CZ Warns “Betting Against Bitcoin” As Binance Executes First Liquidation

Binance CEO; Chanpeng Zhao (CZ) made public on social media earlier today that the giant cryptocurrency exchange has executed its first margin liquidation on a BTC ($10774.0 +0.13% ) short position. As CZ confirmed this on Twitter, he also took the advantage to educate traders of all classes on a responsible behavior towards high-risk trading.
Profitable But Risky!
Margin trading is the new “gold mine” among cryptocurrency traders. While this “hot cake” conventional trading style proves profitable, the endeavor can also be regrettable. This is a condition common with inexperience and lack of discipline.
In the practice of margin trading, traders use borrowed funds from a broker to trade financial assets. The aim of this system of trading is to maximize profit. When a trader or investor trades using margin, he pays for the securities bought with a collection of his own funds and the money borrowed from a broker. In the event that the trade generates a profit, the accrued profit is claimed. The trader would be obliged to pay back his borrowed funds and with the commission of transaction in some cases. If the trade liquidates, then the trader loses according to how much was initially invested. The risk factor in this system solely depends on how much the margin involved.
Bitcoin Price Fluctuations
Bitcoin recently surged up in price. This most recent price rally saw bitcoin overcoming the $11,000 resistance level and projected it towards the $11,300 corner. A correction back to $10,600 took place rapidly after. When price fluctuates rapidly in this manner, many traders, analysts, and enthusiasts present analysis indicating the next direction in price movements. This can be very costly for margin traders.
Also Read: Bitcoin [BTC] Hovers Above $11k; This Surge Is Far From Over
The Ultimate Rule
CZ took to Twitter account to warn the public against indiscriminate margin trading and financial recklessness. In his words on Twitter, “Don’t bet against bitcoin, and don’t bet [against] b…”, he gave out a 2-in-1 open-ended instruction on considering a long term margin position on BTC and advising inexperienced traders on margin trading.

We had our first Margin liquidation today. Guess what, it was on a #BTC short.
Don’t bet against bitcoin, and don’t bet again b…
— CZ Binance (@cz_binance) June 24, 2019

The ending part of the tweet is particularly controversial and open-ended. That part of the comment might have been based on his platform’s native cryptocurrency, Binance Coin (BNB). This input was probably to encourage the community to support BNB too.
Binance coin ($37.48 +0.03%) recorded significant success in the past weeks. Waxing stronger by the minutes, BNB delivered a peak price of about $40. This represents a new all-time high. Binance exchange announced trading support for BNB this week and their most recently developed decentralized subsidiary exchange, Binance DEX, will most probably do the same soon.
The post CZ Warns “Betting Against Bitcoin” As Binance Executes First Liquidation appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Hovers Above $11k; This Surge Is Far From Over

Bitcoin defends $10,500 support on Monday paving the way for gains above $11,000.
Technically Bitcoin has the potential to beat its recent 2019 highs and correct towards $15,000.

Bitcoin bulls are currently at their strongest since this year started. Bitcoin did not only surprise many by breaking the key resistance at $10,000, BTC/USD also formed new 2019 highs 11,279. Meanwhile, the intraday charts show bitcoin having corrected up 2.11% on Monday considering that it opened the session at $10,833. Retreat from the opening price tested the support at $10,500 but formed a low at $10,550.87 before correcting to the intraday high of $11,094.87.
BTC/USD 15-mins chart
Chart source: Tradingview
The 15-minutes chart shows the largest crypto by market capitalization above the 61.8% Fib retracement level taken between the last drop from $11,279.36 to a low of $10,378.50. Slightly bearish momentum is forming towards $11,000 while Bitcoin is exchanging hands at $11,010.
On the upside, bullish momentum is immediately limited by the resistance at the intraday high ($11,094). If Bitcoin manages to clear this resistance $11,100 will be the next pivotal position. A break above this level could pave the way for another assault on $12,000. Besides, technically Bitcoin has the potential to beat its recent 2019 highs and correct towards $15,000.
Also Read: ‘Pomp’ Suggests a Timeline for BTC @ $100,000; Are Bitcoin Bubble Theories Behind Us?
The Moving Average Convergence Divergence (MACD) has recovered from the low levels reached earlier today at -59.10 to the current +47.02. This recovery means that the buyers are gaining traction. Moreover, the upward momentum is supported by the Relative Strength Index (RSI), which is forming a higher low pattern in addition to being above average at the time of writing.
As far support is concerned $11,000 is the immediate support. The 100 Simple Moving Average (SMA) 15-mins will function as another support line currently at $10,845.50 (just above the 50% Fibo). Other key support areas to look out for include $10,800, $10,600 and $10,500.
Bitcoin Key Technical Indicators
RSI: Higher low pattern formation shows BTC potential for further recovery above $11,000.
MACD: Higher levels from Monday lows suggests continuing bullish momentum.
100 SMA confluence with 50% Fibo: key support at $10,845.
The post Bitcoin [BTC] Hovers Above $11k; This Surge Is Far From Over appeared first on Coingape.
Source: CoinGape

Bitcoin (BTC) At 2019 Highs, Is It Because of The FED’s Dovish Stance?

Bitcoin (BTC) prints double-digit gains
Central banks could slash interest rates to avert a global recession, boosting risk assets in the short term & safe havens in the long term 

Perhaps in anticipation of an economic slowdown and central banks intervening by cutting rates, data suggests fund managers are shifting capital to Bitcoin. In the last week, BTC is up 21.9 percent and likely to surge to $15,000.
Bitcoin Price Analysis
Fundamentals
At 2019 highs, the world’s most valuable asset now has the attention of the general public. With this newfound focus, volatility is back. Nonetheless, BTC prices are all over the place. As prices fluctuate, it conjures many memories of the Bitcoin mania that swept the world back in Q4 2017. Then, it was not rare for prices to double in short bursts.
Over the weekend, prices soared past $11,000 after surging above the psychological $10,000 level in less than 24 hours. That was a hallmark of bulls. Even after last year’s winter thawed, the global economy is seemingly in tatters, benefiting investors of BTC and gold.
While gold is above a 5-year range, BTC is registering double-digit gains, as Wall Street is jittery. Employment is weak and a trade war is raging. Therefore, to stimulate a fledgling economy, central banks are slashing rates.
The Reserve Bank of Australia is leading, and the US Federal Reserve could be next as President Trump castigated Governor Jerome Powell on his decisions. Aptly described by different reports, a recession is imminent. However, low Fed Fund rates could save the stock market:
“The collapse in bond yields since this spring has been stark, swift and global, prompting a rush to lock in low rates that few expected to see this deep into a decade-long economic expansion.”
Candlestick Arrangement

Retesting $11,000 for the second day in three days, BTC is 21.9 percent higher from last week’s close. Regardless, from candlestick arrangements, there is room for more upsides. From the look of things, LTC is leading the way. Because of this, there could be a BTC undervaluation.
Notice that behind this break and close above $10,000, there is a spike in trading volumes. Because of this, momentum is high. As a reflection, bull candlesticks are banding along the upper Bollinger Bands setting the pace for further gains.
Technically-and in light of the hype element, every low is an entry point. Safe stops would be on June 23rd low of around $10,100. Meanwhile, fitting targets is at $12,000 and later $15,000.
Technical Indicators
Aforementioned, activity is on the rise. From June 19th, trading volumes rose from 19k, peaking on June 23rd at 38k before halving to 17k. Even so, as bulls flow back, prices and trading volumes shall spike as every dip becomes a loading point for traders.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
The post Bitcoin (BTC) At 2019 Highs, Is It Because of The FED’s Dovish Stance? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Japan May License Bitmax To Begin Operation In Q3

Japanese Financial Service Agency (FSA) is currently considering the application of Line corporation to launch a cryptocurrency exchange. If events turn out positive, Bitmax, as the crypto exchange is called may be launched in Q3 of 2019.
Line Corporation is Japan’s most popular messaging app with a user base of around 80 million local users. According to a report from undisclosed persons in close connection with the corporation, the license may even be issued before the end of June. This will allow about 80 million people to exchange cryptocurrencies on Bitmax.
Japan’s Involvement In Blockchain
Japan has severally hit the headlines regarding issues related to blockchain and cryptocurrency developments. The nation took a decentralization turn as a way of improving its economy and attracted international investors from regions which are known to consistently ban cryptos.
Japan is one of the biggest crypto economies in the world and its regulations have encouraged the development of the blockchain generally. The nation is now home to many crypto exchanges which provide exchange services for bitcoin and a wide range of other digital currencies on an international level scale.
Also Read: ‘Pomp’ Suggests a Timeline for BTC @ $100,000; Are Bitcoin Bubble Theories Behind Us?
More Development Inbound
As Line corporation pressed forward in their acquisition of a license of operation for their proposed cryptocurrency exchange(Bitmax), there happen to exist a long list of other platforms currently in the review process of the nation’s FSA. Among those already approved are Fisco cryptocurrency Exchange and SBI virtual currencies, both of which obtained their respective approvals Sept. 2018, Huobi Japan approved in Sept. 2018, and recently, both Rakuten Wallet and Coincheck obtained their licenses in Q1 of 2019.
Coinage, FXcoin, LastRoots and, Okcoin Japan are still on the waiting list of the country’s exchange platforms awaiting approvals.
Blockchain adoption versus regulations
According to a report, Japan’s Consumer Affairs Agency indicated a 170% increase in consumer inquiries about crypto investments within the last 18 months. As more people come to know about and adopt the use of cryptocurrencies in the country, there has also been an increase in issues relating to cyber attack and fraudulent activities.
Japan identified a need for cryptocurrency regulations and has put agencies and regulatory practices in place. Earlier this year, Zaif exchange, under its new management was asked by the country’s Financial Service Agency(FSA) to adhere to the agency’s financial regulations along the lines of business management, privacy control, and fund security after it suffered a hack which resulted in the loss of around $63 million in Bitcoin (BTC) Mona coin (MONA) and Bitcoin cash (BCH)
The post Japan May License Bitmax To Begin Operation In Q3 appeared first on Coingape.
Source: CoinGape

‘Pomp’ Suggests a Timeline for BTC @ $100,000; Are Bitcoin Bubble Theories Behind Us?

Bitcoin has gained more than 180% since the beginning of this year; the bullish run came at the wake of the bear market. The apprehensions about further downside grew deep in January and February. The cryptocurrency markets, however, reversed its momentum and has been on the rise since then. The total market capitalization of cryptocurrencies gained about 150% from YTD.
Bitcoin Price Chart Since the Beginning of the Year 2019 (TradingView)
This is a 15-month high in Bitcoin with maximum gains coming around in the last two months. Various reasons have been cited to explain the rise; rising institutional interest with Bakkt, Fidelity, and CME, increasing momentum with mining and adoption, and a general increase in education about Bitcoin.
According to Mati Greenspan, Senior Market Analyst at eToro mentioned in a mailer,
“A rally of this magnitude doesn’t usually happen based on one catalyst. It’s a general change in sentiment in a market with extremely limited supply.”
Moreover, the traders who were expecting a bear market hadn’t left the market but were waiting on the sidelines for the bullish confirmation. The idea prevalent in the market was buying back cheaper Bitcoins at the bottom. However, Bitcoin has surged through all significant bearish resistance levels at breaking above $11,000.
The transaction volume of Bitcoin has also been on the rise with the number of active addresses surpassing 1 million.
On-Chain Bitcoin Transaction Volume in USD (Source: Coinmetrics)
Bitcoin, an Emerging Global Asset
The economic unrest is also adding the value of a way opportunity cost than Gold if one invests in Bitcoin. This is primarily due to small market capitalization and innovation. Hence, if any investors are planning to hedge the investments in an uncorrelated ‘store of value,’ they might consider putting a slight percentage of it in Bitcoin as well.
Furthermore, the ‘hodlers‘ of Bitcoin have always been optimistic about its price due to its limited transparent supply and increasing adoption. Anthony Pompliano, the Co-Founder of Morgan Greek Capital, seemed to resonate the $100,000 Bitcoin prediction. His timeline came with a cautionary warning. Moreover, his personal beliefs have always been strongly inclined towards Bitcoin. He said,
“The price appreciation will be driven by a very simple idea — supply/demand economics remains a valid market price determinant.” He also said, “I believe that Bitcoin will reach a $100,000 price point before December 31, 2021. My current confidence level of this happening is around 70-75%.”
He also explained the market scenario in such a situation. At $100,000 per Bitcoin, the total market capitalization of Bitcoin will be around $2 trillion. This would require investments of large magnitude driven by regulatory adoption. The rise would also see massive volatility; Pomp expects “20-30% drawdowns” during the climb.
Hence, while the ominous bull characteristics are behind us, Whitney Tilson, founder of Empire Financial Research and a former hedge-fund manager is still apprehensive of the gains in Bitcoin [BTC]. Tilson told the media last week,
“Don’t get fooled by the dead-cat bounce this year, Mark my words: A year from now, it will be a lot lower. This is a techno-libertarian pump-and-dump scheme that will end in ruin.”
Do you think that Bitcoin will become the global asset its proponents believe? What will be the driving force for it? Please share your views with us. 
The post ‘Pomp’ Suggests a Timeline for BTC @ $100,000; Are Bitcoin Bubble Theories Behind Us? appeared first on Coingape.
Source: CoinGape

Bitcoin Steady at $10,800, Why do Analysts Think BTC is Still on Thin Ice?

Unlike previous weekends in this uptrend, Bitcoin (BTC) was rather mild on Saturday night and Sunday. As of the time of writing this, BTC has found itself trading for $10,800 — down 5% from year-to-date highs, but up 1% in the past 24 hours. Simultaneously, altcoins have begun to slip, selling off against the market leader as investors flood to large caps.
Related Reading: Bitcoin Price Stabilizes Around $10,700, But Analysts Believe a Surge Towards $11,500 is Imminent
With this lack of immediate bullish continuation, some analysts have begun to fear that Bitcoin may, at least for the time being, be susceptible to a rapid drawdown. This is reminiscent of when BTC hit $9,100 in late-May, which was a move that sparked concerns of a retracement.
Bitcoin is on Thin Ice
Bitcoin has had a stellar week. After wallowing under $9,000 for weeks on end, the cryptocurrency began rallying, pushing past key resistances in a steady grind upward. By Friday night, BTC was poised to test $10,000 — a level which commentators, like Fundstrat’s Tom Lee, believe is of utmost importance.
After steady itself under $9,900 for a couple of hours, Bitcoin shot up, releasing a pent up burst of energy that catapulted it to and past $10,000. And from there, BTC continued higher, to $10,800 where it stands on Monday morning.

Despite this bullish price action, which analysts claim is a confirmation of a significant uptrend, a retracement is purportedly not off the table. On Sunday, NewsBTC reported that Saturday was BitMEX’s largest trading session ever.
Spotted first by analyst Joe McCann, Saturday’s session saw the derivatives exchange register over $8 billion worth of trades — accounting for 10% of all volumes registered on Coin Market Cap. While this tacitly confirmed that cryptocurrency is back, BitMEX saw an unintended consequence from this historical flood of trading activity.
The Bitcoin-to-USD synthetic pair saw its funding rate (meaning how much holders of the contract need to pay) hit 0.2965% for every eight hours of trading. High funding rates for longs incentivize those holding their positions to sell, thus moving the price of BTC on BitMEX, which should affect the broader cryptocurrency market.

Funding for longs is incredibly high right now
Without continuing positive price action, a 100x long's margin is gone within a single day at current funding rates
I think alts provide a long opportunity if Bitcoin corrects pic.twitter.com/wo9vyn94SM
— Bitcoin 𝕵ack (@BTC_JackSparrow) June 23, 2019

Although the Bitcoin funding rate has already begun to decline for longs, falling by a smidgen above 50% to 0.14%/eight hours, historical precedent suggests a downturn for BTC may be in its cards.
McCann explained that the last time the funding rate was above around 0.3%/eight hours was on May 27th, almost exactly where the bullish trend temporarily reversed for the cryptocurrency market.
In fact, the astute analyst points out that after May 27th, a Doji candle (marked by long wicks, skinny body, and a similar open/close price) formed on the daily chart. Dojis, of course, often precede trend reversals, and the case seen in late-May was no different.
As you presumably remember, Bitcoin peaked around the 27th, just when the funding rate hit the 0.3%/eight hours range, and then corrected from eight days straight. During that move lower, which some cynics suggested was going to bring BTC back down to $6,000 and lower, Bitcoin fell by 17%, all the way to $7,434.

4/ A Doji candle formed on the daily timeframe and reversed hard after that before rallying again.
The high on May 27th was $8964 at the peak of the funding rate daily session and then subsequently corrected for 8 days dropping as low as $7434, or a 17% drop. pic.twitter.com/iEHwZA2q3o
— Joe McCann (@joemccann) June 23, 2019

There is no guarantee that the same will come to fruition today, but a 17% drop from current levels would bring the cryptocurrency down to $9,000, which acted as key resistance during late-May and early-June.
This isn’t the only harrowing sign that has materialized in the Bitcoin market. When the CME opened its futures on Sunday afternoon (in North America), a large gap was opened, as BTC rallied on Friday and Saturday when traditional markets were closed.
Over the past few months, a number of these gaps have been opened, seemingly as a result of Bitcoin’s unexplainable propensity to rally on weekends rather than weekdays. The first two large gaps we saw, which formed in May, have been filled by large sell-offs.
Although some traders suggest that CME gaps don’t always need to fill, there remain two gaps — $9,900 to $10,800 and $8,400 to $9,000. There remains a chance that BTC could spike down to that level, even briefly, to fill those gaps that remain unspoken for.
It is important to note, however, that there have often been multiple days between the opening of the gap and the closing of said gap.

Back to back gaps.
Will they get filled? pic.twitter.com/BbzKzHCfy9
— Nunya Bizniz (@Pladizow) June 23, 2019

Decidedly in an Uptrend
Regardless of what exactly comes to fruition on the short-term charts, more and more indicators suggest that Bitcoin is decidedly in a long-term uptrend. Just recently, Financial Survivalism noted that the Ichimoku Cloud on Bitcoin’s weekly chart has turned “fully bullish”, as made extremely evident by a close above the red region of the indicator.
You’ve also seen the Moving Average Convergence Divergence (MACD) on Bitcoin’s one-month chart move ever closer to the green, a signal that was last seen prior to BTC’s rally from $300 to $20,000.

The weekly $BTC cloud is now fully bullish pic.twitter.com/ZQvmiKW6CI
— Financial Survivalism (@Sawcruhteez) June 24, 2019

But seemingly most convincingly, analyst Josh Rager notes that the Super Guppy, an all-encompassing technical indicator that predicts trends, has flipped from red to green on Bitcoin’s three-day and one-week charts. Once this occurred during the last market cycle, BTC rallied for over 15 months straight, shooting past new highs seemingly month in, month out.
Featured Image from Shutterstock. Charts Courtesy of TradingView.com
The post Bitcoin Steady at $10,800, Why do Analysts Think BTC is Still on Thin Ice? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Belated ICE-backed Bakkt Bitcoin Futures Beta-Testing Launches in Less than a Month

Coinspeaker
Belated ICE-backed Bakkt Bitcoin Futures Beta-Testing Launches in Less than a Month
As ICE Futures Exchange opens its Bitcoin Futures interest, CME concurrently soars in what appears to be a four day all-time high in a row.
Belated ICE-backed Bakkt Bitcoin Futures Beta-Testing Launches in Less than a Month

Continue reading at Coinspeaker
Source: CoinSpeaker

Facebook as a Major Thief: From Idea to Logo

Coinspeaker
Facebook as a Major Thief: From Idea to Logo
Wall Street Journal readers found an interesting add between their finance news. It appears as if not only Libra’s logo is subject of discussion: one of the defining characteristics of Facebook’s project is seemingly inspired in a key element of Hedera Hashgraph.
Facebook as a Major Thief: From Idea to Logo

Continue reading at Coinspeaker
Source: CoinSpeaker

Will Bitcoin Take a Breather or Blast Through Resistance Again?

This weekend has been nothing short of monumental for Bitcoin. Over the past two days the king of crypto has surged almost 15 percent to its highest price for 15 months. The big question now is will it carry on brushing resistance aside or is a pullback imminent?
Over the past 24 hours Bitcoin reached the giddy heights of $11,250, its highest price since March 2018. Market dominance is close to 60 percent as the altcoins remain frozen over, many still down over 80 percent from their peaks. Daily volume topped out at $30 billion as BTC market capitalization touched $200 billion, but has the wave of FOMO crashed onto the shore?
Bitcoin Breather Beginning?
As in previous pumps, traders and analysts have been scouring the charts looking for resistance zones where Bitcoin may possibly halt its epic run. $10k was a huge psychological barrier that was blown away within a couple of hours when BTC surged to $10,900 on Saturday.
The next key resistance level is around $12k where BTC touched on its way down in early 2018. Trader ‘CryptoFibonacci’ has looked at the long term chart to ascertain if and where Bitcoin may take a breather.
“Price is getting to an area where one would suggest we take a breather. But, BTC has a mind of its own, so we shall see. If you have profits, I would suggest taking some off the table the closer we get to 11,500-11.800 area, IMO.”

$BTC Weekly Chart.
Price is getting to an area where one would suggest we take a breather. But, BTC has a mind of its own, so we shall see. If you have profits, I would suggest taking some off the table the closer we get to 11,500-11.800 area, IMO.#BTC pic.twitter.com/Yvesi7UD47
— CryptoFibonacci (@CryptoFib) June 23, 2019

Other long term technical indicators are all indicating bullish momentum for Bitcoin so a correction would not be a bad thing. Economist, Alex Krüger, notes that trends are all one way at the moment;
“”The trend is your friend”. Returns and sharpe ratios for $BTC longs taken above the various moving averages are significantly superior than for longs taken below the moving averages. This is particularly relevant for trending assets such as bitcoin.”
The CME futures chart is starting to show some ominous gaps which is an indication that the current bull run could be running out of steam. CryptoFib added;
“They are open now and we have yet another gap. Not surprised based on the weekend move.  But, look how far price is outside of the upper Bollinger Band. That is No go for new longs for me. Time to take a few off the table, IMO.”

$BTC Daily CME Futures Chart.
They are open now and we have yet another gap. Not surprised based on the weekend move. But, look how far price is outside of the upper Bollinger Band. That is No go for new longs for me. Time to take a few off the table, IMO.#BTC pic.twitter.com/UVhbYvowy1
— CryptoFibonacci (@CryptoFib) June 23, 2019

Analysts have been wrong in the past when they predicted 30 percent pullbacks at $6k, $8k and again at $10k. Now that Bitcoin has breached $11k the correction calls are getting stronger so it has to take a breather sooner or later.
Image from Shutterstock
The post Will Bitcoin Take a Breather or Blast Through Resistance Again? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitcoin Price Surges Above $11,300 Looking for More Upside Ahead

Coinspeaker
Bitcoin Price Surges Above $11,300 Looking for More Upside Ahead
Bitcoin breaches another important milestone extending its gains above $11,300 levels. With this, Bitcoin has rallied over 20% in just last one week.
Bitcoin Price Surges Above $11,300 Looking for More Upside Ahead

Continue reading at Coinspeaker
Source: CoinSpeaker

Bitcoin [BTC] Settles Above $10,000 but Analyst Predicts $100,000 as The Next Stop

BTC/USD reentrance into the zone above $10,000 marked the beginning of another bullish phase.
Bitcoin must rise above $11,000 resistance for further correction past $12,000 and towards $15,000.

Bitcoin weekend surge overwhelmed the stubborn resistance at $10,000. BTC/USD reentrance into the zone above $10,000 marked the beginning of another bullish phase that pushed the largest digital asset on the market past $11,000. A high was formed at $11,285.17 (on Coinbase) before Bitcoin retreated towards the newly established support at $10,400.
Bitcoin Price Analysis – BTC/USD 4-h chart
Chart source: Tradingview
At press time, Bitcoin is exchanging hands at $10,784 supported by the short-term ascending channel. Most indicators have bullish signals, suggesting continued upside movement for Bitcoin in the sessions today and the coming few days.
Although the Relative Strength Index (RSI) has retreated from the levels shown over the weekend, the indicator is holding a position at 65, way above the average. Moreover, the RSI is pointing upwards to show that the current momentum towards $11,000 has strength.
The Moving Average Convergence Divergence (MACD) has avoided the negative region since the declines in the first week of June. In fact, over the weekend The MACD rose to levels above +400 on the 4-hour chart. Currently, the indicator is holding ground at 358 amid a building bullish momentum.
Also Read: Bitcoin [BTC] Bullish Momentum in Full Steam, Analysts Weigh-in with their Opinions
Bitcoin must rise above $11,000 resistance for further correction past $12,000. This would allow the bulls to target $15,000 in the medium-term as predicted by the co-founder of Gemini exchange, Tyler. As far as support is concerned $10,400 is key while the next significant support is observed at $9,200, $8,800 and $8,000.
In other news, Peter Brandt, a popular technical analyst in the crypt space recently remarked that Bitcoin is going through its “fourth parabolic phase” following the correction above $10,000. He adds that Bitcoin is looking forward $100,000.
Bitcoin Key Technical Levels
Support 1: $10,400
Support 2: $9,200
Resistance 1: $11,000
Resistance 2: $11,285
RSI 4-h: Sitting way above the average at 65.
MACD: Current levels suggest continued upside movement.
The post Bitcoin [BTC] Settles Above $10,000 but Analyst Predicts $100,000 as The Next Stop appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Bullish Momentum in Full Steam, Analysts Weigh-in with their Opinions

Bitcoin [BTC] rose to a new yearly high near $11250 on 23rd June 2019. It has recovered about 57% from its All-Time High. Moreover, Bitcoin due to its speculative nature has followed a series of cycles consecutive bullish and bearish periods. Currently, the bearish pennant seems to be broken completely.
Bitcoin closed above $10,500 on the weekly chart, which is bullish according to two analysts. Tone Vays, Derivatives traders and crypto-analyst, Sawcruhteez suggest continued bullish momentum on Bitcoin on a weekly scale.
According to Tone Vays, the next bullish target for Bitcoin will be near the 62% Fibonacci line at $13346.
Tone emphasizes the shape of the candle and the sequential trading analysis. Apart from the 4-Hour chart, he suggested that all the other charts were timeframes were bullish. However, there was an ominous warning in Vays analysis. Vays and Crypto-Trader journalist, Ran Neuner bet on Bitcoin’s price correcting to $4500; Tone Vays still believes it is a possibility. According to him,
“Those that have no Bitcoin are probably in a little bit of panic and my advise to them is stay patient. Don’t panic.”
This warning was released because the rise is Bitcoin has been unprecedented above $4200. Nevertheless, the bears for Bitcoin who placed short orders near $3000-$5000 must be in massive loss. Richard heart, angel investor and Bitcoin trader tweeted,
“Best thing about this #Bitcoin price move? Bears should be totally annihilated by now…. If you shorted $3200 of #BTC at $3200 and closed at $11000 you lost $7800. 244% loss.”
Sawcruteez also predicted bullish tidings for Bitcoin at it broke the market reversal was verified by hyper-wave cloud pattern that is being followed by Tyler Jenks and Sawcruteez for a while now. The Hyperwave is suggesting a long-, medium-, and short term bullish reversal. He tweeted,
“The weekly $BTC cloud is now fully bullish.” He also tweeted, “If price stays above $10,555 then it will be something to keep an eye on. “
Bitcoin Price Analysis (Source)
Also Read: Crypto-Market Top Weekly Performers: Bitcoin, Ethereum, Monero, Binance Coin and NEO
Hence, the price seems to be pointing towards $13000 with no apparent downside visible to it. Recently, a similar target was previously was predicted by other analysts. Moreover, the volatility in Bitcoin and the building pressure on altcoins should see large movements in the near future.
Do you think that altcoin season will ensue as Bitcoin begins to stabilize? Please share your views with us.  
The post Bitcoin [BTC] Bullish Momentum in Full Steam, Analysts Weigh-in with their Opinions appeared first on Coingape.
Source: CoinGape

Positive sentiment for Bitcoin grows following Libra unveiling

Libra, Facebook, and Bitcoin were undoubtedly the three most trending words even after a week of the announcement. Besides, the king coin’s monumental rise, breaking past a short-lived $11k, was also attributed to the unveiling of Facebook’s project. According to a recent elaborate series of tweets by the New York-based “The Tie”, a platform for […]
The post Positive sentiment for Bitcoin grows following Libra unveiling appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin: Does speculative trading of BTC equate to adoption? This Bitcoin enthusiast begs to differ

Bitcoin has matured over the course of 10 years, it has converted a lot of skeptics to (if not believers, at least) being open towards having a rational approach towards it in the recent days, including, Warren Buffett, Jamie Dimon, etc. In addition, the government has come to accept that Bitcoin cannot be banned altogether, […]
The post Bitcoin: Does speculative trading of BTC equate to adoption? This Bitcoin enthusiast begs to differ appeared first on AMBCrypto.
Source: AMB Crypto

Cardano falls by over 3% in an hour; EOS, XRP follow suit

As Bitcoin pumped, it took most alts with it. However, when BTC falls, it also takes other cryptocurrencies with it, as it can be seen in the vermilion market, at press time. Cardano [ADA], XRP, and EOS were seen tumbling down within an hour, as Cardano emerged as the biggest loser by falling over 3% […]
The post Cardano falls by over 3% in an hour; EOS, XRP follow suit appeared first on AMBCrypto.
Source: AMB Crypto