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Thread: Bitcoin Analysis

  1. #196
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    Bitcoin fell on Thursday below $10,000 to near a two-week trough, as investors assess South Korean finance minister's remarks on the truth of banning cryptocurrencies.

    At Bitstamp, bitcoin dipped to 3.5%, or $360 to $9,790 from the opening of $10,150, with an intraday high at $10,190, and a low at $9,705.



    Bitcoin rose 1.8% on Wednesday, the first profit in three days on short-covering operations away from a two-week trough at $9,519.

    Bitcoin lost 27% in January, the first monthly loss since September, and the largest since January 2015.

    Throughout 2017, bitcoin spiked 1400%, adding $200 billion to its market value, but as demand cooled down, the virtual currency lost $44 billion in January.

    South Korean finance minister warned ahead of the Parliament from widespread cryptocurrency trading in South Korea, the third largest market for them in the world, while asserting there are no current plans to ban their trading.

    Otherwise, social networking giant Facebook banned all ads pertaining to cryptocurrencies, considering them related to mostly fraudster advertising.

  2. #197
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    Bitcoin price succeeded to achieve our waited target at 8643.35 after the strong decline that it witnessed yesterday, starting today with more decline to break the mentioned level and attempts to hold below it, which hints the price head to suffer more losses on the short term and medium term basis, paving the way to head towards 6039.30 as a next main station.

    Therefore, the bearish trend will be suggested in the upcoming sessions supported by the negative pressure formed by the EMA50, noting that breaching 9390.00 will release the price from the current negative pressure and push to start recovery attempts that target 10748.00 – 11160.00 areas initially.

    Expected trading range for today is between 7500.00 support and 9390.00 resistance

  3. #198
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    Bitcoin Drops by 40 Percent in 6 Days



    Read about BTC/USD in our blog post for February 7, 2018.

    Trade bitcoin on MetaTrader 4 platform with FXOpen broker.

  4. #199
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    Bitcoin price keeps its stability below 8643.35 level and below the bearish channel’s resistance line that appears on the chart, which keeps the bearish trend scenario valid until now, waiting to visit 6036.30 mainly, noting that stochastic current positivity might cause more sideways fluctuation.

    We should note that breaching 8643.35 will stop the expected decline and push the price to achieve gains that start at 10748.00 and might extend to 12852.65 on the short term basis.
    Expected trading range for today is between 6500.00 support and 9300.00 resistance

  5. #200
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    According to the technical charts, Bitcoin bulls risk losing control unless prices see a convincing break above the $9,000 mark soon.
    The BTC cryptocurrency has failed twice to hold above $8,900. Further, bitcoin also clocked a six-day high of $9,070.64 on Feb. 10, but quickly fell back below the key psychological level of $9,000.
    Thus, the area around the $9,000 mark has been established as a point of stiff resistance.
    As of writing, bitcoin's global average price on the BPI is at $8,390. The cryptocurrency has appreciated by at least 40 percent from the recent lows below $6,000.
    However, the bulls are still not out of the woods and need to move prices quickly above $9,000 or the bears could once more exert their influence.


    That said, exhaustion around $9,000 has neutralized the immediate outlook and bearish revival is seen only below Feb. 2 low of $7,845.

    Daily chart: Stuck in a falling channel


    The above chart (prices as per Coinbase) shows:

    • BTC is trapped inside a falling channel marked by trendlines representing lower highs and lower lows.
    • Both the bullish 5-day moving average (MA) and 10-day MA crossover and an upside break of the descending trendline on the RSI favor the upside.
    • Still, the cryptocurrency faced rejection at the descending trendline/falling channel hurdle earlier today and is now changing hands below $8,500.


    Daily chart: Long-term momentum studies turn bearish




    • The longer-term 50-day MA and 100-day MA (momentum studies) will likely see bearish crossover (50-day MA cuts 100-day MA from above) in a day or two (marked by circle).
    • Further, the 200-day MA has shed bullish bias (is no longer sloping higher in favor of the bulls).


    The weekly chart is biased towards the bears. Thus, the bulls need progress soon,via a quick move above $9,000.


    View


    A close above $9,000 would confirm an upside break of the falling channel, meaning bearish-to-bullish trend change.
    It would also add credence to the bullish 5-day MA and 10-day MA crossover and open doors for a move higher to $11,500–$11,800.

    However, gains above $10,000 could be short-lived.
    On the other hand, a close below $7,851 (Nov. 2 low) would signal the corrective rally from Feb. 6 low has ended and would encourage stronger sell-off to $5,000.

    Source: coindesk.com
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    Bitcoin Up by 13 Percent

    Bitcoin is currently quoted at $8,520 dollars per coin, up by $952 dollars since our last update. This is a gain of close to 13 percent, 12.82% to be exact.



    Read more in our blog post.

  8. #202
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    Bitcoin price shows some slight bearish bias after approaching 10000$ barrier, while the positive effect of the inverted head and shoulders’ pattern still active, which keeps the bullish trend scenario valid for the upcoming period, reminding you that our main targets begin at 10748.00 and extend to 12852.65, while holding above 8643.35 represents key condition to continue the suggested rise.



    Expected trading range for today is between 8643.35 support and 10748.00 resistance

  9. #203
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    Bitcoin price managed to achieve our first waited target at 10748.00 and settles around it, as it attempted to breach it but without managing to settle above it, noting that the positive effect of the inverted head and shoulders’ pattern still active, to support the continuation of the bullish trend that its next target located at 12852.65.



    Therefore, we will keep our positive overview in the upcoming sessions supported by the EMA50 and stochastic positivity, reminding you that holding above 8643.35 represents key condition to continue the expected rise.



    Expected trading range for today is between 9700.00 support and 12000.00 resistance

  10. #204
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    Bitcoin price resumes its positive trading to breach 10748.00 level and attempts to hold above it, which supports the continuation of our bullish overview efficiently in the upcoming period, paving the way to head towards 12852.65 that represents our next main target, supported by stochastic and the EMA50 positivity, noting that it is important to settle above 8643.35 to achieve the waited targets.



    Expected trading range for today is between 9700.00 support and 12000.00 resistance

  11. #205
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    Bitcoin price managed to build good support base above 10748.00 level, to trade positively and move around 11500.00$ barrier now, which reinforces the expectations of continuing the bullish trend on the intraday and short term basis, which is affected by the previously completed inverted head and shoulders’ pattern.



    Therefore, we believe that the way is open to visit our next target at 12852.65, noting that holding above 10748.00 represents key condition to continue the suggested rise, as breaking it might push the price to visit 8643.35 areas again before any new attempt to rise.



    Expected trading range for today is between 10748.00 support and 12852.65 resistance

  12. #206
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    Bitcoin Higher but Stops Short of New Rally

    Bitcoin prices traded even higher since our last update but they stopped short of triggering a new rally. We are currently quoted at $10,714 dollars, after topping out at $11,769 dollars yesterday.



    Read more here.

  13. #207
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    Bitcoin price didn’t show any strong move since morning, to keep fluctuating below , therefore, there is no change on the bearish trend scenario that depends on the stability below 10748.00 level, while its main targets begin by testing 8643.35 level.



    Expected trading range for today is between 8643.00 support and 10400.00 resistance

  14. #208
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    The cryptocurrency market cap gained $30 billion on Tuesday, bolstered by a comprehensive advance that saw more than 80 of the 100 largest coins and tokens rise against the value of the US dollar. The Bitcoin price was the day’s headliner, soaring 10 percent to threaten the $11,000 threshold, but a number of other cryptocurrencies posted strong showings as well.



    from https://www.ccn.com/bitcoin-price-le...-market-rally/
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    Bitcoin Continues Range-bound Trading

    The high but directionless volatility continues in BTC/USD. During the past seven days we traded as low as $9,270 and as high as $11,054 dollars. While bitcoin is down this week it hasn’t broken any important support levels yet.



    Read more in our blog post.

  16. #210
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    Bitcoin price tests the bullish channel’s support that appears on the above chart, accompanied by stochastic move at the oversold areas, while the meets the mentioned support to add more strength to it.

    Therefore, we will continue to suggest the bullish trend conditioned by the price stability above 10748.00, reminding you that we are waiting to test 12852.65 as a next main station.

    Expected trading range for today is between 10748.00 support and 12850.00 resistance

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