In this age of digitalization, technology precedes the expectations of human imagination. Financing and investment that started from the basic bartering system, has now metamorphosed into a cashless system where money can have no physical attribute, but a mere digital form of currency. Bitcoin is one such cashless form of currency that has taken the world by storm. Even in the casino industry, the best casino in the UK have accepted bitcoin as an alternative form of currency for deposit and withdrawal schemes. However, there is no one way to store this cashless economy. This article describes the gamut of options that lay ahead for gamblers and professionals who are proposing to invest in Bitcoins.
Electronic Wallets – the most preferred form of bitcoin storage:
On the advent of an emerging cashless economy and financial market, many investors were invested in the storage of such money in a digital format. And thus, electronic wallets came into existence where people no longer had to have a physical storage place but could store it into cloud computing software or on their desktop as well! And it didn’t stop there! These gave rise to a number of other forms of wallet as well:
Software and Online Wallets: One go destination where a wallet software could either be downloaded or Bitcoin could be stored on online servers through cloud servers. Users have the option to handle their own private keys in order to store their bitcoin in a safe way. These are mostly third-party sites that have the liability to store the user’s password and private keys for accessing wallets, as well.
Mobile Wallets: With the accessibility of mobiles and handset among millions of people around the world, it was perhaps evident that wallet software could be downloaded on one’s own private handset where the User has the liberty to use their own private keys for accessing without the intervention of a third-party site.
Hardware Wallets – devices for your privacy:
Hardware Wallets are basically small devices that can connect to the internet and could be used to carry out a bitcoin transaction. They are highly secure alternatives since they are mostly offline and thus hacking of such devices could be avoided substantially.
Paper Wallets – easiest form of storage:
These wallets are perhaps the easiest form of storing bitcoins. They are merely pieces of paper that enlist the site of the bitcoin wallets (a generator issued link) and also a mention of a private key to access the link. Even though virtually inaccessible by hackers, these wallets do have the liability to get damaged over physical and environmental conditions. They should be kept safely since they are no longer just a cashless form of money storage medium.
Bitcoins have certainly paved a way to revolutionize financial storage mediums. However, one must consider the vices of such e-wallets since they are liable to get hacked by online criminals – those who can access such digital wallets illicitly. Wallets are the best way to store one’s bitcoins and so should be preferably considered over any other alternatives.
Bakkt Bitcoin Futures Will be Listed on ICE Futures Singapore
The impact of Bakkt’s Bitcoin futures remains to be determined. Despite the overall interest not being optimal, the company will expand its presence to Singapore.
Many people still believe Bitcoin futures trading will be beneficial to the cryptocurrency industry.
BAKKT BITCOIN FUTURES COME TO SINGAPORE
Others see it as another way for the naysayers to drive the value per BTC down when they feel like it.
Bakkt is one of the multiple Bitcoin futures trading providers today.
Their core product is very different, however, as these futures are settled in cash.
Despite a somewhat meager launch in the US, the company will receive a helping hand.
ICE Futures Singapore will begin supporting the Bakkt Bitcoin Cash Settled Monthly Futures Contract soon.
It is expected this trading vehicle will go live on December 9, 2019, barring any last-minute delays or mishaps.
This is another way for Asian investors to be exposed to the volatile Bitcoin price trends.
For ICE Singapore, it is another powerful investment vehicle capable of leveraging its regulated market.
The first question that comes to mind is how this will affect the value of Bitcoin in the weeks following this product launch.
Asia has seemingly been rather negative toward cryptocurrencies in many different ways.
It is certainly possible that the products by Bakkt will only drive the value down even further, at least under the current financial and geopolitical conditions.
It will also be intriguing to see if Bakkt can note a more proper trading volume in Singapore compared to its US launch.
Bitcoin Price Dumps Can Be Identified by One Simple Method, Notes Analyst
The Bitcoin price often creates repetitive patterns that can be identified to predict future price movements. One such pattern is created by a long bearish upper wick and a moving average (MA) rejection.
The Bitcoin price has been known to be very volatile. Therefore, when trading, it is important to use several methods to reduce your risk — such as using stop losses, low leverage if you are margin trading, and proper trade sizing.
However, especially in the case of stop losses, significant fluctuations in the form of wicks can often trigger them. In this case, the price moves very quickly in one or the other direction before swiftly reversing. This effectively stops out traders from their current position.
However, wicks create several important patterns, which when used along with indicators can help in predicting future prices.
Cryptocurrency analyst and trader @cryptopeppa suggested that a pattern of upward wicks an a rejection once they reached the 100-hour exponential MA suggests that the Bitcoin price will decrease.
Let’s see if we can find more of these patterns and if they can be successfully used to predict the Bitcoin price.
Bitcoin’s Wick Movements
In the pattern, the Bitcoin price first initiates a downward move. After some consolidation, it begins an upward move — which is ultimately unsuccessful and leads to the creation of a long upper wick. The wick stops once it reaches the 200-hour moving average (MA) and an important Fib level. In the case below, it was the 0.5 Fib level.
Additionally, after the wick, the Bitcoin price made two more attempts at breaking out above the MA. However, both were unsuccessful. It is imperative that the price reaches a close above the MA for the reversal to be initiated.
Another similar pattern transpired on November 17. After a decrease, the Bitcoin price made an attempt to retrace upwards. The first attempt ended once the price reached the 100-hour MA and the 0.618 Fib level, similar to the previous move.
However, the Bitcoin price made another attempt, which retraced fully to the pre-breakdown prices. However, the movement also ended with the creation of a long upper wick.
Another full retracement occurred in September.
This time, after a decrease, the Bitcoin price made a double top at the 0.618 level. This was below the 100-hour MA.
Afterward, it made an attempt at moving above the MA, which ended in a similar wick. This decrease was more easily identified since it was combined with a bearish divergence in the RSI.
To conclude, wick rejections at a significant MA do not necessarily mean that the Bitcoin price will dump. Previous market structure plays a big role in determining if they will.
A rapid price decrease followed by an attempt at a reversal, in which a wick is created a significant Fib level and MA, very often leads to a dump. The potential for further decreases is strengthened by the presence of a bearish divergence in the RSI.
BTC/USD Technical Analysis: Nice bounce off the intraday resistance point
- In another heavy day for BTC/USD technical analysis still plays out.
- Bitcoin is now down 3.88% in the session after 7K was retaken to the upside.
BTC/USD 10-Minute Chart
On a day like this, it is hard to analyse Bitcoin on an intraday perspective but the support and resistance levels seem to be holding.
For the second day in a row, BTC/USD suffered from heavy losses and dropped another 3.88% adding to Thursday’s 5.77% fall.
7,501.46 was a support zone early in the EU session and as price moved higher toward the level the bears came back in and shorted Bitcoin.
Now bulls will be watching the consolidation high of 7,215.49 to see if the same thing happens to support upside trade.
On the daily charts, the trend is still heavily bearish but some Bitcoin analysts have noted there is often a downside flush out before a move higher.
This pattern was noted on both the 28th July and 23rd October this year.
|Today last price||7319.3|
|Today Daily Change||-296.49|
|Today Daily Change %||-3.89|
|Today daily open||7615.79|
|Previous Daily High||8114.54|
|Previous Daily Low||7393.27|
|Previous Weekly High||9137.8|
|Previous Weekly Low||8369.16|
|Previous Monthly High||10484.7|
|Previous Monthly Low||7300.54|
|Daily Fibonacci 38.2%||7668.79|
|Daily Fibonacci 61.8%||7839.01|
|Daily Pivot Point S1||7301.19|
|Daily Pivot Point S2||6986.6|
|Daily Pivot Point S3||6579.92|
|Daily Pivot Point R1||8022.46|
|Daily Pivot Point R2||8429.14|
|Daily Pivot Point R3||8743.73|