BTC POPS
BTC has popped roughly 3% from the $6,910 level and is nearing the most recent high of $7,129 on the 1H.
Whilst we did break the $6,910 level, the bulls have succeeded in propelling BTC higher after price collided with the previous $6,836 wick high as outlined on the chart.
We must admit, we were expecting price to sink a little lower and hit the $6,770 level however, we’re still ahead of the game and are not letting perfect get in the way of good.
We didn’t play this long trade but we’re looking intently at the price action to plan our next move accordingly. As always, we will keep you all posted.
Topic: Bitcoin news and technical analysis - page 3. (Read 467 times)
Slowly but surely
BTC has cracked through the second flag albeit with much lower sell volume. On the 1H, we are witnessing a break of the $6,919 resistance line however, this candle is still open so anything could happen.
We are slowly grinding down lower through this shorting zone and It is looking increasingly more likely than not that we will be heading down to lower levels as mentioned in our previous updates.
BTC has cracked through the second flag albeit with much lower sell volume. On the 1H, we are witnessing a break of the $6,919 resistance line however, this candle is still open so anything could happen.
We are slowly grinding down lower through this shorting zone and It is looking increasingly more likely than not that we will be heading down to lower levels as mentioned in our previous updates.
So it is all about the buts and if's mate. Im not sure if there is anyone of you (the analyst) who can out perform the prediction in the market. This is just theoretical base for the bitcoin value precautions and no reality that it will surely happen over the time. I know very well that bitcoin is more or less dependent upon the fundamental news only. This is sober because every time the bad news come out of the market then bitcoin gets fucked up and every time a good news comes in then it relieves itself from the bear. Thats what always had happen and will happen. Technical aspects works, but only sometimes.
BTC is continuing to grind down lower no matter what positive news is thrown our way.
Looking at the 1H chart, we can see another sell off occurring which reaffirms (not that there was much doubt) that the bearish continuation is set to resume.
We’re cracking the second bear flag now and if we breach $6,910, may consider shorting down to the $6,770 level but possibly beyond depending on the play.
These aren’t big moves by any stretch, but it is better to play it safe in times of uncertainty. We will be watching closely at the $6,770 level which is the next major resistance zone..
BTC
Korean Exchange Bump
Some positive news out of Korea, UpBit has been officially cleared of the fraud which they were investigated for earlier this year. Bithumb has also announced that they will now have fiat on ramps for BTC, ETH, ETC, XRP, LTC, BCH, ZEC, QTUM & MITH. This is a great move in the right direction making it easier for Korean investors to trade between fiat and cryptocurrency.
Most recently Binance is ready to enter Korea. Binance can be said to have excellent security protocols and reliability. There have been a series of cyber attacks against the Korean electronic money trading platform. In June 2018 alone, Bithumb and Coinrail, two platforms in South Korea, were attacked. With good security, Binance will probably meet the stringent regulations of Korea.
The whole crypto market is still in the bearish trend and I am sure that bitcoin will not grow significantly because altcoins are not growing in a spite of the small positive motion in bitcoin. What about levels, I do not know but I consider that the good indicator for bitcoin is ethereum. If ethereum can hold level aroun 400$ it is obviously that ethereum will grow up to 700-800 and consequently bitcoin will grow and in that case its traget price is about 9000-10000$
To me, the more time passes and the more price checks I do a day the more disheartened I become on BTC, alas i'm sure better times are coming so for now just holding is sufficient.
The whole crypto market is still in the bearish trend and I am sure that bitcoin will not grow significantly because altcoins are not growing in a spite of the small positive motion in bitcoin. What about levels, I do not know but I consider that the good indicator for bitcoin is ethereum. If ethereum can hold level aroun 400$ it is obviously that ethereum will grow up to 700-800 and consequently bitcoin will grow and in that case its traget price is about 9000-10000$
So as it breaks $7200 it will definetely decrease to $6800? Seems $7000 is also strong now it may go up from $7000. I will not sell in both cases though.
ICE Bullish on BTC
Intercontinental Exchange, owner of the NYSE, who we wrote about earlier this week, has explained the rationale behind their announcement earlier this week, “Bitcoin has the potential to become the first worldwide currency and we're trying to make that happen” – a quote from Jeffrey Sprecher, founder of the Intercontinental Exchange.
Korean Exchange Bump
Some positive news out of Korea, UpBit has been officially cleared of the fraud which they were investigated for earlier this year. Bithumb has also announced that they will now have fiat on ramps for BTC, ETH, ETC, XRP, LTC, BCH, ZEC, QTUM & MITH. This is a great move in the right direction making it easier for Korean investors to trade between fiat and cryptocurrency.
We are still in a bear cycle, typified by the downward movement in price, even in light of this positive news coming from New York and Korea. However, we view this as a great opportunity to get our hands on some undervalued BTC and Altcoins. Right now we are waiting for the correct time to enter and will be bringing you some TA shortly with potential levels for entry.
Intercontinental Exchange, owner of the NYSE, who we wrote about earlier this week, has explained the rationale behind their announcement earlier this week, “Bitcoin has the potential to become the first worldwide currency and we're trying to make that happen” – a quote from Jeffrey Sprecher, founder of the Intercontinental Exchange.
Korean Exchange Bump
Some positive news out of Korea, UpBit has been officially cleared of the fraud which they were investigated for earlier this year. Bithumb has also announced that they will now have fiat on ramps for BTC, ETH, ETC, XRP, LTC, BCH, ZEC, QTUM & MITH. This is a great move in the right direction making it easier for Korean investors to trade between fiat and cryptocurrency.
We are still in a bear cycle, typified by the downward movement in price, even in light of this positive news coming from New York and Korea. However, we view this as a great opportunity to get our hands on some undervalued BTC and Altcoins. Right now we are waiting for the correct time to enter and will be bringing you some TA shortly with potential levels for entry.
BTC E-Commerce use tumbles
BTC e-commerce use has fallen 85% from $411m last September to a low of $60m in May this year. This rapid decline gives us an interesting look into one of the factors that preceded and followed the bull market run at the end of last year.
Firstly let’s consider some of the factors that would have contributed to this decline. The most prominent being the transaction cost. BTC has been notoriously bad at scaling resulting in absurdly high transaction costs. High transaction costs and transaction cost volatility simply do not make BTC a viable form of currency.
Speaking about volatility, since last September BTC has risen from $4,000 to $20,000 then back down to $7,000 today. Price volatility is also a major problem for vendors as they may charge $50 in BTC for goods on Monday and that amount of BTC could be worth $30 by Wednesday.
Payment companies like Stripe removed BTC payment as an option in January of this year claiming that transactions were too slow and too expensive. This is seemingly a move in response to difficulty experienced by the BTC network during periods of high volume.
This 85% decline is no cause for concern as these issues with the BTC network can and will be solved with innovative scaling solutions, the lightning network is a good start. One noteworthy consideration is the paradigm shift from BTC being a currency to BTC being a store of value.
With this new categorisation of BTC came new innovative cryptocurrency solutions well equipped to handle the scaling issues that BTC could not. Tokens such as Nano or Fantom which are built on DAG network architecture can facilitate hundreds of thousands of transactions per second with no transaction fees. These new high speed and low cost alternatives are still in their infancy however.
E-commerce usage of BTC may have dropped but it has been transferred elsewhere to tokens built for the purpose of acting as a currency. The river will flow through the path of least resistance.
BTC e-commerce use has fallen 85% from $411m last September to a low of $60m in May this year. This rapid decline gives us an interesting look into one of the factors that preceded and followed the bull market run at the end of last year.
Firstly let’s consider some of the factors that would have contributed to this decline. The most prominent being the transaction cost. BTC has been notoriously bad at scaling resulting in absurdly high transaction costs. High transaction costs and transaction cost volatility simply do not make BTC a viable form of currency.
Speaking about volatility, since last September BTC has risen from $4,000 to $20,000 then back down to $7,000 today. Price volatility is also a major problem for vendors as they may charge $50 in BTC for goods on Monday and that amount of BTC could be worth $30 by Wednesday.
Payment companies like Stripe removed BTC payment as an option in January of this year claiming that transactions were too slow and too expensive. This is seemingly a move in response to difficulty experienced by the BTC network during periods of high volume.
This 85% decline is no cause for concern as these issues with the BTC network can and will be solved with innovative scaling solutions, the lightning network is a good start. One noteworthy consideration is the paradigm shift from BTC being a currency to BTC being a store of value.
With this new categorisation of BTC came new innovative cryptocurrency solutions well equipped to handle the scaling issues that BTC could not. Tokens such as Nano or Fantom which are built on DAG network architecture can facilitate hundreds of thousands of transactions per second with no transaction fees. These new high speed and low cost alternatives are still in their infancy however.
E-commerce usage of BTC may have dropped but it has been transferred elsewhere to tokens built for the purpose of acting as a currency. The river will flow through the path of least resistance.
August 04, 2018
BTC is currently on a slow grind up within the current consolidation zone between $7,500 and $7,250.
We’re currently printing higher lows as we march towards the 0.236 fib level but it would not surprise us to see a bearish retreat and retest of $7,265 level as we could potentially be in a bear flag pattern.
We would view any break and close below $7,200 as a shorting opportunity to around the $6,860 level.
On the other hand, if we witness some convincing buy volume at the $7,200 mark, we would consider going long with targets as high as $7,800 but more conservatively, would look at possibly exiting at $7740 or even $7,520 depending on the bullish momentum.
I am not good in understanding the technical analysis,but in my knowledge is what I understood that the prices may go to $6860 or to $7800?BTC is currently on a slow grind up within the current consolidation zone between $7,500 and $7,250.
We’re currently printing higher lows as we march towards the 0.236 fib level but it would not surprise us to see a bearish retreat and retest of $7,265 level as we could potentially be in a bear flag pattern.
We would view any break and close below $7,200 as a shorting opportunity to around the $6,860 level.
On the other hand, if we witness some convincing buy volume at the $7,200 mark, we would consider going long with targets as high as $7,800 but more conservatively, would look at possibly exiting at $7740 or even $7,520 depending on the bullish momentum.
I also appreciate if someone can say the prediction of bitcoin prices for the current month.
August 04, 2018
BTC is currently on a slow grind up within the current consolidation zone between $7,500 and $7,250.
We’re currently printing higher lows as we march towards the 0.236 fib level but it would not surprise us to see a bearish retreat and retest of $7,265 level as we could potentially be in a bear flag pattern.
We would view any break and close below $7,200 as a shorting opportunity to around the $6,860 level.
On the other hand, if we witness some convincing buy volume at the $7,200 mark, we would consider going long with targets as high as $7,800 but more conservatively, would look at possibly exiting at $7740 or even $7,520 depending on the bullish momentum.
BTC is currently on a slow grind up within the current consolidation zone between $7,500 and $7,250.
We’re currently printing higher lows as we march towards the 0.236 fib level but it would not surprise us to see a bearish retreat and retest of $7,265 level as we could potentially be in a bear flag pattern.
We would view any break and close below $7,200 as a shorting opportunity to around the $6,860 level.
On the other hand, if we witness some convincing buy volume at the $7,200 mark, we would consider going long with targets as high as $7,800 but more conservatively, would look at possibly exiting at $7740 or even $7,520 depending on the bullish momentum.
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