Tag: bitcoin bulls

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

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

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

Bitcoin Price Key Highlights
 

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

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

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

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

 

Technical Indicators Signals
 

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

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

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

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

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

 

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

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

Bitcoin (BTC) Price Watch – Is This a Bullish Breakout Yet?

Bitcoin (BTC) Price Watch - Is This a Bullish Breakout Yet?

Bitcoin (BTC) Price Watch – Is This a Bullish Breakout Yet?

Bitcoin Price Key Highlights

  • Bitcoin price has been trending lower inside a descending channel visible on its 1-hour chart.

  • Price appears to be attempting an upside break as a few hourly candles are closing above the channel top.

  • Technical indicators may be showing some hints of a pickup in bullish momentum.

Bitcoin price is trying to break out of its downtrend but has yet to test nearby resistance levels before sustaining a climb.
 

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, the downtrend is still more likely to resume than to reverse. Then again, the gap between the two moving averages is narrowing to signal slowing selling pressure and a potential bullish crossover.

Bitcoin price has yet to break past these dynamic inflection points before confirming a climb, though. And even then it would likely encounter some resistance at the $6,700 mark on its move north.

Stochastic is turning higher without even reaching the oversold area, indicating that buyers are eager to return. RSI is also on the move up and has a lot of ground to cover before reaching the overbought zone. Turning lower from that area could lead to a return in selling pressure, possibly at any of the nearby resistance levels.

Bitcoin price continues to wait for another set of positive catalysts that could allow the earlier surge to resume. For now, it is dealing with risk aversion in financial markets and uncertainty on the SEC decision for bitcoin ETF applications.

Traders might also be taking it easy leading up to the launch of ICE Bakkt bitcoin futures, especially since the ones from CME were blamed for the drop in price late last year. Still, bitcoin has a lot to look forward to in Q1 to Q2 next year on the Fidelity institutional platform.

 

SARAH JENN | OCTOBER 24, 2018 | 4:52 AM

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

Bitcoin (BTC) – Stuck in This Short-Term Range

Bitcoin (BTC) - Stuck in This Short-Term Range

Bitcoin (BTC) – Stuck in This Short-Term Range

Bitcoin Price Key Highlights

 

  • Bitcoin price is still treading sideways, right in the middle of its range visible on the 1-hour and 4-hour charts.

  • Price has yet to break out of the current consolidation to show whether it would make a test of support or resistance.

  • Technical indicators seem to be suggesting that a move towards the bottom of the range is due.

Bitcoin price still seems to be waiting for directional clues as it moves sideways in the middle of a $600-sized range.

 

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, a move lower is more likely to happen than a break higher. The moving averages also appear to be holding as dynamic resistance levels as well.

Stochastic is turning lower after recently hitting overbought levels, also suggesting a return in selling pressure. This might be enough to take bitcoin price to the bottom of its range at $6,200. RSI is already on the move down to confirm that sellers have the upper hand.

If buyers are able to step in, a move to the range top at $6,800 could be seen. A break above this could lead to a rally of the same height as the rectangle while a drop below support could lead to a selloff of the same size as well.

There are a handful of positive developments in the bitcoin industry these days, but it looks like traders are waiting for bigger announcements or might be feeling anxious while the SEC continues to mull its decision on the ETFs.

The launch of Fidelity’s institutional platform is big news as this would usher in big flows from funds, banks, and financial institutions. This would boost volumes, activity, and demand, thereby shoring up prices.

 

 

SARAH JENN | OCTOBER 22, 2018 | 4:43 AM

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

Bitcoin – No Weekend Rally in Sight as the Bulls Struggle On

 

Bitcoin – No Weekend Rally in Sight as the Bulls Struggle On

 

Bitcoin finds support early to move back through to $6,600 levels, though holding on could be an issue for the bulls if there’s no break out to $6,700.

Bitcoin gained 0.93% on Saturday, partially reversing Friday’s 1.38% fall, to end the day at $6,585.2 and increase Bitcoins gains for the week to 3.93%.

An early morning intraday low $6,511 saw Bitcoin avoid a pullback to $6,400 levels and the day’s first major support level at $6,474.97, with a broad based market rally supporting a move through the day’s first major resistance level at $6,606.27 to a late morning intraday high $6,611 before easing back to $6,500 levels.

A second break through the first major resistance level in the early afternoon saw Bitcoin struggle and fall back to $6,500 levels, with resistance at $6,600 continuing to see Bitcoin fail to break out to take a run at $6,700 levels and bring the 23.6% FIB Retracement Level of $6,757 into play.

For the Bitcoin bulls, it was another close shave, with Bitcoin managing to hold on to positive territory through the day, with the broader market also making up ground through the day, sentiment shifting from the negativity mid-week that saw Bitcoin in the red for 3 consecutive days.

On the news front, there was no material news to influence the crypto majors through the day, with upward momentum across the cryptomarket seeing Bitcoin’s dominance hover at 53.6% and the crypto total market cap rise to $210.8bn.

Get Into Cryptocurrency Trading Today

At the time of writing, Bitcoin was up 0.54% to $6,617.2, with moves through the early part of the day seeing Bitcoin bounce from a start of a day morning low $6,581.2 to a morning high $6,660.8, the start of the day rally seeing Bitcoin break through the first major resistance level at $6,627.13 to come up against the second major resistance level at $6,669.07 before easing back.

For the day ahead, a hold on to $6,600 levels through the morning would support another run through the first major resistance level to bring the second major resistance level at $6,669.07 back into play.

Breaking out from any move through the second major resistance level would need the support of the broader market, with the news wires needing to remain crypto friendly through the day.

Failure to move back through the first major resistance level at $6,627.13 could see Bitcoin hit reverse later in the day, a fall through the morning low $6,581.2 to $6,569 bringing the day’s first major support level at $6,527.13 into play.

Having managed to avoid $6,400 levels since last Monday’s rally, Bitcoin will likely continue to find plenty of support at $6,500 to avoid a more material pullback in the event of a broad based market sell-off, barring materially negative news hitting the wires.

Bob Mason

FXEmpire

30 minutes ago

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

Bitcoin price surge WARNING as ‘RAPID GROWTH’ could cause CHAOS in global system

Bitcoin price surge WARNING as ‘RAPID GROWTH' could cause CHAOS in global system

Bitcoin price surge WARNING as ‘RAPID GROWTH’ could cause CHAOS in global system

THE BITCOIN (BTC) and Blockchain boom facilitating the “rapid growth” of cryptocurrency assets could create “new vulnerabilities in the international financial system,” the International Monetary Fund (IMF) has cautioned.

The recent explosion of interest in crypto assets and the relentless surge in BTC’s value may contribute to a weakened global financial system overall, the IMF has suggested.

The Fund published a key report today, October 10, entitled the World Economic Outlook.

It said: “Cybersecurity breaches and cyber attacks on critical financial infrastructure represent an additional source of risk because they could undermine cross-border payment systems and disrupt the flow of goods and services.

“Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.”

It is not the first time the IMF has warned about risks posed by BTC and cryptocurrencies.

The IMF's stability report last week said: “Despite its potential benefits, our knowledge of its potential risks and how they might play out is still developing.

“Increased cybersecurity risks pose challenges for financial institutions, financial infrastructure, and supervisors.

“These developments should act as a reminder that the financial system is permanently evolving, and regulators and supervisors must remain vigilant to this evolution and ready to act if needed.”

Traditional financial institutions, from the US’s Security and Exchange Commission to the UK's Treasury Committee, are currently assessing whether bitcoin and other cryptocurrencies – including Ripple Lab’s XRP token, Ethereum, Litecoin, EOS and Stellar – could be integrated into existing systems.

The financial bodies are attempting to gauge how the digital assets could be used as investment tools and means to move money across borders more efficiently.

Regulators around the world are – with varying degrees of success – attempting to get to grips with the Bitcoin and Blockchain phenomenon.

Last month Treasury Committee Chair Nicky Morgan labelled the burgeoning world of cryptocurrency investment as a “wild west” industry.

 

By SAM STEVENSON

PUBLISHED: 06:21, Wed, Oct 10, 2018 | UPDATED: 06:23, Wed, Oct 10, 2018

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

It’s all or nothing moment for BTC/USD bulls as the coin sits at $6,600; experts bet on Bitcoin’s bullish breakthrough

 

It's all or nothing moment for BTC/USD bulls as the coin sits at $6,600; experts bet on Bitcoin's bullish breakthrough

 

  • BTC/USD is stuck in a strong resistance area.

  • Experts surveyed by Finder.com expect Bitcoin's growth towards $10,000 by the end of the year.

Bitcoin is changing hands at $6,600, marginally both on a day-on-day basis and since the beginning of Tuesday. The price of the digital coin No.1 has been trying to escape from a narrow range of the past 10 days, but the momentum is too weak to engineer a strong breakthrough.
 

What’s going on

Bitcoin has gained some ground on Monday; however, investors are still waiting for valid catalysts to take the price out of the range. While speculators are not happy with multi-months low volatility, long-term investors and blockchain enthusiasts believe that it is a good thing for the industry as it signals that the speculative bubble is over and the market is getting more mature.

“As we’ve stated many times, a stable price is great for adoption and great for the development of the network. So, we really are in a positive place for bitcoin right now,” Mati Greenspan, a senior market analyst at eToro, commented.

Naturally, 10-15% price swings hamper many cryptocurrency use cases. People are less likely to pay with Bitcoin or any other digital assets for their everyday purchases if they know that the price can change dramatically in a matter of minutes.

Meanwhile the majority of experts surveyed by Finder.com, Bitcoin will end the consolidation phase with the upside breakthrough. By the end of the year, one Bitcoin will go for $10,319, according to the average forecast of nine experts, which is over 60% higher from the current price.

 

Bitcoin’s technical picture
 

BTC/USD attempted to develop an upside momentum on Monday but retraced to $6,600 handle, which is considered a strong resistance, packed with important technical hurdles, including Fibo retracement 38.2% monthly, Fibo retracement 38.2% daily, DMA50, 1-hour high and a host of SMA levels. Basically, we need a sustainable push above $6,630 for the upside to gain traction. If this happens, the recovery may be extended towards DMA100 at $6,780 and to psychological $7,000.

 

On the downside, BTC/USD is supported by $6,550, enhanced by a confluence of MA levels including SMA50 4-hour and SMA200 1-hour chart. If it is cleared, the downside may be extended towards the vital support at $6,400.

 

Tanya Abrosimova

FXStreet

 

It's all or nothing moment for BTC/USD bulls as the coin sits at $6,600; experts bet on Bitcoin's bullish breakthrough

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

Bitcoin (BTC) Price Watch – Nearby Upside Targets

Bitcoin (BTC) Price Watch - Nearby Upside Targets

Bitcoin (BTC) Price Watch – Nearby Upside Targets

 

Bitcoin Price Key Highlights

  • Bitcoin price continues to hover above its ascending channel support on the 4-hour time frame.

  • Price appears to be consolidating after the bounce but remains on track towards testing the next upside targets.

  • The 38.2% extension level seems to have kept some gains in check, possibly sending price back down to support once more.

Bitcoin price is finding support at the bottom of its rising channel but has hit a roadblock on the first Fib extension.
 

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA on this time frame to signal that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. Then again, the gap between the moving averages has narrowed to indicate a possible bullish crossover and return in bullish momentum.

Stochastic is still on the move up to indicate that buyers have the upper hand, but the oscillator is approaching overbought levels to reflect exhaustion. Turning back down could mean a pickup in selling pressure and a dip back to the channel support near $6,500. RSI continues to cruise sideways to reflect consolidation but has been on the move up as well.

A continuation of the climb could take bitcoin price to the 50% extension at the mid-channel area of interest or $6,700 mark. The 78.6% extension lines up with the top of the channel and the swing high, serving as a potential take-profit level as well. Stronger bullish momentum could take bitcoin price past the channel top and onto the full extension at $6,956.30.

A handful of analysts are calling a bottom on bitcoin, likely setting the tone for a strong rebound before the end of the year. A survey by Fundstrat revealed that 54% of institutional traders are optimistic about the digital currency’s prospects, although some say that it won’t reach $9,000 by December.

 

SARAH JENN | OCTOBER 5, 2018 | 4:02 AM

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

Bitcoin won’t Break $9000 this year says Mike Novogratz

 

Bitcoin won’t Break $9000 this year says Mike Novogratz

One of the most prominent Bitcoin bull, Billionaire and CEO of Galaxy Digital Firm Mike Novogratz has turned short-term bearish, suggesting that Bitcoin will not break $9000 by this year end.

Speaking at Economist’s Finance Disrupted 2018 conference in Manhattan, 3rd October Novogratz suggested that he doesn’t see much chances of Bitcoin breaking the current ‘slump’ CNBC Reports.

He said:

“I don’t think it breaks $9,000 this year”

 

Novogratz had told that Bitcoin had bottomed in September when it was in the range of $6300-$6400, however, he still does not see Bitcoin breaking the $10000 mark by the end of this year.

The hedge fund Titan has always been bullish on Bitcoin, even before the bull run in 2017. At the time he had predicted that Bitcoin could hit $40000 easily by the end of 2018.

He expects the FOMO rally to happen anytime after the second quarter of 2019 driven by institutional investors this time instead of retail investors. We know that products like Bakkt are going to launch this year end which will make it easier for institutions to set foot in this industry.

 

one Vays criticized Novogratz for creating unrealistic expectations, Vays Tweeted:

Soooo, this is interesting, I have been going against @novogratz everytime he was in the news pumping #Bitcoin but how to be contrarian now?

My Take: "He is under pressure from investors on his losing $BTCUSD / #crypto position & needs to now creat 'realistic' expectations" pic.twitter.com/oDusRDcoPd

 

— Tone Vays [@Bitcoin] (@ToneVays) October 3, 2018

Novogratz has been actively working on building the infrastructure in the Crypto ecosystem, Novogratz’s Galaxy Digital management partnered with Bloomberg earlier this year to create a Cryptocurrency index benchmark.

 

Blockmanity’s Take

Bitcoin had an insane rally back in December-January which was clearly driven by a lot of speculation and the market has undergone a correction of over 70% after that which is only natural. It is not easy for anyone to predict the exact timing of these market cycle and how exactly it will play out. One should do their own due diligence and have a basic understanding of the asset class before investing and not take any one person’s word to determine how the markets will play out.

Shrikar POSTED ON OCTOBER 4, 2018

Bitcoin won't Break $9000 this year says Mike Novogratz

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

Bitcoin (BTC) Price Analysis – Bulls Stay In Control

Bitcoin (BTC) Price Analysis - Bulls Stay In Control

Bitcoin (BTC) Price Analysis – Bulls Stay In Control

Bitcoin is still inside its symmetrical triangle but continues to trend higher short-term.

BITCOIN PRICE ANALYSIS

Bitcoin still seems to be stuck inside its symmetrical triangle consolidation on the 4-hour chart but continues to climb inside a rising channel on the shorter-term time frames. Price is pulling back to the channel support and a bounce could take it up to the resistance.

The 100 SMA is below the longer-term 200 SMA, though, so the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. Then again, the gap between the two is narrowing to signal that bearish pressure is slowing and that an upward crossover could be due.

In that case, bullish momentum could pick up and take price past the top of the channel and triangle around $6,800. Note that the triangle spans around $2,500 in height so the resulting uptrend could be of at least the same size.

Stochastic is pointing back up to indicate the return of bullish momentum without even seeing oversold conditions. RSI is treading sideways to signal consolidation but seems to be crawling slightly higher as well. If resistance holds, however, bitcoin could slump back to the triangle bottom at $6,200.

 

By Rachel Lee On Oct 1, 2018

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

Bitcoin Feeling Bullish at $6,450, 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

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