The Bitcoin price is recovering after a pullback from $10,500, a level that is widely considered to be a heavy level of resistance. Analysts anticipate a revisit to the $9,000s in the short-term, but the sentiment remains highly optimistic.
The last dip before the real Bitcoin rally?
Ahead of the Bitcoin reward halving in late April that is set to drop the amount of BTC that is produced by miners by half, traders expect a strong upsurge to meet the breakeven price of mining.
After the halving, mining Bitcoin will not be profitable if the price of BTC drops below $13,000. For that reason, the market will either see a significant drop in mining difficulty or a substantial increase in the Bitcoin price.
Throughout the past two years, the hashrate of the Bitcoin blockchain network has increased consistently, climbing to new record highs every several months. Given the large mining centers and resources miners have established, it may be more likely for the Bitcoin price to rise to the breakeven price of mining rather than the hashrate falling off to meet the Bitcoin price.
Technically, the Bitcoin price is currently undergoing a minor correction. One technical analyst explained that support levels of bitcoin can be found in the $8,000s, particularly in the $8,250 to $8,600 range. If BTC does not break below the $9,000 level, solid levels of support are found at $9,200 and $9,500.
A drop to the $8,000s would indicate the most extreme bearish scenario for Bitcoin in the current market landscape. As such, it is far-fetched to predict a sizable pullback to mid-$8,000 while the bitcoin price hovers above $9,200.
But, in the unlikely case that the Bitcoin price declines to the mid-$8,000 region, a technical analyst said that it would mark the last dip before the real extended rally for BTC takes place.
One major reason why traders are generally cautious about the Bitcoin price and anticipate a small correction is that the entire rally has been built on top of spoofers and inflated buy orders.
Much of the buying demand for BTC at the start of the rally came from margin trading platforms with highly-leveraged trades. That established a relatively weaker foundation for a proper full-blown rally.
BTC satisfies three factors for a potential pullback
A well-known trader who operates under the alias “Flood” said that Bitcoin has all three factors of a short-term pullback:
- Previous blow-off top spot for clear invalidation
- Huge funding
- Lack of follow-through on the $10,500 push
The high level of funding on BitMEX and other margin trading platforms incentivizes traders to short, as it forces long contract holders to compensate short sellers to provide balance in the market.
Bitcoin to Secure Bullish Rally as Candlestick Pattern Confirms
While seeing the technical chart, bitcoin cross is building up that foreshadows the bullish season for Bitcoin.
Bitcoin cannot stable is itself above the key level- $10,000- for a long time but plunged back. BTC performed opposite the claim of many maximalists as they predicted about the price value breaking the resistance level of $10,500. However, the technical analysis of the coin shows the formation of the golden cross- that may end up in the long-term bullish rally.
Last week, Bitcoin witnessed a great move and touched the figure of $10,500- the highest since the start of the year. But it started retracing back and recorded a 10% down in value. On the contrary, the analysts are obsessive with bullish predictions for the next coming days.
Formation of Golden Cross- Bullish Pattern
While seeing the technical chart, bitcoin cross is building up that foreshadows the bullish season for Bitcoin. Bitcoin cross usually makes when the short term moving average crosses the long-term moving average in an upward direction. Currently, it is clearly seen on the one-day BTC chart where 50-day MA is approaching the 200-days MA.
The speculation following the golden cross is not hypothetical but is pertaining to the past data. In April 2019, the BTC value was surged by almost 170% in three months after the formation o f the bullish pattern- the golden cross.
Not everyone is inspired by the particular candlesticks pattern as the crypto trader Shitcoin Riddler believes that we cannot predict whether it will pump the price or not as there are 55% chances for such happening.
‘’If we take the past odds and project it into the future, there is a 55% chance for $BTC to act as “expected” on the golden cross event. golden/death cross events don’t have a significant impact on bitcoin‘s price. People just try to fit coincidence in their bias
Bitcoin has outperformed major traditional assets as there is a disruption in the world economic markets due to Coronavirus outbreak but the digital gold is going up with other cryptocurrencies. According to many analysts, it is due to the interest of investors who are turning to bitcoin to experiment with their assets.
Crypto currency has now become more mature, we cannot say that the boost in digital currency is temporary or the trend is for limited time – As people are earning millions from trading. It has made a permanent position in the market even analysts are predicting it as “future money”. It is like a blank check for people, they can fill as much amount as they want to. The invention of automated trading platforms has provided a golden opportunity to traders to earn dollars with minimal efforts. They are not scam or fake, they actually work. However, we cannot trust all of them. One of the most secure automated trading platform now in the market is “Bitcoin Evolution”
How it works?
Bitcoin Evolution is not a scam or fraud rather it is one of the world widely trusted platform with an accuracy rate of 99.4%. Old traders or even beginners can boost up their earnings. It has been confirmed that Bitcoin Evolution is legal and registered – everyone can use this platform with no worries. Heavy machine learning algorithms have been used to make sure that the robots will take right decisions and quickly change the behavior according to market situations. Unlike, in manual trading you have to consider a lot of factors and then take a decision meanwhile the conditions may change. So, Robots will response (response time is 0.01) on your behalf, they start making transactions and respond in seconds. It has been observed that a user needs to spend half an hour or less.
Once you have earned money then the withdrawal stage comes and surprisingly this stage is very fast and secure in bitcoin evolution; a user can get their earnings in 24 hours which is an amazing fact in this platform as unlike other websites they take a minimum of 7 day for payment clearance.
The Bitcoin Evolution website is not restricted to geographical boundaries as they provide services in around 150 countries. We also realized that the developers of the auto trading platform have added features that can help all its users have a pleasant experience regardless of location. Every user has an equal importance.
How to Start Trading?
Account Registration and Security
All you have to do is to create an account on Bitcoin Evolution. It does not require any comprehensive details, you have to enter your name, email, phone number and a strong password this shows the convenience and security of this website. Keep in mind that your personal information and bank account details won’t be leaked out to third party as security and privacy is the main pillar pf bitcoin evolution. The Bitcoin Evolution software performs detailed research on each of our brokers to ensure that they provide A1 security on their trading platforms. As a result of this, you can have peace of mind that your trading activities are secure at all times. The developers have used SSL secure module on websites thus another prove of security.
Initial Trading and Funding
A trader can start the trading with the minimum deposit of $250 and a maximum of $15000. It has been tested that there are no hidden and extra charger by the site on trading. The founders have developed this site with sole aim of providing ease to people to earn money. Bitcoin evolution entertains MasterCard, Visa, PostPay, and Skrill among other payment options. It is recommended to new comers to start trading with minimum deposits and then enjoy the rewards.
Bitcoin Evolution is highly interactive unlike other auto trading website. It provide what so ever is stated. Every minor information is provided on the website to make sure that quality service and a healthy environment can be guaranteed.
Live trading option
A click on live trading lead you in to the market of crypto currency. Robots start making the transactions by quickly analyzing the market trends. The flawless algorithms is key feature of Bitcoin evolution no matter you are new into the market and don’t know a single terminology of digital currency or you are an experienced trader, both will surely earn thousands of dollars in a day. The trading robots can perform transactions with your funds on trading pairs that can match the following; Bitcoin, Litecoin, Ethereum, Ripple, Bitcoin Cash, and global currencies such as USD, EUR, CAD, or NZD.
Live trading option
All users who have active accounts on Bitcoin Evolution can test the demo trading feature on the system. It is a special platform that has similar features with live trading tools on the website. However, demo trading does not require the use of real money. We were able to observe how live trading is done by studying the demo trading platform.
Bitcoin’s high volumes in Africa, despite remittance restrictions, reflect growing popularity
As frustrations towards existing payment solutions in Africa rise, many of its residents have increasingly been turning to cryptocurrency. For instance, according to reports from 2019, 10.7% of all South Africans possess some form of cryptocurrency, with 7-8% of Ghana and Nigeria’s populations holding Bitcoin and altcoins.
Zimbabwe, in particular, has become one of the biggest markets for cryptocurrencies on the continent, with citizens increasingly flocking to Bitcoin due to the instability of the country’s fiat currency and economy.
On the latest edition of the Bitcoin Magazine podcast, Ray Youssef, CEO of peer-to-peer exchange Paxful, spoke about the state of cryptocurrencies in Africa and why the world’s second-largest continent is the main source of volume on the exchange on a daily basis.
“Financial issues are rife,” he said, adding that difficulties pertaining to sending money to even nearby countries through the banking system persist. According to Youssef, many African citizens might as well resort to moving cash across borders on trucks, even when the countries are separated by just a few miles.
This is an accurate assessment as lately, sending money outside Africa has also become increasingly difficult, with countries like Zimbabwe going so far as to ban the use of United States dollars, British pounds, and other foreign currencies in the nation. In fact, around three years ago, the Nigerian central bank had also placed restrictions on its citizens, forbidding them from sending money outside the country.
Youssef went on to cite the example of car dealerships in Africa to highlight this point. Many of these car dealers who had previously been making 300% profits importing cars from the United States found themselves in a pickle after such restrictions as they were then unable to send money to sellers abroad, something that spurred the people to find alternate methods of transferring value outside the country. That’s when they found Bitcoin, he said.
According to Youssef, between $40-50 million worth of Bitcoin volume takes place between Nigeria and China in just one week.
The poorest countries of the continent aren’t the only ones finding solutions to such problems, however. South Africa also imposed a remittance limit of R1,000,000 ($80,000), something to which its people found a slightly convoluted workaround for transferring value abroad. They do this by selling users in China iTunes gift cards from the United States and Europe, in exchange for Bitcoin, giving them access to otherwise cordoned off western media.
Youssef concluded the interview by highlighting Africa’s importance in the largest crypto-market, a sentiment shared by many in the space. In fact, as was reported by AMBCrypto, Twitter and Square CEO Jack Dorsey had recently declared that Bitcoin’s future would be defined by Africa.
Tendai Tomu, author of Libra in Africa, was one of those to share this sentiment too, stating that in light of the growing digital payments market in Africa, cryptocurrencies are well-positioned to build on its existing popularity.
Considering the steady growth and adoption of cryptocurrencies in the region, this might genuinely be the case.