Bitcoin

Moving Averages Will Be Key In Bitcoin’s Next Move, What Are the BTC Pullback Prices?

single-image


Nobody could have predicted what has happened to Bitcoin over the past month. A break past $4,200 was inevitable, but a surge past $8,000, doubling its price, has shocked the nascent crypto space. Where BTC goes next will be paramount and moving averages will play a big role as they have done before.Correction is ComingMarkets always correct and now that the ice from the crypto winter has finally melted, investors and traders will be looking for new entry points. Technical indicators are all flashing over bought for Bitcoin at the moment. For the third day in a row BTC hit a new high for the year. Just a few hours ago during Asian trading Bitcoin touched $8,320 adding over 5 percent on the day.Daily volume is still holding record levels at over $30 billion and the parabola has extended on Bitcoin charts. It has even become something of a joke on crypto twitter;Guys I hate to break it to you but the #bitcoin parabola is simply out of room.We’re going to have to attempt a warp jump through space and time to continue this.Target $20k+, February 2019. pic.twitter.com/Vt9ppMTDEU— Moon Overlord (@MoonOverlord) May 16, 2019As we know from previous market cycles this action cannot be sustained and Bitcoin will fall back, guaranteed. When it does there will be an influx of buyers loading up on what could be its lowest price for quite a while.During the bull run of 2017 Bitcoin pulled back and tested the longer term moving averages several times. Long term trader ‘CryptoFibonacci’ has charted this showing the points where BTC returned to support at the MA levels; “Things will retrace and test the moving averages.  Count on it!”$BTC Daily moving average Chart.Things will retrace and test the moving averages. Count on it!#BTC #bitcoin pic.twitter.com/9uXf1huLdR— CryptoFibonacci (@CryptoFib) May 16, 2019Looking at the chart it is clear that a pullback from current levels will send Bitcoin back to around $6,400 on shorter term moving averages. If BTC retraces to longer term support zones it could go all the way back down to $5,500 at the 50 day or even $4,300 again at the 200 day.These will form new support and buying zones and, now that the uptrend has been established, could well send Bitcoin back up into five figures again before the end of the year.CNBC, who have made a name as counter trade indicator for crypto, has called for a pullback as charts continue skywards reminiscent of December 2017. Anthony Grisanti of GRZ Energy told the outlet;“We had rallied above [key resistance] but then failed on two different occasions, [Bitcoin] has doubled in the last five months, so I would expect a bit of a pullback, and on the downside, there’s a very interesting gap there, from $6,870 to $6,425.”Renewed OptimismThe recent rally has renewed optimism and ‘hopium’ within the community with several big industry names have spoken out on Bitcoin’s movements and the end of the crypto winter. Gemini exchange co-founder Tyler Winklevoss stated;“Bitcoin breaking 8k this time feels lot different than the last time. So much progress has been made since then and it’s only the bottom of the first inning!”Bitcoin breaking 8k this time feels lot different than the last time. So much progress has been made since then and it’s only the bottom of the first inning! 🚀👍— Tyler Winklevoss (@tylerwinklevoss) May 16, 2019Market corrections are a natural thing and the number waiting for this one with fingers poised on the ‘buy’ button is growing.Image from Shutterstock


Read Article

You may also like

Altcoin

Winklevoss: Buying Bitcoin isn’t “as crazy as sitting on the sidelines”

single-image


While it could be argued that investing in Bitcoin is certainly a risk, Cameron Winklevoss, – one-half of the famous Winklevoss twins – believes that it’s not as risky, or as he puts it “crazy” as waiting on the sidelines.

The Winklevoss brothers are known for their bullish ways, especially when it comes to Bitcoin (BTC); and today is no exception with Cameron offering his famous rhetoric on the #1, encouraging speculators to jump in and invest.

According to Cameron while some think you would be mad to invest in BTC, he states that you would be crazy not too, equating the rise of cryptocurrencies to the “future of money”



View More Articles
Blockchain

Update From New York City’s Blockchain Week

single-image


PHOTO:
Kai Pilger

For the last five years, every spring CoinDesk has been hosting its blockchain technology conference Consensus in New York City. The idea is to bring together the top brands and developers in the cryptocurrency and blockchain spaces to learn what’s new and what’s next. The event has grown to include the surrounding Blockchain Week, which includes both official and unofficial events thanks to the volume of attendees.

Related Article: Blockchain Will Stall Until it Finds Its Killer App

What’s New in Blockchain?

Cryptocurrency is moving past the toddler stage and people are starting to pay more attention to the underlying blockchain technology. The CryptoNouveau event was a great place to meet the top thinkers in the blockchain space and learn where they think the technology is going next.

2k
SHARES


View More Articles
Regulation

Central Bank of Russia Expects Crypto Draft Bill to Be Adopted in Spring 2019

single-image


The central bank of Russia believes that the draft bill on crypto regulation is prepared enough to be adopted in the spring of 2019, local news agency TASS reports on May 22.

Olga Skorobogatova, first deputy governor of the Russian central bank, has stated that the bank expects the crypto bill, “On Digital Financial Assets” (DFA), to be adopted during the spring session in 2019 in accordance with the order of the country’s president, Vladimir Putin.

Speaking at a recent meeting of the Parliament, Skorobogatova argued that the DFA, as well as a draft law on crowdfunding and other crypto-related bills, are at a “sufficiently high degree of preparedness” to be adopted during the session.

The official has also emphasized that all those draft laws are “crucial for the country and will allow for the implementation of new projects.” Conversely, Russian prime minister and former president Dmitry Medvedev had…



View More Articles
Bitcoin

Goldman-Sachs Backed Circle Blames ‘Restrictive’ US Laws for Layoffs

single-image


Bitcoin and crypto are rising, but Goldman Sachs-backed Circle laid off 10 percent of its workforce blaming a ‘restrictive’ regulatory climate. But is that just a smokescreen to mask Circle’s dwindling user base?


SEC Bullish on Bitcoin, Bearish on Alts

OK, so we may not call the SEC exactly ‘bullish’ on Bitcoin. In fact, quietly cautious at best, downright suspicious at worst.

But at least the regulatory body has it clear that Bitcoin is not a security. It’s even considering Bitcoin ETF proposals, albeit at a glacially slow pace.

The same cannot be said for the majority of ICOs. While there are rumors of change on the horizon, it appears that for now, they…



View More Articles
Ethereum

Bitcoin Falls Under $7,900 as US Stock Market Sees Minor Uptrend

single-image


Wednesday, May 22 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) falls under the $7,900 mark again.

Market visualization courtesy of Coin360

Bitcoin is down over .5% on the day, trading at $7,850 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is down over 1.83%.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

This week, Cointelegraph reported that CME Group, the second global exchange to list bitcoin (BTC) futures, is about to record the biggest trading month for BTC futures trading.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $26.9 billion. The second-largest altcoin, XRP, has a market cap of $16.5 billion at press time.

CoinMarketCap data shows that ETH is up over .5% over…



View More Articles
Do NOT follow this link or you will be banned from the site! Scroll Up
error: ©2019 All Rights Reserved.