Bitcoin on Friday surged a minor 0.21 percent against the US Dollar, intensifying the bias conflict it has been in since yesterday.
The BTC/USD opened the day while valued at 6590-fiat and is currently fluctuating around 6593-fiat. Between then and now, the pair, however, witnessed a robust intrarange action, in which the value retested 6500-fiat as its psychological support, and found its uptrend capped by an equally strong resistance level near 6627-fiat. The sideways consolidation action offers adequate opportunities to traders to enter and exit markets on decent profits.
BTC/USD Technical Analysis
The medium-term triangle pattern continues to trap the Bitcoin price action. We still haven’t been able to establish a breakout action, despite BTC/USD moving in an upward parallel channel. On smaller timeframes, the pair is trending above its 100 and 200H SMAs, while the RSI and Stochastic both are also inside a buying region, with their heads towards the north.
A near-term bullish sentiment can be established if BTC/USD closes above the upper trendline of the prevailing triangle formation. Similarly, a sell-off towards the 38.2% Fibonacci retracement of the last swing from 6447-low and 6627-high could switch the bias towards bears. If the long-term trend is taken into consideration, BTC/USD is clearly going down to retest its bottom range below 6000-fiat.
BTC/USD Intraday Analysis
No wondering too much about where the price would go, we will rather focus on what we can make out of the current sideways action. That said, let’s see what levels are we watching out for today.
As of now, the upper trendline of the triangle formation serves as our interim resistance. A breakout scenario will be confirmed if we break above 6627-fiat. Even if we don’t, a false breakout signal on a close above the interim resistance would have us put a long position towards 6627-fiat. Also, a stop loss 3-pips below the entry level will define our risk.
If we do break above 6627-fiat, we’ll confirm a near-term bullish bias, and open a long position towards 6660-fiat, the higher high from September 30.
Conversely, a pullback from the interim resistance level would have us enter a short position towards 6558-fiat. At the same time, we’ll open a stop loss order 3-pips above the entry level to protect our trade from additional losses, if price reverses towards the north.
Craig Wright now claims Bitcoin is his intellectual property
Craig Wright claimed that Bitcoin is his intellectual property and that all of those that infringed on it (i.e. Bitcoin Core developers) are about to be legally prosecuted. The self-proclaimed Satoshi Nakamoto outlined other equally ridiculous ideas in his blog post, including that all nodes and miners in the Bitcoin network are his personal agents.
Wright puts Bitcoin Core and Bitcoin Cash developers on notice
Craig Wright is back in the news again, but this time it isn’t connected to his ongoing trial with Ira Kleiman. Instead, the self-proclaimed Satoshi Nakamoto is making headlines for his blog post, in which he threatened to sue the developers of Bitcoin Core and Bitcoin Cash.
In a Feb. 13 post on his website, Wright discussed, in length, his “original vision” for Bitcoin and how its forks have strayed from it. According to the post, as the “sole creator” of Bitcoin, he owns the full rights to the Bitcoin registry. That means that the software can be forked and alternative versions of it created as long as the underlying database is left intact, he explained.
Wright then went on to say that both Bitcoin and Bitcoin Cash, which he called Bitcoin Core (Core) and Bitcoin ABC (ABC), have sought to use his database without permission.
This, he said, is about to come to an end.}“Those involved with the copied systems that are passing themselves off as Bitcoin, namely BTC or CoreCoin and BCH or BCash, are hereby put on notice,” he said in the post. “Please trust me when I say that I’m far nicer before the lawyers get involved.”
Bitcoin’s decentralization claim is “cherry-picked out of context”
In a bid to provide backing to his ridiculous claim over the ownership of Bitcoin, Wright said that Bitcoin’s centralization is oversold. According to him, the abstract of the Bitcoin whitepaper, the one he claims to have written, is “cherry-picked out of context” and often leads to a false view—one that Bitcoin is a completely decentralized system with no point of ownership.
What Bitcoin is, he alleges, is a distributed registry whose property rights belong solely to him. Code, if you were to believe Wright, isn’t the law after all.
Throughout the blog post, Wright kept implying that the only ownership over the network was his. The nChain scientist quoted section 15 of the U.K. Databases Regulations of 1997, which said that the maker of a database is the first owner of a database, not its subsequent members. As such, he explained, miners and nodes have no rights.
“Nodes and miners are thus subcontracting in accordance with the initially constructed set of rules that I created. That is, they are following a set of rules and acting as my agents,” he wrote.
We are yet to see whether Wright goes ahead with the lawsuits against Bitcoin Core and Bitcoin
Cash developers. Having previously seen several of his lawsuits dismissed due to lack of jurisdiction, Wright seemed to have explored this issue in depth. He noted in the blog post that as senior partners in the Bitcoin Core and Bitcoin Cash “partnerships” reside within Europe and the U.K., which presents the opportunity to incorporate them in the lawsuit without any “jurisdictional challenges.
Bitcoin moves toward 10K again but this time to the downside
- Bitcoin trades 4% higher abut has just met some resistance.
- The price moved higher as the US traders came back to market following Presidents Day on Monday.
BTC/USD 1-Hour Chart
Bitcoin trades 4% higher on a good day for cryptos.
Now BTC/USD has met some resistance just ahead of 10,300.00.
There could be some intraday support at 10,100.00 as it has been used in the past.
If that breaks then the next level on the downside is 9,700.00.
The buy-side volume has been good but the selling volume on this last candle is growing at the time of writing.
|Today last price||10156.94|
|Today Daily Change||456.97|
|Today Daily Change %||4.71|
|Today daily open||9699.97|
|Previous Daily High||9966.66|
|Previous Daily Low||9469.94|
|Previous Weekly High||10511.86|
|Previous Weekly Low||9707.96|
|Previous Monthly High||9568.13|
|Previous Monthly Low||6856.63|
|Daily Fibonacci 38.2%||9659.69|
|Daily Fibonacci 61.8%||9776.91|
|Daily Pivot Point S1||9457.72|
|Daily Pivot Point S2||9215.47|
|Daily Pivot Point S3||8961|
|Daily Pivot Point R1||9954.44|
|Daily Pivot Point R2||10208.91|
|Daily Pivot Point R3||10451.16|
Bitcoin to Secure Bullish Rally as Candlestick Pattern Confirms
While seeing the technical chart, bitcoin cross is building up that foreshadows the bullish season for Bitcoin.
Bitcoin cannot stable is itself above the key level- $10,000- for a long time but plunged back. BTC performed opposite the claim of many maximalists as they predicted about the price value breaking the resistance level of $10,500. However, the technical analysis of the coin shows the formation of the golden cross- that may end up in the long-term bullish rally.
Last week, Bitcoin witnessed a great move and touched the figure of $10,500- the highest since the start of the year. But it started retracing back and recorded a 10% down in value. On the contrary, the analysts are obsessive with bullish predictions for the next coming days.
Formation of Golden Cross- Bullish Pattern
While seeing the technical chart, bitcoin cross is building up that foreshadows the bullish season for Bitcoin. Bitcoin cross usually makes when the short term moving average crosses the long-term moving average in an upward direction. Currently, it is clearly seen on the one-day BTC chart where 50-day MA is approaching the 200-days MA.
The speculation following the golden cross is not hypothetical but is pertaining to the past data. In April 2019, the BTC value was surged by almost 170% in three months after the formation o f the bullish pattern- the golden cross.
Not everyone is inspired by the particular candlesticks pattern as the crypto trader Shitcoin Riddler believes that we cannot predict whether it will pump the price or not as there are 55% chances for such happening.
‘’If we take the past odds and project it into the future, there is a 55% chance for $BTC to act as “expected” on the golden cross event. golden/death cross events don’t have a significant impact on bitcoin‘s price. People just try to fit coincidence in their bias
Bitcoin has outperformed major traditional assets as there is a disruption in the world economic markets due to Coronavirus outbreak but the digital gold is going up with other cryptocurrencies. According to many analysts, it is due to the interest of investors who are turning to bitcoin to experiment with their assets.