Bitcoin [BTC] Turns Bearish at $10,000, Analysts Chalk Down Resistance Levels

Bitcoin [BTC] tested lows near $9900 last day before it briefly climbed back above $10,000. The price of BTC at 4: 15 hours UTC on 11th September 2019 is $10060. It is trading 2.06% lower on a daily scale.
The 4-hour chart witnessed an attempt to pump off of an ‘important Fibonacci retracement cluster.’ However, the attempt above $10,100 was rejected.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
On a weekly scale, traders Josh Rager and Escobar suggested that a retest of the 21 EMA is very likely. The 21-EMA on weekly is currently at $9,208. Rager also tweeted,
Bitcoin price breaks through current support area on the daily and through the 20MA
If buyers don’t step in the next couple days, we’ll see Bitcoin retest the previous support in the low $9ks. A break from there likely leads to $8k
The volume of trading has also been significantly low in the past few days.
However, as Bitcoin is testing the 20 MA with a 50% probability of a break-out, Rager is leaning bullish, looking for a break above $12k.
Moreover, on the daily Bitcoin closed below 2% lower than the previous days. According to Sawcruhteez, it sets up for a bearish trend on the sequential. The 50 EMA at $10,315 is currently acting as resistance to Bitcoin in the short term. He also cited the death cross between short term medium term moving averages also indicate a downward movement.
BTC/USD 1-Day chart on Bitstamp (TradingView)
Furthermore, the fear of the break below the descending triangle is growing significantly. Mati Greenspan, the Senior Market Analyst at eToro, also reiterated similar concerns of a break. His bearish targets are somewhere around $7,500-$7,700.
Nevertheless, the increasing hash rate and various other market sentiments are pointing towards an upside. B. Biddles shared a rare instance of a descending triangle breakout. While a break-out in the negative direction occurred, it only lasted for three days. Hence, there was no bearish trend per se. He tweeted,

$btc Descending Triangle at the peak of a bull run, 01 June 2017 – 30 July 2017 (59 days).
Not hopium, just showing that it's foolish imo to think anyone has a clear sense of what happens next (very short-term movements aside) pic.twitter.com/m8TgrDfd61
— B.Biddles (@thalamu_) September 10, 2019

Do you think that a break-out for the descending triangle is imminent? Please share your views with us. 
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Source: CoinGape

Bitcoin Breaks $10k Midst Rising Positive Sentiments – Are Bears Still Around?

Bitcoin [BTC] broke above $10,000; the rise can be attributed to the positive sentiments around cryptocurrency regulation. BTC avoided another fatal fall a price bounced a second time from the swing lows at $9400.
The price of Bitcoin at 15: 45 Hours UTC on 31st July 2019 is $10,063. It is trading 4.9% higher on a daily scale.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
Now, that the regulators are beginning to shun the possibilities of banning cryptocurrencies. The risk of investment in cryptocurrencies reduces considerably. The Fed rate cut anticipation has also contributed to the buying pressure on Bitcoin.
Moreover, Social Media sentiments are also on the rise. Mati Greenspan, the Senior Market Analyst at eToro noted,
As can be seen from data at TheTie.io tweeters are incredibly positive now that we’ve seen a solid bounce off the $9,000 support level.
Recently, it TheTie also inferred that social media sentiments have a huge impact on cryptocurrency prices.
Nevertheless, a couple of bearish indicators have also been brought into the light. Tone Vays, Derivative Trader and Trade Analyst stated that,
Sometime in the first two weeks of August, I give it about a 70% chance that is going to go sun $9000.
BTC/USD 1-Day Chart on Bitstamp (TradingView)
According to him, to break the trend Bitcoin price must break above $10,800 and $13,000 tops to turn bullish again. He said,
A break off this double top $13000 will send Bitcoin to All-Time Highs
Moreover, according to him, the support could be a sub $6000 levels. However, as suggested earlier by analysts $7500-$8,500 could be the next bottom. As markets have refused to break below $9000 and have been mostly bullish. B. Biddles noted,
I wanna see what demand is like under 9k, or if 9k’s resilience starts prompting stronger rejections…
Bitcoin NVT ratio, which compares the on-chain metrics with the price on Willy Woo’s chart is currently at 77, was slightly over-bought. However, the trading volume on cryptocurrency exchanges Mati Greenspan noted,
Today action across major exchanges has returned to normal levels and even transfers on the blockchain have come back from their lows this morning.
CME Weekly Volume (Greenspan)
However, the trading volume of Bitcoin futures on CME has been low.
The rise comes as pleasant news for Bitcoin investors. Moreover, while the regulatory concerns are diminishing, volatility is still a characteristic feature of the markets. Hence, the traders must be always cautious with stop losses for either trades.
Where do you think the price is headed, ATHs or bearish bottoms? Please share your analysis with us. 
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Source: CoinGape

Bitcoin [BTC] Death-Cross Looms as Price Holds Above $10,500

Bitcoin [BTC] price gained about $1000 in 30 minutes on 18th July 2019 which came as a surprise for most traders. While the traders perceive whale action as the reason behind, reportedly, a revelation of China’s stand on Bitcoin might have something to do with it.
It was an important milestone for the future of Bitcoin and its holders in China. However, the bullish action seems to have exhausted yesterday itself. The price of Bitcoin [BTC] at 5: 00 Hours UTC on 19th July 2019 is 10,511. It is trading 7.07% higher on a daily scale.
BTC/USD 1-Day chart on Bitstamp (TradingView)
However, the Techincal Analysis of Bitcoin also continues to baffle the trader at the moment. This is because most traders had turned bearish after Bitcoin’s below $10,000 and subsequently below $9600. B. Biddles expressed counter trading sentiments in the market. He said,
My take: If L:S ratio really is 4:1 rn, then a lot of money to be made shaking out longs… Atm I think crypto is just Game of Squeezes.
Moreover, Sawcruhteez also suggested a bearish reversal looking at the resistance from the Exponential moving averages and sequential analysis on the 4-Hour. He tweeted,
$BTC on a 4h green 9 as it tests the 50 and 200 EMA’s for resistance. Last candle shows signs of a reversal as does this one. As long as we are below $10,700 I am viewing this as a selling opportunity.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
Furthermore, in his Hyperwave channel on YouTube, he also talked about the death-cross that is forming in Bitcoin [BTC] at the moment. The 50-Day EMA already moved below 100-Day 100 and is now looking to cross the 200-Day EMA which could be a massive bearish signal.
Moreover, derivates trader, Tone Vays also indicated that the rise was surprising and the direction that Bitcoin will follow is uncertain. According to his analysis.
“$10,000 – 11,200 is in a no-trade zone for me.” He also said, “The next time Bitcoin [BTC] breaks and closes above $12,500 that’s when I’ll be convinced new All-Time Highs are coming. Until then I am looking for new lows.”
Do you think that regulatory and media attention would confer otherwise or you are currently bearish as well? Please share your views with us. 
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Source: CoinGape

Bitcoin [BTC] Flag Pattern Aims $11000, But are the Bull Exhausted? Analysts Weigh-in

Bitcoin [BTC] has continued to rise above $9000 as the market sentiments towards the emerging asset is growing strong with each day. The Whitepaper release of Facebook’s crypto venture, Libra, is acting a positive market indicator.
Although Libra is backed a basket of currencies, it still works on the concept of token holding value. Hence, it breaks the rhetoric that ‘blockchain, not cryptocurrencies, is the future of the internet.’ One seems to be coming along with the other in most real-world use cases.
Furthermore, technical analysis from two analysts reveals a break above $10000 is almost imminent. Bitcoin is forming a bull flag with targets at $11000. Interestingly, it was identified by two independent analysts on Twitter. The analysts go by pen-names B.Biddles and MoonOver Lord who identified the bull flag pattern.
Bitcoin Analysis (B.Biddles)
Bull-flag signals are found in strong uptrends; the consolidation in Bitcoin after the break $8000 is where the pattern has formed.
Bitcoin Price Analysis (Source)

However, Tone Vays whose analysis is mostly based on sequential and moving averages suggested that there is a slight change that Bitcoin [BTC] could break bearish. Moreover, he also predicted the rise above $9300, which happened today. However, the sequential now could look for another pullback.
Furthermore, the trading volume has also decreased in the past couple of days, which might suggest exhaustion of the bull action. According to another analysis from Sawcruteez using Welles Wilder’s Average Directional Index (ADX), the bulls might be exhausted. 
Also Read: Bitcoin (BTC) Price Analysis: Breaks Winning Streak but Tom Lee Sees BTC at New Highs
Bitcoin ADX Analysis on Weekly Scale
He said,
One of the most important keys to beating the market is distinguishing between a strong / exhausted trend. Welles Wilder’s Average Directional Index (ADX) is one of the best ways to distinguish between the two. If ADX > 50 then exhausted. If 25 < ADX < 50 then strong. $BTC
The current ADX on the weekly is pointing at 67. Hence, if Bitcoin breaks bearish, it might validate the above analysis.
The price of Bitcoin [BTC] at 4: 40 hours UTC on 20th June 2019 is $9300.
Will Bitcoin [BTC] break above the $10000 benchmark before the end of summer? Please share your views with us. 
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Source: CoinGape

Bitcoin [BTC] Bears Seem Out-of-Sight as Analysts Predict Targets Above $13000

Bitcoin’s bullish momentum again caught fire as it broke above $9000. Currently, it is testing yearly highs near $9100. The rise comes after a red candle on the weekly scale, which apparently provided the pullback the traders were expecting to confirm sustainability in the surge.
Also Read: Bitcoin Breaks $9000 Value – 2019’s ATH While Market Cap Points $161 Billion
BTC/USD 1-Week Chart on Bitstamp (TradingView)
According to a leading chart analyst, who publishes under pen name MagicPoopCanon said Bitcoin could reach $13500 in a jiffy. He said,
If we don’t surpass 9100, then we obviously aren’t going to 13500. Furthermore, there are several big resistance levels before 13500, and any one of them could act as resistance — particularly up to 10000.
Bitcoin Price Analysis (Source)
The price of Bitcoin at 4: 45 hours UTC on 17th June 2019 is $9200. Earlier, Tom Lee has also mentioned the FOMO that $10,000 Bitcoin might create in the market. The anonymous trader reiterated this face,
With that said, it is extremely likely that if we surpass 10000, BTC is going to absolutely RIP higher. There are virtually no sell orders above 10K. The sky is the limit from there, but I think a rally above 10K will likely be capped off around 13500.
Nevertheless, the volume of Bitcoin trading is currently low. However, bearish market sentiments have subdued considerably. Tone Vays, chart analyst who was expecting a 30-40% pullback from $9400, also confirmed that a break above $9400 now could break bullish towards $13000.
B.Biddles identified a bull flag formation on the hourly chart with targets in the range of $10500-$11,000. He tweeted,
Hey, what’s that word again for a descending channel at the top of a pump? 😎
Bitcoin Price Analysis (Source)
Also Read: Crypto-Market Top Weekly Performers: Bitcoin, Litecoin, Ethereum, NEO and Cardano’s ADA
Hence, the apprehension of a bull trap seems to be weakening massively. Bitcoin also surpassed 1 million active addresses, which, is a significant market indicator of its network’s strength. Nevertheless, the increase in Bitcoin with centralized cryptocurrencies is putting a lot of pressure on altcoins.
Do you think that altcoin markets will be diminished even further or on the contrary alt-season will begin soon? Please share your views with us. 
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Source: CoinGape

Bitcoin [BTC] Looks Bearish Below $7500: Analyst; Gold Price Corrects After Surge

Bitcoin [BTC] has been treading on the lower end after an extraordinary month. BTC has been trying to find support at the $7500 level. However, the apprehension towards a downside is proliferating. During the weekend, it dropped by. The price of Bitcoin [BTC] at 4: 30 hours UTC on 10th June 2019 is $7659.
According to most trading analysts, $7500 is an essential level from a couple of perceptions. According to B.Biddles, Bitcoin could plummet a ‘falling knife’ below $7400. He tweeted,
$BTC. Watching this next 7.4 retest closely. If it fails, you never know where a knife may catch, but 6 is a reasonable guess.
Also Read: Week in Review: Cryptocurrency Price Analysis for the Week June 3 to June 9
The falling knife analogy is highly ominous as it implies that $5000 levels are on the cards as well. Nevertheless, according to another leading analyst, alias Sawcruhteez, $6800 would be next support. The $7500 indicator theory, however, remains intact in his analysis as well. He said,
#Bitcoin is testing a crucial area of support from the 200 EMA (4h) & previous horizontal. If we continue to close above $7,615 then we should eventually breakthrough the top of the channel & continue the bull trend. If we break down $7,500 then I’ll be setting bids at $6,800.
Bitcoin Price Prediction (Source) 
The bearish rhetoric was also indicated by early Bitcoin investor and trader, Richard Heart who tweeted,
Here’s how the confirmation candle after the doji closed. Weekly chart. We just got a new weekly candle an hour ago.
BTC/USD 1-Week Chart
The implication of a ‘doji‘ is uncertainty in the markets. Hence, the Bearish Marubuzo (long bearish candle) seems to confirm the negative price sentiments prevailing in the markets currently. The weekly trading will be instrumental in either building support above $7500 or breaking bearish.
Gold Pulled a Step Back and Facebook Globalcoin Announcement Next Week
The essential market indicators for Bitcoin at the moment are global economic issues like the US-China trade war. Moreover, Bitcoin proponents believe that Bitcoin has more utility and potentially will be the new safe haven against the world economy.
Gold was looking to rise to new highs as speculation around Federal ‘interest rate cut’ and escalation of the trade. However, it has also pullback from the week before,
Gold/USD 1-Week Chart on Forex.com (TradingView)
Also Read: Facebook Globalcoin’s Possible Effects on Bitcoin and the World Economy
Facebook’s cryptocurrency announcement is reportedly due next week on the 18th of June 2019. This will form an important market indicator as until now; the Social Media Giant has made no formal statements.
Where do you think the price is headed next? Please share your views with us.
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Source: CoinGape

Bitcoin [BTC] CME Futures Open at $500 ‘Gap’; Analyst Predicts FOMO but Bulls Intact

In March, when Bitcoin [BTC[] was trading around $4000, the associated volatility and sentiments wouldn’t have been able to fathom the rise that Bitcoin is experiencing now. It recorded yet another yearly high at $8940 following the bullish break on Sunday, 27th May 2019.
Also Read: Bitcoin [BTC] Crosses $150 Billion MCap with a Surge Past $8700
Bitcoin futures contract opened with a vast gap second time during this month. This is due to the fact this Bitcoin trading on spot Exchanges runs continuously for 365 days 24/7. However, the futures market is closed during the weekend. During this weekend, the Futures market opened with a rise of $520 or 6.39% as the market which closed at $8140 on CME, opened at $8660 on Monday.
BTC Futures/USD 1-Day Chart on CME (TradingView)
Now, the Bitcoin [BTC] futures traders must decide if they want to buy the gap or fill it. A ‘gap’ is a sudden price movement when little no trading occurs. The market opens higher or lower based on fundamental or technical analysis. While Gaps are common in the Forex market, Bitcoin [BTC] certainly stands out. Moreover, this gap can be a ‘continuation gap,’ which might continue the bull run or an ‘exhaustion gap.’
From a fundamental standpoint, the anticipated Facebook’s GlobalCoin release next year might have added the much-required creditability to the crypto-space. Facebook’s Globalcoin could attract more than 2 billion customers to the world of crypto.
Also Read: Facebook’s ‘Globalcoin’ Will Credentialize Bitcoin as a Store of Value: Mike Novogratz
Nevertheless, the parabolic rise has been unprecedented since the beginning of the month. According to Peter Brandt, a chart analyst who first called the bottom on Bitcoin suggested that the price reached the end of the parabola. He tweeted,
This is the FOMO phase of the advance. Once the majority of sold-out crypto bulls capitulate and chase this a more sizable correction will likely occur, stopping out the same bulls, who are chasing this advance.
BTC/USD 1-Day chart analysis (Source)
B.Biddles who has been extremely bullish since $5000, who also predicted the parabolic rise correctly, tweeted about the market sentiments of most traders.
“It [BTC] has to correct at some point.” No, it doesn’t. Will it? Maybe. But the way statistics works, it doesn’t *have* to. Flip a coin 100x. You can get heads every time. Your feelings otherwise are bias.
It doesn’t point at any bullish or bearish analysis but highlights a statistical and psychological fact about trading. The traders with a bearish penchant this year would have suffered huge losses hoping for a correction, while the bulls have flourished till now. Even now, Bitcoin [BTC] could further extend the rise to new all-time highs as well. The fear in bears is significantly tested as Bitcoin looks to break above $10000.
Do you think mass adoption and institutional investment is the reason behind the rise? Or Bitcoin is still rising on speculation only? Please share your views with us. 
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Source: CoinGape

Bitcoin [BTC] Breaks $7500: Will the Price Rise Again After the Weekend Frenzy?

Bitcoin broke up $7500 on Sunday, 12th May 2019 at the Exchanges and OTC markets which confirmed the bull market in Bitcoin. However, Bitcoin saw a big correction of 8.78% as the price from $7520 levels down to $6850-$6875. Nevertheless, it followed the bullish momentum and vertical trendline to trade above $7000 again. The price of Bitcoin at 3: 40 Hours UTC on 13th May 2019 is $7016.
B.Biddles, a trader and chart analysis, who correctly predicted this move, drawing his analogy from a bump and run reversal model of trading, has reaffirmed his ‘bullish’ stands.
BTC/USD 1-Week chart: Bump and Reversal Comparison
Furthermore, He expects a lot of vertical movements in this bull run. He tweeted,
Source Tweet
Peter Brandt, who also called an expected parabolic rise in Bitcoin prices was bullish as well. Nevertheless, according to his analysis, a close near $7200 market could market the short-term top and extended a line graph below $5000 levels. He tweeted:
A close here (UTC) COULD mark ST top. $BTC
Source Tweet
Bitcoin Futures Market Lagged Behind on the Run
Moreover, the futures and derivatives market on Bitcoin is closed during the weekend, however, the on-chain activity and Exchange activity run 24/7. Therefore, the future market which closed on a low on Friday above $6290 opened with a massive gap on Monday, 13th May.
Mati Greenspan, Senior Trade Analyst at eToro tweeted,
The price of bitcoin on the CMEGroup is currently $6,290. How long do you think it’ll be before they open weekend trading on these contracts?
Furthermore, as the price on CMEGroup didn’t make a break above $7500, the short positions on the futures market were affected less. However, the short positions on Exchanges on Exchange were closed at higher prices yesterday as the market went into FOMO.
While it is still trading around $7000, the trading action this week could be significant in setting up another run or a period of accumulation.
Do you think that the bulls are exhausted or investors will start pouring in from the FOMO? Please share your views with us. 
The post Bitcoin [BTC] Breaks $7500: Will the Price Rise Again After the Weekend Frenzy? appeared first on Coingape.
Source: CoinGape

Is Bitcoin [BTC] Price Being Pushed by a ‘Short Squeeze’ Controlled by Whales?

The market indicators and targets called by traders suggest that the buyers might be exhausted at this level in Bitcoin [BTC]. However, Bitcoin continues to rise past key resistance levels like a cake walk. While the fundaments have been quite the same during the week, the rise unprecedented.
B.Biddles, a Bitcoin Bull summarized the market sentiments in his tweet,
$BTC Took a good chunk of profit in the upper-mid 6.3s. My spidey sense has been tingling since last night. I’ve learned to follow it. Even if we keep bullishly continuing, I don’t regret listening to my gut. Waiting for a good re-entry
Also Read: Crypto-Market Update: $200 Bn MCap Target Set As Alts LTC, XMR and BAT Rise With Bitcoin [BTC]
Short Squeeze Driving the Price Up? 
One possible explanation of the rise ‘short squeeze.’ Due to the impending fears of the revival of the bear market and adverse piece of news in Bitfinex-Tether issue and Binance hacks, markets were probably expecting a correction.
Nevertheless, the positive developments like Fidelity cryptocurrency market in the market were much better received as the price broke above $6000 levels. This might have set off the struggle of the short-orders with the bears.
A ‘short squeeze’ is a risk associated with short orders. In a market that is heavily shorted a big positive move can further develop upward pressure as the short requests are made to buy at the current price of close their orders. Moreover, Bitcoin [BTC] short orders on Bitfinex suggest that liquidation is occurring as the bears have started to close their short positions.
BTC/USD Short Orders On Bitfinex (TradingView)
Willy Woo, trade and chart analyst noted in a tweet that the rise has had no significant effect on the on-chain volume. This suggests that fresh adoption and on-chain activity is still unaffected. Hence, the market could be driven by Exchanges alone. The short squeeze creates a lucrative profit-making opportunity for high-volume traders or ‘whales’. He tweeted:
All this happens without any on-chain activity. As it’s an exchange driven game, no real investors are buying into the rally.
Do you think that a pullback will happen before Bitcoin [BTC] reached $7000? Please share your analysis with us. 
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Source: CoinGape

Bitcoin Surcharge on Bitfinex and USDT Pairs Building FUD in Traders?

Bitfinex was found in 2012 in Hong Kong; moreover, after the Mt. Gox hack, it became the leading Cryptocurrency Exchange in the world in 2015. Recently, it was accused of falsifying records and covering up lost funds to the tune of $850 million.
Many suspicious activities have been recorded on Bitfinex post the court case with more than $185 million moved from its Bitcoin and Ethereum Cold Wallets. Furthermore, since the issue is directly linked to USDT and USDT is, in fact, the base trading pair at many Exchanges, which are all charging a ‘Bitfinex Premium.’
Bitfinex Premium
It is a term coined to account for the excess in the price of Bitcoin compared to other Exchanges and portals than at Bitfinex, and specifically USDT based Exchanges. On 28th and early 29th April, the BTC/USDT pairs were reporting a Bitfinex premium of $250-$300 as noted by Mati Greenspan, the Senior Market Analyst at eToro. He added in his crypto-mailer,
“Astonishingly, Tether’s peg to the US Dollar is holding up incredibly well dropping a total of two cents on the entire drama from $1.01 to $0.99.”
At the time of reporting, the price of Bitcoin at Bitfinex was $5392. While the price at Coinbase and Binance $5125 and $5118 respectively. Hence, the Bitfinex Premium at 13: 15 hours UTC on 29th April is $272. Statistically, a deviation of such large scale implies abnormal activity. Interestingly, the price of BTC/USDT pair on Binance is $5245.
As the news broke, most of the Exchanges reported losses to the tune of 7-10% on Bitcoin. Moreover, the accused Exchange led the recovery as well; the price on Bitfinex recovered faster and even came with an added premium.
WhalePanda, a research and chart analyst noted that,
With a large amount of coins being withdrawn from Bitfinex and more shorts being opened the funding rates on Bitfinex are currently near a 36-40% pa return (or 0.1% daily return) for Bitcoin.
Furthermore, it is primarily causing two things now, it is deterring buy orders due to the premium and also people who are risking buying USDT as the price is higher from Bitfinex are increasing the volume of USDT. Moreover, it has also created an opportune arbitrage opportunity of Bitcoin traders on Bitfinex and other Exchanges. As noted earlier, the price of BTC/USDT pair on Binance is $5245.
It is Not Over Yet, Bitcoin Under Deep FUD (Fear, Uncertainty, and Doubt)
Currently, there are only five Bitcoin wallets in the world with more than a 100,0000 Bitcoins. Bitfinex is one of them which is ranked 5th with a total value of approx. $535 million (this is after the 17k Bitcoins that were moved from the Exchange’s cold wallet on 26th April).
3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r: This is the public address to the Bitfinex cold wallet.

Bitfinex Cold Wallet Balance (Bitinfo)
Furthermore, all the top addresses still belong to top Exchanges like BitStamp, Binance, Huobi, and Bittrex. Hence, if the charges on Bitginex are confirmed another heist of about a billion dollars is forthcoming.
Also Read: Does NY Attorney General Have a Strong Case Against Bitfinex? New Reports Come To Light
B.Biddles, a chart analyst tweeted that, the fact that the New York Attorney-General has filed the case, it will attract a lot of criticism and probably disrupt the market in the short term.
‘Im staying out of the market for now. If we pump, I’ll short. This $USDT thing isn’t over yet… We just have to get past the big boss first.. before the next bull run imo’
However, he also noted that Bitfinex news might have just provided the correction we need to continue the bull run. However, a big on the upside during apprehensive market psychology would also increase the probability of a bull trap.
Which way do you think the market will head now? Please share your views with us. 
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Source: CoinGape

Bitcoin [BTC] Begins Rally With Two Strong Bullish Signals, First ‘Take Profit’ at $5800: Analyst

Bitcoin broke above the $5,500 mark on 23rd April 2019. The bullish run since the beginning of the month was laid with Fear, Uncertainty, and Doubt (FUD). Various traders marked it is as the ‘no trade zone.’ However, Bitcoin has broken above an ascending triangle is formed on the daily chart after the bull run.
Furthermore, with the golden cross coming to a realization, the traders are expecting an upside to Bitcoin. Analysts are suggesting that bulls have arrived and the price action is already in motion.
Bitcoin Breaks Ascending Triangle on the Daily Chart
B.Biddles, a chart analyst and crypto trader tweeted this morning:
$BTC Update: We broke out of the ascending triangle. All supply that was holding us back has been eaten up by demand. If we close above here on the 1D…
An ascending triangle is a continuation pattern, hence since the price action just after a bullish move, more upside to BTC can be expected in the near future. The first ‘Take Profit’ level according to B.Biddles is $5800, moreover, he is bullish after that as well.
Furthermore, Biddles also explained that traditional tools of technical analysis like Relative Strength Index and MACD only estimate the demand and supply of the market. The RSI on the daily chart is in the over-bought region at 75.
However, it fails to account for new entrants and old ‘holders’ together. Therefore, according to B.Biddles price action, volume and fundamentals are the only things that matter in the long run.
BTC/USD 1-Day Chart (Trading View)
The fundamentals for BTC have been improving consistently for institutional investors. 2019 saw a plethora of Exchanges and Custody platforms that were specifically enabled for banks, hedge fund managers and other high-volume investors. Fidelity Investment, Coinbase Custody, and even Bakkts‘ recent move to acquire BitLicense improve the avenues of investment for institutional clients greatly.
Moon OverLord, another chart analyst on Twitter seemed to agree with B.Bidles’s analysis of ascending triangle formation. He predicted that:
“New $BTC all time high within 2 years from today” He also said that, “You want to short this be my guest.”
Crypto-Twitter On ‘Has Bitcoin Bottomed?’
Other popular Bitcoin traders on Twitter like Willy Woo, along with Tone Vays and Tyler Jenks continued their debate on ‘Has Bitcoin Bottomed?‘ on Twitter. Many influential and research groups lent their views. According to most traders, the probability of the bottom being in is more than 50%.
The group of people that were more than 90% certain of the ‘bottom being behind us’ includes Willy Woo (95%), Arjun Balaji (with 90%), Alistair Milne (with 91%) and Arjun Balaji (with 90% as well).
Richard Heart,
50%. Buy support, sell resistance. If support turns resistance, then you’ll find the final boss level 5 months of old support at that horizontal of $5700 to diagonal at $6700.
Richard Heart’s channel of 5-month Support turning to Resistance
The price of Bitcoin at 13: 00 Hours on 23rd April is $5588. It is trading 4.88% higher on a daily scale. The dominance of Bitcoin over the cryptocurrency markets is also increasing significantly, currently at 53.4%.
Do you agree with their analysis? Please share your views with us.
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Source: CoinGape