Bitcoin price plunges below $4,500 mark in new 2018 low

The price of bitcoin continued to plunge on Tuesday as it fell another 7% to $4,387, taking its losses to almost 30% in the past week.

A 14% tumble in the price of the world’s biggest and best-known cryptocurrency on Monday had taken bitcoin below $5,000 for the first time in 13 months. It is now at its lowest level since October last year.

Other cryptocurrencies have also declined in the past days.

Why central bank digital currencies will destroy bitcoin

Last December the cryptocurrency surged to an all-time high of $19,511 in highly volatile trading but fell back to $13,500 at the start of this year.

“The crypto bloodbath continues,” said Neil Wilson, the chief market analyst at Markets.com. “Things looks like they only get worse from here. Where is the incentive to buy? It does rather look like the bottom is coming out of this market.”

On Friday, the US Securities and Exchange Commission took action against two cryptocurrency startups that staged initial coin offerings, or ICOs, selling cryptocurrency tokens to the public. Airfox and Paragon Coin agreed to pay civil penalties for conducting token sales last year without registering them as securities offerings.

That sparked numerous warnings from central bankers and JP Morgan boss Jamie Dimon who declared in September 2017 that bitcoin was a fraud that would ultimately blow up.

However, this year bitcoin has become increasingly attractive to institutional investors. Fidelity Investments announced last month that it was launching a new company for institutional clients that will trade and store cryptocurrency assets. Fidelity said it wanted to make them more accessible to investors such as hedge funds, family offices and market intermediaries.

Central banks have also begun to discuss the idea of issuing their own digital currencies, as cash is used less and has nearly vanished in some countries, such as Sweden and China.

Nouriel Roubini

Alan Zibluk Markethive Founding Member

Bitcoin (BTC) Long Term Price Forecast

BTC/USD Long-term Trend: Ranging

Resistance levels: $7,200, $7,400, $7,600

Support levels: $6,400, $6,200, $6,000
 

The price of Bitcoin was range bound in the first week of November 2018. In retrospect, the digital currency was ranging above the $6,400 price level all through the month of October 2018. The major bearish event is that on October 11, the bears went deep into the $6,200 price level. While on October 15, the bulls had a price spike that reached the high of $7,600 but price pulled back to the low of $6,500.

That was why we had a price ranging above the $6,400 price level. On November 7, the price reached a high of $6,565.66 but was resisted. The digital currency was in a downward trend after the resistance at $6,600 price level. The digital currency is likely to fall because price is in the bearish trend zone. Meanwhile, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The MACD line and the signal line are below the zero line which indicates a sell signal.

By Azeez M – November 10, 2018

Alan Zibluk Markethive Founding Member

Will Bitcoin cost $28,000 by 2020? Vinny Lingham bets $20,000 that it won't

• Vinny Lingham and Ronnie Moas bet on Bitcoin price movement.

• BTC/USD resumes the decline during Asian hours.

The co-founder & CEO of the US-based startup Civic Vinny Lingham accepted the call from Ronnie Moas, the founder of investment company Standpoint Research, and bet $20,000 that Bitcoin price won't exceed $28,000 before December 31, 2019.

Moas believes that the demand for Bitcoin will be growing amid limited supply, which will lead to a substantial price increase up to $28,000 in 2019 and potentially to $50,000 by the end of 2020. Meanwhile, Lingham says that companies will have to sell their coins to cover expenses as mining and other cryptocurrency related activities are not that profitable anymore.

Whoever wins the bet, $20,000 will go to Free Ross charity, a group that provides a legal assistance to Silk Road creator Ross Ulbricht.

Meanwhile, Bitcoin dropped to $6,440 in Asia after an initial attempt to recover above $6,500. The most popular coin is changing hands at $6,444 with the Relative Strength Index pointing to further declines. The initial support lies with $6,400 with SMA200, 1-hour located right under that level. If it is cleared, the downside may be extended towards $6,300 congestion zone.

Tanya Abrosimova Tanya Abrosimova

FXStreet | 04:07 GMT

Alan Zibluk Markethive Founding Member

Bitcoin weekly price analysis – 6.11.2018

After dropping down to a low of $6,242 last week, bitcoin price started rising regularly hitting a week high of $6,529. Even though technical analysis of last week’s charts denoted that we are likely to witness a bearish market during most of the week’s trading sessions, a new upwards wave began manifesting itself last Wednesday following a short bearish move. The BTCUSD pair seems to be moving within a new rising upwards channel, which will not face significant resistance except around the $6,606 price level.

Bitcoin price and the news:

Last week witnessed circulation of news around a letter reporting supposed solvency of Tether (USDT), as a result to Tether’s new bank headquartered in the Bahamas (Deltec). Tether’s problems and allegations concerning Bitfinex’s insolvency have been raising significant concerns among the crypto community during the past few weeks.

Bitcoin traders are still waiting for serious decisions to come out from the SEC during the next few weeks. The SEC is expected to soon decide whether or not to approve Bitcoin ETFs. Also, the SEC is on its way to regulate ICOs with emphasis on three key elements of this blockchain based crowd funding process – issuers of ICOs, investors of unregistered ICOs, and exchanges facilitating trading of unregistered ICOs.

The retail banking giant JP Morgan is about to release its very own blockchain, which is expected to offer its huge client base a myriad of trading opportunities.

HTC, the Taiwanese mobile phone manufacturer, is launching its first blockchain-friendly smartphone, which is expected to feature compartmentalized storage of various forms of blockchain based data. The highly anticipated mobile phone will be available for purchase via cryptocurrencies only.

New rising upwards channel on the 4 hour BTCUSD chart:

Let’s examine the 4 hour BTCUSD chart from Bitfinex, while plotting the Williams Alligator’s SMAs, and the MACD indicator as shown on the below chart. We can note the following:

– Last week started with the market’s bears having the upper hand, managing to pull price downwards from around $6,512 all the way down to a week low of $6,242 on Wednesday. Thereafter, the market’s bulls gained control pushing the price steadily upwards to a week high of $6,529 on Sunday.

– Since last Wednesday, bitcoin price began recording higher lows during most of the trading sessions. Also, higher highs can be spotted on around 50% of the candlesticks on the 4 hour chart. The rising trend line formed by the highs, as well as the rising trend line formed by the lows formed a “rising upwards channel” (the two parallel green trend lines on the above chart). Bitcoin price has been moving throughout this new rising channel since last Wednesday, and is likely to continue rising throughout this channel until facing resistance around the $6,606 price level, which represents the 76.4% Fibonacci retracement between the high at $7,788 and the low at $6,242.

– The SMAs of the Williams Alligator have re-aligned themselves to exhibit a bullish alignment as bitcoin price began rising throughout the new rising channel. On Sunday, the green SMA (lips) moved on top of the red SMA (teeth), which rose above the blue SMA (jaw). As such, it is said that the alligator’s mouth has opened and will start eating, so we can expect to see a stronger bullish wave during the upcoming few days.

– The aforementioned bullish signals are confirmed by the MACD which is also exhibiting a bullish signal. The blue MACD line is on top of the red signal line and both are sloping in an upwards direction in the positive territory.

Ichimoku Cloud still red on the 1 day BTCUSD chart:

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

– The bullish signals we spotted on the 4 hour chart are not confirmed by analyzing the 1 day chart, as the Ichimoku Cloud is reddish (bearish), and its Conversion line (blue) has moved below the Base line (red). Also, candlesticks are below the cloud.

– The RSI level is near 50, which is more or less indecisive. The MACD indicator is in the negative territory and the MACD line is below the signal line.

Conclusion:

After recording a low of $6,242, a new bullish wave started building up last week pushing bitcoin price to a week high of $6,529. As bitcoin price is now moving throughout a new rising upwards channel, we can expect it to continue rising during the upcoming week towards the resistance around $6,606, even though we cannot confirm the bullish move by analyzing the 1 day BTCUSD chart.

POSTED BY: TAMER SAMEEH NOVEMBER 6, 2018

Alan Zibluk Markethive Founding Member

BTC/USD Price Analysis – Fate of Nine Bitcoin ETFs to Be Decided After Today

Encouragingly, the market is bullish and Bitcoin is up printing a three-bar reversal pattern as participants reject lower lows. We expect the recovery to continue this week as the SEC is set to announce the fate of nine Bitcoin ETF as the commenting period concludes today. Should these proposals be compliant with SEC stringent requirements then BTC/USD price could erupt above $7,200 closing the year on a high.

Latest Bitcoin News

Endorsement by the US SEC is always a boost for any crypto asset. Any unfavorable assessment or comment in a bad light can quickly mean the asset is a security. That’s undesirable and extra work for investors who must file tax returns whenever they make crypto transactions. That is extra work that prevent direct investment. The question in everybody’s mind right now is news about Bitcoin ETF whose comment date ends today.

Up until now the SEC has been adamant, denying the roll out of nine Bitcoin ETF from Direxion, Proshares and GraniteShares. Apparently, we have come to learn that the rejection was because of the SEC commissioners delegating these tasks to their staff. They did recall and ordered comments from interest parties to be made by Nov 5-which is today. From there on, we expect the SEC to make their decision but the exact time remain tentative.

Earlier, it was widely reported that the SEC would qualify VanEx SolidX Bitcoin ETF after a “successful” meeting between representatives of the VanEx, CBoE and some SEC commissioners. Hopefully, they make a favorable decision and allow firms that meet their stringent listing requirements a go-ahead injecting the market with the much-needed momentum.

BTC/USD Price Analysis

The recovery of the BTC/USD is an indication of a bottoming crypto market. Considering the +75 percent drop this year, odds are we may see a recovery this quarter. Aside from technical factors, the simmering trade war between the US and China could trigger capital flights from the stock market to Bitcoin which is borderless. As such, last week’s 0.2 percent gain could increase as prices bounce off from the $6,000 support line and building on the bull pin bar of last week. In line with our last BTC/USD price analysis, it would be ideal if prices thrust past the resistance trend line connecting the last nine months highs and print above $7,000–$7,200 buy trigger line. Thereafter, first targets would be $8,500 and later $10,000.

Technically, BTC/USD pair is trading within a bear break out pattern following Oct 29 price action. But, after yesterday’s rapid gains, we now have a three-bar, bull reversal pattern. Besides, our last BTC/USD plan will most likely be null after today. Regardless of the greens, we recommend patience until we see gains above $7,000 resistance level. Then, the trend would be clear and price action would be trading above a key resistance level at the back of high reversal volume.

DALMAS NGETICH | NOVEMBER 5, 2018 | 2:00 AM

Alan Zibluk Markethive Founding Member