Crypto Analytics Firm: Single Strategic Actor Responsible for Bitcoin Price Surge

The Bitcoin rally heard ‘round the world that began on April 2, 2019 painted the first higher high on Bitcoin price charts since the price of the leading cryptocurrency by market cap reached its all-time high back in December 2017. The powerful surge many believe could have signaled the end of the bear market and confirmed that a new uptrend has begun.
The over $1,000 rally may have also been the work of a single, calculated and strategic actor, who may have precisely executed a plan that drove the price up as much as possible.
CoinMetrics: Committed Actor Executed Trades At Key Times to Maximize Price Impact
The massive green candle that occurred on Bitcoin price charts on April 2 had everyone talking, from brokers, to bankers, and everyone in between. The powerfully bullish movement may have been the final blow to bears that signaled the end of the crypto winter that’s plagued the asset class throughout 2018 and 2019 thus up until now.
Related Reading | Crypto Analyst: Bitcoin Price Chart Shows Textbook Bump and Run Reversal Bottom 
The move, according to crypto research firm CoinMetrics, was orchestrated across multiple exchanges, at very specific times where liquidity is the lowest, in order to “maximize price impact while trading,” the firm said. More interesting is their theory that the entire thing was executed by one, single “committed actor.”

Our theory is that a single committed actor went long and traded in a manner that maximized price impact. The movement in price started at 04:30 UTC time, the point in the day where global liquidity is at a minimum.
— CoinMetrics.io (@coinmetrics) April 17, 2019

 
CoinMetrics reveals that the price movement started at approximately at 04:30 UTC time, which the firm says it the “point in the day where global liquidity is at a minimum.”

“Although this cannot be known for sure, such trades would have been designed to trigger stop losses and force a short squeeze through liquidations of margin positions and short futures positions,” they added.

The large price movement on April 2, 2019 occurred during the window of lowest global liquidity. It began at 04:30 UTC and lasted until 05:30 UTC. This time may have been deliberately chosen so that a committed actor could maximize price impact when trading. pic.twitter.com/vktxpGBwlQ
— CoinMetrics.io (@coinmetrics) April 17, 2019

The entire move lasted about one hour, ending at about 05:30 UTC. CoinMetrics further suggests that the time was “deliberately chosen” in order to create the most price movement possible in the shortest amount of time, maximizing “price impact.”

Here's a closer look at our three exchanges of interest pic.twitter.com/yFgxBG2EEM
— CoinMetrics.io (@coinmetrics) April 17, 2019

While conflicting reports across the web from various experts have suggested the move originated across three exchanges, Coinbase, Kraken, and Bitstamp, CoinMetrics instead claims the move began at HitBTC where roughly 500,000 Tether were traded for Bitcoin, then was followed by simultaneous buy orders executing on Coinbase and Bitfinex.
Related Reading | Bitcoin and Ethereum Trading Volume Reaches Crypto Bull Run Peak Levels
Other theories crypto analysts have offered have pointed to mistaken programmatic buying following an elaborate April fools prank. Bots did appear to influence the move, but only because the initial actor planned it that way, and took out stop loss orders that further caused a cascading effect, sending the price higher and higher. As the whale had planned, the trades had a significant impact – enough to potentially end the bear market and ignite a new crypto bull run.
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Anxious Traders Beware: Bitcoin (BTC) May Range Sideways for Weeks to Come

Despite losing the majority of its upwards momentum over the past week, Bitcoin has been able to continue climbing higher and is now approaching the $5,300 level. BTC’s ability to continue climbing higher despite the lack of major buying volume has been technically positive, but traders are still laying out potential bear scenarios that could lead Bitcoin back down towards $4,000.
One prominent cryptocurrency analyst recently explained that he expects Bitcoin to get caught in a sideways trading range for the weeks to come, which may be disappointing to traders who are anxiously awaiting a big price swing.
Bitcoin (BTC) Tepidly Climbs Towards $5,300
At the time of writing, Bitcoin is trading up less than 1% at its current price of $5,275 and is up slightly from daily lows of $5,230. BTC is currently nearing its highest price level over the past seven days and has firmly established $5,000 as a strong level of support.
It is important to note that the cryptocurrency is currently just a hair below a key resistance level at $5,400 that has held strong ever since BTC first surged earlier this month. On April 10th, Bitcoin incurred a sudden influx of buying pressure that allowed it to surge to just above the aforementioned resistance level before facing strong selling pressure that pushed it to lows of $5,000.
This price action appears to have led to the creation of a fresh trading range between roughly $5,000 and $5,400, which may continue to hold strong for the foreseeable future.
Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, explaining that he expects BTC to stay caught in a relatively tight trading range for “weeks to come.”
“The longer $BTC ranges between $5,000 to $5,200, the stronger support it becomes after the next push up. Though this equally becomes a stronger resistance if a breakdown occurs. IMO, Bitcoin likely stays in the price range of this chart for weeks to come,” he explained.

The longer $BTC ranges between $5,000 to $5,200, the stronger support it becomes after the next push up
Though this equally becomes a stronger resistance if a breakdown occurs
IMO, Bitcoin likely stays in the price range of this chart for weeks to come pic.twitter.com/34edctvOCZ
— Josh Rager (@Josh_Rager) April 18, 2019

This bout of sideways trading may ultimately prove to be overwhelmingly positive for individual cryptocurrencies, as many have already been able to surge despite BTC’s current lull.
Analyst: Bear Scenario Could Bring Bitcoin Down Towards $4,000
Although Bitcoin may presently look strong, if the crypto’s bears are able to push it below $5,000, it may continue dropping until it reached the low-$4,000 region.
Bagsy, another popular cryptocurrency trader on Twitter, pointed towards a Wyckoff Distribution pattern to illustrate the possible bear scenario for Bitcoin, noting that a drop below $5,000 could bring the cryptocurrency back down towards $4,000 – erasing virtually all the gains it has incurred over the past few weeks.
“$BTC Wyckoff Distribution: Warning, the following image contains graphic content. This is something I spotted, doesn’t mean it’s going to happen for those getting nervous, but it was worth pointing out,” he explained.

$BTC Wyckoff Distribution:
Warning, the following image contains graphic content. This is something I spotted, doesn't mean it's going to happen for those getting nervous, but it was worth pointing out. Big thanks to @walter_wyckoff for helping me iron out the structure. pic.twitter.com/XH8s98TlLS
— Bagsy (@imBagsy) April 17, 2019

Only time will tell as to whether or not BTC will get caught in a trading range for the next few weeks, but in the meanwhile, traders will likely turn to various altcoins in order to maximize their profitability.
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Binance Coin (BNB) Nears All-Time-Highs After Exchange Makes Several Bullish Announcements

Binance Coin (BNB) has been the gift that keeps on giving for investors, posting massive year-to-date gains that are unrivaled by any other major cryptocurrencies. BNB’s massive price surge has come about due to a seemingly constant influx of positive news regarding Binance’s platform.
The latest event that has proven to be highly positive for BNB is the launch of Binance’s highly anticipated custom blockchain that in many ways poses competition to Ethereum. The blockchain – which is aptly dubbed Binance Chain – will result in a migration of $3 billion worth of BNB being moved away from the Ethereum blockchain and onto the new Binance Chain.
A Flurry of Positive News Surrounds Binance
The exchange, which has a whopping 10 million users, is offering the crypto community and Binance Coin investors a seemingly constant stream of very positive news, which has allowed BNB to surge back towards its previously established all-time-highs that were set during the parabolic market surge in early-January of 2018.
In a tweet today, Binance DEX – the company’s decentralized platform – announced in a tweet that the Binance Chain mainnet has been launched and that they will be executing their Mainnet Swap on April 23rd.
“Binance Chain launches its mainnet and plans to execute Mainnet Swap on Apr 23, 2019,” they noted.

.@Binance Chain launches its mainnet and plans to execute Mainnet Swap on Apr 23, 2019.
Please see the below link for further details on the actions that will occur along with the planned timings for them to do so. https://t.co/32hjBwkUcX pic.twitter.com/X9qAoXxYmc
— Binance DEX (@Binance_DEX) April 18, 2019

Many people have speculated that this new blockchain platform will pose competition to Ethereum and will ultimately help diversify Binance Coin’s use-cases while also increasing its utility.
This new blockchain, in addition to the launch of their decentralized exchange, have sparked a significant amount of excitement in investors and the crypto community as a whole, proving to the industry that crypto-focused companies can, in fact, advance by leaps and bounds regardless of the market conditions.
Moreover, the exchange also announced that they would be launching a fiat-to-Bitcoin exchange in Singapore at some point next week, which was another nugget of positive news that fanned the flame burning in the hearts of ardent Binance advocates and BNB investors alike.

"#Binance Singapore will come online in April. It will be our next Fiat to Crypto exchange servicing $SGD " – @cz_binance #deconomy2019 #Binance
— Binance (@binance) April 4, 2019

Binance Coin (BNB) Surges Towards All-Time-Highs
At the time of writing, Binance Coin is trading up nearly 12% at its current price of $21.87, up significantly from its daily lows of $19.40.
Today’s surge is just a small piece of what the cryptocurrency has witnessed over the past several months, as BNB has incurred consistent gains on a nearly daily basis ever since it sank to its 2018 lows of roughly $4.50 in mid-December of last year.
Binance Coin is now fast approaching its all-time-highs of $24.46 that were set during the height of the crypto market’s parabolic surge that was seen in late-2017 and into early-2018. BNB is the only major cryptocurrency to come this close to reaching its previously established all-time-highs, and many other cryptos are still trading down 80% or more from where they were in early-January of 2018.
As Binance’s latest efforts to expand their company and increase the utility of BNB continue to unfold, it is highly likely that the cryptocurrency’s price will continue to surge and will eventually set a fresh all-time-high, regardless of the state of the overall crypto markets.
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Congress Slams IRS Over Bitcoin Tax Law; Here’s the Major Loophole for Crypto Investors

The United States tax deadline has came and went, and thanks to overwhelmingly confusing tax laws, crypto and Bitcoin investors are left scratching their heads, with many outright refusing to report their crypto earnings and losses on their annual tax filing.
It’s not U.S. taxpayers who are alone in feeling confused by the complex tax laws and lack of clear guidance. Congress has issued a scathing letter to the Internal Revenue Service (IRS) asking for clarity on how U.S. residents should go about paying their taxes on Bitcoin and other cryptocurrencies. The letter itself, suggests a leading tax attorney with experience in advising crypto clients, creates a major loophole for crypto investors who are at risk to become audited or worse.
Congress Issues Letter to IRS Requesting Bitcoin Tax Clarity
Tax day in the United States was this past Monday – a day many U.S. taxpayers dread. Tax laws in the country are already complicated, and confusing, requiring many taxpayers to either invest in software or pay a tax advisor to help guide them through the process and ensure all gains and losses are accurately reported.
Related Reading | Overwhelming Majority of Bitcoin and Crypto Investors Refuse to Report Taxes
The confusion is significantly amplified when you take into account an emerging asset class that is not fully understood, is unregulated, and has a multitude of potential use cases that walk the line of different classifications. Making matters worse, the IRS has only issued one public notice back in 2014 on how to pay taxes on cryptocurrencies such as Bitcoin since its inception, yet carries fines of up to $500,000 and up to five years in prison if taxes aren’t reported properly.
The glaring issue has prompted Congress to issue a letter to the IRS, demanding answers for U.S. taxpayers who are lost on how to report crypto-related transactions on their taxes.
“Taxpayers deserve clarity on several basic unanswered questions regarding federal taxation of these emerging exchanges of value,” the letter read. “Guidance is long overdue and essential to proper reporting of these emerging assets. The bipartisan support this letter has received should send a clear message to the IRS that clear guidelines for reporting virtual currency are necessary,” added Minnesota Congressman Tom Emmer.

Letter Inadvertently Provides Major Loophole for Crypto Investors
The letter itself Congress sent to the IRS, may further complicate things for the U.S. government, according to San Francisco-based tax lawyer Alex Kugelman who is familiar with advising cryptocurrency clients. Kugelman says that the letter could act as a sort of protection for any crypto investors that may have been targeted by the IRS’s crackdown on crypto tax evaders.
Related Reading | Confusing U.S. Tax Laws Lead to $5 Billion In Unrealized Crypto Losses
Kugelman explained that “if any of my clients are audited, I am going to present this to auditors – how can the IRS take enforcement action against taxpayers when there is such an obvious lack of guidance?”
With fines as steep as $500,000 and charges that could lead to up to five years in prison, having this added layer of protection on what is a complex and confusing situation, can be an ace up the sleeve for crypto investors or traders who find themselves in a precarious situation with the IRS.
Disclaimer: This information should not be taken as tax advice. Seek a certified public accountant for any crypto tax related questions.
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Altcoin Trader: Alt Market Cap Shows Longest Accumulation Phase Yet

Over the last few months, crypto traders and analysts have been ranting and raving about an apparent alt season, that saw the price of many altcoins double in value. It wasn’t until Bitcoin’s recent rally that the alt season was stopped in its tracked.
However, according to one experienced altcoin trader and author, altcoins are still in an accumulation phase – the longest accumulation phase yet for altcoins – which suggests a markup phase may be around the corner.
Altcoin Market Accumulation Phase Continues, Longest on Record
Since the start of 2019, various altcoins, front run by a Litecoin rally, have painted double digit gains. Many have gone on to outright double in value in just a few short weeks after breaking out of downtrend resistance.
The surge in pricing across low-,mid-, and high-cap altcoins has caused many to claim that an alt season was in full effect. Even Google Trends data showed a surge in interest in Bitcoin’s brethren.
Related Reading | 2019 Crypto Alt Season Kicks Off With Over 20 Altcoins Doubling in Value 
However, a new chart shared by experienced altcoin trader and author of the Altcoin Trader’s Handbook, Nik Patel, suggests that the altcoin market cap is still entrenched in an accumulation phase. The current accumulation phase, according to the chart, which covers off on the last five years of total altcoin valuations by market cap, is the longest on record lasting 260 days.

Just an observation on ALTBTC accumulation over the past five years: pic.twitter.com/Y2b9WWLoUr
— Nik Patel (@cointradernik) April 17, 2019

Prior to the current accumulation cycle, the previous one occurred in late 2016 and early 2017, lasting for 108 days. The surge helped create the crypto hype bubble that popped in late 2017, and created a deep correction that turned into the longest bear market in history.
Alt Season Hasn’t Started Yet, Mark Up Comes After Accumulation
If the altcoin market truly is in the accumulation phase still, despite many skyrocketing in value, what comes next might stun the world in terms of profit-generating growth.

So longest alts accumulation in history! Are you leaning towards biggest altseason we have ever seen later this year?
— Ansh B (@manofaction_ab) April 17, 2019

Accumulation phases often occur when “smart money” – as it’s called – begins investing in an asset during the peaks of selloffs, or when “blood is in the streets,” as the late Baron Rothschild would say.
Following most accumulation phases, comes a mark up phase, where the value of the asset increases significantly. Once the price of the asset has grown enough, a phase of distribution, or selling of the asset, will take place.
Related Reading | Altcoin Season Is Here, But What’s That Mean for Bitcoin (BTC) Dominance?
Should the mark up phase not even have happened yet, the glimmer of an alt season we’ve witnessed thus far will be little more than a flash in the pan in comparison. But it all hinges on what Bitcoin decides to do, as the altcoin market cap appears to be held back by Bitcoin dominance. Bitcoin dominance was close to falling below 50% for the first time in 2019, however, the recent Bitcoin rally caused dominance to surge, and altcoins to fall.
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As the Crypto Markets Enter a Slumber, Bitcoin May be Gearing up For a Surge Back To 5,400

Despite witnessing some exciting price action over the past several weeks, the crypto markets are currently taking a slight breather as Bitcoin tepidly advances into the $5,200 region.
Although the recent upwards momentum appears to have fizzled out, analysts are now expecting Bitcoin to make another upwards push back up towards its strong resistance level around $5,400 – which could open the gates for significantly further gains, assuming that BTC is able to break above this level.
Bitcoin Finds Stability Above $5,200 As Crypto Markets Climb Slightly
 At the time of writing, Bitcoin is trading up 2.4% at its current price of $5,230 and is up slightly from its weekly lows of roughly $4,950. The recent price climb appears to be part of a larger consolidation pattern, as BTC has now been stuck between roughly $5,000 and $5,400 since early-April.
$5,400 was first established as a level of resistance one-week ago when Bitcoin surged to this price level before incurring a significant amount of selling pressure that sent it spiraling downwards to approximately $5,000 – a price level at which it found support.
Since then, BTC and the entire crypto markets have climbed slightly, but they have failed to gain any significant levels of upwards momentum, leading them to enter what one analyst describes as a “slumber.”
“Though we do seem to be in some sort of slumber, there’s really no telling how long this will last. It could take months to see another breakout, or it could happen between now and the time you read this message,” Mati Greenspan, the senior market analyst at eToro, said in a recent email, also pointing to declining trading volume the markets are experiencing.
Chonis Trading, another popular cryptocurrency analyst, also spoke about Bitcoin’s current price action in a recent tweet, noting that BTC’s EMA12 has been holding as a support level.
“$BTC – daily candle continues to close above EMA12 support on notable declining #bitcoin volume,” he noted.

$BTC – daily candle continues to close above EMA12 support on notable declining #bitcoin volume… pic.twitter.com/Wnz5QLScGl
— Chonis Trading… (@BigChonis) April 17, 2019

Analyst: Bitcoin May Soon Surge To $5,400… Again…
Despite the current lull in the crypto markets, analysts do believe that Bitcoin may be gearing up for another upwards swing.
UB, another popular cryptocurrency analyst on Twitter, explained where he sees Bitcoin heading next, noting that its ability to treat $5,182 as a level of support is positive, and could lead it to climb back into the $5,400 region.
“$BTC – As Long as Red ($5182) continues to act as support, a move up to Blue seems likely. PA shows a long setup but a few other systems I use on the side show a short setup. One of which is a strong sell $5202. Bullish argument invalid if the Range High flips into Resistance,” he explained in a recent tweet.

$BTC – As Long as Red ($5182) continues to act as support, a move up to Blue seems likely.
PA shows a long setup but a few other systems I use on the side show a short setup. One of which is a strong sell $5202.
Bullish argument invalid if the Range High flips into Resistance pic.twitter.com/qS7TWjs3tI
— UB (@CryptoUB) April 17, 2019

Assuming that the markets truly have found a long-term bottom that is currently set at their late-2018 lows, it is highly likely that 2019 will prove to be a very positive year for Bitcoin and the crypto markets.
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Ethereum Continues to Lead the Way in Enterprise Blockchain Adoption

Most of the world’s largest companies experimenting with blockchain are apparently doing so on Ethereum. Amongst the notable names are Fidelity, Google, and HTC.
Blockchain spending has been increasing dramatically over the last few years and it looks like the number two crypto by market capitalisation is leading the way in terms of corporate adoption.
Much of Ethereum’s Fabled EEA Still Interested in the Platform
For many Ether investors, enterprise adoption is all important. In 2017, Enterprise Ethereum Alliance announcements were often accompanied by massive price surges for the number two crypto by market capitalisation. Names likes Deloitte, National Bank of Canada, Samsung SDS, and Toyota and many more were gradually added to the list. Meanwhile, investors waited for one of these massive companies to develop a killer application for the blockchain that requires the use of vast quantities of Ether, thus sending the price rocketing.
Things have not exactly turned out as many had expected. The Enterprise Ethereum Alliance (EEA) has not been in the news much of late and there is no corporate use case of the blockchain that has sent the price parabolic again. However, development is clearly still going on.
EEA announcements have inspired their fair share of ETH price runs in the past.
Forbes has just released a list of billion dollar companies experimenting with blockchain technology. The “Top 50 Billion-Dollar Companies Exploring Blockchain” is the first part of two similar articles. It will eventually create a full top 100.
The list shows that most of the world’s largest companies that are interested in distributed ledger technology are currently looking at public Ethereum or private Ethereum-derived ledgers to build applications on. Most companies featured are exploring numerous blockchains, however.
Of those that prefer other blockchains, Hyperledger, IBM Blockchain, and Bitcoin all seem popular amongst the corporate giants exploring the tech.
In an article detailing the new Forbes list, ConsenSys stated that 24 of the 50 billion-dollar companies are currently investigating the Ethereum public blockchain, with a further 12 using Enterprise Ethereum-derived platforms in instead.
The ConsenSys piece goes on to opine:
“It’s likely that the large developer community, existing standards developed by the EEA, and public compatibility are driving some of Enterprise Ethereum’s reported dominance.”
What Are The Biggest of The Big Working on?
Below are some of the more notable companies on the list and the specific blockchains they’re currently exploring:

Amazon — Hyperledger, Gabric, Ethereum (later this year).
Citigroup — Ethereum
Coinbase — Bitcoin, Ethereum, XRP, Lumen.
Fidelity — Bitcoin, Ethereum.
Google — Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Zcash, Dogecoin, Dash.
HTC — Bitcoin, Ethereum.
IBM — IBM Blockchain, Stellar, Hyperledger Burrow, Sovrin.
JP Morgan Chase — Quorum.
MasterCard — An original blockchain built from the ground up.
Microsoft — Ethereum, Parity, Corda, Hyperledger Fabric.
Nasdaq — Symbiont, Corda, Hyperledger Fabric.
Nestle — IBM Blockchain.
Overstock — Bitcoin, Ethereum, RVN, Florin.
Samsung — Nexledger, Ethereum.
Visa — Hyperledger Fabric.
Walmart — Hyperledger Fabric.

Blockchain Spending Growing Dramatically
According to International Data Corp, spending on blockchain technology solutions increased by 89 percent compared to the previous year. It is projected to reach $2.9 billion this year and $12.4 billion by 2022.
Meanwhile, Deloitte surveyed executives from a range of companies. The results found that 95 percent of those asked were already invested or planned to at some point this year.
 
Related Reading: Vitalik Buterin Remains Confident About Ethereum 2.0 Development Amid Concerns
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XRP Community Celebrates as Ripple Surges After Holding Support: Could 0.48 Be Next?

Although Ripple’s performance over the past few weeks has been dismal to say the least, and holders of the cryptocurrency have missed out on many of the massive gains that other cryptocurrencies have been experiencing, XRP incurred a sudden burst of buying volume today that has allowed it to surge 4%.
Now, analysts are setting their sights on further gains for the embattled cryptocurrency, with one analyst setting a target of $0.48 – assuming XRP is able to follow through with its current surge.
Ripple (XRP) Reverses Downwards Trend After Holding Above Support
At the time of writing Ripple is trading up 3.4% at its current price of $0.332 and is up its daily lows of $0.32 – a level at which XRP has found support over the past several days.
Although the crypto markets as a whole experienced some massive upwards swings over the past few weeks, with Bitcoin climbing from lows of $4,000 to highs of $5,400, XRP only briefly surged to highs of $0.37 from lows of $0.30, before settling down towards its current price levels.
This dull price action was certainly disappointing to Ripple investors, as the crypto has previously incurred massive gains during market surges.
While looking towards XRP’s Bitcoin trading pair (XRP/BTC) many analysts had noted that the cryptocurrency was reaching a “make or break” price level that could have led to significantly further downside for the digital asset, had it broken down further.
Cryptorangutang, a popular cryptocurrency analyst on Twitter, spoke about this price level in a tweet made just prior to today’s surge, noting that Ripple will either “jump here or the drop will be brutal.”
“I’ve seen people trying to buy $xrp’s bottom for a month now, but this is the first time imo it’s worth it. Steadily declining volume on that drop, important level, bullish divs. Either jump here or the drop will be brutal,” he explained.

I've seen people trying to buy $xrp's bottom for a month now, but this is the first time imo it's worth it. Steadily declining volume on that drop, important level, bullish divs.
Either jump here or the drop will be brutal.
I'm in #xrpthestandard pic.twitter.com/YEQe43vLrk
— #DYORangutang (@cryptorangutang) April 16, 2019

Analyst: XRP May Surge as High as $0.48 in Near-Future
Because this upwards move firmly established XRP’s support level around $0.32, one analyst believes that it may continue surging towards $0.48 in the near-future.
Ryan W, another popular cryptocurrency analyst, spoke about this possibility in a recent tweet, noting that Ripple does face resistance levels at $0.38, $0.44, and $0.50, but also explaining that he expects the crypto to garner enough upwards momentum to break above at least two of these resistance levels with a price target set at $0.48.
“We should see a follow up to this move. $XRP resistance levels $0.38, $0.44, $0.50. Target of $0.48 remains as described on TradingView,” he explained.

We should see a follow up to this move. $XRP resistance levels $0.38, $0.44, $0.50. Target of $0.48 remains as described on TradingView. #XRPcommunity pic.twitter.com/6qCfPTG0L4
— Ryan_W (@RyanICNN) April 17, 2019

Although many crypto enthusiasts dislike XRP for a plethora of reasons, it has built up a strong investor base that may ultimately help propel it higher as the overall crypto market conditions continue to improve.
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Bitcoin Investor: Thai Military Wants Me Dead Over SeaStead Project

An early Bitcoin investor’s short-lived dream lifestyle has turned into a nightmare after the Thai navy has accused him of breaching the nation’s sovereignty. Chad Elwartowski’s SeaStead floating home is apparently too close to the Thai coastline.
The idea of SeaSteading is to create a living space on a floating vessel out in international waters and not under the jurisdiction of any nation state. According to Elwartowski, the Thai military now wants both him and his girlfriend dead.
Couple on the Run from Thai Authorities Over SeaStead
As reported by the UK’s Daily Mail, a Bitcoin investor and his girlfriend have gone into hiding because of apparent threats made against the pair’s lives by the Thai military. Chad Elwartowski and Supranee Thepdet, also known as “Bitcoin Girl Thailand”, could face charges of breaching the Kingdom of Thailand’s sovereignty.
NewsBTC first reported on Elwartowski and Thepdet’s successful launch of the planet’s first SeaStead early last month. Just weeks later, the two are apparently wanted dead for building it too close to the Thai coast.
To those who don’t know, a SeaStead is a floating vessel designed for individuals to live in. The idea behind the SeaSteading project is to create living spaces outside of the law of the land. Elwartowski explains:
“I like the idea of being able to vote with your home. If you don’t like how your community is being run, you just float to a new one.”
Elwartowski, who previously worked as a US military software engineer, reportedly got the $150,000 to build his SeaStead from an early Bitcoin investment. Like Bitcoin, the SeaSteading project is particularly popular with libertarian-leaning people.
According to Thai authorities, the military recently found the floating home uninhabited around 12 nautical miles off the coast of Thailand. Elwartowski refutes this, saying that his SeaStead was 13 nautical miles off the coast of Phuket island and therefore in international waters.
Colonel Nikorn Somsuk, of the Phuket police force, confirmed that an official complaint had been filed today. He stated:
“The navy and its team found a concrete tank floating on the sea but there was no one on it. So they filed a charge citing criminal code article 119.”
If an official charge is brought against the pair, they could be sentenced to death. The Thai Navy reportedly stated via social media that the pair didn’t seek Thai permission for their Bitcoin-funded SeaStead. Evidently disrespected, the organisation went on to say that their advertising of the SeaSteading lifestyle and inviting others to join them in creating a floating home near Thailand showed no regard for the nation’s sovereignty.
According to the Daily Mail, the pair state that they are on the run from a national military that wants them dead.
Bitcoin’s Micro-Nation Dreamers
The SeaStead project is hardly the first example of people enamoured with the freedom-bringing potential of Bitcoin attempting to set up communities outside of the rule of any nation. One such effort is Liberland, located between Croatia and Serbia. The experiment in self-determination even had an ICO associated with it to raise funds to apparently finance the non-state.
Similarly, NewsBTC reported on the group behind a floating island in French Polynesia that proposed to establish a government and the launch of a digital currency of its own last year. The project seeks to establish hundreds of new floating nations, inspired by the same ideas as SeaSteading.
 
Related Reading: Roger Ver Attempts to Create a “FreeSociety”
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Crypto Market Wrap: Bitcoin Driving Momentum as Dominance Hits 2 Month High

Crypto markets are back in the green; Bitcoin leading them, Monero, Tezos and BAT top performers.
Market Wrap
Crypto markets are back in the green following a day that looked like a bigger dump was about to unfold. Markets had the jitters following the Binance BSV bashing but they quickly recovered and $5 billion or so has returned to crypto assets pushing total capitalization back over $175 billion again.
Bitcoin is leading the charge as it jumps over 3 percent to reach a five day high of $5,270 before a minor retreat. The next major resistance level for BTC is at $5,400 where it hit last Thursday. A break through this will lead on to higher highs and the rest of the market is likely to follow.
Ethereum has mirrored the gains of its big brother with 3 percent also to reach $167. There have been no independent movements for ETH since the rally a week ago. It is playing the digital sheep right now and copying Bitcoin.
The top ten is pretty much all in the green during the day’s Asian trading session though gains are mixed. The top performer is Binance Coin which has added 4.5 percent to reach $19.75, a three month high. The rest have made a percent or two as BTC pulls them up.
The top twenty paints a similar picture with the exception of two altcoins.  Tezos is pumping ten percent as it reaches $1.16. The momentum appears to be coming from the French finance minister’s public endorsement of XTZ a couple of days ago;

"I am thinking in particular of Tezos which allows the development of a blockchain protocol overcoming the known defects of public blockchains."@BrunoLeMaire, France Minister of the Economy and Finance in interview to @MagazineCapital #Tezos $XTZhttps://t.co/5jRz3N9MkX
— Tezos Announcements (@tezosbulletin) April 15, 2019

Monero is also having a strong run now as it adds 6 percent climbing to $68. Ontology also doing well with over 4 percent on the day and as expected BSV is still falling back, now down to $56.
FOMO: BAT Getting Attention
Today’s fomo spike is BAT which has jumped 12% on the day as volume ramps up to $50 million. More progress and adoption for the Brave browser and BAT micropayments is adding to the momentum.

Great to see @internetarchive receive "more than 9k Brave Attention Tokens (BAT) – the equivalent of $2500 USD! Every little bit makes a big difference." https://t.co/3FBLhUvnBb
— BasicAttentionToken (@AttentionToken) April 15, 2019

Aside from Tezos there are a few other altcoins doing well today and the include Status, Theta, WAX and Enjin Coin. ABBC Coin is the only one getting dumped at the moment as it loses 8 percent on the day. There are a few that are flat but the majority are gaining at the moment.
Total market cap 24 hours. Coinmarkertcap.com
Total crypto market capitalization has reached $176 billion following a gain of around $4 billion. Bitcoin is solely responsible for the current momentum and that has been reflected in its market dominance which has increased to 52.4%, its highest for two months.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
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Bitcoin SV Continues to Plummet Amidst Delisting Trend: Bitcoin Cash Hodlers Celebrate

The recent Bitcoin SV (BSV) imbroglio first began when those backing the cryptocurrency took legal action against popular figures within the crypto community who had been outspoken against both BSV and its mastermind, Craig Wright – who is widely seen as a charlatan who incessantly claims that he is the true Satoshi Nakamoto.
BSV, which was just recently delisted from the world’s largest cryptocurrency exchange, Binance, has since been delisted by other major exchanges as well and has found itself caught in a downwards tailspin that has sent it spiraling down to set fresh year-to-date lows.
Bitcoin Cash the Big Winner of the BSV Imbroglio
This recent price drop and the growing trend of major exchanges delisting BSV – although devastating for those invested in the cryptocurrency – has been very positive for Bitcoin Cash, which has incurred decent price gains in the time since Bitcoin SV was delisted from Binance.
Bitcoin Cash – which underwent a hard fork in late-2018 that resulted in the creation of BSV – has surged from weekly lows of $260 to highs of nearly $330, before settling at its current price of $318.80.
Bitcoin SV, on the other hand, has plummeted over the past several days, and is currently trading down over 12% at its current price of $55. BSV has plummeted from its one-week highs of roughly $85, which were set last Wednesday.
Although Bitcoin Cash may directly benefit from Bitcoin SV’s tailspin, analysts still expect it to possibly see further downside in the near-term.
The Cryptomist, a popular cryptocurrency analyst on Twitter, shared her thoughts on where BCH is heading next, noting that a bear division on its RSI may signal that further downside is imminent, despite its recent strength.
“$BCH This has been one of my biggest winners in the last couple months! I would not fomo in atm, we have a double top on candles and bearish div on RSI. Expecting a little retracement,” she said.

$BCH
This has been one of my biggest winners in the last couple months! I would not fomo in atm, we have a double top on candles and bearish div on RSI. Expecting a little retracement. Ignore the diagonal line on chart, experimental for now pic.twitter.com/FMQd982xpL
— The Cryptomist (@TheCryptomist) April 16, 2019

Bitcoin SV May Continue to Plunge as More Exchanges Delist it  
BSV’s recent drop is directly linked to Binance choosing to delist it from their platform – a decision that led other exchanges to follow suit.
Shortly after Binance made the announcement, Erik Voorhees, the CEO of cryptocurrency exchange ShapeShift, tweeted that his exchange would also be delisting BSV from their platform.
“We stand with @binance and CZ’s sentiments. We’ve decided to delist Bitcoin SV #BSV from @ShapeShift_io within 48 hrs,” he concisely noted.

We stand with @binance and CZ's sentiments. We’ve decided to delist Bitcoin SV #BSV from @ShapeShift_io within 48 hrs.
— Erik Voorhees (@ErikVoorhees) April 15, 2019

Blockchain.com also announced that they would be delisting BSV by May 15th.
“In the next thirty days, we will end even close out support for #BSV transactions. To use #BSV, go somewhere else!” Peter Smith, the CEO and co-founder of Blockchain.com, explained in a tweet.

In the next thirty days, we will end even close out support for #BSV transactions. To use #BSV, go somewhere else! https://t.co/PCsbtn3MHG https://t.co/oSN19wIWre
— Peter Smith (@OneMorePeter) April 15, 2019

The latest cryptocurrency exchange to announce that they would be delisting BSV is Kraken, which recently tweeted that “the people have spoken” adding that they would be delisting Bitcoin SV, marking another significant blow to the embattled cryptocurrency.

The people have spoken. Kraken is delisting BitcoinSV: https://t.co/8lSUfEYUYr#delistBSV
— Kraken Exchange (@krakenfx) April 16, 2019

As more exchanges jump on the band wagon and delist Bitcoin SV, it is highly likely that Bitcoin Cash will continue to reap the rewards and may see significantly further gains in the near future.
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French Crypto Enthusiasts Appeal for Bitcoin Donations to Rebuild Notre-Dame Cathedral

One of France’s most iconic buildings lies virtually destroyed after a tragic fire consumed it last night. In response to the incident, which has moved much of the planet, a group of French Bitcoin advocates have set up a crypto appeal.
The blaze is now under control but millions of euros worth of architecture and artwork has been damaged. France’s president has pledged to rebuild the once-magnificent building and the Bitcoin donations will contribute towards the effort.
Bitcoin Philanthropy: French Crypto Community Appeal for Donations
The crypto appeal was first launched by French Bitcoin advocate, journalist, and podcaster, Gregory Raymond. His Tweet states that such a philanthropic action could help prove to the lawmakers of the planet that Bitcoin can be used for good and not just the small percentage of criminal uses often cited by regulators and naysayers:

President @EmmanuelMacron has announced a subscription to rebuild #NotreDame. Hey bitcoiners, let's prove to the french authorities #Bitcoin can be an amazing way to send funds quickly, without border and for a good cause ! #bitcoinfornotredame 1JX3k1e1acXENqoKqaAtKKEdE9C2j4WsDB pic.twitter.com/Xu1zULMqL1
— Grégory Raymond (@gregory_raymond) April 15, 2019

Other French crypto enthusiasts have since Tweeted their support for the appeal. A group from France’s digital asset community suggested that the wallet used for donations be switched for a multi-signature address to ensure that the funds go to where the appeal’s organisers say they will. Translated, the below Tweet simply reads:
“The Coin Circle will support the approach of Gregory Raymond. A multi-signature address will be put in place to give more guarantee to donors. We communicate very quickly.”

Le Cercle du Coin va appuyer cette démarche de @gregory_raymond . Une adresse multi signature va être mise en place pour donner plus de garantie aux donateurs. Nous communiquons très vite. https://t.co/t9cJ6Ak7ge
— Le Cercle du Coin (@AssoCDC) April 16, 2019

So far, the original Bitcoin address has received just 0.02760433 BTC from 11 donations. Most of this has now been transferred to the multi-signature address below, which is yet to receive a donation:
“3PxExW3bKza9SbYzdBLwvALbvX4yMDfLyX”
Controlling the muti-sig wallet is Raymond, L Cercle du Coin, and David Prinçay – another committed French Bitconer.
France Mourns as Cathedral Ashes Smoulder
The twelfth-century cathedral is an absolute symbol of France. It was one of the nation’s most famous landmarks. According to a BBC article, the blaze is now under control but firefighters continue to work at the scene. Meanwhile, recovery teams are trying to salvage what they can from the artwork inside the building.
In terms of structural damage, the cathedral’s spire and roof has collapsed. According to the BBC, more than 500 firefighters managed to save one of the building’s bell towers.
Today, the scene has been visited by thousands of Parisians who stood in silence as the firefighters tackled the inferno. Many wept for the loss of the iconic building that meant so much to the nation of France.
The precise cause of the fire is still unknown. However, the Paris prosecutor’s office is considering it a case of “accidental destruction by fire.” Some experts have opined that the fire may have been linked to recent renovation work on the building.
President Macron has praised the courage of those involved with putting the blaze out. The French premier also stated, “we’ll rebuild Notre-Dame together”, a message that those Bitcoin advocates behind today’s appeal have clearly taken to heart.
 
Related Reading: How Crypto is Beating Charity Fraud and Binance is Bringing Uganda’s Children to School
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Is the Bitcoin Rally Now in Jeopardy? Why Traders Are Aiming $4,600

The large upwards momentum that Bitcoin incurred over the past couple of weeks appears to have petered out as BTC has failed to advance past $5,400 since surging from lows of roughly $4,000 last month.
Despite the dwindling momentum, the rally that brought the enduring “Crypto Winter” to an end may not be over yet, as analysts believe that Bitcoin may be able to surge well into the $6,000 region in the near future as long as it is able to advance higher within the $5,000 region.
Bitcoin (BTC) Advances Past $5,200 
At the time of writing Bitcoin is trading up 2.4% at its current price of $5,220, up from its 24-hour lows of $5,030.
Early yesterday, Bitcoin incurred relatively large selling pressure that pushed its price from nearly $5,200 to nearly $5,000, which appeared to put Bitcoin’s position within the $5,000 region in jeopardy as the cryptocurrency’s bears garnered growing strength.
Despite this, BTC has held firmly above $5,000 – which has since turned into a level of support – and now appears to be forming a fresh trading range between $5,000 and $5,400.
The Cryptomist, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin’s current strength from a technical perspective, noting that she is closely watching the RSI for greater insight into where BTC is going next.
“$BTC The .236 on the fib was rejection as mentioned yesterday! The next step is for the candle to follow this break. Once this does, I am sure the RSI support that needs to break will. We then can explore if the bottom can be found,” she explained in a recent tweet.

$BTC
The .236 on the fib was rejection as mentioned yesterday! The next step is for the candle to follow this break.Once this does, I am sure the RSI support that needs to break will. We then can explore if the bottom can be found pic.twitter.com/fHG3bSFb6x
— The Cryptomist (@TheCryptomist) April 16, 2019

Analysts Waiting for BTC to Pullback Towards $4,600 Before Entering New Positions
Because the recent slowdown of the crypto market’s upwards surge has left many investors and analysts keen on discovering where the markets are heading next, many analysts are advocating for investors to slow down and wait for a further pullback before entering fresh long positions.
Luke Martin, another popular cryptocurrency analyst on Twitter, explained in a recent tweet that he sees the $4,600 to $4,800 region as an “attractive” level to enter fresh positions, but also noted that Bitcoin may be able to surge past $6,000 if it can move into the mid-$5,000 region in the near-future.
“After an exciting start to April for $BTC, price has stalled right around 5k. If price can close above 5600 I would expect 6k to be reached quickly. I believe the pullback area of 4600-4800 is a more attractive buy than the current level. Move slow. Wait for your play,” he explained.

After an exciting start to April for $BTC, price has stalled right around 5k.
– If price can close above 5600 I would expect 6k to be reached quickly– I believe the pullback area of 4600-4800 is a more attractive buy than the current level
Move slow. Wait for your play. pic.twitter.com/GaymZU2FRf
— Luke Martin (@VentureCoinist) April 16, 2019

As the week continues on and as Bitcoin further establishes fresh trading ranges, investors will discover whether or not the recent upwards surge is simply a temporary occurrence, or if it is a lasting movement that will help lead Bitcoin to surge significantly higher in the near-future.
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Crypto Market Surges Again: Bitcoin and Other Assets Having Another Green Day

Bitcoin and most of crypto is surging once again. The entire market capitalisation for all digital assets has risen from a daily low of $171.33 billion to over $176.5 billion at the time of writing.
Whilst this week has certainly been a dramatic one in terms of news events, there is nothing immediately apparent that has driven this latest bout of investor optimism. Almost every digital asset is up over the last 24-hours, with a couple of notable exceptions.
Bitcoin and Leading Cryptos Post Gains Almost Across the Board
Bitcoin and other digital assets are having another good day following a brief lull in recent upwards momentum. As recently as midnight last night, the leading digital asset by market capitalisation was hovering just above the $5,000 price point. Since then, the Bitcoin price has made a dramatic move upwards to its price at the time of writing of $5,225.
Other crypto assets have fared similarly. The second largest digital asset by market capitalisation, the native currency on the Ethereum blockchain, has posted larger percentage gains over the last 24 hours. It traded at close to $162 as April 16 began. It has since surged to almost $170.
In fact, the only cryptos in the top twenty by market cap to not post gains of at least one percent over the last day were XRP, USDT (Tether), and Bitcoin SV. Meanwhile, some performed even better than Bitcoin and Ethereum. The likes of Tezos (XTZ), and Monero (XMR) have seen the size of their markets expand by 5.68 and 4.69 percent respectively.
The continued upwards momentum lends support to those crypto proponents that have been saying Bitcoin has finally bottomed after the crypto bear market of 2018. However, many are still calling for the price to retrace back to somewhere in the $4,000 to $5,000.
BCHSV: The Elephant in the Room
On an almost universally green day, there is one cryptocurrency that stands out as having a much rougher time than the rest of the market. That is of course the side of last November’s Bitcoin Cash hard fork that is championed by Australian computer scientist Craig Wright and online gambling entrepreneur Calvin Ayre.
Tweets by PeterMcCormack
Bitcoin Satoshi’s Vision (BCHSV) has taken an absolute battering in the markets since a Binance-led mutiny of the crypto by leading exchanges. Wright has reportedly been sending letters of legal action to individuals who have claimed him to be lying about creating Bitcoin. This behaviour has angered much of the wider crypto community including some exchange executives:

Do the right thing. https://t.co/z7HGsAZnmR
— CZ Binance (@cz_binance) April 15, 2019

Banding together, several exchanges have decided to stop supporting Bitcoin SV in a move that has divided opinion in the space. The majority think that the delisting is a positive development since it may help to destroy Bitcoin SV once and for all, something that those of the opinion that Wright is lying about being Satoshi are keen to see. Meanwhile, others have highlighted how it shows the power centralised exchanges have over a crypto’s prospects for mass adoption. Finally, some find it odd that Binance and other exchanges have chosen to delist Bitcoin SV and not a load of other assets that they feel are equally suspect.
Since the exchanges have announced that they will no longer support Bitcoin SV, the price has taken an absolute nose dive. Prior to the announcement by Binance, the unpopular Bitcoin fork was trading above $70 per coin. It has since plunged to just over $55. That’s a drop of over 21% in less than two days. According to Peter McCormack, more delistings are expected to follow:

So far the following have delisted BSV:– @binance – @ShapeShift_io – @blockchain – @SatoWallet – @phantasmachain– @Bittylicious_
More are coming…
— Peter McCormack (@PeterMcCormack) April 16, 2019

 
Related Reading: Why Did Japan’s SBI Just Delist Bitcoin Cash? Potential Factors
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Bitcoin Traders Eye $5,600 As BTC Suddenly Ticks Higher: Can The Rally Continue?

Over the past few hours, Bitcoin (BTC) and its altcoin brethren have begun to quietly rally. As of the time of writing, BTC is up 3.5% in the past 24 hours, finding itself trading for $5,240 apiece, according to data compiled by Coin Market Cap.
This move isn’t as notable as early-April’s 15% daily gain, which saw retail and institutional trading activity ignite as BTC rallied past two key resistance levels, $4,200 and $4,600. However, the recent influx of buying pressure comes after cryptocurrencies experienced a rapid 10% sell-off during the weekend, ensuring that bears don’t get a chance to follow through.
Related Reading: Bitcoin Beats a Retreat Below $5k, Has The Final Capitulation Started?
If Bitcoin Breaches $5,600, $6,000 May Be In Store
Per a recent chart from Credible Crypto, with Tuesday’s move, BTC is poised to soon break out of a triangle pattern, which has depressed the asset and slowed trading activity over recent days. If the upper bound of the triangle breaks as Credible expects, Bitcoin could rally past its year-to-date high at $5,500, moving to and beyond $5,600 as a local resistance level is broken.

Took a closer look at the $BTC chart after some of my followers mentioned the possibility of this being a triangle. I tend to agree after checking out the charts. This is perfect as it fits in with our Wave 4 count, and it would explain all the 3 legged waves we have been getting pic.twitter.com/eLBMg8vmKu
— Credible Crypto (@CredibleCrypto) April 16, 2019

While a move past notable $5,600 doesn’t seem notable, especially considering that Bitcoin’s monthly high is just $100 below that, analysts argue that a foray above the mid $5,000s will be monumental for bulls. In fact, as a popular trader, The Crypto Dog, depicted in a chart posted hours ago, not only would a rally to $5,600 break a flat top triangle, but it would put BTC in an area of low liquidity.
Any semblance of buying pressure seen in that region could catapult Bitcoin to $6,000. As the analyst writes: “$5,600 is the only thing standing between us and $6,000.”

Haven't been/don't follow $crypto Twitter too closely for $BTC analysis? This chart is a fair summary.$BTC $BTCUSD #Bitcoin $crypto pic.twitter.com/mD3ExNGWeZ
— The Crypto Dog (@TheCryptoDog) April 16, 2019

Charts Looking Bullish
Sure, $5,600 could be rejected, but a multitude of chartists are adamant that from a macro perspective, BTC is still looking hot. As trader B.Biddles remarked, Bitcoin’s one-week chart from August to now impeccably resembles a “bump-and-run reversal bottom” (BARR Bottom) shown in a notable technical analysis book.
If the BARR Bottom trend plays out as the textbook’s author, Thomas Bulkowski, explains, BTC will soon see an “uphill run” that will catapult cryptocurrencies into their next bull run.

$BTC. Literally a textbook BARR bottom. Hint: This means bears are fucked. pic.twitter.com/5ZUMGCXMIt
— B.Biddles (@thalamu_) April 14, 2019

Fundamental factors, too, are giving BTC and other digital assets a green light to head higher. As Cumberland, a crypto-friendly arm of DRW, noted on Twitter, as central banks have delayed interest rate hates, risk assets, like Bitcoin, have rallied. With institutions like the Federal Reserve and European Central Bank looking to continue this trend, this “risk-on” rally could easily continue.

Desk Update: Risk assets (along with $BTC) have rallied dramatically this year, as shown in the chart, while central banks delay interest rate hikes. pic.twitter.com/qyYAyMadn6
— Cumberland (@CumberlandSays) April 16, 2019

Should Declining Crypto Trading Activity Be A Worry?
Analysts are leaning bullish en-masse, but over recent trading sessions, the level of trading activity has begun to wane. In fact, the 24-hour volume registered by Coin Market Cap has fallen to $42 billion, which is nearly half that registered on April 3rd to 7th, the aftermath of April 2nd’s bullish breakout.
It is important to note that this data provider’s figures are widely deemed inflated, but Bitwise’s Bitcoin volume index, which takes only regulated exchanges into account, has accentuated that trading is on the decline.
Should this be a worry for bulls though?
In the eyes of some chartists, yes. But if we take Biddles’ analysis into account, declining volumes could indicate bullishness. Odd, huh. As the Bitcoin trader explains, “declining volume is bullish in this pattern (ascending triangle),” and signals that a rapid move higher is likely in BTC’s cards.

$BTC
Declining volume is bullish in this pattern, per Bulkowski.
"Volume is usually low just before the breakout." pic.twitter.com/UYF76dKJk8
— B.Biddles (@thalamu_) April 16, 2019

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