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Brace Yourselves | Consolidation Coming to an EndSo, this past week was rather flat for Bitcoin in comparison to the previous ones. We saw the market consolidate further up but essentially become flat due to the very important resistance level of 6900. We saw it retest the resistance MULTIPLE times on the lower time frames, and yet, failed to breakout of it every, single, time. Despite the positivity coming from the global markets this week, Bitcoin didn't seem to correlate much within their volatility as it did before. Sellers are still in charge and they are refusing to be fooled by the news trying to say "everything is alright, the collapse is over". No, it is not over, it is merely a pullback before another upcoming dump and Bitcoin investors are well aware of it. Should we see a possible chance of breaking above our consolidating wedge, then we will instantly see a huge wave of FOMO buying power coming into play, which will ultimately boost Bitcoins price higher...but do you really think this will be the case? CME futures are going to be closing in the next 8 hours of the time of writing this and Bitcoin is circulating around their major resistance area as well for now. A lot of volatility usually comes in before closure time, where we will see huge moves being made by either sellers or buyers, giving us a better perspective of which direction the volatility will head onwards. My bias remains bearish (as stated within the previous posts), and I'll be looking to take further shorts if we manage to reach our resistance levels of 6800-6900 again. Should we see a clear breakout of the ascending trendline and the current level of support around 6400, then I'm afraid it's all going to be downhill from there FAST. Sunday will definitely open up with a huge gap on the CME futures, the question is, are you ready for it? The mining industry is also looking interesting for Bitcoin at the moment. As soon as the mining difficulty dropped by 16%, we instantly saw the BTC hash rate pump up from 75m TH/s, all the way to 113m TH/s. I guess everybody turned on their farms again once they saw how much lower the difficulty dropped. Normally this is a positive sign for the Crypto markets, but we didn't see it react to that point as much, which further gives me these bearish insights. Either way though, let's see how we close off this week. I will keep this post updated if anything changes. If you found this post useful in any way, feel free to leave a 'Like', it will be highly appreciated! This is NOT a financial advice, trade at your own risk!
BITMEX:BTCUSD.PShort
by Proszi
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COINBASE:BTCUSDEducation
by Nettiewhite
5
BTCUSD: Miner Capitulation Is Here... Back Down To $3,800?The chart speaks for itself. The extrapoled price comes from the "2018 miner capitulation" that caused the price to drop 50%. Will we go back to $3,800? Unlikely, but clearly this is possible if the capitulation is as aggressive as 2018. Notably the VPVR is supporting the price target of $3,800, as is the extrapolation, with forecasted price for the block halving in May 2020 above $6K followed by another swift recovery and subsequent bull-run. This isn't the first theory regarding price forming a higher low double bottom instead of holding the $5-6K area. As published last year, the 50 & 200 Day death cross also resulted in a 50% drop in price in 2014 and 2018, implying a 50% probability of such an outcome (using 4 sets of available data).
COINBASE:BTCUSDShort
by dragononcrypto
Is Hut 8 Trading In A Descending Triangle? It would be interesting considering Bitcoin broke down from a massive descending triangle recently. Maybe this is one giant bull flag, but I don't see why Hut 8 would rip to the upside & break resistance if the underlying asset is declining in price. Hut 8 has held up relatively well compared to other publicly traded Bitcoin & cryptocurrency miners. Even compared to Bitcoin itself. Bitcoin is down roughly twice as much as Hut 8 on a monthly & 3 month percentage gain basis. Weird. I think the up listing the TSX is going to actually have a very bad effect on the sp & I wouldn't be surprised to see this get into the low 90c range. The tsx isn't your friend, lol. Time will tell per usual..
H
by ScotianBot
Bakkt Analysis A quick analysis of what can happen with BTC. I saw a symmetrical triangle in the daily chart of BTC. Which will probably break out upwards due to the strong support around 9500. I think the price of btc will go sideways until the launch of Bakkt. When Bakkt launches without any obstacles there will be more demand for digital currenties, which will eventually lead to a higher price of Bitcoin. A lot of crypto enthusiasts believe in a massive bullrun around that time. Not only because of the launch of Bakkt, but also cause the halving of mining. Which will lead in a smaller generated supply of Bitcoin. Concluding: There will be a higher demand on bitcoin, but also a smaller supply. Which can possibly be a good reason for a massive bullrun.
COINBASE:BTCUSDLong
by The_Prince