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Bitcoin Price Technical Analysis for 23rd Mar 2018 – Another Reversal Pattern

March 23, 2018 David

Bitcoin Price Technical Analysis for 23 Mar 2018 – Another Reversal Pattern

Bitcoin Price Technical Analysis for 03/23/2018 – Another Reversal Pattern

Bitcoin Price Key Highlights

 

Bitcoin price failed to break past the $9,000 level after news of a potential shutdown of Binance in Japan broke out.

However, bitcoin price could still form an inverse head and shoulders pattern, which is a potent reversal signal.

Technical indicators are showing that bullish momentum could stay in play.

Bitcoin price sold off recently but could form a short-term reversal pattern on its 1-hour time frame and draw more buyers back in.
 

Technical Indicators Signals

 

The 100 SMA just crossed above the longer-term 200 SMA to signal that buyers are gaining the upper hand. The 200 SMA is also holding as dynamic support at the moment, but a break lower could lead to another pickup in selling pressure.

 

Stochastic is pointing down to show that bears have the upper hand while RSI is turning lower as well. Both oscillators are nearing oversold conditions, though, so sellers could still let buyers take over soon.

 

An area of interest is located around $8,000 and a bounce from here could form the right shoulder of the reversal pattern. Bitcoin price has yet to break past the neckline around $9,200 to confirm a potential uptrend. This should last by around $2,000 or the same height as the chart formation.

Bitcoin Price Key Highlights

 

Bitcoin price failed to break past the $9,000 level after news of a potential shutdown of Binance in Japan broke out.

However, bitcoin price could still form an inverse head and shoulders pattern, which is a potent reversal signal.

Technical indicators are showing that bullish momentum could stay in play.

Bitcoin price sold off recently but could form a short-term reversal pattern on its 1-hour time frame and draw more buyers back in.

 

Technical Indicators Signals

 

The 100 SMA just crossed above the longer-term 200 SMA to signal that buyers are gaining the upper hand. The 200 SMA is also holding as dynamic support at the moment, but a break lower could lead to another pickup in selling pressure.

 

Stochastic is pointing down to show that bears have the upper hand while RSI is turning lower as well. Both oscillators are nearing oversold conditions, though, so sellers could still let buyers take over soon.

 

An area of interest is located around $8,000 and a bounce from here could form the right shoulder of the reversal pattern. Bitcoin price has yet to break past the neckline around $9,200 to confirm a potential uptrend. This should last by around $2,000 or the same height as the chart formation.

 

 

Author: SARAH JENN • MAR 23, 2018 • 04:03

 

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Bitcoin Price Breaks $9,000, Does Not Stay For Long

March 21, 2018 David

Bitcoin Price Breaks $9,000, Does Not Stay For Long

Bitcoin Price Breaks $9,000, Does Not Stay For Long

March 20: the Bitcoin (BTC) price broke the $9,000 mark today after a rough start to the year in which the price decreased by nearly 70 percent from the December high of $20,000.

Following the December high the BTC price has moved downward in fits and starts. On January 17, BTC price was down to $9,724, less than half of where it had been a month previously when it scraped the underside of $20,000. The month of February started with BTC dipping below $9,000 for the first time since late Nov. 2017.

By February the price had sunk to just $5,922, with skeptics claiming that it could sink even lower. By late February and early March, BTC was fluctuating around the $9,000 mark, with changes spurred by news of new regulations on exchanges by the US Securities and Exchange Commission (SEC).

A return to prices above $9,000 would provide the confidence many traders and investors need for the BTC value to grow even further.

As Cointelegraph reported March 20, the G20 decided not to crack down on cryptocurrency, and opted for a more moderate approach of simply classifying cryptocurrencies as assets. Some see this as a possible cause for crossing the $9,000 psychological threshold.

Others are more skeptical that the results will be long lasting, and see the most recent bump above $9,000 to be part of a holding pattern that requires another, stronger increase in order to break the barrier.

At press time, Bitcoin was trading at $9,017
 

Author: Salih SARIKAYA

 

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Bitcoin Following Nasdaq Path but 15 Times Faster

March 20, 2018 David

Bitcoin Following Nasdaq Path but 15 Times Faster

Bitcoin Following Nasdaq Path but 15 Times Faster

Morgan Stanley put out a note to its clients on Monday the 19th breaking down Bitcoin trading in comparison to the Nasdaq during the dot-com crash 20 years ago.

Bitcoin Similar to Dot-Coms Through Bear Markets

According to the report, Bitcoin is behaving very similar to the way the Nasdaq did in 2000. There is parity in the pattern of price declines and the rally of 250 -280 percent “in their most exuberant period” just before the bear market.

“Just that the bitcoin rally was around 15 times the speed,” Sheena Shah, strategist at Morgan Stanley said.

There have been four bear markets with Bitcoin since 2009 and through each, the cryptocurrency has lost between 28 and 92 percent of its value. It lost 70% of its value from it’s $20,000 high mark in December to $7,000 in February before recovering slightly to where it is today over $8,000. Averaging a loss of between 40-50% of its value through each bear market is similar to the Nasdaq’s performance 18 years ago Shah said.

According to the Morgan Stanely report trading volume can also be seen as a red flag. The Bitcoin trading volume has jumped nearly 300% since the market decline in December but each rally saw volumes fall ahead of the bear market to come. Shah said regarding the trading volumes;

“The follow-up rally for both bitcoin and the Nasdaq always saw falling trading volumes. Rising trade volumes are thus not an indication of more investor activity but instead a rush to get out.”
 

Tethers Effect on Market Trading

The Morgan Stanley report continued to point out the effect that the Tether cryptocurrency may have had on market trading. Citing that during the latest bear market the Tether USDT coin which is purportedly backed up one to one with US Dollars took up a bigger share of Bitcoin trading compared to the three historically major trading currencies; US Dollar, Chinese Yuan and the Japanese Yen.

“The coin USDT is not a major funding unit but its increasing use is an interesting development,” Shah wrote. “Over the coming years, we think that market focus could turn increasingly towards cross trades between cryptocurrencies/tokens, which would transact via distributed ledgers only and not via the banking system.”

Bloomberg reported in January that Tether has been subpoenaed by the US commodities trading commission under speculation that they do not hold the $2.2 billion in reserve in order to back their token. Bitcoin’s price continues to vacillate around the $8,000 mark early this week after enjoying a $1,000 price boost from the news that the G20 would not be receiving any further regulatory recommendations from the FSB.

 

Author JOHN MCMAHON • MAR 20, 2018 • 04:03

 

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Bitcoin Price Surges 10% as G20 Will Not Crackdown on Cryptocurrencies

March 19, 2018 David

Bitcoin Price Surges 10% as G20 Will Not Crackdown on Cryptocurrencies

Bitcoin Price Surges 10% as G20 Will Not Crackdown on Cryptocurrencies

The G20’s announcement that it will pivot away from creating new regulations in favor of examining existing rules gave the cryptocurrency market a much needed seeing Bitcoin surge by $1000.

 

No New Regulations

The anticipation of what new regulations might come of the G20 meeting this week in Buenos Aires added to a rocky cryptocurrency market over the past week but the news as reported by Reuters is that there will be no new regulation recommendations handed down.

Some of the nervousness of cryptocurrency market watchers coming up to the G20 was due in part to the fact that Mark Carney, Governor of the Bank Of England and outspoken critic of Bitcoin heads the Financial Stability Board which coordinates financial regulation for the Group of 20 economies.

Carney has been very vocal about his doubts concerning the credibility of cryptocurrency in the past speaking as the head of the Bank of England.

Deciding that there was not enough of a consensus to create radical new regulation among the 20 countries that make up the G20 the FSB issued a letter to the central bankers and finance ministers who will convene in Buenos Aries on the 19 and 20 saying

“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time,”

Carneys singing off on this letter shows an increased willingness in his attitude towards accepting cryptocurrency as part of the worlds financial system. Noting that this would be his last year as both chairman of the FSB and Governor of the Bank of England he said his successor would be reviewing existing rules as opposed to pushing through new standards.
 

Scaling Down

President Donald Trump set a mood for scaling back regulatory powers when he ordered American regulators to relax post-banking crisis reforms in order to encourage lending in the economy.

This made world regulators speculate that America, already reticent to join global regulatory bodies would reject any new suggestions and possibly fragment markets.

In reaction, the FSB membership vowed to make a complete review of whether the watchdog is still “fit for Purpose” for evaluating and amending rules.

Having already scrapped a quarter of its working groups in an effort to make the FSB more efficient and dedicated Carney said “As its work to fix the fault lines that caused the financial crisis draws to a close, the FSB is increasingly pivoting away from design of new policy initiatives towards dynamic implementation and rigorous evaluation of the effects of the agreed G20 reforms,”

This seemingly good news for cryptocurrency regulation and the hangover effects of the latest Mt. Gox bulk sale wearing off gave the faltering Bitcoin price a nice boost, up $1000 recovering nearly 8% of its value in 24 hours.
 

Author JOHN MCMAHON • MAR 19, 2018 • 05:03

 

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Bitcoin analysis – How low can it go?

March 15, 2018 David

Bitcoin, how low can it go

Bitcoin Price Analysis – How Low Can It Go?

Bitcoin is showing more bearish momentum so it's time to look at the next downside targets.

Bitcoin looks ready for more losses as price gained downside traction after its break below a double top neckline. Applying the Fibonacci extension tool on the latest correction shows the potential targets.

Price is currently sitting on the 38.2% extension near the $8000 level at the moment, and a break lower could take it to the 50% extension next at $6459.7 next. From there, price could drop to the 61.8% extension at $5168.1 then the 76.4% extension at $3610.4 at the channel support. The full extension is located at $1063.4.

Technical indicators, however, are suggesting that the longer-term uptrend could still resume. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is still to the upside. Then again, bitcoin has fallen below the 200 SMA dynamic inflection point, which could be seen as an early signal of a pending downward crossover.

Stochastic is indicating oversold conditions to show that sellers are tired, but the oscillator has yet to move higher to reflect a return in bullish pressure. RSI has some room to head south so bitcoin could still see some losses from here.

bitcoin - how low can it go

The latest wave of selling is seen to have spurred from Google’s announcement to ban cryptocurrency ads starting June. Similar action was taken by Facebook back in January when it banned ads on binary options, ICOs and cryptocurrencies, leading to roughly a 12% drop in bitcoin price then.

It doesn’t help that regulators are stepping up their game to oversee the industry, leading to speculations of more arrests or possibly shutdowns. There are also rumors that the Chinese government continues to crack down on crypto activity in the country.

IMF head Lagarde herself called upon fighting “fire with fire” to encourage encryption experts to help in the crackdown on criminals using cryptocurrencies to facilitate their activity. More remarks in the same line from other top officials could lead to further weakness in bitcoin
 

By Rachel Lee On Mar 15, 2018

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Japan’s Third-Largest Electric Provider Is Testing Bitcoin On Lightning

March 13, 2018 David

Japan's Third-Largest Electric Provider Is Testing Bitcoin On Lightning

Japan's Third-Largest Electric Provider Is Testing Bitcoin On Lightning

Japan's third-largest electricity provider is emerging as one of the first major companies in the world to trial a promising bitcoin payments technology.

Revealed exclusively to CoinDesk, Chubu Electric Power Co. has entered into a proof-of-concept with local bitcoin and Internet of Things (IoT) startup Nayuta, one that finds it exploring how bitcoin payments can be made via the Lightning Network, an in-development protocol that promises to cut costs for bitcoin users.

Boasting 15,000 employees and more than 200 power generation facilities, Chubu is now using Lightning to prototype a new way of letting customers pay to charge an electric vehicle.

In a demo of its work, Chubu and Nayuta went so far as to show how a Lightning payment could be sent to an electric vehicle charger that, once paid, instantly turned on and began to energize a real-life vehicle.

Chubu Electric Power Co. senior manager Hidehiro Ichikawa told CoinDesk that the test is part of the company's "market research" into how bitcoin could power its IoT needs, though he noted it doesn't yet have any official plans to accept Lightning payments from customers.

In this way, Chubu's story resonates with others enchanted by cryptocurrencies but frustrated by their current capabilties. Of note is that Chubu has been experimenting with bitcoin for IoT for quite some time, but faced a wake-up call when it realized its blockchain isn't as cheap as advertised.

Ichikawa told CoinDesk:

"Since the electricity charge is small, [Lightning's] necessary to reduce the fees for using public blockchains."

Nayuta CEO Kenichi Kurimoto believes this test is a signal of something larger – an enterprise interest in using bitcoin to deliver IoT payments in a cost-effective manner with Lightning.

"For IoT and blockchain applications, real-time payments are needed. We showed that second layer payments can be the solution," he said.

Lightning + electricity = <3

But it wasn't just Chubu and Nayuta involved in the test.

To show one way Lightning can work for IoT, the two companies hooked up a Lightning node to an electronic vehicle charger and plugged it into a car. From there they also enlisted Japanese software startup Infoteria, which coded up a mobile app to bring the user experience together.

Once clicking the "send" button, the app communicates with the charger over Wi-Fi or Bluetooth, which delivers the message and turns the power on.

Notably, the companies involved didn't use real bitcoin in the test, as other "reckless" experimenters have been doing recently. Rather, they sent dummy bitcoin on a closed test network that they have more control over.

 

That detail aside, the test was successful, showing that Lightning can indeed make small, instant payments for electric vehicle charging.

Nayuta spokesperson Hitomi Moriyama went on to say that he believes the same set-up could one day be offered in everyday parking lots. Users could easily use Lightning bitcoin payments to charge up their car, similar to how these chargers are refilled with credit cards today.

"[Lightning] makes it possible to operate a highly reliable charge management system with a small introduction cost," he said.

Impact and outlook

Still, while the test mirrors those that have happened on other blockchains, this one is perhaps notable given the size and scope of Chubu and the continuing commitment of some of the parties involved.

As Ichikawa stressed, Chubu's experiment is still an early proof-of-concept, and he was short on details about how it might affect the company's product as well as how much money it is even pouring into the project.

That said, Nayuta plans to continue to dedicate its entire business to continuing the exploration.

"We will continue to develop and experiment to seek for what kind of architecture is the best to apply Lightning Network for IoT," Moriyama told CoinDesk.

Kurimoto added that Nayuta is now working to ensure compatibility of its software with the three other major Lightning software implementations that are most in use today.

Going forward, Kurimto said he has introduced his team to the Lightning developer mailing list in an effort to work more closely on enterprise applications of the technology.

 

Author: Alyssa Hertig Updated Mar 13, 2018 at 03:08 UTC

 

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Bitcoin Is Melting, Again

March 12, 2018 David

Bitcoin Is Melting, Again

Bitcoin Is Melting, Again

Summary

  • After an unsuccessful attempt at the $12,000 resistance level, Bitcoin is melting down once again, slumping by 30% in just a few days.

  • A few distinct developments caused the recent selloff to intensify.

  • People seem to be "Bitcoined out" a bit at the moment, which could cause the price to stay below $10K for some time.

  • It's not all bad news, but in the short term it could get painful for Bitcoin and the rest of the cryptocurrency complex.

Bitcoin is Melting, Again

Bitcoin (COIN), (OTCQX:GBTC) is not having a great week, and it looks like this selloff may get even worse. After a failed attempt at $12K Bitcoin entered the meltdown phase, cratering by roughly 30% in just a few days. Several simultaneous detrimental developments caused this selloff to intensify after the failed technical attempt sparked the negative price action. However, there is one predominant factor that has become the "elephant in the room". Bitcoin’s apparent loss of popularity could keep prices depressed for a lot longer than many people expect, and we may be looking at a near perfect storm scenario of events that could cause the current selloff to become much worse.
 

The Binance Hack

One of the elements that helped exacerbate the recent selloff was the Binance hack. It’s not exactly clear what caused the issues at the popular exchange, but what is known, is that numerous users reported their coins being sold off at random, without their knowledge or consent. This led to the speculation that a hack occurred at the crypto exchange, which in turn caused Bitcoin and other digital assets to selloff. Bitcoin cratered by about 7% in minutes following the news.

Author  Victor Dergunov

Posted by David Ogden Entrepreneur.
 

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99 Out Of 100 Top Coins See Green As Bitcoin Climbs Back Above $9K

March 11, 2018 David

99 Out Of 100 Top Coins See Green As Bitcoin Climbs Back Above $9K

99 Out Of 100 Top Coins See Green As Bitcoin Climbs Back Above $9K

The cryptocurrency markets are showing slight positive growth today March 10, with Bitcoin (BTC) rising back up above $9,000 and almost all of the top 100 coins, except one, listed on CoinMarketCap in the green as of press time.

BTC had reached over $11,500 during its intra-week high on March 5, before dropping below $9000 yesterday, March 9. BTC is currently trading at around $9,500, up around 5 percent over a 24 hour period to press time.

Ethereum (ETH) is still below $800, but up from its monthly low under $700 yesterday, March 9. The top altcoin is trading now around $740, up around 5.5 percent over a 24-hour period by press time. Ethereum has consistently stayed below $1000 — a price point it had previously broken in mid-January — ever since the market dip in early February.

Of the top ten coins listed on CoinMarketCap, Bitcoin Cash (BCH) is up the most over a 24 hour period, around 9 percent, and trading around $1,084 by press time.

 

Altcoin Ripple (XRP) is up the least of the top ten coin on CoinMarketCap, a little more than 1 percent over a 24 hour period, trading around $0.84 by press time.
 

Total market capitalization for all cryptocurrencies is around $389 bln by press time, on the lower end compared to its February highs over $500 bln, but up from it’s monthly low of $344 bln March 9.

Although the markets are seeing a slight recovery today, the overall slump since the beginning of the year has been attributed to the $400 mln sell-off by the bankruptcy trustee of the former crypto exchange Mt. Gox. The more recently slump this week can be credited to global regulatory news, including the US Securities and Exchange Commission (SEC) announcement that all crypto trading platforms should register with the SEC.

 

Author Molly Jane Zuckerman

 

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Bitcoin Drops 20% But Wasn’t Week’s Big Crypto Price Loser

March 10, 2018 David

Bitcoin Drops 20% But Wasn't Week's Big Crypto Price Loser

Bitcoin Drops 20% But Wasn't Week's Big Crypto Price Loser

If February was bad for the crypto market, March hasn't fared better.

Bitcoin's (BTC) repeated failure to beat inverse head-and-shoulders neckline resistance saw bears come in full force, pushing prices to a one-month low of $8,371 Friday. As of writing, the world's largest cryptocurrency by market capitalization is trading at $8,970, according to CoinDesk's Bitcoin Price Index.

But the 28 percent drop from BTC's March 5 high of $11,660 had broader implications, pushing the market capitalization below $350 billion for the first time since Feb. 14.

The sell-off in BTC seems to have roiled broader markets, a trend evident by the fact the top 25 cryptos by total value are all reporting weekly losses
As such, while bitcoin has depreciated by 20.98 percent week-on-week, it's notably not the top loser of the week, with TRON, ICON and IOTA ranking higher on bigger losses.

Weekly performance: -42.65 percent

All-time high: $34.40

Closing price on March 2: $16.20

Current market price: $9.29

Rank as per market capitalization: 22

Having topped out at $17.38 on March 1, nano prices fell below $10 today for the first time since Feb. 23 this week.

So, despite positive news, such as a thumbs up from influential litecoin founder Charlie Lee, the endorsement failed to keep the nano bid amid a broader market sell-off.

As of writing, the cryptocurrency is seen changing hands at 0.0011 BTC (about $10) on Binance. The recovery from the intraday low of BTC 0.001008 (roughly $9) in the wake of oversold conditions (as shown by the relative strength index) has neutralized the immediate bearish outlook.

However, only an upside break of the descending channel would signal a bearish-to-bullish trend change.

Weekly performance: -38.51 percent

All-time high: $0.30

Closing price on March 2: $0.05

Current market price: $0.03

Rank as per market capitalization: 15

After rocketing to records earlier this year, TRON showed signs it hasn't quite been able to recover from the backlash of severe criticism.

This week, TRON even reached a strategic partnership with Trip.io to advance blockchain applications in the travel industry, and announced a strategic cooperation with BitGuild (a blockchain game platform)

Elsewhere, TRON Founder Justin Sun went so far as to reveal plans to accelerate the launch of main net.

Still, the positive news flow failed to put a floor under TRON prices. TRX/USD fell to $0.03 yesterday – its lowest level since Feb. 8.

Weekly performance: -38 percent

All-time high: $12.04

Closing price on March 2: $3.71

Current market price: $2.30

Rank as per market capitalization: 24

February's top loser hasn't had a good start this month

Prices for ICON's ICX token fell to $2.16 on Binance – the lowest level since Dec. 22, with a series of lower highs and lower lows on the daily chart indicating the bears are in control of the market.

However, short-term oversold conditions as shown by the relative strength index could yield a minor corrective rally.

 

Author Omkar Godbole Mar 9, 2018 at 21:52 UTC

 

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Bitcoin prices fall below $9,000 — a 24% decline for the week

March 9, 2018 David

Bitcoin prices fall below $9,000 — a 24% decline for the week

Bitcoin prices fall below $9,000 — a 24% decline for the week

  • Bitcoin fell below $9,000 during Friday afternoon Asia trade, extending losses seen earlier in the week when it fell below the key $10,000 level.

  • The digital currency came under pressure earlier in the week after the U.S. Securities and Exchange Commission said exchanges that offered trading of "digital assets that are securities" would have to register with the agency.

  • At its current levels, bitcoin has declined around 24 percent for the week.

Bitcoin fell below $9,000 during Friday afternoon Asia trade, extending losses seen earlier in the week when it dropped below the key $10,000 level.

The digital currency traded at $8,671.67 at 12:37 p.m. HK/SIN after touching as low as $8,587.05 earlier in the day, according to industry site CoinDesk.

At its current levels, bitcoin has declined around 24 percent for the week.

The cryptocurrency came under pressure earlier in the week after the U.S. Securities and Exchange Commission said exchanges that offer trading of "digital assets that are securities" would have to register with the agency.

That statement on Wednesday came after weeks of subpoenas from the SEC in its attempt to establish better control over the many trading platforms and exchanges.

Regulatory developments in the Asia Pacific region also likely put a dampener on prices this week.

Japan's Financial Services Agency issued punishment notices to a number of exchanges in the country on Thursday, Reuters reported. Regulators also suspended operations at Bit Station and FSHO for a month, the news agency reported.

Regulatory scrutiny in the country increased after $530 million worth of virtual tokens were stolen from Coincheck, a Tokyo-based cryptocurrency exchange, earlier this year.

— CNBC's Thomas Franck contributed to this report.
 

Author Cheang Ming

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