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Saturday, September 22, 2018

$6,700: Bitcoin Price Charts Bullish Reversal as Altcoins Surge

Bitcoin (BTC) has taken a bullish turn over the last 24 hours, as sharp gains are also seen across a number of alternative cryptocurrencies (altcoins). bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin finance finance finance finance finance finance finance finance finance finance finance finance finance finance finance finance finance finance business business business business business business business business business business business business business business business business IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment As of writing, the leading cryptocurrency is trading at $6,700 on Bitfinex – up 4.6 percent on a 24-hour basis – having hit a 16-day high of $6,745 earlier today. BTC's recovery from the five-week low of $6,100 hit Wednesday was likely fueled by increased investor demand for altcoins. For instance, XRP – the third largest cryptocurrency by market capitalization – has risen by 42 percent in the last 24 hours and 18 percent of the total XRP trading volume is coming from XRP/BTC pairs, according to CoinMarketCap. bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin finance finance finance finance finance finance finance finance finance finance finance finance finance finance finance finance finance finance business business business business business business business business business business business business business business business business IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Aurora (AOA) is up 57 percent on the day and is the best performing cryptocurrency on CoinMarketCap. More importantly, about 60 percent of its total trading volume is also originating from pairs with BTC. On similar lines, MONA's 43 percent price rise is likely being fueled by MONA/BTC and MONA/JPY pairs, volume data shows. It's worth noting that most alternative cryptocurrencies are traded against majors like BTC and ethereum's ETH token. So, money tends to flow into altcoins via BTC, creating upside pressure on the leading cryptocurrency. As a result, BTC could be in for further gains if the altcoin rally keeps attracting investors to the market. On the charts, the convincing move above $6,600 (Sept. 14 high) is painting a bullish picture, at least for the short-term. Daily chart bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin finance finance finance finance finance finance finance finance finance finance finance finance finance finance finance finance finance finance business business business business business business business business business business business business business business business business IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment As seen in the above chart, BTC moved past the double bottom neckline resistance of $6,600 earlier today, confirming a bullish reversal. The cryptocurrency may well move to test the upper edge of the pennant pattern, currently located at $7,050, over the weekend. A UTC close above that level would add credence to higher price lows set over the last three months and bring potential for a move towards July highs above $8,500. bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin bitcoin finance finance finance finance finance finance finance finance finance finance finance finance finance finance finance finance finance finance business business business business business business business business business business business business business business business business IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment View BTC's recovery from $6,100 seen in the last 48 hours is likely associated with a surge in interest in altcoins. The double bottom breakout has opened the doors to $7,050. A UTC close above that level would confirm a pennant breakout and boost the prospects of a sustained rally to $8,500. On the downside, acceptance below $6,600 would neutralize the immediate bullish outlook. A UTC close below the pennant support will likely put the bears back in charge. Disclosure: The author holds no cryptocurrency assets at the time of writing.

Friday, August 17, 2018

Bitcoin (BTC) Price Watch: Could This Be a Reversal Pattern?

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business business business business business business business business business business business business business business business business IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT IT Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment Entertainment

Bitcoin Price Key Highlights

Bitcoin price appears to be forming an inverse head and shoulders pattern on its 1-hour time frame.
This is considered a classic reversal signal and if confirmed, price could pull up from its earlier drop.
Technical indicators are also reflecting the presence of bullish momentum.

Bitcoin price might be forming an inverse head and shoulders pattern as it moves to test the neckline soon.

Technical Indicators Signals

The 100 SMA is crossing above the longer-term 200 SMA to indicate that the path of least resistance is now to the upside. This adds confirmation that the uptrend could carry on from here, possibly enough to take bitcoin price past the neckline at the $6,600 level.

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f so, bitcoin price could climb by around $1,000 since this is the height of the inverse head and shoulders reversal pattern. RSI is also pointing up to signal that buyers are taking control of price action from here. Stochastic is also on the move up to confirm bullish pressure, but this oscillator is also nearing overbought levels. Turning back down could bring selling pressure in.

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Bitcoin price is attempting to recover lost ground long-term support levels continue to be defended by bulls. An improvement in risk sentiment, stemming from the prospect of US-China trade talks next week is also propping up cryptocurrencies. Then again, some say that this is just a short-squeeze from the earlier drops.

Still, it’s helpful to remember that the dollar remains safely bid as easing trade tensions could benefit the US economy at the end of the day. This could keep some downside pressure on BTCUSD in play. A number of analysts retained their bullish bets while experts also expressed confidence that betting on the industry is a long-term game rather than being rattled by these short-term drops

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Are The Bitcoin Bulls Back? Brian Kelly Weighs In

As reported by Ethereum World News, the cryptocurrency market has been on a surprising tear over the past 24 hours, with a majority of assets posting gains of upwards of 6-7%. At the time of writing, Bitcoin stands at $6,400 after a brief step over the $6,500 line, while a majority of altcoins have seen a return of upwards of 5%. Some altcoins, like Nano, have had an astounding day, with bulls pushing the price of the cryptocurrency up by 25% or more.

Although the cryptocurrency market may have been on thin ice before this recovery, the ice isn’t so thin now, with Bitcoin establishing lines of support at higher lows.

On Wednesday, CNBC’s “Fast Money” segment covered this recovery, with Brian Kelly, CNBC’s in-house crypto analyst, doing his best to reason why the market saw such a strong rebound.

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Kelly opened up his section calling the market’s price action a “wild ride,” alluding the trials and tribulations the market has faced over the past few weeks. The analyst went on to draw attention to the performance of BTC before, during, and after the expiry of CBoE-based Bitcoin futures. According to statistics which CNBC has attributed to Justin Stanislaw, Bitcoin often does poorly in the days leading up to an expiry date, but sees a 10% move upwards in the week following a futures expiry.

Likening today’s expiry to a similar occurrence, Kelly noted that following the April futures expiry, Bitcoin saw a 20% gain in a mere 6 days. While not explicitly stating it, it’s clear to see that founder of the crypto-centric BKCM fund is expecting for Bitcoin to continue to experience positive bouts price action over the next few days.

To add fuel to the metaphorical bullish flame, Kelly, who has become a near-notorious permabull, added that Bitcoin may be undergoing a short squeeze, as shorts cover their losses in this potential trend reversal.

This sentiment sparked a question from another CNBC panelists, who asked if “these other cryptocurrencies” will bottom out along with Bitcoin. Kelly responded, stating:

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So as is normally the case, it is likely that if Bitcoin runs, so will a majority of altcins, albeit with some variance in either the bullish or bearish direction.

However, some had their doubts, including CNBC trader Dan Nathan, who queried Kelly on if the capitulation phase of the market has “petered out.” Turning the question somewhat on its head, the cryptocurrency bull noted that $5,900 may prove to be a level of support if a sell-off continues. Nonetheless, it seems that with this episode of CNBC Fast Money passing by, Kelly remains as bullish as ever.

While some were quick to cast Wednesday’s bout of positive price action aside, calling it a classic bull trap, there are some optimists who are convinced that this might be the beginning of the end of the crypto bears.

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Bitcoin Price Drops Against Turkish Lira as Treasury Seeks to Calm Investors

The Turkish Lira value improved against the bitcoin price ahead of an important conference between the country’s financial chief and global investors.

The BTC/TRY recorded a 22 percent drop since establishing its intraday high at 45382-fiat. A political spat between the Turkish and U.S. governments last week had influenced the latter to double the tariffs on Turkish steel and aluminum. As a result, the Lira value dropped to a record low of $0.139 on Monday, shaking an already weakening economy to further extent. The currency started to reverse its trend only on Wednesday when Qatar calmed the market by promising to issue loans worth $15 billion to improve the Turkish economic sentiments. The TRY/USD rose 6 percent in response to the decisive push.

The announcement of Berat Albayrak, the finance minister, addressing over 2,000 international investors further improved the fundamentals around Lira, influencing a 2.5 percent rise against the US dollar today.

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efore that, Turkey’s central bank has initiated their response to improve the market’s condition by injecting liquidity for banks and imposing inflexible restrictions on currency swaps and similar foreign currency transactions. The impositions must have led people to opt for solutions that do not fall under the government’s jurisdiction, bitcoin being one of them.

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Bitcoin a Sentimental Safe Haven

On the day Lira dropped, two of the most significant cryptocurrency exchanges in Turkey reported over 100 percent increase in trading volume. BTCTurk data showed more than 130 percent surge in the crypto volume, while Paribu data followed closely, stating a 107 percent growth within the same timespan. Since Aug. 8, the price of bitcoin against the Lira also surged by as much as 32.8 percent — almost three times the surge against the US Dollar.

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The bitcoin price began to tumble against the Lira only after Qatar’s loan pledge announcement, indicating people are starting to take shelter under decentralized assets in times of political and economic crisis. Just recently, Iranian exchanges had also witnessed a surge in crypto volume in response to the authorities’ financial impositions. Before that, Venezuela, Zimbabwe, China, India, and Greece had also seen people flocking to cryptocurrencies when being subjected to capital restrictions, hyperinflation, and demonetization.

As far as the political and economic conditions of Turkey is concerned, the country was always at risk. Their deficits are increasing, their corporate debt is mounting, their inflation rate is also going north, and the Turkish government has refused to raise interest rates. To worsen the matters, the Turkish government has gotten into a cat-fight with Trump’s administration when it cannot afford it.

Holger Schmieding, a German economist, told the Guardian that Turkey could still avoid an imminent recession with a “swift and deft” policy makeover.

“So far, Turkey does not seem to be changing its policies fast enough, though. As a result, the risk is mounting that the Turkish economy may contract for a while,” he added.

The outcome of Albayrak’s interaction with the international investors, especially against the outside world’s unfavorable perception towards Turkey’s methods of handling the economy, could bring more clarity on the matter. But should the situation continue to get worse, the country’s libertarians would eventually prefer to park their money into non-government assets.

Let’s not be bullish yet!

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Despite price crash, Bitcoin believers still say the best is yet to come

SAN FRANCISCO — In December, Bitcoin seemed like the next big thing. One Bitcoin was nearing $20,000, financial journalists were starting to seriously consider whether Bitcoin could replace safe-space investments like gold and companies sprouted up to sell Bitcoin to the general public.

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It’s been pretty much downhill since. One bitcoin is now worth a little less than $6,500, and public interest has waned. Such is life for Bitcoin proponents.

“I’ve seen Bitcoin drop from $20 to $2 and $1,200 to $250,” said Jeremy Gardner, managing partner of the investment firm Ausum Ventures and the proprietor of San Francisco’s Crypto Castle, a living space for people working in cryptocurrency. “Hyper-growth followed by a heavy correction isn’t new.”

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Nick Colas, co-founder of the market analysis firm DataTrek Research, has been covering Bitcoin since 2013. He said the volatility over the past few months should come as “no surprise” for a digital currency that ebbs and flows based only on how people feel about it.

“The issue with Bitcoin is the price is driven 100 percent by market psychology,” Colas said. “It is still a new technology and in the early days of adoption, so there isn’t a lot aside from public confidence to underpin its value.”

While the price of Bitcoin remains its most visible trait, people who work in the cryptocurrency world are focused on other aspects — in particular whether U.S. regulators could soon open doors that would make it easier to buy and sell assets based off Bitcoin.

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Colas said Bitcoin’s recent decline is due to speculation over whether the Securities & Exchange Commission would allow a Bitcoin exchange-traded fund, which would allow investors to track the price of Bitcoin without having to own the cryptocurrency. Such a tool could make Bitcoin investment available to the masses.

Bitcoin rode that wave and then fell at the end of July after the SEC denied an application from the Winklevoss twins, who are best known for claiming that Mark Zuckerberg stole their idea to create Facebook and settling with him for $65 million.

“The rhythm of this security is, rumors circulate, there are new financial tools coming to trade it, and then there isn’t, then it goes down,” Colas said. “Last year, the futures exchange in Chicago made Bitcoin contracts and when no one wanted to trade, air came out of the bubble.”

The ups and downs of Bitcoin have led to swings in overall public interest that closely mirrored Bitcoin's price fluctuations, as the Google Trends chart of search interest below shows.

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Some Bitcoin believers see the price as a distraction from the cryptocurrency’s real potential — transforming the global financial industry and much of the economy itself. Bitcoin believers who bought into the cryptocurrency long before its rise and fall said they believe the value is in the long-term potential of blockchain, which is the underlying concept on which Bitcoin is built. A blockchain is a digital, decentralized public ledger that allows people to seamlessly trade digital currencies without having to go through a bank, essentially guaranteeing that assets can been transferred securely.

“Bitcoin and crypto-assets matter because they provide a sovereign digital assets class in a growingly Orwellian world,” Gardner said.

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