Bitcoin (BTC/USD) displayed some serious volatility along with many of the majors in the alt-coin complex during Thursday’s North American session. In short order, the pair sharply escalated from around the 3850 level to the 3900.00 figure before bidding a hasty retreat to the 3779 level, and then reclaiming most of its lost ground. Stops were triggered above the 3866.46 level, representing the 200-bar MA (240 minutes) and then the 3878.34 level, representing the 23.6% retracement of the 3655 – 3947.33 range. During the sharp spin lower, BTC/USD encountered technical Support just below the 3780.97 level, representing the 23.6% retracement of the move from 4188.79 to 3655.00.
Yesterday’s volatile move created an Outside Bar and the intraday Low was also around the 200-bar MA(240 minute) which came in around the 3783.02 level.
Technical Support is expected around 3763.33/ 3684.13/ 3620.14 with Stops expected below.
Technical Resistance is expected around 3977.30/ 3987.97/ 3997.63/ 4026.62/ 4062.82 with Stopsexpected above.
Upside price objectives remain around the 4163/ 4358/ 4673 levels.
On 240-minute chart, SlowK is marginally above SlowD and MACD is marginally above MACDAverage.
On 60-minute chart, Price activity is trying to break above the 200-bar MA (3866.89) during today’s Asian session. SlowK is Bullishly diverging from SlowD and MACD has been above MACDAveragesince yesterday’s volatility.
ETH/USD (Ethereum/ US dollar)
Ethereum (ETH/USD) also displayed major volatility during Thursday’s North American session as traders took the pair abruptly Higher, electing Stops above the 200-bar MA (132.90), 100-bar MA(133.62), and 50-bar MA (134.11) before testing major technical Resistance around the 134.91 level, representing the 38.2% retracement of the 222.78 – 80.60 range.
Accounts then pushed ETH/USD sharply Lower and elected Stops below the 129.34 level, representing the 61.8% retracement of the move from 122.75 to 140.00, before Support emerged around the 128.90 level.
Bids are expected around the 126.82 level, representing the 76.4% retracement of the 122.75 (4 Mar) – 140.00 (6 March) range.
Technical Support is expected around the 125.16/ 123.25/ 121.76 levels with Stops expected below.
Technical Resistance is expected around the 137.62/139.13/ 140.61 levels with Stops expected above.
Downside price objectives remain around the 119.57 level.
On 240-minute chart, SlowK has just Bullishly crossed above SlowD and MACD Bullishly crossed above MACDAverage during yesterday’s volatility.
On 60-minute chart, Price activity just moved above the 100-bar MA (131.91), triggering nearly USD 0.50 in Stops, and the 200-bar MA is now at 133.91. SlowK has just Bullishly crossed above SlowDand MACD is Bullishly diverging from MACDAverage.
LTC/USD (Litecoin/ US dollar)
Litecoin (LTC/USD) was one of the alt-coins that traded in a volatile manner during yesterday’s North American session as traders pushed the pair Higher and elected Stops above the 55.80 level, representing the 50-bar MA (240 minutes). LTC/USD reached the 57.74 level before spinning Lower.
Traders were unable to challenge the key 58.28 level, representing the 50% retracement of the move from 94.39 to 22.17.
During the rapid deprecation yesterday, LTC/USD tested the 53.11 level, right around the 38.2% retracement of the move from 103.06 to 22.17.
Technical Support is expected around the 51.38/ 49.76/ 45.81 levels with Stops expected below.
Technical Resistance is expected around the 59.97/ 62.68/ 66.80 levels with Stops expected above.
Upside price objectives remain around the 62 and 74 levels.
On 240-minute chart, Price activity remains above the 200-bar MA (51.67). SlowK has Bullishlycrossed above SlowD while MACD is marginally above MACDAverage.
On 60-minute chart, Price activity triggered some Stops yesterday above the 200-bar MA (55.79). SlowK is Bullishly diverging from SlowD and MACD is Bullishly diverging from MACDAverage.
BCH/USD (Bitcoin Cash/ US dollar)
Bitcoin Cash (BCH/USD) rocketed Higher during yesterday’s North American session before plumbing intraday Lows and then retracing. Traders reached Stops above the 130.07 level, representing the 200-bar MA (240 minutes), and then pushed the pair as High as the 133.20 level, just below the important 133.44 level, representing the 38.2% retracement of the move from 109.88 to 157.00.
Traders then elected Stops below the 127.93 level, representing the 50% retracement of the move from 120.36 to 135.50.
Technical Support is expected around the 124.74/ 121.00/ 117.12 levels with Stops below.
Technical Resistance is expected around the 133.91/ 136.91/ 139.00 levels with Stops above.
Downside price objectives remain the 110 and 82 levels.
On 240-minute chart, Price activity Bullishly remains above the 50-bar MA (129.36), 100-bar MA(129.31), and 200-bar MA (130.15). SlowK and SlowD appear to be converging while MACD Bullishlyremains above MACDAverage.
On 60-minute chart, Price activity Bullishly remains above the 50-bar MA (129.18), 100-bar MA(128.45), and 200-bar MA (129.37). SlowK Bullishly remains above SlowD while MACD and MACDAverage have converged.
Bitcoin Hash Rate alcanza 102 quintillones en el hito histórico de la red
Bitcoin’s (BTC) network hash rate has passed a record 102 quintillion hashes for the first time in history in a historic milestone for the cryptocurrency.
Bitcoin adds another zero to hash rate
As data from monitoring resource Blockchain confirmed on Sept. 18, hash rate, ultimately a function of how secure the Bitcoin network is, has reached a high of 102.8 quintillion hashes.
Bitcoin network hash rate. Source: Blockchain
The achievement follows a string of records for the metric this year, Cointelegraph reporting on various stages of its expansion over the past few months.
Hash rate refers to the amount of computing power involved in processing Bitcoin transactions. The higher the number of hashes, the more implied competition there is among miners to obtain the block reward.
Since December 2018, the hash rate has progressed from its recent low of 31 quintillion hashes per second, equating to the progress of 230%.
Bitcoin proponents eye price implications
Current growth has excited commentators, despite coming in tandem with a moderate decline in Bitcoin price.
As many noted, new upward action for hash rate tends may hint at future price growth. Hash rate began growing in January after several months of decline, with price then following in April.
Commenting on the current rate of growth, Lightning Torch organizer Hodlonaut said the figures spoke to underlying confidence among miners.
“Last readjustment period (2016 blocks, or around 2 weeks) increased 10.38%. We are about half way through the current readjustment period, and on track for another 11.85% increase,” he forecast.
Others have already given more bullish predictions. Max Keiser, a firm believer in Bitcoin’s prowess over altcoins, has frequently doubled down on his depiction of giant surges in both hash rate and price in the near future.
Bitcoin needs to be ‘better regulated’ before it is traded on major exchanges
Speaking at a conference today hosted by CNBC and Institutional Investor, Securities and Exchange Commission Chairman Jay Clayton said that bitcoin would need better regulation before being listed for trading on major traditional exchanges like NYSE or Nasdaq.
“If [investors] think there’s the same rigor around that price discovery as there is on the Nasdaq or New York Stock Exchange … they are sorely mistaken,” said Clayton. “We have to get to a place where we can be confident that trading is better regulated.”
Clayton’s comments come a few days after VanEck and SolidX’s decision to withdraw their bitcoin ETF proposal. Earlier this month, Clayton also said that while “progress is being made” on the bitcoin ETF, bitcoin businesses still need to address some of the SEC’s lingering concerns, citing crypto custody and the threat of price manipulation on unregulated exchanges.
Bitcoin (BTC) Crashes Below $10,000 Days Ahead Of Bakkt Futures Launch
Bitcoin (BTC) has declined well below $10,000 just before the most anticipated Bakkt futures launch. This has unnerved a lot of the bulls that were hoping for a rally to the moon by Monday. However, when everyone starts thinking the same way, it is best to think the opposite. Remember, Bakkt is “scheduled” to be launched on Sep 23, 2019.
It was “scheduled” to be launched on December 12, 2018 as well and if you had been hoping in November 2018 that $6,000 was going to hold just because Bakkt was going to be launched then you would have made quite a loss as the price nosedived to $3,130 from there in a matter of weeks. So, what does this recent crash mean in light of what has happened in the past?
The market makers were waiting for investors to enter margined longs. They gave them plenty of time to do that as the price consolidating and doing nothing much. So, they kind of forced traders into making the decision now instead of waiting to enter a trade after the breakout because these past few days traders have been made to be comfortable buying into sideways action in anticipation of a pump as we saw in the case of Ethereum (ETH) and other altcoins. Most of them entered leveraged longs on BTC/USD in the hopes of profiting off a potential Bakkt rally. Those that had their stops just below the symmetrical triangle were shaken out but there are a lot more stops to be run just yet. The market makers might want to give investors another chance to long these dips so they can trap them again.
Bullish or bearish doesn’t matter from the market makers’ perspective. They are in the business of shaking out the traders hoping for easy money in this market. As I have said before this is not legal and if someone were to do this in the stock market they would find the SEC knocking on their door. However, anything is possible in this market in the absence of regulation. If we look at the 1H chart for Bitcoin Dominance (BTC.D), we can see that it broke out of a falling wedge and is now primed for further upside.
Bitcoin dominance (BTC.D) rises when either Bitcoin (BTC) is planning on outpacing the market at a certain point or we are primed for further downside and Bitcoin (BTC) is expected to hold its ground better than other coins. In both cases, this rising dominance in Bitcoin (BTC) does not bode well for the altcoin market which has yet to experience serious pain. There are a lot of useless projects in the altcoin market and it is only a matter of time before we see a strong downtrend that shakes out most of such projects. The fact that Bitcoin dominance (BTC.D) just broke out of a falling wedge and has now begun an uptrend is a testament to the fact that recent hopes of an altcoin season were just orchestrated attempts by the big players to lure retail investors into buying their altcoin bags before the next crash.