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Market Wrap Crypto markets starting to pullback; BNB, Maker and Stellar are keeping in the green, BCH, and Ethereum starting to slide.

Crypto markets have started to correct as expected after a two day buying bonanza. Volume and market capitalization has pulled back a little as traders start taking profits. The next few days will be crucial in determining if recent gains can hold.

Bitcoin hit resistance in an intraday high at $4,010 a few hours ago and, as predicted, pulled back to $3,940 where it currently trades. This is pretty much where BTC was yesterday after testing the same resistance level indicating further losses could be coming soon.

Ethereum, after a very strong rally, has dropped 3% on the day as it corrects. ETH is currently trading at $142 and the gap to third has decreased back to $1.6 billion. XRP has remained stable on the day and is still at $0.323.

In the top ten, Binance Coin is running away with it as a further 12% is added on the day. BNB touched $11 before falling back to $10.80 where it currently trades. The only other altcoin defying the pullback is Stellar which has made 4% enabling XLM to flip Tron for eighth place. The rest are in decline with Bitcoin Cash dropping the most at 4%, back to just above $140.

Most altcoins are also correcting in the top twenty during today’s Asian trading session. One making an opposite move is Maker which has had a lot of positive momentum lately. MKR has added a further 8% on the day moving ahead of NEO in sixteenth to trade at $620. Everything else is dropping a percent or two.

Storj has entered the top one hundred with a fomo driven pump of 15% at the time of writing. WAX is up and down like a yoyo, today pumping again with 13%. Binance Coin is the other top performer at the moment. There is only one double digit dump with REPO dropping 11% at the messy end of the table. ODEM is also having a bad day with a 9% dump.

Total crypto market capitalization is holding above $130 billion but falling back slowly. After hitting a peak of $136 billion markets are now in decline as volume shrinks back to $30 billion during the selloff. Since last Wednesday markets have made 9% but the big question now is will these gains hold or is a big dump about to start again.

Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals

The post Crypto Market Wrap: A Few Survivors As Markets Correct appeared first on NewsBTC.

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  • Bitcoin price extended gains above $3,900 and traded close to the $4,000 resistance against the US Dollar.
  • The price traded as high as $3,973 and later started a downside correction.
  • There is a short term breakout pattern in place with support at $3,875 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to correct further lower towards the $3,830 or $3,800 support levels before fresh increase.

Bitcoin price failed to surpass the $4,000 resistance and corrected lower against the US Dollar. BTC could tested the $3,800 support area before a new upward move towards $4,000.

Bitcoin Price Analysis

Yesterday, we saw a strong rally above the $3,750 resistance in bitcoin price against the US Dollar. The BTC/USD pair spiked towards the $3,950 level and later corrected lower. However, the $3,830 support prevented losses and the price bounced back. It broke the last swing high and traded close to the $4,000 resistance. A new weekly high was formed at $3,973, but the price failed to test the $4,000 barrier. As a result, there was a fresh downside correction and the price declined below $3,950 and $3,920.

There was a break below the 23.6% Fib retracement level of the last wave from the $3,684 low to $3,973 high. However, the current decline is finding bids near yesterday’s highlighted bullish trend line with support at $3,880. More importantly, it seems like there is a short term breakout pattern in place with support at $3,875 on the hourly chart of the BTC/USD pair. If there is a downside break, the pair could test the next key support at $3,830. It coincides with the 50% Fib retracement level of the last wave from the $3,684 low to $3,973 high.

If the price fails to hold the $3,830 support, it could test the main $3,800 support area in the near term. On the upside, the price must break the $3,925 and $3,950 resistance levels to revisit $3,975. The main resistance for buyers is near the $4,000 level, above which there are chances of further gains.

Looking at the chart, bitcoin price seems to be setting up for the next break either above $3,925 or below $3,875. In the short term, there could be a few bearish moves, but the $3,800 support is likely to hold losses. Below $3,800, the price could drop towards the $3,720 support.

Technical indicators

Hourly MACD – The MACD is currently in the bearish zone, with a few positive signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently flat near the 50 level.

Major Support Level – $3,830 followed by $3,800.

Major Resistance Level – $3,925. $3,950 and 4,000.

The post Bitcoin Price Watch: Pullback In BTC Before Fresh Increase appeared first on NewsBTC.

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  • The total crypto market cap traded towards the $132.5B level and later corrected lower.
  • EOS price traded above the $3.50 resistance and it is currently consolidating gains.
  • Binance Coin (BNB) rallied more than 10% and broke the $10.00 resistance area.
  • Bitcoin cash price is placed nicely above the $140 support, with a bullish bias.
  • Tron (TRX) price failed to stay above the $0.0250 support and later declined.

The crypto market started a downside correction, but it remains supported. Dips in bitcoin (BTC), Ethereum (ETH), Binance coin (BNB), BCH, ripple, EOS, TRX and ADA are likely to find buyers.

Bitcoin Cash Price Analysis

Bitcoin cash price gained traction recently and broke the $135 and $140 resistances against the US Dollar. The BCH/USD pair even traded above the $145 level and later started a downside correction. On the downside, the key supports are near $142 and $140, below which the price might test the $135 support.

On the upside, an initial resistance is near the $145 level, above which the next hurdle for buyers is at $148 and $150. In the short term, there could be range moves, but the price is likely to gain further above $145.

EOS, Tron (TRX) and BNB Price Analysis

EOS price gained a strong bullish momentum above the $3.00 resistance area. It broke the $3.25 and $3.50 resistance levels to register heavy gains. At the moment, the price is consolidating above the $3.50 support, with resistances near the $3.62 and $3.70 levels.

Tron price moved above the $0.0250 resistance level, but it failed to hold gains. TRX price topped below the $0.0255 resistance and later declined below the $0.0250 support. The price is down more than 2% and it seems like it could retest the $0.0245 support area in the near term.

Binance coin (BNB) rallied recently above the $9.50 and $10.00 resistance levels. BNB price gained more than 10% and even surpassed the $10.50 resistance. The next major hurdle for buyers is near the $11.00 level, above which the price might eye a test of the $12.00 level.

Looking at the total cryptocurrency market cap hourly chart, there was a strong upward move above the $120.0B and $125.0B resistance levels. The market cap even broke the $130.0B resistance level and tested the $132.5B level, where it faced resistance. Later, it started a downside correction and declined below $130.0B. However, there are many supports near $126.0B, $125.0B, and a bullish trend line on the same chart. Therefore, as long as the market cap is above $125.0B, dips in bitcoin, ETH, tron, litecoin, EOS, ripple, ADA, stellar, BNB, BCH, XMR and other altcoins remain supported in the coming sessions.

The post Crypto Market Eyes Additional Gains: BNB, EOS, Bitcoin Cash, Tron (TRX) Analysis appeared first on NewsBTC.

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  • Ripple price gained traction and broke the $0.3400 resistance area before sellers appeared against the US dollar.
  • The price topped near the $0.3460 level and later started a sharp downside correction.
  • Yesterday’s highlighted major bullish trend line is intact with support near $0.3190 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is likely preparing for a fresh upward move as long as it is above the $0.3100 support area.

Ripple price rallied sharply before trimming most of its gains against the US Dollar and bitcoin. XRP/USD remains supported on the downside above $0.3100 and it could bounce back soon.

Ripple Price Analysis

Yesterday, there was a solid upward move in ripple price above the $0.3200 resistance area against the US Dollar. The XRP/USD pair gained traction and broke the $0.3300 and $0.3320 resistance levels. It even broke the $0.3400 resistance and spiked above the $0.3450 level. The price topped near the $0.3460 level and later started a sharp downside correction. It declined below the $0.3320 support and the 50% Fib retracement level of the last wave from the $0.3036 low to $0.3459 high. Sellers even pushed the price below the $0.3250 support area.

However, the price found support near the $0.3160 level. The 61.8% Fib retracement level of the last wave from the $0.3036 low to $0.3459 high also acted as a support. Moreover, yesterday’s highlighted major bullish trend line is intact with support near $0.3190 on the hourly chart of the XRP/USD pair. Below the trend line, the next support is near the $0.3135 level. It coincides with the 76.4% Fib retracement level of the last wave from the $0.3036 low to $0.3459 high. The main support is near the $0.3100 level and the 100 hourly simple moving average.

Therefore, the price is likely to find a lot of buying interest near the $0.3160, $0.3130 and $0.3100 supports. If there is a downside break below the $0.3100 support, the price might move back in a bearish zone. On the other hand, if the price stays above $0.3100, it could start a fresh upward move above $0.3300.

Looking at the chart, ripple price remains well supported above the $0.3100 level. In the short term, there could be range moves, but the price is likely to climb higher once again above $0.3300. The main resistance is near the $0.3350 level, above which there are high chances of gains above $0.3400 in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly reducing its bearish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher, but it is still below the 50 level.

Major Support Level – $0.3100

Major Resistance Level – $0.3350

The post Ripple Price Analysis: XRP Rally Unwinds But Not Likely Over appeared first on NewsBTC.

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  • ETH price started a downside correction after testing the $149-150 resistance area against the US Dollar.
  • There was a break below a key bullish trend line with support at $146 on the hourly chart of ETH/USD (data feed via Kraken).
  • There was an increase in selling pressure and the price tested the $139-140 support area.
  • A few important supports are in place near the $141, $140 and $136 levels.

Ethereum price started a short term correction against the US Dollar and bitcoin. ETH/USD must stay above $136 and the 100 hourly simple moving average to bounce back.

Ethereum Price Analysis

In the past few days, ETH price climbed higher and broke the $135 and $140 resistances against the US Dollar. The ETH/USD pair even traded towards the $150 resistance zone, where sellers emerged. A top was formed just below the $150 level and later the price started a downside correction. It declined below the $146 support and the 23.6% Fib retracement level of the last leg from the $135 swing low to $150 swing high. It opened the doors for more gains and the price dropped towards the $140 support zone.

Moreover, there was a break below a key bullish trend line with support at $146 on the hourly chart of ETH/USD. The pair declined below the 50% Fib retracement level of the last leg from the $135 swing low to $150 swing high. However, there are many important supports are in place near the $141, $140 and $136 levels. The main support is near the $138 level. It coincides with the 76.4% Fib retracement level of the last leg from the $135 swing low to $150 swing high. Besides, the 100 hourly simple moving average is positioned near the $136 level to act as a strong support.

Therefore, if the price continues to decline, the $138 and $136 levels are likely to prevent losses. If there is a break and close below the 100 hourly SMA, the price might decline further towards the $130 level. On the other hand, if the price finds support near $138, it could start a fresh upward move.

Looking at the chart, ETH price corrected lower from the $150 resistance zone. However, dips remain supported as long as the price is above the $136 pivot zone. On the upside, an initial resistance is near $145, above which the price may retest $150.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD moved back in the bearish zone, with a few bearish signs.

Hourly RSIThe RSI for ETH/USD is now just below the 50 level, with a bearish angle.

Major Support Level – $136

Major Resistance Level – $145

The post Ethereum Price Analysis: ETH Remains Buy On Dips, 100 SMA Holds Key appeared first on NewsBTC.

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The crypto markets have continued to climb higher after seeing two days of large and widespread gains across nearly all major cryptocurrencies. Today’s price climb has led many investors and analysts to believe that the markets have already established a long-term bottom.

Despite there being a bullish sentiment that is currently spreading through most cryptocurrency communities, analysts are now pointing to the importance of transaction volumes as an indicator of where the markets are heading next.

Bitcoin and XRP See Sustained Rise in Transaction Volume

Although there may not be a fundamental reason behind the recent crypto market surge, one factor that may be contributing is an increasing amount of transaction volume that may have an impact on various cryptocurrencies prices.

Naeem Aslam, the chief market analyst at Think Markets U.K., recently told MarketWatch that he believes that Bitcoin will see increased fundamental strength in the coming months, which could help contribute to positive price action.

“The cryptocurrency king is on track to secure its first positive month since July 2018… With the wind of change blowing, the fundamentals are likely to improve in the coming months for the cryptocurrency space. The hopes are pinned on the improvement of the transaction volume for on-chain transactions. This will attract growth because of a larger number of industries becoming part of this infrastructure,” he said.

Mati Greenspan, the senior market analyst at eToro, shared a similar sentiment to Aslam, and also noted that Bitcoin’s recent price ascent occurred at the same time its transaction volume began to increase.

“We can see this period of low transaction rate in the purple rectangle below… The green line is $BTC,” Greenspan noted while referencing a chart that shows the volatility BTC saw during a period of low transaction volume.

We can see this period of low transaction rate in the purple rectangle below.

The green line is $BTC. pic.twitter.com/ksmdSfBHNp

— Mati Greenspan (@MatiGreenspan) February 19, 2019

Greenspan also noted that XRP has seen an influx of transactions in late-January after XRP’s transactions dropped off a cliff on December 11th, which is about the time that XRP fell back towards its 2018 lows in the mid-$0.20 region.

“Transactions in XRP went quiet from December 11th but came back with a vengeance on January 26th,” he said.

Crypto Markets May Not be Out of the Woods Yet

Although the recent market surge that has sent many cryptocurrencies up 10% or more is certainly positive for investors and traders alike, Greenspan warns that a tight correlation between major cryptos and Bitcoin could signal that bear market is not yet over.

“Despite recent optimism, crypto correlations remain strong… Major coins still bearing a positive correlation to $BTC of about 0.8, which is very high… Yet another sign the [bear] market might not be over just yet,” he warned.

Despite recent optimism, crypto correlations remain strong.

Major coins still bearing a positive correlation to $BTC of about 0.8, which is very high.

Yet another sign the market might not be over just yet.

Chart from @coinmetrics pic.twitter.com/ycdvA0dStb

— Mati Greenspan (@MatiGreenspan) February 19, 2019

At the time of writing virtually all major cryptocurrencies are trading up, with Ethereum, XRP, EOS, trading up 1.2%, 3.2%, and 5.1%, respectively.

Featured image from Shutterstock.

The post Crypto Markets Continue Climbing as Bitcoin and XRP Transaction Volumes Surge appeared first on NewsBTC.

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Over the past year discussions of a Bitcoin ETF being approved by regulatory authorities in the US has dominated the news cycle and has even – on multiple occasions – impacted the markets. Many investors and analysts believe that the approval of a BTC ETF will lead to an influx of investors as it would place the cryptocurrency in front of all traditional equity investors.

Although the status and potential effect of a Bitcoin ETF remains unknown, there already exists and exchange-traded product that allows investors to add some exposure to Bitcoin’s price through the form of an Exchange Traded Note (ETN).

Bitcoin ETN Trades at Large Premium to BTC

The Grayscale Bitcoin Trust (GBTC) is a popular ETN that allows traditional investors to gain some exposure to the daily price movements of Bitcoin without actually owning the underlying asset.

Grayscale describes their product as “the first publicly quoted securities solely invested in and deriving value from the price of bitcoin” that allows investors to “gain exposure to the price movement of bitcoin through a traditional investment vehicle, without the challenges of buying, storing, and safekeeping bitcoins.”

Each share of GBTC trades at approximately 1/1000th of Bitcoin’s actual price and is currently trading at $4.82 per share. This means that GBTC is valuing one BTC at $4,820, which is significantly higher than Bitcoin’s current price of under $4,000.

Thomas Lee, the co-founder of Fundstrat Global, pointed out this premium in a recent tweet, hypothesizing that GBTC’s premium to BTC’s net asset value (NAV) is a sign of institutional buying, as purchasing GBTC is easier than purchasing BTC through a cryptocurrency exchange for traditional investors.

“CRYPTO: $GBTC premium to NAV creeping up to 36% on heels of $BTC surge to ~$4,000… Rise in premium is a sign of institutional net buying (easier to buy this ETN from @GrayscaleInvest than buy via a crypto exchange) … another sign 2019 way better than 2018 for crypto,” he explained.

CRYPTO: $GBTC premium to NAV creeping up to 36% on heels of $BTC surge to ~$4,000

Rise in premium is a sign of institutional net buying (easier to buy this ETN from ⁦@GrayscaleInvest⁩ than buy via a crypto exchange)…

…another sign 2019 way better than 2018 for crypto pic.twitter.com/hdFh8y3sY9

— Thomas Lee (@fundstrat) February 19, 2019

Although GBTC doesn’t entitle buyers to Bitcoin – the underlying asset it tracks – it does allow buyers to get in on some of its volatility in an easy to access fashion.

Is Growing GBTC NAV Premium Actually The Result of Institutional Buying?

On February 17th Bitcoin’s price surged after briefly dipping towards $3,600, and is now pushing up against $4,000, which has proven to be a level of resistance.

BTC’s price has surged over the past couple of days.

Historically, GBTC’s premium grows whenever BTC experiences price surges, and drops whenever Bitcoin’s price drops. With this being said, it appears that GBTC historically exaggerates Bitcoin’s sentiment shifts, which does not serve as strong support for Lee’s theory regarding the growing premium being the result of institutional buying.

Furthermore, Lee’s assessment of GBTC’s current NAV premium is exaggerated, as Bloomberg notes that GBTC’s current premium is just under 19%, while its average 52-week premium is nearly 40%.

Lee addressed this in response to a comment on his original post, noting that a 20% NAV premium does appear to be more accurate.

Hmmm. Actually more favorable

— Thomas Lee (@fundstrat) February 19, 2019

With that being said, although it is possible that institutions are trading the cryptocurrency via GBTC, there is little evidence of this and its current price premium is nothing extraordinary.

At the time of writing, GBTC is trading up nearly 15% from its opening price, while BTC is only trading up 1.5% over a 24-hour trading period.

Featured image from Shutterstock.

The post Could Bitcoin ETN’s Large Premium to BTC be a Sign of Institutional Buying? appeared first on NewsBTC.

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Bitcoin has been able to maintain its upwards momentum that it incurred a few days ago and BTC has now pushed up to $4,000. This upwards price move has been fueled by a surge in trading volume, but one analyst is now importantly noting that trading volume over high-time-frames must improve in order for an upwards price move to be sustained long-term.

Other analysts are also importantly noting that Bitcoin is now beginning to establish $4,000 as a level of resistance, which could prove to be a critical level that must be broken through in order for further gains to ensue.

Bitcoin (BTC) Continues Climbing, But Faces Resistance at $4,000

At the time of writing, Bitcoin is trading up nearly 3% at its current price of $3,985. Bitcoin began its recent push on February 17th, when its price dipped to $3,600 before surging to its current price levels.

Following this move, BTC traded sideways for less than a day before continuing to climb until it hit approximately $4,000, which has proven to be a level of resistance.

Lucid TA, a popular cryptocurrency analyst, spoke about this resistance level in a recent tweet, noting that he believes BTC will rest around its current price levels before continuing climb.

“$BTC is hitting the first significant resistance since the breakout, I think we’re likely to rest a little while here.”

$BTC is hitting the first significant resistance since the breakout, I think we're likely to rest a little while here. pic.twitter.com/xa8O0Yn3mZ

— Lucid TA (@Lucid_TA) February 19, 2019

Hsaka, another popular analyst, shared a similar sentiment in a recent tweet, telling his followers that he will begin looking to short Bitcoin when its price reaches the low-$4,000 region.

“$BTC Not looking to short until the demarcated zone. Meanwhile, here’s an alternate way to find confluence with your S/R levels. Divide up a range/swing into quarters.”

$BTC

Not looking to short until the demarcated zone.

Meanwhile, here's an alternate way to find confluence with your S/R levels. Divide up a range/swing into quarters. pic.twitter.com/luYP1fgwS2

— Hsaka (@HsakaTrades) February 19, 2019

Because Bitcoin and the entire cryptocurrency markets are fresh off of a large price surge, it is likely that they will range sideways, or drop slightly, before garnering enough buying pressure to propel them higher.

Analyst: Bitcoin Trading Volume Must Increase in Order for Price to Surge Higher

One notable feature of this latest BTC price surge is that its 24-hour trading volume has climbed significantly, surging from weekly lows of under $6 billion to its current levels of roughly $10.5 billion.

Josh Rager – another popular analyst – explained that over a longer time frame, Bitcoin’s trading volume is down significantly and an inability to continue increasing may lead BTC’s price back down to its support levels in the low-$3,000 region.

“$BTC Chart: Bitcoin currently at resistance level with a break and close above $4100 is bullish… But… Volume continues to decrease on high time frames: the decreasing volume w/ rising price = bearish. If the volume doesn’t pick up, I foresee $BTC price dropping back to support,” he explained.

$BTC Chart

Bitcoin currently at resistance level with a break and close above $4100 is bullish

But…

Volume continues to decrease on high time frames: the decreasing volume w/ rising price = bearish

If the volume doesn't pick up, I foresee $BTC price dropping back to support pic.twitter.com/e5C18MEDTu

— Josh Rager (@Josh_Rager) February 19, 2019

As Bitcoin begins picking up steam and recovering much of its recent losses, analysts will likely gain further insight into whether or not this is a sustained movement, or if a drop back to its strong support level of $3,000 is inevitable.

Featured image from Shutterstock.

The post Bitcoin Price Skyrockets, But BTC Faces Growing Resistance Around $4,000 appeared first on NewsBTC.

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  • Ripple prices up 11.1 percent but technically bearish
  • Crypto–Fiat bridges important for XRP and crypto
  • Transaction levels up, volumes lower than Jan 10

Despite upbeat prices, Ripple (XRP) is technically bearish and yet to breach the 35 cents mark. From our previous XRP/USD iterations, once bulls find momentum and pump prices above 35 cents risk-off traders can begin making projections with first targets at 60 cents.

Ripple Price Analysis Fundamentals

Crypto may be risky for some governments, but things are beginning to change. As some view them as property, charging capital tax gains on profits, others are warming up to the idea of blockchain as the next inevitable change that despite headwinds will eventually permeate to the mainstream. Malta is one of the many jurisdictions, and now Binance–the world’s largest exchange by adjusted volumes have bases in that country.

Besides being a go-to platform for investors, it is also one of the few exchanges where users can purchase crypto with their Visa credit or debit cards. While many will be attracted to this feature, some Redditors claim that fees depends on volumes and some credit card companies may treat credit card purchases as cash advances which attract additional fees:

“What about any credit card fees? I’ve heard rumors that credit card companies charge it as a cash advance, resulting in additional fees. This drastically changes my position on using credit cards to buy. Unless you can use a Visa pre-paid, the additional fees could be a dealbreaker.”

All the same, thing is, this is an excellent deal for XRP and other crypto users who may not have time to make wire transfer more so when there is an opportunity to capitalize price moving news.

Candlestick Arrangements

At the time of writing, XRP is up 11.1 percent and 3.2 percent in the last 24 hours. No specific XRP or Ripple related news is pumping prices. So, we reckon that XRP prices are up partly because of resurgent Bitcoin prices and new streams of supportive fundamentals.

Although prices are up, our trade conditions are not yet valid, and prices are trading below 35 cents–the 50 percent Fibonacci retracement level of Dec 2018 high low.

Unless otherwise there are price upswings that trigger risk-off positions, we recommend patience despite Feb 18 rally confirming the double bull reversal pattern of Feb 8. It’s only after when XRP bulls drive price above Jan 14 highs that risk-off traders can buy on dips with first targets at 40 cents and later 60 cents–Dec 2018 highs.

Technical Indicators

Volume is on the rise, and Feb 18 bar had high volumes–52 million, above those of Jan 30–49 million and even those of Feb 8–35 million. Technically, this is bullish, and in an effort versus result analysis, buyers may have the upper hand. However, it would be perfect if Feb 18 bar had high volumes above Jan 10–83 million.

The post Ripple (XRP) Bears?…Prices up 11.1% But Yet to Close Above Key Liquidation Level appeared first on NewsBTC.

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  • Bitcoin prices up 8.3 percent in the last week
  • Adoption levels could be pumping prices
  • Transaction volumes on the rise

Good news is bulls are back. Even with increasing prices, investors and traders have their eyes set on adoption trends. Encouragingly, adoption is on the rise, and now that our previous Bitcoin (BTC) trade plans are live, odds are the next wave of bulls will drive prices towards $6,000.

Bitcoin Price Analysis Fundamentals

There is an expansion. It seems like the precipitous rise and eventual fall of BTC prices did more good than bad. Yes, prices fell to record lows, and at some point, industry commentators, as well as traders, had strong fundamental reasons to believe that Bitcoin–will despite the fanfare drop, to $3,200 and sub-$2,000 levels.

However, that has not been the case. It’s a recovery, and as prices bottom up, Bitcoin is surely and methodically matching towards its ultimate objective of being a global reserve currency. Skeptics may call this a pipe dream but when we factor in the cyclic nature of prices, the enormous strides made in the last decade and the ballooning fundamentals factors, there is a strong case to argue that Satoshi’s dream wasn’t narrow.

Aside from price action, we note that regulators are thawing to the idea of BTC and the more open up their tax lines partnering with crypto payment processors as BitPay, demand for the coin will keep swelling. Add that to developments like Trading View shifting away from fiat and denominating their premium plans in BTC and Domino’s Pizza accepting BTC via the ever-growing Lightning Network, Bitcoin medium of exchange capability is revealed.

Candlestick Arrangement

Compared to other coins, BTC is under-performing. At spot rates, the currency is changing hands at $4050–data streams from BitFinex and up 8.3 percent in the last week. It may appear, but Bitcoin (BTC) price swings usually have a magnifier effect on altcoin prices.

Because our trading plans as laid out in previous BTC/USD price analysis are now valid, and prices are trending above $3,800 minor resistance and buy trigger line at the back of decent, above average volumes, risk-off traders can fine-tune entries in lower time frames.

That means every price dip is technically a buying opportunity with the first target at $4,500. On the other hand, risk-averse, conservative type of traders can wait for high-volume expansion above $4,500. From candlestick arrangements and Fibonacci rules, odds are any break above $4,500 could finally thrust prices to $4,500–$6,000 zone.

Technical Indicators

Endorsing our outlook is Feb 18 bull bar. Volumes backing this rally is above average at 37k exceeding those of Feb 8 and that of Jan 10.

The post Bitcoin (BTC) Resurgence, Adoption and Regulator Shift Likely Triggers appeared first on NewsBTC.

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