relatively low interest in shorting alternative cryptocurrencies that have already dropped substantially from record highs, a large move down in the short term could have triggered the retest of much lower support levels.

However, after the Bitcoin price briefly dipped below $8,000, the price of bitcoin has started to demonstrate signs of a short term rebound, preventing a steep fall below the $8,000 support.

The resilience of Bitcoin in the low $8,000 area led traders like Flood to bet on a strong rebound in the short term.

As traders look for a Bitcoin rebound, Ethereum and XRP eye recovery

If the short term price trend of the Bitcoin price reverses in the upcoming days, the sell-pressure on altcoins like Ethereum and XRP will drop, providing some relief to the altcoin market.

Since Nov. 18, the price of Ethereum has dropped from $185 to $176, by nearly five percent against the U.S. dollar.

As cryptocurrency trader and BlockRoots co-founder Josh Rager said:

“Alts are directly correlated to Bitcoin If price goes south, diversifying into alts will only make things worse If you want hedge, learn how to use futures or options to your advantage Diversification in crypto is not strategy – majority of portfolio should be BTC.”

While the trend of altcoins throughout the past week has been gearing towards bearish with the minor correction of Ethereum, the gradually improving sentiment around BTC is likely to strengthen the recovery of altcoins.

 

The bearish scenario

In the possible scenario that the Bitcoin price steeply drops in the short term after an anticipated recovery, weak miners could capitulate, creating a bearish trend before the 2020 halving.

As Adaptive Fund partner Willy Woo said:

“As price moves downwards, weak miners go out of business. This happened when we went $6k->$3k, the bottom happened when weak miners were dead and no longer dumping onto the market. The market bottoms afterwards.”

For the imminent future, traders expect that both Bitcoin and altcoins like Ethereum and XRP will see a relief rally even if a larger pullback occurs in the medium term, following a relatively big drop from $10,600 earlier this month.

Bitcoin

Bitcoin, currently ranked #1 by market cap, is down 0.54% over the past 24 hours. BTC has a market cap of $148.3B with a 24 hour volume of $21.37B.

Joseph Young

November 20, 2019 at 4:38 am UTC

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

Bitcoin (BTC) Remains Sell Until This Changes

• Bitcoin price is diving below the $8,340 and $8,200 support levels against the US Dollar.

• The price is approaching the key $8,000 support area, where the bulls may take a stand.

• There is a short term declining channel forming with resistance near $8,165 on the hourly chart of the BTC/USD pair (data feed from Kraken).

• Both Ethereum and ripple are gaining bearish momentum below key supports.

Bitcoin price is declining towards the $8,000 support against the US Dollar. If BTC fails to stay above $8,000, the next stop could be near the $7,650 level.

Bitcoin Price Analysis

Yesterday, we discussed the chances of a breakdown in bitcoin towards the $8,200 support against the US Dollar. BTC did decline in the past three sessions and broke the $8,340 and $8,320 support levels.

Moreover, the price failed to stay above the key $8,200 support level and settled well below the 100 hourly simple moving average. It traded close to the $8,000 level and a new monthly low was formed near $8,033.

At the moment, the price is correcting higher above the $8,100 level. It is consolidating near the 23.6% Fib retracement level of the recent slide from the $8,630 swing high to $8,033 low.

On the upside, an immediate resistance is near the $8,180 and $8,200 levels. Besides, there is a short term declining channel forming with resistance near $8,165 on the hourly chart of the BTC/USD pair.

It bitcoin climbs above the channel resistance, it could test the $8,300 and $8,320 resistance levels. The previous major support near $8,320 is now likely to act as a crucial resistance for bitcoin. Additionally, the 50% Fib retracement level of the recent slide from the $8,630 swing high to $8,033 low is near the $8,330 level.

The main downtrend resistance is now near $8,450, $8,560, a couple of bearish trend lines, and the 100 hourly simple moving average. Therefore, a daily close above the $8,560 resistance is needed to start a decent recovery in the near term.

On the other hand, the price could continue to move down towards $8,000. Furthermore, if there is a downside break below the $8,000 support, the bulls are likely to give up. The next major support is seen near the $7,650 level.

Looking at the chart, bitcoin price is clearly trading in a strong downtrend below the $8,320 and $8,560 resistance levels. Thus, it remains a sell until there is a daily close above $8,560.

Technical indicators:

Hourly MACD – The MACD is losing pace in the bearish zone

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving in the oversold area.

Major Support Levels – $8,000 followed by $7,650.

Major Resistance Levels – $8,200, $8,320 and $8,450.

 

Aayush Jindal

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

The IRS Will Shift its Focus to Users and Operators of Bitcoin ATMs and Kiosks

In a new statement, the IRS confirms it will continue to focus on cryptocurrency activities. Particularly those individuals and companies operating Bitcoin ATMs and Kiosks may see some intervention pretty soon.

As the IRS continues to target cryptocurrency users, they are doing so in a deliberate manner.

BITCOIN ATMS MAY FACILITATE TAX EVASION

First, they want after traders of Bitcoin and altcoins who might not have reported their taxes properly.

Secondly, they tackle the concept of token airdrops and other proceeds that might fall under their purview.

In the latest turn of events, the agency has confirmed Bitcoin ATMs and kiosks are next on the agenda.

There could be a number of potential tax issues raised by this particular industry, according to an IRS spokesperson.

No public cases involving Bitcoin ATMs or kiosk have been filed by the agency to date.

On paper, these machines may allow for some illicit activities, such as small-scale money laundering.

Additionally, the agency suspects several operators might be operating these machines without having any funds connected to a bank account.

There are also some questions as to whether all of these machines perform the necessary KYC and AML procedures.

Most of the Bitcoin ATMs and kiosks around the world are located in the US, as it is the most competitive region by far.

As such, both operators and users of these machines could become subject to additional IRS scrutiny in the months ahead.

Despite this rather aggressive strategy, all of these efforts are designed to make cryptocurrencies more legitimate.

 

JP Buntinx November 17, 2019

TheMerkle

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

Bitcoin Weekly Forecast – BTC Price Turned Sell On Rallies

 

• After settling below $9,000, bitcoin declined steadily against the US Dollar.

• The price is under a lot of pressure below the $8,700 and $8,650 resistance levels.

• There is a crucial bearish trend line forming with resistance near $8,630 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

• The price could correct higher, but it is likely to face sellers near the $8,700 resistance area.

Bitcoin price is trading in a bearish zone towards $8,200 against the US Dollar. BTC remains sell on rallies unless there is a successful close above the $8,880 resistance.

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin saw an increase in selling pressure below the $8,880 support area against the US Dollar. Moreover, BTC price settled below the $8,700 pivot level and the 100 simple moving average (4-hours).

There were steady losses and the price broke the $8,600 and $8,500 support levels. A new monthly low is formed near $8,382 and the price is clearly trading in a bearish zone.

It is currently consolidating losses above the $8,400 level. Besides, bitcoin is trading near the 23.6% Fib retracement level of the recent decline from the $8,777 high to $8,382 low.

On the upside, there are many resistances near $8,580 and $8,600. There is also a declining channel forming with resistance near $8,580 on the 4-hours chart of the BTC/USD pair. Additionally, the 50% Fib retracement level of the recent decline from the $8,777 high to $8,382 low is also near the $8,580 level.

If there is an upside break above the channel resistance, the price could test the $8,620 and $8,630 resistance levels. More importantly, there is a crucial bearish trend line forming with resistance near $8,630 on the same chart.

To move into a positive zone, the price must break the $8,700 and $8,720 levels. Having said that, a proper close above the $8,880 resistance is needed for a trend change and a fresh increase.

On the downside, there are many key supports near the $8,320 and $8,200 levels. The bears are likely to face a strong buying interest near $8,200, below which there is a risk of a break down towards the $8,000 handle.

Looking at the chart, bitcoin price is following a bearish path, with key supports near $8,200. Therefore, there are chances of a short term upside correction towards the $8,600 and $8,700 levels. However, the upward move is likely to face sellers and gains could be capped by $8,880.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now recovering above the 30 level.

Major Support Level – $8,200

Major Resistance Level – $8,880

Aayush Jindal

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

Bitcoin bull slashes previous BTC price prediction

Fundstrat analyst Tom Lee is moving the goalpost yet again. Not only is he slashing his previous Bitcoin price prediction by nearly 40 percent, but he is also pushing the timeline back by a further two years.

Appearing on CNBC’s Street Signs Asia on Friday, Lee offered his insight on where the market is headed and how long it will take to get there.

The prominent Bitcoin proponent maintained that he is still “very bullish” on the digital currency in the long term, noting that the crypto market as a whole is still in its infancy.

“I think this is still the earliest days for digital assets. I think a lot of this is – over time – going to be very institutional and become an asset class,” Lee said.

“I think once we hit that, it’s actually another hockey stick,” he added.

As far as how increased institutional interest will affect Bitcoin prices, Lee predicted that BTC would hit $25,000 by 2022.

While still a rosy outlook for Bitcoin, Lee’s latest price prediction is a far cry from his $40,000 call back in June of this year.

At the time, Lee said that if Bitcoin could reach $10,000, then “it’s very likely going to make a run to $40,000 within five months.”

For the record, the price of Bitcoin hit $10,000 on June 21st, so by Lee’s original prediction, we should be seeing $40,000 BTC any day now.

A timeline of Lee’s changing price predictions

This isn’t the first time Lee has changed his Bitcoin price predictions. Here are just a few of his past highlights:

2019

$25,000 by 2022 – November 15, 2019

$20,000 by the end of 2019 – August 15, 2019

$40,000 within five months if Bitcoin can hit the $10,000 mark – June 6, 2019

2018

$10 million per Bitcoin by 2028 – November 28, 2018

Reduced August prediction to $15,000 – November 16, 2018

$25,000 by the end of 2018 – August 25, 2018

$91,000 by March 2020 – March 17, 2018

2017

$11,500 by mid-2018 – November 22, 2017

Bitcoin will ‘cannibalize’ gold, be worth $20,000 – $55,000 by 2022 – July 7, 2017

Fundstrat analyst Tom Lee's Bitcoin price predictions (CNBC)

More recent Bitcoin price predictions

While Lee isn’t alone in making price predictions in recent weeks, his is definitely one of the more conservative of the bunch.

Tim Draper – $250,000

Appearing by video at the Malta AI & Blockchain Summit (AIBC) last week, venture capitalist and Bitcoin bull Tim Draper reiterated his belief that the digital currency will hit $250,000 by 2022 – 2023.

Calling Bitcoin “one of the most transformative technologies that has ever hit the world,” Draper cited the growing use of the Lightning Network as a key factor that would help propel the price of BTC upward.

Bobby Lee – $100,000 to $1 million

Also appearing at AIBC, Ballet Crypto founder and CEO Bobby Lee predicted that Bitcoin prices would climb to as high as $200,000 within the next five or ten years.

“Bitcoin’s price goes in waves. Every so-called bubble, every FOMO run, it could go up by ten or twenty times the previous high,” Lee explained.

“So the next one could easily top $100,000 or even $200,000 per bitcoin…So I definitely think it will go up quite a bit in the next five to ten years.”

The next day, Lee took his prediction even further, posting on Twitter that he believed that Bitcoin would surpass $500,000 – and likely over $1 million – within nine years.

 

Anthony Pompliano – $100,000

Slightly less bullish, in July of this year, Morgan Creek Digital co-founder Anthony Pompliano said that he was 70 – 75 percent confident that the price of Bitcoin would hit $100,000 by 2021.

Speaking with AIBC’s Jennifer Walker in September about whether the drop in the price of Bitcoin had caused him to alter his prediction, Pompliano re-affirmed his $100,000 prediction, explaining:

“I really look at the macro trends so kind of these bear and bull markets. So the short term price movements really have no effect and usually I don’t even look at them, to be honest.”

 

By Cynthia Turcotte -November 16, 20191158

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