Bitcoin Gains – Analyst Says Correlation Exists Between Crypto, Emerging Markets

Bitcoin Gains - Analyst Says Correlation Exists Between Crypto, Emerging Markets

Investing.com – Bitcoin and other major cryptocurrency prices gained on Monday. Fundstrat Global Advisors’ Thomas Lee’s comments received some focus as he said there is a strong correlation between emerging markets and virtual coins.

XRPÃ¢â¬Â¯traded up 0.3%Ã¢â¬Â¯toÃ¢â¬Â¯$0.32328Ã¢â¬Â¯in the last 24 hours on theÃ¢â¬Â¯PoloniexÃ¢â¬Â¯exchange, whileÃ¢â¬Â¯LitecoinÃ¢â¬Â¯was also up 0.6% to $56.654.Ã¢â¬Â¯Ã¢â¬Â¯Ã¢â¬Â¯

Lee said hedge funds are not buying risk when emerging markets sell-off, while the recent slump in digital assets suggested the funds are not buying crypto either.

"Both really essentially peaked early this year, and they both have been in a downward trend," Lee said in an interview with CNBC. "Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren't buying bitcoin."

Lee added that he believed the bear market could come to an end soon, especially if the dollar weakens and the Federal Reserve slows its interest rate hike policy, and that he thinks bitcoin could surge to $25,000 by the end of the year. "I still think it's possible," said Lee. "Bitcoin could end the year explosively higher."

Cryptocurrency prices received some support on Friday after the U.S. Securities and Exchange Commission (SEC) said it would review a decision to reject the applications of Bitcoin exchange traded funds, after its staffs rejected the applications from nine companies to list their Bitcoin ETF funds on Wednesday, citing concerns about fraud and manipulation of bitcoin markets.

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

Wall Street Bull Tom Lee: Bitcoin Price Is Beating New Round of FUD

The co-founder and head of research at Fundstrat Global says he’s sticking to his prediction that Bitcoin will hit $20,000 by the end of the year.

In a new interview on CNBC, Tom Lee points out that Bitcoin’s price actually climbed after two new rounds of fear, uncertainty and doubt hit the market.

“We’ve had some bad news this week. Two big setbacks, right? The SEC almost universally cancelled nine [ETF] applications, and then China did essentially a re-ban because it sounds like they had to clamp down again on crypto – and Bitcoin’s actually rallied.”

Lee also talks about a potential leading indicator for BTC, outlining the impact that the MSCI Emerging Markets Index and hedge funds have on the market.

Last but not least, Lee breaks out the latest numbers on his company’s proprietary Bitcoin Misery Index, which is designed to gauge just how miserable Bitcoin hodlers are based on price and volatility.

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 price analysis – Blasts through $6,800 critical resistance; jumps 4% on a daily basis

Bitcoin price analysis - Blasts through $6,800 critical resistance; jumps 4% on a daily basis

Bitcoin price analysis – Blasts through $6,800 critical resistance; jumps 4% on a daily basis

Bitcoin bounces sharply to trade intraday highs of $6,875.10 but currently seeking support above $6,700.
Bitcoin price bullish momentum not only reentered the broken rising wedge pattern support, it broke out of its resistance to test $6,900.

Bitcoin price is trading in the green on Tuesday 22 after adding about $400 in less than 30 minutes. The world’s largest digital asset by market capitalization has jumped 4 percent pushing the price above $6,800 for the first time in weeks. Bitcoin opened the trading session at $6,476.97 and traded intraday highs of $6,875.10.

The cryptocurrency not only reentered the broken rising wedge support at the 50% Fib retracement level with the last swing high of $7,148.96 to a swing low of $5,914.15, it broke out of the resistance at $6,632.31. The price trade above the medium-term stubborn resistance at $6,800, but stalled short of $6,900. At the time of press, BTC/USD is trading at $6,743 after subtle corrections from the resistance.

Bitcoin is likely to settle in a bullish flag pattern supported by the 61.8% Fib level at $6,676.44. The trend is slightly bearish at the moment, but the outlook of the chart is still positive. The stochastic oscillator on the hourly chart is retracting from the oversold to show that the sellers are pushing for entries. The MACD momentum indicator, on the other hand, is deep in the positive region signaling that the buyers still have the control.

A support above $6,700 is vital to the buyers who at the moment, have their eyes set on retesting $6,800 and $6,900 in the near-term. It is apparent now that $7,000 is within reach for Bitcoin in the Month of August in spite of the slight dip below $6,000.

John Isige

FX Street

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

Bitcoin (BTC) Price Watch – More Bears Waiting to Hop On

Bitcoin (BTC) Price Watch - More Bears Waiting to Hop On

Bitcoin (BTC) Price Watch – More Bears Waiting to Hop On

Bitcoin Price Key Highlights

Bitcoin price broke below its ascending triangle consolidation to signal that more losses are in the cards.
Price is finding a bit of support, though, so a pullback may be taking place from here.
The Fibonacci retracement tool shows the next potential resistance levels, but technical indicators are signaling more gains.

Bitcoin price made a downside break from its triangle pattern and looks ready for a pullback before heading further down.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, there’s still a chance for the uptrend to resume and price to move back inside the triangle pattern.

However, the 200 SMA lines up with the 38.2% Fib at $6,360.50 to add to its strength as resistance and the 100 SMA coincides with the 61.8% Fib at $6,436.90. This is also near the broken triangle support, which might hold as resistance from here. A move past this level could lead to another test of the resistance at the swing high.

RSI already made it to oversold territory and is pulling back up to signal that buyers are returning while sellers take a break. Stochastic is also heading up to indicate a return in bullish momentum.

Market Factors

Bitcoin price seems to be shedding its gains due to the improvement in risk appetite in global financial markets. The economic turmoil in Turkey is taking the backseat to the upcoming trade talks between the US and China, which many traders are hoping to get positive updates from.

One thing to keep in mind, though, is these are just low-level talks and there’s a low likelihood of any decisions being made. Worsening trade tensions could even lead to a return in risk aversion and dollar weakness, which might revive demand for bitcoin. Escalating troubles in Turkey could also boost bitcoin demand as people look for an alternative store of value.

SARAH JENN | AUGUST 21, 2018 | 4:19 AM

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

Bitcoin (BTC) Price Watch – Waiting for a Triangle Breakout

Bitcoin (BTC) Price Watch - Waiting for a Triangle Breakout

Bitcoin (BTC) Price Watch – Waiting for a Triangle Breakout

Bitcoin Price Key Highlights

Bitcoin price has formed higher lows and found resistance around $6,500 to create an ascending triangle pattern on its 1-hour chart.
Price is currently testing the resistance and is nearing the peak of the formation, so a breakout might be due soon.
Technical indicators are giving mixed signals on which direction the breakout might take.

Bitcoin price is consolidating inside an ascending triangle pattern and might be due for a breakout in either direction soon.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. This suggests that an upside break is more likely to occur than a break lower. Also, the moving averages are near the triangle bottom to add to its strength as a floor around $6,400.

RSI is heading lower to signal that selling pressure is in play and that resistance would likely hold for now. Stochastic is also in the overbought region and turning lower suggests a pickup in bearish momentum. The chart pattern is around $600 in height so the resulting rally or selloff after a breakout could be of the same size.

Market Factors

Bulls continue to defend long-term support levels for bitcoin, so there’s a strong chance that the floor won’t be giving way anytime soon. Buyers now have another attempt to spur a larger rebound, possibly one that could last longer on a break of nearby resistance levels.

The anticipation for the SEC decision on the bitcoin ETF applications put on hold is building up as the end of the month nears and September approaches. However, a denial could still lead to another round of losses for bitcoin and its peers while approval might see sustained gains.

Other factors pushing bitcoin around include trade-related updates and potential contagion coming from Turkey, so price could stay sensitive to headlines from here.

SARAH JENN | AUGUST 20, 2018 | 4:38 AM

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

Bitcoin price analysis – Short term support helps, but bounce won’t be bigger

Bitcoin price analysis – Short term support helps, but bounce won't be bigger

BTC bounces from short term support line.
Oscillating between support and resistance.

Bitcoin, the largest cryptocurrency by market capitalisation and poster boy of the crypto world, managed to bounce from the short term support even as the bounce from this support won't be big enough as there's resistance too, not far away from current price.

BTC/USD is down 0.7 percent on day at $6,354 and trading in a narrow band of just about one percent for the day. On the 30-minute chart, BTC has managed to bounce from an ascending trendline even as the bounce from this support won't take it too far.

Descending trendline resistance would act as a barrier around $6,380-90 mark. Gven the range, it shouldn't surprise bulls and bears together if the largest crypto manages to give a break out on either side, which would give about 3-5 percent movement once the range is broken.

BTC/USD 30-minute chart:

Manoj B Rawal

FXStreet

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

Bitcoin Trend Chart Predicts 2020 Block Halving Could Be Massive For Price

The next Bitcoin block reward halving event could prove to be a watershed moment for its price, according to data currently circulating around social media.

$10 Million By 2023?

A summary of Bitcoin’s price at the first two block halvings uploaded to Reddit by Telegram news channel What’s On Crypto notes that Bitcoin prices increased by orders of magnitude in each period.

At the first halving on November 28, 2012, BTC/USD traded around $12. By the second, on July 9, 2016, it was $657. The third halving — due in mid-2020 or in 644 days — will see the block reward reduce from 12.5 BTC to 6.25 BTC, while What’s On Crypto suggests ongoing trends could see prices hit a giant $10 million by 2023.

The forecast came using a so-called ‘halving line,’ which demonstrates that between the first and second halvings, prices increased bilaterally — 200 percent per year or 3 times year on year.

‘Price Follows Hashrate’

Bitcoin users who had coins during the second halving will remember that contrary to expectations, the event had little impact on prices or market activity.

“In the months leading up to the last two halving events, we saw bitcoin’s price steadily trend upward, and then power higher following the reward halving,” Bitcoinist reported Blockchain research head Garrick Hileman as saying in May this year. Two years off the 2020 event, Hileman’s comments came as Bitcoin’s network hashrate continued breaking all-time highs.

Halvings can make mining Bitcoin less attractive due to a reduction in block reward size, yet hashrate rarely suffers as a result due to difficulty adjustments. “I do not anticipate a significant change in the total mining hash rate due to the halving, at least not in the short run,” Hileman added.

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

Bitcoin Cash Price Analysis – BCH/USD Upsides Capped Near 100 SMA

Bitcoin Cash Price Analysis - BCH/USD Upsides Capped Near 100 SMA

Bitcoin Cash Price Analysis – BCH/USD Upsides Capped Near 100 SMA

Key Points

· Bitcoin cash price recovered further, but it failed to move above the $540 resistance area against the US Dollar.

· There is an expanding triangle forming with current support at $492 on the hourly chart of the BCH/USD pair (data feed from Kraken).

· The pair could bounce back once again, but it has to break the $530-540 resistance zone for more gains.

Bitcoin cash price failed near a key resistance at $540 against the US Dollar. BCH/USD has to surpass the 100 hourly SMA to gain bullish momentum.

Bitcoin Cash Price Upside Hurdle

Yesterday, there was a decent recovery in bitcoin cash price above the $500 resistance against the US Dollar. The BCH/USD pair moved higher and broke the $510 and $5220 resistance levels. There was even a spike above the 50% Fib retracement level of the last drop from the $595 high to $473 low. However, the price failed near a key resistance at $540 and the 100 hourly simple moving average.

It started trimming gains and moved below the $525 level. It also broke the 38.2% Fib retracement level of the last wave from the $473 swing low to $541 high. At the moment, the price is trading near the $500-505 support area. There is also an expanding triangle forming with current support at $492 on the hourly chart of the BCH/USD pair. More importantly, the 50% Fib retracement level of the last wave from the $473 swing low to $541 high is acting as a support near $506. As long as the price is above the triangle support and $490, it could bounce once again.

Looking at the chart, BCH price attempted a nice recovery, but failed to clear offers near $540. On the downside, supports are seen at $500, $492, $490 and $480.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently just below the 50 level.

Major Support Level – $492

Major Resistance Level – $540

AAYUSH JINDAL | AUGUST 16, 2018 | 4:08 AM

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

Bitcoin price analysis – Bullish divergence in play above $6,300; BTC/USD jumps 2% on the day

Bitcoin price welcomes the bullish trend, clears the resistance at $6,300 and targets $6,400 in the near-term.
BTC/USD Must find support above the 61.8% Fib level above $6,300, although other support levels will come in handy if a reversal occurs.

Bitcoin price appears to have curved another trajectory path and this time the rendezvous point is $6,400 in the short-term. The largest crypto by market capitalization dipped below $6,000 yesterday adding sorrow to an already gloomy market. The trading on Wednesday 15 Asian hours is strongly bullish as the chart shows a clear divergence with support at $6,000.

The stochastic is showing higher highs as it advances into to overbought region, which means that buying power is rising again. In fact, Bitcoin has broken the trendline resistance at the 23.6% Fib retracement level at $6,069.35. This has triggered a break above the resistance at $6,200 as well as that at $6,300.

Bitcoin is currently trading above the 61.8% Fib retracement level with the last swing high of $6,545.86 and a swing low of $5,921.42 at $6,307.21.The trend is strongly bullish at the time of press, besides the next resistance target is at $6,400 while the buyers are psychologically eyeing $6,500.

On the flip side, a support must be formed above the 61.8% Fib level and preferably at $6,330. This will give the buyers time to regroup and gather the strength to attack $6,400 and test $6,500 in the medium-term. Other support areas include $,6,300 and $6,250 respectively.

BTC/USD 15-minutes chart

John Isige

FXStreet

Bitcoin price analysis - Bullish divergence in play above $6,300; BTC/USD jumps 2% on the day

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