Topic: BITCOIN NEWS AND UPDATE - page 2. (Read 345 times)
news are good. all the news has been positive towards crypto market. but unfortunately still bitcoin price going down. this is not normal. so we can say crypto market is very unpredictable market. hope everything will be fine sooner. it must be.
All the news are positive, but still, Bitcoin price doesn't show any interest to move up, I think Whales don't want to go up, This crypto market is unpredictable man.
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.
BTCBTC 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 BTC
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 BTC
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. #GOOD_LUCK
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. #GOOD_LUCK
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.
indeed bitcoin will continue to decline for the next few weeks, but with good news this is enough to influence holders not to sell btc, even this news as a reference news that it's time to buy large amounts of BTC before the BTC rises again 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.
More Bears to conquer?
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.
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.
Bitcoin more popular now a days and famous world wide and lots of advantages bitcoin and in future more and more features update and people more useful to use.
ONE OF THE MAIN GOOD NEWS OF BITCHOINE IN THE NEW VERSION IS THE REDUCTION OF THE COST OF PAYMENT FOR THE PERFORMANCE OF YOUR TRANSACTIONS)) ALSO THE SURVIVAL LEVEL OF SAFETY RATHERED SO MUCHLY !!!
BTC POPSBTC
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.
Bitcoin (BTC) is trading around $6,974 at press time, down 1.17 percent on the day. we hoping it bounces back
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.
i still don't think this is a 'bear cycle" as OP thinks. in fact this hasn't been like that for a long time now.
however the reason why we aren't seeing a rise start is the fact that despite all the good news, bullish reports and all the money waiting to buy bitcoin we still have a lot of drama which can cause problems for the rise.
i think it is possible that investors are waiting for ETF news to come out before they start buying back.
however the reason why we aren't seeing a rise start is the fact that despite all the good news, bullish reports and all the money waiting to buy bitcoin we still have a lot of drama which can cause problems for the rise.
i think it is possible that investors are waiting for ETF news to come out before they start buying back.
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.
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.
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.
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