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Bitcoin clean bounce off the supportOn the 15th December 2018, BTC/USD has reached the low, while hitting $3200 level. This is 327.2% Fibonacci retracement applied to the corrective wave up after the triangle pattern breakout. The big question is whether BTC has reached the very bottom or if price will continue to lower. The support has been rejected cleanly suggesting a correctional trend up. But it is far too early to say that Bitcoin has reached the very bottom as there was no confirmed established uptrend up until this point. It could be reasonable to expect the corrective move upwards where price could hit one of the Fibonacci retracement levels. First resistance is at 61.8%, which is $5245. Second resistance is at 88.6% Fibs, that is $6125 level. These are the price levels where BTC might be heading, but it is worth mentioning the resistance formed at $4300. Perhaps it is worth to wait for the break above that level before considering buying BTC. Looking on the downtrend perspective, the support are has been formed between $3465 - $3660 which might be tested. Although daily break and close below might signal on another selloff. In that case $3k psychological area might be the first downside target.
BITFINEX:BTCUSD
by CryptalDash
3
0X Looking Pretty... Will it hold the support?ZRX/BTC found strong support at 8k satoshis area, which has been rejected multiple times. Whether it means a trend reversal or just a correction is yet to be seen. However, the RSI produced a bullish divergence suggesting upcoming wave up. The resistance is seen at 10k satoshis area, that is a 40% growth potential over the Bitcoin. But, the recent low at 7789 satoshis should be watched for a break below. Daily close below that level might confirm further downtrend and bears will take over 0X once again. All-in-all it is worth watching the price action of the ZRX/BTC in the coming weeks, which could be surprisingly interesting.
by CryptalDash
Bitcoin aiming for another 1-Year Low+++++ Push the like "Like" to reveal hidden content +++++ Bitcoin heavy downtrend continues as yet again it reached a new 1-Year low, hitting $4210. Price remains in the support zone of $4375-4044, mentioned in our previous idea (). Market is going through a lot of stress and it will take more time for it to calm down. While the volatility is high, BTC/USD could go even lower, towards the 161.8% Fibonacci retracement level at $4055. At the same time, price spikes might fall beyond the support, potentially reaching $4k and below. Nevertheless, it would be important to pay attention to the daily closing prices throughout coming week/s. Talking about the short term upside potential, Bitcoin could be reaching the $4550 resistance level. This is where the most trading volume occurred over this week, and also confirmed by the 61.8% Fibonacci retracement. Although to have more confidence in the upcoming corrective move upwards, price must break above the 88.6% Fibs at $4700. This is where buyers might show interest in the Bitcoin and push price higher, at least to test the $5k psychological resistance. And finally, if price will break above $5k, the probability of a trend reversal will become much stronger, at least until price stays above $4k level. Support: $4385 $4055 Resistance: $4555 $4646 $4700 $5000
BITFINEX:BTCUSD
by CryptalDash
2
Bitcoin aiming for another 1-Year Low+++++ Push the like "Like" to reveal hidden content +++++ Bitcoin heavy downtrend continues as yet again it reached a new 1-Year low, hitting $4210. Price remains in the support zone of $4375-4044, mentioned in our previous idea (). Market is going through a lot of stress and it will take more time for it to calm down. While the volatility is high, BTC/USD could go even lower, towards the 161.8% Fibonacci retracement level at $4055. At the same time, price spikes might fall beyond the support, potentially reaching $4k and below. Nevertheless, it would be important to pay attention to the daily closing prices throughout coming week/s. Talking about the short term upside potential, Bitcoin could be reaching the $4550 resistance level. This is where the most trading volume occurred over this week, and also confirmed by the 61.8% Fibonacci retracement. Although to have more confidence in the upcoming corrective move upwards, price must break above the 88.6% Fibs at $4700. This is where buyers might show interest in the Bitcoin and push price higher, at least to test the $5k psychological resistance. And finally, if price will break above $5k, the probability of a trend reversal will become much stronger, at least until price stays above $4k level. Support: $4385 $4055 Resistance: $4555 $4646 $4700 $5000
BITFINEX:BTCUSD
by CryptalDash
Market Panic is a BUY signal?~~~~~ Bitcoin would love you pushing that “Like” ~~~~~ Recent Bitcoin selloff resulted in the massive panic; BTC crashed by 33% during past 6 days, but most of the altcoins have experienced even steeper decline. Such a freewill clearly causing panic among average investors, forcing them to liquidate BTC in order to protect the investment. But what if, this is a trap created by institutions, which first take out all stop losses and then perform a heavy buying? Is this “stop loss kick out” move creates a massive long term buying opportunity? Throughout the history, crashes and uncertain times where the most interesting in terms of buying as well as selling opportunities. Truly, this is a great time for Bitcoin speculation in either direction. The most interesting thing about the panic sell, which BTC is going through, is that these uncertain times are usually when smart money may start coming in. What is important to note is that Bitcoin has reached the bottom of the descending triangle pattern. At the same time price rejected two Fibonacci levels at $4300 area. First, BTC failed to break below the long term 78.6% Fibs, which is located at $4387. Second, price bounced cleanly off the $4300 level, that is a 161.8% Fibs, applied to the June 22 - July 24 corrective wave up. Finally, under the very heavy selling volume, Bitcoin failed to break double Fibonacci support and downtrend trendline. The $4300 area currently represents a very strong support, but still, spikes below should be expected. BTC/USD in the near term future could be spiking towards the $4200 area, although only daily, or even weekly close below the lower trend line of the descending channel could confirm continuation of the downtrend. Upon the breakout, next support is seen at $3k physiological level, followed by the $2400-2600 Fibonacci support area. Of course, considering the heavy downtrend, the probability of continuation usually is higher than correction or a trend reversal. But on the other hand, huge interest in the Blockchain technology might spike at any time once again. For that, we need to look into the potential reversal scenario. At the current stage the bounce off the $4300 support has been very clean, which might result in a correctional move towards the $5200 or even $7780 resistance level. But only break above the $7780 could be taken as first serious Bitcoin declaration of the potential trend reversal. Ask yourself a question; if Bitcoin trend is reversing, what will happen to the price of Altcoins?
BITFINEX:BTCUSD
by CryptalDash
3
Bitcoin domination ends now?Following our previous idea on BTC/USD, it continues to trade in the green zone, which was spotted between the $5755 resistance and $4835 support. Long term The long term buying opportunity might have already presented itself, which at any time could invite large institutions to buy the mighty Bitcoin. But at the same time shorter timeframe should be observed more closely. Risk taking Today BTC/USD has tested a new lower low, hitting $5265, where it touched the downtrend tend line for the second time. The nearest resistance has been established at $5755, that is the lowest low, established back on the 24th of June. Clearly the downtrend is dominating and there are no signs of the reversal to the upside. Buying BTC is very risky at this point, nevertheless, there will be those who prefer to take the risk. Bitcoin domination The question is; what is the use case for the Bitcoin in the coming months and years. Back in the January 2018 the transaction cost for BTC was around $10 for BTC, that was nearly the same as a bank wire transfer cost. Also, sometime BTC transactions were taking more than a month for confirmation, that is simply unusable for many businesses. This could have been the starting point of the end of Bitcoin domination in the total market cap. Alternative to BTC Many altcoins provide solution to the BTC speed and transaction const issues. Some offer almost instant transactions with almost free transaction costs. These are the coins that could be adopted more widely in the future, thus taking a huge chunk of BTC market cap. Obviously, in this case, BTC capital could be migrating to other coin/s, which as a result, can bring the new cryptocurrency King dominating the market. BTC downtrend At this point we can only guess if or when this will ever happen, but considering such scenario could push the price of the Bitcoin much lower. Looking at the current state of the BTC price development, trend remains bearish. Nevertheless, there was no clean and confirmed break and close below the $5755 support. Yes, the spike has been produced below the $5755, but only daily close below the $5432 (today’s low) could confirm the downtrend continuation. The support The nearest support is seen at $5133, which his the 161.8% Fibonacci retracement applied to the corrective wave up after breaking the uptrend trendline. Next support is at $4835, which is 78.6% Fibs, as per the previous idea on BTC/USD. Seems that the key support area will be near $4835, while break below this level will rise more questions rather than give any answers, but perhaps it is a little premature to consider this scenario. BTC uptrend On the upside, the resistance is seen at $5755 (previous low), which if broken should push price further, up to $7100 area. This is the 88.6% Fibonacci level, that corresponds with the upper trend line of the descending channel. But all-in-all, price to be expected to range between the $5755 and $4835. Break above the resistance of below the support could shed more lights on further price development.
BITFINEX:BTCUSD
by CryptalDash
ReddCoin (RDD) – market reaction to the ReddID releaseReddcoin is a micro tipping platform for sending tips over the social networks. On the 1st of October ReddCon has announce the release of the ReddID, that has to simplify the process of “social tipping”. The ReddID enables Reddcoin holders to name the wallet instead of using a complex 16 characters jumble. Indeed, this should make the social tipping much faster, easier and user-friendly, but the question is whether Reddcoin will be able to compete in this marketplace. Based on the market reaction, the ReddID wasn’t something very exciting as after the announcement price went down. Lets have a closer look at the chart. On the 1st of October, when the ReddID has been released, price has bounced off the 82 satoshis level, that is 78.6% Fibonacci retracement. Currently RDD/BTC is trading at 61 satoshis, which is 26% lower from the date when ReddID was released. Clearly, not much of a positive reaction by the market participants, but instead a disappointment? The price is approaching 45-55 satoshis support area, which corresponds with the 23.6-38.2% Fibonacci levels and the point where the uptrend trendline has been rejected on the 21st of September. It could be a strong support for Reddcoin, triggering another attempt to go higher. But at this point, as the resistance is holding, RDD might consolidate or even reverse to the downside. Below are the important levels to watch. Support: 1. 55 satoshis 2. 46 satoshis 3. 29 satoshis Resistance: 1. 82 satoshis 2. 112 satoshis 3. 137 satoshis Break above 82 sats or below 46 sats could trigger the next wave. Where? It depends whether it will be the upside or a downside breakout. On the upside, price could reach 137 satoshis. On the downside, price could go as low as 30 satoshis. Based on the Fibonacci Time Zone indicator, most recent wave has started on the 15th of August, while the next wave will start on the 25th of December. As the RSI downtrend was broken, the probability of the uptrend continuation seems to be higher. Therefore, the end of the year could be the end of the current wave upwards, unless the support is broken.
by CryptalDash
5