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Bitcoin Price Looks North Despite SEC’s Latest ETF Rejection

  • Bitcoin’s short-term bullish view remains intact.
  • Daily chart indicators are biased bullish, while the 4-hour chart is reporting a bullish reversal pattern. So BTC could rise to $9,000 in the days ahead.
  • The bullish case would weaken if prices drop below key support at $8,110.

Bitcoin (BTC) continues to look north and may rise to $9,000 in the short-term despite a U.S. regulator’s decision to reject a bitcoin exchange-traded fund (ETF) proposal.

The U.S. Securities and Exchange Commission (SEC) on Wednesday announced that the ETF proposal filed by Bitwise Asset Management in conjunction with NYSE Arca did not meet the necessary requirements to prevent market manipulation and illicit activities.

The top cryptocurrency by market value hit a two-week high of $8,708 on Bitstamp and retreated to levels below $8,550 before CoinDesk reported the SEC’s decision at 21:45 UTC yesterday.

However, BTC remained bid following the negative news and has been restricted largely to a narrow range of $8,500–$8,650 in the hours since.

The cryptocurrency’s resilience is not surprising, as the market had set its bar of expectations low following the regulator’s repeated rejection of various ETF proposals over the last 12 months. Further, the low odds of the SEC approving the ETF had been priced in long ago, according to popular analyst Alex Kruger.

Bitcoin’s ability to hold on to gains may indicate Wednesday’s rally was primarily driven by the U.S. Federal Reserve’s decision to expand its balance sheet again.

Many observers had associated the price rise with speculation that the SEC might approve a new bitcoin-based ETF. If that had been the case, the cryptocurrency would have faced a sell-off following the regulator’s decision.

All-in-all, the doors remain open for BTC to continue rising amid the Fed’s move to increase its balance. As of writing, BTC is changing hands at $8,530 on Bitstamp, representing 3.54 percent gains on a 24-hour basis.

Short-term technical studies are calling a move higher toward $9,000, as seen below.

Daily chart and weekly chart

Bitcoin jumped 5 percent on Wednesday, confirming the impending trend reversal signaled by Monday’s bullish outside-bar candlestick pattern.

The MACD histogram is now producing higher bars above the zero line, indicating a strengthening of bullish momentum.

Hence, BTC could find acceptance above the 200-day moving average (MA) resistance at $8,632 and rise toward the former support-turned-resistance of $9,049 in the short-term.

On the way higher, BTC could face resistance at $8,951 – the descending (bearish) 5-week moving average.

4-hour chart

BTC jumped above $8,531 yesterday, confirming a double bottom breakout on the 4-hour chart and opening the doors for $9,348 (target as per the measured move method).

So far, the follow-through has been poor and the cryptocurrency is now teasing a drop below the former resistance-turned-support of $8,531.

That, however, should not be a cause for concern for the bulls, as markets often shake out weak hands by testing dip demand before building on a bullish breakout.

Moreover, the short-term bullish case will remain intact as long as prices are holding above the higher low of $8,110 created on Oct. 9.

Disclosure: The author holds no cryptocurrency assets at the time of writing.



Bitcoin Era Make Profitable Trades Using This Powerful Trading Software

Is bitcoin Era fake? No!

Before giving details about this software, let me clear one thing that Bitcoin Era is legit and registered. There are many mixed reviews circulating on the internet, but from our analysis we found it legitimate. The system is highly responsive and accurate. User testimonials declare bitcoin era as trustworthy, all the information provided on the official website of software proves to be accurate. We could not find any prove about its unauthenticity. Existing users claim the success rate 88%, again proves that it not a Scam.

What is Bitcoin Era App?

An automated trading software that provides an opportunity to users to earn thousands of dollars daily, without any trading experience. An experienced or a newbie are equal here both can earn same level of profits because robots will trade on their behalf. The minimum deposit of $250 is required to start live trading, it is recommended to avail this facility.

How it works?

A unique feature of bitcoin era that make them distinguish from other trading bots is the amazing speed of robots i.e. they analyze the data 0.01 seconds faster than other robots.
They have implemented sophisticated algorithms to determine the trade opportunities. From account creation to live trading, every process seems to be flawless. However, cryptocurrency market is highly volatile and anything can be expected so keep in mind risks is involve.

You can also read
Best Bitcoin Trading Software Review 2020

How to start trade?

Step1: Create an account
Enter your personal information on the short form, available on the official Bitcoin Era. Such information include complete name (first and last name), email address, phone number and a strong password is compulsory. Once verification will be done, you will be notifies your account has been created. Registration process is quite simple and hardly takes 5 minutes unlike other trading bots it does not demand any unnecessary information. Remember, registration process is absolutely free for users.

Step2: Fund your account
Like the registration process, this step also work smoothly. Deposit a minimum deposit $250 in order to start trade. Different payment methods are available, such methods include MasterCard, Visa, wire transfer, WebMoney, Maestro, Neteller, and Skrill.

Step3: Live trading
The demo trading option (optional) is also available for those who are reluctant use it as they don’t have any familiarity with the system. For those users demo trading option is available and it does not require real money.
Once you have capitalized your account, you are ready for live trading. Live trading involves the app analyzing the crypto markets for opportunities and placing corresponding trades. With Bitcoin Era, investors claim to make money in both falling and rising crypto markets

Why Bitcoin Era app?

The founders of bitcoin era claims an accuracy rate of 99.4%, which seems pretty cool. The reviews on the official platform are from real users, there are many fake trading bots available in market who lie about everything.

Customer support
Bitcoin era realizes that no matter how responsive a system is, sometimes users do face some issues. So, customer support team is available for users 24/7.

Predicted Profits
The profits are limitless, users have improved their living standards. Reviews analysis showed that users earned an average profit of $5k per day. However, there are some negative reviews that people are making huge gains only to lose nearly all their profits in less than a minute.
Keep in mind, invest whatever you can afford to lose.

The software has good reputation in the market, majority of users are happy with this trading app. According to user, it is very easy to work with bitcoin era and they are making huge profits.

Bitcoin era claim that they have implemented industry standard security protocol plus broker partners are the most trusted members of industry. The bot does not share the personal information of their users, without their consent.

Unlike other trading bots bitcoin era does not have any hidden charges or fees. Registration process is of free and no commissions on withdrawal or deposits

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Bitcoin Looking Healthy At $9,800 As Global Markets Tumble Amid Coronavirus Fears

Traditional financial markets are plunging today amid fears of the spreading coronavirus. While indices and stocks tumble across the globe, gold is increasing as investors turn to it as a safe haven. It reached its highest point since 2013. Amid this uncertainty, it’s interesting to see where Bitcoin’s price will go next.

Stock Markets Plummet

The coronavirus outbreak continues to expand with almost 79,000 confirmed cases globally. The death toll has risen to over 2,450, and 23 are outside of mainland China.

The effect of the deadly virus spreads among the financial markets as well. For instance, South Korea has reported over 600 cases, and its most popular index noted its worst trading day since late 2018. The Korea Composite Stock Price Index (KOSPI) decreased by almost 4% today.

The situation is not much better across the globe. The S&P 500 (SPX) futures were down with 1.5%, and Nasdaq (COMP) futures dropped with around 1.8%.

The Dow Jones Industrial Average (DJIA), measuring the thirty leading blue-chip U.S. companies, decreased with 1.61%.You Might Also Like:

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DJIA US30 4h. Source: TradingView
DJIA US30 4h. Source: TradingView

Bitcoin Reaction

Bitcoin has traditionally demonstrated a lack of correlation to traditional financial markets. However, over the past 24 hours, its price went on a rollercoaster. It touched an intraday high of around $10,000 and a low of around $9,600. At the time of this writing, bitcoin is trading at $9,800, marking a healthy recovery.

BTCUSD 4h. Source: TradingView
BTCUSD 4h. Source: TradingView

From a technical standpoint, the $10,000 level serves as a significant resistance level. It rejected Bitcoin a few times since yesterday. In terms of support, the next measurable level is at $9,550. Should it fail to hold the price, traders should consider $9,400.

Earlier in January, when the coronavirus epidemic started to boom, both Bitcoin and gold were increasing. This led some to think that both assets were used as a hedge.

Gold and Oil

At the start of 2020, during the attacks between the U.S. and Iran, gold, oil, and Bitcoin were moving similarly. While the traditional market was plunging again, all three surged.

Despite that, the outcome so far today is somewhat different. Oil fell with 2.8% to below $57 per barrel. At the same time, gold records its highest point in over seven years.

XAUUSD 4h. Source: TradingView
XAUUSD 4h. Source: TradingView

The precious metal is regarded as the most widely-used hedge in times of uncertainty, political and economic tension, or even war. This is reaffirmed today, as gold increased with over 2.7% from $1,641 to $1,688 in just a few hours.

News Source

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Bitcoin Profit review 2020

Bitcoin is the first decentralized digital currency and as we know that Cryptocurrency has number of advantages as compared to flat money. It allow users to send coins from one person wallet to another via internet, with very low amount of fees. It can be traded all over the world on different exchanges and we know that Nowadays, bitcoin trading is on its peak, people are experimenting different techniques for such trading i.e. some ways are successful while others are scam. Automatic trading platforms like bitcoin profits have been developed to provide an ease in bitcoin trading.

What is Bitcoin Profit?

An automated trading website, developer (John Mayers) claim that they have implemented a strong software that works 0.01 seconds faster than any other trading bot available in the market. The application generate trade signals for users and automatically make transactions (buying and selling of bitcoin and Ethernet). The whole process of signal generation and brokers trading is fairly simple and free of any hidden charges. However, 1% of profit will be taken by developers as their dividend.

Remember, Bitcoin profit is legit and registered. There are some negative critics about this platform on the internet but they are fake. It is recommended to start trading with a minimum deposit of $250.

You can also read
What is Bitcoin Trading How You Can Trade like a Pro?

Why Bitcoin profit?

  • Accurate with success rate of 92%, maximize your profits with bitcoin profit
  • Available in app, feasibility for users
  • Simple interface and easy to use, highly responsive software as compared to its competitors
  • Accept debit and credit cards
  • Minimum deposit of $250, do start by using this conservative option
  • Fast registration and seamless withdrawal
  • 24/7 customer service is available
  • No hidden charges
  • On average user earn $1300 per day

How to start trade?

Step1: Create an account
All you have to do is to fill the short form available on the official website of bitcoin profit. For signup the required information include full name, email address, phone number and a strong password for your security. You will need to verify your account by following a link sent to you via the email address provided. Alternatively, you can receive a text on your phone with a code with which you can activate your account. After verification, you can go ahead and create a password for your account. The process will hardly take 5 minutes and you will be taken to the main dashboard.

Step2: Fund your Account
Now it’s time to deposit real money into your account to start trading. Bitcoin Profit trades with many pairs, including BTC/USD, ETH/USD, XRP/USD, LTC/USD and Crypto/Crypto as well. The cryptocurrencies available in the platform are Bitcoin, Ethereum, Ripple and Litecoin.
The payment options include MasterCard, MerchantPay, SafePay, Visa, GiroPay, and other Debit card options.

Step3: Demo or live Trading
To get familiarize with the bitcoin profit you use demo trading either before trading or after trading. The things are same as live trading procedures but you do not need any real money for demo trading.
Live trading option will be activated with live trade button. Different settings need to be done like to set the stop loss limit. This feature helps to protect you from unexpected downfalls.

Key features

Bitcoin profit claims to an average earning of $1300 per day. After live trading sessions, the earned profit will be credited to users account.

Verification system
This feature seems to work smoothly, they verify all the details and make sure that right person receive the money.  Bitcoin profit works for two objectives, (1) to protect our business from money launderers and other bad actors, and (2) to help you recover your account in case you lose the password.

Brokers will assists you in the withdrawal process, the request will be processed in 24 hours and amount will be credited to user account. 1% of profit will be taken by bitcoin profit software.

Customer support
Bitcoin profit hire professional customer support staff. The team will guide users 24/7, you can contact them via live chat or send an email.

Software hire only highly skilled brokers available in the market, they trade on behalf of users.

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