Bitcoin – Can the Bulls Prize Out a Late Weekend Rally?

Bitcoin finds support early to hold on to $6,200 levels, though a move through $6,300 levels is going to be needed to avoid a pullback later in the day.

Bitcoin gained 1.5% on Saturday, partially reversing Friday’s 5.77% slide, to end the day at $6,239.

An early pullback to an intraday low $6,008.1 saw Bitcoin manage to yet again steer clear of sub-$6,000 levels, with the day’s first major support level at $5,919.73 left untested as the broader market continued to decline through the early part of the weekend, sliding through support levels on the way.

Tracking the broader market trend, a sharp move in the late afternoon saw Bitcoin break through the first major resistance level at $6,483.53 to an intraday high $6,499.5, before pulling back late in the day to $6,200 levels.

In spite of the late afternoon move, Bitcoin fell short of $6,500 levels for the first time since 15th July, with the downward trend on intraday highs and lows continuing since late July.

Falling short of the 23.6% FIB Retracement Level of $6,757 and with another week of heavy losses on the cards, left the extended bearish trend intact, with Bitcoin needing to break back through to $7,000 levels to begin a near-term bullish trend formation.

There was no materially negative news hitting the wires at the start of the weekend to influence, with Bitcoin likely to find its true test in the coming week as the global financial markets face a number of geo-political storms, with Turkey, Iran, Russia and China in the mix.

The much debated theory that Bitcoin could replace gold and other safe havens has yet to be proven and, with capital flow restrictions in place and sanctions being handed out like candy, there’s no better time for Bitcoin and the broader market to prove its worth.

At the time of writing, Bitcoin was up 0.59% to $6,269.6, with Bitcoin tracking the broader market in the early hours following Saturday’s trend bucking gain.

A start of a day dip to a morning low $6,162 saw Bitcoin hold well above the day’s first major support level at $5,998.23 to recover to $6,200 levels and break through to an early $6,320.6 morning high before easing back, the early high leaving the first major resistance level at $6,489.63 untested.

For the day ahead, a hold above $6,248.87 through the morning would support a run at the early morning high $6,320.6 to bring $6,400 levels and the day’s first major resistance level at $6,489.63 into play, though Bitcoin will need support from the broader market, with the majors needing to hold on to early gains to avoid a shift in sentiment later in the day.

Failure to hold above $6,248.87 and move through to $6,300 levels could see Bitcoin move into reverse later in the day, with the day’s first major support level at $5,998.23 in play in the event of a broad based market sell-off.

As things stand, we would expect Bitcoin to avoid sub-$6,000 levels, while the extended bearish trend remains intact, Bitcoin sitting well short of the 23.6% FIB Retracement Level of $6,575, with more than a late weekend rally needed to get there.

Bob Mason

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

Bitcoin (BTC) Price Watch- Hovering at Make-or-Break Levels

Bitcoin Price Key Highlights
 

• Bitcoin price is still in correction territory as it hangs around the area of interest around $6,800 to $7,000.

• Several inflection points are in confluence on this area, and a bounce could allow the uptrend to resume.

• However, a break below this key level could mean a continuation of the longer-term selloff.

Bitcoin price continues to test the area of interest where bulls are expected to join in and confirm that it has bottomed out.
 

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA still, indicating that the path of least resistance is to the upside. In other words, there’s still a strong chance for the uptrend to resume. However, the gap appears ready to narrow, possibly indicating slower bullish momentum.
 

Price is also starting to break below the 61.8% Fibonacci retracement level and the $7,000 major psychological mark, which means that bullish energy at that area still isn’t strong enough to let the climb resume. The line in the sand might be the rising trend line connecting the lows since July as a break below this could expose bitcoin price to a drop to the floor at $5,800.

RSI is slowly making its way up after spending some time in the oversold region. This suggests that sellers are taking a break but buyers are also struggling to get back on their feet. Similarly stochastic is making another attempt to pull out of the oversold region to signal that buyers are taking over.

here have been reports confirming that Goldman Sachs is taking a stake on the cryptocurrency industry, reviving hopes of stronger institutional interest. Recall that updates like these have propped up bitcoin price in the past weeks, but it seems that traders aren’t reacting as much to the latest news.
 

Still, it’s worth noting that Bloomberg reported on how Goldman Sachs is considering a plan to offer custody for crypto funds, which would involve holding securities tied to these assets in order to reduce client risk and guard themselves from potential security attacks on exchanges.

SARAH JENN | AUGUST 7, 2018 | 4:16 AM

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

Bitcoin Price Weekly Analysis – BTC/USD Remains Sell on Rallies

Key Points

• Bitcoin price declined below $7,260 and moved into a bearish zone against the US Dollar.

• There is a major bearish trend line formed with resistance at $7,320 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

• The pair must clear the $7,260 and $7,320 resistances to move back in a positive zone.

Bitcoin price tuned bearish with a close below $7,260 against the US Dollar. BTC/USD’s upsides remain capped near the $7,260 and $7,320 levels in the near term.

Bitcoin Price Upside Hurdles

This past week, there was a sharp downside move from well above $7,600 in bitcoin price against the US Dollar. The BTC/USD pair declined and broke the $7,500 and $7,260 support levels to move into a bearish zone. It even traded below the $7,000 level and is currently well below the 100 simple moving average (4-hours). A new monthly low was formed at $6,881 and the price is currently consolidating.

An initial resistance on the upside is near the 23.6% Fib retracement level of the last dip from the $8,297 high to $6,881 low. More importantly, there is a major bearish trend line formed with resistance at $7,320 on the 4-hours chart of the BTC/USD pair. Below the trend line resistance, the previous support at $7,260 is a crucial resistance. Therefore, the $7,260 and $7,320 resistances are major barriers for more gains in BTC in the near term. Should there be a break above $7,320, the price could recover. The next resistance awaits near $7,600 and the 50% Fib retracement level of the last dip from the $8,297 high to $6,881 low.

Looking at the chart, BTC price is clearly trading in a bearish zone below $7,260. If it fails to recover and slides below $6,880, the next stop for sellers could be $6,500-6,600.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is mostly placed in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently well below the 30 level.

Major Support Level – $6,880

Major Resistance Level – $7,320

AAYUSH JINDAL | AUGUST 5, 2018 | 6:30 AM

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

NYSE parent launches digital currency exchange

Bitcoin is coming to the Big Board — sort of.

The parent company of the New York Stock Exchange is pushing for digital currencies to reach the investing mainstream through a new marketplace backed by some of Wall Street’s biggest investors.

The InterContinental Exchange said Friday it had formed Bakkt, a new exchange-like company for investors to trade bitcoin and other digital assets.

The company, led by Kelly Loeffler, the wife of ICE Chief Executive Jeff Sprecher, plans to start trading bitcoin futures in November via its app, it said.

Bakkt has partnered with Starbucks, which hopes the seamless bitcoin app will easily convert the digital asset to dollars — that can be used to buy its products.

Like leaders of other cryptocurrency firms, Loeffler has a lofty goal for Bakkt — nothing less than replacing credit cards with her bitcoin app.

Bakkt’s investors are “expected” to include Microsoft’s venture capital arm, Fortress Investment Group, and Michael Novogratz’s Galaxy Digital.

Author Kevin Dugan

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

Bitcoin (BTC) Price Analysis – Wedge Resistance Holding, Support Next?

Bitcoin appears to be blocked at the top of its daily falling wedge formation.

Bitcoin has formed lower highs and lower lows to create a falling wedge pattern on its daily chart. Price is hitting a roadblock at resistance and might be due to test support once more.

The 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. This means that the selloff is more likely to resume than to reverse. Price also came close to testing the 200 SMA dynamic resistance and is tumbling below the 100 SMA dynamic inflection point.

RSI is also heading south so bitcoin might follow suit while sellers remain in control. Stochastic is also heading lower to indicate the presence of selling pressure. Both oscillators have a bit more room to slide but are nearing oversold levels to signal potential exhaustion among sellers and a possible return in bullish pressure later on.

At the same time, the gap between the moving averages is starting to narrow to reflect slower bearish momentum. An upward crossover could bring buyers in and spark an upside break from the wedge resistance. This chart pattern spans $6,000 to around $12,000 so the resulting uptrend could be of the same height.

Bitcoin has had a rough ride in the past few days since it was bogged down by the HitBTC outage and negative remarks from Krugman. South Korea’s plans to tax cryptocurrency exchanges also weighed on prices. Still, some say that this also marks a much-needed pullback from consecutive weekly gains.

Institutional interest remains strong but probably not enough to make it to the headlines these days. Having the spotlight turn back to these kinds of updates could bring more gains for bitcoin and its fellow cryptocurrencies as funds from institutions could bring more liquidity and stronger volumes, likely drawing retail traders to reopen long positions.

By Rachel Lee On Aug 3, 2018

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

Bitcoin (BTC) Price Watch – Sharp Selloff on South Korea Update

Bitcoin Price Key Highlights
 

• Bitcoin price broke below its short-term triangle consolidation and rising channel to pave the way for a larger pullback.

• The Fibonacci retracement tool shows the potential support levels where buyers could be waiting.

• Price might also be forming a larger ascending channel on its 4-hour time frame as indicators still support an uptrend.

Bitcoin price was unable to sustain the climb after previously consolidating, as a larger correction seems necessary.

Technical Indicators Signals

The 100 SMA is safely above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. Although price already broke below the 100 SMA dynamic support to signal a pickup in bullish pressure, the gap between the moving averages is still wide enough to suggest that there’s no imminent threat of a bearish crossover.

Bitcoin price could move on to testing the 200 SMA dynamic inflection point next, and this lines up with the 61.8% Fibonacci retracement level at the $7,000 major psychological mark. A larger pullback could last until the very bottom of the freshly-forming ascending channel at $6,800, which lines up with a former resistance level.

RSI is heading lower to show that sellers are in control, but the oscillator is also dipping into oversold territory to signal exhaustion among sellers. Similarly stochastic is heading south so bitcoin price might follow suit, but it’s also approaching oversold levels to suggest a possible turnaround soon. In that case, the 38.2% Fib at the mid-channel area of interest might be enough to keep losses in check.

The recent slide is being pinned on news from South Korea as officials are looking into ending tax benefits for cryptocurrency exchanges. This has been prompted by rapidly increasing transaction volumes in the country, leading authorities to worry that a lot are being used for money-laundering and financing illegal activity.

Hong Seong-ki, head of the country’s cryptocurrency response team South Services Commission, said:

“While crypto markets have seen rapid growth, such trading platforms don’t seem to be well-enough prepared in terms of security. We’re trying to legislate the most urgent and important things first, aiming for money-laundering prevention and investor protection. The bill should be passed as soon as possible.”

SARAH JENN | AUGUST 1, 2018 | 4:12 AM

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

Crypto market overview – Bitcoin, Ethereum go down; Goldman predicts more pain

• All major cryptocurrencies lost positions in recent 24 hours.

• Goldman experts believe that the upside was temporary.

•  

Cryptocurrency market continued sliding from recent highs. All major coins finished Monday in a red zone, while the total cryptocurrency market value slipped to $290B against $296.9B this time on Monday. EOS proved to be the worst-perfomer out of top-10 (the coin has lost over 9%), while Bitcoin went down 2.5% .

Bitcoin, the digital currency No.1, is changing hands at $8,100, the coin has lost 0.7% in recent 24 hours and touched $7,850 during Monday trading

Ethereum, the second largest digital coin with current market value $45.8B, broke below critical $460 to trade at $452 at press time, down 2.5% on a daily basis. ETH touched $516 high on July 18 and lost nearly 10% since that time.

EOS is the worst performing cryptocurrency out of top-10. The coin has lost over 7% to trade at $7.65 amid a combination of a technical and fundamental factors. Thus a sustainable movement below $8.00 handle increased the bearish pressure and triggered new selling orders.

Meanwhile, institutional bankers came up with gloomy forecasts. Thus, Goldman Sachs experts believe that the recent upside of Bitcoin and other virtual currencies will be short-lived.

“We expect further declines in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of a currency: they are neither a medium of exchange, nor a unit of measurement, nor a store of value,” Sharmin Mossavar-Rahmani from bank’s Investment Strategy Group wrote.

Tanya Abrosimova Tanya Abrosimova

FXStreet

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

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

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

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

‘IT’S A PEOPLE’S MONEY’

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

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

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

IT ONLY FACES HEADWINDS’

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

Wernick explained:

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

THE ‘ONLY ANSWER’

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

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

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

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

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