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Bitcoin Price Analysis: BTC/USD Accumulating as VanEck Subsidiary Work on “Transparency”

Latest Bitcoin News

Of course, price is not the only metric of interest as far as Bitcoin is concerned. Adoption rate and infrastructure development is of interest. Though the coin is meant to by-pass third parties as regulators, we cannot discount the role of regulators and their constant talk of investor protection.

Other jurisdictions might be open but the community is closely watching if the US SEC shall proceed and approve the much-anticipated Bitcoin ETF come Feb 27, 2019. That’s two and a half months from now and before then, bears seem to have an upper hand especially when we take a top-down approach.

Read: BTCC Co-Founder Lee Hints At $333,000 Bitcoin (BTC) Prediction For 2021

From the look of things, we can only guess the route that SEC might take and considering more banks are showing their interest in the space, we can only speculate that they might just give the VanEck Bitcoin ETF a pass.

Earlier, the SEC cited transparency saying the market was prone for manipulations and various stakeholders are now working on ensuring complete openness. A few days ago, a Frankfurt based company with relations to VanEck did launch MVIS Bitcoin US OTC Spot Index (MVBTCO).

Also Read: Bitcoin Price Prediction Gone Wrong: $1M Options Call To Be Purged

The index core objective is to promote transparency and to that end it draws its price feeds from Cumberland, Circle Trade and Genesis Trading. Most of the time institutions trade through liquid OTC firms and this index is a reliable benchmark for their investment.

BTC/USD Price Analysis

BTC/USD Price Analysis

There are hints of BTC demand in lower time frames and in the last day, BTC/USD is up 1.7 percent. This is modest to say the least and that means bears are still in control. On a weekly basis, BTC/USD is down 15 percent but considering events of the last few days, bears appear to be slowing down and range bound in lower time frames. Clear floors are at $3280.

Trend: Bearish, Momentum Fading

Aside from the negative sloping trend line connecting highs of the last few weeks, losses of the last few weeks are a reliable indicator of trend. But, even as bears threaten to drive prices lower, BTC demand is increasing in lower time frames. In the 4HR chart, prices are ranging within a tight $500 range with clear resistance and support at $3,800 and $3,280.

Volumes: Bullish, Increasing

What we have in this time frames are a series of higher highs with floors at $3,280 as BTC/USD range horizontally. Unless otherwise there are gains above $3,800 resistance, bears are in control but we are rooting for bulls thanks to standout bull bars of the last two days. Dec 7–22k versus 11k average by 1900 HRs, Dec 8—17k versus 8k 2300 HRs bar and Dec 9—7k versus 5k average bull bars are of interest as far as BTC/USD price analysis is concerned.  Notice that even from an effort versus result point of view, prices are still trending inside Dec 8 bull bar. For buyers to be in charge, then bulls must thrust prices above $3,810. Thereafter in a bull breakout trade, traders can buy on dips or at spot with first targets at $4,500 with stops at Dec 9 lows at around $3,500.

Candlestick Formation: Breakout Trade, Range

Clearly, BTC/USD is within a bear breakout trade but ranging as aforementioned. But, for bulls to be in charge then we must see high volumes gains printing above Nov lows of $3,800. This move will invalidate the bear breakout pattern of Dec 6. However, if prices fail to recover printing below Dec 9 lows then we shall have a retest and odds are BTC might test $3,280—or lower by the end of the week.

Conclusion

From candlestick arrangement, bulls might recover above $3,800. As such, our BTC/USD trade plan will be as follows:

Buy Trigger: $3,800—Dec 8 Highs

Stops: $3,500—Dec 9 Lows

First Targets: $4,500

All Charts courtesy of Trading View.

This is not Investment Advice. Do you own Research.

The post Bitcoin Price Analysis: BTC/USD Accumulating as VanEck Subsidiary Work on “Transparency” appeared first on Ethereum World News.

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BTC/USD Price Analysis: Bitcoin Surge above $4,700 Could Open Doors for $6,000

Latest Bitcoin News

After eight years hiatus, it appears as if Satoshi Nakamoto is back activating his P2P Foundation account. By befriending one Wagner Tamanaha and commenting “Nour” the crypto space was quick to react with some skeptical saying his account might have been hacked. Now, whether Satoshi is back or not, it all depends on whether he shall make a comeback on his BitcoinTalk account giving insight on the way forward especially on contentious issues surrounding scalability. And in the midst of all this, it will be exciting how Craig Wright respond to the “awaken” Satoshi.

While this is exciting, regulators across the globe are working overtime to bring law and order in the space. Days after passing a new Financial Bill, law makers in Estonia did amend the Anti Money Laundering and Terrorist Financing Prevention Act to include crypto clauses and sync with the EU’s Fourth Money Laundering Prevention Directive. By doing so, the Estonian Financial Supervision Authority (FI) believes they shall clamp down and prevent undesirable elements from laundering or financing terrorist activities through crypto platforms.

Meanwhile, the SEC boss Jay Clayton—though issuing disclaimer clarifying that his comments are his—said in a recent discussion that Bitcoin is a utility since no group has control of it. He further went on and said that while the technology is new, crypto assets and platforms should comply with time-tested rules set by the commission.

BTC/USD Price Analysis

BTC/USD Price Analysis

After week ending Nov 25, we expected Bitcoin prices to capitulate but it didn’t. BTC/USD is down 0.5 percent in the last week but pretty stable in the last day. However, this doesn’t mean bulls are in control despite the high trade volumes supporting prices above $3,700. In fact, from candlestick arrangement, BTC/USD could sink below $3,000 confirming week ending Nov 25 losses.

Trend: Bearish

It has been a steep fall for Bitcoin and after clearing the $5,800 main support line thanks to Nov 14 uncertainty ahead of BCH hard fork and hash war, BTC is yet to recover. From the chart, the fall has been almost perpendicular. Therefore, before we fade this bear trend there must be strong gains above our minor resistance line at $4,700.

Volumes: Flat, increasing

Thing is BTC/USD might be bearish but is finding strong support between $3,700 and $4,000 and better still oscillating in a $1,000 range between $3,700—or Nov 2018 lows and $4,700—the upper limit of this consolidation. Now, within this accumulation, Nov 25—82k versus 47k average and Nov 28—68k versus 65k average are bull bars of our concern.

Notice that we might end up with a three-bar bullish reversal pattern if buyers build enough momentum, racing above $4,700 triggering buys in the process. And from an effort versus result point of view this could print out now that price action is still confined within Nov 28 high lows—a bull bar with above average volumes.

Candlestick Formation: Bear Breakout, Accumulation

After Nov 14-15 declines, BTC/USD did break below the 11-month support zone in a bear break out pattern. This meltdown is clear in higher time frame especially the weekly chart where the close below the wedge did trigger the next wave of bears leading to a whole bear bar printing below $5,800. Now, despite this $1,000 consolidation, bears are in control and for bulls to be in charge then we must see gains above $4,700.

Conclusion

Technically, bears are in charge and before we recommend bulls, we must see confirmation of Nov 25 and 28 high volume bull bars and completion of the three-bar bull reversal pattern—the Morning Star pattern as prices close above $4,7000 triggering bulls aiming at $5,500 and $6,000. If not and there are drops below $3,700 or Nov 25 lows, then we might see further declines towards $3,000 or lower.

All Charts Courtesy of Trading View.

This is not Investment Advice. Do your Own Research.

The post BTC/USD Price Analysis: Bitcoin Surge above $4,700 Could Open Doors for $6,000 appeared first on Ethereum World News.