• BTC/USD is sidelined in a new range under $5,200.

• The intraday RSI implies a short-term recovery.

Bitcoin is changing hands at $5,177 at the time of writing, mostly unchanged since this time on Sunday. The largest digital asset has been consolidating losses since a sudden collapse on April 25 potentially caused by Tether-Bitfinex allegations.

Bitcoin’s technical picture

Looking technically, BTC/USD managed to recover from the recent low of $4,968. An upward-looking intraday SMA implies that the coin may continue moving higher, however, the further upside is limited by the broken channel support currently at $5,245. This barrier serves as a strong initial resistance that needs to be taken out before we can proceed to the next bullish aim at $5,300 closely followed by SMA50 (4-hour) at 5,311.

On the downside, the initial support is seen at $5,100. This area, strengthened by the lower boundary of 4-hour back inside the range. Once it is cleared, the sell-off may be extended towards psychological $5,000 and SMA200 (4-hour) currently at $4,964.

BTC/USD, 4-hour chart

Tanya Abrosimova

FXStreet

Alan Zibluk Markethive Founding Member

Bitfinex Alleged Missing $850 Million Puts Pressure on Crypto Markets

Bitcoin took an unexpected dive on markets overnight with pundits pointing at the New York State Attorney General’s investigations into a Bitfinex cover-up of missing Tether.

Major exchange Bitfinex allegedly attempted to cover missing funds totaling USD 850 million by raiding its Tether reserves in order to pay out customers. Between May 2015 and August 2016, Bitfinex was reportedly attacked by hackers who stole BTC 1,500 in 2015 and USD 72 million worth of Bitcoin in 2016.

The dent in the Tether cap was no mean figure according to stablecoins producer Paxos, suggesting that the dip into the funds would account for at least 27% in Tether’s dollar reserves. The news was not lost on the market causing a significant dip which is still trying to recover with Bitcoin dropping 6% at one stage.

The lawsuit refers back to previous messages from Bitfinex which indicates that all was not well as far back as August of 2018. The following message from a Panamanian payment processor to which it had transferred funds indicates the degree to which the exchange has found itself in deep water:

“THE SITUATION LOOKS BAD. WE HAVE MORE THAN 500 WITHDRAWALS PENDING AND THEY KEEP COMING IN … [T]OO MUCH MONEY IS PARKED WITH YOU AND WE ARE CURRENTLY WALKING ON A VERY THIN CRUST OF ICE.”

Further, the attorney general suggested that Bitfinex uses a network of money agents including “human being friends of Bitfinex employees that were willing to use their bank accounts to transfer money to Bitfinex clients”.

The actual investigation into Bitfinex has been ongoing over a period of months in its attempts to uncover if Bitfinex and Tether have impacted customers through fraudulent activity; an operation which involves the FBI and other US federal agencies.

By Harold Vandelay Posted on 27/04/2019

Alan Zibluk Markethive Founding Member

Bitcoin Price Analysis – Are We Heading for a Breakout or a Fadeout?

I want to have a closer look at bitcoin technical analysis and the levels that are important to keep an eye on over the next few weeks.

Bitcoin is up 45% since I posted an article back in February about how I think the tide is turning.

Prices have been mirroring the 200-day moving average shown in red in the chart above. Previously, we can see that bitcoin got close to the 200-day moving average, but failed to break through and then fading back down.

As we can see now bitcoin has now rallied past the 200-day moving average for the first time in a long time.

Bitcoin now has resistance at the $5300 level, where it has roughly been since the earlier this month, but rather than fading as it did in the past, it is holding in a tight range.

This shows the action is bullish and is likely going to have its next move be another push higher. The next resistance level is up just north of $6000.

So, is this a sign of a breakout coming or will bitcoin once again fail to climb the ladder?

As long as bitcoin holds above the line (currently about $5,100), then the odds are in favor a shaper move higher over the coming weeks.

The chances of bitcoin making a break higher up to the $6000+ level is significant, but for those who want to protect themselves, putting in a stop order at $5000 will allow them to capitalize on the probable upward move while applying protection in case the position breaks down.

To see how I have been able to uncover bitcoin prices swings correctly over the last several years join my next presentation where I outline my favorite cryptocurrency trading strategy and what I look for to give myself the best opportunity to profit. Click here to learn more.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

By cdouthit – April 26, 2019

Alan Zibluk Markethive Founding Member

Bitfury and Swiss Investors Launch Bitcoin Mining Fund

Bitcoin mining technology firm Bitfury Group, recently valued at USD 1 billion, has entered an alliance with Switzerland-based investment firm Final Frontier to launch a regulated Bitcoin mining fund, as reported by Reuters.

Under the supervision of Liechtenstein’s financial regulator, the Financial Market Authority, the fund was developed for both institutional and professional investors to claim access to “the esoteric world of bitcoin mining”.

Bitcoin mining is basically the means by which the Bitcoin network is secured and transactions validated, using computing power to solve extremely difficult cryptographic puzzles. A computer, or a collection of computers connected to a node, credited with solving the next puzzle will have built a block. New blocks will include verified transactions and are added to a chain of chronological blocks, hence adding on to a blockchain. The node credited with finding a new block also receives a block reward of freshly minted bitcoin, so this is also a way of minting new coins, hence, Bitcoin mining.

It has proven to be a profitable business for almost a decade now, with home mining on personal computers very quickly switching to more powerful processors, and eventually companies like Bitfury manufacturing highly specialized equipment called ASICs. Bitfury’s part in this new deal will be to supply the hardware and end-to-end services for the Bitcoin mining fund. It will also be responsible for scouting out the new sites for the activities, deploying equipment and servicing them later.

Ultimately, the fund hopes to invest in mining sites operating with the lowest costs featuring Bitfury data centers. Final Frontier co-founder Imraan Moola aid:

“WITH THE BITCOIN PRICE DOWN SIGNIFICANTLY FROM ITS ALL-TIME HIGH, YET INSTITUTIONAL INTEREST GROWING EVERY DAY, NOW MAY BE AN OPPORTUNE TIME TO CONSIDER INVESTING IN BITCOIN MINING.”

By Saloma Posted on 24/04/2019 3 min read

Alan Zibluk Markethive Founding Member

Technicals Trends Say Bitcoin (BTC) Bottom Is In, Prominent Analysts Agree

RSI Reading Hints Bitcoin Bottom Is In

I’m sure you’ve heard the popular adage: “great minds think alike.” While this seems true in scientific contexts, in the case of finance, even cryptocurrencies, this is far from the case. If you don’t get what I’m referring to: the question “has Bitcoin (BTC) bottomed?” has pained crypto investors since BTC plummeted to $3,150 in the middle of December.

While some, especially those subscribed to the Hyperwave theory, claim that cryptocurrencies are poised to head lower, leading analysts across the board to claim that bears have bitten the dust at last.

In a recent Twitter post, a trader going by “Mr. Anderson” claimed that if history is followed, Bitcoin established a long-term bottom in the low $3,000s. He remarked that throughout Bitcoin’s entire history as a liquid, tradable asset, BTC’s daily chart has only seen a Relative Strength Index (RSI) reading of above/near 85 in bull cycles.

Anderson adds that history shows that RSI hitting 85 and beyond is “always followed by a healthy retracement and next bull run.” This, for those unaware, means that while Bitcoin could soon see a temporary pullback, the bear trend is over more likely than not.

Tom Lee recently made a similar remark. The Fundstrat head of research/co-founder recently remarked that his firm’s Bitcoin Misery Index has only posted readings of above 67 (happy/bullish) in bull markets. And guess what? The proprietary indicator printed an 89 on the day after BTC rallied past $5,000 for the first time since November. As he explained:

“ Since 2011, BMI > 67 only seen during BTC bull markets. It means that a bull market is likely starting.”

Simple chart structure also suggests that the downturn is finally over. Trader CL recently accentuated, Bitcoin’s one-day chart from August to now looks eerily like that of the bottom of the 2014 to 2016 market cycle. In fact, three specific events in these two cycles are effectively identical from a technical standpoint. Firstly, the capitulation event saw a monumental red volume candle. Secondly, a failed bear market rally occurred on little volumes. And lastly, the breakout past resistance was met with record buying volume. As CL writes: “if history repeats, we’re out of the bear market.”

Fundamentals, too, are showing that BTC is likely soon to rally. Willy Woo recently remarked that the Balanced Price indicator from Adaptive Capital’s David Puell looks as it did when the 2015 – 2016 bear market came to a close. NVT Signal’s recent action resembles that seen in early-2015, which came after BTC established a long-term floor. Woo’s very own Cumulative Value Days Destroyed indicator, which has historically caught bottoms to near a tee, showed that Bitcoin recently broke out of an upper accumulation band following a strong, convincing bounce off the lower band. And three key iterations of NVT have begun to converge, looking much like they did at 2015’s bottom.

By Nick Chong April 24, 2019

Alan Zibluk Markethive Founding Member

Bitcoin price analysis – BTC/USD defies bearish sentiments amid record volatility growth

1. Bitcoin’s volatility grew by 200%.

2. The upside trend is gaining traction with the next focus on $5,560.

Bitcoin, the largest and the most popular cryptocurrency out there, is changing hands at $5,400. BTC/USD bottomed out at $5,214 on April 21 and has been moving upwards ever since. The coin touched $5,441 high during late Monday session, but failed to hold the ground above $5,400.

The Bitcoin volatility jumped nearly 200% in the recent month. Thus, following the price growth in the beginning of April, the volatility jumped from 1.26% to 3/31% in just two days. Since that time, the Bitcoin has been trading in a narrow range limited by $4 900 and $5 400 boundaries. At the time of writing, the daily volatility of the first digital asset reached 3.54%, which is the highest level in recent three months.

It is worth mentioning, that the Bitcoin’s volatility has been sliding slowly during several years. It is reduced by 98% in 2018.

On the intraday charts, BTC/USD is moving within an upside trend. The Relative Strength Index points to the North, which is consistent with the bulls’ case scenario. A sustainable move above the recent high will take us towards $5,500 handle and to $5,560, which is the highest level since November, 19, 2018.

On the downside, the initial support is created by the intraday low $5,363. Once below, the sell-off may continue towards $5,300 supported by SMA50 and SMA100 (1-hour). The next barrier is created by SMA200 at $5,235 and the lower boundary of the recent upside channel at $5,140.

BTC/USD, 1-hour chart

Tanya Abrosimova

FXStreet

Alan Zibluk Markethive Founding Member

Bitcoin price long term analysis April 2019

The Bitcoin price analysis has revealed that no remarkable rise in the price is noted in the long term trend. The value of the US dollar does not show any increase and are constant in their value. The cryptocurrency price value was spotted between five thousand five hundred dollars and five thousand dollars ($5,500 and $5000) marks. It is further not fluctuating much on the trend-line as analyzed by the trading view. The trending range was: Accumulation territories: $3000, $3,500 and $2,500 Distribution territories: $6, 000, $6,500 and $7000 Critical Analysis: The crypto- market seems to be resilient over the past 14 days as seen on trading view chart, there would be no interesting fluctuations that can be witnessed on the trend-line and is making very slow moves. The SMA was reported to be closed on 5,500 upper range. The 50-day average was seen on the range of 4,500 trend-line. The estimated highest high over the past 14 periods as depicted by stochastic oscillator was expected to be around the range 60.

via Trading View

That shows that the market is in trending mote. The range five thousand and five hundred dollars ($5,500) is seen as the upper range which is said to be market rejection area which needs to attest the condition of a financial market of a group of securities in which prices are rising or expected to rise. It is noted that any large upward or downward movement of a price in a short period of time can cause serious consequences on the range zones.

By Shawn Du'Mmett APR 22, 2019

Alan Zibluk Markethive Founding Member