Topic: Bitcoin news and technical analysis (Read 493 times)
Bitcoin price will go up, There are so many price predictors are saying that Bitcoin price will to the moon in near future and gives you a good profit, this happens after technical analysis that makes by the predictors to understand the whole market according to the conditions.
At present, the price of Bitcoin has fallen below $6,500. Although the market has already seen green, it is only 1%-3%. This speed is very slow!
Things are usually slow when there is consolidation and the market trying to find which direction to eventually take. For now, Bitcoin seems undecided yet and we managed to break $6500 resistance but got sent back below it immediately we hit the $6800 resistance. As far as I can tell, the bears are still in action even though the bulls are trying to regain control even if it is in the short term. Time will tell where we end up heading to in coming days or weeks. Fundamentally too, there is nothing to drive the market upward, considering the set of news we have been having with the ETF proposals rejection as well anyway.
TLDR; Two weeks of dojis in the weekly chart which means indecision. Eventually the market will decide. 51% chance of upward movement cuz Bitcoin is extremely oversold.
At present, the price of Bitcoin has fallen below $6,500. Although the market has already seen green, it is only 1%-3%. This speed is very slow!
Things are usually slow when there is consolidation and the market trying to find which direction to eventually take. For now, Bitcoin seems undecided yet and we managed to break $6500 resistance but got sent back below it immediately we hit the $6800 resistance. As far as I can tell, the bears are still in action even though the bulls are trying to regain control even if it is in the short term. Time will tell where we end up heading to in coming days or weeks. Fundamentally too, there is nothing to drive the market upward, considering the set of news we have been having with the ETF proposals rejection as well anyway.
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.
Now I rarely find technical analysis on bitcoin and I myself rarely do it on bitcoin, to be honest for trading I don't choose bitcoin and prefer in altcoin, I think many know why altcoins is worth trading. for those who want to learn trading I suggest to look at this thread.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.
August 23, 20018 - almost all crypto even decreased by an average of 5% .
At present, the price of Bitcoin has fallen below $6,500. Although the market has already seen green, it is only 1%-3%. This speed is very slow!
💥ETF Rejection💥
The Proshares ETF application was denied by the SEC.
The application required a rule change to be accepted by the SEC. When handing down their decision the SEC explained that the rules could not be changed and that the decision in no way means the SEC does not believe in the viability of blockchain technology.
The Proshares application included a long and a short $BTC product tied to $BTC futures contracts. It came as no surprise that the application was rejected as the Proshares products were tied to a highly volatile and leveraged 9 month old asset class.
It should also be noted that this product is not physically backed by $BTC.
This may play well into the hands of the Vaneck-SolidX application which is due to be decided in one months time.
The SEC is tasked with protecting retail investors. The Vaneck-SolidX ETF product has a unit size of 25 $BTC with a target audience of institutional investors.
In comparison to the failed attempts of previous ETF applications, the Vaneck-SolidX application appears far superior.
The proverbial red herring rejection today will undoubtedly send the market into a downward spiral, a great shorting opportunity. BTC
The Proshares ETF application was denied by the SEC.
The application required a rule change to be accepted by the SEC. When handing down their decision the SEC explained that the rules could not be changed and that the decision in no way means the SEC does not believe in the viability of blockchain technology.
The Proshares application included a long and a short $BTC product tied to $BTC futures contracts. It came as no surprise that the application was rejected as the Proshares products were tied to a highly volatile and leveraged 9 month old asset class.
It should also be noted that this product is not physically backed by $BTC.
This may play well into the hands of the Vaneck-SolidX application which is due to be decided in one months time.
The SEC is tasked with protecting retail investors. The Vaneck-SolidX ETF product has a unit size of 25 $BTC with a target audience of institutional investors.
In comparison to the failed attempts of previous ETF applications, the Vaneck-SolidX application appears far superior.
The proverbial red herring rejection today will undoubtedly send the market into a downward spiral, a great shorting opportunity. BTC
It is interesting that bitcoin, at the time when we all anticipated it to grow, begin to fall again. In my opinion it is still hanging on the position which is not that that comparing to other a year's before.
BTC Update
Earlier today BTC dropped roughly 3.7%, falling from around $6,450 down into the $6,200 region. Price wicked the lower end of the support and consolidation zone and was propelled back higher in what is becoming the same old song and dance.
Since the 9th of August, price has consolidated and launched out of this $6,200 zone at least three times. It is apparent that the bulls do not want price to go below this point but we have so far failed to garner the momentum to push above the resistance at $6,600.
Somethings got to give
This sideways action isn’t riveting by any stretch but the recent and uncharacteristic predictability of BTC price behaviour is presenting some opportunities to capitalise on price movement within the range.
Currently we are in a no trade zone but should price continue to climb higher to $6,580 or above, we will consider looking at placing some sell orders and ride it back down.
#CAVEAT!
🚨The short squeeze🚨
It looks like the short squeeze has happened after all and is pretty much at our target area for shorts right now.
We are NOT shorting just yet, but rather looking for some kind of bearish rejection candle on 4h to confirm our theory.
Earlier today BTC dropped roughly 3.7%, falling from around $6,450 down into the $6,200 region. Price wicked the lower end of the support and consolidation zone and was propelled back higher in what is becoming the same old song and dance.
Since the 9th of August, price has consolidated and launched out of this $6,200 zone at least three times. It is apparent that the bulls do not want price to go below this point but we have so far failed to garner the momentum to push above the resistance at $6,600.
Somethings got to give
This sideways action isn’t riveting by any stretch but the recent and uncharacteristic predictability of BTC price behaviour is presenting some opportunities to capitalise on price movement within the range.
Currently we are in a no trade zone but should price continue to climb higher to $6,580 or above, we will consider looking at placing some sell orders and ride it back down.
#CAVEAT!
🚨The short squeeze🚨
It looks like the short squeeze has happened after all and is pretty much at our target area for shorts right now.
We are NOT shorting just yet, but rather looking for some kind of bearish rejection candle on 4h to confirm our theory.
The bitcoin technical analysis gives us a general idea of bitcoin and, moreover, it gives us an overview of the bitcoin market situation in a scientific and century-old way.
BTC climbing higher
BTC is slowly grinding higher and is making its way towards the top of the consolidation range. We’ve failed to break through $6,578 previously (and prior to this $6,537) so we will be looking to see if this slow crawl up can push through these points. Both $6,800 and $7,000 look like possible targets depending on the timeframe.
It is possible that BTC is in an ascending triangle - a breakout above could present an opportunity to go long to the levels mentioned above. A rejection and subsequent breakdown below could provide a good shorting opportunity to take back down to the $6,200 level or possibly lower as this is the prevailing direction of the overall trend.
BTC is slowly grinding higher and is making its way towards the top of the consolidation range. We’ve failed to break through $6,578 previously (and prior to this $6,537) so we will be looking to see if this slow crawl up can push through these points. Both $6,800 and $7,000 look like possible targets depending on the timeframe.
It is possible that BTC is in an ascending triangle - a breakout above could present an opportunity to go long to the levels mentioned above. A rejection and subsequent breakdown below could provide a good shorting opportunity to take back down to the $6,200 level or possibly lower as this is the prevailing direction of the overall trend.
Unfortunately, you just cannot predict the market behavior neither by Bitcoin news, not technical analysis, which means you have to make your own decision...
I personally only look at Technical Analysis as all the news is already included in the price action.
The bulls have managed to regain some control after refusing to let BTC fall below the key support level of $5,800.
Yesterday, price did again test yearly lows, wicking $5,860 before being propelled higher to the top of the range at $6,550 which we currently find ourselves in. On the 4H we have made a double top and price has again wicked the higher extremity of $6,636 - if you dial down to the 1h, you can see that a small sell off happening.
This is to be expected after a 13% surge in price from the lower end of the range. We’re still printing lower highs and lower lows and the trend is still bearish but as we come back down, it will be important to see how BTC interacts with the $6,200 range.
If we enter into sideways consolidation here as we have done so previously at this level, we will be looking closely for signs of strength to indicate a leg higher, pressing up to $7,000.
If we break through this level we’ll be looking to short back down to $6,000 and possibly below depending on how the price unfolds – these are our musings but it is still too early to tell.
Yesterday, price did again test yearly lows, wicking $5,860 before being propelled higher to the top of the range at $6,550 which we currently find ourselves in. On the 4H we have made a double top and price has again wicked the higher extremity of $6,636 - if you dial down to the 1h, you can see that a small sell off happening.
This is to be expected after a 13% surge in price from the lower end of the range. We’re still printing lower highs and lower lows and the trend is still bearish but as we come back down, it will be important to see how BTC interacts with the $6,200 range.
If we enter into sideways consolidation here as we have done so previously at this level, we will be looking closely for signs of strength to indicate a leg higher, pressing up to $7,000.
If we break through this level we’ll be looking to short back down to $6,000 and possibly below depending on how the price unfolds – these are our musings but it is still too early to tell.
Yeah it's still in the indecision. I don't think it's going to get much lower though just because there's a lot of money in mining that needs it to stay above 6k. So they'll defend it in the interest of protecting their profits from being sabotaged.
There isn't any fundamental reason coming anytime soon to drive it up either. So I'm not going to be surprised if it bounces between the 6,200 -- 6,800 range for the next several days. Unless of course someone decides they need to protect their fiat from losses and use bitcoin to do that
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.
Technical analysis is not my strong side. So I would only try to look at the market depending on how much Bitcoin will drop and how much it will go up. There I will decide when to buy and when to sell, but for now I was just holding my btc in a hope that I can have a bigger gain if the bullish market start to move.
i don't know too much about technical chart analysis but i don't believe in this kind of analysis, market is control by many aspects: news, fomo-ponzi effect, shark-exchange control price...
Technical analysis only helps us to grasp the trend of any penny, but I do not see them as true today, but many believe in and invest a lot. from which the losses
I would consider it bullish it BTCUSD breaks above $6800 resistance.
The bulls have managed to regain some control after refusing to let BTC fall below the key support level of $5,800.
Yesterday, price did again test yearly lows, wicking $5,860 before being propelled higher to the top of the range at $6,550 which we currently find ourselves in. On the 4H we have made a double top and price has again wicked the higher extremity of $6,636 - if you dial down to the 1h, you can see that a small sell off happening.
This is to be expected after a 13% surge in price from the lower end of the range. We’re still printing lower highs and lower lows and the trend is still bearish but as we come back down, it will be important to see how BTC interacts with the $6,200 range.
If we enter into sideways consolidation here as we have done so previously at this level, we will be looking closely for signs of strength to indicate a leg higher, pressing up to $7,000.
If we break through this level we’ll be looking to short back down to $6,000 and possibly below depending on how the price unfolds – these are our musings but it is still too early to tell.
Yesterday, price did again test yearly lows, wicking $5,860 before being propelled higher to the top of the range at $6,550 which we currently find ourselves in. On the 4H we have made a double top and price has again wicked the higher extremity of $6,636 - if you dial down to the 1h, you can see that a small sell off happening.
This is to be expected after a 13% surge in price from the lower end of the range. We’re still printing lower highs and lower lows and the trend is still bearish but as we come back down, it will be important to see how BTC interacts with the $6,200 range.
If we enter into sideways consolidation here as we have done so previously at this level, we will be looking closely for signs of strength to indicate a leg higher, pressing up to $7,000.
If we break through this level we’ll be looking to short back down to $6,000 and possibly below depending on how the price unfolds – these are our musings but it is still too early to tell.
From my own experience news and technical analysis can’t guarantee you for profit. It is only you who can make a profit by using your own brain. Believe me. If you watch the market carefully then you can decide about what is going to be the next hours or day. Many people who have short knowledge about how to use bitcoin news or how to analyze a market can also make a good amount of profit daily. Yet I can’t ignore news or TA but who can use it sure can use it for their trade and make a profit.
Regardless of the overall bearish sentiment and the SEC weighing in heavily against Bitcoin,bulls seem to be stable and recovering.It's up five percent and reducing as buyers reject prices below $6,ooo-the upper limit of our support zone.Considering the past tow trends,we still hold a bearish position and untill we see thrusts above $6,800 and $7,000 to the upside,we recommend shorts on high more so once there is a convincing break below $5,800.
I'm not having a mates who are involved in the process of technical analyses but I would be interested to know how is it going in their area, are they successful with there predictions in this market conditions?
In the present market it is difficult totrust the news. No one tell the truth or no one spread knowledge without money. Money is the main reson for doing these thing. First we hadbetter identify the news with our knowledge. In everything we should have our own analyze. Tecnicle analye also, if we can do it is better. For an example there are many bitcoin pumping chanels. They give the news after the buying it. If some one buy there position he will lose sone amount definitely. Because of many reasons we had better analysing ourselves.
Until now the bitcoin is still failing and it's still hard to recover the past price and I think bitcoin investors will hold it now because of its price dropping today.
Some experts use bitcon analysis or altcoin so they can have better tactics that will help you to profit from your investment in the right direction so you will have the chance to win and become rich. have more
In fact people make their own analysis about bitcoin price but for most of the time their analysis do not comes true. Some time even the bitcoin expert do not succeeded to give a good correct prediction about bitcoin.
As mentioned in our last TA update, BTC bounced just shy of the 23-fib level and will as expected, continue its downward trajectory further. We’ll be keeping our eyes set on a few key levels as we make our descent - we could be in for a bit of turbulence.
As price nears $6,265, this will be a region to watch since we have historically bounced twice from here before. We are expecting price to break through without too much of a fight however and the next stop will likely be close to $6,100 - $6,000.
There may indeed be a bounce at this level as well and we will be looking closely to see how the price action unfolds. There may be some short-term counter-trend trades which present themselves but we will also be looking for shorting entries as the prevailing bear trend ensues.
Buckle up ladies and gents!
As price nears $6,265, this will be a region to watch since we have historically bounced twice from here before. We are expecting price to break through without too much of a fight however and the next stop will likely be close to $6,100 - $6,000.
There may indeed be a bounce at this level as well and we will be looking closely to see how the price action unfolds. There may be some short-term counter-trend trades which present themselves but we will also be looking for shorting entries as the prevailing bear trend ensues.
Buckle up ladies and gents!
I also appreciate if someone can say the prediction of bitcoin prices for the current month. 
A month is quite a long period for BTC, nobody goes that far with analysis. You can always consult a crystal ball if you believe in these things. The most basic analysis shows 6800 as lower support and 7150 as the short term upper support. If any of these break it will be followed by a bigger move. Going down would nullify inverse head and shoulders, showing that we still haven't had a real breakout and the bottom might not be in, while going above 7150 would suggest that the bottom is in and we are confirming higher lows.
Yeah it (hopefully) has found a floor here around the 6500 region. There is some support from previous levels a few months ago and a fib level. I don't think that there is further negative sentiment to drive it down at this stage, but you never know what might come out. Some major investment bank might just feel like calling bitcoin worthless once more.
Hopefully after this consolidation we can see some reversal patterns. I'd actually want to start buying soon because when it does reverse, it will reverse very quickly.
I also appreciate if someone can say the prediction of bitcoin prices for the current month.
A month is quite a long period for BTC, nobody goes that far with analysis. You can always consult a crystal ball if you believe in these things. The most basic analysis shows 6800 as lower support and 7150 as the short term upper support. If any of these break it will be followed by a bigger move. Going down would nullify inverse head and shoulders, showing that we still haven't had a real breakout and the bottom might not be in, while going above 7150 would suggest that the bottom is in and we are confirming higher lows.
Some experts use bitcon analysis or altcoin so they can have better tactics that will help you to profit from your investment in the right direction so you will have the chance to win and become rich. have more
ETF Delay
By now I’m sure a lot of you would have felt the sting of the market’s overreaction to the SEC announcement of delaying the VanEck-SolidX Bitcoin ETF decision. The ETF is backed by the Chicago Board of Exchange BZX Equities Exchange (CBOE) and has been praised by the cryptocurrency community for its efforts in attracting institutional investment into the budding blockchain industry.
The Commission explained that the Securities Exchange Act provides that it can extend the 45 days period from publication if it finds it “appropriate to designate a longer period” so it has sufficient time to consider the proposed rule change.
“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”
This move by the SEC is a positive sign in the opinion of the CIM team as it shows that the SEC is seriously considering the ETF application. The gears of bureaucracy are grinding away, they only way they know how – slowly. The SEC could have disregarded VanEck-SolidX BTC ETF application and focused their valuable time elsewhere, but instead they chose to allot more time to this matter. Think about that before you decide to panic sell.
Prominent CNBC crypto commentator Brian Kelly said “If you’re selling today after this decision, it’s the wrong way to do crypto investing. There is more to this story than just an ETF, A little spoiler alert: On September 30th, they will likely postpone it again because the market’s not ready for it and the SEC hasn’t had all the answers to their questions yet.” One of the more lucid comments to come out of the CNBC studio.
Other Numbers
We recently reported on the decline in cryptocurrency spending noting that it had dropped over 80% in the past year. Today the DEA came out and announced a 90% drop in the usage of cryptocurrencies in illicit black market trades. This may very well just be the DEA tooting their own proverbial horn but it would certainly explain some of the decrease in crytpocurrency spending. If the numbers are assumed to be correct then there has actually been an increase in the usage of BTC and other cryptocurrencies in e-commerce.
OTC brokerage firms have said that although volumes are down in cryptocurrency order books, the OTC market is still flourishing. Some OTC desks have estimated that OTC volume makes up at least 50% of the daily cryptocurrency volume traded daily. One of the reasons traders use OTC brokers is the expediency they offer to execute a trade, paid for in the form of a seller’s discount.
A reasonable barometer on the sentiment of sellers can be the amount of discount they offer on their trades. In March of this year sellers were offering discounts in the order of 7-8%, indicating the urgency with which they needed to get rid of their BTC. At the moment the discount rate is sitting at about 2%, a stark improvement from the situation in March.
The current situation seems to be better than March however, we are still in a bearish market and the discount rate could very well rise again. As such we are approaching with caution.
In the likely situation of another ETF delay the current bear trend could linger around for a while like a bad smell. As previously stated we will be shorting strength and diversifying risk out of our portfolio by going long on BNB too. Till next time.
By now I’m sure a lot of you would have felt the sting of the market’s overreaction to the SEC announcement of delaying the VanEck-SolidX Bitcoin ETF decision. The ETF is backed by the Chicago Board of Exchange BZX Equities Exchange (CBOE) and has been praised by the cryptocurrency community for its efforts in attracting institutional investment into the budding blockchain industry.
The Commission explained that the Securities Exchange Act provides that it can extend the 45 days period from publication if it finds it “appropriate to designate a longer period” so it has sufficient time to consider the proposed rule change.
“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”
This move by the SEC is a positive sign in the opinion of the CIM team as it shows that the SEC is seriously considering the ETF application. The gears of bureaucracy are grinding away, they only way they know how – slowly. The SEC could have disregarded VanEck-SolidX BTC ETF application and focused their valuable time elsewhere, but instead they chose to allot more time to this matter. Think about that before you decide to panic sell.
Prominent CNBC crypto commentator Brian Kelly said “If you’re selling today after this decision, it’s the wrong way to do crypto investing. There is more to this story than just an ETF, A little spoiler alert: On September 30th, they will likely postpone it again because the market’s not ready for it and the SEC hasn’t had all the answers to their questions yet.” One of the more lucid comments to come out of the CNBC studio.
Other Numbers
We recently reported on the decline in cryptocurrency spending noting that it had dropped over 80% in the past year. Today the DEA came out and announced a 90% drop in the usage of cryptocurrencies in illicit black market trades. This may very well just be the DEA tooting their own proverbial horn but it would certainly explain some of the decrease in crytpocurrency spending. If the numbers are assumed to be correct then there has actually been an increase in the usage of BTC and other cryptocurrencies in e-commerce.
OTC brokerage firms have said that although volumes are down in cryptocurrency order books, the OTC market is still flourishing. Some OTC desks have estimated that OTC volume makes up at least 50% of the daily cryptocurrency volume traded daily. One of the reasons traders use OTC brokers is the expediency they offer to execute a trade, paid for in the form of a seller’s discount.
A reasonable barometer on the sentiment of sellers can be the amount of discount they offer on their trades. In March of this year sellers were offering discounts in the order of 7-8%, indicating the urgency with which they needed to get rid of their BTC. At the moment the discount rate is sitting at about 2%, a stark improvement from the situation in March.
The current situation seems to be better than March however, we are still in a bearish market and the discount rate could very well rise again. As such we are approaching with caution.
In the likely situation of another ETF delay the current bear trend could linger around for a while like a bad smell. As previously stated we will be shorting strength and diversifying risk out of our portfolio by going long on BNB too. Till next time.
Soon all time low YTD
It now seems evident that we are clearly in a wave 3 down which would mean the relief rally from 5800-8470 was a corrective ABC in nature, meaning that once this 5 wave down structure is complete, it is only the beginning of a larger correction and not the end.
We want to point out that We have no intention of buying the ensuing wave 4 but only looking to short any strength, preferably in the 6.6-6.7k region.
It is no secret we have been calling for an end of bear market target at 3.2k which has been brought up a few times before.
Whether this happens or not is trivial as we are active traders, and trade what we see, which in this current climate, there are not too many bull cases to be made.
It now seems evident that we are clearly in a wave 3 down which would mean the relief rally from 5800-8470 was a corrective ABC in nature, meaning that once this 5 wave down structure is complete, it is only the beginning of a larger correction and not the end.
We want to point out that We have no intention of buying the ensuing wave 4 but only looking to short any strength, preferably in the 6.6-6.7k region.
It is no secret we have been calling for an end of bear market target at 3.2k which has been brought up a few times before.
Whether this happens or not is trivial as we are active traders, and trade what we see, which in this current climate, there are not too many bull cases to be made.
This is very amazing and unexpected for me, because we all anticipated so hardly the global growth and prosperity, but yet we are seeing this down trend all over the market... Even Bitcoin was not so long at the point of $8,500
Don’t say I didn’t warn you
If we were only half right the last time then we were ten times right this time.
The bulls put in a solid effort but it was becoming increasingly obvious after the $7,129 resistance could not be breached that we would be resuming the downtrend and returning to lower levels.
We can’t lay claim to the fact that we saw it dropping all the way down to $6,377 in one aggressive move, but we did foresee a drop coming.
With our short position opened at $6,850 now closed off at around $6,621, we’re certainly not complaining! 👍
For those of you who followed – congratulations and nicely done.
If we were only half right the last time then we were ten times right this time.
The bulls put in a solid effort but it was becoming increasingly obvious after the $7,129 resistance could not be breached that we would be resuming the downtrend and returning to lower levels.
We can’t lay claim to the fact that we saw it dropping all the way down to $6,377 in one aggressive move, but we did foresee a drop coming.
With our short position opened at $6,850 now closed off at around $6,621, we’re certainly not complaining! 👍
For those of you who followed – congratulations and nicely done.
Definitely that ETF news make some people worried and go panic that's why we're experiencing again some corrections. And I'm pretty sure that we just need some big and good news to catch again the attention of people so they'll put trust again. We're less than a month for those ber months and seems we can see those history repeating itself and make new ath. Again, time to filling our bags. 
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.
Your analysis is good but for me keep patience to hold and not create transactions at this moment is better. This situation is not good, down trend is still running and maybe need more time to up again. I don't see any perspective that can make bitcoin price go up again until end of the years. Let's hope my analysis is wrong and we see bitcoin rise again.
August 8, 2018
The price of bitcoin is 6,557 $ and continues to decline.
As we see now, the price smoothly and with volumes passed the mark of $ 6,860. And continues its fall. Bearish tendency continues. Perhaps the transfer of the ETF decision had a negative impact on the price, or such a decline would be beneficial to the strong players who want to buy at low prices and earn now selling bitcoin. In general, I think that this is a good sign and after reaching the price mark in the area of $ 5,700, there may be a market turn.
The price of bitcoin is 6,557 $ and continues to decline.
As we see now, the price smoothly and with volumes passed the mark of $ 6,860. And continues its fall. Bearish tendency continues. Perhaps the transfer of the ETF decision had a negative impact on the price, or such a decline would be beneficial to the strong players who want to buy at low prices and earn now selling bitcoin. In general, I think that this is a good sign and after reaching the price mark in the area of $ 5,700, there may be a market turn.
Prices are back to being the strongest of the current range but that won't last long, yes maybe I just think, when the market is saturated there will be a concern for most people to come back down again, but we see developments ahead Several months, we can't avoid the risk of a decline Moreover, it can be said that now is a tough year for Bitcoin and all cryptocurrency, I am still waiting for the best in the next few years, nothing is easy in this world.
I think that news about bitcoin is the main factor that has an effect on price change.
I also appreciate if someone can say the prediction of bitcoin prices for the current month.
A month is quite a long period for BTC, nobody goes that far with analysis. You can always consult a crystal ball if you believe in these things. The most basic analysis shows 6800 as lower support and 7150 as the short term upper support. If any of these break it will be followed by a bigger move. Going down would nullify inverse head and shoulders, showing that we still haven't had a real breakout and the bottom might not be in, while going above 7150 would suggest that the bottom is in and we are confirming higher lows.
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.
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.
I was also expecting another dip, however, it looks like there's some sort of recovery. Might be another bull trap so I advise everyone to really monitor as to not get trap.
Or might be the news of ETF approval is just a couple of days that's why the FOMO is slowly entering anticipating that approval. Who knows?
What happened in the past few days is optimistic about ETF's decision to raise about $ 2000 "from $ 6200 to $ 81,000".
After optimism over, the price returned to record a correction from $ 8100 to $ 6800. Now it is stabilizing at 7000 dollars
I expect the stability to continue in the next few days, with a peak at 8,500, a bottom at 7800 and a stability point at 7000.
Do not let the green fool you by rising in price soon.
After optimism over, the price returned to record a correction from $ 8100 to $ 6800. Now it is stabilizing at 7000 dollars
I expect the stability to continue in the next few days, with a peak at 8,500, a bottom at 7800 and a stability point at 7000.
BTC is continuing to grind down lower no matter what positive news is thrown our way.
The news was confident in the long-term but will not affect the current purchases, so it has did not effect.Do not let the green fool you by rising in price soon.
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.
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.
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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