Bitcoin Inches Lower, but $10,800 Target Remains

Bitcoin and the aggregated crypto markets have been facing a period of consolidation after posting a decent sized rally earlier this week. Although this rally has stalled in recent times, it is important to note that BTC’s main level of resistance still exists at $10,800.
One analyst, however, believes that an inability to validate a bearish rising wedge that BTC is currently trading within could spell trouble for the cryptocurrency in the near-term.
Bitcoin Inches Lower After Facing Rejection
At the time of writing, Bitcoin is trading down marginally at its current price of $10,320, which marks a slight retrace from its daily highs of $10,450.
Ever since BTC bounced from its support level at $10,000, the cryptocurrency has been facing a bout of consolidation after its upwards momentum stalled, which may mean that its bulls do not have enough strength at the moment to push the cryptocurrency higher.
The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes Bitcoin is currently caught within a rising wedge, which could spell trouble for its near-term price action.
“$BTC: Short and simple analysis… Rising wedge. One final touch approx 10.4k – Looking at target approx 10k,” she concisely noted while pointing to the below chart.

$Btc
Short and simple analysis …Just like I am sure many of you are
– Rising wedge– One final touch approx 10.4k – Looking at target approx 10k
pic.twitter.com/brkdRC8jbO
— The Cryptomist (@TheCryptomist) September 13, 2019

If this pattern does ultimately have bullish implications for the cryptocurrency, $10,000 will be a key support level that analysts closely watch, as any break below this level could spell trouble for its mid-term price action.
BTC May Still Target $10,800 
Although BTC found some resistance in the mid-$10,400 range, its nearest major resistance level currently exists at roughly $10,800, and a break above this price level could spark a massive upwards movement.
Chonis Trading, another popular analyst, spoke about the $10,800 resistance level in a recent tweet, explaining that a decisive break above this price level would be notable and could set a positive tone for the rest of 2019.
“$BTC – yesterday’s Bullish move closed right under the MA50, breaking thought puts the next notable #bitcoin resistance around $10,800+ area…if it can break that is,” he said. 

$BTC – yesterday’s Bullish move closed right under the MA50, breaking thought puts the next notable #bitcoin resistance around $10,800+ area…if it can break that is… pic.twitter.com/7YhpoPSYCK
— Chonis Trading- FTG (@BigChonis) September 13, 2019

As the week continues on and Bitcoin continues to consolidate around $10,300, it is likely that its trend for the rest of the year will soon grow increasingly clear.
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Bitcoin Maturing as CME Doubles BTC Futures Contract Limits

The markets surrounding Bitcoin may be incurring increasing maturity, as the Chicago Mercantile Exchange (CME) is now opening that gates for traders to begin holding a significantly higher number of open BTC contracts than is currently allowed.
This change comes about as Bitcoin’s hash rate just set a fresh all-time-high and may be emblematic of improving fundamental conditions that will ultimately allow BTC to surge to new highs.
CME Futures Traders Will Soon Be Able to Hold 2x the Amount of Bitcoin Contracts
Currently, futures traders on the CME are able to hold 1,000 spot contracts per month, and the upcoming potential increase – should it be approved by the CFTC – will allow traders to hold up to 2,000 spot contracts per month.
Each contract is worth five BTC, so assuming that the increase is allowed, traders will be able to hold positions worth a maximum of 10,000 Bitcoin.
In an application to the CFTC, the CME Group notes that the “increased spot month limits shall go into effect at the close of trading on Monday, September 30, 2019 for the October 2019 contract month and all contract months thereafter.”
This change signals that the group believes that there is room for the Bitcoin futures market to grow, even though its growth has been hampered by the ongoing downtrend that has ensued since its crash in late-2017.
It is important to note that some analysts have drawn correlations between the introduction of CME Bitcoin futures and the cryptocurrency’s crash, but it remains unclear whether or not this is coincidental or if there is truly a correlation.
BTC Fundamentals Improve
The increase in CME Bitcoin futures comes as the cryptocurrency is incurring increasing fundamental strength. This is crystalized while looking towards its hash rate – a metric that is often considered a key indicator of network strength – which just set a fresh all-time-high yesterday.
According to data from Blockchain.com, BTC’s hash rate hit highs of over 98 million tera-hashes per second (TH/s) yesterday, which marks a sharp increase from its annual lows of just over 30 million TH/s that were set in December when the crypto was trading in the lower-$3,000 region.
Because the cryptocurrency is currently expressing significantly robust technical strength, it is highly likely that its price will soon reflect this, which could lead to an influx of new market participants.
Featured image from Shutterstock.
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Dash Launching on Coinbase Pro Cryptocurrency Exchange

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Dash Launching on Coinbase Pro Cryptocurrency Exchange
The announcement of Dash’s impending listing on Coinbase Pro comes slightly over a month after an announcement that the platform was exploring the addition of eight new digital assets.
Dash Launching on Coinbase Pro Cryptocurrency Exchange

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Source: CoinSpeaker

CME Group Seeks CFTC Permission to Double Its Bitcoin Futures Trading Cap

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CME Group Seeks CFTC Permission to Double Its Bitcoin Futures Trading Cap
Citing massive open positions and interest for its Bitcoin futures contracts, CME Group requested CFTC to double the limit of monthly contracts traded.
CME Group Seeks CFTC Permission to Double Its Bitcoin Futures Trading Cap

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Source: CoinSpeaker

Prominent Analyst: Bitcoin May Have Established Mid-Term Bottom

Bitcoin has incurred some upwards momentum today after facing growing selling pressure around $10,000. BTC’s ability to hold above this price level may be a bullish sign, as it signals that bears do not currently have enough strength to send the crypto back to its next major support level in the lower-$9,000 region.
This bullish response to $10,000 has led one prominent analyst to express that he believes BTC has established a mid-term bottom, which may mean that today’s surge marks the beginning of the next uptrend.
Bitcoin Run Past $10,300 as Buyers Build Strength
At the time of writing, Bitcoin is trading up nearly 3% at its current price of $10,310, which marks a decent surge from its 24-hour lows of $10,000 that were set yesterday.
It is highly likely that BTC will find some levels of selling pressure in the upper-$10,000 region, as it has faced multiple rejections at this price region over the past several weeks.
The bullish response to $10,000 signals that this price level remains a key psychological support level and may also signal that further gains are imminent in the coming weeks and months.
UB, a popular crypto analyst on Twitter, explained in a recent tweet that Bitcoin’s technical formations are currently flashing multiple bullish signs, which has led him to add to his current long position.
“$BTC – Long from $10,104. I decided to take a more aggressive entry based on my analysis that the temp bottom was in. I entered just above Yesterday’s Daily Open – it was a key intraday S & R level. Most recent hourly closed above the Range Low – looking to add to my long,” he noted.

$BTC – Long from $10,104. I decided to take a more aggressive entry based on my analysis that the temp bottom was in.
I entered just above Yesterday's Daily Open – it was a key intraday S & R level.
Most recent hourly closed above the Range Low – looking to add to my long. pic.twitter.com/ADubNhZmZm
— UB (@CryptoUB) September 12, 2019

Has BTC Established a Mid-Term Bottom?
UB is not alone in his bullish assessment of Bitcoin’s current price action, as Flood – a highly prominent trader who has correctly predicted multiple major movements in the crypto markets – said in a recent tweet that he believes the crypto’s recent drop to the lower-$9,000 region may have marked a mid-term bottom.
“First the time in a couple weeks bitcoin actually looks relatively bottomed on medium timeframes. I’m long,” he explained while pointing to the below chart

First the time in a couple weeks bitcoin actually looks relatively bottomed on medium timeframes.
I'm long.
Countertrade me here: https://t.co/NQWTKTvUtX pic.twitter.com/A8M8ubELwi
— Flood [BitMEX] (@ThinkingUSD) September 12, 2019

The coming days and weeks will be critical for Bitcoin, as an extension of its current upwards momentum could validate the notion that it has bottomed out over the mid-term.
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VanEck’s Limited Bitcoin ETF Loses Steam, Manages to Issue Only 4 Bitcoins

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VanEck’s Limited Bitcoin ETF Loses Steam, Manages to Issue Only 4 Bitcoins
The VanEck’s Limited Bitcoin ETF has proved unimpressive so far with only 4 BTC tokens issued. Some crypto experts have also slammed VanEck for its marketing gimmick saying the product is nowhere close to real ETF.
VanEck’s Limited Bitcoin ETF Loses Steam, Manages to Issue Only 4 Bitcoins

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Nasdaq Lists New Index for Decentralized Finance Projects Called Defix

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Nasdaq Lists New Index for Decentralized Finance Projects Called Defix
Nasdaq’s Defix index will offer real-time tracking of crypto assets of different blockchain projects like MakerDao, Augur, Gnosis, Numerai, 0x and Amoveo.
Nasdaq Lists New Index for Decentralized Finance Projects Called Defix

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Bitcoin Price (BTC) Remains In Steady Corrective Decrease

Bitcoin price is slowly declining and recently broke the $10,000 support area against the US Dollar.
The price is facing an uphill task and it might continue to struggle near $10,250 and $10,300.
There is a major bearish trend line forming with resistance near $10,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price could continue to slide as long as it is trading below the $10,400 pivot level in the near term.

Bitcoin price is under pressure below $10,250 against the US Dollar. BTC may perhaps accelerate decline as long as there is no close above the $10,400 and $10,500 levels.
Bitcoin Price Analysis
In the last two analysis, we discussed the chances of more downsides in bitcoin price below $10,400 against the US Dollar. The price broke the $10,250 support area and the 100 hourly simple moving average. Moreover, the recent decline was such that the price broke the $10,100 support area. Finally, there was a downside spike below the $10,000 level and a new swing low was formed near the $9,938.
Recently, there was an upside correction above the $10,000 level. Moreover, the price broke the 23.6% Fib retracement level of the recent slide from the $10,528 high to $9,938 low. However, the upward move was capped by the $10,200 and $10,250 levels. There is also a major bearish trend line forming with resistance near $10,250 on the hourly chart of the BTC/USD pair.
Additionally, the 50% Fib retracement level of the recent slide from the $10,528 high to $9,938 low is acting as a resistance for the bulls. Above the trend line, the next key resistance is near the $10,350 level and the 100 hourly SMA. Having said that, a successful close above the $10,400 level plus the 61.8% Fib retracement level of the recent slide from the $10,528 high to $9,938 low is needed for more gains.
On the downside, the $10,000 level is an immediate support. However, the main support is near the $9,950 level. Below $9,950, there are chances of further losses in the near term. The next key support is near the $9,800 level.

Looking at the chart, bitcoin price is clearly under pressure and it could continue to slide below $10,000 in the coming sessions. If there is a bearish break below the $9,950 level, the price could head towards the $9,800 level. The main pivot level is near the $9,500 level.
Technical indicators:
Hourly MACD – The MACD is still moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level.
Major Support Levels – $10,000 followed by $9,950.
Major Resistance Levels – $10,200, $10,250 and $10,350.
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Crypto Trading: Please Hold My Hand

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Crypto Trading: Please Hold My Hand
There are a few factors that currently stunt the crypto market and recognizing these problems, a new platform called FUMGO presents as a perfect solution to lead new and inexperienced traders to crypto trading expertise.
Crypto Trading: Please Hold My Hand

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Bitcoin Price (BTC) At Risk Of Downside Break Below $10,200

Bitcoin price is under pressure and it recently declined below the $10,500 support against the US Dollar.
The price is struggling to climb higher and is approaching the $10,200 support area.
There is a key bearish trend line forming with resistance near $10,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price could accelerate decline if it breaks the $10,200 and $10,100 support levels in the near term.

Bitcoin price is showing a few negative signs below $10,500 against the US Dollar. BTC could struggle to recover above the $10,400 and $10,500 resistance levels.
Bitcoin Price Analysis
Recently, bitcoin price struggled to surpass the $11,000 resistance area against the US Dollar. As a result, there was a downside correction and BTC/USD traded below the $10,600 and $10,500 support levels. Moreover, there was a close below the $10,500 support level and the 100 hourly simple moving average. It opened the doors for more losses below the $10,400 level.
The price traded as low as $10,144 and recently started an upside correction. There was a break above the $10,300 level plus the 23.6% Fib retracement level of the last major decline from the $10,952 high to $10,144 low. Additionally, the price spiked above the $10,500 resistance. However, it failed to continue higher. It also struggled to clear the 50% Fib retracement level of the last major decline from the $10,952 high to $10,144 low.
More importantly, there is a key bearish trend line forming with resistance near $10,400 on the hourly chart of the BTC/USD pair. The pair is currently trading well below the $10,400 level. An immediate support area is near the $10,200 level. If there is a downside break below the $10,200 support area, there could be a bearish acceleration towards the $10,000 support area.
On the upside, the main resistances are near the $10,400 and $10,500 levels. If there is a successful close above $10,500, the price could continue to rise in the coming sessions. The next key resistance is near the $10,650 level. It coincides with the 61.8% Fib retracement level of the last major decline from the $10,952 high to $10,144 low.

Looking at the chart, bitcoin price is clearly struggling to continue higher and is trading with a bearish angle below the $10,400 level. If the price continues to decline and breaks the $10,200 support area, there is a risk of more losses below the $10,000 level.
Technical indicators:
Hourly MACD – The MACD is currently moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Major Support Levels – $10,200 followed by $10,100.
Major Resistance Levels – $10,400, $10,550 and $10,650.
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Analyst: Bitcoin Could Dump to $6,500 to Maintain Price Parabola

As the Bitcoin consolidation continues, traders and analysts are scouring the charts again looking for the next direction. In the short term most are of mixed opinion but one analyst has predicted a big fall before any upward price momentum is resumed.
Bitcoin Biding Its Time
For more than two months now BTC has been range bound between mid-$9,000s and low $12,000s. The channel appears to be tightening with very little movement over the past week, but this has happened before. Price action is not linear and the asset is still highly volatile which means a larger swing could occur before any confirmed trend direction takes place.
Trader and analyst ‘dave the wave’ has maintained that in order to stick to its growth curve, Bitcoin will need to fall back first.
“Some are wondering why BTC can’t do sideways for a significant period of time [across to the growth curve at this level]. Problem is BTC is volatile and doesn’t do sideways for long. This parabola and correction has always been about chewing up time for it to meet the curve imo”

Some are wondering why BTC can't do sideways for a significant period of time [across to the growth curve at this level]. Problem is BTC is volatile and doesn't do sideways for long. This parabola and correction has always been about chewing up time for it to meet the curve imo pic.twitter.com/c3qBiu853F
— dave the wave (@davthewave) September 9, 2019

A move back to that curve would send prices back to the mid-$6,000 price range. Coincidentally this was the most traded price for BTC during 2018. A move of this magnitude would mark a correction of over 50% and put Bitcoin back into bear market territory.
The time frame also lines up with the halving event in May 2020 which is likely to be bullish. What does appear evident from the chart is a fractal pattern of a descending triangle which, as we so painfully saw last year, dumped massively upon conclusion.
Descending Triangle
As legendary investor, Peter Brandt, pointed out though, the chart pattern is not complete until it has fully played out.
“In full disclosure, I must inform you that I am long BTC as a position trader. Yet, as a swing trader I must respect classical charting principles. This descending triangle is NOT a descending triangle until it is completed.”
At the time of writing the consolidation is continuing with BTC falling back over the past few hours to around $10,300 during the morning’s Asian trading session. The weekend high of $10,600 could not be held as the trading range tightened. A fall back below five figures is looking imminent again but the overall pattern on longer time frames is still sideways until a major breakout occurs.
The conclusion of the descending triangle this week could provide that momentum.
Image from Shutterstock
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How Bitcoin Distribution Is a Bullish Sign For Greater Adoption

There are a number of differing metrics analysts use to determine the health of the Bitcoin ecosystem. Hash rate and transactions are two of the most popular but distribution in terms of the number of addresses can also be used to determine adoption rates.
Bitcoin Addresses Increasing
Over the past two years the number of BTC addresses has surged indicating that the asset is undergoing greater adoption. The largest gain is the number of addresses with less than a million satoshis which also suggests a more even distribution that is not just a few whales or large exchanges.
According to director of research at The Block, Larry Cermak, this is a very bullish metric.
“This is probably the most bullish chart on Bitcoin I’ve seen to date. Even though a single person can own multiple addresses, this to me clearly indicates user growth and an improving distribution.”

This is probably the most bullish chart on Bitcoin I’ve seen to date. Even though a single person can own multiple addresses, this to me clearly indicates user growth and an improving distribution. Source @nic__carter pic.twitter.com/2vCDoiqrlL
— Larry Cermak (@lawmaster) September 8, 2019

The numbers of addresses holding very large amounts of BTC have not increased anywhere near the rate of the smaller ones. A major jump has occurred since 2017 in addresses holding just 100k satoshis despite the massive bear market of 2018. This could be a sign of mass accumulation of smaller amounts of Bitcoin.
In a similar observation, Coinbase CEO Brian Armstrong noted the increase in addresses holding 10BTC and that it too has hit a new high.
“Great charts from Coinmetrics, showing crypto industry growth. For instance, the number of addresses holding at least 10 Bitcoins recently hit an all-time high.”

Great charts from Coinmetrics, showing crypto industry growth. For instance, the number of addresses holding at least 10 Bitcoins recently hit an all-time high. https://t.co/t5HspfauJM pic.twitter.com/Yo1UNu6mZR
— Brian Armstrong (@brian_armstrong) September 6, 2019

There were a number of arguments for not using this metric such as the fact that users can have multiple addresses or the influence that large exchanges such as Binance can have. But generally it has been viewed as a positive indicator of Bitcoin growth and adoption.
Still Top Heavy?
It has often been suggested that a small number of whales can control a disproportionate amount of the supply of BTC, and thus influence its price. However, stats on Bitinfocharts.com suggest that the number of addresses holding just a dollars’ worth is also on the up.
The site suggests that almost half of all BTC addresses hold less than 100k satoshis. A quarter of addresses hold between 100k and a million satoshis and 17% contain between a million and ten million sats. Only ten percent or so of BTC addresses hold more than 1 Bitcoin according to the website, however it should be noted that there are a lot of coins being held in that ten percent!
Image from Shutterstock
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Analyst: Bitcoin Caught in Clear Bearish Trading Pattern

Bitcoin’s recent surge up to highs of over $10,800 drastically shifted the overall market sentiment and had led many investors and analysts alike to believe that BTC was highly likely to move past $11,000.
BTC’s subsequent drop from these levels, however, invalidated this perceived bullishness, and now a prominent analyst is explaining that Bitcoin is currently trading within a bearish descending triangle on a macro time frame, which may mean that another drop is imminent.
Bitcoin Plummets 4%, But Finds Stability Around $10,400 
At the time of writing, Bitcoin is trading down nearly 4% at its current price of $10,450, which marks a significant drop from its 24-hour highs of just below $11,000 that were set yesterday.
Yesterday’s rejection marks the second time in the past week that it was rejected in the upper-$10,000 region, which may signal that this is an insurmountable resistance level that could send it reeling significantly lower in the near-future.
Chonis Trading, a popular crypto analyst on Twitter, explained in a recent tweet that Bitcoin’s daily close yesterday marked a strong rejection of the upper-$10,000 region, which may spell trouble for it in the near-future.
“$BTC – daily candle closed with a strong rejection of intraday highs…Middle BB held support when tested…FIB retrace currently at 38.2%,” he noted while pointing to the below chart.

$BTC – daily candle closed with a strong rejection of intraday highs…Middle BB held support when tested…FIB retrace currently at 38.2% #bitcoin pic.twitter.com/6Bi4DNw76d
— Chonis Trading- 88MPH (@BigChonis) September 7, 2019

Will a Massive Descending Triangle Force BTC Lower?
In recent times many analysts have been pointing to a large triangle formation on Bitcoin’s macro-price chart as one potential catalyst for another massive upwards movement in the near-future, but now one analyst is noting that this triangle is actually a bearish formation.
Peter Brandt spoke about this in a recent tweet, explaining that although he is currently long on Bitcoin, it’s currently trading within a descending triangle, which typically results in a downwards break.
“Bitcoin meets the definition of a descending triangle. Don’t let newbie chartists tell you different. Right-angled triangles imply (but do not demand) a resolution thru the horizontal boundary,” he noted.

Bitcoin meets the definition of a descending triangle. Don't let newbie chartists tell you different. Right-angled triangles imply (but do not demand) a resolution thru the horizontal boundary. $BTC pic.twitter.com/DIW1BpMSCV
— Peter Brandt (@PeterLBrandt) September 7, 2019

 
Assuming that this triangle is the main impetus that leads Bitcoin’s price action in one direction or another, investors and analysts alike will soon know whether or not it is ready to journey upwards, or if significantly further losses are imminent.
Featured image from Shutterstock.
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Why Videogames Don’t Let Crypto Be a Payment Alternative Yet?

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Why Videogames Don’t Let Crypto Be a Payment Alternative Yet?
Quite apart from the banking industry which was obviously going to be the first to have major changes in the aspect of payments, one of the best conditions that it has to adopt cryptocurrencies is the videogame industry. Why? Check out below.
Why Videogames Don’t Let Crypto Be a Payment Alternative Yet?

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Source: CoinSpeaker

Telegram Starts Public Testing of Ethereum-Compatible TON Blockchain

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Telegram Starts Public Testing of Ethereum-Compatible TON Blockchain
According to some reports, Telegram Open Network (TON) will be compatible with Ethereum. The company is set to release the code to run a node on the Telegram Open Network (TON) on Sunday.
Telegram Starts Public Testing of Ethereum-Compatible TON Blockchain

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Source: CoinSpeaker