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

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

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

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

Bitcoin will reach $8500 by end of year, says Trefis; predicts ETF approval will cause bull run

Trefis Team, a firm offering software that predicts market movements, recently offered their opinion on the price of Bitcoin [BTC]. While the cryptocurrency market has been seeing bullish news lately, the price continues to exhibit sluggish movement.

Bitcoin, the top cryptocurrency, is currently trading at the $6500 mark after a series of sharp drops last week. Goldman Sachs stated that they would delay the plans of its cryptocurrency trading desk, leading to a widespread selloff due to FUD.

However, Trefis claims to have predicted the price of Bitcoin by the end of 2018, putting it around $8500 around the timeframe. Their predictions are based on the overall transaction volume for Bitcoin and the total number of users on the blockchain. Moreover, their predictions, when backtested, are reportedly 94% accurate as stated on their website.

They utilize the principles of supply and demand to fundamentally determine the price of Bitcoin. The cryptocurrency, with its capped supply and deflationary system of bringing new coins into existence, has a supply system that would help the case of its price rising. The two variables that Trefis has considered to calculate the demand is the number of active users and the amount they transact.

According to these calculations, they expect the price of Bitcoin to undergo a 30% increase over the year, quoting reasons such as the general sentiment dictated by the news. This, according to them, was the reason for the price to go up to $20,000 late last year. They also stated that the price has moved in tandem with news, with dips being observed when exchanges were hacked and when the United States Securities and Exchanges Commission [SEC] denied applications for an exchange-traded fund [ETF].

According to Trefis, the creation and general lobbying of the Blockchain Association will also create a more positive view for regulators. They stated that the approval of the ETF by the SEC is one of the biggest catalysts for the growth of Bitcoin. It represents a “huge potential upside” to the price of Bitcoin.

Iarius Germund, a market analyst, stated:

“While the market still responds sluggishly to a lot of the news coming out right now, the base is gradually being built. At the same time last year, the cryptocurrency market did not have many of the things it required for mainstream adoption as an asset class. We have made considerable progress on that end, but the price is only likely to move when actual changes occur in the market with respect to adoption.”

Anirudh VK

Published 29 mins ago on September 15, 2018

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

Bitcoin â Bulls Need to Make a Move or Pay a Heavy Price

Bitcoin – Bulls Need to Make a Move or Pay a Heavy Price

Bitcoin holds on to positive territory in the early hours, though will need to break back through to $7,400 levels to avoid a bearish move.

Bitcoin gained 1.23% on Tuesday, reversing Monday’s 0.47% decline, to end the day at $7,357.2.

Recovering from an early morning intraday low $7,246.2. Steering clear of the day’s first major support level at $7,187.47, Bitcoin rallied through late morning and early afternoon to an intraday high $7,415.4.

The rally through to the day high saw Bitcoin break through the day’s first major resistance level at $7,356.47 and back through the 38.2% FIB Retracement Level of $7,376 to hit $7,400 levels for the 2nd time in 3-days, prior to which was back in the 1st week of August.

In spite of the breakout from the 38.2% FIB Retracement Level of $7,376, Bitcoin failed to hold on to $7,400 levels with a late in the day broad based market sell-off seeing Bitcoin’s gains for the day reduced, with Bitcoin pulling back through the 38.2% FIB Retracement Level by the day’s end.

With selling pressure evident at the 38.2% FIB Retracement Level, Bitcoin’s failure to hold above $7,376 by the day’s end reaffirmed the extended bearish trend formed at early May’s swing hi $9,999, with a break out from $7,376 needed to support the formation of a bearish trend reversal.

The gains came with the news wires on the friendlier side at the start of the week, with regulator chatter on hold, allowing the Bitcoin bulls to talk up the prospects of a return to bullish form and a run at $20,000 levels by the year-end.

At the time of writing, Bitcoin was up just 0.07% to $7,363.9, with moves through the early morning seeing Bitcoin recover from a start of a day morning low $7,357.2 to a morning high $7,398.7 before easing back, the early moves leaving the day’s major support and resistance levels untested, while resistance at $7,400 proved to be too great in the early hours.

For the day ahead, moving back through the 38.2% FIB Retracement Level of $7,376 would support another run at $7,400 levels to bring the day’s first major resistance level at $7,433 into play, with market sentiment to dictate whether Bitcoin can take a run at $7,500 levels, investors continuing to be on the more cautious side in spite of Bitcoin’s recent weekly gains and hold on to $7,300 levels.

Failure to move back through the 38.2% FIB Retracement Level of $7,376 could see Bitcoin hit reverse, with any fall through 7,340 bringing sub-$7,300 levels and the day’s first major support level at $7,263.8 into play before any recovery.

We would expect Bitcoin to steer clear of sub-$7,300 levels should the news wires remain crypto friendly, with Bitcoin’s relatively minor gains through the early part of the week likely to limit profit taking in the middle part of the week, though investors will wary of what’s to come on the regulatory front, which continues to pin Bitcoin back from $8,000 levels and beyond.

Bob Mason

19 minutes ago

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

Bitcoin (BTC) Price Watch – Don’t Miss This Bullish Pullback

Bitcoin Price Key Highlights

Bitcoin price is trending higher inside an ascending channel on the 4-hour chart and is testing the top.
A pullback to support might be due from here, so as to gather more bullish energy on the climb.
The uptrend is likely to resume since the 100 SMA is completing a crossover above the 200 SMA.

Bitcoin price hit resistance at the top of the channel but might be ready to resume the climb on a test of support.

Technical Indicators Signals

The 100 SMA is crossing above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This suggests that the uptrend is more likely to resume than to reverse or that support is more likely to hold than to break.

However, RSI is pointing down to indicate that sellers are trying to regain control from here while buyers take a break. Similarly stochastic is moving south so bitcoin price might follow suit while bearish pressure is in play.

Price could bounce upon hitting support at the Fib levels or the channel bottom, which lines up with the 61.8% level in particular. This also coincides with a former resistance around $7,000, which might also hold as an area of interest.

A larger pullback could last until the swing low just above the moving averages, which might be the line in the sand for any bullish correction.

BTCUSD Chart from TradingView

Bitcoin price does seem to remain support, especially after landing back above the $7,000 major psychological mark that many are watching. Optimism for approval by the SEC in bitcoin ETF applications appears to be keeping bulls present for fear of missing out on a big rally.

Apart from that, many analysts are renewing their bullish calls on this particular cryptocurrency, with Tom Lee even citing that the launch of ethereum futures might wind up positive for bitcoin.

Sarah Jenn – NewsBTC – 1 hour ago

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

After Bitcoin Price Breakout, Pending ETF Decision May Cap Gains

Bitcoin's (BTC) jump to a 15-day high is encouraging, but caution ahead of the US Securities Exchange Commission's (SEC) imminent decision on a bitcoin exchange-traded fund (ETF) could limit further price gains.

The leading cryptocurrency rose to $6,899 on Bitfinex earlier today – the highest level since Aug. 7 – and is accompanied by a 10 percent drop in the BTC/USD shorts, adding credence to our assessment that BTC has been mimicking the price action observed in the run-up to a major rally that occurred on April 12.

More importantly, BTC's convincing move above $6,600 marks an upside break of the narrowing price range and signals continuation of the rally from the Aug. 14 low of $5,859.

So, it seems safe to say the doors have been opened for the psychological hurdle of $7,000. However, that may be an uphill task in the short term, as investors are likely to adopt a cautious stance ahead of the SEC's ruling on whether to allow the ETF – due in the next 36 hours.

Further, BTC picked up a bid exactly at 1:00 UTC – the moment when Bitmex, the world's largest exchange for synthetic shorts, shut down for maintenance, forcing many to question the legitimacy of the price rally. As a result, investors may remain on the fence until a more credible evidence of the bullish breakout emerges.

At press time, BTC is changing hands at $6,670 on Bitfinex – up 3.6 percent on a 24-hour basis. While prices could skyrocket if the SEC approves ProShares bitcoin ETF, the bitcoin market will likely crater if the SEC rejects the ETF or delays the decision.

4-hour chart

The upside break of the diamond pattern seen in the chart above confirms a bearish-to-bullish trend change, that is, the sell-off from the July high of $8,507 has ended and the bulls have regained control.

The relative strength index (RSI) is holding above 50.00 in favor of the bulls. Meanwhile, the 50-candle moving average (MA) is beginning to rise in a bull-friendly manner and could soon cut the 100-candle MA from below (bull cross).

Daily chart

BTC's rise to $6,899 validates the bullish crossover between the 5-day and 10-day moving averages (MAs) and the upward sloping RSI.

Although it appears the charts are aligned in favor of the bulls, BTC has already retraced close to 50 percent of the gains seen today, possibly validating the skepticism around today's rally.

What's more, the retreat to $6,670 also marks a failure to hold on to gains above the key resistance at $6,870 (38.2 percent Fibonacci retracement of the sell-off from $8,507 to $5,859).

View

BTC's bullish breakout has proved to be lacking in staying power. That said, acceptance above $6,870 (Fibonacci hurdle) could boost the odds of a rally to $7,000.
On the downside, a move below $6,230 (Aug. 20 low) would shift risk in favor of a drop below $6,000 (February low).

The SEC's decision on the bitcoin ETF could send prices either way, but until then the market will likely trade on a cautious note.

Omkar Godbole

Updated Aug 22, 2018 at 11:28 UTC

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

Bitcoin (BTC) Price Watch – Bulls Defending Correction Level

Bitcoin (BTC) Price Watch - Bulls Defending Correction Level

Bitcoin (BTC) Price Watch – Bulls Defending Correction Level

Bitcoin Price Key Highlights

Bitcoin price is still in correction mode but appears to be finding support at the nearest Fib.
A bounce from current levels could take it back up to the swing high and beyond.
A move lower, on the other hand, could indicate that a deeper pullback from the uptrend is in order.

Bitcoin price has pulled back from its rally and could be due to resume the uptrend if the 38.2% Fib holds as support.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA to signal that the path of least resistance is to the upside. This means that the uptrend is more likely to resume than to reverse. However, the 100 SMA appears to be turning from its climb and is narrowing the gap between the 200 SMA. This could be indicative of slowing bullish momentum.

For now, bitcoin price appears to be finding support at the 38.2% Fib but has yet to show more bullish traction on the bounce. A larger pullback may be in order, possibly until the rising trend line connecting the latest lows and the 200 SMA dynamic inflection point. This is also around an area of interest or former resistance at $6,800 to $7,000.

RSI is already indicating oversold conditions, though, or that sellers are tired and ready to let buyers take control. Stochastic is also pulling up from the oversold region to signal a return in bullish pressure.

Bitcoin price was weighed down by a number of factors earlier in the week, namely news of stricter regulation in South Korea, the outage on HitBTC, and Paul Krugman’s negative remarks on cryptocurrencies.

However, this might not be enough to derail the positive sentiment among most investors as it has been previously reported that institutional interest is picking up. Besides, the dollar could also be under pressure due to worsening trade tensions between the U.S. and China, so alternative assets like bitcoin could be poised to take advantage.

SARAH JENN | AUGUST 2, 2018 | 4:34 AM

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

Bitcoin Is Set To New Highs, Spencer Bogart Says

Blockchain Capital’s Spencer Bogart, reiterated his bullish position on Bitcoin, affirming he is definitely expecting for it to begin its race towards new highs.

In an interview for CNBC’s Fast Money, Bogart explained his impressions of Bitcoin’s current situation in the market. For the well-known businessman, Bitcoin has already experienced the 2018’s record lows, and for the rest of the year, a bullish trend is expected.

His comments show a more enthusiastic attitude compared to previous participation in which he has been more cautious:

“It’s Possible we’ve seen the lows, and I’m definitely expecting to see new highs, I mean, listen I think prior times I’ve been in the show I’ve said expect to see new lows before new highs… That low may already be in.”

Bitcoin’s current reality justifies the reasons for Mr. Bogart’s recent optimism. From his point of view, many possible catalysts could start a Bitcoin price boom:

“Bitcoin is kind of a tinderbox right now, waiting for reasons to go higher; whether that’s global currency wars, trade wars, whether there is an ETF approval; I think any number of catalysts can send Bitcoin exploding higher.”

Although there has been speculation and analysis about a possible ETF approval in 2018, Mr. Bogart believes that this is much more likely to happen by 2019:

“My guess is sometime in 2019. I think the SEC is going to be thoughtful and take some time but… the cat is already out of the bag here.”

Bogart Focuses on Fundamentals

For Bogart, the conditions for ETF approval are becoming increasingly favorable. Not only from a legal point of view but also from an economic one. He says that there is already high exposure to blockchain technologes, and the adoption of cryptos is increasing.

Also, institutional investors are gaining exposure to cryptocurrencies too, which may increase regulators’ interest in approving crypto ETFs soon.

He commented that currently, the investments he finds most interesting are those of traditional equity startups. He told the staff at Fast Money that “We’ve found great opportunities there.”

As stated By Cryptocrimson.com, Bitcoin is on a bullish run. Thecnical Analysis confirm Mr. Bogart’s opinions. However, being a volatile market changes can happen quite unpredictably:

“There wasn’t much to chew on for bulls last week as market watchers were mostly focused on the SEC decision on the bitcoin ETF applications. Some of these were shelved for a later decision date while the application filed by the Winklevoss twins was denied again.

With that, investors are hoping to get more positive industry updates this week to see the climb sustained. Security troubles like hacking incidents might force a larger retreat but more signs of institutional interest from big names could be enough to spur more gains.”

Currently, Bitcoin is trading above 8.2k. The bullish run has increased its value after bottoming to historical lows of near 6k. During this week it has remained relatively stable within the 7.5 – 8.5k range.

By Jose Antonio Lanz Last updated Jul 30, 2018

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

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

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