Bitcoin Elliott Wave Analysis – Close to Ending 5 Waves

Bitcoin Elliott Wave Analysis - Close to Ending 5 Waves

Bitcoin Elliott Wave Analysis – Close to Ending 5 Waves

Bitcoin Ticker symbol: $BTCUSD short-term Elliott wave analysis suggests that the decline to $6072 low ended Minor wave 2 pullback. The internals of that pullback unfolded as Elliott wave Flatcorrection where Minute wave ((a)) ended in 3 swing at $6445.31 low. Minute wave ((b)) bounce ended in 3 swing at $6820 high and Minute wave ((c)) ended in 5 waves structure at $6072 low.

Above from there, the Bitcoin’s rally to $7696.88 high ended Minor wave 3. The internals of that rally higher unfolded as Elliott wave impulse structure where Minute wave ((i)) ended in 5 waves at $6337.25, Minute wave ((ii)) ended at $6121.01, Minute wave ((iii)) ended in 5 waves at $7599.98, Minute wave ((iv)) ended at $7338.91 and Minute wave ((v)) of 3 ended at $7696.88 high.Down from there, the pullback to 7253.21 low ended Minor wave 4.

The rally higher in Minor wave 5 is nesting higher as impulse structure looking to extend higher 1 more time approximately towards $8678.62 0.764% Fibonacci extension area of Minor 1+3 to end the Minor wave 5. The move higher should also complete cycle from 6/29 low in intermediate wave (A) of a possible Zigzag structure. Afterward, the instrument is expected to do a pullback in intermediate wave (B) in 3, 7 or 11 swings to correct cycle from 6/29 low before another extension higher in intermediate wave (C) is seen. We don’t like selling it.

David

Bitcoin (BTC) Price Watch – Waiting for Reversal Confirmation

Bitcoin Price Key Highlights

Bitcoin price has completed its inverse head and shoulders reversal pattern and is now awaiting confirmation.
Price is testing the neckline at $6,800 and an upside break could spur a $1,000 climb.
Technical indicators are showing mixed signals but longer-term bullish momentum could start building up.

Bitcoin price is testing the neckline of its reversal formation and confirmation could lead to a climb to $7,800 and beyond.

Technical Indicators Signals

The 100 SMA is crossing above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This means that there’s a stronger chance for the reversal to be sustained from here. Bitcoin price has also moved past the moving averages’ dynamic inflection points to signal stronger bullish momentum.

However, RSI is already indicating overbought conditions to show that buyers are feeling exhausted. Stochastic has also climbed all the way up to the overbought region to signal profit-taking and a likely dip. The moving averages could still hold as near-term support but a break below the right shoulder could signal a return in selling pressure.

A break past the neckline could lead to an uptrend of at least the same height as the chart formation. This spans $5,800 to $6,800 so the rally could last by at least $1,000 to take bitcoin price up to $7,800 or higher.

BTCUSD Chart from TradingView

Bitcoin price got a strong boost from confirmation that BlackRock is looking into investing in the cryptocurrency industry. CEO Larry Fink noted in an interview with Reuters that the company has formed a team to analyze the sector but clarified that they’re not seeing strong investor demand yet.

Still, this appears enough to revive investor optimism as institutional interest represents a lot of confidence in the industry. This comes after more conservative but well-known economists criticized cryptocurrencies for their anonymity and price volatility.

SARAH JENN | JULY 17, 2018 | 4:21 AM

David

Bitcoin [BTC] below $5000 is a good buy, says El-ErianPriyamvada Singh

According to CNBC’s report, El-Erian, the veteran businessman, and economist has said that Bitcoin will be worth buying if the prices drop below the $5,000 mark. Today, the Bitcoin price dropped below $6,000 once again and had a steep fall all the way down to a 70% from its peak. Erian’s remark was in reference to the same.

El-Erian is the Chief Economic Advisor at Allianz. He is considered to be one of the most influential individuals in the world of finances.

The advisor added:

“I don’t think you get all the way back to $20,000, but I do think that you need to establish a base whereby the people who really believe in the future of bitcoin consolidate and then that provides you a lift.”

Last year saw the crypto-market celebrating rocketed prices and enjoying the green privilege since the popularity and demand for digital assets had touched the sky. Bitcoin’s price at its pinnacle has climbed up to $19000.

Along with all the perks, decentralization and cryptocurrencies have its own drawbacks. Several cybersecurity issues started to emerge and have been on the crypto-radar for months now. Cases of exchanges under hacks, malicious cryptojacking tools, ICO scams, and suchlike have come into visibility and created a panic among the community causing the market to ultimately crash.

El-Erian also stated that cryptocurrencies are more likely to act as commodities in the future of finance. He indicated that more thrust should be put on the blockchain technology. He said:

“I suspect that if you look 10 to 15 years down the road, we will have digital currencies but the public sector will have involvement in that. It will not be pure bitcoin. But the blockchain technology, take that seriously.”

Published 1 hour ago on June 30, 2018 By Priyamvada Singh

David

87.5% of all Bitcoins [BTC] will be mined by 2020 â Here’s why it matters!

87.5% of all Bitcoins [BTC] will be mined by 2020 â Here's why it matters!

87.5% of all Bitcoins [BTC] will be mined by 2020 – Here’s why it matters!

The block reward for Bitcoin will halve next in about two years from the time of publishing this article. The estimated time for the next half of the reward is around 732 days, but it is relevant now for a few reasons.

The current bear market offers opportunities for investors to buy and hold Bitcoin, as it is currently trading at a low since the past week. It has been plagued by sell-offs and FUD, along with a general bearish trend. Market sentiment is also low after the CFTC and US Justice Department declared the existence of a probe into cryptomarkets for fraudulent practices.

As the price is currently low, interest by institutional investors is on a high after a successful Consensus conference and general adaptive behavior. News such as Goldman Sachs beginning a cryptocurrency trading desk and JPMorgan’s high-level reshuffling to focus on cryptocurrency may as well be the tip of the adoption iceberg.

As the 17 millionth coin was mined sometime last month, a reality check descended on the market that the amount of Bitcoin left in existence is limited. Even as digital assets tend towards digital abundance, Satoshi’s blockchain allows for real digital scarcity with real-world parallels. The 21 millionth coin will be mined in around 2140, approximately. The time, electricity, and computing power required to mine new coins is constantly increasing, with Murphy’s law being barely able to keep up.

As the block reward is halved every 210,000 blocks, it constantly decreases the rate at which it is possible to create new Bitcoin tokens. The new landmark on ETA, 28th May 2020, will decrease the reward from the current 12.5 coins to 6.25 coins. The total coins mined before the next halving of the block reward will be 18,375,000, which marks 87.5% of the possible 21 million Bitcoin tokens.

This will then exponentially reduce the speed at which new Bitcoin come into existence, spiking up demand for the coin due to reduced supply. Analysts predict that this bear market will be the last one before 2020.

Crypto analyst Trevor Wade says:

“This bear market is the last chance for investors to buy into Bitcoin before the price goes up to $10000+. Reduced block rewards will result in supply cutting off and demand going up, which will cause an exponential spike. Regulators and institutional investors are moving in in a safe way, allowing for large-scale adoption of financial system disruptors.”

Author Anirudh VK May 27, 2018

Polsted by David Ogden Entrepreneur

David

Bitcoin Price Technical Analysis for 2nd Feb â Another Nearby Support

Bitcoin Price Technical Analysis for 02/02/2018 â Another Nearby Support

Bitcoin Price Technical Analysis for 02/02/2018 – Another Nearby Support

Bitcoin Price Key Highlights

Bitcoin price went on another leg lower after breaking below a short-term triangle consolidation pattern.
Price is now testing another potential support at the bottom of its falling wedge pattern visible on the 4-hour time frame.
Price could bounce off this area and make another test of the wedge resistance around the $10,000 area of interest.

Bitcoin price can’t quite catch a break as it suffered another selloff to the $9,000 handle.

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to continue than to reverse.

In addition, the gap between the moving averages is widening to reflect stronger selling pressure, possibly leading to a wedge breakdown. Note that this chart pattern spans $9,000 to $19,000 so the resulting breakout could be of the same height.

Stochastic is indicating oversold conditions, though, which means that bears are tired and could let bulls take over bitcoin price action. RSI is also ready to pull up from the oversold level to signal a pickup in buying momentum.

Market Factors

Not even dollar weakness was enough to keep a lid on BTCUSD losses recently as negative sentiment for the cryptocurrency industry is prevailing. The lack of any positive updates is convincing more and more investors to liquidate their holdings, thereby exacerbating the selloff.

Analyst say that the increased scrutiny from regulators is still to blame for the tumble, especially since the CFTC announced plans to beef up its bitcoin futures review process. According to Chairman Giancarlo:

“The CFTC’s current product self-certification framework is consistent with public policy that encourages market-driven innovation that has made America’s listed futures markets the envy of the world. Whatever the market impact of bitcoin futures, I hope it is not to compromise the product self-certification process that has served so well for so long”.

This could involve setting “exchange large trader reporting thresholds at five bitcoins or less” and entering into “information sharing agreements with spot market platforms to allow access to trade and trader data.”

Author SARAH JENN • FEB 2, 2018 • 05:02

Post by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

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