Bitcoin Price: Bear Pennant Targets $4,600, Has The Breakdown Begun?

Bitcoin price has been steadily falling, locked in a downtrend over the course of the last few months, taking the price of the cryptocurrency to roughly 50% of the year’s high of $14,000.
After the latest sustained drop, Bitcoin has been consolidating in what now appears to be a bear pennant chart pattern formation, which suggests that yet another drop is ahead, and could take the price of the leading cryptocurrency by market cap to as low as $4,600 in the days ahead.
Bitcoin Price Forms Bear Pennant At Bottom of Downtrend
Once Bitcoin’s parabolic rally cooled off this summer, the first-ever cryptocurrency began to decline in price and has fallen back into a downtrend. In late October, the tides had appeared to be changing, with the crypto asset setting a historic single-day gain of over 40%.
Related Reading | Eat My Shorts: Everything You Need To Know About The Bitcoin Bart Pattern
But that rally turned out to be little more than a bearish retest of former support turned resistance, that only further cemented Bitcoin’s decline in the days ahead.

Let's keep it simple – as a bear pennant(and a bit crazy as for a target)#NoWayItWillHappen$BTC $BTCUSD #bitcoin pic.twitter.com/NJfFnWU4hx
— CryptoHamster (@CryptoHamsterIO) December 10, 2019

After the burst of buying and FOMO on the heels of China news, the cryptocurrency resumed its downtrend, and the latest fall took the price of the asset from a local high of $10,500 to as low as $6,500 before bouncing and consolidating at current prices around $7,500.
The steep drop resulted in a flag pole for a bear pennant chart formation on Bitcoin price charts. The cryptocurrency has been trading within the structure for nearly three full weeks now, and a break of the pattern could be any day now as the price nears the apex of the triangle-like pattern.

Pennant Targets $4,600, Crypto Asset’s 2019 Rally Almost Entirely Erased
If the pattern is valid, Bitcoin price may have closed a daily candle outside of the pattern, suggesting that a breakdown is imminent. If a breakdown occurs, the bear pennant could have a measured target of as low as $4,600.
Reaching such a low would nearly erase all of Bitcoin’s gains throughout the calendar year thus far, and take the asset back to prices not seen since April of this year.

Time to tether up $BTC #Crypto pic.twitter.com/22GDYPY694
— Livercoin (@livercoin) December 10, 2019

If the pennant breaks up, shocking bears shorting with the current trend, it could push Bitcoin price back up above the $7,000 range, where it would need to reclaim a new high in the $8,000 range, before making any further attempts higher.
Related Reading | Crypto Price Action Sports Uncanny Resemblance to Bitcoin Bear Market Bottom
Pennants, like flags, form when one side of buying and selling is taken by surprise, causing extended buying or selling resulting in a long, flagpole-like candle. Once price begins to consolidate at the bottom or top of the flagpole, a flag or pennant results. Flags are rectangular shaped, and often slope toward the initial breakout, while pennants are triangular-shaped, and typically are more symmetrical in their patterns.
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Bitcoin (BTC) Price Bound by a Symmetrical Triangle, Breakout Can be in any Direction: Analyst

Bitcoin (BTC) prices are consolidating inside a symmetrical triangle. With uncertainty, a popular cryptocurrency trader and analyst is calling for caution and patience. Based purely on technical candlestick arrangement and patterns, the analyst asserts that depending on the breakout, accompanying trade volumes would determine the velocity and confidence of the newly defined trend direction.
A Recovering Bitcoin Could Jolt Altcoins Higher

BTC is in a symmetrical triangle right now, so traders should watch the direction of the breakout, and look for high volume for added confidence on that breakout direction. pic.twitter.com/VCZ8gbTs1P
— MAGIC (@MagicPoopCannon) December 9, 2019

After peaking in late June 2019, Bitcoin has been stuck in a firm down trend. This is despite positive developments around adoption levels, increased depth, and approval of several complex derivative products.
Bitcoin is the most liquid and widely traded digital asset. Its tone often determines the direction of the altcoin market since the two are directly correlated, acting as a base for altcoins as shown by coin pairings on different cryptocurrency exchanges.
Traders are confident of a revival. The optimism stems mostly from past candlestick arrangement around this decisive month. In two consecutive years, BTC prices have not only recovered-like at the depth of last year’s crypto winter, or recorded an all-time high like in 2017 when prices soared to $20,000 before falling after the CFTC together with the SEC reportedly popped the crypto bubble by approving two Bitcoin Futures products.
Bitcoin (BTC) Price Action Generate Mixed Signals
From price action, Bitcoin looks likely to move higher. If BTC bulls have the upper hand and close above the minor resistance line, strongly closing above Nov 29 highs of $7,900, prices could rally to $8,000 and later $8,500 depending on the underlying demand and participation levels.
Bitcoin (BTC) Price Chart
On the flip side, any steep drawn down below $7,000 or Dec 5 lows could see a significant break below the minor support line towards $6,500, further spelling fear to an already fragile market. For now, confidence stems from the close above the 20-day MA, a feat, as it is happening for the first time after a month of strong bear pressure.
However, this optimism could be misplaced because bulls are yet to reverse losses of the high-volume long upper wicked candlestick of Dec 5. From an effort versus effort point of view, sellers have an advantage. It is for this reason that bulls must accumulate and break above $7,900 for an uptrend to be clearly defined, quashing determined sellers.
The post Bitcoin (BTC) Price Bound by a Symmetrical Triangle, Breakout Can be in any Direction: Analyst appeared first on Coingape.
Source: CoinGape

Make or Break Time For Bitcoin, How Likely is Another Final Capitulation?

Following a little momentum last week Bitcoin spent most of the weekend consolidating. It has been pretty flat for the past fortnight and analysts are now considering the unpopular premise of a final capitulation approaching which would mirror movements from this time last year.
Bitcoin Bulls and Bears Poised
Crypto markets were lifted on Friday which resulted in BTC topping out over $7,600 briefly on Saturday. A Sunday dip to $7,400 was quickly recovered and the best part of the past two days has been spent at $7,500.
BTC price 1 hour chart – Tradingview.com
Since the big dump on November 25, Bitcoin has remained at this level with very little momentum to take it higher. There have been two green weekly closes but nowhere near enough to cancel out last month’s massive red candles.
Sentiment is generally mixed at the moment with a number of analysts eyeing the possibility of another final capitulation as charts are beginning to mirror patterns this time last year when BTC dumped into the $3k zone.
Trader and analyst Jacob Canfield polled some of his followers to gauge sentiment of the two opposing groups of Bitcoin bulls and bears.

Bitcoin opened and closed within a half of a percent yesterday.
There are currently two groups of people I see currently: 1: This feels like November Before the massive break down
2: This feels l like December at the bottom
Which one are you?
— Jacob Canfield (@JacobCanfield) December 8, 2019

Unsurprisingly things were very close from the 1,500 or so respondents at the time of writing with just over half of them bullish. Another sentiment measure is the BTC fear and greed index and that is still registering a fearful 28 at the moment.
Any move south from here is likely to retest the $6,500 level first. A final capitulation however could see prices plunge to $5k which is where the 200 week moving average lies and the first level of resistance on the upside of the rally in April.
When Halving Pump?
Eventually though, halving FOMO will start to kick in as mathematical scarcity notion takes a grip. There is usually a little momentum in the lead up to the event but we still have around six months to go. A final shake out could be the last good buying opportunity before a bull market after the halving in 2020.
Replying to a chart comparison, trader and analyst Josh Rager noted that this still feels like the accumulation phase that occurred last year.

Current $BTC chart vs the 2018 Nov/Dec bottom – accumulation phase https://t.co/0efnzyecyJ
— Josh Rager (@Josh_Rager) December 9, 2019

It is also highly likely that this consolidation could continue until after the New Year as traders take a break over the festive period.
Either way, if history rhymes there will be a big upside push for the halving as there has been for the past two. Economic principles like stock to flow models are hard to ignore, especially when the banks of the world are trying their hardest to devalue traditional currencies.
Whatever happens in the short term for Bitcoin should not deter investors but it may irk the day traders who are largely responsible for all of this volatility in the first place!
Image from Shutterstock
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Recent Data About Bitcoin Activity Spells Worrisome Signs For Bitcoin

As per a feature by LongHash, Bitcoin’s daily active addresses growth has slowed down drastically, implying that less number of Bitcoin users are now engaging in Bitcoin transactions.
Overall Trend Upwards But Slow Growth
In the data shared by LongHash, it is visible that the growth of Bitcoin’s daily active addresses has been positive overall from 2012 to 2018 as the trendline slopes upwards continuously.
Source: Longhash
However, a closer look at the data after 2018 reveals that the growth in Bitcoin’s daily active addresses has been much lesser. In fact, the slope has hardly moved upwards since the number of active addresses have remained almost the same.
Source: Longhash
The article posits that the decline in the growth of active addresses may be due to the decline in Bitcoin price. Bitcoin price plunged sharply in 2018 following when the ICO bubble burst at the beginning of 2018. There is a strong Pearson correlation correlation of 0.76 between Bitcoin price movement and active addresses count. The reason for the same could be attributed to the shift in users’ behaviour when the price us changing. When the price is suppressed, people might be simply HODLing their coins in the anticipation of an increase in price. This correlation suggests that the number of active addresses increases when Bitcoin price is rising.
No of Confirmed Transactions Has Also Declined
The number of confirmed Bitcoin transactions, which had hit an all-time of nearly 500K on 14th December 2017, has also declined since the ICO boom of 2017. The number of confirmed daily transactions saw a sharp plunge in 2018, but they began rising after the first quarter of 2018. After reaching the year-to-date high of 450K+ daily transactions on 2nd May 2019, the count of transactions started to fall again.
Source: Blockchain.com
This is another indicator of the fact that activity on the Bitcoin network has declined. In fact, the slopes of Bitcoin daily addresses tracker and estimated transaction value tracker from the last two years look quite similar.
What Does This Mean?
The LongHash article suggest’s that this decline in Bitcoin’s active addresses could mean two different things depending on how you perceive Bitcoin. If Bitcoin is looked at as a form of payment, then the decline is worrisome as it means that people are not using it for payments.
However, if Bitcoin is considered a store of value, then the fall in activity on the Bitcoin network is as worrisome as it could simply mean that people are HODLing the coin and waiting for its value to go up.
The post Recent Data About Bitcoin Activity Spells Worrisome Signs For Bitcoin appeared first on Coingape.
Source: CoinGape

Was The Bitcoin Pump and Dump More Market Manipulation?

Bitcoin has spent the best part of this week in a declining channel as it grinds lower towards $7k. A brief flurry of activity in late trading yesterday saw the digital asset surge over $500 in less than an hour. Six hours later it dumped the same amount which was music to the ears of the crypto critics.
Bitcoin Pump and Dump
Losses were starting to accelerate this week as BTC dipped below $7,100 according to Tradingview.com. Since the weekend high of $7,850 the king of crypto has dumped almost 10% as the bears return to the markets.
During late trading yesterday one huge candle saw Bitcoin surge $550 to wick out at $7,760. It instantly fell back to around $7,480 where it held for around six hours. What followed was a massive dump back to $7,100 resulting in a chart patter than looks very suspect.

Since then the digital asset has returned to $7,300 as the down trend has resumed. Sentiment has turned south and analysts are forecasting a dump into the $6k zone before the year is out. Indicators are mostly bearish so these minor moves are of little consequence in the grand scheme of things.
The move was music to the ears of serial Bitcoin detractors such as Peter Schiff who wasted no time harping on about market manipulation.
“Bitcoin pump & dumpers are losing their mojo. They managed to pump the price by $550 in one minute, a 7.5% spike. Yet the dump reversed the entire pump with an 8% drop in just 7.5 hours. If #Bitcoin pumpers can no longer sucker in new buyers the game is over. Look out below!”

Bitcoin pump & dumpers are losing their mojo. They managed to pump the price by $550 in one minute, a 7.5% spike. Yet the dump reversed the entire pump with an 8% drop in just 7.5 hours. If #Bitcoin pumpers can no longer sucker in new buyers the game is over. Look out below!
— Peter Schiff (@PeterSchiff) December 4, 2019

The comment was followed by a number of ageing posters who agreed with him claiming ‘Bitcoin is dead’, and the usual stack of memes from those that didn’t.
One possible explanation offered involved another Tether print.
“The pumps are often from Tether prints. They mint Tether & buy BTC w/ them. This pumps/holds the price. They then dump the BTC for non-Tether assets/fiat. As the market saturates w/ T they need to print more to continue that game. Who knows how much they’ve pocketed already.”
The USDT market cap chart was a little spurious yesterday with a dump to $4.07 billion followed by a pump to $4.14 billion. Volume also jumped from $18 billion to $24 billion indicating that Tether was highly influential in the movement.
It is also possible that mass liquidation of contracts on BitMEX may have caused it but either way it has happened before and is just part of the nature of crypto markets.
Bitcoin is volatile and for those that don’t like it, and there are many of them, sticking to safer, slower moving assets would be recommended.
Image from Shutterstock
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Bitcoin Price Rallies To $7700 In Bearish Sentiment Short Squeeze

This morning, Bitcoin price fell to under $7,100 abruptly before the first-ever cryptocurrency exploded through resistance at $7,300 all the way to $7,700 before it began to finally cool off.
Can bulls push Bitcoin higher and reclaim critical resistance as support once again, resulting in a rally leading up to Christmas? Or will bears swat down the attempt to break higher here, resulting in a not-so-happy holiday season for crypto investors?
Bitcoin Price Rockets to $7,700 in Sentiment Driven Short Squeeze
When Bitcoin was trading at lows below $4,000, sentiment was at extreme lows, with bearish crypto traders, analysts, and investors alike calling for even deeper lows, as low as $1,000 or more – essentially the complete demise of Bitcoin.
But Bitcoin exploded out of that range, resulting in a parabolic rally or echo bubble, that took the price of the most valuable cryptocurrency by market cap up 350% to a high of $14,000. At that point, crypto investors were once again talking about lambos, citadels, and riches beyond their wildest dreams, signaling irrational exuberance not witnessed since the crypto hype bubble in 2017.
Related Reading | Perceived Bitcoin Value Outpaced Peak Crypto Bubble Mania
Anytime sentiment reaches such extremes, assets tend to reverse. Such was the case once again today when the price of Bitcoin broke down to under $7,100. The entire market immediately became extremely bearish, and rightfully so – Bitcoin has been in a steady downtrend for months now, and recently retested former bear market lows around $6,500. Fear is back in the crypto market in a big way.

As short sellers piled on this morning expecting Bitcoin to once again set new, lower lows, the often contrarian market pushed higher, squeezing short-sellers out of their positions, forcing them to close positions and further drive up the price of Bitcoin.
The sentiment-driven short squeeze took Bitcoin price as high as $7,700, but bears were quick to push the price back down to $7,500, where Bitcoin must break above resistance to rally higher and have a chance of breakout out of the current downtrend.
Related Reading | Bah Humbug! If Bitcoin Bulls Can’t Reclaim $7,800 It’s Coal For Christmas 
If Bitcoin can break above $7,500, it has a number of key resistance levels above it now from all the consolidation that has taken place over the last few months. Below here, Bitcoin could either fall to the low $6,000s, or potentially fall to $5,800, or even as low as $4,200 where the breakout into the April 2019 parabolic rally first occurred.
If support is found at any of these former resistance levels, Bitcoin’s bull market may not be over after all, and after the current correction finishes, could be off to the races once again. But it will take a much stronger push from bulls here into the holidays for Bitcoin’s current trend to reverse.
Featured image by Shutterstock
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Bitcoin Halving 2020 Won’t Have Strong Influence on Bitcoin Price, Says Jason Williams

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Bitcoin Halving 2020 Won’t Have Strong Influence on Bitcoin Price, Says Jason Williams
Co-Founder of Morgan Creek Digital and cryptocurrency investor Jason Williams says that Bitcoin halving event in 2020 will be a non-event.
Bitcoin Halving 2020 Won’t Have Strong Influence on Bitcoin Price, Says Jason Williams

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Source: CoinSpeaker

As Cryptocurrency Becomes Inevitable: Is Bitcoin on the Brink of a Santa Claus Rally?

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As Cryptocurrency Becomes Inevitable: Is Bitcoin on the Brink of a Santa Claus Rally?
Regardless of the prediction for another Santa Claus rally, Bitcoin holders still might be content with a minor increase in 2019.
As Cryptocurrency Becomes Inevitable: Is Bitcoin on the Brink of a Santa Claus Rally?

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Source: CoinSpeaker

Two Years of Upside? Bitcoin Yearly Candles Hint Explosive Price Growth Incoming

Bitcoin prices might be a long way off their 2019 high of almost $14,000 but this year has still seen the cryptocurrency gain in price. The year opened with the leading digital asset trading at just below $3,800, considerably less than its current price of around $7,300.
Although yearly price data is clearly limited, if previous years are anything to go by Bitcoin looks set to post two more years of gains. There seems a pattern emerging that sees a year of decline follow three years of upside.
Will Bitcoin Price Continue to Follow Emerging Yearly Pattern?
Despite the admittedly meagre sample size (Bitcoin has only been around for a decade, after all), the price of the leading cryptocurrency by market capitalisation looks poised to post two more years of upside. Bitcoin price, when viewed as a yearly candlestick chart, appears to be repeating a pattern of three years of upside followed by a year of losses. Given that Bitcoin is such a young asset, there have only been two of these four year cycles to observe so far. That said, the first candle of the third looks to be falling in with the pattern with just over four weeks left in the year. Providing the price stays above $3,800, the pattern will remain intact.

Bitcoin yearly candles+ pic.twitter.com/zoWscMGqk0
— Bitcoin Charts (@ChartsBtc) December 2, 2019

Along with the general pattern of three up, one down, there is another interesting, potentially emerging trend. The last candle of the back-to-back price increases is typically much larger than the two prior. If the pattern holds true, it looks like 2021 will see explosive growth for the digital asset.
The oversized candlesticks every four years are likely partly the result of the halving event programmed into Bitcoin’s code. Every four years, the supply of new coins gifted to miners for adding a block of transactions to the blockchain decreases by half. This essentially increases Bitcoin’s stock-to-flow ratio (a measure of scarcity) and any uptick in demand has a much more magnified impact on prices than a similar increase would have done prior to the halving.
The next halving event is expected to occur during May of 2020. This will see the number of new Bitcoin added to the total circulating supply every ten minutes fall to 6.125.
Some traders and market analysts believe that the next halving will result in another parabolic run up in Bitcoin prices, like those seen in 2017 and 2013. PlanB (@100trillionUSD) argues that the reduction of new Bitcoin regularly hitting the market will eventually see the price rise to around $55,000 per Bitcoin. The analyst makes no prediction as to when this will occur. However, given that the stock-to-flow theory of Bitcoin’s value centres around the halving events every four years, if PlanB’s prediction comes true, we will see a $55,000 Bitcoin at some point within the four years following May 2020.

#Bitcoin halving .. 5 months to go
For miners: production cost of 1 btc will double
For investors: stock-to-flow (unforgeable scarcity, inability to inflate stock) will double pic.twitter.com/JWNbJyil4a
— PlanB (@100trillionUSD) December 1, 2019

 
Related Reading: Bitcoin Falls 20% Below Stock-To-Flow Forecast
Featured Image from Shutterstock.
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Monthly Candle Close Signals That Bitcoin May Be ‘Done For a While’

Bitcoin price closed its November monthly candle in the red, marking a total of four out of five red candles since Bitcoin topped out at the end of June.
With the most recent monthly candle open, a prominent crypto analyst’s indicator has signaled a sell for the first time since June of the previous year, right before the bear market really began to take hold over the crypto market.
Bitcoin Price Closes November In the Red Once Again
The first-ever cryptocurrency, Bitcoin, closed its November monthly candle at $7,700. The close is particularly gut-wrenching for bulls, who a month prior saw Bitcoin set a record for its third-largest single-day gain in its short history, taking the price of the crypto asset all the way as high as $10,500 before falling back down to set new local lows.
Related Reading | November Monthly Bitcoin Close Critical For Bull Market
The burst to $10,500 ended up being nothing more than a bearish retest, confirming former support as resistance, and sending the price of the leading crypto asset by market cap tumbling down further.
Bitcoin spent almost the entirety of November falling downward from above $9,000 to as low as $6,500. An inverse head and shoulders formation heading into the Thanksgiving holiday caused the price of Bitcoin to rally toward $7,700 where the month closed out.
The monthly close now marks four out of five red monthly candles since the crypto asset topped back in June.
Crypto Indicator Signals Sell
This month’s candle open has triggered a sell signal on the Market God v7 indicator, designed by crypto analyst KingThies. The analyst says he designed the indicator to “eliminate” emotion from his trading to instead rely on algorithm-driven signals, and based on the indicator, plans to “short the corn” in reference to the first-ever cryptocurrency, Bitcoin.

Yikes. I’m taking the hint this time guys.. $BTC is done for a while. This squashes some bullish sentiment i was feeling yesterday ….the purpose and reason I built this tool was to eliminate my emotion in analysis and it’s pretty clear I need to listen to it.
Short the corn. pic.twitter.com/AiVLec0sUs
— CryptoThies (@KingThies) December 1, 2019

The last time the analyst’s indicator gave a sell signal was after Bitcoin’s April 2018 rally failed to reclaim former highs, and the bear market truly began to ramp up in severity.
The indicator also gave a buy signal prior to the April 2019 rally, which took Bitcoin from $3,100 to as high as $14,000 before it was rejected at the end of June 2019, sending Bitcoin back into a downtrend that may be days away from once again picking up in severity.
The analyst says that based on the indicator’s signal, Bitcoin may be “done for a while” suggesting that it may be an extended period before Bitcoin begins another uptrend.
Related Reading | Accurate Trader Calls For $1K Bitcoin and Destruction of Crypto Industry 
Prior to the June 2019 top, most of the crypto market had believed that Bitcoin was well on its way into its next bull run, however, it is theorized that the selling related to the PlusToken scam has upset the delicate market structure, and has caused the asset’s cynical trend to be altered in a way that we won’t understand for some time.
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A Rare Bullish Pattern on BTC/USD Charts Forms as Weekly Price Closes Above $7,400

A peculiar formation on the long timeline charts signals an indifferent market as bulls and bears struggle for ultimate control of the market. In what is a first for weekly BTC/USD charts, the candle price closed below the 50-day Moving Average (MA) before seeing the following week’s candle close above the line at $7,400, forming a rather rare set up for traders.
Are Bulls Ready to Take Over the Bears?
Looking at the weekly charts on BTC/USD, the price of Bitcoin looks lively following a green candle closing above the 50MA showing a possible market capture by the bulls. Despite the week starting Dec. 2 recording a red candle, bulls look keen to take on the bearish movement in the market.

BTC Weekly:
Another first for BTC.
BTC has never had a weekly close beneath the 50ma, immediately followed by a close above it.
Interpretation: Bulls beat bears, Plus Token Ponzi selling exhaustion, bear trap, temporary consolidation prior to further downside, other? pic.twitter.com/0gkWnhgPfM
— Nunya Bizniz (@Pladizow) December 2, 2019

According to crypto trader, Nunya Bizniz, the close above the 50MA is nothing but a bullish signal showing a bear trap forming as sellers’ pressure gets exhausted since the Oct. 25 bullish run.
However, the bullish case for the pioneer cryptocurrency is far from being a sure bet as another trader pointed out in reply to Nunyaz. According to the trader, the diverse indicators currently showing on charts using different parameters, is a call to show a possible move in any direction for BTC/USD.

So far you have found kinds of support lines, such as CME 200dma, 61.8% fib retrace, AVWMP since 3K, 100wma, 50wma, long trend line, etc. They didn't show much strength however. MA tells the past, not the future. They even give converse singals according to the parameters. pic.twitter.com/wXTUYRLEnN
— hashunter (@hash_hunter) December 2, 2019

Notwithstanding, the MA indicator is a past indicator and usually shows conflicting views in predicting future movements in price.
Bitcoin Futures Premiums on a Rise
More bullish signals are forming on the charts as the premium on BTC price (difference between BTC futures and spot price) is on a hike. Looking premiums on the March 2020 settlement contracts, the premium spike from $120 on Nov.29 to above $170 USD as at time of writing.

$BTC futures can have a premium when Bitcoin is bullish (expectation that price will be higher at expiration).
During sell-offs it's common to see premium shrink.
•March futures +120$ above spot 3 days ago•March futures +170$ above spot now
h/t @trajanmex https://t.co/zTLFdSI1FG
— Luke Martin (@VentureCoinist) December 2, 2019

The spike in premiums signals a short term upward run in price as spot price catches up with the futures – a bullish case for the coin, according to Luke Martin.
The post A Rare Bullish Pattern on BTC/USD Charts Forms as Weekly Price Closes Above $7,400 appeared first on Coingape.
Source: CoinGape

No Bitcoin Capitulation This Year Could Indicate BTC Bottom Is In

Bitcoin continues to crank higher as we end the weekend rounding out a week of gains. The move has led analysts to question whether the dump to $6,500 was the bottom and a trend reversal has finally begun.
Bitcoin Edges Towards Resistance
There is still a long way to go before any measurable trend reversal can be confirmed. Today has been another of gains as BTC topped out at $7,850 a few hours ago. Glancing at the five day chart would paint a very bullish picture.

Zooming out to look at the whole month however tells a completely different story. Bitcoin has dumped almost 30% in November to bottom out in the mid-$6k zone. Since that trough on Monday it has recovered almost 20% but still has a lot of work ahead.
The next significant resistance zone is around $8,200 and beyond that it needs to push above $9k for technical indicators to start turning bullish.
Analysts have noted that unlike in 2018 when BTC dumped 50% in a matter of days, there has been no capitulation this time around, just a steady sell off over five months.
“Bitcoin has been down 50% since June, but there has not been any type of capitulation (like what we saw last November/December)”

Bitcoin has been down 50% since June, but there has not been any type of capitulation (like what we saw last November/December)
That’s something to always be prepared for in the back of your mind
Even another 40% down would set BTC up for a really nice higher low on weekly
— Crypto Capital Venture (@cryptorecruitr) November 29, 2019

A further 40% down from these levels would put Bitcoin in the $4,600 area which is still higher than the 2018 bottom. This would entail a total correction of 67% however and cause a lot of anxiety within the industry.
Still, this correction would not be as heavy as last year’s when BTC dumped 84%. The crypto winter instilled a stronger sense of hodling which may be why the asset will not repeat those lows and could well have been at the bottom already for this bear run.
Day traders are enjoying these short term pump and dumps but those in it for the long run are looking for accumulation areas.
Elsewhere on Crypto Markets
Since Monday’s seven month low, total crypto market capitalization has grown by $30 billion, or 17%. While this sounds impressive, the overall trend is still bearish since markets have lost 24% since the beginning of November.
Since the beginning of the year things are still in the positive zone but that is largely due to Bitcoin. Most of the altcoins have lost all of their gains this year falling back to January levels. Some, such as XRP are at their lowest levels for two years.
Ethereum is another lack luster crypto asset as it fails to gain any independent momentum despite a network upgrade next weekend and a growing DeFi ecosystem. ETH prices are still low at $155 which is where they were back in early January during the depths of crypto winter.
This year’s bottom could have been in this week, but Bitcoin’s next direction will confirm it.
Image from Shutterstock
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Bitcoin Price & Technical Analysis: BTC Has Grown and Stopped

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Bitcoin Price & Technical Analysis: BTC Has Grown and Stopped
On Thursday, November 28th, the restoration of the BTC has halted. It is generally trading at $7443.20.
Bitcoin Price & Technical Analysis: BTC Has Grown and Stopped

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Source: CoinSpeaker

Bitcoin Falls 20% Below Stock-To-Flow Forecast

Because Bitcoin is a new, emerging technology unlike anything before it, it is difficult to give the speculative asset a meaningful value, and instead, market dynamics like supply and demand take over.
One attempt to assign a fair market value to Bitcoin has been done through a highly-cited stock-to-flow model. However, Bitcoin price is now trading between 15 and 20 percent below the projected stock-to-flow value of the asset, suggesting that the asset is currently undervalued and that it is “time to pay attention.”
Time to Buy BTC? Bitcoin Falls 20% Below Stock-to-Flow
Bitcoin price throughout 2019 had been following along the highly-cited stock-to-flow model, popularized by crypto analyst Plan B. The model has been referred to on CNBC Fast Money a number of times, and has been considered among the first accurate way of providing a meaningful measure of Bitcoin’s value based on its supply.
Related Reading | Legendary Bitcoin Short Seller Says To Watch For Base To Form Before Buying
According to the stock-to-flow model, Bitcoin should be on track to reach roughly $55,000 per BTC by its halving this coming May 2020. Starting in 2019, Bitcoin appeared to be well on its way to such figures, rallying over 350% from trough to peak, before it was rejected at $14,000.
Currently, Bitcoin is trading around $7,000 – roughly 50% of the peak value it reached in 2019, but also a far cry away from the $55,000 it is projected to reach this May – a mere six months away at this point.

Bitcoin's Stock to flow model.
Currently below s/f by 15-20%
Its not a race but it if you bullieve in the narrative, its time to pay attention. $btc pic.twitter.com/mfZKXpYY0A
— fil₿fil₿ (@filbfilb) November 27, 2019

Based on the model, one analyst points out that Bitcoin is now trading between 15 and 20% below the projected price of the model, and suggests it is now time to pay attention to leading cryptocurrency by market cap, as it may return on its bull run and continue along its path to $55,000 by halving.
Reaching $55,000 from current prices would represent an over 630% gain. Such gains are impossible in the majority of asset types, but this is Bitcoin we’re talking about, and anything is possible. The crypto asset in just three months from April to June went from $4,000 to $14,000, resulting in an over 300% gain. If it achieved half of that gain in just 3 months, a full 600% gain in six months isn’t out of the question.
Related Reading | November Monthly Bitcoin Close Critical For Bull Market
Reaching such a number would likely cause extreme FOMO, taking the asset to the lofty prices that some investors firmly believe Bitcoin will someday reach – prices of as much as $100,000 to $1 million per BTC. But first, Bitcoin needs to breach $14,000, then take out its former all-time high at $20,000 – two important feats – before a run at $55,000 is possible.
At the very least, if the stock-to-flow model is at all accurate, buying Bitcoin now could be among the most rewarding investments of a lifetime.
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Despite Current Flat Stocks Trading, 2020 will See ‘Great Rotation’, Says JP Morgan

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