Early this week, analysts were expecting for Bitcoin to start to reverse lower. The cryptocurrency, after rallying for five weeks straight, was seemingly starting to top out, falling to $6,800 in a move that liquidated dozens of millions.
But just days later, BTC pumped higher, liquidating $70 million worth of short positions on BitMEX due to cascading stop losses. This move brought Bitcoin to $7,800 and convinced analysts across the board that more upside is imminent.
Bears, however, may win in the end, with a crypto analyst noting that the cryptocurrency has just registered a “perfect” sell setup on a medium-term chart, suggesting an imminent reversal to the downside.
Related Reading: Crypto Tidbits: Bitcoin Surges to $7,800, More U.S. Stimulus, Tether Erupts
Bitcoin Price Signal May Predict An Imminent Reversal
According to crypto trader “Moe,” the four-day chart of Bitcoin and Ethereum have just printed a harrowing sign as of April 26th: the Tom Demark Sequential — a time-based indicator that prints “9” candles near or at trend reversals — is forming a “9” candle on the current candle.
This means that should the two cryptocurrencies close anywhere around the low to high-$7,000s, a “9” candle will be confirmed on the current four-day candle for BTC and ETH.
Not only would this be a textbook sell signal, but a four-day “9” candle is also what predicted Bitcoin’s previous medium-term high in February at $1o,500. As Moe fittingly put it, it’s a “perfect sell setup.”
Adding to this, another crypto trader identified that there exists a massive confluence of resistance above Bitcoin’s current price. He specifically pointed to the $7,900-8,100 zone as “very interesting,” drawing attention to the cluster of key technical levels in this region, suggesting it is a place at which bulls are likely to struggle.
Key levels at that zone include but are not limited to: the 200-day exponential moving average and simple moving average, the 21-week exponential moving average, an order book resistance, the 61.8% Fibonacci Retracement, the top of a descending triangle, and the volume-weighted average price.
It’s a confluence that adds to the “perfect sell setup” Moe mentioned.
There is a Building Bullish Confluence Though
Bulls seem to have a rapidly building case for upside though.
For one, an analyst found that whenever Bitcoin posts six weekly candles of gains in a row as it is about to do, the candle that follows has been green 75% of the time. This would suggest that bulls still have momentum to take the cryptocurrency higher.
Furthermore, as reported by NewsBTC previously, Nunya Bizniz, a Bitcoin chartist, observed that BTC’s recent price action has printed a textbook “BARR bottom.” It’s the same formation that marked the bottom in late-2018.
Related Reading: No, Kim Jong Un’s “Vegetative State” Won’t Cause a Bitcoin Crash
Photo by Marc-Olivier Jodoin on Unsplash origin »
The once dominant Chinese market now appears to have little influence on bitcoin’s price with Asia’s trading hours seemingly becoming a bit quiet. On a day that had much activity...
After falling by over 8% from the local top at $8,460, Bitcoin (BTC) has started to mount a comeback over the past few hours. The cryptocurrency, since hitting prices just under $7,700 earlier today, is now trading around $8,100, seemingly trying to retake the key $8,000 support region, which has been of historical relevance.
It speaks for the unique irrationality and lingering immaturity of cryptocurrency markets that a year which followed a seemingly interminable death spiral and yet saw Bitcoin more than double its dollar value is not interpreted to be as bullish as it would be for any other asset.
Many noticed that Tether (USDT) seemed to gain some $500M to its market capitalization seemingly out of nowhere on CoinMarketCap yesterday. Bitcoin began to rise just hours after. The market capitalization of Tether (USDT) has been mostly stagnant since August of 2019.
Gold price seemed to react immediately to the lessened risk of tensions between the US and Iran today. Gold bullion has now dropped from its recent highest peak since 2013, as investors seemingly switch to more risky assets.
It is never easy to predict the movement of Bitcoin. Peter Schiff, who has seemingly set up a crusade against Bitcoin, has been making doomsday predictions which not only fail to come to fruition but appear to be a reliable counter indicator.
Despite a strong rebound in both price and sentiment, the Bitcoin market is grappling with the lowest real trade volumes seen since April last year, as reported by Forbes. Bitcoin posted a convincing bull rally Friday morning, seemingly ending a weeks-long consolidation that had taken BTC down to $6,900.
Over the past few weeks, Bitcoin (BTC) has been consolidating in the range around $7,000, seemingly stuck in between a rock and a hard place. Indeed, the cryptocurrency has many times bounced in the mid-$6,000s, where there is macro support, and has been rejected multiple times in the resistance band around the high-$7,000s.
In the seemingly endless dispute of investors about gold and Bitcoin, the financial agency Weiss Ratings takes the side of BTC, mentioning its advantages over gold
With bitcoin seemingly back to 'normal', we take a moment to look at historical adoption at the fringe and how it might apply to national cryptocurrencies.
It's CoinDesk's Markets Daily.
The past three days have been an absolute whirlwind for Bitcoin, with the price of the leading cryptocurrency whipping between $7,150, $6,400, and everywhere in between, seemingly without rhyme or reason.
Today’s tech company world is dominated by names like Amazon, Google, Facebook, Cisco, and a bevy of others who have seemingly, without much strife, cornered the market. However, some of these companies have faced an over 96 percent collapse in value in their time – but people still say Bitcoin is an unnecessary risk.
Bitcoin didn’t have the best second half of 2019, plunging from a year-to-date high of $14,000 in June to $7,400, where it sits as of the time of writing this. At its lows, the cryptocurrency fell as low as $6,600, languishing as BTC buyers failed to step in amid selling pressure seemingly catalyzed by Chinese.
As the year almost comes to a close, there could be some interesting Bitcoin action in the weeks ahead. If the network hashrate is any indication, that activity might not necessarily be positive.
While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.
The cryptocurrency space has seemingly revived in 2019. After a massive blood-letting through the course of 2018, the space has begun to regain a new life. The price of Bitcoin, for example, increased over 400% through the first half of the year.
Another week, another round of Crypto Tidbits. The past seven days were rather painful for Bitcoin (BTC), with the leading cryptocurrency tumbling by some 4% according to Coin360. Altcoins have posted similar losses.
While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.
“Armageddon” economists have been proven wrong by the economic recovery of the past few years. Many will likely be just as wrong about Bitcoin and cryptocurrencies. The economic forecast looks surprisingly good, but some economists were saying otherwise a few years ago.
Bitcoin (BTC) is about to see a massive bout of volatility, according to a long-term technical indicator. Sure, the leading cryptocurrency spiked by 42% two weeks back, surging from $7,300 to $10,500 seemingly on the news that China’s President was calling for the formal adoption of blockchain technologies.
While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.
Crypto derivatives exchange BitMEX hasn’t seen a major increase in withdrawals following the email leak it experienced last week. With 30,000 emails potentially compromised, the exchange prevented users from emptying their BitMEX balances by temporarily disabling Bitcoin withdrawals during the weekend.
While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.
The Bitcoin rally late last Friday added a dramatic 42% gain to its peak at above $10,000. The days before that saw seemingly disconnected “whale” transactions going to exchanges. Chinese Traders Not the Whole Story But then, the markets were on fire, with the common cause seen as “the Xi Effect”.
China has seemingly gone full blockchain with a media blitz following a speech by president Xi Jinping. Easily dismissible as a gimmick, especially their plans for a Central Bank Digital...
The post Detente: Will China Reopen Bitcoin Exchanges as Part of Trade Deal? appeared first on Trustnodes.
The Bitcoin price has seen a crazy past 36 to 48 hours. After tumbling to as low as $7,300 in the middle of this week for seemingly no reason, BTC shot higher on Friday and Saturday, blowing the socks of traders the industry over.
Seemingly in response to news that China has officially endorsed blockchain development, Bitcoin (BTC) surged on Friday, liquidating $150 million worth of BitMEX shorts in the process. Ouch. At its daily peak, the cryptocurrency’s price hit $8,800 — the highest it had been in over three weeks.
Many different factors can influence the future value of Bitcoin. Given the current circumstances, it seems rather unlikely that any major uptrend will materialize. The Bakkt Bitcoin futures are seemingly becoming more popular, but it seems plausible to assume that popularity will only trigger more bearish pressure in the foreseeable future.
Since the Bitcoin Cash blockchain hard forked, Bitcoin Satoshi’s Vision (BSV) has been very closely associated with Craig Wright. Even though Wright has been embroiled in one controversy after another, the Bitcoin SV price has seemingly been immune to negative news, having increased by roughly 30% in the past two days.
McAfee’s latest call for a $2 million bitcoin by the end of 2020 may seem a bit far-fetched but hear him out. Despite even the most optimistic models falling short of that value, here are five reasons why his prediction may not be so crazy.
Bitcoin (BTC) has long been described as a movement to phase out institutions. But ironically, it is institutions that many cryptocurrency investors have claimed to rely on to boost Bitcoin to fresh all-time highs.
In an industry where whales are thought to be behind the scenes pulling the strings on the market, tracking large transfer originating from high net worth wallets could be considered market analysis.
Bitcoin is an asset noted for its sustained volatility and unpredictability. This has been especially true in the short-term, where the price has made upward and downward moves seemingly at will.
Bitcoin may rise to $9,000 in the short-term, as traders are seemingly unfazed by the U.S. regulator's decision to reject Bitwise's bitcoin ETF proposal.
The GTI Global Strength Indicator (GSI) is giving investors a buy signal for Bitcoin, the first time since December 2018. The metric measures the volatility of a given asset to calculate a suitable buy-in price.
Bitcoin derivatives are all the rage, lately, with seemingly everyone wanting to get in on futures or options regarding the asset. For example, we have Bakkt’s futures contracts that just launched, though they aren’t performing as enthusiasts had hoped, as BeInCrypto has previously reported.
The inter-play between bitcoin’s hashrate and difficulty has seemingly led to considerable block time volatility in the past 24 hours. According to Coin Dance data, there was no block at. .
A new report emerged yesterday claiming that Venezuela’s central bank is considering using the Bitcoin and Ether reserves at its disposal to alleviate the country’s seemingly never-ending economic woes.
Cryptocurrency giveaway scams are nothing new. Fraudsters have been known in the past to impersonate the likes of Elon Musk or Vitalik Buterin to con unwitting victims. And now, just days after its launch, we are seeing crypto con artists impersonate Bitcoin futures platform Bakkt.
The BTC market price moved from a seemingly bulletproof $10,000 to as low as $8,000. For this year, lows around $5,000 look distant, but September’s correction raised a new batch of predictions.
There was major panic in the cryptocurrency market today as most coins took double digits losses of over 10%, with some like Bitcoin SV losing close to 30% of its value in 24 hours. The Ethereum price also exhibited a 16% loss, but things might be looking up.
As the Bitcoin price is seemingly intent on trending lower over the next few hours and days, there will be other markets reaping the benefits. Altcoins need to rise up in value to thwart Bitcoin’s gravitational pull.
After incurring a sudden influx of buying pressure yesterday that sent Bitcoin’s price surging past $10,400, the crypto’s bulls were unable to perpetuate this momentum, which has since led BTC to retrace back towards the lower-$10,000 region.
With worldwide politics in disarray, and even the weather seemingly conspiring against humanity… Is it time to take our Bitcoin stash and move into a remote bunker yet? Bitcoin Price: Finally On The Up Again? After several weeks of consolidation, it feels like bitcoin price may finally be heading upwards again… until the next dip, that is.
The self-acclaimed youngest bitcoin millionaire is seemingly ambitious and confident that a newly upgraded payments app would depose Libra even before the Facebook cryptocurrency has launched. In a Twitter post on August 19, 2019, the young cryptocurrency investor announced the launch of Metal Pay, which is touted to reach a large number of people inRead MoreRead More.
Author, professor, and staunch Bitcoin maximalist Saifedean Ammous is sceptical about the seemingly overnight change of allegiances at the Twitter account @Bitcoin. The Twitter account that was clearly affiliated with the Bitcoin Cash, despite its name, now expresses pro-BTC sentiment.
A Bitcoin Twitter account with almost a million followers has dumped Bitcoin Cash in favor of Bitcoin itself – and everyone is trying to explain why. @Bitcoin Finally Promotes Bitcoin Again In a seemingly random turn of events, @Bitcoin, one of the Bitcoin industry’s biggest misnomers, suddenly began promoting Bitcoin , in line with its Twitter handle.
