Bitcoin (BTC) Bulls Take Back Seat, $4,850 Holds The Key

techanalysis btc3

Bitcoin price started a major downward move after it failed to stay above $5,150 against the US Dollar. The price declined below the $5,080 and $5,000 support levels to enter a short term bearish trend. There is a key declining channel in place with resistance at $5,040 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline further towards the main support near $4,850, where bulls could take a stand. Bitcoin price failed to hold the key $5,220 and $5,150 supports against the US…

NEM Price Rebounds to Two-Month High Following Coincheck Relisting

japanese exchange

  Twitter Facebook LinkedIn The price of NEM tokens (XEM) has risen some since Japanese exchange Coincheck announced that it would once again allow trading of the token, which was suspended after a hack at the exchange led to a more than half-billion dollars in tokens being stolen and systematically laundered through other exchanges. The XEM price started picking up momentum just before the announcement. It presently sits at almost 12 cents per token with a market capitalization of nearly $1 billion, a far cry from its January high (which…

BitMEX CEO Affirms Bear Call, Says BTC May Fall to $2,000

  Twitter Facebook LinkedIn What a difference a few months can make. It seems like a lifetime ago that Arthur Hayes, CEO of cryptocurrency derivatives platform BitMEX, predicted that the bitcoin price could reach $50,000 in 2018. In fact, it has been less than six months, though the events that have occurred during that interlude have been sufficient for Hayes to slash his short-term crypto forecast by more than 95 percent. CCN reported earlier this week that Hayes, a former Citigroup trader, is now predicting that the bitcoin downtrend could…

Bitcoin is Reversing, 2 Catalysts Will Drive it Higher in 2018

Bitcoin dollar 100

Throughout 2018, Bitcoin has continued to record lower highs, testing major resistance levels at $10,000, $8,000 and $7,000. According to Fundstrat’s Tom Lee, the stability of Bitcoin at $6,000 regardless of its lower highs is optimistic. In early 2018, Fundstrat emphasized in a report that the $6,000 level will likely be held by Bitcoin in the mid-term because it is the breakeven point for miners. That means, miners that utilize electricity and mining equipment to verify transactions on the Bitcoin network can still generate some profit if the price of…

Did the Mt. Gox Trustee Bitcoin Sell-Off Cause the Crypto Market to Crash?

Plummets drop

On September 25, the Mt. Gox trustee released a document entitled “Announcement on Measures to Secure Interests of Bankruptcy Creditors,” disclosing the sale of over $230 million worth of crypto including Bitcoin and Bitcoin Cash. While it still remains unsure whether the decline in the price of BTC and the valuation of the crypto market was triggered by the sell-off of Bitcoin and bitcoin Cash by the Mt. Gox trustee, the recent correction of the market coincided with the release of the document. Since March, within a period of six…

Introduction to Technical Indicators

techindicators 874x437

This article by  Johnny Sessa was originally published at CoinCentral.com What Are Technical Indicators? Forming the base of the technical analysis, technical indicators are mathematical calculations used by traders to forecast and confirm short-term price trends of a security. Ignoring fundamental factors typically used to evaluate assets such as revenue and profit, technical indicators solely use historical trading data such as price and volume to determine the likely direction of an asset’s price. What This Article Will Cover This article is designed as a concise overview of six of the most…

Bitcoin Price Intraday Analysis: BTC/USD on Sideways Trend

Arrow signal

Bitcoin price on Friday made no significant corrections from its intraday low near $6,302. The BTC/USD over the course of past 24 hours has done a raise-and-erase act, signaling a sideways sentiment. At the beginning of the Asian session, the pair had noted a weak bull correction attempt, so that it established an intraday high around 6540-fiat. The bulls got cold feet around 6500-area and sellers started exiting their long positions – perhaps on small intraday gains – to push Bitcoin back towards the previous low. That was the European…

Today’s Bitcoin Price Pump Was Fueled by $100 Million in New Tethers

fuel gas tether bitcoin price usdt

Early this morning, the bitcoin price leaped nearly $300 in just one minute, spurring a rally that carried the flagship cryptocurrency from $6,466 to $6,899 during a frenzied half-hour of trading. Analyzing Wednesday’s Bitcoin Price Pump Unfortunately, BTC proved unable to sustain that level, and after tapering off throughout the morning and early afternoon, the bitcoin price made a severe downward pivot that reversed the effects of the early morning rally. BTC/USD | Bitfinex As CCN reported, the pump occurred almost at the exact moment that BitMEX, the largest leveraged…