Bitcoin Closes Above “Range of Hell” as Top Traders Eye Upside

Bitcoin Closes Above “Range of Hell” as Top Traders Eye Upside

One prominent trade with a track record of accuracy is now claiming that Bitcoin could be poised for a significant upside movement. According to the 1-Day price chart, the BCH price line has observed a decline of about 10% on the 10th of April. The TradingView analyst, kyer, believes that the cryptocurrency […] Some view Bitcoin as a safe-haven asset, has it behaved like one? Bitcoins transaction count began to accelerate rapidly last August, only to level off last month. Now, this number is picking up again. The number of Bitcoin addresses containing more than 0.01 BTC has increased substantially in the past two months. The question remains if the reason

Following a firm rejection within the lower-$7,000 region, Bitcoin has been able to hold above a dire trading range that it was previously caught within, with the benchmark crypto’s ability to stabilize above this level being a bullish near-term sign.

The close above this range also comes as the crypto holds above a key technical level, which does appear to make its short-term market structure bullish.

This has led one prominent trade with a track record of accuracy claims that Bitcoin could be poised for a significant upside movement.

At the time of writing, Bitcoin is trading down marginally at its current price of $6,800, which is around where the cryptocurrency has been trading at for the past several days in the time following its firm rejection at roughly $7,300.

In the near-term, how Bitcoin trends may be bolstered by its ability to hold above its 21-day EMA and its previously established trading range between $6,600 and $6,800.

If the cryptocurrency is able to continue holding above these two levels, it is possible that it will push higher in the days and weeks ahead as bulls attempt to recapture its position within the $7,000 region.

Teddy – a popular cryptocurrency analyst on Twitter – spoke about this range in a recent tweet, explaining that it does remain firmly bullish as it trades above these two levels.

“Despite the drop we still had a relatively strong daily close. 1. Closed above the 21ema, inside the cloud. 2. Closed above the range of hell above range + above 21ema = bull bias,” he noted while pointing to the chart seen below.

Bitcoin BTC Crypto

Image Courtesy of Teddy

Teddy isn’t the only crypto trader who is anticipating Bitcoin to see some further upwards momentum in the days and weeks ahead.

Flood – a highly respected trader who has established a track record of accuracy – explained in a recent tweet that he believes Bitcoin could be well positioned for a rally up towards $7,200 after posting a bullish 6-hour close earlier today.

“Nice 6h close. 7.2k Retest incoming?” he noted.

Nice 6h close. 7.2k Retest incoming? pic.twitter.com/tckd1xVTGA

— Flood [BitMEX] (@ThinkingUSD) April 11, 2020

In the near-term $7,200 is a key level for Bitcoin to recapture, as this is where the crypto had previously established some strong support prior to its recent selloff.

If BTC rebounds from the support around $6,800 and breaks back above this level, it is possible that buyers will then target $7,500, with a firm break above this level opening the gates for serious upside.

Featured image from Unsplash.

Source: www.newsbtc.com

Author: Cole Petersen


Bitcoin Cash price accumulates near $222

Bitcoin Cash price accumulates near $222

According to the 1-Day price chart, the BCH price line has observed a decline of about 10% on the 10th of April. The TradingView analyst, kyer, believes that the cryptocurrency has shown accumulation near $222.

Bitcoin Cash Price Chart by TradingView

The price line exhibited a decline towards the $240 mark after it had begun the day’s trade at the $260 level. The BCH pair showed a ruffled price trend between the $228 and $240 levels for the rest of the day’s trek. The cryptocurrency reached a day’s low of $226.045214 US Dollars at 16:00 GMT, after which the price rose across the $232.00 level on the price chart and closed the trade at $234.750 US Dollars.

kyer suggested that the cryptocurrency has accumulated near the $222 level, after which it rose towards the $267 mark.

Bitcoin Cash Price Chart by TradingView

The crypto analyst believes that the cryptocurrency will not see a fall below the $222.5 mark, while the entry-level is at $222.

Featured Image by Gerd Altmann.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

Source: www.cryptopolitan.com

Author: Aroosa Nadeem


How Has Bitcoin Performed During The Crisis?

How Has Bitcoin Performed During The Crisis?

How has Bitcoin held up during the recent market stress? (Photo by INA FASSBENDER/AFP via Getty … [+] Images)

Some argue that Bitcoin is potentially a robust defensive asset, somewhat like gold. This is Bitcoin’s first major U.S. recession, when these sorts of assets can do well. How is it doing?

So far its performance has been mixed. Bitcoin has held up better than many stocks, but has fared less well than many other assets that can protect portfolios at times of market stress. For the year to date, Bitcoin has fallen 5%. That’s much better than the S&P 500 which is off 14% for the year. Nonetheless, other assets that can offer safe haven at a time of crisis have risen. For example gold is up 11% and a diversified portfolio of bonds is up 4%.

Hence if you view Bitcoin as a sophisticated digital form of gold, it hasn’t quite played out that way during this crisis so far. However, we should note that we may still be early in seeing the full economic impact of COVID-19. As such it’s hard to reach a conclusive verdict until the economic impact has played out in full. Ideally, you’d want to look across multiple economic cycles too, though since Bitcoin is a relatively young asset, this is not possible.

Furthermore, though on a near term view Bitcoin hasn’t done what many other safe haven assets have done, it is of course noteworthy that on a 5-year view Bitcoin’s return still dwarfs just about any other major asset class because Bitcoin has risen over 30-fold over that period.

So it doesn’t appear that Bitcoin behaves as a safe haven asset at this point. Whereas high-quality bonds and gold have risen over the crisis, Bitcoin has not. Still, it is also somewhat early to reach that determination. Bitcoin has outperformed stocks by a substantial margin and potentially remains a less correlated assets, that still means it can potentially play a role in portfolios. That is to say, even though Bitcoin may not necessarily rise in times of crisis, it follows its own supply and demand drivers and that can be useful in managing risk. A similar example might be other commodities such as oil. In this crisis oil has had a massive decline as a price war has occurred in conjunction with the COVID-19 outbreak, but at other times of crisis oil has performed very well. Holding lots of different assets from stocks to Bitcoin to oil in portfolios can potentially smooth returns over time compared to holding individual assets in isolation.

Also, one role of Bitcoin is to potentially protect against the falling value of currencies such as the U.S. Dollar. Interestingly, so far this crisis, the U.S. dollar has risen quite strongly on a trade-weighted basis and is up around 8% for the year so far. That creates a headwind for Bitcoin when you are assessing its price in dollars. Indeed, though a future crisis could involve a weakening dollar, and that may bode well for Bitcoin, this crisis has definitely not played out that way so far.

So, we can say that so far in this recession, Bitcoin hasn’t quite behaved as a safe-haven asset and there are probably better strategies to protect your portfolio. However, Bitcoin can still diversify portfolios to some degree, and that makes it potentially useful. Plus it’s still early to assess the performance of Bitcoin. For other major asset classes we have over a century of data across many economic scenarios, for Bitcoin we have a little over a decade.

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Source: www.forbes.com

Author: Simon Moore


Bitcoin Active Supply Touches 3-Year High, But What Does it Imply?

Bitcoin Active Supply Touches 3-Year High, But What Does it Imply?

When Bitcoin’s price fell sharply four weeks ago network activity dropped as investors began to put their coins into storage. This trend is reversing as the daily transaction number is once again increasing, and coins are on the move.

Glassnode has posted a chart of active Bitcoins that shows how the number moving across the network began to accelerate rapidly last August, only to level off last month. Now, this number is once again picking up.

BTC moving

Overall network activity is also once again increasing after a sharp drop in March, as seen in this chart from Blockchain.info:

BTC activity picking up

The key takeaway from this information is that the flagship cryptocurrency is once again on the move. The changes in activity on the network may be relatively small, but they still demonstrate a shift away from hodling Bitcoins to using them. 

In all likelihood, these increases are due to an uptick in trading, which will no doubt take place as prices rise. Many investors see the market recovery as an opportunity to make a quick profit from what is clearly a growing demand for cryptocurrency. 

It is worth noting that the upcoming block halving is also providing a strong incentive to acquire Bitcoin now before the supply drops in mid-May. Also, fear of inflation and a continued global economic slowdown is driving many to put their assets into safe havens, for which Bitcoin and other cryptocurrencies are ideally suited. 

Whereas activity volume on the Bitcoin platform ebbs and flows from month to month, it is worth noting that the network continues to work as designed. Fees remain low, and confirmation times are relatively quick. 

The network will begin to show signs of congestion at around 400,000 transactions per day, which is substantially more than the present number. This last happened in 2017, resulting in slow transactions and high fees. The Lightning Network now exists to help prevent such problems from ever happening again, yet needs more work to make it reliable and user friendly enough for mass use.

It is reasonable to assume that the number of active Bitcoins will continue to increase along with overall crypto adoption. Activity across the blockchain space is accelerating, much of which is taking place in areas such as decentralized finance and supply chain tracking. Present data clearly indicates that interest in this new asset class continues to grow. 

Is Bitcoin trading activity up? Share your thoughts in the comments below. 

Source: bitcoinist.com


Interest in Bitcoin Rising: 430,000 New Wallets Created Over The Past 90 Days

Interest in Bitcoin Rising: 430,000 New Wallets Created Over The Past 90 Days

The number of Bitcoin addresses containing more than 0.01 BTC has increased substantially in the past two months. The question remains if the reason behind it is the upcoming Halving in May, the economic uncertainty caused by the COVID-19 pandemic, or both.

The popular cryptocurrency monitoring resource, Glassnode Insights, provided a chart regarding the number of Bitcoin addresses with at least 0.01 BTC in holdings (worth approximately $69 at the time of this writing.)

Slightly over 7,800,000 such addresses existed at the start of the year, as the graph indicates. The number was relatively steady in January and most of February, but then it started picking up speed.

Although the price of the largest cryptocurrency experienced a violent decline in mid-March, the number of addresses reached its peak a few days ago at over 8,200,000. This represents more than 400,000 new addresses or a 5% increase in a month.

Another compelling report from a few days ago also hinted that the interest in Bitcoin has been spiking up lately. The number of whales (having more than 1,000 BTC) has been surging in the past few months.

The data regarding the rising number of Bitcoin whales suggested that something similar occurred in 2016 – before the previous Halving. As, historically, the price of the primary digital asset has been surging in the year after the event, it seems logical to assume that this may be the main reason.

The situation now, though, might be a bit different. The COVID-19 outbreak caused jolts in the financial sector, leading to significant price slumps on all markets. At the start of March, it seemed as the world is heading towards another long-awaited recession. In times of uncertainty, people tend to rely on so-called safe havens, such as gold.

The virus, however, also disrupted the physical supply of the precious metal. The lack of actual gold and the high demand led to double and even triple premiums.

So if investors are unable to purchase gold because of the current circumstances, what are their options?

For starters, they can start accumulating the cryptocurrency that many have previously referred to as “digital gold.” And, if so, this could ultimately mean more new Bitcoin addresses.

The combination of the two is also a plausible reason. Or, maybe, it’s something entirely different.

It’s worth noting that new addresses don’t necessarily mean new Bitcoin users. A person can operate more than one. Generally, holders with more significant portions prefer splitting the amounts into different addresses for security reasons.

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Source: cryptopotato.com


Bitcoin Closes Above “Range of Hell” as Top Traders Eye Upside

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