BTC/USD Price Analysis – Fate of Nine Bitcoin ETFs to Be Decided After Today

Encouragingly, the market is bullish and Bitcoin is up printing a three-bar reversal pattern as participants reject lower lows. We expect the recovery to continue this week as the SEC is set to announce the fate of nine Bitcoin ETF as the commenting period concludes today. Should these proposals be compliant with SEC stringent requirements then BTC/USD price could erupt above $7,200 closing the year on a high.

Latest Bitcoin News

Endorsement by the US SEC is always a boost for any crypto asset. Any unfavorable assessment or comment in a bad light can quickly mean the asset is a security. That’s undesirable and extra work for investors who must file tax returns whenever they make crypto transactions. That is extra work that prevent direct investment. The question in everybody’s mind right now is news about Bitcoin ETF whose comment date ends today.

Up until now the SEC has been adamant, denying the roll out of nine Bitcoin ETF from Direxion, Proshares and GraniteShares. Apparently, we have come to learn that the rejection was because of the SEC commissioners delegating these tasks to their staff. They did recall and ordered comments from interest parties to be made by Nov 5-which is today. From there on, we expect the SEC to make their decision but the exact time remain tentative.

Earlier, it was widely reported that the SEC would qualify VanEx SolidX Bitcoin ETF after a “successful” meeting between representatives of the VanEx, CBoE and some SEC commissioners. Hopefully, they make a favorable decision and allow firms that meet their stringent listing requirements a go-ahead injecting the market with the much-needed momentum.

BTC/USD Price Analysis

The recovery of the BTC/USD is an indication of a bottoming crypto market. Considering the +75 percent drop this year, odds are we may see a recovery this quarter. Aside from technical factors, the simmering trade war between the US and China could trigger capital flights from the stock market to Bitcoin which is borderless. As such, last week’s 0.2 percent gain could increase as prices bounce off from the $6,000 support line and building on the bull pin bar of last week. In line with our last BTC/USD price analysis, it would be ideal if prices thrust past the resistance trend line connecting the last nine months highs and print above $7,000–$7,200 buy trigger line. Thereafter, first targets would be $8,500 and later $10,000.

Technically, BTC/USD pair is trading within a bear break out pattern following Oct 29 price action. But, after yesterday’s rapid gains, we now have a three-bar, bull reversal pattern. Besides, our last BTC/USD plan will most likely be null after today. Regardless of the greens, we recommend patience until we see gains above $7,000 resistance level. Then, the trend would be clear and price action would be trading above a key resistance level at the back of high reversal volume.

 

DALMAS NGETICH | NOVEMBER 5, 2018 | 2:00 AM

David

“Currently, Bitcoin is gaining strength,” Report by OneAlpha says

"The December 2017 and January 2018 boom and bust had a cleansing effect on the ecosystem"

A report published in October by OneAlpha revealed that Bitcoin’s market was gaining strength after the 2018 correction. The stability of the last weeks is a sign of maturity of the markets that seem to have passed the hype stages -both bullish and bearish- of the previous months.

OneAlpha is an Israeli firm part of First Digital Assets Group; a fintech that defines itself as “the leading digital assets group in Europe.”

OneAlpha Report: Bearish Trend Is A Good Thing For The Market

According to the report, the current bearish trend was necessary. This decline in the markets served as a “relief” and generated a “cleansing effect” on the ecosystem.

 

The facts seem to prove the OneAlpha team right. After the abnormal bullish streak of 2017, many people entered the market in an abrupt and immature way. The 2018 correction seems to have given Bitcoin back the stability needed to gain more credibility as a “market” instead of its previous “bubble” image:

“From our perspective, the prolonged bear market provided the sector with a much-needed relief, lowering valuations to a more sensible level. Despite the considerable correction, a large portion of the value represents the future potential of the network rather than its current one. The December 2017 and January 2018 boom and bust had a cleansing effect on the ecosystem, removing many of the speculators and leaving mainly real investors, operators, and builders in the market. This is what was necessary to move forward and build a successful ecosystem.”

Bitcoin: Best Currency / Ethereum: Best Platform

The report is clear in dividing the cryptocurrency market into different branches. The first one is composed of well-known cryptocurrencies. For OneAlpha, 2018 has been a year during which Bitcoin has strengthened, recovering part of the influence taken away by other altcoins:

“Currently, Bitcoin is gaining strength and captures more than half of the total crypto market cap. Ethereum captures 10% of the total market cap. There are currently more than 2,000 traded crypto assets and more than 1,000 unique tokens worth around $14 billion. 87% of the tokens are Ethereum based, with NEO and Waves capturing around 2.4% each …

Of this valuation, it is noticeable that Bitcoin captures about 71% of all currencies and Ether 54% of all platforms.”

An Optimistic View Of The Future

The Report also highlights the importance that ICOs have had in increasing interaction with the public (despite cases of fraud and constant failures). It also points out the increase in institutional investments and blockchain technology patents registered in China and the United States.

The report gives a fairly positive view of the situation considering the facts from a broad perspective. Market behavior in 2018 is, according to analysts, a natural and necessary reaction to the craziness of 2017:

“We are experiencing a phase of sobriety and maturation – a decline in retail investment and a more careful, responsible approach from institutional investors on one hand and regulators around the world on the other. A long bear market might be the ideal climate to let the dust settle and examine, both internally and externally, the true possibilities that lay within the cryptocurrency and blockchain ecosystem. Ultimately, the goal is to take a step further and bridge the gap between consumers, traditional investors, and blockchain technology.”

 

Jose Antonio Lanz by Jose Antonio Lanz November 4, 2018 in Bitcoin News 0

David

Blockchain revolution is on the way as Bitcoin slips back under $6,300

• Bitcoin dips under $6,300 after a short recovery.

• Adam Jiwan from Spring Labs touts blockchain technology.

Bitcoin is changing hands at $6,299, marginally higher since this time on Wednesday. However, the shrinking volatility and low trading activity make further upside unlikely.

On the intraday chart, BTC/USD returned to the area under $6,300 after Wednesday's recovery attempt. The stopped short of the lower line of the previous consolidation channel and SMA50 (4-hour). The support lies with $6,200. Once it is broken, the sell-off may gain traction with the next bullish aim at $6,100 and the recent low of $6,060.

The Relative Strength Index (RSI) recovered from oversold territory and settled at a neutral level, which means that more consolidation might be in store for us in the short-term.

Meanwhile, experts believe that the technology behind the cryptocurrency is likely to attract financial and intellectual capital, creating a technological revolution.“Regpic

ardless of how one feels about cryptocurrencies, bitcoin has ushered in a technological revolution that will have profound implications for how information is shared, consumed, and protected,” Adam Jiwan, CEO and co-founder of Spring Labs, explains.

Spring Labs is creating a blockchain-based ecosystem that will allow exchanging credit and identity information in a secure way

“I’m a big believer in the unstoppable nature of technological revolutions, and we’re only ten years into the development of distributed ledger technology. Blockchain will be ubiquitous, and the world will have to adjust. The only question is, “How soon?”

 

 

Tanya Abrosimova Tanya Abrosimova

FXStreet 23 minutes ago

David

Bitcoin (BTC) Daily Price Forecast – October 30

BTC/USD Medium-term Trend: Bearish

Resistance Levels: $6,800, $7,000, $7,200

Support levels: $6,200, $6,000, $5,900

Yesterday, October 29, the price of Bitcoin was in a bearish trend. The digital currency had been range bound above the $6,500 price level in the last three weeks. The cryptocurrency fell to the low of $6,300 and commenced a range bound movement. Previously, the BTC price was range bound between the levels of $6,200 and $6,600.

The crypto's price is likely to revisit the previous low of $ 6,200. This was the lower price range which is likely to be tested. If the price falls again and holds at the $6,200 price level traders should initiate long trades. Then stop-loss orders should be placed below the $6,200 price level. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is in a bearish trend zone.

BTC/USD Short-term Trend: Bearish

On the 1-hour chart, the BTC price is in a bearish trend. The digital currency is below the 12-day EMA and the 26-day EMA which indicates that price is falling. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
 

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

 

By Azeez M – October 30, 2018

David

 

Bitcoin (BTC) – Are Bears Back in the Game?

 

Bitcoin Price Key Highlights

• Bitcoin price appears to be turning from the resistance at the top of its descending triangle on the 4-hour chart.

• Price could be making its way back to the bottom of the triangle again from here.

• Technical indicators are also reflecting the presence of selling pressure that could keep gains in check.

Bitcoin price seems to be having trouble sustaining its earlier climb as the top of the descending triangle is holding as resistance.

Technical Indicators Signals

 

The 100 SMA is below the longer-term 200 SMA on this time frame, confirming that the path of least resistance is to the downside. In other words, resistance is more likely to hold than to break. These moving averages also coincide with the triangle top to add to its strength as a ceiling.

Stochastic is on the move down so bitcoin price could follow suit while selling pressure is present. This oscillator has some room to go before reaching oversold levels, which means that sellers could stay in control for a bit longer. RSI is also heading south and has plenty of room to cover before reaching oversold territory as well.

The spike higher in bitcoin is seen to be a result of the selloff in Tether as doubts are emerging on its stability and the financial health of Bitfinex. However, traders quickly booked profits as most of the move was also spurred by FOMO or fear of missing out.

Still, there’s enough reason to expect a longer-term rally to materialize as institutional funds could flow in by early next year. Fidelity Investments has unveiled its institutional platform for bitcoin and ethereum, making it available to more hedge funds and financial institutions. Goldman Sachs has also reportedly invested in BitGo in order to make cryptocurrencies more accessible to its clients.

SARAH JENN | OCTOBER 19, 2018 | 4:35 AM

David