Bitcoin Bottom? Two Strong Signs of a Crypto Market Trend Reversal

This past weekend the cryptocurrency market enjoyed a spectacular rally, reaching almost $140 billion in value. Leading crypto asset Bitcoin (BTC) soared past the critical $4,000 resistance level that has been holding it down for months, prompting many to ask – is the bottom in for Bitcoin?
 

Two crypto enthusiasts on Twitter have pointed out compelling arguments as to why they believe the bottom could be in for Bitcoin and the crypto market’s year-long bear run might be over.

High Volume

Crypto investor and creator of Twitter tipping app tippin.me, Kevin Rooke, recently posted a tweet detailing the huge increase in BTC’s daily exchange volume.
 

“Volume has increased by ~150% in the last 5 months,” he points out in the tweet. That’s the highest that Bitcoin’s daily exchange volume has been in over a year and the majority of the increases have been this month. In fact, Bitcoin’s daily exchange volume has exceeded $10 billion only nine times in the past year. “5 of those days have been in March 2019,” the tweet continues.

Last night’s massive injection of volume and the resulting rally that pushed BTC above $4,000 certainly backs up Rooke’s assertions. This is the second time in two days that BTC has tested and surpassed $4,000. A third test and break above will indicate a confirmed trend reversal and open up $4,850 as the next upside target.
 

Gold Chart Comparisons

Comparisons between Bitcoin and Gold are nothing new, with many crypto investors dubbing BTC “digital gold” over the years. However, Twitter user @CabSav9 recently made and an even more telling comparison between the two assets.
 

When comparing Bitcoin and the long-term chart of Gold since its peak in the late ’70s and the resulting decade long bear market, the two graphs look shockingly similar. After it’s crash in the early ’80s, Gold took almost two decades to stabilize and begin accumulating value again. Bitcoin, by comparison, appears to have followed a similar pattern but over a much shorter timeline. This accelerated correction makes sense considering the speed at which assets can be traded nowadays and the increased pace of life in general.

If @cabsav9’s comparison is anything to go by, Bitcoin should begin to build a decent rally soon. In fact, if one were to redraw the chart to follow the Gold trend, BTC could be on $10,000 as early as June this year.
 

The truth is, if you looked hard enough you would probably find several charts that coincidentally follow similar trend patterns when adjusted for time. However, the fact that Gold and Bitcoin have so often been compared in the past makes for a strong argument.

Bitcoin is currently trading just above $4,000 and as Asian markets opened strong this morning, it looks set to make some further gains throughout the day.

AUTHOR

Mark Hartley

March 18, 2019, GMT+0000, 5:06 am

Alan Zibluk Markethive Founding Member

Bitcoin breaks above $4,000, most coins in the top 100 see red

Bitcoin breaks the $4,000 resistance, the top 100 is dominated by red, with few exceptions, such as Binance Coin (BNB), BitTorrent (BTT) and ABBC Coin (ABBC).

Overall

The overall crypto market is dominated by red color with several exceptions from several coins, such as Bitcoin (BTC), Binance Coin (BNB), ABBC Coin (ABBC) and BitTorrent (BTT).
 

The total market cap is $139,279,230,113.

Top 10

The gain on the top 10 coin is led by BNB that sees a 4.96% gain at $15.86, followed by Tether (USDT) that gains by 0.49% at $1.01.

The largest cryptocurrency, BTC manages to break through the $4,000 resistance level at $4,022 after seeing a 0.4% in the last 24 hours.

On the other hand, Bitcoin Cash (BCH) sees the biggest loss at $150.10 with -4.82%, followed by TRON (TRX) that’s losing by 1.39% at $0.02 and Litecoin (LTC) that sees a loss of 0.9% at $61.14 price point.

Top 100

The biggest gainer on the top 100 is BitTorrent (BTT) that sees 11.09% at $0.0008, followed by the coin that just changed its name, the ABBC Coin (ABBC) that gains by 7.85% at 0.37 and Maximine Coin (MXM) that sees a 6.27% loss at $0.03 price point.  

While the top 3 biggest losers on the top 100 are Crypto.com chain (CRO) that’s losing by 22.89% at $0.07 after seeing an impressive 47.78% gain in less than 24 hours ago, followed by Digitex Futures (DGTX) and Wanchain (WAN) that see 7.43% and 5.17% loss at $0.07 and $0.4 price points respectively.

17 MAR, 2019 | UPDATED: 17 MAR, 2019

Alan Zibluk Markethive Founding Member

Is A New Record On The Horizon For Bitcoin In 2021?

t seems like new predictions are already cropping up for Bitcoin in the crypto circle. Alec Ziupsnys, the popular crypto trader and his team, have predicted that Bitcoin could see a new all time high in 2021.

They claim that the crypto could slowly start making its way up and break into an unprecedented bullish trend that places it at the top again and crosses its previously held record of all time high. He tweeted the following:

Rhythm Trader handler is Alec’s account on Twitter that be manages on behalf of him and his team. He cites the historical pattern of Bitcoin’s growth, claiming that history could repeat itself. That 2014 to 2016 market cycle is repeating itself again in the current time.

Alec also has an interesting theory l about how if BTC actually follows a multi-year cycle of boom and busts, it will just indicate that the top crypto has already bottomed.

These traders believe that if the crypto market cycles are seemingly ‘rhyming’, it could mean a consistent but slow upward move which would take the crypto to its peak in 2021.

The cryptocurrency enthusiast, and massive believer in Bitcoin over centralized financial institutions, further added that if BTC truly follows a multi-year cycle of boom and bust, the likelihood exists that the world number one cryptocurrency has already bottomed.

He had previously tweeted:

Alec has a firm conviction that the price of Bitcoin is going upstairs, and it will reach a new high in the year 2021.

By Sumedha Bose

Mar 16, 2019 04:30 UTC | Updated: Mar 16, 2019 at 04:30 UTC

Alan Zibluk Markethive Founding Member

Bitcoin – Stuck in a Rut and in Dire Need of a Break Out

Bitcoin is in the green early but continues to struggle to break out from the current rut. A sell-off could be on the cards if Bitcoin doesn’t make a move soon.

Bitcoin rose by just 0.07% on Thursday. Partially reversing a 0.2% fall from Wednesday, Bitcoin ended the day at $3,948.3.

A choppy start to the day saw Bitcoin rise from a morning low $3,929.9 to a morning high $3,990.5 before easing back. Holding above the first major support level at $3,923.33, Bitcoin broke through the first major resistance level at $3,970.83.

Through the early afternoon, there was another spell of volatility. Bitcoin slid to an intraday low $3,869.3 before striking an intraday high $4,004.0.

Bitcoin tumbled back through the first major support level at $3,923.33 and second major support level at $3,900.47. The bounce back saw Bitcoin break back through the first major resistance level at $3,970.83 and second major resistance level at $3,995.47 before sliding back.

Range-bound through the rest of the day, Bitcoin failed to break back through the major resistance levels. For the bulls, a hold above the major support levels through the day was positive. Failing to hold onto $4,000 levels on the day continues to be a red flag.

Elsewhere

Across the top 10 cryptos, it was a mixed bag for the majors. Stellar’s Lumen and Binance led the way down with losses of 1.9% and 1.24% respectively. On the Upside, Bitcoin Cash ABC and Litecoin were the front runners, gaining 1.61% and 1.02% respectively.

While Stellar’s Lumen led the way down on Thursday, it was leading the way through the current week. In spite of Thursday’s pullback, Stellar’s Lumen was up 6.03% Monday through Thursday.

Newfound love for Stellar’s Lumen was attributed by some to a change to Stellar Lumen’s logo. Either way, 7 consecutive days in the green before Thursday’s pullback has been impressive. For the current month, Stellar’s Lumen is up by 26%.

Binance is the only major to have outperformed Stellar’s Lumen in March. 5 consecutive weeks in the green has given Binance a 45% jump for the current month. Unlikely Stellar’s Lumen, however, the Binance Launchpad platform can be attributed to its recent bull-run.

At the time of writing, Bitcoin was up by 0.28% to $3,959.5. Moves through the early morning saw Bitcoin rise from a morning low $3,948.4 to a high $3,970.0 before easing back. The day’s major support and resistance levels were left untested early on.

For the day ahead

A hold above $3,940 levels through the morning would support a run at $4,000 levels before any pullback. Barring a broad-based market rally, we would expect the first major resistance level at $4,011.77 to pin back more material gains on the day. Bitcoin would need support from the broader market to break through to $4,000 levels. Bitcoin could slide to sub-$3,500 should it continue struggle to break out from $4,000.

Failure to hold above $3,940 levels could see Bitcoin fall to $3,800 levels to test the first major support level at $3,877.07 before any recovery. Barring a broad-based crypto sell-off, however, we would expect Bitcoin to steer clear of the second major support level at $3,805.83. A broad-based sell-off could see Bitcoin fall through the second major support level to $3,700 levels before any recovery.

Bob Mason

Alan Zibluk Markethive Founding Member

Bitcoin and Other Cryptocurrencies Test Crucial Supports

Before Bitcoin can hit the target price most cryptocurrency analysts have predicted, a lot of ups and downs will be involved. For starter’s, its price trend which has revolved around the $3,800 and $3,900 levels may be one way that these predictions will be attained. However, yesterday March 11, the virtual asset declined below the $3,900 and $3,850 supports.
 

Bitcoin May Have Revolved Around its Price Level for Too Long

Many may assume that the most popular virtual currency has revolved around its current price level for too long, while others may be thankful that it is where it is instead of declining lower than $3,000. Yesterday, Bitcoin found support around $3,825 before rebounding to $3,850. As at press time, it is trading at $3,918 and it may retest a resistance of $3,980 and $4,000.
 

As is usually the case, other virtual currencies in the market were affected by this price volatility. Ethereum, for instance, which is currently priced at $134.64 traded below the $132 support, yesterday. It could be purchased at a price that is slightly higher than $130. The asset could test resistance levels of $135 and $136, for it to move onwards.

XRP’s Price Increments After Finding Support at $0.306

The same can be said about Ripple’s XRP, the third most popular virtual currency based on its market cap. The asset was sold for less than $0.310 and tested its support at $0.306 before correcting and trading above $0.308. It is also worthy to note that XRP, like the first other 10 cryptocurrencies asides from Bitcoin cash is slightly bearish. Its price as at the time of press is $0.311 which may likely draw in more buyers.
 

EOS is another virtual currency that is worth mentioning and it is ranked fifth on Coinmarketcap’s platform. Its price of $3.66 is expected to increment and test the resistance of $3.70. Hours ago, it found its support level at 3.50, before breaking beyond $3.55 to the 3.60 level which it is valued at.

Bitcoin Cash’s Price Increments and May Test Resistance of $132

Bitcoin cash which is currently the sixth most popular cryptocurrency today by its market capitalization is valued at $128. Yesterday, it has declined below the $128 support to rade at around $126. Consequently, predictions have been made that the asset may correct itself to trade as high as $130 to $132.
 

These market prices may be on an hourly basis, but it sets the trend of what is to come in the near future. Many like Tim Draper have predicted that its price will gradually increment and $8,000 is what can be expected this year. Others have chosen to base their predictions on two to three years from now and in the long run.

By Grace Joseph

March 13, 2019

Alan Zibluk Markethive Founding Member

Bitcoin analysis – The recent Bitcoin rally signals a downward spiral

An analysis of the latest Bitcoin rally has shown that the price of Bitcoin may be heading towards a downward spiral.

The analysis by Bloomberg has indicated that the recent Bitcoin rally that projected a “long-term buying demand” is slowly cooling down. In turn, massive selling is likely to be witnessed. The Moving Average Convergence Divergence indicator for Bitcoin has recorded a negative vibe around the price of Bitcoin since February 14th. As per the analysis, the negative vibe was witnessed shortly after Bitcoin came out of a 7-month low.

The size of Bitcoin’s average daily gain has dropped from February through the start of March, potentially indicating that the rally could be running into a wall… But Bitcoin’s hitting a resistance level of $4,000, and until that level is breached, its price may continue to come under pressure.

Between Feb and March, the Bitcoin rally has been losing momentum with the price of Bitcoin recording a 0.57 percent gain in Feb and losing it in March to record a 0.22 percent gain. This movement has been acknowledged by Mike McGlone, Bloomberg’s intelligence analyst, who noted that this not only affects the Bitcoin rally but the entire cryptocurrency market is likely to resume a downward spiral.

According to McGlone, the movement of the Bitcoin rally resembles the one witnessed in November before the crypto prices started collapsing. Mike added, “Prices are consolidating within narrowing ranges, with a few sharp bear-market rallies that appear fleeting.”

Mati Greenspan, eToro’s senior market analyst has noted that in the last 3 months, the Bitcoin rally has only attracted a 20 percent appreciation to the Bitcoin price. However, for Greenspan, this is because investors are shifting their investments to the altcoins. “We are now in what industry insiders like to call alt-season,” Mati added.

Is the recent Bitcoin rally an indication of a downward spiral or a bullish momentum throughout the year?

March 13, 2019Philip Maina

Alan Zibluk Markethive Founding Member

BITCOIN Bitcoin [BTC] volume drop could be linked with end of VeriBlock

Bitcoin [BTC], the world’s largest cryptocurrency has not had a tremendous start to the beginning of March, as indicated by the transaction numbers and the volatile market volume.

The latest report from Coin Metrics shows a stark decline in the Bitcoin transaction rate as the numbers fell from a high of 353,537 transactions to the current 239,345 transactions. The downtrend is the biggest slip of transaction rate over the past three months as the disparity between the top and the bottom came up to almost 114,000 transactions.

Many users speculated that the drop could be linked to the end of the Veriblock testnet that occurred on March 4. Reports also showed that the testnet process accounted for almost 20%-30% of occurring Bitcoin transactions. Veriblock’s testnet created a lot of ruckus in the cryptocurrency space, with many users complaining about repeated spams and other problems. Veriblock’s website had then said:

“As a result, the reinforced security provided by PoP will encourage further adoption of these alternative blockchains. The transition of transactions from Bitcoin to alternative blockchains will also facilitate Bitcoin scaling, while continuing to drive value back to Bitcoin miners.”

Veriblock’s website shows that the organization aims to provide double-spend attack prevention, protection against sustained 51% attacks, and early attack detection against frauds and thefts.

Users in the cryptocurrency sphere have also pointed to some other reasons for the decline, one standout option being the power and communications outage in Venezuela. Reports from within the country showed that the BTC transaction in Venezuela plunged from 370,000 to 240,000. The reason why the drop in Venezuela made news was that the country’s BTC transactions on LocalBitcoin were more than that of Europe and the United Kingdom.

Bitcoin and its associated technologies had made news earlier when Bitcoin millionaire Erik Finman said that the coin’s Lightning Network will demolish the future. He elucidated that the LN was effectively transforming Bitcoin into an international payment network like Mastercard and Visa. He even stated that ‘Bitcoin is dead’ and that the LN will be the main cause for it.

Published 1 min ago on March 12, 2019By Akash Anand

Alan Zibluk Markethive Founding Member