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Tag: bitcoin bulls

Bitcoin Price Technical Analysis 23 April – Bulls Back in Action

Bitcoin Price Technical Analysis 23 April — Bulls Back in Action

Bitcoin Price Key Highlights

  • Bitcoin price has gained some traction since breaking past its inverse head and shoulders neckline.

  • Price is now trading inside an ascending channel and testing the resistance.

  • A return in bearish pressure could take it back down to support around the Fib levels.

Bitcoin price is trending higher but might be due for a pullback to its channel support.

 

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 indicates that the uptrend is more likely to resume than to reverse.

Applying the Fib tool to the latest swing low and high shows that the 61.8% retracement level lines up with the bottom of the channel at $8338.30. The 38.2% retracement level is close to the mid-channel area of interest at $8600.

The 100 SMA is 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 continue than to reverse. The gap between the two is also widening to reflect stronger bullish momentum.

Stochastic looks ready to turn up from the overbought zone to signal a return in buying pressure. In that case, bitcoin could even attempt to break past the channel resistance or swing high at $9000 to establish a steeper climb.

 

Market Factors

Exchanges are reporting that buy orders are nearing 92% of activity, drawing even more investors in so as to not get left behind in the rally. Some predict that bitcoin could surge past the $20,000 highs within the quarter.

Risk appetite has also been mostly supported in the markets, which means that traders are willing to place bets outside of traditional assets like stocks and commodities. Sentiment in the cryptocurrency industry itself has also improved significantly over the past couple of weeks, spurred by news about big hedge funds and acquisitions in the space.

 

Author SARAH JENN | APRIL 23, 2018 | 5:37 AM

 

Posted by David Ogden Entrepreneur

Alan Zibluk Markethive Founding Member

What is the price of bitcoin today — Why is BTC rising

What is the price of bitcoin today - Why is BTC rising

What is the price of bitcoin today? Why is BTC rising?

BITCOIN prices are back on the rise today, as the cryptocurrency posts strong results mid week. What is the price of bitcoin today? Why is BTC rising?

Midweek charts show bitcoin prices are back on the rise.

The cryptocurrency has been steadily rising overnight, increasing by more than 2.44 percent in the last hour.

Bitcoin prices were trading at $8,239.66 as of 4.30pm today.

The rest of the cryptocurrency market has also seen a bumper rise in prices.

Ethereum stays ahead of resistance at $544 and Ripple increased 6.83 percent to trade at $0.728 percent.

Bitcoin spin-off, Bitcoin Cash, rose by 13.11 percent to hover just below £1,000 a coin at $940.78.

Litecoin also rose 4.14 percent to trade at $142.

Why is bitcoin rising?

Bitcoin maintains its bullish trend throughout the week as the cryptocurrency recovers from April 17’s tax sell-off.

Investors and analysts feared the US tax deadline on Tuesday would fuel a flurry of crypto-selling, driving prices down.

After a brief wobble, BTC recovered and has been rising steadily ever since.

Tom Lee, founder of hedge fund, Fundstrat, suggested pressure to sell off coins in response to the tax deadline would ease off in the weeks following.

And it appears that his prediction is correct, as prices float higher across the week.

US bitcoin investors owed around $25 billion in capital gains taxes for 2017 following a surge in its price in December, according to Mr Lee.

He told CNBC: “There is quite a lot of discussion in a lot of the crypto groups about the magnitude of tax selling.

“I think we ended up just taking a lot of these thoughts, putting it into a spreadsheet and we came up with an estimate that $25billion would be the tax bill owed to the IRS for realised gains for US households, which is a windfall for the IRS.

“The most that they ever received in capital gains in any single year was 144billion.”

It seems that investors are happy to dip back into the market, as the London Block Exchange (LBX) has discovered.

Speaking to Express.co.uk, LBX CEO, Benjamin Dives, said there has been a notable increase in the amount of Bitcoin, Ethereum, Litecoin and Ripple, handled by his firm.

He said: “The common assumption is that institutional investors shy away from new asset classes such as cryptocurrency.

"However, that’s not what we are seeing here at LBX; we've seen a huge uplift in institutional interest recently. Since Q1 2018, we're now handling many millions in trades each month.

“From hedge funds to pension funds, institutional investors are taking cryptocurrency seriously.

"At LBX, institutional investors have had access to our over-the-counter desk for some time, which allows investors to trade cryptocurrencies under preferential conditions for high volume orders."

 

 

Author OWEN GOUG UPDATED: 18:14, Thu, Apr 19, 2018

 

Posted by David Ogden Cryptocurrency Entrepreneur

 

Alan Zibluk Markethive Founding Member

Looking Ahead To $20,000 Bitcoin

Looking Ahead To $20,000 Bitcoin

Looking Ahead To $20,000 Bitcoin

In last week’s Investor Alert, our investment team shared with you a report from Morgan Stanley that says Bitcoin’s price decline since December mimics the Nasdaq tech bubble in the late 1990s. This isn’t earth-shattering news in and of itself. The main difference is that the bitcoin rout happened at 15 times the rate as the tech bubble.

Morgan Stanley has some good news for Bitcoin bulls, however: The 70 percent decline is “nothing out of the ordinary,” and what’s more, such corrections “have historically preceded rallies.” Just as the Nasdaq gained back much of what it lost in the subsequent years—before the financial crisis pared losses even further—bitcoin could similarly be ready to stage a strong recovery.

One research firm, in fact, believes Bitcoin and other digital coins, or “alt-coins,” have likely found a bottom. New York-based Fundstrat, headed by strategist Thomas Lee, issued a statement to investors last week saying that, though a cryptocurrency bull market isn’t necessarily underway, the worst of the pain could be “largely over.”

Fundstrat research shows that periods of cryptocurrency consolidation, or “purgation,” generally last 70 to 231 days. Bitcoin hit its all-time high in mid-December, almost 70 days ago as of March 26. Taking into consideration Fundstrat’s estimates, then, it’s possible the bear market could conclude sometime between now and early August.
 

In the meantime, Lee writes, alt-coin investors should stick with larger-cap cryptocurrencies such as Bitcoin, Ethereum and Ripple.

 

Take the Long-Term View

It’s helpful to compare Bitcoin with Nasdaq, as Morgan Stanley did, but what about comparing the current cycle with one from the past?

In June 2011, Bitcoin peaked at nearly $30 and found a bottom of $2.02 five months later, in November. It would be an additional 15 months before it returned to its former high. This might seem like a long time to some, but investors who managed to get in at the bottom would have seen their position grow more than 1,300%.

So can Bitcoin do the same today? Obviously no one can say for sure, but what I can say with certainty is that Bitcoin, like all digital coins, is highly volatile. Plus, there’s not quite 10 years’ worth of data, meaning it’s been difficult to identify trends.

Cryptocurrencies are also currently facing tougher oversight from several world governments and central banks, not to mention Facebook and Twitter’s bans on ads promoting them—obstacles they didn’t have to contend with back in 2011 and 2012.

But I remain bullish. Cryptocurrencies are still in their very early stages. To return to the comparison with tech stocks, we don’t know at this point which digital coins will be tomorrow’s equivalent of Amazon, Google, Apple and Facebook. A long-term view is key.

Finally, I still believe in the power of Metcalfe’s law, which says that as more and more people adopt a new technology—cell phones, for instance, or Facebook—its value goes up geometrically. A poll conducted in February shows that just under 8% of American adults report ever owning or purchasing any cryptocurrencies. Market penetration, then, hasn’t been as pervasive as some might expect, but as people increasingly become more confident in dipping their toes in the space, demand could rise and, with it, prices.

 

Author Frank Holmes

 

Posted by David Ogden Entrepreneur
David ogden Cryptocurrency entrepreneur

Alan Zibluk Markethive Founding Member