Bitcoin 

Bitcoin Price Key Pattern Is Suggesting 68% Chance of Bullish Reversal

Bitcoin (BTC) closed the week down almost 6% at $8,500. Altcoins performed slightly better than BTC but collectively also closed lower for the week, down 3.5% against the dollar. Bitcoin dominance remains relatively flat and continues to hold 68% of the total share of the cryptocurrency market. Monday has brought lower prices on open with Bitcoin down around 0.75% and the rest of the market following suit.   After a slow start to the week, let’s take a closer look at the price action to determine if there is any change…

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Bitcoin 

Long Bitcoin, Bullish on Altcoins – XLM, VET, ONE

Altcoins have been inching their way deeper into my trading routine and this seventh entry of the crypto trading journal features a newly opened position on VeChain (VET), as well as a timely buy of Stellar Lumens (XLM). I am still long on Bitcoin (BTC) from under $9,000, as price moves sideways. XLM/BTC Part 1: Setting up the trade Entries: .00000800 satoshis (sats), .00000870(sats), .00000797 (sats) Targets: 0.00000940 (sats), .00001044 (sats) Stop loss: The first stop loss was set at .00000781 (sats) on the breakout. As usual, I move this…

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Bitcoin 

‘Bullish for Bitcoin’ — China Scraps Plans to Ban Cryptocurrency Mining

Bitcoin (BTC) mining will not face a state crackdown in China, authorities have confirmed in new official documents. As noted by Blockstream CSO Samson Mow and others on Nov. 6, mining no longer features on a list of industries Beijing considers undesirable.  “Bullish for Bitcoin” The change came via a new edition of China’s Industrial Structure Adjustment Guidance Catalog, which will take effect from the start of 2020. “China’s National Development and Reform Commission has removed #cryptocurrency mining from the list of industries they want to eliminate. Bullish for #Bitcoin,”…

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Bitcoin 

Bitcoin’s First Monthly Gain Since June Spells Bullish for Q4 2019

Bitcoin price (BTC) closed out October at $9,150, which represents the first monthly gain since June.  October also brought new lows of $7,300, which was met with a memorable swing of around 40% back up to highs of $10,350.   So far, Friday has brought a small gain to Bitcoin price of around 0.39%, but down over the previous 24 hours by 1.61% with the retrace also being seen among the other major coins.  Cryptocurrency market daily view. Source: Coin360 Monthly Bitcoin price chart The Bitcoin chart clearly shows that BTC…

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Bitcoin 

Bitcoin Hash Rate Record Highs Shows Miners Are Long-Term Bullish

Bitcoin (BTC) continues to set new records for its network hash rate this month, a sign that miners have shaken off weak price performance. Hash rate hits all-time highs in October Data from monitoring resource Blockchain confirmed hash rate hit 114 quintillion hashes per second on Oct. 23.  Bitcoin network hash rate (12 months). Source: Blockchain This is the largest reading ever and echoed by others such as BitInfoCharts, which recorded an all-time high of just over 110 quintillion at the same time. Coin Dance numbers put the all-time high…

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Bitcoin 

Bitcoin Price Drops Below $8K as Bears Try to Break the Bullish Trend

Bitcoin (BTC) price has continued its multiple-day slide, dropping 5.3% over the past two days and 9.6% from it’s $8,800 high 5 days ago. While Bitcoin bears are celebrating, the price remains range-bound, as can be seen clearly on the daily chart. Bitcoin price has been trading in this range since September 25th, the day after the large drop from $10,000.  Bulls will be looking for a break above the range to signal likely price appreciation, while the bears have their eyes on the bottom for a breakdown and further…

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Bitcoin 

Bear Trap? Bitcoin Price Bullish Divergences Emerge Amid Market Fear

While Bitcoin price (BTC) is moving in a close range and altcoins start to move upwards, the overall sentiment of the market is still fear. Crypto market data. Source: Coin360 Fear is a normal expression seen from investors during downwards trending markets as traders and investors tend to be fixated by short term movements, similar to the euphoria in December 2017.  However, is it justified to have this fear checking the macro perspective of the market, or is it providing a great buy opportunity? Bitcoin stuck in a cage BTC…

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Bitcoin 

Bitcoin Price Must Break $8.8K Level for Bullish U-Turn, Says Analyst

Bitcoin (BTC) lingered around $8,400 on Sept. 26 as relative stability returned to markets after their tumultuous fall earlier in the week.  Cryptocurrency market daily overview. Source: Coin360 Bitcoin price ponders resistance at $8.5K Data from Coin360 showed sideways behavior for BTC/USD on Thursday, with only a brief move to $8,600 disrupting the trend.  24-hour lows for the pair currently sit around $4,235, while overall, markets remained 15% down versus their levels before the drop on Tuesday.  Bitcoin seven-day price chart. Source: Coin360 As Cointelegraph reported, attitudes about Bitcoin’s health…

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Bitcoin 

Multiple Timeframes Show Macro Bullish Trend Intact

Bitcoin price made a strong downside move yesterday, dropping nearly 16% from the daily open at $9,691 to a new local low at $8,164. In doing so, price broke strong support at $9,090 and exited the range that it has been trading in since June. Bitcoin’s price action remains bearish below this range. BTC/USD Daily Chart. Source: TradingView Keep an eye on the patterns There were three patterns widely identified by traders on the Bitcoin chart — the descending triangle, descending channel and bull pennant. Bitcoin bears pointed to the…

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Bitcoin 

Ethereum, Dogecoin Signal First Bullish Trend Reversal in 2 Years

When the Binance ban for users in the United States was first announced a few months ago, the market feared that significant volume and money would exit.  Interestingly enough, days after the proposed U.S. ban news came out about the launch of Binance America, altcoins suddenly started to move upwards with decent volume. Sell the rumor, buy the news. Cryptocurrency market 7-day performance. Source: Coin360 It’s not only Ether (ETH) making significant gains upwards after bouncing from $170 either.  Other altcoins are also currently outperforming Bitcoin (BTC). Stellar Lumens (XLM)…

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