WOW!! BITCOIN HAS NEVER BEEN THIS OVERSOLD BEFORE THE HALVING!!!! 1 Month Left!!

WOW!! BITCOIN HAS NEVER BEEN THIS OVERSOLD BEFORE THE HALVING!!!! 1 Month Left!!

Опубликовано: 13 апр. 2020 г.

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Bitcoin Halving Fails to Conjure Bulls above $7k, Leading Analyst Calls it Quits

Bitcoin Halving Fails to Conjure Bulls above $7k, Leading Analyst Calls it Quits

Bitcoin [BTC] price drops over 7% towards the end of the last day as it fails to hold support above $7000.

The weekly closing in Bitcoin was around $6910, as the price dropped further from support to test lows at $6550. The closing candle – a shooting star, was bearish as well. Currently, the price is also trading below the mid-line between the 50 and 200-period at $6850.

Nevertheless, the CME gap might be a short-term bullish indicator as the traders might look to refill it to $7290. On a daily scale as well, the price rejected from the 50-Day EMA (Exponential Moving Average) which has turned into resistance at $7200.

The price of Bitcoin [BTC] at 5: 00 hours UTC on 13th April is $6710.

With less than a month left to halving, this is the first time Bitcoin [BTC] will be going into halving with bearish momentum.

The Relative Strength Index (RSI) market indicator, developed by J. Welles Wilder, a momentum indicator is below 50, heading towards the oversold region. In the past, this close to halving (blue and red dots) the price has had a greater bullish inclination.

#bitcoin RSI … never been this weak before the halving pic.twitter.com/dBAoKo0agV

— PlanB (@100trillionUSD) April 12, 2020

Moreover, the current macroeconomic environment with the Coronavirus crisis upon the world fundamentally strengthens the argument for Bitcoin use. The economic stimulus from the Governments and the Federal Reserve has had believers promoting decentralization and constant supply of Bitcoin.

However, lately, BTC has shown a stronger correlation with the stock markets, than with safe-haven asset like Gold.

Veteran trader and chart analyst, Peter Brandt tweeted a bearish chart as the price broke below support confirming the bearish ‘head and shoulders pattern.’ However, he soon deleted the tweet due to the ‘obnoxious’ behaviour of Crypto Twitter. The contents of the tweet are,

There is an old adage in trading.

Markets that won’t rally when they have all the reasons to rally are markets can’t rally.

The target of the break from support is around $5,900-$6,000.

Do you think the bulls will be above to revive the belief towards Bitcoin or it faces a further existential crisis? Please share your views with us. 

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Bitcoin Halving Fails to Conjure Bulls above $7k, Leading Analyst Calls it Quits

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Bitcoin Halving Fails to Conjure Bulls above $7k, Leading Analyst Calls it Quits

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Bitcoin [BTC] price drops over 7% towards the end of the last day as it fails to hold support above $7000. 

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Binance Futures Limited Offer: Use this link to register & get 10% discount on fees.

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

Source: coingape.com


$30 Million Liquidated as Bitcoin Price Plunges to $6,600

$30 Million Liquidated as Bitcoin Price Plunges to $6,600

Over the past two hours, Bitcoin has rapidly reversed after it passed $7,000 on Sunday. As of the time of this article’s writing, the cryptocurrency trades at $6,675, some 8% below the daily high around $7,200. BTC wicked as low as $6,580 just minutes ago.

According to data from Skew.com, this strong move lower resulted in $30 million worth of long-side liquidations on BitMEX while other platforms probably saw a similar move. Sellers seem to be accumulating shorts into the crash, with BitMEX open interest denominated in BTC actually rising from around 71,000 BTC to 73,000 BTC amid the drop.

It isn’t clear what caused this move, but gold has begun to rally while the futures for the American stock market (S&P 500 futures and Dow Jones futures) have seen a tepid open after a record rally last week.

According to prominent crypto trader Mac, the recent price action is likely going to be a precursor to a rally to fresh multi-week highs. His chart, published when BTC was surging past $7,000 just hours ago, predicted a return to $6,600, which just took place, and then a subsequent 15% rally to $7,600, which has yet to take place.

$BTC looking at something aka this, will re-evaluate on weekly close pic.twitter.com/hQfK2KoKJ8

— Mac ❄️🐺 (@MacnBTC) April 12, 2020

To add to this, per previous reports from NewsBTC, Su Zhu of crypto and forex fund Three Arrows Capital observed that on April 10th, there was a massive Ethereum buy wall on Bitfinex. Buyers, in fact, put up a jaw-dropping 250,000 ETH worth of bids between $159 and $162, amounting to a cost of around $40 million.

Furthermore, multiple pieces of evidence — such as web traffic measured by Alexa, anecdotal stories from friends and family, and order book data — suggest that buy-side demand for Bitcoin is starting to ramp up.

There are some, however, fearing that a deeper drop is on the horizon. Crypto trader Mayne shared the below chart, indicating that Bitcoin is in the midst of falling out of a rising wedge structure, textbook bearish, that was formed when the cryptocurrency hit the $3,000s back in March.

#Bitcoin pic.twitter.com/bIFek9JpHN

— Mayne (@Tradermayne) April 13, 2020

The wedge playing out as it did back in February could see yet another leg to the bear market that Bitcoin is now embroiled in.

Featured Image from Unsplash

Source: www.newsbtc.com

Author: Nick Chong


Bitcoin (BTC) Holders About to Learn Expensive Lesson: Peter Schiff

Bitcoin (BTC) Holders About to Learn Expensive Lesson: Peter Schiff

Yuri Molchan

Gold advocate Peter Schiff criticized Bitcoin holders, saying their knowledge of how money works is poor. He is predicting big trouble for them ahead

The vocal Bitcoin hater and the CEO of Euro Pacific Capital Peter Schiff has yet again taken to Twitter to pour critiques over the flagship cryptocurrency. While standing against the cash printing recently implemented by the Fed Reserve, amid the financial crisis caused by the coronavirus breakout, Schiff is promoting gold and while slamming Bitcoin, unlike other major influencers, such as Robert Kiyosaki.

The ‘Rich Dad, Poor Dad’ author, investor and entrepreneur is heavily criticizing the Fed for its recent actions but he points both at gold and Bitcoin as a means of fund hedging.

Schiff has tweeted that trying to talk to them about the concept of money is similar to banging your head against a wall. He also stated that BTC enthusiasts are ‘about to learn a very expensive lesson in economics’.

In a previous tweet, the Euro Pacific Capital CEO stated that, despite BTC growing more than gold recently, this state of things is likely to change in the next few years. Gold will go to the moon, says Schiff and BTC will crash back to earth.

Recently, Peter Schiff took part in VC investor and vocal BTC supporter, Anthony Pomplianos podcast – ‘Off the Chain’. In it, Schiff suggests that Bitcoin just might do well over the next few years. However, eventually, he stated, BTC is bound to drop heavily.

Prior to that, Peter Schiff stated that Bitcoin attracts only the attention of speculators since nobody else would buy a volatile asset in the hope that it may become a safe haven in the future. His conclusion was – Bitcoin will never become a safe haven.

Trader MMCrypto responded to Peter Schiff’s anti-Bitcoin tirade, accusing him of being short-sighted and claimed that, deep in his heart, he might regret not buying Bitcoin when it was worth $1.

Crypto trader @TheMoonCarl gave Schiff a milder response, as if hoping to convert him into buying BTC.

Source: u.today

Author: Mon, 04/13/2020 – 08:42


WOW!! BITCOIN HAS NEVER BEEN THIS OVERSOLD BEFORE THE HALVING!!!! 1 Month Left!!

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