CNBC’s Brian Kelly Is Reportedly Short on Bitcoin

Brian Kelly – often described as CNBC’s “uber” bitcoin bull – is allegedly short bitcoin.

The news came forth in a new podcast published on Zerohedge.com. The bitcoin market has been seriously crashing over the past few days. Late last week, the currency struck the $3,100 range for the first time in over 15 months, though at press time, the price has risen back up to roughly $3,400. The currency does appear to be showing signs of recovering, though it’s hard to say how long it will last or where it will wind up at the end of 2018.

Bitcoin in Crisis?

The podcast – entitled “Quoth the Raven,” taken from Edgar Allan Poe’s most famous poem – says that Brian Kelly is short bitcoin, and potentially has been for some time. Kelly has served as a cryptocurrency analyst with CNBC for several years. On a recent program, Kelly allegedly claimed that he was “net short,” something he has yet to state in the past.

Only a few months ago, Kelly purportedly stated that he’s so confident in BTC and its crypto-cousins that he’s placed approximately 90 percent of his wealth into digital assets. The podcast was particularly critical of Kelly’s casual attitude when announcing that he was short. The podcast speaker jokes that the asset has not entered a “bear market,” but is stuck in an “as*hole market,” and that the bear has come down crashing at 15,000 miles per hour. At the time of writing, bitcoin has fallen by over 80 percent since it reached its all-time high of nearly $20,000 last December.

In addition, the podcast claims that Kelly repeatedly pumped BTC to potentially get listeners interested and investing in the currency to boost its price.

The father of crypto has been falling steadily since the beginning of the year. Last summer, the asset spent most of the time hovering in the $6,000 range. In June, it temporarily fell below the $6,000 mark and entered $5,000 territory, causing widespread panic.

Kelly, however, remained adamant that bitcoin was not ready to die, alleging that a series of recent hacks and selloffs were responsible for the sudden drop.

Bitcoin Is Still Alive

On CNBC, he commented:

“This is not the funeral for bitcoin, whatsoever. Let’s put this in perspective. Do you know where we were a year ago? $2,500. Bear markets, we don’t know where they end. It doesn’t mean that bitcoin can’t go lower, but this is by no means the funeral for bitcoin.”
 

NICK MARINOFF · DECEMBER 18, 2018 · 12:13 AM

Alan Zibluk Markethive Founding Member

Did you want to buy Bitcoin at $3k last year, what about now?

BTCUSD trading at around $17,000, what is the first question you would have asked yourself? Why didn’t I buy at $3,000 just 4 months earlier in August?

A week later as the markets reached there now historical high of over $20,000. Some of those questions would have in many cases hinted at frustration, disappointment and even anger in missing out on what many called “ a once in a generation” opportunity.

Those who did enjoy the notion of triumph, and were beneficiaries of the price rise would have had even greater hopes for future peaks. $50,000, $75,000 and even $100,000 to 1 Bitcoin in the coming year (2018) were forecasted. So now with the market on the edges of $3000 once again. What questions are being asked now? Or better yet what answers are we getting to the questions asked a year ago.

The questions the markets are asking now is where are those who thought they missed out on the opportunity? BTCUSD, and crypto coins in general has been the big bear market story of 2018, many speculators saw the initial rise of crypto’s as the dawn of a new age in finance and civilization, where no one establishment dicated the rules. Many may still believe this to be the case, however after falling $14,000 in value YTD even the biggest optimists are having there views tested. Have traders been scared off? Stopped out of positions, or eagerly awaiting the turnaround of turnarounds before running out of margin?

The rally in BTCUSD last year was spurred not by radical innovation, or a regulatory change, but by the herd. A lot of people wanting to believe, and betting on there beliefs. Recently, the belief has seen the volumes of selling reach there lowest since 2015, where BTCUSD traded below $300. However with most markets, the next thought is when will the bleeding stop? “It cannot go down forever”, where is it’s floor? As you can see from the chart above we are current trading at the support $3,035, and using the RSI we see it trading below 30, meaning oversold. Does this mean buyers are nearby? Like a boxing day sale where “70% off” is plastered across displays, and ques outside department stores at 6AM in the morning ready to ransack. On a daily time frame the 10/25 day moving averages show a potential upwards cross, which many see as the potential of a bullish run.

Now as Christmas arrives, and we prepare presents for our loved ones, and tell our children Santa has answered there wish. What about ours? Are we seeing the signs of a future bull run in crypto? With the opportunity at “70% off” its true value? Or will we enter the new year like most kids when they find out Santa doesn’t exist? Like a year ago, although the technicals may point to a pending rally, only the belief of the herd can see this be validated or shutdown. Whatever your view, this could be an interesting one to watch in the next few weeks.

Eliman Dambell

Tradeview Markets

Alan Zibluk Markethive Founding Member

Bitcoin Price Weekly Analysis – BTC’s Short Term Rebound Likely

Key Points

• Bitcoin price traded to a new yearly low at $3,126 and later corrected a few points against the US Dollar.

• There was a break above a key bearish trend line with resistance at $3,220 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

• The pair may perhaps correct higher in the short term towards the $3,320 or $3,380 resistance.

Bitcoin price is forming a short term base near $3,120 against the US Dollar. BTC/USD is likely to test the $3,380-3,400 resistance zone before declining once again.

Bitcoin Price Analysis

This past week, bitcoin price remained in a slow and steady downtrend from the $3,640 high against the US Dollar. The BTC/USD pair traded lower and broke the $3,400 and $3,320 support levels. The decline gained pace and the price traded to a new yearly low at $3,126. Later, it consolidated above $3,126 for a few sessions before correcting higher. It moved above the $3,200 resistance, but it is well below the 100 simple moving average (4-hours).

During the rise, it almost broke the 23.6% Fib retracement level of the last slide from the $3,642 high to $3,126 low. Moreover, there was a break above a key bearish trend line with resistance at $3,220 on the 4-hours chart of the BTC/USD pair. However, it seems like buyers are struggling to gain pace above the $3,250 level. The first hurdle for buyers is near the $3,320 level (the previous support). The next is $3,380 and the 50% Fib retracement level of the last slide from the $3,642 high to $3,126 low. A successful break above $3,380 and the $3,400 is needed for buyers to gain bullish momentum.

Looking at the chart, BTC price could correct higher towards $3,380, but more upsides won’t be easy. On the downside, the $3,200 and $3,126 levels are decent supports, followed by $3,000.
 

Looking at the technical indicators:

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

4-hours RSI (Relative Strength Index) – The RSI is just near the 50 level.

Major Support Level – $3,200

Major Resistance Level – $3,400

AAYUSH JINDAL | DECEMBER 16, 2018 | 5:00 AM

Alan Zibluk Markethive Founding Member

Is Bitcoin dying? Not so fast, Researchers refute predictions of Crypto Market Demise

Each time the cryptocurrency market crashes, social media is filled with predictions of BTC slipping to zero and plenty of people saying “I told you so.” 2018’s bear market has caused many to flee from the cryptocurrency space and emboldened people like economist Nouriel Roubini who has been a harsh critic of Bitcoin and altcoins for years.

He’s called Bitcoin the mother of all scams, has referred to the cryptocurrency market as a “sinking cesspool” and just last week he tweeted that The sector is on its last legs. “If it all sounds funereal it is because Bitcoin and all other crypto-currencies are on the way a funeral march!”

Even some known Bitcoin and cryptocurrency advocates have recently made some remarks that could be taken in a negative light. In the last few weeks, Bitcoin bull and billionaire investor Mike Novogratz said that the ICO market was dead and the young crypto millionaire Erik Finman said the digital asset was in trouble.

Despite all the doom and gloom that has resulted from this extended bear market, researchers from the University of Cambridge who took part in the second Global Cryptoasset Benchmarking Study have some positive news regarding the future price of Bitcoin and the overall health of the cryptocurrency market.

They think that cryptocurrency is here to stay and that there are too many planned developments for the market to fall apart now.

“Statements proclaiming the death of the crypto-asset industry have been made after every global ecosystem bubble,” the researchers stated. “While it is true that the 2017 bubble was the largest in bitcoin’s history, the market capitalization of both bitcoin and the crypto-asset ecosystem still exceeds its January 2017 levels–prior to the start of the bubble.”

The study found that the burst bubble might have caused a delay in the development of many projects, but the industry has pushed forward and many projects may make breakthroughs sooner rather than later. “The speculation of the death of the market and ecosystem has been greatly exaggerated, and so it seems likely that the future expansion plans of industry participants will, at most, be delayed.”

As the community awaits institutional powerhouses like Goldman Sachs to enter the scene and projects like Bakkt to cause a flood of billions to rush into the crypto space, many teams continue to work on the useful applications that will actually usher in adoption and bring cryptocurrency to the masses.

By Stephen Brown – December 15, 2018

Alan Zibluk Markethive Founding Member

Bitcoin (BTC) Daily Price Forecast – December 12

BTC/USD Medium-term Trend: Bearish

Resistance Levels: $6,800, $6,900, $7,000

Support levels: $3,300, $3,200, $3,100

Yesterday, December 11, the price of Bitcoin was in a bearish trend. In the last 48 hours, the price of Bitcoin had been in the bearish trend zone. The crypto's price had been fluctuating above the $3,400 price level. It was suggested that if the bears broke the $3,400 price level, the crypto will resume the downtrend and price is expected to test the $3,000 price level.

Today, the crypto's price is below the EMAs and price is fluctuating above the $3,400 price level. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the BTC price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall.

BTC/USD Short-term Trend: Bearish

On the 1-hour chart, the price of Bitcoin is in a bearish trend. In the bearish trend of yesterday, the crypto’s price fell to the low of $3,413.3 and commenced a bullish movement on the upside. The bulls broke the 12-day EMA but were resisted by the 26-day EMA and price fell back to the bearish trend zone.

Meanwhile, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. The Relative Strength Index period 14 is level 37 which indicates that price is nearing the oversold region.

By Azeez M – December 12, 2018

Alan Zibluk Markethive Founding Member

Bitcoin price weekly analysis – 11.12.2018

Bitcoin price continued on plummeting throughout last week’s trading sessions, recording a week low of $3,277 last Friday. However, after the week low was recorded, the market began recovering slightly and the bulls managed to push bitcoin price above $3,600 on Sunday. Despite the 14% drop we witnessed last week, the market’s bears failed to pull bitcoin price below $3,192, which represents a critical support level, as per the current market conditions. If bitcoin price continues on recovering during the upcoming week, it won’t face significant resistance except near $4,282, which corresponds to the 76.4% Fibonacci retracement level.

Bitcoin price and the news:

In another disappointing week for cryptocurrency enthusiasts, the price of bitcoin continued on dropping to record a new low during 2018. As such, bitcoin price lost more than 50% of its market capital in less than a month. The bearish wave also affected Ripple (XRP), Stellar (XLM), Ethereum (ETH), EOS, Litecoin (LTC), and Bitcoin Cash (BCH), which witnessed 10-20% price drops during last week’s trading sessions.

Last week, the SEC announced that they are to postpone the ruling of Bitcoin’s ETF until late February. This did not help boost the confidence of crypto investors who seem to be reaching a point of capitulation.

The Bitcoin Network overall hash rate continued on dropping throughout the previous week. Bitcoin’s hash rate has been dropping since the beginning of November, even though it has been steadily rising all through 2018, recording historical highs last August. The reasons behind this decline include:

– Shutting down of mining operations by the Chinese government

– Hash power of mining facilities being redirected away from bitcoin to mine other cryptocurrencies

– Decline of mining profitability forced a considerable percentage of miners to cease mining operations entirely.

Red Ichimoku Cloud on the 1 day BTCUSD chart:

Let’s examine the 1 day BTCUSD chart from Bitfinex, while plotting the Ichimoku Cloud, the Williams Alligator’s SMAs, and the MACD indicator, as shown on the below chart. We can note the following:

– To identify key resistance and support levels as per the current market, we will plot Fibonacci retracements extending between a low of $3,192 and a high of $7,758. Last week, bitcoin price dropped significantly, after the market’s bears managed to breach the support level around $4,282, which corresponds to the 76.4% Fibonacci retracement. Now, the next significant support level lies around $3,192. Last week, bitcoin price began recovering after a low of $3,277 was recorded, which is around $90 higher than the critical support level around $3,192. On the upside, the market’s bulls will face significant resistance around $4,282 (previous support turns into resistance).

– The Ichimoku Cloud is exhibiting multiple bearish signals, which denotes that bitcoin price is most likely to continue on dropping during the upcoming week. The Ichimoku Cloud is red. Bitcoin price is way below the cloud (bearish signal). Also, the Conversion Line (blue line) has crossed below the Base Line (red line), which represents another bearish signal.

– The Williams Alligator’s SMAs are exhibiting a bearish alignment, as the teeth (red SMA) is between the jaw (blue SMA) from above, and the lips (green SMA) from below.

– The MACD indicator is in the negative territory, yet the blue MACD line has crossed above the red signal line.

Bullish reversal signs on the 4 hour BTCUSD chart:

Now, let’s examine the 4 hour BTCUSD chart from Bitfinex, while plotting the Williams Alligator’s SMAs and MACD indicator. We will also keep the Fibonacci retracements we extended on the 1 day chart, as shown on the below chart. We can note the following:

– Right after the week low was recorded, a “bullish engulfing” candlestick pattern was formed on the chart (the pair of candlesticks highlighted by an ellipse on the above chart). This candlestick pattern serves as a bullish reversal signal denoting that bitcoin price can recover and attempt rising towards $4,282 during the upcoming week.

– Even though the Williams Alligator’s SMAs have been exhibiting a bearish alignment since the beginning of December, this alignment began to change on Sunday to form a bullish alignment. This serves as a bullish reversal signal that denotes that the bears are losing their market grip.

– The MACD is bullish. The MACD blue line has crossed above the signal red line and both are sloping in an upwards direction, which represent another bullish reversal signal.
 

Conclusion:

Bitcoin price continued on dropping during last week’s trading sessions. Even though the 1 day BTCUSD charts are still exhibiting multiple bearish indicators, analysis of the 4 hour BTCUSD charts shows multiple bullish reversal signals that indicate that bitcoin price is likely to recover during the upcoming week.

POSTED BY: TAMER SAMEEH DECEMBER 11, 2018

Alan Zibluk Markethive Founding Member