The SEC, CFTC and Congress have hinted at how cryptocurrency regulation will develop in 2020. Here are five significant regulatory milestones from 2019.nThe post Op Ed U.S. Cryptocurrency Regulation Faces Uncertainty in 2020 appeared first on Bitcoin Magazine.n
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Bitcoin Faces Another Rejection, But Here’s Why the Bull Case Remains Strong
Bitcoin has fallen into a bearish pattern of incurring major upwards movements that are followed by nearly instant rejections, which leaves behind large wicks on BTC’s candle chart and typically spells trouble for which direction it trends in the near-term.
Yesterday, Bitcoin further extended this pattern after it incurred a fleeting surge up to highs of nearly ,500 on popular trading platforms like BitMEX, with this movement nearly instantly retracing all the way back down to where it started.
In spite of this bearish movement, analysts are noting that the bull case may not be nullified yet, as one historically accurate technical factor signals that Bitcoin may soon see some much-needed bullishness.
Bitcoin Stuck at ,200 Following Fleeting Movement
At the time of writing, Bitcoin is trading down roughly 1% at its current price of ,225, which marks a notable decline from its daily highs of ,500 that were set during yesterday’s brief upwards movement.
Over the past couple of days, BTC has been able to find a decent amount of support around ,200, although it remains unclear as to just how long this support will last as bears continue gaining an edge over bulls.
While looking at Bitcoin’s daily chart, Scott Melker – a popular cryptocurrency analyst who goes by the name “The Wolf of All Streets” – explained that bull divergence could mean that the current lows will mark a mid-term bottom for the crypto.
“I bought Bitcoin again. We have a potential bull div now on the DAILY chart (call me in 22 hours) and lower time frames. Also, price just wicked below the previous swing low and bounced a bit – bullish SFP?” He explained while pointing to the chart below.
I bought Bitcoin again. We have a potential bull div now on the DAILY chart (call me in 22 hours) and lower time frames. Also, price just wicked below the previous swing low and bounced a bit – bullish SFP? pic.twitter.com/kQFBWArCUO
— The Wolf Of All Streets (@scottmelker) December 12, 2019
Analyst: Bullish BTC Divergence Confirmed on Lower Time Frames as Well
Further enhancing the bullish sentiment that Melker discusses above is the fact that that Bitcoin is expressing similarly bullish price divergences on shorter time frames as well, including its 4-hour chart.
“We now have a confirmed 4 hour bull div as well. I love seeing lower time frame divs confirmed on higher time frames. Daily next? Es possible,” Melker noted.
We now have a confirmed 4 hour bull div as well. I love seeing lower time frame divs confirmed on higher time frames. Daily next? Es posible. pic.twitter.com/ymwSSSnXDl
— The Wolf Of All Streets (@scottmelker) December 12, 2019
The bullishness currently seen on multiple time frames may give Bitcoin’s bulls some much needed relief in the near-term, although this possibility will only be confirmed if the cryptocurrency is able to see some upwards momentum.
Featured image from Shutterstock.
The post Bitcoin Faces Another Rejection, But Here’s Why the Bull Case Remains Strong appeared first on NewsBTC.
Bitcoin Faces Biggest Monthly Price Drop of 2019 Despite Late Upturn
Bitcoin looks poised to post the biggest monthly loss of 2019, despite the recent recovery from six-month lows.
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
OneCoin Founders Brother Faces 90-Year Jail Term After Plea Deal
The brother of OneCoin’s infamous Cryptoqueen, Konstantin Ignatov has reached a plea deal with U.S. authorities.
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Bitcoin Price Faces Drop to $8.5K After Consecutive Weekly Losses
Bitcoin is on slippery ground after two weekly losses in a row and multiple rejections at key price resistance.
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Bitcoin Faces Potential Drop to $7,000 as Sellers Grow Aggressive
Bitcoin (BTC) has continued to trade sideways around ,000 after recovering slightly from its recent drop to the upper-,000 region, but its bulls have failed to garner any notable upwards momentum following this slight recovery, which may spell trouble for its near-term price action.
Analysts are now noting that Bitcoin’s “bedrock” support in the near-term currently exists around ,000, and the aggressive selling that the crypto has incurred in recent times may mean that a visit to this level is imminent in the near-future.
Bitcoin Consolidates Around ,000 Amidst Quiet Sunday Trading Session
At the time of writing, Bitcoin is trading down nominally at its current price of ,040, which marks a slight recovery from its recent lows of ,900 that were set earlier this week.
It is important to note that the upper-,000 region has proven to be a strong level of support for the past several days and weeks, but BTC’s bulls have failed to post any notable extension of the upwards momentum that is incurred with each time the crypto visits this region.
DonAlt, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes Bitcoin’s near-term bedrock support exists around ,000, which may be the ideal price region for traders to enter long positions.
“$BTC update: Still no close above 50. Still looks pretty shitty. I’m bearish until BTC starts reclaiming levels instead of getting rejected by them. Next resistance: 00. Next support: 00. Next support that I’d trust to trade on the long side: 00,” he explained while pointing to the chart seen below.
$BTC update:
Still no close above 50.
Still looks pretty shitty.
I'm bearish until BTC starts reclaiming levels instead of getting rejected by them.Next resistance: 00
Next support: 00
Next support that I'd trust to trade on the long side: 00 pic.twitter.com/jzrxFFZrHO— DonAlt (@CryptoDonAlt) October 20, 2019
BTC Faces Aggressive Selling Pressure in Recent Times
Supporting DonAlt’s notion that Bitcoin may soon incur further downside is Cantering Clark – another popular cryptocurrency analyst – who recently observed that the selling pressure that the crypto has been facing in recent times has been quite significant.
“I have gone ahead and highlighted imbalances between buyers and sellers >250% $btc. Look how disproportionate the market selling volume is to the buying volume. Sometimes 5-10x as much. Negative delta circled red. Positive delta circled green. This is aggressive ass selling,” he explained in a recent tweet.
I have gone ahead and highlighted imbalances between buyers and sellers >250% $btc
Look how disproportionate the market selling volume is to the buying volume. Sometimes 5-10x as much.
Negative delta circled red.
Positive delta circled green.This is aggressive ass selling. pic.twitter.com/2Nco0epcdk
— Cantering Clark (@CanteringClark) October 20, 2019
Assuming that this notable selling pressure persists, it is possible that Bitcoin will drop lower until it reaches its significant support level at ,000, which may be a long-term bottom that precedes the next noteworthy bull run.
Featured image from Shutterstock.
The post Bitcoin Faces Potential Drop to ,000 as Sellers Grow Aggressive appeared first on NewsBTC.
Analysts Target $6,200 as Bitcoin Faces Bearish Technicals
After a short period of upwards momentum earlier this week that appeared to be bull’s attempt to bolster Bitcoin’s price action, bears have once again gained the upper hand and have now pushed BTC’s price decisively below ,000.
One prominent technical analyst is now noting that he believes this latest movement downwards points to the possibility that a movement towards the lower-,000 region is imminent, which may be further validated by multiple bearish technical formations that crypto is currently expressing.
Bitcoin Plummets Below ,000 as Bears Roar
At the time of writing, Bitcoin is trading down roughly 2% at its current price of ,960, which marks a notable retrace from its daily highs of nearly ,200 that were set yesterday.
Although BTC had long found noteworthy support around the lower-,000 region, its inability to garner any upwards momentum during its time in this region was a bearish sign that elucidated that bulls were incurring were losing their strength.
In the near-term, it is important to note that Bitcoin is highly likely to incur further bearishness as it faces weak technical strength.
Josh Olszewicz, a popular crypto analyst on Twitter, explained in a tweet that the latest drop was sparked when it was denied at its 200-day EMA, and that a daily death cross is close to forming.
“4h $BTC – still in 3+ week range – straight down since denial at 200DEMA – daily death cross soon – daily bbands tight & rdy to expand down – unconfirmed bull div here,” he said.
4h $BTC
– still in 3+ week range
– straight down since denial at 200DEMA
– daily death cross soon
– daily bbands tight & rdy to expand down
– unconfirmed bull div here pic.twitter.com/liNAIVflv0— Josh Olszewicz (@CarpeNoctom) October 18, 2019
Analyst: BTC May Target ,200 Next
The bearishness that Bitcoin has incurred during its recent bout of sideways trading and subsequent drop below ,000 may extend significantly further, as Olszewicz is further noting that an accurate fractal pattern may signal that a movement to ,200 is imminent.
“12h $BTC: alligator/fractal again calling for short entry on this candle close in a few hours (if the body is lower than fractal wick). TP for short according to multi-year PF = 6.2-6.9 based on Q1 diag,” he said while pointing to the chart seen in the below tweet.
12h $BTC
alligator/fractal again calling for short entry on this candle close in a few hours (if the body is lower than fractal wick)
TP for short according to multi-year PF = 6.2-6.9 based on Q1 diag pic.twitter.com/VmoCadPtBN
— Josh Olszewicz (@CarpeNoctom) October 18, 2019
Assuming that Bitcoin does drop lower in the near term and forms the death cross that is currently looming over the horizon, then it may drop significantly further before it finds enough momentum to spark the next multi-month uptrend.
Featured image from Shutterstock.
The post Analysts Target ,200 as Bitcoin Faces Bearish Technicals appeared first on NewsBTC.
Ethereum (ETH) Rebound Faces Major Hurdle Near $180
- Ethereum price is currently correcting higher, but it is facing a strong resistance near 0 against the US Dollar.
- Bitcoin price is up more than 1.5%, but it is also facing resistance ,120 and ,200.
- This week’s followed major bearish trend line was breached with resistance near 4 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is clearly facing a strong resistance near the 0 level and the 100 hourly SMA.
Ethereum price is currently recovering higher versus the US Dollar, similar to bitcoin. However, ETH price must settle above 0 to continue higher in the near term.
Ethereum Price Analysis
Yesterday, we saw an extended decline in Ethereum below the 0 support against the US Dollar. Moreover, ETH price settled below the 0 support and the 100 hourly simple moving average. The decline was such that the price traded close to the 0 level. A swing low was formed near 1 before the price started an upside correction. It recovered above the 4 and 5 resistances.
Additionally, this week’s followed major bearish trend line was breached with resistance near 4 on the hourly chart of ETH/USD. The pair climbed above the 23.6% Fib retracement level of the last decline from the 8 high to 1 low. Finally, the price spiked above the 8 resistance area. However, the upward move is facing hurdle near the 0 resistance and the 100 hourly simple moving average.
Moreover, the price failed to test the 50% Fib retracement level of the last decline from the 8 high to 1 low. Ethereum retreated from highs and it is currently trading below 8. It seems like the 0 area and the 100 hourly SMA are crucial barriers. Therefore, a successful close above 0 could push the bulls to continue higher in the near term.
If not, there is a risk of another decline below the 5 level. The main support is near the 2 and 0 levels. If there are more downsides, the price is likely to accelerate its decline below the 5 level. The next key support is near the 0 level.
Looking at the chart, Ethereum price is facing a strong resistance near the 0 level and the 100 hourly SMA. If there is a successful close above 0, the price could recover towards the 5 level. An intermediate resistance is near the 61.8% Fib retracement level of the last decline from the 8 high to 1 low.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is likely to move into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently moving lower towards the 50 level.
Major Support Level – 0
Major Resistance Level – 0
The post Ethereum (ETH) Rebound Faces Major Hurdle Near 0 appeared first on NewsBTC.
UK Woman Faces Death Threats After Speaking Out on Alleged Scam OneCoin
The British woman says she received death threats after speaking on a podcast about the alleged Ponzi scheme.
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Resistance at $8,300 Halts Bitcoin Rally as BTC Faces Risk of Further Losses
After incurring a noteworthy rally yesterday that sent Bitcoin’s price surging towards the mid-,000 region after a brief visit to ,800, BTC’s upwards momentum has once again faltered, with the crypto once again nearing its previously established support level at ,200.
Analysts are now noting that the price level that exists directly above BTC’s current price could be a major level of resistance, and it is imperative that the crypto breaks above it in order to post further gains in the near-term.
Bitcoin’s Upwards Momentum Falters as Bears Fight Back
At the time of writing, Bitcoin is trading up just over 1% at its current price of ,240, but it is sitting off of its daily highs of over ,300, which is where it found notable resistance that halted the upwards momentum it incurred after visiting ,800 a couple of days ago.
Bitcoin has continued to trade within a tight trading range between roughly ,800 and ,400 for the past couple of weeks, and the dwindling trading volume has contributed to the bout of consolidation that the crypto has been facing ever since it lost its foothold within the lower-,000 region.
Analysts are now offering somewhat bearish assessments of Bitcoin’s near-term price action, which stems partially from its inability to move above its near-term resistance that exists around ,300.
Big Cheds, a popular crypto analyst on Twitter, spoke about BTC in a recent tweet, explaining that its drop from its daily highs was sparked by a bearish divergence on its hourly chart, which may point to the possibility that it will soon revisit its range lows.
“$BTC #Bitcoin 1 hour – OBV bear divergence,” he said while pointing to the below chart.
$BTC #Bitcoin 1 hour – OBV bear divergence pic.twitter.com/CV0Ix9v4T6
— Big Cheds (@BigCheds) October 8, 2019
BTC May Drop Lower if Bulls Fail to Push it Above ,380
Josh Rager, another popular crypto analyst, explained in a tweet that Bitcoin’s near-term resistance sits at roughly ,380, and a break above this level could lead it straight to ,500 – which is a resistance level that must be decisively broken above if bulls want to gain full control of BTC.
“$BTC – As you can see from the blue lines and volume profile Bitcoin price managed to break and close above the highest volume areas in this range. This will now typically act as support. ,380s could act as resistance but price can run up to 00s with a break above there,” he noted.
$BTC – As you can see from the blue lines and volume profile Bitcoin price managed to break and close above the highest volume areas in this range
This will now typically act as support
,380s could act as resistance but price can run up to 00s with a break above there pic.twitter.com/06PaiqdjTa
— Josh Rager
(@Josh_Rager) October 8, 2019
The coming hours and days will likely offer the markets significant insight into whether or not Bitcoin will be able to continue the uptrend it has been caught within throughout 2019, or if it will continue to cut deeper into its year-to-date gains.
Featured image from Shutterstock.
The post Resistance at ,300 Halts Bitcoin Rally as BTC Faces Risk of Further Losses appeared first on NewsBTC.