- Bitcoin Didn’t React to the SEC Postponing 3 ETF
- Bullish Momentum: No Looking Back, weekly Guppy indicator says $18k
- But Bears are as much present in the market, $10.8 or $8?
Since going above $12,300 on August 6th, Bitcoin is not showing any bullish movement. On the weekend, we flash crashed to $11,200 from $11,800 and now trading in a tight range of $11,558 and $11,160.
At the time of writing, BTC/USD has been trading at $11,255 with 24 hours loss of 1.02%. Daily trading volume meanwhile recorded by Bitcoin in the past few days is extremely low that keeps on dropping further. From yesterday’s $600 million, it has today fallen to $480 million, as per Messari.
Bitcoin Didn’t React to the SEC Postponing 3 ETF
Interestingly, the SEC delayed its decision on all three of the Bitcoin ETF proposal until Autumn that didn’t have any effect whatsoever on the market.
As per the new deadlines, the Bitwise and VanEck proposal have its final decision coming on October 13 and October 18, that can’t be delayed any further. The Wilshire proposal still has 150 more days that can be delayed, with its next deadline falling on September 29.
Despite the growth of the market is seeing, regulators don’t seem to be ready to approve the ETF yet. However, analyst and trader, Jacob Canfield points out how Bitcoin pumped 300% without an ETF and this time didn’t even react to this news at all.
“Just goes to show you how irrelevant narratives really are. Focus on price action as most everything else is priced in,” Canfield said.
Bullish Momentum: No Looking Back
Most recently, we reported Goldman Sachs’ bullish short-term Bitcoin price target at nearly $14,000. Now, another bullish scenario is shared by analyst that goes by Pladizow on twitter.
As per the Bitcoin weekly Guppy indicator shared by him, Bitcoin might be getting ready for a big rally.
The chart follows the movement of two groups, with blue, the 6 faster-moving EMA’s representative of quick-moving traders while red, the slower 6 of the 12 EMA’s being investors.
As can be seen, once the two groups crossed in 2016, establishing a gap between them, “there was no looking back.”
Could this mean a repeat performance for Bitcoin?
Past performance is no guarantee of future results but if history does repeat, we might take over $18k.
In another bullish scenario, we are seeing gold climbing to new highs, fueled by intensifying trade war, rising Hong Kong protest tension, and now the Argentina stock market rout.
Bitcoin, which has been rising together with stock market past months started to decouple, from the end of July. The digital gold has also started gaining recognition as a safe haven asset, that could mean, a similar spike in BTC price can be seen, just like we did earlier this month.
But Bears are as much present in the market
The calls for $8.5k took a backseat after Bitcoin surged in the first week of August. However, they are back.
“200MA/EMA/RSIbands+Weekly support all point to 10.8 but you may get a wick at most given the orderbook support across exchanges,” said popular analyst Murad Mahmudov.
Another analyst who shares similar sentiments but a bigger fall to $8,000, The Crytpomist said,
“Unpopular opinion; With the change of market structure, I expect us to put in new lows before we put in a new high.”
On zooming out, the bigger picture, however, is still intact, with Mahmudov predicting, “BTC is going to $100K per orangecoin.”
Bitcoin’s price is $10,833.38 BTC/USD exchange rate today. The real-time BTC market cap of $193.64 Billioncurrently ranks #1 with a chart dominance at 67.77%, daily trading volume of $4.99 Billion and live coin value change of BTC -4.49% in the last 24 hours.
Bitcoin Price Analysis: BTC is On Price Recovery Mode; Gains 4.55% Overnight
- Bitcoin gained 4.55% in the last 24 hours and breached the resistance at 10,800 USD.
- It may soon touch 12,000 USD and further, it is likely to get a price rally before the year ends.
Bitcoin has managed to reach its first resistance point at 10,800 USD with the help of a 4.55% hike. It is likely to rise more in the coming days and by the end of this year, the coin is likely to be near 15,000 USD. In the last three months, the journey of Bitcoin was full of shocks and volatility. The coin reached its peak towards the end of June and it has been trying to reach there since then. We will now analyze the current statistics of the coin before going into details of the price movement pattern.
Bitcoin Price Statistics-
Bitcoin’s highest hike of this year has been the 85.70% hike between 04th June and 26thJune. This hike pushed the coin near 14,000 USD. From there, Bitcoin has been showing huge volatility. It was followed by a fall of almost 30% in the value against USD which deducted 4039 USD from the coin over just 5 days. After a week of growth, Bitcoin again took a dip to 9208.95 USD by 17th July. From there it has been a satisfying journey for the coin and it has risen to 12,196 USD by 06th August with the help of a 32% increase in the value. The market cap on 20th July was 186,505,443,026 USD and the value of the coin was 10,991.43 USD. The current market cap and the value of each coin are respectively 4.30 % more and 1.10 % less than the figures for the last month.
Bitcoin Price Prediction-
Bitcoin is consistently raging against 11,000 USD and the next big target should be 12,000 USD with so many little halts. But the coin is likely to get a good growth by the mid of next month. With the help of a price rally, the target of 15,000 USD by 2019 seems reasonable. The details of the resistance and support levels are given below.
|1st Resistance||11117 USD|
|2nd Resistance||11317.95 USD|
|3rd Resistance||11719.85 USD|
|1st Support Level||10514.15 USD|
|2nd Support Level||10112.25 USD|
|3rd Support Level||9911.3 USD|
Winklevoss Twins Say They’re ‘In Talks’ About Joining Libra Association
Tyler and Cameron Winklevoss — Bitcoin (BTC) bulls and founders of the Gemini crypto exchange — say they are open to partnering with archrival Mark Zuckerberg on Libra.
CNN Business reported on Aug. 19 that the twins are not allowing their notorious and drawn-outsettlement with Zuckerberg stand in the way of a potential collaboration.
In talks to join the Libra Association
Whether or not a partnership will finally materialize, Cameron told CNN that Libra represents a step towards mass adoption of cryptocurrency, underscoring:
“I think there is a day in the future where we can’t live without crypto, or imagine a world before crypto.”
As CNN notes, the twins’ proactive promotion of crypto-regulatory matters could make the duo an attractive partner for Facebook, given the widespread alarm the latter’s Libra project has already sparked among governments and regulators globally.
The twins revealed they have been in talks about joining the Libra Association — the newly-created, independent governance consortium for Facebook’s planned token — which currently counts 28 founding members and should expand to 100 by the time of Libra’s launch.
Tyler and Cameron noted, however, that they still need to learn more about the details of the project before deciding whether or not to join the Association, as well as whether to list Libra on the Gemini exchange.
The Libra Association has reportedly declined to comment on any ongoing negotiations with partners.
All the internet titans will embrace crypto
According to Cameron, Facebook may be the first tech titan to attempt a native cryptocurrency launch — but it won’t be the last:
“I think that internet companies have to have a crypto strategy, and I think a lot of them are thinking about their own coin projects. They’re probably watching Libra and Facebook to see how that fares as they develop it.”
He forecast that Amazon, Apple, Netflix and Google will follow suit, isolating Amazon in particular as a solid contender:
“Amazon can probably get packages to literally any place in the world, even if the last mile is on a dirt bike or something […] very ironic, that the physical stuff we can move all around the world and we can’t get money to a lot of places around the world.”
Earlier today, Cointelegraph reported that the design for the Chinese central bank’s planned state-backed cryptocurrency is reported to have been influenced by Libra’s unveiling.
Bitcoin Price Fails to Break Through $11K — Altcoin Bull Run Fizzles 1809
Bitcoin (BTC) price slid from levels near $11,000 Aug. 20 as momentum which sparked bullish sentiment at the start of the week fizzled.
Market visualization. Source: Coin360
Bitcoin lingers below $11K resistance
Data from Coin360 showed BTC/USD abandoning its shot at passing $11,000, having risen from levels near $10,700 on Monday.
The pair was trading back at those levels at press time, having dropped $350 over the past few hours.
24-hour gains for Bitcoin thus remained tapered at 2%, while weekly performance still revolved around an overall loss of nearly 6%.
Bitcoin 7-day price chart. Source: Coin360
Anticipation had run high as $11,000 approached, analysts rating chances for a definitive upward trend to recommence.
“I wanted to see it over $10,800 and it did close, short term bullish,” regular trader Josh Ragersummarized in his most recent update on Monday.
He added that BTC/USD remains under its weekly opening level from two weeks previously, an area which will now act as resistance.
Meanwhile, another fellow market analyst and trader, Filb Filb, was more buoyant, telling followers of his dedicated Telegram channel about the possibility of a break to $11,400.
Altcoins return to flat performance
Altcoins meanwhile failed once again to capitalize on previous gains. A look at the top twenty cryptocurrencies by market cap shows most reversing progress made on Monday, when some outperformed Bitcoin itself.
Ether (ETH), the largest altcoin, then dropped 1.6% to slide back below $200. Litecoin (LTC) dropped more at 2.3%, while XRP shed almost 5%.
Ether 7-day price chart. Source: Coin360
Only Monero (XMR) and Bitcoin SV (BSV) showed signs of life, gaining 1.2% and 0.8% respectively.
The overall cryptocurrency market cap was $276 billion on Tuesday, down $3 billion from the day before, while Bitcoin’s share remained over 69%.