Connect with us

Bitcoin

Bitcoin Price Analysis Feb.22: Consolidation Time – Will BTC Be Able To Gain Momentum For a $4K Breakup?

Published

on

Over the past two days since our last price analysis, Bitcoin had been consolidating between a tight range of the support and resistance levels of $3850 and $3950. This was anticipated following the latest decent bullish move. So far, it seems that the correction to is considered healthy.

Besides the Bitcoin chart, the BitFinex open short positions (the following third chart) seem to be at an exciting point: following the breakdown of the long-term one year ascending trend-line, BTC shorts found support around the 19K support line. However, during the recent hours the number of shorts is decreasing towards the 19K mark – as of now, there are 19,260 BTC of open positions. Will it get choppy as the shorts get closer to 19K?

The overall picture hasn’t changed much since our previous BTC analysis, except from the daily chart’s Stochastic RSI oscillator which had crossed over.

Looking at the 1-day & 4-hour charts

– Support and resistance levels: From above, breaking up the $3950 area, would likely to send Bitcoin to retest the $4050 resistance, before getting to the significant $4200 level.

– From below: Resistance turned support areas at $3800 – $3850 (along with 38.2% Fib retracement level at $3830), $3700 area (along with 61.8% Fib retracement level at $3723), and $3600 famous area (along with MA-50 of the 1-day chart).

– The daily chart’s RSI: Trades pretty healthy around the buyers’ zone. However, the Stochastic RSI oscillator had recently crossed over at the overbought area. This could trigger a correction to the mentioned support levels above.

– The daily trading volume had been decreasing over the days. With not much movement it was expected.

– As mentioned before, BitFinex’s open short positions number is trading close to the horizontal support line. By looking on the open long positions, which are decreasing, we can safely say that it doesn’t seem like a price manipulation (as it happened before in crypto).

BTC/USD BitStamp 4-Hour chart

btc_feb22_4h-min

BTC/USD BitStamp 1-Day chart

btc_feb22_d

BTC Open Short Positions (BitFinex)

btc_shors_feb22

Click here to start trading on BitMEX exchange and receive 10% discount on fees for 6 months.

Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.

Be the first to know about our price analysis, crypto news and trading tips: Follow us on Telegram or subscribe to our weekly newsletter.
Advertisement

Bitcoin

Claims That Former TRON CTO Was Sacked For Bribery & Theft Surface

Published

on

Earlier this month, the Chief Techincal Officer of TRON, Lucien Chen announced his departure from the project. He had been with TRON since 2017 and laid out a three-point explanation as to why TRON just isn’t TRON anymore.

Following the announcement by Chen, the TRON PR sprung into action and according to the representatives from the project, Chen was actually sacked from his position months ago because:

“Suspicion of misappropriation of funds, bribery, competitive infringement, and theft of trade secrets and intellectual property.”

The CEO and founder of TRON, Justin Sun lent validation to this claim by retweeting it and a Reddit thread came up which relayed this information to the community.

Giving his reasons for leaving, Chen said:

“The whole project has developed into a monetary tool without any “decentralize the web” spirit… The technology platform of TRON was built by me. I certainly know that the real Internet applications cannot function in TRON network at all currently. The TRON ecosystem is still far from commercial applications that users can really apply to.”

There are now claims that the former CTO was bribing people, misappropriately using funds, theft and so on. A post on Reddit claims:

“Chen, Zhu, and Xie were dismissed in January, 2019 for violation of corporate policies and the law. Relevant documents and materials have been handed over to the judiciary.”

News Source:Crypto Daily

Continue Reading

Bitcoin

Living on Bitcoin Just Got Even Easier, AT&T Accept Crypto Payments With Bitpay

Published

on

Earlier today, US telecom giant AT&T proudly announced that it had become the first major American mobile carrier to accept crypto assets for the payment of bills. Customers will be able to settle their accounts using Bitcoin thanks to a deal with BitPay.

Although such developments are great for those earning in Bitcoin, for most people interested in the number one digital currency, the appeal will likely be limited. They therefore do not quite represent the holy grail’s of crypto adoption many portray them to be.

AT&T to Accept Bitcoin Payments Through BitPay

It’s getting easier than ever to live your life exclusively using digital currency. More and more online merchants are opening up to crypto assets in one way or another.

Many with a vested interest in digital currency were excited recently by the news that several large companies would be accepting Bitcoin payments – albeit in a round about way. Bitcoin users can now kit out their wardrobes at Nordstrom, shop for gaming supplies at GameStop, and even pay directly for their groceries at Whole Foods using their favourite digital currency.

This latter point got people particularly excited given that internet retail behemoth Amazon owns WholeFoods. Speculation is rife that Amazon itself could be next to accept Bitcoin via this convoluted method of using a payment processor to pay with a peer-to-peer currency.

You see, part of the recent wave of increased acceptance has been made possible by a deal between crypto exchange Gemini and a payments start-up called Flexa. Users actually pay using an application called Spedn. The merchants themselves don’t receive Bitcoin but they for very little investment they can look supportive of uber-trendy things like cryptocurrency.

The latest company to join the pseudo acceptance bandwagon is US mobile giant AT&T. It announcedvia a blog post earlier today that it would be using crypto payments processing company BitPay to receive payments from its customers online.

In the AT&T press release, Kevin McDorman, the vice president of the company’s business operations, stated of the move:

“We’re always looking for ways to improve and expand our services… We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.”

Sure, It’s Great for Crypto USERS, Not so Much for Speculators

Just like the other recent announcements of so-called merchant acceptance, this is not really the bullish news that many have made it out to be. Since AT&T will be using BitPay to process payments, they will simply receive dollars as they always would have done. To get those dollars, the Bitcoin is immediately sold creating additional downside pressure on the price of Bitcoin. For those purely speculating, it should be realised that by using such services you are increasing the likelihood of dropping the price of Bitcoin. It will be truly exciting when a major retailers takes payment directly in Bitcoin themselves and goes on to finance the business itself using the crypto asset.

Of course, these stories of increased acceptance are great for those who get paid in Bitcoin and don’t want to have to deal with an exchange just to go about their daily routines. Having more options than ever to spend crypto directly at is certainly advantageous for those trying to live without fiat.

News Source

Continue Reading

Bitcoin

Bitcoin [BTC] Going Above $7,950 will Start Another Breakout – Analyst

Published

on

Bitcoin has been in a slight pullback for a few days now and those who have been watching the charts during this time may be confused as to the direction Bitcoin, and indeed the whole market is going next. A cryptocurrency trader known as DonAlt on Twitter has given some light on the market. He said the lead currency will see some light if it manages to rise to $7,950 from the current $7,842 price.

Bitcoin market chart from TradingView

When will this happen?

Bitcoin grew really fast especially in May, rising way above $8,000 and the crypto community expected a move towards $10,000. However, the market started pulling back in what seemed to be a crash, but analysts said was normal. At the time, the cryptocurrency was said to be growing too fast and needed to correct again before rising at a slower pace.

This seems to agree with DonAlt’s position as the cryptocurrency has eventually corrected but its growth has become significantly slower than before. Another analyst Josh Rager says the asset will be consolidating this week and great volatility should be expected on Friday, May 31st. This may eventually lead to a climb to DonAlt’s critical $7,950 price and the long-awaited recovery above $8,000 again.

 

A long-awaited rise

The initial price rise evidently raised the expectations of the crypto community and many Bitcoin holders cannot wait for the price to go up again. Not only that, altcoins were expected to rise with Bitcoin’s pullback but the current one has held down even the alts. The rise of Bitcoin is currently probably the only hope for the market and the entire space is looking forward to it.

-News Source

Continue Reading
Advertisement
Advertisement