Bitcoin (BTC) Price Watch- Bulls Defend Uptrend Line, Aiming Higher

Bitcoin Price Key Highlights

Bitcoin price pulled back to the area of interest marked previously and bounced off support.
Price is setting its sights back on upside targets indicated using the Fibonacci extension tool.
Technical indicators are giving mixed signals in terms of direction, but bearish pressure appears to be fading.

Bitcoin price is resuming its climb after testing the rising trend line connecting the lows since mid-August.

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA on the 4-hour time frame to indicate that the path of least resistance is to the downside. In other words, there’s still a chance for the selloff to resume at this point.

However, the gap between the moving averages is narrowing to indicate slowing selling pressure. The 200 SMA, which lines up with the trend line, also held as dynamic support and could continue to do so moving forward.

In that case, bitcoin price could aim for the 38.2% extension at the swing high next or the 50% extension just past the $7,200 major psychological resistance. Stronger bullish momentum could bring it up to the 61.8% extension at $7,315 or the 78.6% extension at $7,457.70. The full extension is just above the $7,600 mark.

RSI is on the move up so bitcoin price could follow suit while buyers have the upper hand. This oscillator has some room to climb before hitting overbought levels, which means that buyers could stay in the game for a bit longer.

Meanwhile, stochastic just pulled up from the oversold area to indicate a return in bullish pressure. This has more room to head north, also suggesting that the bounce could be sustained.

A bit of month-end profit-taking flows could be seen so be mindful of any sharp dips as traders try to book profits off recent positions. In the meantime, traders still seem optimistic that the SEC could have a more positive decision in the pending bitcoin ETF applications.

SARAH JENN | AUGUST 31, 2018 | 4:32 AM

David

Bitcoin (BTC) Price Watch – More Buyers Waiting to Join

Bitcoin (BTC) Price Watch - More Buyers Waiting to Join

Bitcoin (BTC) Price Watch – More Buyers Waiting to Join

Bitcoin Price Key Highlights

Bitcoin price is still on a tear, making its way up to the top of an ascending channel on the 1-hour chart.
Price could be due for a pullback to the channel bottom from here in order to gain more bullish momentum.
The Fib levels on the latest swing low and high show the areas where buyers might be waiting.

Bitcoin price could be due for a quick pullback from its ongoing climb as buyers wait to hop in at better prices.

Technical Indicators Signals

The 100 SMA is safely above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the uptrend is more likely to resume than to reverse.

The gap between the moving averages is also widening to signal strengthening buying momentum. The 100 SMA lines up with the 38.2% Fib at $6,800 while the 200 SMA is closer to the bottom of the channel, which might be the line in the sand for a bullish pullback.

In addition, this is near the area of interest or former resistance around $6,700 which might hold as support moving forward. If so, bitcoin price could resume the move to the swing high or the top of the channel closer to $7,200.

RSI is on the move down, though, so there may be some bearish pressure left. This oscillator has a bit of room to head south before indicating oversold conditions, so the correction could go on for a bit longer.

Similarly stochastic is pointing down to confirm that sellers are in control for now. Once both oscillators hit oversold levels and start turning back up, buying pressure could return and allow the climb to resume.

Speculations for a rebound until the end of the year are being revived as traders are now turning their attention to potential approval from the SEC when it comes to bitcoin ETF applications.

SARAH JENN | AUGUST 29, 2018 | 4:03 AM

David

CHARLIE SHREM TALKS BITCOIN, HODLING, AND THE FUTURE OF CRYPTOCURRENCY

Charlie Shrem sat down with Yahoo Finance recently to discuss his thoughts on the present and future states of cryptocurrency.

THE STARTING LINE

Charlie Shrem, early Bitcoin $6901.27 +0.1% adopter and founder of BitInstant and Crypto.IQ was interviewed by JP Mangalindan of Yahoo Finance on Sunday. The sit-down took place at the MoneyShow conference in San Francisco last Thursday.

Shrem gave the audience some nuggets of wisdom and advice, while also discussing his thoughts on the current cryptocurrency market and its future trajectory.

The pair began by discussing Shrem’s early days in the dawn of Bitcoin — running the largest bitcoin exchanges at the time in the early 2000’s, followed by a stint in prison after selling Bitcoins to resell on the now-defunct ‘black market’ website, The Silk Road.

After serving two years, Shrem teamed up with Randall Oser to create Crypto.IQ, which offers a membership service that includes access to portfolios, cryptocurrency analysis, reports, and education.

A PHOENIX FROM THE ASHES

When asked about his take on the current state of Bitcoin, Shrem took the chance to remind new investors that historically, it hasn’t been all sunny days for the cryptocurrency markets. He stated:

A lot of crypto people aren’t traders, traders know there are bull and bear markets. A lot of crypto people think it’s always bull.

Shrem does not seem discouraged by the current bear market. “It’s during these bear markets,” he said invoking ideas of creative destruction, “it’s when things die, things are born and rebuilt.”

GETTING IN — GETTING INTRIGUED

With the number of existing cryptocurrencies exploding to over 1,800, many are bound to die out in time. Shrem noted that the cryptocurrency space has become much more competitive due to the large number of different projects. Bear market cycles are necessary to shake out projects that have no real-world value.

The huge proliferation of cryptocurrency projects also allows people more avenues to become a part of the cryptocurrency economy.

Shrem praised projects that are legitimate and genuinely attention-grabbing of new people saying, “It’s getting people in. It’s getting people intrigued.”

He advised those who are just beginning to invest, “Choose an amount that you’d be okay with losing.” he continued, “Invest [that amount] in a basket of crypto and just have fun with it. Just enjoy it and learn.”

Shrem recommended locking up the investment to allow it to mature for five years.

‘PUTTING MY MONEY ON 2019’

Mangalindan asked Shrem how to respond to those concerned about the volatility and price of Bitcoin. Shrem responded optimistically, “It was a crazy move. We went from $1,000 to $20,000. The market has to digest that.”

Shrem and other long-time investors realize that the current bear market is simply following the pattern of experiencing periods with large-percentage gains, and subsequent corrections.

Shrem is still bullish on Bitcoin $6901.27 +0.1% claiming, “Honestly, I’m a buyer between $5,000 and $6,000. “Shrem was also asked about his thoughts on the recent rejection of Bitcoin Exchange-Traded Funds (ETFs) by the SEC, a topic that has garnered a great deal of media coverage lately. Some investors are claiming that ETFs will make the price skyrocket, others think ETFs will have only a small effect on the market.

“We’re not ready for an ETF.” said Shrem, “The market is too liquid, it’s too manipulatable.” He cited the recent pump of Bitcoin price during maintenance on the BitMEX exchange as an example.

“We only have a first shot at it.” Shrem stated, “We have an ETF, something happens, we get screwed, they shut it down. Do you know how hard it’s going to be to have an ETF again?”

Shrem remains certain that the ETF will happen, stating, “I’m putting my money on 2019.”

KYLE BAIRD · @CRYPTOBIZZLE | AUG 28, 2018 | 00:00

David

Bitcoin Gains – Analyst Says Correlation Exists Between Crypto, Emerging Markets

Bitcoin Gains - Analyst Says Correlation Exists Between Crypto, Emerging Markets

Investing.com – Bitcoin and other major cryptocurrency prices gained on Monday. Fundstrat Global Advisors’ Thomas Lee’s comments received some focus as he said there is a strong correlation between emerging markets and virtual coins.

XRPÃ¢â¬Â¯traded up 0.3%Ã¢â¬Â¯toÃ¢â¬Â¯$0.32328Ã¢â¬Â¯in the last 24 hours on theÃ¢â¬Â¯PoloniexÃ¢â¬Â¯exchange, whileÃ¢â¬Â¯LitecoinÃ¢â¬Â¯was also up 0.6% to $56.654.Ã¢â¬Â¯Ã¢â¬Â¯Ã¢â¬Â¯

Lee said hedge funds are not buying risk when emerging markets sell-off, while the recent slump in digital assets suggested the funds are not buying crypto either.

"Both really essentially peaked early this year, and they both have been in a downward trend," Lee said in an interview with CNBC. "Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren't buying bitcoin."

Lee added that he believed the bear market could come to an end soon, especially if the dollar weakens and the Federal Reserve slows its interest rate hike policy, and that he thinks bitcoin could surge to $25,000 by the end of the year. "I still think it's possible," said Lee. "Bitcoin could end the year explosively higher."

Cryptocurrency prices received some support on Friday after the U.S. Securities and Exchange Commission (SEC) said it would review a decision to reject the applications of Bitcoin exchange traded funds, after its staffs rejected the applications from nine companies to list their Bitcoin ETF funds on Wednesday, citing concerns about fraud and manipulation of bitcoin markets.

David

Wall Street Bull Tom Lee: Bitcoin Price Is Beating New Round of FUD

The co-founder and head of research at Fundstrat Global says he’s sticking to his prediction that Bitcoin will hit $20,000 by the end of the year.

In a new interview on CNBC, Tom Lee points out that Bitcoin’s price actually climbed after two new rounds of fear, uncertainty and doubt hit the market.

“We’ve had some bad news this week. Two big setbacks, right? The SEC almost universally cancelled nine [ETF] applications, and then China did essentially a re-ban because it sounds like they had to clamp down again on crypto – and Bitcoin’s actually rallied.”

Lee also talks about a potential leading indicator for BTC, outlining the impact that the MSCI Emerging Markets Index and hedge funds have on the market.

Last but not least, Lee breaks out the latest numbers on his company’s proprietary Bitcoin Misery Index, which is designed to gauge just how miserable Bitcoin hodlers are based on price and volatility.

David

After Bitcoin Price Breakout, Pending ETF Decision May Cap Gains

Bitcoin's (BTC) jump to a 15-day high is encouraging, but caution ahead of the US Securities Exchange Commission's (SEC) imminent decision on a bitcoin exchange-traded fund (ETF) could limit further price gains.

The leading cryptocurrency rose to $6,899 on Bitfinex earlier today – the highest level since Aug. 7 – and is accompanied by a 10 percent drop in the BTC/USD shorts, adding credence to our assessment that BTC has been mimicking the price action observed in the run-up to a major rally that occurred on April 12.

More importantly, BTC's convincing move above $6,600 marks an upside break of the narrowing price range and signals continuation of the rally from the Aug. 14 low of $5,859.

So, it seems safe to say the doors have been opened for the psychological hurdle of $7,000. However, that may be an uphill task in the short term, as investors are likely to adopt a cautious stance ahead of the SEC's ruling on whether to allow the ETF – due in the next 36 hours.

Further, BTC picked up a bid exactly at 1:00 UTC – the moment when Bitmex, the world's largest exchange for synthetic shorts, shut down for maintenance, forcing many to question the legitimacy of the price rally. As a result, investors may remain on the fence until a more credible evidence of the bullish breakout emerges.

At press time, BTC is changing hands at $6,670 on Bitfinex – up 3.6 percent on a 24-hour basis. While prices could skyrocket if the SEC approves ProShares bitcoin ETF, the bitcoin market will likely crater if the SEC rejects the ETF or delays the decision.

4-hour chart

The upside break of the diamond pattern seen in the chart above confirms a bearish-to-bullish trend change, that is, the sell-off from the July high of $8,507 has ended and the bulls have regained control.

The relative strength index (RSI) is holding above 50.00 in favor of the bulls. Meanwhile, the 50-candle moving average (MA) is beginning to rise in a bull-friendly manner and could soon cut the 100-candle MA from below (bull cross).

Daily chart

BTC's rise to $6,899 validates the bullish crossover between the 5-day and 10-day moving averages (MAs) and the upward sloping RSI.

Although it appears the charts are aligned in favor of the bulls, BTC has already retraced close to 50 percent of the gains seen today, possibly validating the skepticism around today's rally.

What's more, the retreat to $6,670 also marks a failure to hold on to gains above the key resistance at $6,870 (38.2 percent Fibonacci retracement of the sell-off from $8,507 to $5,859).

View

BTC's bullish breakout has proved to be lacking in staying power. That said, acceptance above $6,870 (Fibonacci hurdle) could boost the odds of a rally to $7,000.
On the downside, a move below $6,230 (Aug. 20 low) would shift risk in favor of a drop below $6,000 (February low).

The SEC's decision on the bitcoin ETF could send prices either way, but until then the market will likely trade on a cautious note.

Omkar Godbole

Updated Aug 22, 2018 at 11:28 UTC

David

Bitcoin price analysis – Blasts through $6,800 critical resistance; jumps 4% on a daily basis

Bitcoin price analysis - Blasts through $6,800 critical resistance; jumps 4% on a daily basis

Bitcoin price analysis – Blasts through $6,800 critical resistance; jumps 4% on a daily basis

Bitcoin bounces sharply to trade intraday highs of $6,875.10 but currently seeking support above $6,700.
Bitcoin price bullish momentum not only reentered the broken rising wedge pattern support, it broke out of its resistance to test $6,900.

Bitcoin price is trading in the green on Tuesday 22 after adding about $400 in less than 30 minutes. The world’s largest digital asset by market capitalization has jumped 4 percent pushing the price above $6,800 for the first time in weeks. Bitcoin opened the trading session at $6,476.97 and traded intraday highs of $6,875.10.

The cryptocurrency not only reentered the broken rising wedge support at the 50% Fib retracement level with the last swing high of $7,148.96 to a swing low of $5,914.15, it broke out of the resistance at $6,632.31. The price trade above the medium-term stubborn resistance at $6,800, but stalled short of $6,900. At the time of press, BTC/USD is trading at $6,743 after subtle corrections from the resistance.

Bitcoin is likely to settle in a bullish flag pattern supported by the 61.8% Fib level at $6,676.44. The trend is slightly bearish at the moment, but the outlook of the chart is still positive. The stochastic oscillator on the hourly chart is retracting from the oversold to show that the sellers are pushing for entries. The MACD momentum indicator, on the other hand, is deep in the positive region signaling that the buyers still have the control.

A support above $6,700 is vital to the buyers who at the moment, have their eyes set on retesting $6,800 and $6,900 in the near-term. It is apparent now that $7,000 is within reach for Bitcoin in the Month of August in spite of the slight dip below $6,000.

John Isige

FX Street

David

Bitcoin (BTC) Price Watch – More Bears Waiting to Hop On

Bitcoin (BTC) Price Watch - More Bears Waiting to Hop On

Bitcoin (BTC) Price Watch – More Bears Waiting to Hop On

Bitcoin Price Key Highlights

Bitcoin price broke below its ascending triangle consolidation to signal that more losses are in the cards.
Price is finding a bit of support, though, so a pullback may be taking place from here.
The Fibonacci retracement tool shows the next potential resistance levels, but technical indicators are signaling more gains.

Bitcoin price made a downside break from its triangle pattern and looks ready for a pullback before heading further down.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, there’s still a chance for the uptrend to resume and price to move back inside the triangle pattern.

However, the 200 SMA lines up with the 38.2% Fib at $6,360.50 to add to its strength as resistance and the 100 SMA coincides with the 61.8% Fib at $6,436.90. This is also near the broken triangle support, which might hold as resistance from here. A move past this level could lead to another test of the resistance at the swing high.

RSI already made it to oversold territory and is pulling back up to signal that buyers are returning while sellers take a break. Stochastic is also heading up to indicate a return in bullish momentum.

Market Factors

Bitcoin price seems to be shedding its gains due to the improvement in risk appetite in global financial markets. The economic turmoil in Turkey is taking the backseat to the upcoming trade talks between the US and China, which many traders are hoping to get positive updates from.

One thing to keep in mind, though, is these are just low-level talks and there’s a low likelihood of any decisions being made. Worsening trade tensions could even lead to a return in risk aversion and dollar weakness, which might revive demand for bitcoin. Escalating troubles in Turkey could also boost bitcoin demand as people look for an alternative store of value.

SARAH JENN | AUGUST 21, 2018 | 4:19 AM

David

Bitcoin (BTC) Price Watch – Waiting for a Triangle Breakout

Bitcoin (BTC) Price Watch - Waiting for a Triangle Breakout

Bitcoin (BTC) Price Watch – Waiting for a Triangle Breakout

Bitcoin Price Key Highlights

Bitcoin price has formed higher lows and found resistance around $6,500 to create an ascending triangle pattern on its 1-hour chart.
Price is currently testing the resistance and is nearing the peak of the formation, so a breakout might be due soon.
Technical indicators are giving mixed signals on which direction the breakout might take.

Bitcoin price is consolidating inside an ascending triangle pattern and might be due for a breakout in either direction soon.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. This suggests that an upside break is more likely to occur than a break lower. Also, the moving averages are near the triangle bottom to add to its strength as a floor around $6,400.

RSI is heading lower to signal that selling pressure is in play and that resistance would likely hold for now. Stochastic is also in the overbought region and turning lower suggests a pickup in bearish momentum. The chart pattern is around $600 in height so the resulting rally or selloff after a breakout could be of the same size.

Market Factors

Bulls continue to defend long-term support levels for bitcoin, so there’s a strong chance that the floor won’t be giving way anytime soon. Buyers now have another attempt to spur a larger rebound, possibly one that could last longer on a break of nearby resistance levels.

The anticipation for the SEC decision on the bitcoin ETF applications put on hold is building up as the end of the month nears and September approaches. However, a denial could still lead to another round of losses for bitcoin and its peers while approval might see sustained gains.

Other factors pushing bitcoin around include trade-related updates and potential contagion coming from Turkey, so price could stay sensitive to headlines from here.

SARAH JENN | AUGUST 20, 2018 | 4:38 AM

David

Bitcoin price analysis – Short term support helps, but bounce won’t be bigger

Bitcoin price analysis – Short term support helps, but bounce won't be bigger

BTC bounces from short term support line.
Oscillating between support and resistance.

Bitcoin, the largest cryptocurrency by market capitalisation and poster boy of the crypto world, managed to bounce from the short term support even as the bounce from this support won't be big enough as there's resistance too, not far away from current price.

BTC/USD is down 0.7 percent on day at $6,354 and trading in a narrow band of just about one percent for the day. On the 30-minute chart, BTC has managed to bounce from an ascending trendline even as the bounce from this support won't take it too far.

Descending trendline resistance would act as a barrier around $6,380-90 mark. Gven the range, it shouldn't surprise bulls and bears together if the largest crypto manages to give a break out on either side, which would give about 3-5 percent movement once the range is broken.

BTC/USD 30-minute chart:

Manoj B Rawal

FXStreet

David