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Alekseifedorenko

BTCUSD: bears in control Bitcoin continues to depreciate, with the price is within striking distance of the $7,000 milestone. The selling pressure has intensified after a break below the $7,200 intermediate support. On Tuesday, the coin is changing hands around $7,100, down 1.4% on the day. The key reason behind the recent sell-off is a technical one. As the digital currency failed to recover above the $7,600 area, the downtrend has intensified, and now the bears are threatening another psychological mark which, if broken, will send the price to the initial target of $6,800 followed by the $6,500 area, where early-April lows lie. The additional bearish catalyst for the cryptocurrency market was the report that Bithumb, South Korea’s largest cryptocurrency exchange, decided to block trading in 11 countries in an effort to prevent money laundering using its system. Moreover, as a result of revised internal regulations, foreign users will also have to undergo a stricter verification process. In the short-term, the BTCUSD pair needs to keep above the $7,000 threshold to prevent additional losses. The initial upside target is now at $7,200. In general, it looks like the coin set for further decline before it attracts buyers
BITFINEX:BTCUSD
by fedorenkoalexei
2
Bitcoin: downside risks persist BTCUSD remains on the defensive, with the pair failed to stage a bounce over the weekend as attempts to break the local resistance around $7,600 attracted another sell-off towards the area close to the $7,000 threshold. The coin refreshed April 12 lows at $7,154 on Monday, and downside risks still prevail. Despite the cryptocurrency market is quite unpredictable, a break below $7,000 seems inevitable at this stage. Traders may accelerate selling, should the price derail the important psychological support as this would be a sign of a deeper short-term downtrend which remains intact. Lack of positive developments coupled with new regulatory concerns could fuel further liquidation of long positions in the market. In the short term, bitcoin needs to regain first the $7,400 mark and then the $7,600 area to ease the bearish pressure and avoid even more panic selling. Both levels are rather strong to break without a positive catalyst, which also points to the prevailing downside risks at this stage.
BITFINEX:BTCUSD
by fedorenkoalexei
Bitcoin licks wounds, remains vulnerable Bitcoin dropped for the fourth day in a row yesterday, with the price derailed an important intermediate support around $7,400. The coin refreshed April 12 lows at $7,260 and trimmed intraday losses by the end of the trading day. During the morning hours Friday, BTCUSD licks its wounds in the $7,600 area but remains vulnerable to further losses. This time, the reason behind the latest sell-off was not a technical one. The US Justice Department has launched a criminal investigation into price manipulation of large cryptocurrencies like bitcoin, and the market took this news rather painfully, despite the industry has become more immune to regulatory crackdown lately. The ongoing downtrend and quite high volatility exacerbated the negative market reaction to the news. Besides, as long as the regulatory uncertainty persists, long-term and institutional investors will likely remain out of the game, and this fact hurts the industry. In the short term, the coin needs to confirm its recovery above $7,400 in order to resume the upside bias and return to $8,000 and higher. Once the dust settles, we may see further corrective rebound as the pair looks oversold and therefore attractive for opening longs. Should the current recovery attempts fail, the downtrend will gain traction, and the $7,000 figure will be at risk.
BITFINEX:BTCUSD
by fedorenkoalexei
BTC confirms its bearish trend Digital currencies suffered badly on Wednesday, with most coins lost over 10%. Bitcoin broke below two important support levels at $8,000 and $7,800, and refreshed multi-week lows around $7,400. The coin is attempting to stage a recovery Thursday, but the impetus looks limited so far. The technical picture has worsened significantly after a break below the mentioned levels, and this break was a confirmation of the ongoing bearish trend that started on May 5, when the price was rejected from the 200-DMA marginally below the $10,000 threshold. By the way, the trading volumes have increased lately, which could mean we’ll see further decline o some point before the buyers jump in. The immediate support is the $7,400 area where the lowest level since April 12 lies. Should the price erode this level, BTCUSD may challenge the $7,000 mark where some bulls could reemerge. In the short term, the cryptocurrency will likely make another attempt to recover above the important $7,800 figure.
BITFINEX:BTCUSD
by fedorenkoalexei
BTC needs to regain $8,000 BTCUSD trading range has tightened severely lately, with the pair is stuck between $7,800 and $10,000 since mid-April. But on Wednesday, the coin came closer to a major bearish breakout as the price dived under the critical $8,000 mark for the first time since April 19, down 2.1% on the day. One of the reasons behind another leg lower is market nervousness about tighter regulation. In particular, the Chinese Ministry of Industry and Information Technology highlighted in its report some risks around ICOs that can’t be ignored. The statement fueled concerns over further regulatory crackdown, though on the whole, the market has become more immune to the news and signals from this front than before. The digital currency needs to regain the $8,000 mark to avoid more pain in the short term. Despite the support area at $7,800 looks quite strong, the coin got more vulnerable after a break below the psychological level, and the risk of losing the important figure that is on the way to $7,000 has increased. It looks like bitcoin has attracted some buyers around the lows, but the recovery impetus looks too weak so far to call a bottom.
BITFINEX:BTCUSD
by fedorenkoalexei
Bitcoin: range-bound trading continues Following solid gains over the weekend, bitcoin has resumed its downward path as the price faced a strong local resistance around $8,600 once again. The coin still holds marginally above $8,300, down 0.90% on the day. The bearish mood around the digital currency has intensified amid the reports that state and provincial regulators in the US and Canada are targeting ICOs. The crackdown operation called "Operation Cryptosweep" will likely take place in the coming weeks. This month, there are 70 new investigation and 35 enforcement actions already, and this is just the beginning. Meanwhile Japan, which is considered to be one of the most perceptive countries towards digital currencies, has criticized global central banks for being “extremely cautious” on issuing digital currencies. Bitcoin has lost its bullish momentum once again but the bears don’t hurry to push the price significantly lower, with the $8,000 mark remains the key support. As long as BTCUSD is trading above this area, the downside risks are limited. The pair will likely continue its consolidation within the $8,600-$8,000 range for the time being.
BITFINEX:BTCUSD
by fedorenkoalexei
Bitcoin resists the bearish scenario A brief attempt to bring BCTUSD below the key $8,000 mark attracted a strong buying interest last week. Over the weekend, bitcoin has recovered decently but still holds below the $9,000 threshold, down over 1% on Monday. The immediate resistance comes in the $8,600 area which limits the upside potential since last Wednesday. Despite Consensus 2018 failed to inspire an impressive rally in the cryptocurrency market, the industry continues to look healthier and more consistent. Moreover, there are new signs of bitcoin acceptance globally, including institutional investors. For example, the Taiwanese Smartphone maker HTC has recently announced it is developing an Android phone that will be powered by blockchain technology. Meanwhile, the UK trading platform LMAX Exchange is launching a cryptocurrency exchange for institutional investors. Even as the digital currency trading looks rather muted lately, the BCTUSD pair obviously resists the bearish scenario and makes fresh attempts to resume the rally. In the short term, bitcoin will likely hold above $8,000, while on the upside, the price needs to make a clear break above the mentioned $8,600 area to climb back above $9,000.
BITFINEX:BTCUSD
by fedorenkoalexei
1
EOS/USD tiptoeing in the range EOS, the fifth largest cryptocurrency by market capitalization, together with other crypto assets, felt way better on Thursday morning. During the Asian session, the coin tried several times to break the $14.00 mark in pair with USD. However, the European traders didn’t follow the Asian tendency, and by the time of writing, EOS/USD came back closer to the $13.00 mark. There were no special drivers behind the coin’s dynamic, but it is worth mentioning that Brendan Blumer, Block. One's CEO, claims EOS has “the most powerful infrastructure for building decentralized applications (DAPPs)”. Putting it another way, this coin was created to solve the centralization problem because it satisfies all the participants’ interest. Meanwhile, the coin’s correction continued. The price is meandering a little bit lower the 50% Fibo. This is a critical mark that should sustain the bullish pressure. If the bulls succeed, they meet the next resistance at 20-day SMA at $16.60. On the downside, the break of 50-day SMA at $11.88 will let EOS/USD to check the support at $10 level where the descending trend line lies. By today, the digital currency lost the major part of its impulse and may stay stuck in a range for several days before a new trend begins. In case EOS/USD breaks the descending channel and is able to settle above it, we’ll change our view.
BITFINEX:EOSUSD
by fedorenkoalexei
“Accelerating down the hill” The current “Consensus 2018” in New York with well-prepared speeches, coffee breaks and hands shaking is a good relaxing event for people in the world of “crypto nerves”. However, at round tables “everybody is looking for something” exactly like “Eurythmics” sang: “Some of them want to use you, some of them want to get used by you…” Strange as it may seem at first look but the very creative mood of such “Consensus” participants is nowadays used by a «non-participant» – Market – and very often not for so positive purposes. Getting down to “our bulls” I hope, my Dear followers, you have done your homework and found all the crypto charts rising wedges to realize that it is in fact «no use kicking against fate». Please check your notepad scribbles – your mark is “excellent” if in April & May you have discovered 5 bull traps 4 of which were the wedge formations consequences. They are all marked with “green-gray ovals” in the 2 charts that I kindly provide you with, including the 14th of May retracement channel false break that caused the fifth trap. We’ve got all the 3 points needed on the upper side of a newly created descending channel “welcoming the BTC price to its vast space”, both Fibonacci retracements necessary for further price “accelerating down the hill” towards intermediate 7K target and certainly each bullish weakness will be of our attention at any moment as well. “Consensus 2018” can announce the doors closure, you and I are grateful to nice people gathering perhaps in a fantastic atmosphere. They have definitely “made our days” by presenting us with the sophisticated traps on buyers’ expectations of the event and especially plenty of their applause to the participants on Day 1. The market reality has shattered their hopes and illusions unfortunately. Maybe choose your homework yourselves, Dear Friends. To be honest making profit with a glass of wine fails to tune me to any tasks to you today. My graphs are at your disposal.
COINBASE:BTCUSD
by fedorenkoalexei