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

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/USD Long-Term Triangle Break Soon

Bitcoin has tumbled back to the bottom of its triangle consolidation pattern visible on the daily time frame but might be due for a break soon. The price is near the peak of its triangle after all, so it would need to pick a longer-term direction from here.

The 100 SMA is below the longer-term 200 SMA on this daily time frame to hint that the path of least resistance is to the downside. In other words, a break lower is more likely to happen than an upside breakout. In that case, Bitcoin could slump by the same height as the chart pattern, which spans $5,800 to $10,000.

Stochastic is pointing down, also indicating that sellers have the upper hand. This oscillator is just making its way out of the overbought zone, which means that there’s plenty of time for bears to stay in control. RSI appears to be treading sideways, reflecting current range-bound conditions and barely offering directional clues.

Bitcoin appears to have shed its gains on reports that the only Bitcoin investment trust is deeply in the red. Shares of Grayscale Bitcoin Investment Trust (GBTC) are down roughly 80% since price peaked late last year, hardly encouraging news for new investors.

Nonetheless, analysts believe that a big rally might be in order as the Lightning Network shows more signs of growth. This allows a layer to be built on top of the blockchain in order to process smaller transactions. This also speeds up processing while maintaining network security. For many, this could aid in the mainstream adoption of Bitcoin, thereby shoring up volumes and activity in the long run.

However, investors appear to be holding out for an actual positive development to break price out of its long-term consolidation and sustain any potential gains. Many had hoped it would be the SEC decision on Bitcoin ETF applications but the regulator has simply extended the comment period so far.

SARA JENN · OCTOBER 3, 2018 · 1:30 AM

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

Bitcoin (BTC) Still Stuck in Consolidation, Breakout Soon?

Bitcoin Price Key Highlights

Bitcoin price is still stuck inside its triangle consolidation pattern on the 1-hour time frame.
Price is nearing the peak of its formation so a breakout could take place soon.
Technical indicators are still giving mixed signals on which direction the breakout might go.

Bitcoin price is nearing the peak of its consolidation pattern, which means that a breakout is bound to happen soon.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA for now to indicate that the path of least resistance is to the upside. In other words, support is more likely to hold than to break or an upside break might be more likely than a breakdown. In that case, bitcoin price could be looking at a rally that’s at least the same height as the chart formation, which spans $6,100 to $7,300.

Stochastic is heading higher so bitcoin price could also follow suit while buyers have the upper hand. However, the oscillator is nearing overbought levels to indicate bullish exhaustion and a possible return in selling pressure. RSI, meanwhile, is cruising sideways to reflect consolidation. The moving averages have also been consolidating to signal range-bound conditions.

Bitcoin (BTC) Still Stuck in Consolidation, Breakout Soon?

Bitcoin price has had a slew of positive developments in the previous week to keep it supported but investors seem to be holding out for more catalysts to sustain a climb this time. Momentum has been on bitcoin’s side but it would still need a few more positive developments to draw more buyers in.

The launch of bitcoin futures on ICE could bring volumes in, but keep in mind that CME futures were being blamed for the drop in bitcoin price late last year. After all it would allow investors to take short bets on the digital asset, possibly taking it for a break below consolidation onto new lows.

SARAH JENN | OCTOBER 2, 2018 | 4:12 AM

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 Price Starting to Reverse, 2 Catalysts Will Drive it Higher in 2018

Throughout 2018, Bitcoin has continued to record lower highs, testing major resistance levels at $10,000, $8,000 and $7,000. According to Fundstrat’s Tom Lee, the stability of Bitcoin at $6,000 regardless of its lower highs is optimistic.

In early 2018, Fundstrat emphasized in a report that the $6,000 level will likely be held by Bitcoin in the mid-term because it is the breakeven point for miners. That means, miners that utilize electricity and mining equipment to verify transactions on the Bitcoin network can still generate some profit if the price of Bitcoin stays above the $6,000 level.

Lee explained on Bloomberg that the stability of BTC at the $6,000 mark and two major catalysts awaiting BTC in the year end could push the price of BTC up substantially within the next two months.

Bitcoin daily price chart on September 30, provided by Coincap.io

“$6,000 is a level that is more important than we realized. Earlier this year, we were pointing $6,000 as breakeven for Bitcoin mining so that level should hold. The fact Bitcoin is holding here is very good news. I think there are catalysts in the year end so I think despite the lower highs we’ve seen I think we’re starting to reverse,” Lee said.

What are the Two Catalysts?

According to Lee, two major factors will contribute to the increase in the price of BTC by the end of the year: strengthening infrastructure of the cryptocurrency exchange market and fear of missing out (FOMO) amongst institutional investors.

Over the past few months, Bakkt, a cryptocurrency exchange created by ICE, Starbucks, and Microsoft, has been building the first regulation-focused platform that primarily aims to operate as a trusted custodian and brokerage for large-scale investors.

Eventually, with the entrance of major investment banks and solid products offered by Bakkt, Lee stated that institutions will have the ability to enter the market.

But, echoing the sentiment of billionaire investor Mike Novogratz who previously stated that institutions will likely not commit to the crypto market until Bitcoin surpasses major resistance levels at $8,800 and $10,000, Lee emphasized that Bitcoin will have to show some recovery in its price before it appeals to many institutions.

“I think there is a few. One, this new exchange called ICE Bakkt will be launched. It is going to be really one of the first regulated exchanges. I think around that, there is working being done by these major investment banks to build products to support it or work with it. I think institutions are waiting to be involved,” he said.

How Will Bitcoin End 2018?

In early 2018, Lee reaffirmed his price target of $25,000 per BTC. The cryptocurrency market is quickly approaching the end of 2018 and it is becoming increasing unlikely for the dominant cryptocurrency to reach an all-time high by the end of the year.

Still, given the stability of BTC at $6,000 since late July, it is possible for the asset to show strength and momentum by November and December, a period in which the cryptocurrency market historically tend to record large gains.

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

BITCOIN PRICE CHANGED BY -2.28 TODAY

As at 2018-09-29 average Bitcoin price is 6550.72493333 USD, 1 BTC, 30.0321324 ETH.

It’s noteworthy that is issued into circulation Bitcoin.

Bitcoin BTC/USDT on Binance exchange is 6510.84. The trading volume on Binance is 274818013.32.

At the same time Bitcoin BTC/QC on ZB exchange is 6513.12. The trading volume on ZB is 69895898.43.

Bitcoin BTC/USDT on OKEx exchange is 6508.83. The trading volume on OKEx is 209122252.13.

Bitcoin BTC/USDT on Huobi exchange is 6513.50. The trading volume on Huobi is 95030560.70.

Bitcoin BTC/USDT on Bitforex exchange is 6515.49. The trading volume on Bitforex is 188305436.89.

In this regard, 24 hour trading volume is 4467848631 USD or 682038 BTC. At the same time Bitcoin market capitalization is 113280212358 USD or $17292775 BTC.

Bitcoin average change within 24 hour is -2.28 against USD, 0 against BTC, 2.69 against ETH. Weekly report: -2.33 against USD, 0 against BTC, 7.99 against ETH. Monthly report: -6.97 against USD, 0 against BTC, 22.87 against ETH.

BITCOIN PRICE CHANGED BY -2.28 TODAY

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

Bitcoin Predictions – 10 parameters which will determine Bitcoin price in future.

Bitcoin Predictions - 10 parameters which will determine Bitcoin price in future.

Bitcoin Predictions – 10 parameters which will determine Bitcoin price in future.

Factors affecting Bitcoin price predictions

Is Bitcoin a bubble or a pin? Although the question is quite ambitious, there are various reasons that can be cited, to explain the highs and lows of Bitcoin. India emerging popularity of cryptocurrencies which one is asking the question what is Bitcoin what are cryptocurrencies and ultimately what is money. People tend to get quite relevant answers on the internet, but if you are looking for an easy explanation for Why does Bitcoin fluctuate so much? You have landed up at the right place. Is it the People, the team members, or Satoshi Nakamoto himself who is responsible for the ebbs and flows of Bitcoin prices. Let’s find out.

1. Bitcoin can be understood easily when it is compared to Gold. Assuming that you all are familiar with gold. Try to break down the attributes of gold. Gold is highly scarce in nature, it is difficult to mine, its value is constantly increasing, the same amount of gold has the exact same value anywhere around the world, huge chunks of good pieces can be broken down into smaller ones. No compare every attribute of gold with Bitcoin. Currently, even Bitcoin is scarce, as the number of users is more and the coins are less, even Bitcoins are difficult to mine, due to the scarcity of Bitcoins its value is high. Therefore, the future price prediction of Bitcoin is undoubtedly positive.

2. Bitcoin effectively overthrows the need of all the banks, which were very proud for the services they offered. It was only after the invention of Bitcoin, that people realized that the financial industry can be much more efficient than the fraudulent banks showcase them to be. Bitcoin has become a great alternative for the financial transactions, as the overall process has been brought down to a cheaper scale. Adding up on that is its lightning fast speed, imagine transferring funds from America to India within a matter of minutes. Therefore, the efficiency of Bitcoin is the backbone of its future prediction.

3. The Bitcoin prices and also given by a myriad of psychological factors. Investors, in particular, are driven by the market sentiments of the other investors or maybe their peers. The peer pressure is nothing much and everyone in your friend circle has purchased Bitcoin but you haven’t. The subconscious feeling that you get, is nothing but the peer pressure. This is one of the most notable driving force of Bitcoin.

4. Incorporation of Bitcoin buy Mini e-commerce companies, also needs to be kept in mind while predicting the Bitcoin prices. The future acceptance of Bitcoin is directly proportional to the amount of Companies accepting Bitcoin. How can you use your Fiat currency, when the accepting side is not even accepting it? Hence, from the now on a lookout for the “Bitcoin payments accepted” while shopping.

5. No government can take control of Bitcoin. It’s not like they are not authorized to do so but they inherently can do it. If they are really daring enough to play with the Bitcoin network, then they would be needed, all the supercomputers existing till date. The Bitcoin network is so huge that even if all the supercomputers are combined together, they would not even be capable of controlling half of the Bitcoin network too. In other words, they are very tiny before the massive Bitcoin network. Therefore, regulations do not affect the Bitcoin price prediction.

6. As the Blockchain Technology, in general, gains popularity even Bitcoin prices would be affected, as everything is interrelated to each other.

7. Even the decisions of various social media platforms with respect to the Crypto domain affects the Bitcoin value. Consider a friend of yours spreading the news of Bitcoin price fall on WhatsApp and Facebook. It is very obvious that some speculations would be fed into the minds of Bitcoin enthusiasts. In a nutshell, self-regulation also must be kept in mind for Bitcoin price prediction.

8. The online nature of Bitcoin transactions have bought the entire financial market into the hands of people. You can sit back and relax on your sofas, to buy or sell Bitcoins, within a few taps without undertaking extensive form filling procedures. Convenience is the driving factor here.

9. Bitcoin is highly valuable when seen collectively. In other words, what’s the value of using Facebook when you have no friends. Apply the similar analogy to Bitcoin too. Its social connections and engagement by millions of people is its driving force.

10. Further developments in the Bitcoin world, would accelerate its acceptance and indirectly the value of Bitcoin. Bitcoin ATMs and ETFs are a most significant model developed for the convenience of users.

Published 54 mins ago on September 27, 2018 By Layla Harding

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

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

Bitcoin price analysis – BTC/USD rangebound under $6,400, but further losses are limited

Bitcoin price analysis - BTC/USD rangebound under $6,400, but further losses are limited

Bitcoin price analysis – BTC/USD rangebound under $6,400, but further losses are limited

BTC/USD stays below critical support, but the downside momentum is fading away.
New Tether coins hit the market, BTC did not react.

BTC/USD is changing hands at $6,388, consolidating losses incurred at the beginning of the week. The digital currency No. 1 touched $6,327 low on Tuesday, though the bearish momentum has faded away, allowing for the recovery towards the key resistance area, created by 23.6% Fibo retracement for the downside movement from September 4 peak.

Bitcoin's technical picture

Looking technically, BTC/USD is recovering slowly from September 8 low reached at $6,114. This trend remains untouched as long as the price stays above the upside trendline currently at $6,280. Once it is broken, $6,000 will come into focus, threatening to push BTC/USD back on the bearish track.

Meanwhile, from the short-term point of view, a sustainable move below $6,400 looks nasty. If this ground is not regained soon, the selling pressure may intensify and push the price towards the above-said critical trend line support.

The next hurdle is created by SMA40 (4-hour chart) above $6,500 and $6,600 (38.2% Fibo retracement). A sustainable movement higher will allow proceeding towards $6,650 (SMA200, 4-hour chart) and psychological $6,700.

Tether movements

Meanwhile, crypto community noticed that the amount of Tether in circulation increased by $12.89M. The newly minted coins were transferred to Bitfinex, the fourth largest cryptocurrency exchange by trading volumes. However, this Tether issuance did not influence Bitcoin's momentum in any noticeable way.

Tanya Abrosimova

FXStreet

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