Bull Gone: Bitcoin Price Forming Doji to Signal Potential Trend Reversal

Bitcoin price on Tuesday reached a session high on Coinbase at $3,586 but remained in the fears of a potential reversal action overall.



Bitcoin/Dollar 1D CHARTS | SOURCE: COINBASE, TRADINGVIEW.COM


Ahead of the US session so far, bitcoin’s opening and closing positions today have remained very close to one another, as indicated by the small candlestick. Called a Doji candlestick formation, this signals a potential trend reversal. We saw a similar creation recently on December 15 during the downtrend action. The price corrected exceptionally well to the upside after that, recovering as much as 14% of the previous losses.

And now, we are looking at the Doji again. It could mean that bitcoin will either undergo a sideways consolidation or potentially end up finishing the rally altogether.

    The Doji tells us that bulls aren’t out of their shells yet.


Bitcoin/Dollar Technical Indicators


Bitcoin/Dollar 4H CHART | SOURCE: COINBASE, TRADINGVIEW.COM


The Bitcoin/Dollar rate appears to be inside a tight bear flag formation, akin to the price action between 18 and 29 November. The pair is only beginning to break out of the structure, albeit sideways, again pointing to extended bearish sentiment. Even if we see it moving above the critical resistance area of 3586-3647 USD/EUR, it cannot guarantee a sustained upside momentum.

On a 4H chart, the Relative Strength Index is also rejecting further upside gains and is correcting from its overbought area. The bias is utterly bearish, as of now.

Nevertheless, the intraday price action could bring adequate opportunities to take out small but decent profits. Let’s have a look.


Bitcoin/Dollar Intraday Analysis


Bitcoin/Dollar 1H CHART | SOURCE: COINBASE, TRADINGVIEW.COM


We are first looking at our parameter of the day, defined by dotted horizontal lines in red and green. While 3586-fiat is acting as our interim resistance, 3446-fiat is providing an equally credible interim support.

We will first begin with our intrarange action. It means entering a long position towards resistance on a bounce back from support and a short position towards support on a pullback from resistance. The circa $130-gap between the levels would thus give us plenty of opportunities to make profits, providing we also maintain a stop-loss order just 1-pip opposite the direction of the price action.

In case either of these levels fails to hold Bitcoin/Dollar, we will switch to our breakout/breakdown strategy. In case the pair pierces through 3446-fiat, we will open a short towards 3323-fiat, our primary downside target of the session. A stop-loss at 3436-fiat will meanwhile protect us from additional losses should the price bounce back.

In case the pair jumps above 3586-fiat, we will open a long position towards 3647-fiat while maintaining a stop-loss order at 3576-fiat to maintain our risk management strategy.

These are all great motivational movies but let me add some of my best motivational movies too.

1. Tron
2. Elysium
3. Hackers
4. The Matrix Trilogy
5. Batman Trilogy

In regard to all these, I don't think the bitcoin price will surpass $20,000 in 2019. I see 2019 as a recovery year for bitcoin and nothing more as many people are afraid of seeing another market crash. Perhaps, the bitcoin will see another ATH in the year 2020.

Hi old-timers, it appears there is a new bull in the market.  
am I the only one seeing this or this is just the last pump of the year 2018?

I don't know what Mr. Ayre smoked today
Bitcoin is currently selling at $3,535 while BSV is only at $80.
How BSV is going to surpass BTC in 2019, I still don't know... Oh, sorry I forgot the bitcoin is falling to zero

Bitcoin Price Will Crash to Zero Says Calvin Ayre

Former Bitcoin Cash advocate Calvin Ayre predicts that the flagship cryptocurrency, Bitcoin, will plunge to zero in 2019 because it’s worthless. But never fear, he said,  because Bitcoin Cash Satoshi Vision (BSV) will be there to save the day.

Interestingly, Ayre insists that the Bitcoin price is being deliberately deflated right now in order to stamp it out of existence. He did not offer any proof to back up his dubious claim.

“Bitcoin — the technology and economic model — are alive and well with Bitcoin SV, and it’s going to have an amazing year,” Calvin Ayre vowed.

“I am predicting it to go to zero value [in 2019], as it has no utility,” Ayre told Express UK. “It does not do anything, and they intentionally are anti-scaling.”

Ayre — who’s known for his controversial bluster — said Bitcoiners need not worry when their preferred crypto goes down in flames, because Bitcoin SV will happily take its place.

“Bitcoin — the technology and economic model — are alive and well with Bitcoin SV, and it’s going to have an amazing year,” he vowed.

Arthur Hayes, the CEO, and co-founder of BitMEX, an exchange which has done almost $1 trillion in volume over the past year, spoke on the most recent episode of Laura Shin’s Unchained podcast from the CME Global Leadership Conference in Naples, Florida. Shin asked her guests what they thought the future of blockchain technology would look like.

Hayes went first, telling the story of how he had gotten involved in crypto trading. Hayes worked at Citi Bank until May, 2013. He said that when he lost that job, he got into trading Bitcoin for a living. During that time, he got into derivatives trading. About 8 months after losing his job is when he co-founded BitMEX, in January of 2014.

Then he said that he believes in the future, 24/7 trading, as we have in crypto markets but not in most stock markets, will become the norm.

    What really struck me about Bitcoin and the world of crypto assets was that for the first time, you basically have access for people who otherwise wouldn’t interact with financial markets. […] I think 24/7 trading of all different types of assets is something that’s going to be the future, and that will bleed into other markets we’re all familiar with, you know, FX, fixed income, and equities.


Reference: https://www.ccn.com/bitmex-ceo-24-7-trading-of-all-types-of-assets-is-the-future/

New US Chief of Staff: Bitcoin is Good, ‘Not Manipulable by Any Government’



his week, following the scheduled leave of John F. Kelly, United States President Donald Trump has chosen the pro-Bitcoin Mick Mulvaney to serve as the acting White House Chief of Staff beginning 2019.

According to the Washington Post columnist Matt O’Brien, Mulvaney has been vocal about his support of Bitcoin (BTC) and in a speech covered by Mother Jones praised the decentralized nature of Bitcoin as a consensus currency.

In 2016, Mulvaney reportedly said that the Federal Reserve “effectively devalued the dollar” and emphasized that the exercise of such control is not possible with a cryptocurrency like Bitcoin that is “not manipulable by any government.”

Is it Good For Bitcoin?
Having a high profile official and an influential member of the Trump administration is certainly positive for the long-term growth of the asset class.

While the neutral stance of Mulvaney towards the cryptocurrency sector could affect the mindset of regulators and lawmakers in the U.S. to a certain extent, it realistically cannot have a short-term impact on the roadmap implemented by commissions like the U.S. Securities and Exchange Commission (SEC) or the Commodities and Futures Trading Commission (CFTC).

Reference: https://www.ccn.com/new-us-chief-of-staff-bitcoin-is-good-not-manipulable-by-any-government/

Bitcoin Bear Market Is Scaring Off Institutional Investors, Claims JPMorgan



Institutional investors are being scared off by the protracted crypto bear market. That’s the assessment of a team of JPMorgan Chase & Co. analysts, including global market strategist Nikolaos Panigirtzoglou.

“Participation by financial institutions in Bitcoin trading appears to be fading,” the JPMorgan team wrote in a December 14 research note.

    “Key flow metrics have downshifted dramatically.”

Panigirtzoglou says crypto trading volumes have plummeted, as has interest in bitcoin futures. This has spawned a crushing fallout across the entire market, he observed.


JPM: Altcoins Are Getting Crushed
“Other cryptocurrencies continue to suffer disproportionately during this correction phase,” according to the JPM note.

Moreover, JPMorgan says the Crypto Winter has caused mass attrition among unprofitable miners as the hashrate has continued to unravel during the past few months.

    “This suggests that prices have declined to a point where mining is becoming uneconomical for some miners, who have responded by turning their mining rigs off,”

Meanwhile, market insiders say a myopic focus on mining costs makes analysts lose sight of the big picture.

Barry Silbert, the founder of crypto investment fund Digital Currency Group, said mining costs are not the proper benchmark with which to value the asset class.

    “You have to separate the investment decision that a miner is making from the operating cost for them to mine the bitcoin,”

Reference: https://www.ccn.com/bitcoin-bear-market-is-scaring-off-institutional-investors-claims-jpmorgan/

According to the International Monetary Fund (IMF), the global debt has achieved $184 trillion with $86,000 per person, a figure that is twice larger than the global average income per-capita.

Out of the $184 trillion, The Balance reported that $21 trillion comes from the U.S., making up for around 11.4 percent of the global debt.



Source: USDebtClock.org


With corporate, mortgage, credit card, and student loan debt rising to historic highs, some analysts are concerned regarding the build-up of a bubble that could implode in the years to come.

How Debt Increased so Rapidly
Throughout 2017, the U.S. stock market had one of the strongest rallies in recent history, as the Dow Jones surged from 19,762 points to 25,000 points, by more than 26 percent from January to December of last year.

As the U.S. stock market demonstrated strength and momentum, both corporations and individuals started to spend more, acquiring all types of loans. In a bull market, consumer confidence rises and naturally, spending increases significantly.

Many individuals started to purchase homes they could not afford with high-interest mortgage loans and obtain debt to buy expensive products. Consequently, in January, credit card debt in the U.S. hit an all-time high, surpassing $1 trillion for the first time.

This month, student loans, which are federal loans that are not eligible for bankruptcy, established a new record by achieving $1.465 trillion.

Paul Della Guardia, an economist at the Institute of International Finance, said:

    “Over 90% of student loans are guaranteed by the U.S. Department of Education, meaning that if a recession causes a rise in youth unemployment and triggers mass defaults, this contingent liability could prove burdensome for the U.S. government budget.”

With debt at a historic high and the U.S. stock market declining amidst an ongoing trade-war with China, Michael Temple, a director of credit research at asset manager Amundi Pioneer, said in late November that the U.S. has a big problem in its hands that may lead to a recession.

However, since November, many companies in the Dow Jones and S&P 500 have experienced a large decline in their stock price in the range of 10 to 30 percent, a fairly large margin considering that they are the largest corporations in the global market.

Temple said:

    “The answer hinges on how long we have until the credit cycle turns, how long we have until interest rates have gotten to the point where they start to snuff out economic activity. If we were of the opinion that interest rates are already too high for the economy to stand and the recession was going to happen sometime next year, then I would say we’ve got a real big problem here.”

Possible Recession
Global debt is continuing to increase at a consistent rate and if the instability of the global stock market is sustained throughout the months to come, the record high credit card, mortgage, and student loans could accelerate the decline of financial markets.


Reference: https://www.ccn.com/global-debt-hits-184-trillion-and-11-4-of-it-is-from-the-us-big-bubble/

The cryptocurrency market is on another one.
it appears we are on the verge of seeing the next bull run as the market added over $14 in the last 3 days.

We encourage solid discussions of bitcoin daily speculations. This is a self-moderated topic, the spam (lazy posts) will not be tolerated.

Try to post high quality bitcoin speculations (including images of market chart, and references) of the markets from all over the web. There are many high experienced members/readers that are here to contribute more about the market situation.

Example:
Teen Bitcoin Millionaire Erik Finman Proclaims Bitcoin Is ‘Dead’ in the Long Term

Teen crypto star Erik Finman has said Bitcoin (BTC) “may have a bull market or two left in it,” but that “long-term, it’s dead,” in an interview with financial news site MarketWatch on Dec. 17.

Finman is famous for his precocious investment in Bitcoin back in 2011, when he reportedly bought in — at the age of twelve — at $12 a coin. The high schooler’s $1,000 gift from his grandmother thus became over $4 million during the cryptocurrency’s 2017 all-time price highs. Finman sealed further fame by notoriously winning a bet with his parents that if he became a crypto millionaire before the age of 18, he could opt out of going to college.


Reference: https://cointelegraph.com/news/teen-bitcoin-millionaire-erik-finman-proclaims-bitcoin-is-dead-long-term

A picture is worth a thousand words, dude! If you don't like it scroll down or close your eyes... I like it that way!

The TRON Foundation launched its TRC20 exchange this week. It is a place for people to exchange tokens issued on the TRON platform. The TRC20 exchange is located at TRX.market. The TRC10 token exchange is still on Tronscan, the primary block explorer and information service for the Tron ecosystem.

TRC20 and TRC10 tokens can be understood as Tron-native analogues to ERC-20 tokens. The TRC10 token is a user-issued token that doesn’t require the writing of a smart contract. The TRC20 token provides all the functionality and power of a smart contract-based token system. TRC20 is very similar to ERC20. All that’s needed to issue a TRC10 token is 1024 TRX, which are the equivalent of Ether in the system. TRX were trading at $0.013 USD at time of writing.

Tron has a number of decentralized applications running on it at present time, and despite the overall market downturn, usage was up, according to the foundation’s own metrics, by 48% over the last week. Usage crossed the 1 million transaction threshold in a single 24-hour period. In their blog on the subject, Tron wrote:

    “This week, the 24-hour transaction number for Dapps reached 1.04M, a 48% increase compared with last week; the 24-hour trading volume hit 640M TRX, an 151% increase compared with last week. We have seen significant increases in both indexes […]”

One of the more interesting projects built on Tron is SeedIt, a decentralized platform that lets users contribute funds to content creators they most appreciate. Also Project Atlas, which incentivizes people to seed content on the BitTorrent protocol, the flagship program for which Tron acquired back in July.


Ethereum DApps Not Seeing Much Usage
If we take a look at the rankings on dAppRadar and dAppTrack, we see that Ethereum dApps overall would be in a whole new league of usage if they saw anywhere near the transaction activity that Tron dApps do. There are factors that mitigate actual Ethereum dApp usage, and one is that several sub-platforms have been built and run on Ethereum which would not contribute to direct Ethereum dApp activity.



Source: dappradar.com

Also, not all token activity is decentralized application activity – for instance, the Basic Attention Token is not exactly a decentralized application. Yet, it sees several thousand tokens transmitted per hour. Same thing with  Binance Coin (BNB), which has a volume higher than many non-token altcoins. BNB had over $15 million in volume in the last 24 hours at time of writing. Since it’s not used as a decentralized application, it doesn’t count as dApp transaction activity despite seeing a high usage.

All of which is to say we’re not insinuating that the Ethereum blockchain is currently under-used. But the data tells us that the dream of Ethereum decentralized apps has yet to be realized in the form of a “killer dApp.”

The central focus of most Ethereum developers has been scaling solutions. Second-layer scaling has been a major avenue of investment in the Ethereum world. Projects like Raiden and 0x saw massive investments, and dApps which build on these sidechains would not necessarily contribute to Ethereum mainnet’s statistics, either.

Reference: https://www.ccn.com/tron-dapp-usage-jumps-48-more-than-1-million-transactions-last-week/

Hackers have devised a new way to steal your cryptocurrencies. This time, they are running a massive scanning campaign to pick out Ethereum wallets and miners with a specific vulnerability.

Per reports on ZDNet, crypto hackers are targeting Etherum wallet and mining equipment going through devices with an exposed port 8545, the standard port for the JSON-RPC interface — a programmatic API that sits on the local device and can be used to query for mining-related information.

Ethereum developers had warned users about the dangers of exposing the JSON-RPC interface when using mining equipment and Ethereum software, instructing users to enable a password for the interface or activate a firewall to filter internet traffic coming to the vulnerable port.

By design, the JSON-RPC interface doesn’t come with a default password. It’s dependent on users setting one, which they rarely do. For Ethereum wallets or mining equipment whose port is left exposed on the internet, hackers can send commands to the API and remotely transfer funds out of the wallets.

The report states that mining rigs producers and Ethereum wallet developers have done their bit to limit the damage caused by this problematic interface by warning users of the need to add a password. Others have gone the extreme route of removing the interface altogether, but since this wasn’t a united effort, the problem persists.

While there had been plenty of Ethereum scanning campaigns over the last two years, this is the first time scans have been reported in a bear market. In fact, the report cites data from Tory Mursch, co-founder of Bad Packets LLC, who told the news outlet that the scan campaigns tripled in December, compared to last month, when prices were stable.

    “Despite the price of cryptocurrency crashing into the gutter, free money is still free, even if it’s pennies a day.”

What makes these scans hard to believe is how easy one can procure the tools needed to exploit Ethereum clients via an exposed port 8545. According to the report over 4,700 devices, mostly made up of Geth mining rigs and Parity wallets, are the most vulnerable devices exposing their interface to intruders.

Last year, hackers stole $32 million in ether through a vulnerability in Parity’s popular multi-signature wallet, leading to the development team instructing users who were holding ETH in Parity wallet clients to move their funds to a secure address.


Reference: https://www.ccn.com/psa-if-you-mine-ethereum-youre-a-target-for-crypto-hackers/

On Friday, as the Bitcoin price fell by around six percent against the U.S. dollar, several reports claimed that the dominant cryptocurrency dropped in value due to bomb threats.

One report from Business Insider Australia, for instance, stated that following an email blast of bomb threats in New York, the price of the crypto asset endured a correction.


Wrong Argument Against Bitcoin
A common misconception that Bitcoin (BTC) by nature is anonymous or impossible to track is simply not correct.

As a consensus currency, Bitcoin is based on a decentralized network called the blockchain that is sustained by an open-source community of developers, miners, and node operators.

When a miner approves the settlement of a transaction by including it in a block, the transaction is broadcasted to the public blockchain network via nodes which relay information across the network.

Through the utilization of the public blockchain network and blockchain explorer tools, anyone on the network is able to track, trace, evaluate, and analyze the wallets that receive a suspicious transaction.

Some startups like Chainalysis place tags on certain wallets or transactions that are said to be related to criminal operations and follow the trail. If a tagged wallet sends a transaction to a Know Your Customer (KYC)-enabled fiat-to-crypto exchange, then the authorities can request the exchange to freeze the funds until the investigation comes to an end.


Reference: https://www.ccn.com/no-the-price-of-bitcoin-didnt-drop-because-of-bomb-threats/

The bitcoin price will rocket over the next three years, and cryptocurrency valuations will spike accordingly, says Jeremy Allaire, the co-founder and CEO of Circle, a peer-to-peer payments technology company backed by Goldman Sachs.

While Allaire was reticent to set a specific bitcoin price target, he predicts that its value will unquestionably be a lot higher in three years than it is now.

“I don’t make significant price predictions,” Allaire told CNBC on Dec. 14 (video below). “But it’s certainly going to be worth a great deal more than it’s worth today. I am long in the market.”

When asked what will bring people who lost money in the current bear market back to the table, Allaire said it’s because the fundamentals of cryptocurrencies haven’t changed simply because their prices cratered.


Bitcoin a ‘Scarce, Non-Sovereign Store of Value’
Regardless of its daily price, Allaire said bitcoin has a “very significant role” to play as a non-sovereign store of value.

“The key thing with bitcoin is that it is unique in its security and its scale,” Allaire explained. “As an idea that we need a scarce, non-sovereign store of value that individuals can hold in a protected fashion — that’s attractive all around the world.”

     - YouTube | https://youtu.be/kpdPJ-zwnyU

While naysayers have gleefully proclaimed the death of bitcoin, Allaire said it would survive over the long haul, and so will other cryptocurrencies.

Allaire said some virtual currencies would die off in an overcrowded market due to competitive forces, but it’s not a zero-sum game where the success of one digital currency means the death of all the others.


Reference: https://www.ccn.com/bitcoin-price-will-soar-over-next-three-years-circle-ceo-jeremy-allaire/

Today, December 15, 2018, the cryptocurrency market capitalization slumped down to $100 billion.
The market that once held $840 in capitalization yet only has a $100 billion due to the market correction.
What y'all guys thinking? are we bottomed yet? or we still have some few more miles to go?    

I think i found all the necessary things I need about Mr. Hayes. Check out the links below for more information about him.

Bloomberg | https://www.bloomberg.com/news/features/2018-02-01/bored-with-banking-this-former-citi-trader-went-full-crypto

Crunchbase | https://www.crunchbase.com/person/arthur-hayes#section-overview

BitMEX | https://www.bitmex.com/app/aboutUs