Bitcoin news and technical analysis

[GeckoTrader]

Don’t say I didn’t warn you

If we were only half right the last time then we were ten times right this time.

The bulls put in a solid effort but it was becoming increasingly obvious after the $7,129 resistance could not be breached that we would be resuming the downtrend and returning to lower levels.

We can’t lay claim to the fact that we saw it dropping all the way down to $6,377 in one aggressive move, but we did foresee a drop coming.

With our short position opened at $6,850 now closed off at around $6,621, we’re certainly not complaining! 👍

For those of you who followed  – congratulations and nicely done.

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[lanalang]

This is very amazing and unexpected for me, because we all anticipated so hardly the global growth and prosperity, but yet we are seeing this down trend all over the market... Even Bitcoin was not so long at the point of $8,500

[GeckoTrader]

Soon all time low YTD

It now seems evident that we are clearly in a wave 3 down which would mean the relief rally from 5800-8470 was a corrective ABC in nature, meaning that once this 5 wave down structure is complete, it is only the beginning of a larger correction and not the end.

We want to point out that We have no intention of buying the ensuing wave 4 but only looking to short any strength, preferably in the 6.6-6.7k region.

It is no secret we have been calling for an end of bear market target at 3.2k which has been brought up a few times before.

Whether this happens or not is trivial as we are active traders, and trade what we see, which in this current climate, there are not too many bull cases to be made.

[GeckoTrader]

ETF Delay
By now I’m sure a lot of you would have felt the sting of the market’s overreaction to the SEC announcement of delaying the VanEck-SolidX Bitcoin ETF decision. The ETF is backed by the Chicago Board of Exchange BZX Equities Exchange (CBOE) and has been praised by the cryptocurrency community for its efforts in attracting institutional investment into the budding blockchain industry.

The Commission explained that the Securities Exchange Act provides that it can extend the 45 days period from publication if it finds it “appropriate to designate a longer period” so it has sufficient time to consider the proposed rule change.

“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”

This move by the SEC is a positive sign in the opinion of the CIM team as it shows that the SEC is seriously considering the ETF application. The gears of bureaucracy are grinding away, they only way they know how – slowly. The SEC could have disregarded VanEck-SolidX BTC ETF application and focused their valuable time elsewhere, but instead they chose to allot more time to this matter. Think about that before you decide to panic sell.

Prominent CNBC crypto commentator Brian Kelly said “If you’re selling today after this decision, it’s the wrong way to do crypto investing. There is more to this story than just an ETF, A little spoiler alert: On September 30th, they will likely postpone it again because the market’s not ready for it and the SEC hasn’t had all the answers to their questions yet.” One of the more lucid comments to come out of the CNBC studio.

Other Numbers
We recently reported on the decline in cryptocurrency spending noting that it had dropped over 80% in the past year. Today the DEA came out and announced a 90% drop in the usage of cryptocurrencies in illicit black market trades. This may very well just be the DEA tooting their own proverbial horn but it would certainly explain some of the decrease in crytpocurrency spending. If the numbers are assumed to be correct then there has actually been an increase in the usage of BTC and other cryptocurrencies in e-commerce.

OTC brokerage firms have said that although volumes are down in cryptocurrency order books, the OTC market is still flourishing. Some OTC desks have estimated that OTC volume makes up at least 50% of the daily cryptocurrency volume traded daily. One of the reasons traders use OTC brokers is the expediency they offer to execute a trade, paid for in the form of a seller’s discount.
A reasonable barometer on the sentiment of sellers can be the amount of discount they offer on their trades. In March of this year sellers were offering discounts in the order of 7-8%, indicating the urgency with which they needed to get rid of their BTC. At the moment the discount rate is sitting at about 2%, a stark improvement from the situation in March.

The current situation seems to be better than March however, we are still in a bearish market and the discount rate could very well rise again. As such we are approaching with caution.

In the likely situation of another ETF delay the current bear trend could linger around for a while like a bad smell. As previously stated we will be shorting strength and diversifying risk out of our portfolio by going long on BNB too. Till next time.

[alizalela7]

Some experts use bitcon analysis or altcoin so they can have better tactics that will help you to profit from your investment in the right direction so you will have the chance to win and become rich. have more

[BitcoinCommodor]

I also appreciate if someone can say the prediction of bitcoin prices for the current month.

A month is quite a long period for BTC, nobody goes that far with analysis. You can always consult a crystal ball if you believe in these things. The most basic analysis shows 6800 as lower support and 7150 as the short term upper support. If any of these break it will be followed by a bigger move. Going down would nullify inverse head and shoulders, showing that we still haven't had a real breakout and the bottom might not be in, while going above 7150 would suggest that the bottom is in and we are confirming higher lows.
 

Bitcoin price is getting a very strong support at that level. I think that the investors are too much confident about bitcoin at currency price. I think that they consider themselves too much safe at that level and therefore the bitcoin price is not going down anymore. It is expected now that very soon the investors will get more confident and they will surely start increasing their investment in bitcoin which will surely increase the bitcoin price too much.

[Orville_Brown]

I also appreciate if someone can say the prediction of bitcoin prices for the current month.

A month is quite a long period for BTC, nobody goes that far with analysis. You can always consult a crystal ball if you believe in these things. The most basic analysis shows 6800 as lower support and 7150 as the short term upper support. If any of these break it will be followed by a bigger move. Going down would nullify inverse head and shoulders, showing that we still haven't had a real breakout and the bottom might not be in, while going above 7150 would suggest that the bottom is in and we are confirming higher lows.
 

Bitcoin price is getting a very strong support at that level. I think that the investors are too much confident about bitcoin at currency price. I think that they consider themselves too much safe at that level and therefore the bitcoin price is not going down anymore. It is expected now that very soon the investors will get more confident and they will surely start increasing their investment in bitcoin which will surely increase the bitcoin price too much.

Yeah it (hopefully) has found a floor here around the 6500 region. There is some support from previous levels a few months ago and a fib level. I don't think that there is further negative sentiment to drive it down at this stage, but you never know what might come out. Some major investment bank might just feel like calling bitcoin worthless once more.

Hopefully after this consolidation we can see some reversal patterns. I'd actually want to start buying soon because when it does reverse, it will reverse very quickly.

[GeckoTrader]

As mentioned in our last TA update, BTC bounced just shy of the 23-fib level and will as expected, continue its downward trajectory further. We’ll be keeping our eyes set on a few key levels as we make our descent - we could be in for a bit of turbulence.

As price nears $6,265, this will be a region to watch since we have historically bounced twice from here before. We are expecting price to break through without too much of a fight however and the next stop will likely be close to $6,100 - $6,000.

There may indeed be a bounce at this level as well and we will be looking closely to see how the price action unfolds.  There may be some short-term counter-trend trades which present themselves but we will also be looking for shorting entries as the prevailing bear trend ensues.

Buckle up ladies and gents!

[Pherjen5]

Some experts use bitcon analysis or altcoin so they can have better tactics that will help you to profit from your investment in the right direction so you will have the chance to win and become rich. have more

In fact people make their own analysis about bitcoin price but for most of the time their analysis do not comes true. Some time even the bitcoin expert do not succeeded to give a good correct prediction about bitcoin.

[kyle999]

Until now the bitcoin is still failing and it's still hard to recover the past price and I think bitcoin investors will hold it now because of its price dropping today.

[hiru65]

In the present market it is difficult totrust the news. No one tell the truth or no one spread knowledge without money. Money is the main reson for doing these thing. First we hadbetter identify the news with our knowledge. In everything we should have our own analyze. Tecnicle analye also, if we can do it is better. For an example there are many bitcoin pumping chanels. They give the news after the buying it. If some one buy there position he will lose sone amount definitely. Because of many reasons we had better analysing ourselves.

[cdoyle14]

I'm not having a mates who are involved in the process of technical analyses but I would be interested to know how is it going in their area, are they successful with there predictions in this market conditions?

[panther427]

Regardless of the overall bearish sentiment and the SEC weighing in heavily against Bitcoin,bulls seem to be stable and recovering.It's up five percent and reducing as buyers reject prices below $6,ooo-the upper limit of our support zone.Considering the past tow trends,we still hold a bearish position and untill we see thrusts above $6,800 and $7,000 to the upside,we recommend shorts on high more so once there is a convincing break below $5,800.

[Obama07]

From my own experience news and technical analysis can’t guarantee you for profit. It is only you who can make a profit by using your own brain. Believe me. If you watch the market carefully then you can decide about what is going to be the next hours or day. Many people who have short knowledge about how to use bitcoin news or how to analyze a market can also make a good amount of profit daily. Yet I can’t ignore news or TA but who can use it sure can use it for their trade and make a profit.   

[GeckoTrader]

The bulls have managed to regain some control after refusing to let BTC fall below the key support level of $5,800.

Yesterday, price did again test yearly lows, wicking $5,860 before being propelled higher to the top of the range at $6,550 which we currently find ourselves in.  On the 4H we have made a double top and price has again wicked the higher extremity of $6,636 - if you dial down to the 1h, you can see that a small sell off happening.

This is to be expected after a 13% surge in price from the lower end of the range.  We’re still printing lower highs and lower lows and the trend is still bearish but as we come back down, it will be important to see how BTC interacts with the $6,200 range.

If we enter into sideways consolidation here as we have done so previously at this level, we will be looking closely for signs of strength to indicate a leg higher, pressing up to $7,000.

If we break through this level we’ll be looking to short back down to $6,000 and possibly below depending on how the price unfolds – these are our musings but it is still too early to tell. 

[gpuri]

I would consider it bullish it BTCUSD breaks above $6800 resistance.

[filtyfrank251]

Technical analysis only helps us to grasp the trend of any penny, but I do not see them as true today, but many believe in and invest a lot. from which the losses

[John1122]

i don't know too much about technical chart analysis but i don't believe in this kind of analysis, market is control by many aspects: news, fomo-ponzi effect, shark-exchange control price...

[Ranly123]

August 04, 2018


BTC is currently on a slow grind up within the current consolidation zone between $7,500 and $7,250.

We’re currently printing higher lows as we march towards the 0.236 fib level but it would not surprise us to see a bearish retreat and retest of $7,265 level as we could potentially be in a bear flag pattern. 

We would view any break and close below $7,200 as a shorting opportunity to around the $6,860 level.

On the other hand, if we witness some convincing buy volume at the $7,200 mark, we would consider going long with targets as high as $7,800 but more conservatively, would look at possibly exiting at $7740 or even $7,520 depending on the bullish momentum.

Technical analysis is not my strong side. So I would only try to look at the market depending on how much Bitcoin will drop and how much it will go up. There I will decide when to buy and when to sell, but for now I was just holding my btc in a hope that I can have a bigger gain if the bullish market start to move.

[Orville_Brown]

The bulls have managed to regain some control after refusing to let BTC fall below the key support level of $5,800.

Yesterday, price did again test yearly lows, wicking $5,860 before being propelled higher to the top of the range at $6,550 which we currently find ourselves in.  On the 4H we have made a double top and price has again wicked the higher extremity of $6,636 - if you dial down to the 1h, you can see that a small sell off happening.

This is to be expected after a 13% surge in price from the lower end of the range.  We’re still printing lower highs and lower lows and the trend is still bearish but as we come back down, it will be important to see how BTC interacts with the $6,200 range.

If we enter into sideways consolidation here as we have done so previously at this level, we will be looking closely for signs of strength to indicate a leg higher, pressing up to $7,000.

If we break through this level we’ll be looking to short back down to $6,000 and possibly below depending on how the price unfolds – these are our musings but it is still too early to tell. 

Yeah it's still in the indecision. I don't think it's going to get much lower though just because there's a lot of money in mining that needs it to stay above 6k. So they'll defend it in the interest of protecting their profits from being sabotaged.

There isn't any fundamental reason coming anytime soon to drive it up either. So I'm not going to be surprised if it bounces between the 6,200 -- 6,800 range for the next several days. Unless of course someone decides they need to protect their fiat from losses and use bitcoin to do that