n Visa, Mastercard and Stripe should be concerned about Libra, say U.S. senatorsn
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US Senators Warn Three Facebooks Libra Backers of Membership Risks
n Visa, Mastercard and Stripe should be concerned about Libra, say U.S. senatorsn
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Ethereum Surges Towards $180, But Analysts Warn That Further Losses Could be Imminent
Ethereum (ETH) has been closely tracking the price action of Bitcoin and most other major altcoins over the past several days, but it appears that it is beginning to establish its own momentum as it climbs towards 0.
It is important to note that analysts are warning investors to not get too excited about this movement, as a recent bearish technical formation could spell trouble for its near-term price action.
Ethereum Surges Towards 0 as Crypto Markets Consolidate
At the time of writing, Ethereum is trading up over 2% at its current price of 8.20, which marks a notable climb from its daily lows of 2 that were set overnight.
It is imperative to note that ETH has been recently facing an extended bout of sideways trading that appeared to stem primarily from Bitcoin’s consolidation within the lower-,000 region.
Over a one-week period, Ethereum has been trading between range lows of roughly 7 and range highs of 5, with the crypto finding significant support around its range lows, and resistance around its range higher.
As it incurs further upwards momentum throughout the day, analysts and traders alike should closely watch to see how it responds to the lower-0 region, as this has proven to be an area of relative resistance for the cryptocurrency.
Bitcoin has been able to climb marginally today but is still hovering right around its critical support level of ,200, and it is highly likely that Ethereum’s current upwards momentum will be largely or entirely based on Bitcoin’s ability to continue trading sideways or to begin climbing higher.
ETH May Face Further Bearishness in Near-Term
Despite its current momentum, analysts are still weary on ETH’s near-term price action, as The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she expects the crypto to face some downwards pressure in the near-term as it recently broke below a rising wedge it was trading within.
“$ETH Broke down as mentioned last week. Hope you took profits or move SL in profits. With double bottom on support I do expect a re-test to commence,” she noted while pointing to the below chart.
Broke down as mentioned last week
Hope you took profits or move SL in profitsWith double bottom on support I do expect a re-test to commence pic.twitter.com/nA6Q7cXCr0
— The Cryptomist (@TheCryptomist) October 4, 2019
It remains unclear as to whether or not its recent climb to over 8 marks an invalidation of its recent downtrend, but it is highly probable that ETH’s near-term trend will be determined by how it trades going into the weekend trading session.
Featured image from Shutterstock.
The post Ethereum Surges Towards 0, But Analysts Warn That Further Losses Could be Imminent appeared first on NewsBTC.
Bitcoin Price Could “Go Sideways”, Warn Analysts: Stuck at $10,000
At long last, volatility has begun to die down in the Bitcoin (BTC) market. Aside from brief, relatively small flash crashes, cryptocurrencies have begun to show some stability once again. Bitcoin, for instance, has found support at ,000 for the umpteenth time in months, having managed to trade above that level for nearly two weeks now.
Some have taken this stability as a sign that Bitcoin is poised to plunge. Peter Brandt, a prominent commodities trader that has delved into crypto, recently pointed out that Bitcoin has entered a descending triangle.
For those unaware, a descending triangle is a bearish chart pattern that is marked by lower highs and multiple bottoms at the same price level. Crypto traders have come to recognize this pattern as bearish, as it often results in Bitcoin falling through the bottom. Case in point, BTC, from the peak of ,000 in December 2017 to August 2018, was trading in a massive descending triangle.
Bitcoin meets the definition of a descending triangle. Don't let newbie chartists tell you different. Right-angled triangles imply (but do not demand) a resolution thru the horizontal boundary. $BTC pic.twitter.com/DIW1BpMSCV
— Peter Brandt (@PeterLBrandt) September 7, 2019
Yet, data is starting to show that Bitcoin may not be in a descending triangle. Rather, the cryptocurrency may be in a massive reaccumulation pattern that may last for months. Sorry not sorry, bulls n’ bears.
Related Reading: Altcoin Season on the Horizon? Bitcoin Dominance Hits Historical Reversal Point
Bitcoin Price to Flatline
While traders in traditional markets hate volatility, crypto investors embrace it. Bitcoin’s history has been defined by massive blow-off tops and brutal bear depressions. But unfortunately for the volatility-loving traders in the crypto markets — that’s like 90% of you — analysts are starting to come to the conclusion that the Bitcoin price is going to flatline.
Prominent trader Josh Rager recently noted that in June, he “jokingly mentioned that closing [the weekly] above ,700” would kickstart BTC’s rally to new all-time highs.
In that analysis, he drew a clear range for BTC, with ,500 being the bottom and ,700 being the top. So far, some two and a half months after he issued that analysis, Bitcoin has yet to break above or below that range implying consolidation and indecision in this market.
$BTC updated chart on trading view
Back in June, I jokingly mentioned that closing above ,700 would be the launchpad level before new highs
Funny thing is, the weekly was held below that level and Bitcoin has been sideways since
Updated price action is in pink on the chart pic.twitter.com/tG9nqn6SBQ
— Josh Rager
(@Josh_Rager) September 10, 2019
While Bitcoin could break out of that eerily accurate range any day now, Philip Swift has argued that BTC is likely to “go sideways for a while”.
He noted that in the previous bull run, the historical volatility metric for Bitcoin always fell to a certain level before BTC embarked on its next leg higher. Bitcoin’s historical volatility is currently overextended from the precedent bottom, implying that the lull in the crypto market is not yet complete.
It's very possible that $BTC just goes sideways for a while now.
If that scenario plays out, then it is worth keeping an eye on Historical Volatility – currently dropping quickly.
It would present a lovely long position trade opportunity when it drops down to the green box.
pic.twitter.com/Z1g7XLtAIE
— Philip Swift (@PositiveCrypto) September 9, 2019
And, as Nunya Bizniz has pointed out, Bitcoin consolidating and flatlining at the current level would fulfill BTC’s historical requirement of trading in a tight trading range prior to a block reward reduction.
BTC Monthly:
Sideways into the halving would not be abnormal.
But would be torturous! pic.twitter.com/LQeLAJfqKl
— Nunya Bizniz (@Pladizow) September 9, 2019
Preparing To Run… Eventually
While Bitcoin has evidently entered an extended period of consolidation or accumulation, many are sure that is preparing to rocket higher in a few months’ time.
Related Reading: Why Do Bitcoin & Crypto Make Sense for Millennials? Ex-Goldman Sachs Exec Explains
In fact, Raoul Pal, a former Goldman Sachs executive that got into cryptocurrencies over five years ago, recently argued that it is “the last time to board the rocket ship” that is Bitcoin. In the chart attached to Pal’s below tweet, the analyst depicted that BTC is in a large wedge pattern, which Pal claims has a “high probability of success”.
If you don't have any bitcoin $BTC #bitcoin then this looks like the last time to board the rocket ship…
I LOVE wedge patterns like this. They have a high probability of success.
Good luck. There is a "shit ton" going on in macro land. pic.twitter.com/tmNzxkcgTQ
— Raoul Pal (@RaoulGMI) September 1, 2019
While Pal didn’t divulge a price target, he has noted in previous interviews that with the current macroeconomic setup, he expects for Bitcoin to strongly outperform equities and other asset classes alongside gold, U.S. dollars, bonds, and diamonds.
Featured Image from Shutterstock
The post Bitcoin Price Could “Go Sideways”, Warn Analysts: Stuck at ,000 appeared first on NewsBTC.
Bitcoin Price Shuns Volatility as Analysts Warn of Potential Drop to $7,000
n Brief crypto market stability wont last, say forecastersn
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Bitcoin Reclaims $8K as Coins See Green, Experts Warn of Ominous Stock Market Volatility
n The crypto markets are today back firmly in the green, with bitcoin BTC breaking back above the ,000 markn
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Analysts Warn Bitcoin Price Has Further to Fall, Why $6,800 is a Possibility
Just as fast as Bitcoin (BTC) began to rally, the crypto market has begun to falter. In the past week, the leading cryptocurrency has lost approximately 15% since its local peak — ,100 — as altcoins have posted similar losses.
Since Tuesday’s drop, however, the selling pressure has widely subsided, with Bitcoin finding a semblance of local support in and around ,700. Despite this short-term reprieve, a number of analysts, from newcomers to market veterans, expect for BTC to fall lower in the coming days.
Related Reading: Bitcoin Still Vulnerable to Further Losses Despite Current Stability, Here’s What Analysts Think
The thing is, this dip may not last for long, and may actually present investors, especially those looking to make an entree into cryptocurrency, a perfect opportunity to “stack sats” (accumulate) for the long run.
Bitcoin Can Still Head Lower
Last week, Bitcoin finally showed signs that it was topping. As reported, BTC broke below a descending channel and medium-term trend line, topped twice around ,000, and failed to close daily candles above the ever-important resistances ,800 and ,000.
More importantly, the asset’s weekly candle was an Evening Star Doji, marked by a skinny body and long wicks, which meant a reversal in the eyes of most analysts.
To the surprise of few, Bitcoin did top, subsequently falling from ,700 to a weekly low of ,450, to then recover to ,800 where the asset sits now. Some believe that the cryptocurrency market may continue to slip. Trader Walter Wyckoff noted that if BTC is mirroring price action in 2015 — during which this market went parabolic, saw a brief retrace, and then continued higher — it could fall to the low-,000s, or even the high-,000s.
Last thing then I am off to bed, last time BTC retraced it lasted 20 days, but now we are moving faster, I don't expect this "buy the dip time" to be longer than MAX 2 weeks, since we are moving 50% faster compared to previous bear market. Don't think too much before pressing BUY pic.twitter.com/0Eswzw7BLj
— Walter Wyckoff (@walter_wyckoff) June 5, 2019
Analyst Moon Overlord has echoed this pseudo-prediction. In a thread, the popular commentator remarked that a 35% correction to approximately ,000 from the ,100 peak may be healthy, as BTC bouncing off support at those levels would build a long-term base for the cryptocurrency’s expected “moon shot”.
Some have been a bit less cynical. On Twitter, legendary cryptocurrency investor Trace Mayer explained that he expects for Bitcoin to undergo a “gentle retreat” to anywhere from ,500 to ,500. His peer, Adamant Capital partner Tuur Demeester, echoed the analysis, writing in a note that his firm’s indicators now read “greed” after “capitulation”.
Using this information, Demeester remarked that a 2012-esque correction could be experienced, during which BTC may fall to the range of “between ,800 and ,680”, which is a 27% to 44% retrace of the upside rally.
But don’t fret, there’s a silver lining — two, actually.
As hinted at earlier, this dip may actually be a chance for investors to get their fingers on the buy trigger, not sell. Per previous reports from NewsBTC, popular analyst DonAlt suggested that if an investor had dollar-cost averaged into Bitcoin every single day for the last year (starting from June 4th, 2018), their cost basis would actually be ,500, implying a profit. With this, Don explains that “if you’re bullish on something fundamentally, sniping the bottom really isn’t necessary”.
If you dollar cost averaged into $BTC every single day for the last year your average buy-in would be 00 right now.
If you're bullish on something fundamentally sniping the bottom really isn't necessary. pic.twitter.com/8XSsB4ipF4
— DonAlt (@CryptoDonAlt) June 5, 2019
So with this in mind, some had advised for believers in this asset class to actually keep a close eye on the market, as purchasing Bitcoin, Ethereum, or what have you in the coming dip may net solid returns in the years to come.
What’s also reassuring is that if Bitcoin follows historical trends from here, as it has been over recent months, the ongoing correction shouldn’t take more than two weeks, and should be followed by a return to a market where bulls are in control.
Crypto’s Fundamentals Stronger Than Ever
This begs the question — does Bitcoin really have a future though? On every dip, cynics come out to question the legitimacy and value proposition of digital assets. Most recently, an analyst and investor told gold-loving Kitco that BTC won’t see new all-time highs unless the world’s macroeconomic and geopolitical scene effectively collapses.
Regardless, data suggests that Bitcoin’s fundamentals are stronger than ever, boding well for BTC’s upside potential. Analyst Rhythm Trader explains that there are a multitude of reasons why it’s nonsensical not to be bullish on Bitcoin: BTC has seen nine years of higher lows, the network mining difficulty and hash rate have breached previous highs, institutional and retail adoption is on the rise, and there exist over 8,000 Lightning Network nodes.
Why I think everyone should be bullish on bitcoin:
9 years of higher lows
Hash rate ATH
Mining difficulty ATH
Institutional adoption
Retail adoption
Trade volume ATH
8,500+ lightning nodes
Transactions ATH
Bitcoin isn't surviving, it's thriving.
— Rhythm (@Rhythmtrader) June 4, 2019
Featured Image from Shutterstock
The post Analysts Warn Bitcoin Price Has Further to Fall, Why ,800 is a Possibility appeared first on NewsBTC.
Mt Gox Creditors Warn Mass Sale Could Put Bitcoin Fork Prices At Risk
A group of Mt. Gox creditors has warned of a market risk to forks of bitcoin in a draft plan for the collapsed exchange’s civil rehabilitation.
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Bitcoin (BTC) Stable Above $3,600, But Analysts Warn That Further Losses are Likely
Bitcoin has continued to express stability around its current price levels in the low-,600 region. Despite being stable currently, BTC has not been able to garner any buying pressure at its current prices, which may signal technical weakness.
Now, analysts are claiming that Bitcoin may see further losses in the near-term, as its price has not yet seen any surge that would signal that it was previously oversold.
Bitcoin Fails to Find Buying Pressure at Current Price Levels
At the time of writing, Bitcoin is trading down nominally at its current price of ,625. BTC has been stuck around this price for several days now and has failed on multiple occasions to move any higher.
Although last Friday’s price surge led many traders and analysts to believe that BTC was oversold in the low-,000 region, one analyst is now claiming that its inability to continue climbing signals that it was not, in fact, oversold at ,400, and may continue to drop in the near future.
“Bitcoin continues bouncing around in the upper K range. But we saw this same behavior at K support, K support, K, K, K and K. By now the pattern is pretty obvious. Investments that are oversold bounce quickly and sharply from those grossly unjustified levels. The lack of a decisive bounce tells us that bitcoin is not grossly oversold yet. That means lower prices are still ahead of us,” explained Jani Ziedins of the Cracked Market blog while speaking to MarketWatch.
Bitcoin Support Getting Increasingly Weak as it Continues Ranging
Over the past few days, Bitcoin has been caught in a narrowing trading range between ,550 and ,630, which has led to a bout of choppy trading within this small trading range.
![](https://www.newsbtc.com/wp-content/uploads/2019/02/bitcoin-price-crypto-shutterstock_1038671149-600x400.jpg)
Analysts seem to concur that Bitcoin will see further losses before finding a region of strong support.
In a recent tweet from Hsaka, a popular cryptocurrency trader on Twitter, he noted that as of now he is cautiously bearish on Bitcoin despite its current involatility.
“$BTC…Haven’t the slightest as to which way this expands… A right proper stalemate as of now, wicks on both sides without any follow through of either… If I was hard-pressed, I’d say I’m leaning towards more downside,” he explained.
Haven't the slightest as to which way this expands.
A right proper stalemate as of now, wicks on both sides without any follow through of either.
If I was hard-pressed, I'd say I'm leaning towards more downside.
Currently short LTC. pic.twitter.com/3BKbK30ljl
— Hsaka (@HsakaTrades) February 15, 2019
Hsaka isn’t the only popular cryptocurrency analyst on Twitter who is currently bearish on Bitcoin. TraderArjun recently told his followers that he also expects Bitcoin to break downwards in the near-future, with a downside target currently set in the low-,000 region.
“$BTC Watching the price action since we got into this range, this is the probable continuation scenario going forward imo. Would love to hear a technical counter argument for an opposing view to challenge this bias…”
$BTC Watching the price action since we got into this range, this is the probable continuation scenario going forward imo. Would love to hear a technical counter argument for an opposing view to challenge this bias. Emotional responses will be met with a straight block. pic.twitter.com/Gv2CxeW91w
— TraderArjun (@arjunkkohli) February 15, 2019
As the cryptocurrency markets enter the weekend, it is unclear as to whether or not they will see increased volatility resulting from lower-than-average trading volume, or if they will continue to trade sideways.
Featured image from Shutterstock.
The post Bitcoin (BTC) Stable Above ,600, But Analysts Warn That Further Losses are Likely appeared first on NewsBTC.
Indian Police Warn Public Against Investing in Cryptocurrencies
n Police in the Indian state of Jammu and Kashmir have warned the public against investing in cryptocurrenciesn
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