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Bitcoin Price Prediction And Technical Analysis For May 15th



These are exciting times for cryptocurrency enthusiasts. Bitcoin’s price has been on a massive rally the past month rising by over 33% in just May alone. Most traders agree that the bear market is over because the bullish momentum has been in place since the beginning of the year. After briefly peaking at $8,300 earlier today, Bitcoin is currently trading at $8,045 on Bitstamp. In this article I will attempt to answer the two following questions: What does the future hold for BTC, and is it worth buying some coins right now?

Before we can talk about what the future holds for Bitcoin’s price, let’s go over a few potential reasons for Bitcoin’s recent price hike. In two different articles (5 reasons for Bitcoin’s recent price increase, and 4 more reasons why Bitcoin price is going up), we went over 9 reasons that could be contributing to the recent price hike:

  1. Bitcoin is still scarce
  2. FOMO is still a thing
  3. Market trends come into play
  4. FUD has little to no impact
  5. Bitcoin dominance index is rising
  6. Bitcoin is following the path of least resistance
  7. Altcoins continue to underperform compared to BTC
  8. New trend: Buy the news rather than sell the news
  9. Bitfinex and Tether could be influencing the market

Note: For more info on any of the above reasons refer to the articles linked above.

The common denominator for all of the above reasons is the fact that the money is flowing into Bitcoin specifically. Not only because it’s the grandfather of all the cryptocurrencies, but also because it has the most market activity. While altcoin are also experiencing price gains, they are still underperforming compared to BTC.

It’s no secret the institutional money is flowing into the crypto space. If you put yourself into a retail investor’s shoes, you will most likely lean towards purchasing Bitcoin rather than some rinky dinky altcoin that has only been around for a relatively short amount of time. This leads me to the first question we set to answer in this article: What does the future hold for Bitcoin?

My prediction is that Bitcoin’s price will at the very least test the $9,000 level in the short term  (2-3 days). After that, hopefully BTC can establish support at that level and attempt to undertake the $10,000 wall. Cryptocurrency loves round numbers and no number is more round and emotional than $10k. Moreover, at the time of writing the market has positioned itself quite well for another rise in price which I will explain in the technical analysis section below:

Bitcoin Price Technical Analysis For Today

Bitcoin Price Chart For May 15th

Relative Strength Index – The current RSI is at a healthy 54 points, that means the market is neither overbought nor oversold. Looking at the trend in context – bullish – we can assume that the market is ready for another move up.

Bollinger Bands – It seems that the recent Bitcoin price action has been respecting Bollinger Bands quite a bit, we can see the peak at $8,300 earlier today lines up perfectly with the upper band. Moreover, we have also seen a dip to $7,723 a few hours ago which also lined up perfectly with the lower band.

Both the RSI and BBs suggest that Bitcoin’s price can go either way. However, looking at the current trend, we can conclude that another move up for Bitcoin and a test of $8,200 is not out of the question. On the other hand, in case the market turns bearish in the short term, we can expect a drop to $7,800 before a rebound.

This brings me to the next question I wanted to answer in this article: Is it worth buying Bitcoin right now? Note: This is definitely not financial advice and is simply my personal opinion.

While it is a bit risky to buy Bitcoin right now, in my opinion the chances of BTC dropping back down to $6,000 or even $6,500 are slim to none. If you want to stay safe placing a buy order in the $7,500-$7,800 range would not be the worst idea as the crypto can dip down to that level slightly. At the same time, if Bitcoin experiences another run upwards to the $9,000 level (which I personally expect), then the chance of buying in at the high $7,000 level in the near future is extremely low.

To conclude, in my opinion it’s definitely worth buying a few coins right now. Even if Bitcoin’s price takes some hits in the short term, at the current rate BTC/USD will most likely at the very least hit $9,000 at which point you could take profits and wait for the next move.

Also Read: Top 4 Ways to Long Bitcoin in 2019

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.


source :nulltx.

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Can Bitcoin Surge As Fast As It Did In 2017?



In 2017, Bitcoin successfully hit $19,783, a figure which till date, is still the asset’s all-time high. The mark is still being used in comparison with the coin’s current price especially by naysayers who believe the glory days are not only over but probably will not be seen again.

However, what‘s most important is that back then, Bitcoin reached the $8,000 mark and less than a fortnight later (11 days precisely), it gained $2,000, hitting the $10,000 mark.

At the moment, Bitcoin is struggling to reach and surpass the $8,000 mark, a price it had previously surprised, several days ago. So, what’s the likelihood that we will see a similar bull run?

Current Predictions

Bitcoin was at $7,800 in November 2017. However, a little less than a month later, it had its biggest surge, hitting its all-time high in December. So, ever since the price rally began this year, analysts and experts have been trying their best to figure out the possibility of a similar bull run.

When Bitcoin started to break through earlier set resistance levels up until it reached $8,000, many analysts were sure that it was definitive proof of the end of the crypto winter that had plagued the sector since last year. This assertion was understandable considering the fact that it was about $3,150 in December last year and in about 6 months, shot up to $8,000.

The larger part of this rally happened in two months, – April and May – supporting the claim that Bitcoin usually sees massive gains in short periods.

According to Thomas Lee, co-founder of Fundstrat Global, in a tweet last month;

“Reminder that BTC generally generates all of its performance within 10D of any year. –ex the top 10 days, BTC is down 25% annually since 2013.”

Another researcher, Alex Saunders, has also stated that the $8,300 is significant because less than two weeks after Bitcoin hit that mark in 2017, it was able to reach its all-time high.

How Soon Can We Expect Another Surge?

At the moment, pretty much everyone agrees that the market will do fine. Some have expressed that pullbacks are almost inevitable but they aren’t and shouldn’t be a deterrent as the price would definitely correct itself after a few of those. However, there is no general agreement as to when exactly another surge will occur.

A cryptocurrency trader and investor has however predicted that Bitcoin would move fast. In a tweet The Rhythm Trader (@Rhythmtrader) said:

-News Source

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Report: Bitcoin (BTC) Futures Trading Approaching All-Time High in May



According to a new report published by The Block, the month of May is on pace to set a new all-time high in Bitcoin futures trading for the CME Group.

In a note sent to clients on May 21, the Chicago-based firm and backer to one of the largest Bitcoin futures trading exchanges, claims that May is “shaping up to be the strongest month ever for CME Bitcoin Futures.” The firm also reports a record day of trading on May 13, with 33,677 contracts being traded for the equivalent of $1.3 billion in BTC. Daily volume for Bitcoin future trading has also spiked during the month of May to 14000, up from 9900 in April.

CME Group continued,
“Since launch in December 2017 we have traded over 1.6MM contracts (+8MM equivalent bitcoin) representing over $50BN in notional value ($4.2BN per month).”

Beyond daily volume for futures trading, new account creation is also on the rise for the group. CME reports that the number of accounts for Bitcoin futures trading has climbed to an all-time high 2500, which the group interprets as a booming desire for traders to hedge on the risk of BTC,

“The number of unique accounts continues to grow showing that the marketplace is increasingly using BTC futures to hedge bitcoin risk and/or access exposure.”

Despite the seemingly bullish market for Bitcoin and cryptocurrency, with the price of BTC up close to 100 percent since the start of April, traders remain divided over the future valuation for the coin. BTC Futures, such as those offered by the CME Group’s exchange, have become a popular alternative for traders looking to speculate on the market movement for Bitcoin. Futures contracts have long been one of the more dominant products for the traditional financial markets.
Users can open long or short positions on BTC futures, depending upon where they see the price of the currency moving. With Bitcoin hovering near the $8000 mark for its second day in a row, both the bears and bulls are holding their breath over the next price movement for BTC. Some analysts are now calling for the currency to fall back to $6K before making another run at the all-time high. Considering the massive gains and bullish rally Bitcoin went on since the start of April, after more than 12 months of declining price and ‘crypto winter,’ some investors are anticipating a correction.

However, others see Bitcoin entering a perfect storm of market conditions for renewed investment. Given the economic uncertainty being generated over deteriorating negotiations between President Trump and President Xi, a looming U.S.-China trade war has bullish indicators for the price of cryptocurrency.

In addition, the mounting adoption of cryptocurrency by major industry players such social media giant Facebook and investment bank JP Morgan Chase have given a vote of confidence for BTC that was not present during 2017’s bull run. While FOMO will continue to drive the price of crypto, in both directions, the growing futures market provides another avenue for would-be speculators.

-News Source

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Top 5 Tips Prior to Engaging in OTC Bitcoin Trading



When it comes to dealing with Bitcoin trading, there are numerous options one can easily explore. Whether it is through regular exchanges, OTC trading, or peer-to-peer trading, any and everyone option can be worth exploring. However, those who want to experiment with OTC Bitcoin trading need to keep some very basic tips in mind at all times. No one wants to lose money in a way that could have easily been avoided.

Contents [hide]

  • 1 Private OTC Chat Rooms are a No-no
  • 2 Never Deal With Just Individuals
  • 3 Proper OTC Desks are Easy to Find
  • 4 If it’s too Good to be True…
  • 5 Don’t Invest Money one Can’t Afford to Lose

Private OTC Chat Rooms are a No-no

On the surface, there won’t be too many people who bat an eye where private OTC Bitcoin trading groups are concerned. Similar to pump signal groups or altcoin discussion groups, OTC trading is not necessarily a business activity out in the open at all times. Over the past few years, there have been plenty of legitimate private OTC groups, albeit the number of potential scammers should never be overlooked either. Since these criminals know people simply want to buy BTC at a competitive price, they will try to obtain customer funds without handing over any BTC.

Whereas most people would automatically assume such businesses are shut down pretty quickly, the reality is often different. Since these trades involve private groups, the information is usually not shared with the rest of the world. This is primarily because users know all too well they opted for a less-than-legal option and must pay the price for trying to take a shortcut. That doesn’t mean fake private OTC Bitcoin trading groups aren’t shut down in the end, though, but it seems unlikely any stolen money will ever be recovered.

Never Deal With Just Individuals

Over the past few years, the number of people who own Bitcoin has seemingly increased. As such, one would expect the OTC market to grow by leaps and bounds. Anyone is free to buy and sell Bitcoin at their own pace, as long as they don’t try to make millions of dollars from doing so. When traders deal with very high volumes of Bitcoin and fiat, they will need to obtain a money transmitter license sooner rather than later.

This is why private individuals offering OTC Bitcoin trading services are best avoided. It is very uncommon for any of these individuals to be officially licensed. As such, these users often tend to scam others and run off with their hard-earned money. While it may seem convenient to deal with an individual rather than a proper company, the results will often be disappointing or even worse.

Proper OTC Desks are Easy to Find

As the popularity of Bitcoin continues to grow by leaps and bounds, there are more and more legitimate and registered companies who engage in OTC Bitcoin trading. Some of the well-known names include Japan’s Coincheck, Kraken, Huobi, and Itbit.  These are just three examples of how many companies users can go through for all of their Bitcoin needs. It might involve a bit more work to get everything set up accordingly, but it greatly reduces the risk of losing any money in the process.

Speaking of finding a legitimate Bitcoin OTC trading provider, there are more and more companies joining the fray. This further expands the number of options users have to legitimately obtain Bitcoin through methods which suit their needs the best. To properly engage in this type of business activity, users should always conduct their thorough research before making any decision. It takes effort to get in on the Bitcoin action, after all.

If it’s too Good to be True…

It is better to avoid such offers altogether. No one will openly reject an option to buy Bitcoin slightly below market prices, but any price difference that seems too good to be true is almost always a scam. Offers like these will become a lot more apparent when the next Bitcoin bull run commences and FOMO starts kicking in accordingly. It is very difficult to buy Bitcoin at the real market price, primarily because the value fluctuates quite a bit every single day.

Moreover, any relatively shady business which explains why a user or company is engaged in OTC Bitcoin trading will usually indicate a scam looms ahead. Similar to the point above, conducting thorough research can usually prevent users from losing their money. A somewhat dubious background story combined with a too cheap Bitcoin price is usually a major red flag. Even so, there will be people who fall for these kinds of schemes simply because greed gets the best of them.

Don’t Invest Money one Can’t Afford to Lose

The golden rule as far as overall investing is concerned is to never spend money on such markets if the funds can’t be written off when things go awry. The same principle applies to OTC Bitcoin trading, as Bitcoin’s price is very volatile. Given the current value per BTC, there is a lot of money involved when one tries to obtain a full Bitcoin. As such, do not try to chase potential profits if the money is not there to spend on extras like these in the first place.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.


source :nulltx

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