Month: October 2019

BTC Bears Are Back Bitcoin Slowly Weakens as Altcoins Beat a Retreat

October 31, 2019 David

BTC Bears Are Back, Bitcoin Slowly Weakens as Altcoins Beat a Retreat

Bitcoin has managed to hold on above $9,000 for another day but it is slowly weakening and likely to drop below that support level by the weekend. The altcoins meanwhile are already sliding further and may well dump all recent gains.

Bitcoin Support Weakening

The pattern is pretty clear when looking at the Tradingview charts. A down trend has formed on the week and Bitcoin is slowly losing ground as it slides back towards $9k this Halloween day. The highest it could manage over the past day is $9,250 and a couple of hours ago BTC dropped to its intraday low of $9,050 for the second time.

BTC price 1 hour – Tradingview.com

Lower highs and lower lows indicate a continuation of this trend in the short term. Trader and analyst ‘Big Chonis’ has been doing the TA …

“Yesterday’s daily candle had a nice bounce reaction to the MA200, today’s current bitcoin follow up looks to retest again, RSI drifting into mid 50’s, MACD with another lower high with volume continuing to decline, so far nothing says $9K is strong support just yet …”

The bearish sentiment is starting to return to crypto twitter as analysts start to agree that down is more likely than up. ‘Credible Crypto’ added that a fall back to the low $8,000 level is likely.

“Either way I expect 8600-8800 to be hit sooner or later and if we clear the lows now I ultimately expect 8000-8200 to be met.”

China fever is waning and it is back to business on Bitcoin markets which were heading downwards before the huge weekend boost.

Altcoins in Pain Again

Ethereum has declined by 2.5% over the past 24 hours as it drops back to $185. ETH really needs to keep hold of these gains to prevent an eventual collapse to $150. There has been no indication that it is ready to break free from the shadows of its big brother though.

XRP just can’t break over $0.30 and has fallen back below it again today as the Ripple token loses 2%. Bitcoin Cash has also dropped 2% but it has been very bullish over the past week holding on to most of its gains. BCH is currently trading just below $290 but is primed to fall if BTC does.

Litecoin and Binance Coin are flat, hovering around $60 and $20 respectively while EOS is dumping again in another 3% fall. Following its Samsung induced pump yesterday, Tron is dumping today as a 7% slide drops TRX back to $0.020.

Around $5 billion has exited crypto markets over the past 24 hours as total capitalization falls to $245 billion. Markets are still up $40 billion on the same time last week but the bears are slowly returning and those gains are starting to erode.

 

Martin Young

David – http://markethive.com/david-ogden

Hiring a Consultant for Internet Marketing

October 31, 2019 David

Image result for internet market consultantsHiring a Consultant for Internet Marketing

If you are considering jumping into the world of Internet marketing but do not have experience in this type of marketing, it is definitely worthwhile to consider hiring a consultant to assist you in your advertising endeavor. This is important because they can do a great deal to assist you in ensuring that the marketing effort is a success. You may pay more for their services than you would to handle the Internet marketing on your own but the results you gain from the effort will likely be significantly higher. Hiring a consultant to assist you in your Internet marketing campaign is even a worthwhile endeavor if you have some experience in Internet marketing but are competing in a competitive niche and need some additional assistance to help you rise above the competition.

The key to hiring a consultant to assist in an Internet marketing campaign is to hire the right consultant. You will find there are many different options available to you as Internet marketing has become a huge industry. However, not all consultants are created equal. You may find that some consultants can create significantly better results than other consultants. There are, however, a few characteristics to look for when seeking a qualified consultant in the Internet marketing industry. Surprisingly cost is not one of the most important considerations. Experience and past performance are much more important. You can compare costs among consultants who are similarly qualified but using cost as a primary source of evaluation is not recommended.

Experience is very important when it comes to selecting a consultant to assist you in an Internet marketing campaign. Experience is critical because consultants who have a great deal of experience also have a great deal of understanding of which techniques work best and which techniques are not as effective. This can save you a great deal of time and money as there will likely not be as much experimentation necessary as there would be with a less experienced consultant. More experienced consultants will also likely be better skilled at dealing with clients and will likely answer your questions more quickly and keep you better informed about the progress of your Internet marketing campaign. All of this is important because you will likely be very interested in receiving progress reports and staying up to date on everything that is going on with your Internet marketing campaign.

Seeking out a consultant in the Internet marketing industry with an excellent past record of performance is also very important. This is so important because consultants who have had a great deal of success in the past will likely have a great deal of success while assisting you as well. Past performance is considered to be one of the best indications of future performance. This does not mean that new consultants are necessarily going to perform poorly but there is some risk involved in selecting a consultant who does not have a great deal of experience or who has not performed well in the past. You can feel much more confident putting your Internet marketing campaign in the hands of a consultant who typically generates the type of results you are looking for in your own Internet marketing campaign.

Once you have evaluated consultants on the basis of experience and past performance, it is time to start considering price. Considering price early in the process of seeking a consultant may cause you to be influenced by price over performance. Some consultants may be incredibly affordable but if they are not capable of producing the desired results, it may end up being a complete waste of money. However, once you have narrowed your list of potential consultants down to a few qualified candidates, it is definitely time to start comparing prices. Once you are confident each of the candidates on your list is well qualified, choosing the least expensive candidate is worthwhile. However it is important to note all of the fees involved to ensure you are making an accurate cost comparison.

learn more about internet marketingLearning more about Internet Marketing for yourself

While hiring a consultant and be a good plan for you, understanding what needs to be done is an all important issue in the first place. If you are not already marketing your business online, perhaps it is time to start. Although there are a few exceptions, just about every business can benefit from online marketing. There are just so many advantages to this type of marketing. First of all, it is extremely affordable to market your business online. Other advantages to marketing your business online include the ability to reach a large target audience, the ability to reach potential customers all over the world and the ability to customize the marketing for different sectors of the target audience.

Internet marketing is not overly complicated but it is also not a process in which anyone can excel without making attempts to learn more about the subject. Business owners who do not know a great deal about Internet marketing but who wish to implement Internet marketing into their overall marketing strategy should carefully study the basic principles of Internet marketing before launching their online marketing campaign. Fortunately for these business owners there are a variety of options for learning about Internet marketing. These options may include online research, reading published books and studying successful Internet marketing campaigns.

Researching Internet marketing online is one method which can be used for learning more about this topic. This type of research can be very informative and can provide the business owner with a great deal of advice and other information. However, it can also provide the business owner with a great deal of misinformation. When researching any subject online it is very important to note that not all of the information available online is accurate. This may be due to a variety of factors including content which is written by those who do not have a great deal of knowledge about the subject matter as well as content which was written years ago and is outdated. This can be frustrating but fortunately business owners can still learn from the Internet. This just means they should be more cautious about accepting information as being accurate and may wish to verify the information they obtain before implementing an Internet marketing strategy.

Published books are another valuable resource for learning more about Internet marketing. There are a variety of books available which focus on this subject and provide a wealth of useful information. When selecting a book for use as research material it is important to seek out a book which received independent reviews which were positive. It is also important to seek out books which were published recently. This is important because the Internet marketing industry is evolving continuously and a book that was published only a few years ago may be outdated and may lack information on some of the new developments in the industry. The appeal of using published books to learn about Internet marketing is you can keep the books on hand for easy reference when you launch your Internet marketing campaign.

Finally business owners can learn a great deal about Internet marketing simply by studying successful Internet marketing campaigns.

If your business offers products and services in a particular niche consider entering relevant terms in popular search engines and studying the websites of some of the highest ranking businesses. This can provide you with a great deal of insight into what these business owners are doing which may be contributing to their success. Examining everything from their website design to their search engine optimization strategies and even the content on their website can help you to determine why they are more successful than you. You should also consider how they are marketing their website which may include banner ads, affiliate marketing programs or other types of advertising. Armed with this information you can take the opportunity to implement changes to your own website and marketing strategy which may help you to gain a greater degree of success. Care should be taken to not copy anything directly from your competitors but to rather try to emulate their degree of success in your own way.

I also use blogger.com. Here is an example of another blog I have written. See http://brian-walters-seo.blogspot.com/

Article by:
Brian Walters

Skype: tuneup_bj

Brian Walters MarketHive

Markethive

Markethive Promotion

http://briansmarketing.net/

David – http://markethive.com/david-ogden

After the recent surge in price by BTC other crypto currencies are making positive moves after attaining a bullish break Binance Coin NEO Bitcoin SV are making positive moves except for Stellar and IOTA

October 30, 2019 David

After the recent surge in price by BTC, other crypto currencies are making positive moves after attaining a bullish break. Binance Coin, NEO, Bitcoin SV are making positive moves except for Stellar and IOTA.

The selling pressures are being exhausted as the bulls take control of the price. The bullish market can equally be sustained if buyers are introduced at the demand zones.

BNB/USD Major trend: Bullish

On October 24, the BNB price finally broke the resistance line of the descending channel which indicates a positive sign. This may signal the end of the downtrend if the bulls sustain the price above the channel. The market is above the 40% range of the daily stochastic indicator which means that price is in a bullish momentum. Nevertheless, from the price action, if the bulls break above the previous highs of $20 and $24 price levels, the pair will be out of the downtrend zone.

NEO/USD Major trend: Bullish

The NEO/USD pair has made a more positive move than Binance Coin as the bulls took control of price. The coin will be out of the downtrend zone if it overcomes the resistance levels of $10 and $ 12. The market is approaching the overbought region of the Relative Strength Index period 14 level70. In other words, the market is in the bullish trend zone. The Fibonacci tool confirms that the market will reverse at the 1.272 extension level because a bullish candle body tested the 0.786 retracement level.

XLM/USD Major trend: Ranging

In October, Stellar has been consolidating above the $0.060 support level after the last bearish impulse. The bulls and the bears are undecided about the direction of the market for the past month. The 12-day and 26-day EMAs are trending horizontally indicating that price is in a sideways movement. According to the Fibonacci tool, Stellar may as well reverse at the 1.272 extension level.

BSV/USD Major trend: Bullish

Bitcoin SV is making another positive move as the price breaks the bearish trend line and reaches the previous highs. Presently, it is facing resistance at the $150 price level. The coin is in the bullish trend zone. Nevertheless, if the price continues its upward move, and the $150 and $175 resistance levels are broken, the coin will attain a previous high of $250 supply zone. The market is trading in the overbought region of the Relative Strength Index period 14 levels 69.

IOTA/USD Major trend: Ranging

In October, the IOTA/USD pair has been consolidating in a tight range. The market fluctuates between the levels of $0.25 and $0.28. This consolidation in a tight range was as a result of the failure of the bulls to break the $0.30 resistance level. Likewise, the bears were unable to break below the $0.25 support level. Meanwhile, the Fibonacci tool indicates that IOTA is likely to fall to the 1.272 extension level. The Relative Strength Index period 14 level 47 explains that IOTA is in a sideways move.

 

Oct 28, 2019 at 09:41 // NEWSAuthor

Coin Ido

David – http://markethive.com/david-ogden

Bitcoin BTC Price Consolidating Gains Bulls Eyeing Fresh Increase

October 29, 2019 David

Bitcoin (BTC) Price Consolidating Gains, Bulls Eyeing Fresh Increase

  • Bitcoin price is currently consolidating above the key $9,000 support area against the US Dollar.

  • The price is struggling to gain bullish momentum above the $9,600 and $9,720 resistance levels.

  • There is a connecting bearish trend line forming with resistance near $9,560 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The price must climb above $9,600 and gain pace above $9,720 to continue higher in the near term.

Bitcoin price is likely setting up for the next major break against the US Dollar. BTC remains well supported above $9,000 and it could climb higher towards $10,000.

Bitcoin Price Analysis

Recently, bitcoin price climbed towards the $10,000 resistance area against the US Dollar. However, BTC failed to continue higher and formed a high near the $9,935 level.

Later, there was a fresh decline below the $9,600 and $9,500 support levels. The price traded close to the $9,100 support area and remained well bid above the 100 hourly simple moving average. The recent low was near $9,194 and the price is currently climbing steadily.

There was a break above the 23.6% Fib retracement level of the recent decline from the $9,935 high to $9,194 swing low. At the outset, bitcoin is testing the $9,500 and $9,550 resistance levels. Additionally, there is a connecting bearish trend line forming with resistance near $9,560 on the hourly chart of the BTC/USD pair.

More importantly, the 50% Fib retracement level of the recent decline from the $9,935 high to $9,194 swing low is acting as a hurdle for the bulls. Therefore, an upside break above the $9,550 and $9,600 levels is needed for a fresh increase.

The next major resistance is near the $9,720 level, above which the price could rise steadily towards the $10,000 resistance area. If the price accelerates above $10,000, it could revisit the $10,500 zone.

Conversely, if the price fails to break the $9,550 and $9,600 resistance levels, there could be another downward move. An immediate support is near the $9,200 area. Having said that, the main support is near the $9,000 level and the 100 hourly SMA.

Looking at the chart, bitcoin seems to be consolidating nicely above the $9,000 and $9,200 levels. As long as there is no close below the 100 hourly SMA, there are chances of a fresh increase towards the $10,000 and $10,200 levels in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is showing positive signs in the bullish zone

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving higher and it is currently near the 50 level.

Major Support Levels – $9,200 followed by $9,000.

Major Resistance Levels – $9,550, $9,600 and $9,720.

 

Aayush Jindal

David – http://markethive.com/david-ogden

Bitcoin BTC Price Steadies Uptrend But Another Correction Likely

October 28, 2019 David

Bitcoin (BTC) Price Steadies Uptrend But Another Correction Likely

  • Bitcoin price is gaining bullish momentum and is trading above $9,500 against the US Dollar.

  • The price is facing a strong resistance on the upside near the $9,820 and $9,850 levels.

  • There is a crucial bullish trend line forming with support near $9,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The price could correct in the short term towards $9,200 before another rally.

Bitcoin price is trading in a steady uptrend above $9,000 and $9,200 against the US Dollar. BTC is likely to climb steadily with a few downward moves.

Bitcoin Price Analysis

This past week, there was a sharp rally in bitcoin above the $7,500 and $8,000 resistances against the US Dollar. BTC even surged above the $9,500 and $10,000 levels before correcting lower.

Later, the price corrected below the $9,500 support and the $9,000 pivot zone. However, the decline was contained below $9,000 and the price remained well above the 100 hourly simple moving average.

A low was formed near $8,896 and bitcoin started a fresh increase. It broke the $9,000 and $9,200 resistance levels. Moreover, there was a break above the 50% Fib retracement level of the downward correction from the $10,578 high to $8,896 low.

However, the price seems to be facing a strong resistance near $9,850 and $9,900. Besides, the 61.8% Fib retracement level of the downward correction from the $10,578 high to $8,896 low prevented any further upsides.

At the moment, the price is declining and is moving towards the $9,500 support. More importantly, there is a crucial bullish trend line forming with support near $9,500 on the hourly chart of the BTC/USD pair.

If there is a downside break below the trend line, the price could extend its downward correction towards the $9,200 level. Any further losses may perhaps push bitcoin price towards the $8,750 support area.

Conversely, if the price continues to climb higher, it could climb above the $9,850 and $9,900 resistance. The main hurdle is near the $10,000 level, above which the price is likely to climb towards $10,500.

Bitcoin price

Looking at the chart, bitcoin is showing a lot of positive signs above the $9,500 and $9,200 levels. However, there are a few chances of anther downward move towards $9,200 or $9,000 to complete the correction. Once the price completes the current correction, it is likely to surge above $10,000 or even $10,500.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower and it might test the 50 level.

Major Support Levels – $9,500 followed by $9,200.

Major Resistance Levels – $9,850, $9,900 and $10,000.

 

 

Aayush Jindal

David – http://markethive.com/david-ogden

Bitcoin BTC Price Weekly Forecast – Is This Real Bullish Break?

October 27, 2019 David

Bitcoin (BTC) Price Weekly Forecast – Is This Real Bullish Break?

  • There was a strong rise in bitcoin price from above $8,000 and $9,000 against the US Dollar.

  • The price even spiked above the $10,000 resistance, but it failed to hold gains and declined.

  • There is a short term bullish trend line forming with support near $9,080 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

  • The price could bounce back as long as it is trading above the $8,600 and $8,500 support levels.

Bitcoin price is trimming gains after a sharp rally against the US Dollar. BTC must stay above $8,500 to start a fresh increase. If not, it could dive back to $8,000.

Bitcoin Price Weekly Analysis (BTC)

In the past two days, there were heavy swing moves in BTC from the $7,500 support against the US Dollar. The BTC/USD pair rallied more than 20% and broke many hurdles near $8,500 and $9,000.

Moreover, there was a close above the $8,500 resistance area and the 100 simple moving average (4-hours). Finally, the price rallied above the $10,000 resistance and traded close to the $10,600 resistance area.

However, the bulls failed to remain in control and a top was formed near $10,591. Later, there was a strong downside correction below the $10,000 level. The price traded below the 23.6% Fib retracement level of the rally from the $7,425 swing low to $10,591 high.

Besides, the price traded below $9,500 and tested the $9,000 support area. Besides, it seems like the 50% Fib retracement level of the rally from the $7,425 swing low to $10,591 high is currently acting as a strong support.

More importantly, there is a short term bullish trend line forming with support near $9,080 on the 4-hours chart of the BTC/USD pair. If there is a downside break below the trend line and $9,000, bitcoin price could test the next major support near the $8,600 area.

The $8,600 and $8,500 levels are crucial supports since they acted as hurdles previously. Additionally, the 61.8% Fib retracement level of the rally from the $7,425 swing low to $10,591 high might also provide support.

Therefore, the $8,500 support is likely to act as a major support. If the price fails to stay above $8,500, it could move back into a downtrend.

Looking at the chart, bitcoin price is clearly trimming gains and approaching a few key supports near $9,000 and $8,600. If it fails to stay above $8,500, the recent rally could completely reverse in the coming days.
 

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is moving lower and is close to the 50 level.

Major Support Level – $8,500

Major Resistance Level – $9,500

 

Aayush Jindal

David – http://markethive.com/david-ogden

Bitcoin Price Tapped 10600 in Fourth Largest Bull Move Ever

October 26, 2019 David

Bitcoin Price Tapped $10,600 in Fourth Largest Bull Move Ever

For now, Bitcoin (BTC) bulls seem to have decimated the bears. As of the time of writing this article, the leading cryptocurrency is at $9,800 — up over $2,500, some 38%, in the past 36 hours. This is around $800 short of the daily high of $10,600.

This rally has gotten so out of hand that BitMEXRekt, a Twitter bot dedicated to updating Crypto Twitter to liquidations on its namesake platform, has crashed.

Related Reading: Bitcoin Price Rips Past $9,000, Now Up 20% On the Day

Bitcoin Up 40% on the Day

According to Alex Kruger, Bitcoin, as the time of his tweet, was up 42% on the day. This purportedly represents the asset’s fourth-largest gain in its history, and the largest since May 10th, 2011.

 

Alex Krüger

So, what caused this move?

The seeming catalysts vary from analyst to analyst.

But according to Gabor Gurbacs, who summarized the narratives well, there are three reasons why Bitcoin surged: 1) the latest CME’s Bitcoin futures contract expired, something that has traditionally led to volatility, often in the upward direction; 2) President Xi Jinping of China revealed that he supports the development and adoption of blockchain technologies in China; and lastly 3) the chief executive of Crypto Capital, a firm offering financial services to industry companies including Bitfinex, was arrested, which Gurbarcs claims will allow clients of the firm to “get some of [their] seized [money] back.”

Slight Reversal Possible

While this is move is undeniably bullish, some are starting to expect a pullback. Popular analyst Nunya Bizniz pointed out that Bitcoin’s latest four-hour candle, which reached as high as $10,600 on BitMEX, is a “perfected Tom Demark Sequential 9.”

Bizniz notes that “a TD 9 typically indicates trend exhaustion,” implying that there may be some stagnation or a healthy pullback before a resumption of the uptrend.

Indeed. He added that according to Tone Vays’ take on the indicator, “we may see a one to four candle pullback (four to 16 hours) and then resume up.”

 

Nick Chong

David – http://markethive.com/david-ogden

Bitcoin BTC Ethereum ETH and XRP Must Hold These Key Levels to Avoid Further Crypto Collapse – Technical Analysis Roundup

October 25, 2019 David

Bitcoin (BTC), Ethereum (ETH) and XRP Must Hold These Key Levels to Avoid Further Crypto Collapse – Technical Analysis Roundup

Technical analysts are mapping out key levels that leading cryptocurrencies Bitcoin, Ethereum and XRP now need to hold onto to avoid another rapid plunge.

Daily analyst Josh Rager says BTC’s first level of support is now around $7,120.

Due to low volume and historical precedent, Rager thinks BTC is poised to fall further in the short term, with big demand for BTC sitting at around $6,000.

“Where do we think buyers are going to step in at? Because it really comes down to supply and demand…

I do believe that we can have a nice strong bounce in between around $6,000 all the way to around $6,500. I believe that we’re going to continue to move down. Why do I believe we’re not going to go sideways and move back up?

That’s because typically you don’t go sideways for almost a month just to move down an extra 9-10% in a day… We’ll probably range again for a few days, maybe only a couple of days or maybe a couple of weeks.”

Despite the pullback, Rager says Bitcoin has not exited its overall uptrend that began in April of 2019.

“I still think we’re in a macro uptrend. If you were to look at the chart and look at the monthly and the yearly chart, you’re going to notice that Bitcoin is in a strong uptrend and we should continue to uptrend over time. But we’re going to have down markets in between.

And so whenever you have that down market, if you know how to put a short on your Bitcoin holdings toward the top, you’re going to maintain the value of what you have. And then you can just buy more at the bottom.”

Meanwhile, analyst SalsaTekila tells his 28,000 followers on Twitter that Ethereum (ETH) bulls are struggling to hold on after hitting resistance at around $163.

If bulls can’t get back above that line, he’s predicting a further breakdown.

Eric Choe, who won CME Group’s annual trading competition in 2016, predicted Wednesday’s crypto crash.

He’s standing by his forecast on XRP and says there could be a short-term bounce to $0.32 if it can hold above $0.24.

Right now, Bitcoin is down slightly while the altcoin market is seeing green.

Here’s a look at the overview on COIN360 at time of publishing.

David – http://markethive.com/david-ogden

Bitcoin Breaks Below Bear Channel as Analysts Eye Further Downside

October 24, 2019 David

Bitcoin Breaks Below Bear Channel as Analysts Eye Further Downside

Bitcoin has plummeted below its previous support levels during a swift and sharp sell-off earlier this morning that led the aggregated crypto market to drop to fresh multi-month lows. BTC has continued grinding lower throughout the day and it is unclear as to where it will find any meaningful support that halts its current downtrend.

One prominent cryptocurrency analyst is now noting that it is highly probable that Bitcoin incurs further downside in the near-term, which may be driven by two critical moving averages that are “punishing” BTC’s price.

Bitcoin Plummets Below $8,000 Overnight, Sparking a Fresh Downtrend

At the time of writing, Bitcoin is trading down just under 10% at its current price of $7,500, which marks a notable drop from its recent trading range within the lower-$8,000 region – where the cryptocurrency had previously found significant support.

This negative price action today has led the aggregated crypto market to plummet, with most major altcoins mirroring BTC’s price action and dropping towards fresh multi-month lows.

Currently, Ethereum is trading down nearly 8% its current price of $160, which marks a notable retrace from its recent highs of nearly $200. Litecoin has also plummeted today, crashing a whopping 10% over a 24-hour trading period.

This latest drop came about after Bitcoin broke below the lower boundary of a bearish trading range that it has previously been caught within.

The Wolf of All Streets, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, referring to the chart seen below.

“$BTC: Seems support weakened. Nice bear flag breakdown,” he explained.

The next few hours and days will be critical for determining where Bitcoin will head next, as a failure for BTC to incur a relief rally in the near-term could mean that significantly further losses are imminent.

 

Cole Petersen

7 hours ago

David – http://markethive.com/david-ogden

Traders Beware Indicator Signals Massive Bitcoin Volatility is Inbound

October 23, 2019 David

Traders Beware Indicator Signals Massive Bitcoin Volatility is Inbound

Bitcoin (BTC) has been caught in the throes of consolidation for the past several weeks and months, and it has failed to garner any momentum in either direction in the time since it plummeted below $10,000.

This period of consolidation may soon be coming to an end, however, as one technical indicator is elucidating that a massive movement may be imminent, and one analyst believes that Facebook’s Libra may play a role in BTC’s future volatility.

Bitcoin Consolidates as Bulls and Bears Remain Deadlocked

At the time of writing, Bitcoin is trading down marginally at its current price of $8,250, and its buyers have failed to significantly extend the upwards momentum that it incurred in the time since it visited $7,900 late last week.

Bitcoin has been caught in a relatively tight trading range between roughly $7,800 and $8,800, with significant support at the former price and strong resistance at the latter price.

It is important to note that this period of sideways trading has come about after Bitcoin’s massive drop from its previous support level at $10,000, and although the mid-term trend remains bearish, the noteworthy support that has been established at $7,800 may mark a long-term bottom for the cryptocurrency.

In a recent report on Bloomberg, it is noted that Bitcoin’s Trading Envelope indicator is currently at its narrowest since mid-September, which means that another massive movement may be imminent for the cryptocurrency.

“The gauge smooths moving averages to map out higher and lower limits and a similar narrowing last month preceded a drop of more than 12% for Bitcoin on Sept. 24,” the report explained.

Facebook’s Libra May Contribute to BTC Volatility

Detailed in the same report, Matt Maley, an equity strategist at Miller Tabak + Co., explained to Bloomberg that he believes the fate of Facebook’s Libra is currently contributing to BTC’s price action, and that the crypto will only be able to resume its standard market cycles ones the headwinds from Libra die down.

“As it becomes more and more obvious that the Libra thing is not going to take off – it’s going to be a long time before it becomes an important part of anything Facebook’s doing – as that becomes more obvious, the volatility will pick up again… This issue with what’s going on with Libra and Facebook is a definite headwind and it’s not going to go away.”

Although it does remain unclear as to whether or not Libra is truly having any significant influence on Bitcoin’s price action, as its fate grows increasingly clear, it may allow Bitcoin to regain control of the news cycle.

 

Cole Petersen

David – http://markethive.com/david-ogden