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Bitcoin Technical Market Analysis 9th November 2019

Bitcoin’s working week ended with a confident daily candle from sellers which was able to break through the price mark USD 9100-9300. It is the main price zone, where the fight continues for 12 days. Looking at the daily timeframe, it becomes clear that the buyers started a fight. But they were unable to conquer this price zone, which is of great importance on the Bitcoin chart.

After the test of USD 13700, the price repelled from the range of USD 9100-9300 several times. In such a way, buyers got a new chance to continue their growth. Therefore, after sellers regained control of this price zone, the initiative moved to them and still remains. Despite buyers’ latest attempt to change the situation.

Yesterday’s confident daily candle indicates that the fall continuation to USD 8500 is quite possible. Thus, our main scenario, based on which we formulate the previous analyzes, becomes true. We will carefully analyze the price mark whether sellers have enough strength to continue to fall below and move towards the lower trend line of the blue falling channel.

On the 4-hour timeframe, we see that during the breakthrough of USD 9100, the volumes increased. But these were not anomalous volumes:

Bitcoin Technical Market Analysis 9th November 2019

These volumes are more like consolidations. However, they have had enough to break the consolidation. So far, buyers have no confidence that the situation is likely to change drastically.

As you can see, after the test of USD 8690 there was not a deep counter-attack from buyers, so it is another fact of the fall continuation.

Yesterday, the marginal positions of buyers closed sharply and covered three previous candles, where buyers increased their positions:

Bitcoin Technical Market Analysis 9th November 2019

However, it does not yet look like a panic, and we think that during the breakdown of USD 8500, the price can fall sharply. So far, most buyers still believe in growth.

Sellers did not respond to yesterday’s fall. They continue to wait on historical lows:

Bitcoin Technical Market Analysis 9th November 2019

According to the wave analysis, we can see that the wave (c) at the moment = 0.618 * (a):

Bitcoin Technical Market Analysis 9th November 2019

The formation of the wave is not complete until sellers control USD 9100. The next targets of the fall continuation are USD 8500 and USD 8165.

Let’s see what sellers can do by the end of the week and how the weekly candle will close. See you on Sunday’s Bitcoin price analysis!

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Analysts Trace Current Bitcoin Rally to 2017 Bull Market

Crypto analysts trace the current Bitcoin rally to 2017 Bull market

Bitcoin value has seen a highly significant upsurge in the past few days, with it reaching USD 7,968 at  3:00pm UTC on 19 May 2019. With an almost 150% increase in value from last December, various crypto analysts believe that this upsurge marks the start of a prolonged bullish run, with the bear cycle of the previous year coming to an end. Famous crypto analyst, Joseph Young, took to Twitter to cheer the cryptocurrency community for surviving the brutal 16-month bear market.

Various crypto analysts believe that this Bull cycle is similar to the one experienced in 2017, while some are confident to the extent of believing that it will surpass it. Bitcoin got over the plethora of flash crashes experienced in the past few days and overcoming the cumulative 21.37% drop that it experienced three days ago. Crypto experts are of firm belief that this bull cycle will last for a long while.

Parabolic Trav, a crypto analyst, said that as long as Bitcoin value remains above USD 6400, the bullish cycle will not get over.

Zschaepitz, a German economist, said that the value of Bitcoin has gotten way past its intrinsic value, that is, the cost of production per Bitcon, which stands at about USD 4500 at the time of writing this article. Although the cost per Bitcoin depends upon the scale and efficiency of Bitcoin miners, Bitcoin’s value has seen a consistent upward deviation from its intrinsic value. Slow but steady in the race, Bitcoin is foreseen as a dominant reserve currency by many analysts and crypto enthusiasts. 

Bitcoin: A technology suited for modern time

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Research: Do Sentimental Tweets Affect BTC, ETH Prices?

Research_ Do Sentimental Tweets Affect BTC, ETH Prices_

Seeking out indicators among Tweets to further bolster cryptocurrency technical analysis was a resourceful achievement for scholars at the Southern Methodist University (SMU) Data Science Review center, as they uncovered a correlation between price action and volume of cryptocurrency related Tweets on Twitter as with Search Volume Index such as Google Trends.

The research, titled ‘Cryptocurrency Price Prediction Using Tweet Volumes and Sentiment Analysis’, was conducted to assess whether or not Twitter had a role in the price actions of cryptocurrency markets using Bitcoin and Ethereum related Tweets. The premise for this hypothesis was founded upon the basis that in the traditional market, web-based search data could be used to make predictions of several macroeconomic statistics including automobile sales and unemployment rates, thereby constructing fundamentals for an investment strategy. In this case, Twitter was thought to be an excellent resource to gather text data on crypto sentiments as well as their influence on the market.

According to the report, citing researcher Ladislav Kiroufek who found that Bitcoin is a unique asset in that its price behaves in ways similar to both a standard financial asset and a speculative one, this makes the asset a rather complex utility.

One of the major challenges for cryptocurrency participants is volatility, such that a growing concern of uncertainty continues to plague both investors, traders, and ultimately wider adoption. Most cryptocurrencies essentially lack substantial footing in the area of fundamentals, therefore, the way to go is to leverage all the available technical analysis to maximize positions – either as a trader or an investor.

SMU’s study involved using Twitter’s API and a Python library called Tweepy to collect and store Tweets which mentioned Bitcoin or Ethereum. The approach further assessed price action dynamics through correlative indexing with the volumes of relevant Tweets.

The research concluded that in contrast to the findings in Google Trends and crypto price assays, sentimental Tweets were less effective for indexing future cryptocurrency price changes in an environment in which prices were falling. However, Tweet volumes succinctly correlated with prices during rising and falling times. Moreover, sentimental Tweets are heavily biased such that even when prices are falling, positive Tweets are often orchestrated by mainly those with personal interest vested in the cryptocurrency, and hence, makes them poor markers for future price indexing.

In the early days of cryptocurrency unveiling, sentimental Tweets may have had a role to play in adoption, whereby fear of missing out (FOMO), and price-dump events as revealed during fear, uncertainty, and doubts (FUD) were more prone in the space. Prominent figures in the cryptocurrency space such as tech mogul John McAfee and Fundstrat’s Bitcoin permabull Thomas Lee have often used their influence to steer the industry’s rudder towards a positive outlook, regardless of market conditions.

It behooves one to reflect on the evolving state of affairs in the industry, and perhaps, as the industry continues to mature into a more sustainable ecosystem, strong fundaments may once again be reflected in the events of unbiased, yet varied sentimental analysis.

 

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Bitcoin Price Analysis, 2 May 2018: BTC/USD Heading to $10,000?

Bitcoin markets are on the rise as traders keep showing support for price levels reaching new highs. BTC/USD markets are experiencing a decent increase in trading volumes while the market’s sentiment keeps being bullish.

The Day’s Signals

  1. Bitcoin prices were met with a few moments of consideration through the course of the day.
  2. Prices didn’t manage to break above USD 9,800 following multiple attempts at bullish breakouts.
  3. In the more recent hours prices did reach above USD 9,800 with the uptrend being topped off thanks to a sizeable upward spike.

bitcoin gdax-btcusd-May-05-2018-6-45-20

GDAX BTC/USD charts are showcasing how resistance didn’t manage to get the best of markets through the course of the past trading session. Traders managed to orchestrate recoveries as a response to every price fall. While the day’s low point was slightly below USD 9,600 prices kept returning to USD 9,700 levels. The market might be flirting with the idea of the price point at USD 10,000 being touched. That’s something that’s likely ramping up more interest as prices reach new highs on each trading session.

bitcoin okcoin-btcusd-weekly-futures-May-05-2018-6-45-23

OKEX BTC/USD weekly futures are continuing to showcase a lot of positivity. Futures prices even touched the USD 10,000 price point today. The gap between futures prices and live BTC/USD rates is something that had been observed through several of the latest trading sessions. However, in today’s trading session, the gap appears to have expanded even further. Futures markets are experiencing a gap closing in to USD 200. The perceived bullishness of futures traders could be mainly attributed to how futures markets priced the day’s decisive developments, ultimately leading the positive gap to grow.

Today’s trading session could set a precedent on how future developments will affect markets. If support continues to be displayed for the freshly reached highs, more bullish breakouts could spring up. Bitcoin traders have come to expect sudden changes in prices. But today’s trading session showcased a market ready to respond with recoveries to any downward pressure. Greater highs could be reached under such a market sentiment. The way futures traders priced in positive movements through the course of the day could be considered indicative of a shift in the market’s mood.

 

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Bitcoin Price Analysis, 30 April 2018: Support Above $9000

Bitcoin markets experienced some downward pressure through the day’s course, and yet USD 9,000 price levels were not breached. Trading volumes are now also on the rise as markets attempt to counter the downward pressure put on prices by sellers.

The Day’s Signals

  1. The day’s course showed support for prices above USD 9,000.
  2. Selling pressure lead prices to go further under USD 9,400 after a high around those levels was reached on the previous trading session.
  3. Large sell orders have so far not managed to move prices lower than USD 9,100 levels with more recent prices being slightly above USD 9,300.

bitcoin gdax-btcusd-Apr-30-2018-23-42-7

GDAX BTC/USD charts are showcasing the selling pressure that lead prices from USD 9,400 price levels to a low touching USD 9,100. While all that might have happened in the same trading session, further downward pressure was averted from having any effect on price. In so far, markets are showing certain support for the recently reached price levels above USD 9,000. Large sell orders took on to become one of the leading contributors in today’s trading volume increase. Notably, traders contributed to a recovery from USD 9,100 lows levels after a few back to back selloffs.

bitcoin okcoin-btcusd-weekly-futures-Apr-30-2018-23-42-17

OKEX BTC/USD weekly futures charts are notably showing that futures traders are now maintaining more positivity on futures markets. Bitcoin futures have for the course of the current trading session traded above live market prices. The selloffs on live markets were not exaggerated by futures traders. Selling pressure experienced through the day’s course might have pushed a bit of the positivity that futures traders had in store away through.

The overall outlook of the market appears to be showcasing a substantially improved market sentiment that in previous trading sessions. Traders now appear to be willing to take on selling pressure. The emergence of support is telling for the market sentiment; not to forget that current price levels are more or less the result of a bullish breakout.

 

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