Bitcoin Defies Correction Calls, Where Will BTC Go Next?

Bitcoin’s epic weekend pump has continued into Monday as gains are holding. BTC is still above $9k but has hit resistance once again. Analysts and traders are looking for its next move and some are now eyeing altcoins for bigger gains.
Bitcoin surged through resistance yesterday to record a new 13 month high of just north of $9,300. The move resulted in 8 percent on the day for BTC has it pumped from around $8,600 to its highest price of 2019. A small pullback occurred but it retested this price a few hours later forming a double top on the day.
A larger pullback then took Bitcoin back down to $8,850 but it has since recovered again and is heading upwards during the morning’s Asian trading session. At the time of writing BTC was trading at $9,100, marginally higher than yesterday morning.
Daily volume has also pumped back up to $23 billion taking Bitcoin’s market capitalization to $162 billion, higher than that of the total crypto market back in March. Bitcoin market cap has not been this high since May 2018.
What is Next For Bitcoin?
Traders and analysts have been looking at the Ichimoku Cloud, which is a collection of technical indicators that show support and resistance levels, as well as momentum and trend direction. The weekly candle has opened inside the cloud which is bullish and could result in further upwards momentum;
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”

$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K… pic.twitter.com/UVDSMsa0bF
— Chonis Trading- (@BigChonis) June 17, 2019

Looking at next moves for BTC, the analyst added;
“one more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”
The 38.2% Fib level is pretty much were BTC reached during May last year when it started to fall from over $9k so this does form a natural resistance level. It is an obvious take profit zone so could well be tested again with a bounce to the low side.
Current chart patterns are mirroring those from previous market cycles which could also give indication as to where Bitcoin will go next. Trader ‘CryptoHamster’ pulled out a chart from the 2013 bull run which shows similarities with what is occurring now;

When you try to find similarities between the current price action of #bitcoin and what happened in history… (Don't really think that it will play out, but if it will, short-term bears will be super-happy, i guess.)$BTC $BTCUSD pic.twitter.com/ngeFtXhns4
— CryptoHamster (@CryptoHamsterIO) June 17, 2019

Many have been waiting for a correction back to $6k but this is looking more distant as the days go by and Bitcoin continues to make new 2019 highs. A big 30 percent plus dump from current levels will drop BTC back to $6,400 which, coincidentally, was the most traded price in 2018. But as we have seen, BTC has done the opposite several times this year, as predicted late last week the consolidation cracked with Bitcoin’s latest move.
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Crypto CEO: Launch of Facebook Libra Could Boost Bitcoin (BTC) Past $10,000

June 18th is nearing, and that means that Facebook’s crypto asset, expected to be nothing like Bitcoin (BTC), is on the verge of becoming full public knowledge.
For those who missed the memo, reports released by TechCrunch and other mainstream outlets revealed that the social media giant was planning on releasing a white paper for “Libra” or “Globalcoin”, as the project is known as, on the 18th.
Related Reading: Family Offices Pour Billions Into eSports, Can Crypto be Next?
With this, industry commentators have come out of the woodwork to express their thoughts on the subject matter. And interestingly, some are divided on whether the release of this cryptocurrency will be bullish or bearish for the industry. Most, however, are sure that Libra’s foray into the mainstream will be unequivocally positive for Bitcoin and its altcoin brethren.
Facebook’s Crypto to Boost Bitcoin Sky-High
According to a recent tweet from Jeremy Allaire, the chief executive of Circle, the launch of Libra (whitepaper) will be a “massive inflection point in [the] global adoption of cryptocurrency.” Infusing the space with a nice dose of FOMO, the prominent entrepreneur adds that by June 21st, he fully expects for Bitcoin to be valued at $10,000, “marking [the] start of Crypto Summer.”

Crypto market rallying (again) ahead of Libra launch, marking a massive inflection point in global adoption of cryptocurrency. BTC > $10k by June 21st, marking start of Crypto Summer.
— Jeremy Allaire (@jerallaire) June 15, 2019

While $10,000 may seem like just a nice round number, many see it as a key level to watch. According to Fundstrat Global Advisors, once Bitcoin reaches $10,000, “Level 10” FOMO will grace this market, which last occurred when BTC blipped above $4,500 in late-2017. If history is any guide, the cryptocurrency market will shoot even higher once $10,000 is breached. As Lee wrote on Twitter earlier this month, “[$10,000] will see FOMO from those who gloated about the 90% crash in BTC… and those who saw Bitcoin dead as forever.”
While Fundstrat has long had its eye on the $10,000 price point, its analysts never indicated a price target — until now anyway.
In a recent podcast with Binance’s chief financial officer, Wei Zhou, Lee explained that once $10,000 is breached, all hell will break loose for the cryptocurrency market. This corroborates the aforementioned analysis of this nascent market’s “FOMO levels”.
Per CCN, which reported on this first, the Wall Street analyst stated that once $10,000 is breached, there will be a “fast and furious” move to $20,000. And from there, Bitcoin will double in the next five months, reaching $40,000 in a jaw-dropping move.
Some Beg To Differ
There are some that rebut this cheery sentiment about Libra, however.
Peter Schiff, a prominent gold investor and libertarian-leaning economist, ventured that Facebook’s latest project will be “bad news” for Bitcoin.
Schiff, who has debated crypto pundits like Erik Voorhees and Barry Silbert previously, adds that Facebook will be targeting the unbanked in “nations with high inflation (Venezuela, for instance)”, thus threatening the biggest medium of potential BTC adoption.
The prominent cryptocurrency critic, who sides with the belief that BTC has no intrinsic value as is not better than hard gold, adds that Libra will likely be much stabler, cheaper, and more easy-to-use than Bitcoin.
Indeed, there are reports and individuals stating that the Facebook play will involve very low fees, fast transfer times, and a level of stability not seen with Bitcoin, in that this new cryptocurrency will be pegged to a basket of traditional currencies and maybe other ‘stable’ assets.
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Multi-Billion Dollar Crypto Firm: Bitcoin Finding Use as Hedge for Global Crisis

Throughout its short history, Bitcoin (BTC) has been seen as anything but centralized, sovereign, and censorable. The crypto asset was created by a pseudonymous individual, is secured by a global group of miners, and is backed by no government, traditional finance system, or common entity.
And as a result, many have looked to Bitcoin and its brethren — other digital assets — as a much-needed escape hatch from fiat and government overreach. Indeed, BTC was released in the wake (and seemingly as a result) of the 2008 Great Depression, and many that have since flocked to the cryptocurrency are staunch anti-establishment proponents.
Related Reading: Bitcoin (BTC) Soars Past $9,300 in Massive Weekend Pump: Bulls on Parade
Some, however, have denied this key narrative. Cynics of the theory remark that BTC is too nascent to be used as a proper store of value, citing the periods of volatility, especially the downturns, as a perfect case in point. Regardless, a massive cryptocurrency firm recently laid out why these naysayers may be wrong in their postulation.
Bitcoin as a Macroeconomic Hedge
Grayscale’s industry-famous research department recently released a report titled “Hedging Global Liquidity Risk with Bitcoin”. In it, the firm explained how the leading cryptocurrency is becoming used as a hedge in financial crises and periods of geopolitical turmoil.

More specifically, the crypto investment firm looked into how the asset can be used during bouts in which there is high “liquidity risk”, the “risk of a real decline in wealth resulting from an imbalance in the amount of money and credit relative to debt in a given economy.”
To back this point, Grayscale looks to three primary facets of Bitcoin’s existence: store of value, spending viability, and growth possibility.
Firstly, as the company has characteristics, BTC can act (and has acted) better as a store of value than gold. Unlike the metal, the crypto is mathematically scarce, capped at 21 million units; BTC is decentralized and verifiable through the Internet; BTC is portable and divisible through digital technologies, and is unconfiscatable.
Gold, on the other hand, has an unlimited supply, centralization risks, an inability to be easily divided and moved around, and concerns around its purity. The chart below from Grayscale sums this argument up fairly well.

Secondly, Grayscale purports that due to having similar properties to physical cash, Bitcoin will retain a solid value proposition amid a liquidity crisis. They look to recent adoption by Whole Foods, AT&T, Overstock.com, Microsoft, Expedia, PayPal, and Dell to corroborate their claim.
Thirdly, they remark that the potential that blockchain technologies have to grow and create value will only stimulate demand further, which should mitigate most, if not all negative effects of any downturn in global markets.
So, are these characteristics helping Bitcoin hold true in the current geopolitical stage? Well, yes, and it already has been for a while.
Grayscale looks to the fact that during Grexit (Greece’s debt-fueled financial crisis in 2015), China’s market collapse in 2015 and 2016, Brexit, a short period of growth worries for the U.S., and the recent trade war debacle, Bitcoin has done rather well for itself.
In fact, some have argued that the recent political tussle between China and the U.S. is what has contributed greatly to the recent rally in the Bitcoin price, with some arguing that Chinese traders and others in Asia have fled to Bitcoin from traditional stocks to deter most downside risk. They write:
“While it is still very early in Bitcoin’s life cycle as an investable asset, we have identified evidence supporting the notion that it can serve as a hedge in a global liquidity crisis, particularly those that result in subsequent currency devaluations.”
Indeed, this strength is why many love Bitcoin. In fact, Delphi Digital, a New York-based crypto research group, recently pointed out that BTC is absolutely lapping every other asset class, even the more risky, high-return blue chips and the venture-backed Silicon Valley darlings that have begun to trade on public markets.
At the time of their analysis (end of May), Bitcoin was up over 120% year to date, while crude oil and the Nasdaq 100 index were up a mere 18% and 13%, respectively. It’s an even scarier sight for tried and true assets, like gold, foreign currencies, and government bonds, which are up less than 5% so far. This led the firm to the conclusion that BTC could be the  “King of the Asset Class Hill”.
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EOS rises by over 6%; Ripple’s XRP and Ethereum follow suit prompted by Bitcoin’s rally

Bitcoin, the largest cryptocurrency by market cap breached the $9,000-mark anchoring another market spin towards the bulls. The collective market cap stood at $285 billion, at press time.
EOS:
Since the onset of 2019, Block.one, the parent firm of EOS had rolled out several significant technological upgrades on its EOS blockchain. Even as the price movement was underwhelming for the most part of the year, the sixth largest digital asset by market cap, EOS gained strong market support. At press time, EOS climbed by 6.11% and stood at a price of $7.13 with a market cap of $6.5 billion. The trading volume recorded for the past 24 hours was $2.55 billion.
Source: TradingView
Ethereum:
With the much-anticipated Ethereum 2.0 blockchain rollout, the second largest cryptocurrency, on CoinMarketCap, garnered gained bullish momentum against the US Dollar. At press time, ETH rose by 3.67% over the past 24 hours and was priced at $275.1. The digital asset registered a market cap of $29.3 billion and a 24-hour trading volume $8.49 billion. Additionally, 4.2% of the trading volume was recorded at ZBG via the trading pair ETH/USDT.
Source: TradingView
Ripple:
Ripple’s focus has always been disrupting cross-border payment space following which the Brad Garlinghouse-led firm introduced new technologies, features, and network updates. Its native token, XRP, significantly leveraged from the recent developments as well as the market recovery steered by BTC.
At press time, the third largest digital coin was valued at $0.42 after posting 3.41% gains in the past 24-hours. XRP held a market cap of $17.92 billion and registered a 24-hour trading volume of $1.5 billion. 4.4% of XRP was being traded at ZBG via XRP/USDT.
Source: TradingView
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Source: AMB Crypto

Bitcoin (BTC) Soars Past $9,300 in Massive Weekend Pump: Bulls on Parade

And just like that, Bitcoin (BTC) is right back above $9,000. The past 72 hours have been absolutely stellar for the crypto market, as it saw all digital assets gain notably across the board. BTC, most notably, moved from the low-$8,000s, where analysts expected heavy resistance, to $9,300 where it stands right now.
Related Reading: If History Rhymes, Bitcoin May Be Trading Around $12,000 By the End of July
With this, the bullish cries of traders all across the industry have returned, despite the fact that they were calling for a massive pullback just weeks earlier. But, what exactly are they commentators saying? And more importantly, where does Bitcoin and the asset’s ilk head next?

Bitcoin Rips Past $9,000 
Earlier this week, Fundstrat Global Advisors’ Rob Sluymer remarked that Bitcoin could find resistance in the $8,800 to $9,000 range. Indeed, during the rally in late-May, BTC stumbled to surmount that range, perpetually scaling back after temporarily tapping prices above $9,000.
But, on Sunday morning, this trend was denied. Hard.
Almost as if $9,000 was nothing but a sheet of soggy parchment paper, Bitcoin broke past it, leaving no shorts unliquidated. Let’s take a closer look at what exactly traders are saying on the Twitterverse.
Related Reading: Crypto Tidbits: Bakkt’s Bitcoin Futures Near, Facebook’s Libra Backed by Uber, Binance to Block US Clients
Analyst Credible Crypto remarked that while last week’s candle was very bearish, the rapid bullish retracement is a sign that buyers are ones in control of the market rather than sellers. Credible adds that while the candle has yet to close, it seems as though BTC’s next stop would be in the high-$9,000s and low-$10,000s, which is where the next line of heavy resistance lies.
$10,000 is where BTC topped in last years’ bear market rallies, and where the asset found heavy resistance on its way up during the legendary 2017 boom.

Although last week's candle was very bearish, this weeks candle retraced the entire thing which is incredibly bullish. Official close is tomorrow, but thus far just looks like a retest of the monthly breakout level. Now targeting the resistance in the red region above us. $BTC pic.twitter.com/kHcX1ZRwPM
— Credible Crypto (@CredibleCrypto) June 16, 2019

Others are sure that BTC may continue higher. They look to the speed of the recent retracement, coupled with the fact that the impending closure of Binance.com for United States traders will likely cause a further capital flight from altcoins to Bitcoin.
Anyhow, regardless of what happens in the coming days, most are coming to the conclusion that a retracement is now not on the table, in spite of what was said just days and weeks prior. For those who missed the memo, many were expecting for a massive 30% retracement to the $6,000 range after a number of technical signals flashed bearish last week.
Now, however, the bulls are on parade. Trader Nunya Bizniz, known for his accurate noticings about historical market patterns, recently noted that if the weekly Bitcoin candle closes above $8,800 or so, BTC’s weekly chart would have printed a pattern that preceded massive multi-week upswings.
But few know exactly how that will play out at the moment.

BTC Weekly. This chart is premature but shows the 3 prior instances where price structure was similar to present. A large bearish (engulfing) candle, followed by a reversal and large bullish (engulfing) candle. Rally and new yearly highs ahead? pic.twitter.com/nsgzmhEn53
— Nunya Bizniz (@Pladizow) June 15, 2019

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Binance Coin declines by 9.8% following news of geo-blocking US residents from its platform

Binance, one of the world’s largest cryptocurrency exchange, has undergone revamps on its platform which has significantly contributed to the valuation of its native token, BNB. The digital coin surpassed the market cap of $5 billion in a recent report. However, the glory was short-lived as the exchange dropped two bombs within 24 hours.
The Malta-based platform announced geo-blocking the US residents from the Bitcoin Global platform and also disclosed upcoming exchange, dubbed, Binance.US rollout in collaboration with BAM trading. Changpeng Zhao aka CZ, the CEO revealed the exchange would substantially provide “security, speed, and liquidity of Binance.com” to users in North America.
The revised agreement that restricted the US residents to trade on the Binance Global platform may have triggered a decline in the price of the exchange’s in-house token, Binance Coin [BNB]. At press time, BNB depreciated by 9.80%, over the last 24-hours, holding a valuation of $31.56, on CoinMarketCap. The digital asset recorded a market cap of $4.40 billion and a trading volume of $747 million over the past 24-hours.
Additionally, BNB recorded a significant 22.8% trading at Binance via the pair BNB/USDT and 21.4% via BNB/BTC.
Source: TradingView
BNB had gained traction following the market recovery along with its peer altcoins. Bulls drove Binance coin’s price above $30 on the latter part of May which was propelled by the massive Bitcoin rally. The digital coin was performing fairly well despite a few minor lows. BNB continued to exhibit upward movement but was halted by the announcement.
The US makes up a significant amount of traffic of nearly 14% on Binance’s platform. Geo-blocking the country would not be prudent for the world’s leading exchange. As the development unfolded, many analysts have speculated that the reason behind the coincident of the two announcements is that the user base on the Binance’s platform is likely to be moved to the new Binance.US even as its launch date is not revealed yet.
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Source: AMB Crypto

Multiple Scenarios For Bitcoin Price; Where Will BTC Go Next?

Price action is not linear so any movements in either direction will come in stages. Bitcoin’s two day slide of over a thousand dollars may not be over yet, but at the moment BTC appears to be taking a breather.
Bitcoin Scenarios
A number of scenarios could be on the cards for Bitcoin’s next move. Over the past 24 hours it has fallen from $8,000 to an intraday low just above $7,500 before starting to move back upwards again. The weekly picture is not so pretty as BTC is down 8.5 percent from its price levels this time last Wednesday.
Zooming out to the monthly view looks much more bullish with a 36 percent gain over the past 30 days. So where to next for Bitcoin? Traders and analysts have been doing the charts again and one of the more popular, Josh Rager, has suggested that there could be a short term bullish scenario;
“If Bitcoin wants to give short term relief, it can likely push up to retest prior resistance and mid-line of the channel before another move lower. You have to map out multiple scenarios and be ready for each (bullish and bearish),”

$BTC – Short term bullish scenario
If Bitcoin wants to give short term relief, it can likely push up to retest prior resistance and mid-line of the channel before another move lower
You have to map out multiple scenarios and be ready for each (bullish and bearish) pic.twitter.com/3D1StPLW63
— Josh Rager (@Josh_Rager) June 4, 2019

This move would take BTC back to support turned resistance at just below $8k. This appears to be what is panning out during the morning’s Asian trading session which has seen Bitcoin push back to $7,900 over the past few hours.
He added that it could also be bouncing off support making lower highs and a descending triangle which could lead to a drop below $7,600 again soon;
“$BTC might be playing a bouncing ball game at support. Lower highs near support will give you fair warning before a likely break below $7600s,”

$BTC….. might be playing a bouncing ball game at support
Lower highs near support will give you fair warning before a likely break below $7600s pic.twitter.com/5x5RxKFH2M
— Josh Rager (@Josh_Rager) June 4, 2019

When asked about an uber bearish scenario and a possible dump below December’s low of $3,200 he was confident that $5,500 would be the lowest it will go this time around.
Buy The Dip
The message coming from experienced traders is that corrections are natural and buying the dip is a good way forward. Many longer term technical signals have turned bullish indicating that this bull run is real. That is not to say that Bitcoin will not collapse below $5k again, just that the scenario is very unlikely looking at its current position.
Full time trader going by the twitter handle ‘The Crypto Dog’ pointed out “There is no doubt that $crypto is now experiencing a correction in a bull market, not the end of a relief bounce in a bear market.”
So far the correction for Bitcoin has been around 12 percent which is a long way off the 30 percent that it corrected by eight times during the last major uptrend. There could be more pain before the gain for BTC.
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Bitcoin Plunges Under $8,000 In Expected Pullback, Bulls are Showing Exhaustion

At long last, Bitcoin (BTC) has slipped. In a move uncharacteristic of the past six weeks, the cryptocurrency has lost some 10% in the past 72 hours, falling from $8,700 to $7,900. This $800 move lower is the most prominent bears have been since last month’s $8,000 to $9,100 trading range.
Per previous reports from NewsBTC, this sudden collapse was to be expected. Bitcoin’s weekly candle closed as an Evening Star Doji (skinny body, long wicks), signifying the end of a trend. Moreover, the last week saw declining volumes, just as a number of trend indicators signaled that a local top was in.
Related Reading: 15 Crypto Community Members Targeted As SIM-Port Hack Trend Spikes
Now that the selling pressure has subsided for the time being, with the cryptocurrency market stabilizing around Monday’s close, let’s take a look at where BTC could head next and if the bulls still have a hand on the wheel.
Bears Roar As Bitcoin Falls Under $8,000
After six weeks of continual buying pressure, which brought BTC from $5,000 to $9,100 — a move of over 80% — Bitcoin bulls are starting to show signs of exhaustion. As pointed out by analyst Nick Cote, BTC’s three-day chart is showing that bears are almost in control.
More specifically, if the current three-day candle (which closes on Wednesday) closes red, Bitcoin would have just printed a “Three Black Crows” candlestick pattern. For those unaware, this pattern is seen as “confirmation of a reversal”. Investopedia describes the pattern as follows: “The three black crows pattern occurs when bears overtake the bulls during three consecutive trading sessions.”

This 3D close is going to big one.
Near term supports to me look like $7,400 / $7,200 / $6,400 / 2018 god tier support#bitcoin
Bounce target for intraday = $8,300 pic.twitter.com/75tReEFVM7
— Nick Cote (@mBTCPizpie) June 4, 2019

With the proverbial ball clearly being in the court of the bears, this formation could easily be seen, marking a win for short sellers. This isn’t the only sign that bears are in control. Trader Throwaway recently noted that Bitcoin’s Money Flow Index (MFI), an oscillator indicator that determines market trends, recently hit 100 (the top of the oscillator) on the one-week chart.
This is purportedly the first time that this indicator, which can also be used to identify overbought or oversold market conditions, has hit 100 for Bitcoin, hinting that there isn’t much upside room for BTC. Indeed, the last eight-odd times that the MFI on Bitcoin’s one-week chart crossed above 85, drawdowns of 25% to 88% were seen in the coming months.
Although there’s a low likelihood that the cryptocurrency market could sustain another 80%+ collapse, the MFI reading isn’t the most promising sign.

With tonight's weekly close, $BTC's MFI has hit 100 for the first time in history.
MFI, aka the volume-weighted RSI, is a technical oscillator that uses price and volume for identifying overbought or oversold conditions in an asset.
Is this really where you want to open a long? pic.twitter.com/7TEVAID7a5
— throwaway (@hithrowaway) June 3, 2019

As to where Bitcoin could head in the immediate future, analysts have done their best to postulate. Most are currently looking to the mid-$7,000s, specifically $7,300, as that is where BTC traded around after May’s flash crash on Bitstamp. Historical resistances often become future supports.
Bulls Steady The Ship
Despite the harrowing cries of the bears, bulls have been putting up a fight to their credit. Analyst LomaCrypto notes that BTC has yet to close a daily candle under its 21-day exponential moving average, which sits around $7,900.
This key moving average, as seen below, has supported Bitcoin throughout the past three or four months, acting as an overarching level of support. The fact that BTC continues to hold above that level is somewhat reassuring.

21 EMA v. Bitcoin
CT Heavyweight Belt on the line. pic.twitter.com/tGc9asyWx2
— Loma (@LomaCrypto) June 4, 2019

And as Josh Rager notes, bulls are likely to get some short-term reprieve. He explains that due to the sheer amount of selling pressure seen on Monday night, he believes that the price will have some short-term relief that can “last hours or days”. If BTC manages to close above $8,200, thereby negating the recent bearish candle, bulls may be able to take control once again.

$BTC
People have asked if that was short term sell off and the price is heading back up
Due to the amount of volume, it's more likely price has short term relief that can last hours or days before another push down to retest support
Price action isn't a straight line pic.twitter.com/FiTSsNO7SF
— Josh Rager (@Josh_Rager) June 4, 2019

BTC Still In Long-Term Uptrend
It is important to note that until hell arrives on Earth, or arrives at the crypto market rather, Bitcoin remains in a long-term bull trend. According to Level’s Josh Rager, the one-week Super Guppy, an indicator that singles out trends, has flipped from red to grey for Bitcoin after the three-day iteration of the signal turned green. With Guppys being a lagging indicator, Rager notes that this recent technical occurrence is a “strong confirmation” of a longer-term bull trend.

$BTC – 1 Week Super Guppy
After looking at the 3 Day Guppy chart, we confirmed a bull trend as it flipped green
Now we see the 1 week flip from red to grey signaling end of bear market after the price pushed 7k
Guppy is a lagging indicator but makes for strong confirmation IMO pic.twitter.com/VKFUk74CbM
— Josh Rager (@Josh_Rager) June 3, 2019

What’s more, Bitcoin recently closed its fourth consecutive weekly candle above its 50-week moving average, a series of events that have never failed to mark a bull run in the past.
So, despite the fact that BTC may see some downward price action in the short-term, by the end of the year or by the halving, Bitcoin should be greenlit for takeoff to the fabled moon.
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Bitcoin Slips To $8,100: BTC Needs To Hold $8,200 For Bulls To Maintain Momentum

At long last, Bitcoin (BTC) has begun to slip after trending in the mid-$8,000s for days on end. In a move expected by a number of analysts, BTC has dropped to $8,100 on most major crypto exchanges.
In the past 24 hours (according to Coin Market Cap), the cryptocurrency is down 5.80%, as a number of altcoins, save for Bitcoin Satoshi’s Vision, Cosmos’s ATOM, Crypto.com, have posted similar or worse losses. Despite the rapid spike lower though, there’s purportedly still hope for bulls, barring that a specific level can be held in the coming minutes.

Bitcoin Needs to Reclaim $8,200
According to most analysts, Bitcoin needs to reclaim the key $8,200 price level in the coming hours, as that is where BTC topped out multiple times last month. Per a recent tweet from analyst Josh Rager, bulls need to reclaim $8,203 to close the daily candle, or else “continual downward price action [to] the high $7,000s” could be seen in the coming days.

$BTC Bulls need to push back and close above $8203
This is a nasty candle on the daily chart
Closing below $8200 will likely lead to continual downward price action in the high $7ks for now pic.twitter.com/AE9zAgzoZK
— Josh Rager (@Josh_Rager) June 3, 2019

Indeed, as others have explained earlier on Monday, $8,200 has acted as a key resistance not only during Bitcoin’s recent swing higher but during mid-2018, which was when the cryptocurrency tried to break from the vise of bears.
If $8,200 is not held, however, analysts expect crypto’s short-term prospects to get messy real quick. Per previous reports from NewsBTC, Josh Olszewciz of Brave New Coin postulated that when the pullback arrives, it will be serious and harsh. He recently noted that Bitcoin is currently trading in a rising wedge pattern, which, if not broken above, can act as a catalyst for a bearish trend reversal.
What’s more, Olszewciz points out that there have been bearish divergences between Bitcoin’s price, and the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). In other words, as BTC has moved higher over the past two weeks, these indicators have trended lower.
No matter where Bitcoin heads in the coming weeks, the crypto market is still decidedly in a bull trend. Rager recently claimed that the Super Guppy, an indicator that singles out overarching trends, has flipped from red to grey on Bitcoin’s one-week chart, just as the same technical signal flipped from grey to green on Bitcoin’s three-day chart.
This occurred when BTC pushed past $7,000 just weeks ago. While the one-week Super Guppy isn’t green yet, signaling a clear uptrend, Rager notes that Guppys are “lagging indicator”, meaning that the change from red to interim grey makes for a “strong confirmation” of a bull trend.
Featured Image from Shutterstock. Charts Courtesy of TradingView.com
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Bitcoin Dumps 11 Percent in Hours, Has the Big BTC Pullback Started?

The latest crypto market movements have not been unexpected. The moment Bitcoin hit $9k it instantly recoiled like a reaction from a bee sting. The following candles were big red ones sending BTC down a thousand dollars in a couple of hours. Has the big correction finally begun?
Bitcoin Dumps 11% in a Couple of Hours
For the best part of yesterday Bitcoin hovered just above $8,700. One big spike a few hours ago sent BTC up to a new high for the year at $9,100 according to charts from Tradingview. It did not stay there long though and the reaction was swift and heavy with the following hourly candle dumping $500 back to $8,600.
BTC price 1HR candles – Tradingview.com
From there BTC declined even further as fears of the big pullback started to set in. The low point came six hours later when Bitcoin touched $8,000 again. Again it did not stay there long and instantly bounced off the support level back to $8,250 where it has currently settled.
Crypto trader Josh Rager had already predicted that any pullback would occur before Bitcoin reached its next resistance zone which was in the mid $9,000s.
“$BTC pullback came before the level everyone was expecting. Please read retweets from the last couple days. Majority have been front run all year and this is another case. Could still bounce from low $8ks to $9k+ but would like to see a daily close above $8200. Bulls stepping in,”

$BTC pullback came before the level everyone was expecting
Please read retweets from the last couple days
Majority have been front run all year and this is another case
Could still bounce from low $8ks to $9k+ but would like to see a daily close above $8200
Bulls stepping in pic.twitter.com/dDrhe6Mudc
— Josh Rager (@Josh_Rager) May 30, 2019

This appears to be what is currently happening as Bitcoin starts to consolidate just above $8,200 during Asian trading today. In a subsequent tweet, Rager adds that the move could be a prelude to a larger drop. He has been quite accurate so far.

$BTC – it's not perfect but looks like distribution to me
The fake-out over resistance before dump – classic pic.twitter.com/mGsxJYwhgN
— Josh Rager (@Josh_Rager) May 31, 2019

Altcoins Hammered Again
As usual the altcoins have been hit harder by Bitcoin’s big movement. Total crypto market capitalization has been smashed by $20 billion as it slides back to $260 billion from yesterday’s ten month high. Volume has surged to over $100 billion indicating that bigger things are about to happen.
A sea of red has enveloped the top fifteen crypto assets this Friday and some a dropping double digits. Ethereum has plunged over 8 percent as it slides back towards $250, EOS and Litecoin are not far behind. The biggest loss, as expected, is Bitcoin SV which has been smashed 20 percent following its fake news induced pump yesterday.
Day trading aside, most are in agreement that the next big upswing has already started and these corrections are just natural components of the ebb and flow of markets. If this is the start of the big 30 percent pullback then Bitcoin will return to $6k and total market cap will back below $200 billion. The uptrend will still be intact and accumulation will start leading to the next run up.
Image from Shutterstock
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Bitcoin [BTC] can enjoy its largest monthly green candle since November 2013 if uptrend continues

The last two months saw a bullish atmosphere for Bitcoin [BTC] and the rest of the cryptocurrency market, with most coins surging in value and market cap.
As Bitcoin hovers near the $9000 mark, many proponents in the field have supported claims that the world’s largest cryptocurrency might finally be out of its prolonged bearish trudge. Recent analysis suggests that BTC’s growth has been so significant that if the cryptocurrency closes May at a price over $8975, it will have recorded the largest monthly green candles since November 2013.
In November 2013, Bitcoin rose from $203.9 to close at $1156 on November 30, a spike that laid the foundation for Bitcoin’s massive spike towards the $20,000 mark. At the same time, Bitcoin’s market cap went up from $2.460 billion to $13.62 billion, which was more than a 500 percent increase.
Analyzing May 2019, one can see that the cryptocurrency started at $5350.91 on May 1 to close at $8755.85 on May 29. At the time of writing, Bitcoin was trading at $8732.07 with a total market cap of $154.828 billion. Crossing the $150 billion mark in terms of market cap was also considered as a big achievement for the ‘king coin.’ Bitcoin reached this mark this week after prices pumped by 11 percent, causing the price to rise from $7995 to $8939 in a matter of 7 hours.
Bitcoin also received another positive news recently after it was announced that the coin, along with Ethereum and BCH, can now be used to pay bills in Australia. Jess Renden, Operations Manager at Cointree said,
“Using cryptocurrency to pay bills is a feature that our users have requested for some time. Our members were looking for an easy and safe way to use cryptocurrency because they recognize the enormous utility for both personal and business transactions.”
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Source: AMB Crypto

Another Pullback Paused as Bitcoin Bounces Back Towards $8k

For the second time in as many weeks the Bitcoin pullback that was expected has not materialized. BTC found support above $7,800 and its slide has been halted … for now.
Bitcoin Bounces Back
Yesterday NewsBTC reported that the correction had started and there was a strong possibility of Bitcoin dropping all the way down into the low $6,000s. After failing to break resistance at $8,300, following several attempts, BTC started a move downwards that looked pretty convincing. It reached an intraday low of just over $7,500 before turning around and marching back upwards. Crypto markets dumped around $15 billion as a result.
Since then BTC has recovered over 5 percent to climb back over $7,900 where it has been for the past few days. Clearly there will be another test of resistance over $8,000 again. Crypto trader ‘CryptoFibonacci’ has been looking at the charts and has found a few areas of support and resistance which line up with exponential moving averages;
“$BTC Daily Chart. Hugging the 10 ema, with support from the 20 ema hanging just under. If that 20 breaks, a retest of the flash crash low should happen. Still bullish the longer it hangs in this area as it builds a new base to move off.”

$BTC Daily Chart.
Hugging the 10 ema, with support from the 20 ema hanging just under. If that 20 breaks, a retest of the flash crash low should happen. Still bullish the longer it hangs in this area as it builds a new base to move off.#BTC pic.twitter.com/svGwkIP8k3
— CryptoFibonacci (@CryptoFib) May 24, 2019

Longer term moving averages such as the 50 and 200 day are used to predict longer term trends but these short ones can provide a good indication of support and resistance on a daily basis. On the one hour chart Bitcoin is posting lower highs as it tries repeatedly to break resistance;

$BTC – Trying for a fifth time to break through this flag resistance on the #bitcoin 1hr chart… pic.twitter.com/rspEsDUUfP
— Chonis Trading- (@BigChonis) May 23, 2019

It does appear to have settled back in the channel and may well remain there for a few more days. Trader Josh Rager has previously commented on the 30% corrections that Bitcoin has gone through several times in the past. This year has yet to see one of that magnitude but it is still to be expected. From current prices a 30% pullback will send BTC back to $5,500. Rager added that these patterns provide a great opportunity to take profits from shorter term trading;
“$BTC: Reward of buying pullbacks. Previously examined how Bitcoin often experienced 30%+ pullbacks during last uptrend. But we didn’t discuss how buying these pullbacks can reap rewards. The average gain after a 30%+ pullback was over 153% profit before the next strong pullback,”

$BTC: Reward of buying pullbacks
Previously examined how Bitcoin often experienced 30%+ pullbacks during last uptrend
But we didn't discuss how buying these pullbacks can reap rewards
The average gain after a 30%+ pullback was over 153% profit before the next strong pullback pic.twitter.com/vy08Dx5XbU
— Josh Rager (@Josh_Rager) May 23, 2019

Many traders and investors are still waiting for this to occur as prices have been surging upwards without any significant retreat since early February. Last Friday’s flash crash knocked just 15 percent off Bitcoin’s price so a larger correction is still expected. At the time of writing Bitcoin had recovered from yesterday’s minor 5 percent pullback and was heading back to the $8k area once again.
Image from Shutterstock
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Bitcoin Pullback Begins, Will BTC Drop to $6,000 This Time?

The long awaited crypto correction appears to have initialized today. After hitting resistance twice and failing to break it, Bitcoin has plunged back below $8k now as markets tumble. Analysts have been scanning the charts looking for support zones, and there are quite a few of them.
Bitcoin Slides 4 Percent
BTC has spent the past three days trading sideways at just below $8,000. Since its meteoric rally it has hit resistance at $8,300 twice and pulled back sharply twice. A weekend dump to $7k was quickly recovered but this time the decline looks more ominous.
During the morning’s Asian trading session Bitcoin fell 4 percent to an intraday low of $7,620. Unlike the previous minor correction when BTC dropped like a stone, this appears to be a more gradual descent which may continue until it finds support.
Crypto trader ‘The Cryptomist’ has been looking at the charts and has forewarned about this drop;
“Forewarned this drop earlier, and secured most of this month’s profits. I expect us to drop further and test support upon 7.4k region. 1D Rsi still needs to drop. If this support breaks, 6.8k is next regional support,”

$Btc
Forewarned this drop earlier, and secured most of this months profits. I expect us to drop further and test support upon 7.4k region 1D Rsi still needs to dropIf this support breaks, 6.8k is next regional support
Trade safe loveys pic.twitter.com/zek3UQY6mi
— The Cryptomist (@TheCryptomist) May 22, 2019

Bitcoin is still a long way above the 50 day moving average which currently lies just below $6,000. However it is the first time in a long while that the 200 day MA has actually turned upwards which is a bullish sign for longer term trends.
If the correction continues many are eyeing the $6,400 level as major support and some have predicted a 30% retracement. This was the most traded price in 2018 so a return to it does not seem to be too farfetched. Long term trader ‘CryptoFibonacci’ has zoomed the chart out a little and agrees that this is the region BTC is likely to settle;
“Close below the 10 ema on this chart (different because futures did not open until 2017). The area circled would fill the gap, btw. And, it would tighten up the Bollinger Bands. See what happens over the next few days or next week.”

$BTC Daily Chart. (non Futures).
Close below the 10 ema on this chart (different because futures did not open until 2017). The area circled would fill the gap, btw. And, it would tighten up the Bollinger Bands. See what happens over the next few days or next week.#BTC pic.twitter.com/Z1x9aV3m5Q
— CryptoFibonacci (@CryptoFib) May 23, 2019

A fall to the $6k region will still maintain the uptrend and provide ample opportunity for further accumulation. Bitcoin is currently trading down 6 percent on the week since last Thursday was the day it hit the 2019 high of around $8,300 according to Tradingview.
Today’s dip has dropped total market capitalization below $240 billion and the altcoins are getting punished as usual. Biggest losses at the time of writing are XRP, Stellar, Cardano, Bitcoin SV and IOTA. They have yet to detach themselves from the moves of Bitcoin as the crypto market cycles rinses and repeats.
Image from Shutterstock
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Ethereum (ETH) Currently Overvalued, Correction May Be Inbound

Ethereum (ETH) up 37.9 percent, a retest of $200 likely
Barry Silbert of Digital Currency Group (DCG) is confident that prices will snap back to trend.

With supportive technical and fundamental factors, Barry Silbert is positive that asset prices will shake off sellers. Meanwhile, Ethereum (ETH) is stable and up 37.9 percent in the last week.
Ethereum Price Analysis
Fundamental
There is an element of resiliency in the ongoing correction. At the back of increasing awareness, an inclination towards data privacy and control, volatility and infrastructure development, today’s dip is markedly different from previous corrections.
Taking note is Barry Silbert, the founder, and CEO of Digital Currency Group (DCG), who told Bloomberg that fundamental and technical factors are supportive of price:
“Sentiment, the technicals look great. An 80 percent draw-down happened three or four times, and every time that’s happened [it hit] record highs. So as soon as you get the price going back up and animal instincts come back, [the market recovers].”
Adding that:
“But the difference between this increase in price and the bubble in 2017 is the infrastructure much different. You have custodians now. You have trading software, you have compliance software, and people are educated about the asset class, so this time is different.”
Candlestick Arrangements

What we have in the daily chart is a clear double bar bear reversal pattern. Even though prices are up 1.3 percent and 37.9 percent from last week and day, sellers have the upper hand. It is easy to see why.
First, note that May 16th and 17th bars did close above the upper BB (Bollinger Bands). From candlestick arrangement and BB rules, that is an over-extension that is usually followed by a correction — which is in progress.
Secondly, May 17th bear bar has high participation levels with sellers liquidating their positions triggering a fall. Bear momentum spilled over to today, and in confirmation, risk-off traders can begin unloading Ethereum (ETH) with targets at $190 in line with our last ETH/USD trade plan.
Apart from the two reasons, note that there is a lower low between May 11th and today’s close from BB analysis. If anything, that is bearish. On the other hand, any spike above May 16th highs will signal trend continuation, canceling out sellers.
Technical Indicators
Typical of ETH retracement and breakouts, it is likely that prices will drop back towards the 78.6 percent ($200) or April highs in a retest. Ideally, what would mark out sellers is a high volume—exceeding 537k — close below May 16th.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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After Institutions Drive Bitcoin To $8,000, Will Retail Investors FOMO in?

It isn’t a secret that Bitcoin (BTC) has absolutely surged over the past six weeks. In that time period, the crypto asset rallied from a key resistance at $4,200 to $8,100, where it resides now. While such a move was covered incessantly by mainstream media outlets, little evidence indicated that consumers, who were likely still reeling in shock from Bitcoin’s $20,000 to $3,150 plunge, were taking notice.
Related Reading: Crypto Analyst: Bitcoin Price Now Above Ideal Buying Zone, Shortest Duration Yet
As Chris Burniske, a partner at Placeholder, suggested in an extensive Twitter thread earlier this year, the mainstream “has almost entirely forgotten about crypto again.” Gone are the days that “Bitcoin” was a popular word at the dinner table, as mainstream media outlets, the CNBC “Fast Money” segment, in particular, have slowed their coverage to a near-halt. Burniske touched on this, noting that via “conversations with people from home,” the crypto boom is still tangible in their minds, but the subsequent bust wasn’t observed.
This had led some to ask — who drove the recent rally? And more importantly, when will common Joes and Jills finally dive into cryptocurrency and blockchain once again, if at all?
Institutions Drove Bitcoin To $8,000
Well, according to prominent researcher Alex Krüger, institutions, insiders, and what we call “whales” were behind this recent move, which brought BTC higher by $1,500 in the past week alone.
In a recent thread posted on Twitter, the analyst remarked that “large players” participating in “systematic buying” was what drove the cryptocurrency market. He looked to “volume, price action, funding, and futures basis and term structure” to come to his conclusion: the move was “not retail driven.”

What drove $BTC up this week?
A handful of large players, that started buying in waves. Systematic buying.
Clues to reach that conclusion can be found in volume, price action, funding, and futures basis and term structure. May expand on this later.
Not retail driven.
— Alex Krüger (@krugermacro) May 12, 2019

Data from the institutional-heavy Chicago Mercantile Exchange (CME) would confirm this. As reported by NewsBTC previously, the exchange’s Bitcoin futures vehicle saw 33,677 contracts traded on Monday, amounting to 168,385 paper BTC. This is absolutely staggering, especially considering that the last record, set in February, was a relatively mere 91,690 BTC.
In a similar fashion, the Digital Currency Group’s subsidiary Grayscale was revealed Monday to have seen its flagship product, its Bitcoin Trust, post $141 million in volume today on markets. This is a level not seen since early-2018, when the cryptocurrency market was filled to the brim with speculative interest and FOMO/hype. As Larry Cermak notes, much of this volume was likely sourced from institutional players, as only “qualified accredited investors can directly invest in GBTC with a minimum investment of $50,000.”
According to Krüger, this move was likely largely driven by those trying to “front run” a series of positive news events. These include but are not limited to Fidelity’s Bitcoin trade execution service, Bakkt’s crypto futures, TD Ameritrade and E*Trade getting into the cryptocurrency game, and retail chains across the U.S. indirectly accepting cryptocurrency payments.
Retail Begins To FOMO Into Crypto
So yes, last week’s move was likely caused by non-retail players. But, data suggests that this subset of the market is finally joining the fray after sidelining themselves for upwards of one year. Spotted Tuesday by CryptoRae, the terms “Coinbase” and “Blockchain”, likely in reference to the two popular Bitcoin wallets, have begun to trend on Apple’s App Store.
Although it isn’t clear what determines what is “trending” on the App Store, this is likely a sign that many casual investors are looking to store digital assets they already have or are looking to get.

Trending now: “Coinbase” and “Blockchain”. Not sure I’m ready for this. pic.twitter.com/mRGgcr8RWO
— rae (@cryptorae) May 14, 2019

Not only is FOMO materializing in downloads for key cryptocurrency applications but clicks to crypto-related sites too. According to Google Trends’ latest data, searches for “Bitcoin” in the U.S. have tripled over the past three weeks. Of course, volume for inquiries regarding the asset is still dramatically lower than during 2017’s peak, but the move is at least notable (seen below). A similar trend can be seen in data for other nations.

Now that retail investors are confirmed to be finally be showing interest in cryptocurrency again, the market could theoretically see a secondary rally, whereas normal investors late to the party continue to throw money at Bitcoin. But until TD Ameritrade and E*Trade launch their spot Bitcoin platforms, it is unlikely that massive retail flows are going to enter.
Related Reading: Altcoin Trader: Alt Bitcoin Bear Cycle Almost Over, 600% Gains During Bull Cycle Expected
Featured Image from Shutterstock
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