Bitcoin BTC Price Weekly Forecast: 10K Holds Key For Recovery

Bitcoin (BTC) Price Weekly Forecast: $10K Holds Key For Recovery

There was a major downward move below the $10,000 support in bitcoin price against the US Dollar.

The price is currently correcting higher, but upsides remain capped near $9,800 and $10,000.

There is a major bearish trend line forming with resistance near $9,980 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

There could be a short term upside correction, but the bulls are likely to struggle near $10,000.

Bitcoin price is facing a lot of hurdles on the upside near $10,000 against the US Dollar. BTC remains sell on rallies as long as it is trading below the $10,000 resistance.

Bitcoin Price Weekly Analysis (BTC)

In the last weekly forecast, we discussed the possibilities of a downward move below $10,000 in bitcoin price against the US Dollar. The BTC/USD pair did move down and broke the key $10,000 and $9,800 support levels. Moreover, there was a close below the $10,000 pivot and the 100 simple moving average (4-hours). Finally, there was a break below the $9,800 and $9,500 supports as well.

A new monthly low was formed near $9,300 and the price is currently consolidating losses. It is testing the 23.6% Fib retracement level of the recent decline from the $10,717 high to $9,308 low. However, there are many hurdles on the upside near the $9,800 and $9,900 levels. Additionally, there is a major bearish trend line forming with resistance near $9,980 on the 4-hours chart of the BTC/USD pair.

Moreover, the 50% Fib retracement level of the recent decline from the $10,717 high to $9,308 low is also near the $10,010 level. Therefore, upsides are likely to remain capped near the $9,800 and $10,000 levels. Above the trend line, the 100 SMA is waiting near the $10,150 level. The 61.8% Fib retracement level of the recent decline from the $10,717 high to $9,308 low is also waiting near the $10,170 level.

On the downside, an immediate support is near the $9,500 level. If there is a downside break below the $9,500 support, the price may continue to move down below the last swing low at $9,300. The next key supports are near the $9,100 and $9,000 levels.

Looking at the chart, bitcoin price is clearly trading in a downtrend below $10,000. In the short term, there could be an upside correction, but the $9,800 and $10,000 levels are likely to act as major sell zones in the coming sessions.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving into the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is slowly rising towards the 50 level.

Major Support Level – $9,500

Major Resistance Level – $10,000

Aayush Jindal

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

Proposed A Radical Competitor To Bitcoin And The US Dollar

Proposed A Radical Competitor To Bitcoin And The U.S. Dollar

Bitcoin and cryptocurrency competitors are in vogue at the moment with both social media giant Facebook and China planning their own digital currency projects.

The bitcoin price, despite suddenly plummeting this week, has climbed this year largely because the likes of Facebook and South Korean technology behemoth Samsung have tacitly endorsed bitcoin and cryptocurrency technology, helping it to somewhat recover from a disastrous 2018.

Now, Bank of England governor Mark Carney, who has previously poured scorn on bitcoin and its crypto peers, has said a global digital currency, which sounds remarkably like bitcoin, could replace the U.S. dollar as the world’s reserve currency.

The Bank of England governor Mark Carney has suggested governments work together to create a global digital currency–something which could rival bitcoin and other cryptocurrencies. GETTY IMAGES

"[A digital currency] could dampen the domineering influence of the U.S. dollar on global trade," Carney said in a speech at the gathering of central bankers from around the world in Jackson Hole, Wyoming, it was first reported by the Guardian, a U.K. newspaper.

The U.S. dollar is stockpiled by governments around the world to help protect against any downturns in the U.S. economy.

"If the share of trade invoiced in [a digital currency] were to rise, shocks in the U.S. would have less potent spillovers through exchange rates, and trade would become less synchronized across countries," Carney added.

Carney's comments follow attempts by Facebook to win over global financial regulators to its libra cryptocurrency project, expected to launch some time next year.

Facebook has said it wants libra to act as a global currency and is trying to launch the coin in as many countries as possible, though it's thought to have a focus on emerging markets.

Earlier this month, a senior official at China's central bank said it's "almost ready" to issue its own sovereign digital currency, with new research out this week suggesting it could eliminate the need for bank accounts.

"The dollar’s influence on global financial conditions could similarly decline if a financial architecture developed around the new [digital currency] and it displaced the dollar’s dominance in credit markets," Carney added.

Bitcoin enthusiasts were, of course, quick to point out bitcoin would fulfill many of Carney's requirements.

"Bitcoin largely fits the description of what [Carney] is looking for—something ‘removed’ from country borders and independent of country-specific interest rate policies," Richard Galvin, a former investment banker at JPMorgan Chase and now chief executive of Digital Asset Capital Management, told Bloomberg, a financial newswire.

The bitcoin price has climbed so far this year as interest in bitcoin and cryptocurrencies from some of the world's biggest technology companies has grown.COINDESK

Carney has publicly criticized bitcoin however, last year warning bitcoin could be heading for a "pretty brutal reckoning," and that cryptocurrencies have "all the hallmarks of a bubble."

Despite Carney's dislike of bitcoin, the Bank of England earlier this year said it welcomed Facebook’s libra initiative, adding it could be a useful addition to trading goods and services.

Carney's comments are though likely to put him at odds with U.S. president Donald Trump who recently launched a scathing attack on bitcoin and cryptocurrencies in light of Facebook's plans, branding them "unregulated crypto assets" and based on "thin air."

"We have only one real currency in the U.S.A., and it is stronger than ever, both dependable and reliable," Trump said. "It is by far the most dominant currency anywhere in the world, and it will always stay that way. It is called the United States dollar!"

Billy Bambrough

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

Portugal Tax Authority – Bitcoin Trading and Payments Are Tax-Free

Portugal’s Tax Authority has clarified that both cryptocurrency trading and payments in crypto will not be taxed in the country, Cointelegraph en Español reported on Aug. 27.

According to a report published on Aug. 26 by Portuguese business newspaper Jornal de Negócios, the Portuguese Tax and Customs Authority have confirmed that crypto transactions or payments are exempt from Value Added Tax (VAT).

The agency reportedly provided the clarification to a local crypto mining company, publishing an official ruling document. In the document, the authority states that the exchange of crypto for fiat money is free of VAT, adding that crypto users do not have to pay any income tax.

Portugal cites a 2015 ruling for crypto tax exempt

In the official statement, the Portuguese tax authority cited a 2015 ruling by the European Court of Justice regarding the case involving major Swedish Bitcoin (BTC) portal Bitcoin.se and its moderator David Hedqvist.

As reported at the time, the court ordered that Bitcoin is a means of payment and that the exchange should therefore be exempted VAT obligations. However, the Swedish Tax Agency subsequently argued against the ruling, claiming that the court did not fully understand the matter.

Earlier stance on crypto

The confirmation follows a previous tax ruling by the Portuguese tax authority that cryptocurrencies are not taxed in the country. A document published by the agency in 2016 states that income from the sale of crypto in Portugal is not subject to income tax.

Earlier in 2013, the central bank of Portugal, the Banco de Portugal issued a statement citing a 2012 crypto-related paper by the European Central Bank.

The Portuguese bank raised concerns over the ECB’s Bitcoin recognition as a “phenomenon of innovation in virtual currency models,” claiming that Bitcoin cannot be considered a safe currency as it its issued by unregulated entities.

By Helen Partz

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

Crypto crash prompts guessing game as bitcoin breaches 10 000 again

Crypto crash prompts guessing game as bitcoin breaches $10 000 again

Cryptocurrencies plunged suddenly in afternoon trading on Wednesday, spurring a guessing game of potential catalyst among enthusiasts and investors. The price of Bitcoin dropped below $10 000 for the first time since July.

The largest digital token fell as much as 5.6%, before trading at $9 686 as of 3:40 p.m. in New York. Peer coins also sold off, with Bitcoin Cash falling close to 4% and Litecoin dropping about 8%.

As with many things crypto, enthusiasts and skeptics alike were quick to point the finger on Twitter and Reddit, though it remained anyone’s guess as to what the catalyst was.

“From our end, it looks like it was a sell-off to cash settle futures that are coming due on Friday for BTC,” said Dave Balter, chief executive of Flipside Crypto in Boston. His firm tracks blockchain transaction data, differentiating between users and speculators, and includes large trades and their originations.

Thin trading volumes likely exacerbated the moves. That made sense to Jeff Dorman, chief investment officer at Arca.

“It’s the week before Labour Day. Half of crypto is at Burning Man and the other half is sitting on their hands doing nothing,” he said. “Volumes are low and it takes very little to move markets right now, and you have big futures/options expirations coming up at the end of the week. The only definitive thing I can point to is that the move was led by declines in EOS, ETH, XRP, BCH, LTC and other large-cap tokens that have been out of favor for months. I just don’t think there are a lot of investors willing to defend price right now.”

Vildana Hajric and Olga Kharif, Bloomberg / 29 August 2019 06:48

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

Bitcoin Teeters on 10K But Can It Fend Off Another Bear?

Bitcoin Teeters on $10K, But Can It Fend Off Another Bear?

Bitcoin’s recent market movements have thrown into contention consensus about its short-term price direction, with traders asking openly if demand is strong enough to fend off another bear market.

Such a question has emerged in the wake of the world’s largest cryptocurrency’s inability to set new highs above those seen in June and July, when optimism about a Facebook cryptocurrency launch pushed the price of bitcoin to $13,880 and $13,200 on June 26 and July 10, respectively.

Since then, bitcoin has largely failed to test these highs again, prompting speculation traders may be willing to push the market into a lower range, one that could be deepened by available futures options.

However, investors and analysts remain bullish based on the assumption that demand will continue its current course, helping to sustain prices around $10,000 until next year’s May halving takes effect. Then, investors will see the amount of new bitcoin introduced to the market daily cut in half, with each new block in the blockchain producing 6.25 BTC, down from 12.5 BTC.

As can be seen by the recent litecoin halving, events that increase the perceived scarcity of cryptocurrencies have proven to catalyze buying interest.

Further, Jeff Dorman, chief investment officer at Arca, an investment management firm focused on the asset class, argues that with the likes of Bakkt and Fidelity opening their doors to new money amid current global economic tensions, bitcoin looks attractive to large hedge fund managers seeking to offset risk in traditional markets.

Dorman told CoinDesk:

“Most macro hedge funds are contemplating using BTC as a better way to offset the systemic risks that are building globally. There seems to be too much interest and too much money on the sidelines for the market to really go lower in any meaningful way.”

Factoring Miner Demand

Analyzing the cryptocurrency markets remains an evolving science, but new metrics suggest that bitcoin may currently be priced favorably ahead of the halving event.

The Diffiulty Ribbon, created by influential market analyst Willy Woo, for example, was recently released. It helps illustrate how leading analysts believe miner selling pressure affects the price of bitcoin.

(As miners are believed to sell the BTC they receive from winning block rewards – to pay employees, electrical bills and other real-world costs – they are believed to influence market direction.)

The above chart shows bitcoin’s “network difficulty,” a function of how hard the software makes it to discover a new block and thus claim the new cryptocurrency it releases to the market.

When the rate of network difficulty increases slows, analysts believe this is a sign miners are shutting off their hardware (leaving only the strong miners who proportionally need to sell fewer coins to remain operational). It’s believed this leads to reduced sell pressure and more room for price increases.

The ribbon consists of simple moving averages of BTC network difficulty so the rate of change of difficulty can be easily seen. According to Woo, the best times to buy BTC are zones where the ribbon compresses.

He said:

“The timing of the last difficulty ribbon compression is very bullish, especially given we expect another compression at the halving, I don’t think we have time to come into a bear season before then.”

Holding $10K

That said, less sophisticated investors may be using simple price charts to gauge entries.

The last two months have produced a series of lower highs putting a clamp to further growth. This can be observed in the amount of sell pressure bitcoin has seen when approaching upper resistances $10,800-$13,200.

Still, prices have held above $10,000 by the end of each daily closing period for nearly 30 days, suggesting that demand for bitcoin below that mark remains strong. As a result, some analysts believe BTC’s outlook would only change bias from bullish-to-bearish long-term should a firm close below $7,333 (200-day moving average) occur.

Still, the pressure is now mounting on the bulls to produce something significant in the short-term or else risk exposing lower supports at $9,600.

Whether or not short-term price action remains bearish, analysts agree that BTC is still bullishly bid based on its position above the aforementioned 200-daily moving average and current mining activity.

However, Dorman argues simple psychology may be the overriding factor so long as $10,000 remains a strong support and belief in the halving as a price catalyst remains strong.

He concluded:

“In general, across any asset class, when consensus is to buy lower… you rarely get that chance.”

Sebastian Sinclair

Aug 28, 2019 at 04:00 UTC

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

Winklevoss Twins – Bitcoin is Going in the Right Direction

The story of Bitcoin has been nothing short of a rollercoaster. The asset had to ensure several years of relative obscurity before finding fame in a 2017 boom and crashing right back down in 2018. However, the world’s most popular asset is back, and Bitcoin trading is now pegged at over $10,000 a token. With a healthy 200 plus percent climb in 2019 alone and all of the momentum in the world, several investors have continued to tout the asset as the best thing to challenge the establishment.

Tyler and Cameron Winklevoss are two of the most vocal proponents of Bitcoin in the world. However, unlike many fans who profess their admiration for the asset, both men have drawn up considerable resources and backed up their bet, opening up the Gemini cryptocurrency exchange and embarking on several cryptocurrency endeavors as well.

Continuing in their massive evangelism for Bitcoin, the Winklevoss twins appeared in an interview with news medium CNN, where they touched on a wide array of issues concerning it.

Amongst other things, the brothers compared the crypto revolution to the Internet boom that took the financial world by storm decades ago, adding that unlike then, it is possible (easy, in fact) for everyone to be a part of this trend. “Unlike the Internet which you couldn’t buy a piece of, you can actually buy a piece of this digital money,” said Tyler, before adding that Wall Street has been “asleep at the wheel.”

As regards the safety of the investment vehicle (especially when compared to treasury bills and other securities that operate in the regulated market), Cameron stated that investing in Bitcoin is a lot like putting your money in the conventional gold. He said, “It’s more of an investment in gold, but this is a new asset class. It’s the future, it’s volatile, and while there has been a few ups and downs, we feel like it is going in the right direction.”

The brothers also spoke on the issue of safety as regards cryptocurrencies, especially with several notable government figures (including Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Steve Mnuchin) pointing out that Bitcoin and Libra (the stablecoin from social media giant Facebook) poses various threats for user protection.

On the issue, Cameron highlighted that their concern for user safety has always been a priority, so much so that it has been ingrained in the culture and identity of Gemini. Tyler chimed in, adding that while these concerns are valid, they aren’t generic to crypto assets. He pointed out that while Bitcoin has been used by drug dealers and terrorists in the past, developments in blockchain forensics have made the asset far more traceable.

Concluding, he said, “I don’t think it’s a unique problem to Bitcoin or crypto… Again, I’ll go back to the dollar and point out that more criminals have used the dollar than anything else.”

While both men are avid Bitcoin fans, their defense of Libra is particularly impressive. Gemini has been rumored to be joining the Libra Association (Libra’s governing body) for a while now, and given how they defended the asset on CNN, it would seem that they could indeed be ready to put their differences with Facebook and its CEO, Mark Zuckerberg, aside and join forces with the social media company.

By Jimmy Aki

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

Bitcoin BTC breaches the 105k mark – Switzerland and US politicians meet following release of LIBRA

Bitcoin {BTC} breaches the 10.5k mark – Switzerland and U.S. politicians meet following release of LIBRA

After bears had brought BTC all the way down to $10,000 a trend reversal occurred. This had helped Bitcoin rally along with the majority of the altcoins. Once again, Bitcoin proved its worth over Gold [in spite of the latter facing much less volatility], which indicates that Peter Schiff along with the rest of the “Gold Barons” is wrong.

However, BTC has a long way to go, as the market capitalization is nowhere near that of the precious metal. Although, the latter has generally reacted to events transpiring around the world in a gradual manner.

The lawmakers hailing from the United States had conducted an interactive session with authorities in Switzerland. It seems that the Trump administration is still unsure with regards to the LIBRA project of Facebook.

Maxine Waters, a representative of America, expressed her dismay at a “privately controlled” global currency. Well, the Dollar is manipulated by powerful entities associated with numerous financial bodies in the U.S.A. So her point on the centralization of LIBRA is moot. Because banks have been responsible for economic dilemmas for ages.

While the mainstream community of crypto-enthusiasts is yet to be optimistic about the latest venture of Facebook, David Marcus of Calibra [previously PayPal] has said that LIBRA intends to abide by all regulations in place. Let’s hope that we don’t come across a “Cambridge Analytica data scandal” type of situation this time.

Bitcoin is the top-ranked digital currency in the market. The eleven-year-old king coin rose at a rate of 2.82% in the course of the past 24-hours. The trading volume recorded is $17.132 billion, while the supply has 17,897,337 BTC coins in play. At present, the total market cap of Bitcoin is $186.279 billion. As of this moment, BTC is priced at $10,408.22

BY ADITYA CHATTERJEE ON AUGUST 26, 2019

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

Would bullish divergence keep Bitcoin price above 10000?

Would bullish divergence keep Bitcoin price above $10000?

Another week comes to pass as Bitcoin price hovers at the ten thousand dollars ($10,000) mark and past twenty-four hours (24hrs) have been no different than the price action across the week. Bitcoin (BTC) price plunged down to the low point of nine thousand seven hundred and sixty-eight dollars ($9768.06) mark at one point while the highest point was recorded at the ten thousand four hundred dollars ($10400) mark. Whereas the weekly high is recorded at the ten thousand nine hundred and twenty-nine ($10929) dollars on the 20th of August but the price has not been near that point since. Bitcoin is trading at ten thousand one hundred and three dollars ($10103.25) at the time of writing.

Bitcoin price – Bearish divergence Cryptocurrency analyst and trading expert BitFink revealed that a bearish divergence can be seen on the Bitcoin cryptocurrency charts. The idea is simple and so far it has been keeping the BTC price afloat above the ten thousand dollars ($10,000) mark.

BitFink is of the view that short bearish divergences in the BTC price action are what keep the Bitcoin price above the psychological limit of ten thousand dollars ($10,000). However, as evident in the chart above, if the Bitcoin price action falls into a corrective action the price is ready to fall down to the nine-thousand seven hundred and fifty-nine dollars ($9759) mark.

Below that point is the twenty (20) day low standing at the nine thousand four hundred and seventy dollars ($9470) mark. On the other hand, twenty (20) day exponential moving average (EMA) stands at the ten thousand and thirty-three dollars ($10,033) mark. This is the point where the BTC price has been finding support over the weekend. The weekend is still young and the BTC price can sway in any direction. Let’s see where the dust settles as the weekend comes to an end

By Saad B. MurtazaAUG 25, 2019

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

Bitcoin BTC Price Testing Last Line Of Defense With Positive Bias

Bitcoin (BTC) Price Testing Last Line Of Defense With Positive Bias

Bitcoin price is showing positive signs and settled above $10,000 against the US Dollar.

The price is now trading near the key $10,400 resistance area, which is preventing gains.

Yesterday’s highlighted important bearish trend line is acting as a solid resistance near $10,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The price is likely setting up for the next key break either above $10,500 or below $10,250.

Bitcoin price is trading with a positive bias above $10,200 against the US Dollar. However, BTC must surge above $10,400 and $10,500 to move into an uptrend.

Bitcoin Price Analysis

In the past few sessions, there was a steady recovery in BTC above $10,000 against the US Dollar. The price even traded above the $10,200 and $10,250 resistance levels. Moreover, there was a close above the $10,200 level and the 100 hourly simple moving average. As a result, there was a decent recovery in many altcoins as well, including Ethereum, ripple, ETC, bitcoin cash and EOS.

Bitcoin price gained pace above the 23.6% Fib retracement level of the key decline from the $10,975 swing high to $9,757 low. The recent wave was such that the price even spiked above the $10,400 level. Moreover, there was a break above the 50% Fib retracement level of the key decline from the $10,975 swing high to $9,757 low. However, the bulls faced a strong resistance just below the $10,500 level.

Additionally, yesterday’s highlighted important bearish trend line is acting as a solid resistance near $10,420 on the hourly chart of the BTC/USD pair. The pair is now consolidating below the trend line and the $10,500 resistance. Moreover, the 61.8% Fib retracement level of the key decline from the $10,975 swing high to $9,757 low is at $10,510.

Therefore, the price could rally if it breaks the trend line and the $10,500 resistance area. The next stop for the bulls could be near the $11,000 resistance area in the near term. On the other hand, an immediate key support is near the $10,250 level. If there is a downside break below the $10,250 support, the price could start a fresh decline in the coming sessions.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly setting up for the next key break either above $10,500 or below $10,250. There are high chances of a fresh bearish wave as long as the price is below the $10,500 pivot area.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Major Support Levels – $10,250 followed by $10,000.

Major Resistance Levels – $10,420, $10,500 and $10,680.

Aayush Jindal

1 min ago

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

Crypto Market And Bitcoin Approaching Resistance – ETC BCH EOS TRX Analysis

Crypto Market And Bitcoin Approaching Resistance – ETC, BCH, EOS, TRX Analysis

The total crypto market cap is currently correcting higher towards the $268.0-$270.0B resistance.
Bitcoin price is also approaching towards a major resistance near the $10,200 and $10,250 levels.
EOS price recovered more than 5% and it is now trading near the $3.650 resistance.
Ethereum Classic price rallied close to 20% and broke the $7.00 resistance area.
BCH price is back above $305, but it is facing many hurdles on the upside near $320.
Tron (TRX) price is up around 8% and is approaching the $0.0185 resistance area.
Bitcoin (BTC) and the crypto market cap is correcting losses. Ethereum classic (ETC), ICX, tron and IOTA are surging, while BNB, Ethereum, BCH, ripple, litecoin and EOS are facing hurdles.

Bitcoin Cash Price Analysis

After a downside break below the $300 support, BCH price tested the $290 level against the US Dollar. The BCH/USD pair found support and recently started an upside correction. The pair is now trading nicely above the $300 and $305 levels. However, there are many key resistances on the upside near the $315 and $320 levels.

On the downside, the $300 level might act as a short term support, below which the price is likely to resume its decline in the near term.

Ethereum Classic, EOS, Tron (TRX) Price Analysis

There was a sharp increase in Ethereum classic price in the past few sessions from the $5.00 support area. ETC price rallied close to 20% and it broke many important resistances near the $6.50 and $7.00 levels. If there is a downside correction, the same resistances near $7.00 and $6.50 may now act as supports.

Tron price is currently recovering after setting a new monthly low near $0.0165. TRX price is up more than 8% and it is now trading near the $0.0180 level. However, there are many important resistances on the upside near the $0.0185 and $0.0192 levels.

EOS price remained well bid above the $3.350 level and it recently started a decent recovery. The price gained around 5% and it is now trading near the $3.650 resistance. If there are more gains, the price could test the $3.800 resistance in the near term. On the downside, the main supports are $3.500 and $3.350.

Looking at the total cryptocurrency market cap 4-hours chart, there was an upside correction initiated from the $250.0B swing low. The market cap recovered above the $260.0B level, but there is a strong resistance waiting on the upside near the $268.0B and $270.0B levels. There is also a crucial bearish trend line forming near $268.0B on the same chart. Therefore, upsides are likely to remain capped in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and IOTA in the near term.

Aayush Jindal

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