Bitcoin Surges 8% Overnight in Corrective Rally, Potential Full Reversal?




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The price of Bitcoin (BTC) has increased by more than eight percent in the past 24 hours, as the dominant cryptocurrency recovered to $4,000.

On fiat-to-crypto exchanges like Coinbase and Bitstamp, Bitcoin is yet to surpass $4,000 mark but on crypto-to-crypto trading platforms, the price of BTC hovers at around $4,100.

Fueled by the corrective rally of BTC, major cryptocurrencies in the likes of Ripple (XRP) and Ethereum (ETH) recorded gains in the range of six to nine percent, with Ethereum rebounding to $115.

The cryptocurrency market has added $11 billion to its valuation and tokens such as VeChain (VET), 0x (ZRX), and Zilliqa (ZIL) have recorded gains of around 15 to 20 percent.

Ready For Full Reversal?

On November 27, prior to the eight percent increase in the price of BTC, Crypto Rand, a prominent cryptocurrency trader, stated that depending on the daily close of Bitcoin, the asset could experience a short-term trend reversal.

“Keeping an eye on the daily close of Bitcoin. Looking to print a bullish hammer that could lead the reversal,” the analyst said at the time.

Since then, the price of Bitcoin along with its volume have increased substantially, bringing up the daily volume of the rest of the market from around $12 billion to $18 billion.

As Bitcoin ended the day with a positive short-term movement and a corrective rally, the analyst added:

“Bitcoin daily bullish hammer in play. First reversal signal on weeks.”

On Tuesday, Don Alt, a cryptocurrency technical analyst, echoed a similar sentiment, stating that BTC is in a prime position to engage in a short-term positive movement.

“Constant bouncing on a strong demand zone. If it fails I expect a very violent move down. If it holds we’ll most likely stair step up. I’m scalping the small TF’s based on this. Should breakout soon otherwise the bulls are in trouble.”

Currently, Bitcoin faces a major resistance level in the range of $4,100 to $4,200. A breakout of the $4,150 mark could signal a full trend reversal for BTC after weeks of a downward movement. But, based on the time frame and the past performance of the asset in the last two weeks, a sudden breakout of large resistance levels remains a challenge for BTC.

Be Aware of Tokens

The majority of small market cap tokens in the market demonstrated fairly large gains against the U.S. dollar as the price of BTC demonstrated some momentum.

But, tokens are down on average 30 to 50 percent against BTC and during a period in which the U.S. Securities and Exchange Commission (SEC) is accelerating its investigation into dozens of initial coin offering (ICO) projects that are generally considered to be securities, tokens present an extremely high-risk, low-reward opportunity.

Several tokens, including Zilliqa, that are anticipating the completion of major network upgrades and improvements in the upcoming weeks have increased in value against most large-scale cryptocurrencies.

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Bitcoin Price Watch: BTC/USD Ran Into Resistance, More Gains Likely

Key Points

  • Bitcoin price climbed higher recently and traded above the $3,800 resistance level against the US Dollar.
  • This week’s crucial bearish trend line was breached with resistance at $3,830 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price ran into a major resistance area at $4,080, but there are chances of more gains.

Bitcoin price gained traction and moved above $3,800 and $4,000 against the US Dollar. BTC/USD must break the $4,080 resistance level to trade further higher.

Bitcoin Price Analysis

Recently, there was a steady drop in bitcoin price from the $4,080 resistance against the US Dollar. The BTC/USD pair declined and traded below the $3,800 and $3,700 levels. However, buyers were able to protect losses below the $3,580 support area. A base was formed near $3,600 and later the price started a decent upward move. It climbed higher and broke the $3,700 and $3,800 resistance levels.

There was also a close above the $3,800 resistance and the 100 hourly simple moving average. The price also cleared the 76.4% Fib retracement level of the last slide from the $4,125 high to $3,520 low. More importantly, this week’s crucial bearish trend line was breached with resistance at $3,830 on the hourly chart of the BTC/USD pair. It opened the doors for more gains and the price moved above the $4,000 resistance. However, the $4,080 hurdle prevented further upsides and the price started consolidating gains. An initial support is near the $3,900 level and the 23.6% Fib retracement level of the last wave from $3,563 to $4,077.

Looking at the chart, bitcoin price moved above the key barrier at $3,800-3,830. If there is a proper close above $4,080, there could be a solid bullish wave towards $4,200 and $4,250 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently well above the 60 level.

Major Support Level – $3,900

Major Resistance Level – $4,080

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Bitcoin Support at $3,600, Path to $4,500?

After two weeks of incessant sell pressure and analysts giving up on bulls, it seems like BTC/USD sellers are exhausted. Notice that BTC is finding minor support at $3,600 or Nov 25 floors and if today close higher then we might see a temporary recovery towards $4,700. On the flip side and Vinny Lingham projections will be valid.

Latest Bitcoin News

10 months after the unfortunate hack that saw $530 million worth of NEM siphoned off from Coincheck, the Japanese exchange is back in operation after reinstating deposits and purchases of XRP and Factom (FCT). This now means users can deposit and withdraw in fiat—Yen and crypto. That’s aside from allowing sign ups. Its lending service is now back in operation though traders won’t leverage their trading neither will they be able to deposit fiat from convenience stores.

Read: Report: Blockchain Market to Be Worth over $28 Billion by 2025

As Coincheck gears up, BitMex Insurance Fund now holds 18,851 BTC. According to the exchange, the fund is used to prevent auto-deleveraging traders’ positions and the fund grows from market liquidation executed at a better price than at bankruptcy level. Because of this, online commentators now think this minor Bitcoin accumulation would help shore prices after two weeks of turmoil that saw BTC sink $1,500 hours after the disastrous hash rate war between Bitcoin Cash SV and ABC.

Read: CNBC Tech Correspondent: Bitcoin’s Survival Hinges on People Believing in It

While it would be the perfect shot in the arm if bulls find a way and bounce above $5,000, market analysts are shying away from bullish comments. While talking to CNBC Fast Money, Vinny Lingham of civic talks of Crypto winter where he projects that Bitcoin prices will be trapped within a tight range between $3,000 and $5,000 till end of Q2 2019. During this time, he says, there will be a lot of short-term buys which will surely help in recovery.

BTC/USD Price Analysis

Weekly Chart

At spot prices, BTC/USD is down 23 percent in the weekly chart and unfortunately for bulls, bears are not slowing down.

Though we expect a temporary pullback, the past two weeks draw down has shaken coin holders to the core and with the emergence of a new faction—the sodlers, we could as well see a temporary reprieve offering these sellers another opportunity to unload their stash further fueling this sell frenzy.

Unless otherwise there are strong bulls driving price above our minor resistances at $4,700 and maybe $5,000, we shall retain a bearish outlook expecting prices to test $3,000 by the end of the week as price action complement week ending Nov 18 bear breakout pattern.

Daily Chart

BTC/USD Price Analysis

In line with our last BTC/USD price analysis, sellers are clearly in control and as mentioned above, aggressive traders can take every opportunity to unpack their BTC holdings more so if bulls fail to clear the $4,700 mark assuming prices bounce back from spot.

After all, they may now that BTC is finding short-term floors at $3,600 or Nov 25 lows.  However, if buyers breach and close above $4,700 then we may see a temporary rally towards $5,000 and even to $5,800 as the market sparks back to action.

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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Bitcoin Cash Price Analysis: BCH/USD Remains Sell Near $200

Key Points

  • Bitcoin cash price settled below the $190 and $200 support levels against the US Dollar.
  • There was a break below an ascending channel with support at $172 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair could correct higher, but it is likely to face sellers near the $190 or $200 resistance level.

Bitcoin cash price moved back in a bearish zone below $200 against the US Dollar. BCH/USD could decline towards $160 as long as it is below $200.

Bitcoin Cash Price Analysis

After a solid recovery above the $200 level, bitcoin cash price struggled to hold gains against the US Dollar. The BCH/USD pair started a fresh decline and traded below the $200 and $190 support levels. There was even a close below the $180 level and the 100 hourly simple moving average. The price even broke the 61.8% Fib retracement level of the last recovery from the $145 swing low to $206 high.

More importantly, there was a break below an ascending channel with support at $172 on the hourly chart of the BCH/USD pair. The pair tested the $160 support zone and formed a low at $161. Later, there was a minor upside correction above the $170 level. The price also moved above the 23.6% Fib retracement level of the recent decline from the $206 high to $161 low. However, there are many resistances on the upside near the $180 and $190 levels. Additionally, the 100 hourly SMA is also positioned near the $180 level.

Looking at the chart, BCH price is currently trading below the key $190 and $200 resistance levels. As long as there is no break above these resistances, the price could slide back towards $160 or $150.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is placed above the 50 level.

Major Support Level – $165

Major Resistance Level – $190

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Bitcoin SV Joins Top Cryptocurrency Ranks after Climbing 48% in a Week




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The hash war between the Bitcoin ABC and Bitcoin SV camps have officially come to an end. But the one that conceded defeat surprisingly gained more than the one that won.

Bitcoin SV, the brainchild of Dr. Craig Wright backed by CoinGeek mining pool boss Calvin Ayre, surged circa 48 percent in a week. The new BSV ticker added as much as $2.21 billion to its market cap before correcting lower to $1.81 billion on Monday. In contrast, the rest of the top cryptocurrencies were red. Bitcoin ABC, which has gained rights over the Bitcoin Cash’s original ticker BCH, continues to trend lower. Its weekly price action has posted a 23.5% loss. Bitcoin, similarly, has erased $19.73 billion off its market cap, down 23.5% like BCH per weekly performance.

SOURCE: COINGECKO

At press time, the BSV/USD pair is trading at 109-fiat on BitFinex, up 28.5% from its Monday’s close at 84.72-fiat.

Interim Bullish Dynamics for BSV

The speculation has got into the Bitcoin SV space already ahead of its minimal launch. Coingeek on Monday released an optimistic roadmap, stating that their chain is the most superior blockchain because it has mined a 64 MB block. The plans include a proposal to increase BSV block size from 64 MB to 512 MB in over the next six months, and later to 2 GB. If BSV can hit the value of $640 soon, miners would be able to generate an income of $8,000 per block.

Bitcoin SV also eyes the launch of one Teranode project that would scale the network up to 1 TB. In an ideal scenario, the solution should be able to process transactions at a speed of 6.5 million operations per second, while reserving mining rewards to  $600,000 per unit.

At first glance, the claims look highly exaggerated like any other blockchain project. The BSV team on many occasions have put their actions against their words. While an optimistic post has indeed helped the BSV market add a few hundred million in near-term, its sustainability in the top ten cryptocurrencies would solely depend on adoption by both miners and users – if they can deliver.

Technical Indicators

BSV/USD 1H CHART | SOURCE: TRADINGVIEW.COM, BITFINEX

Being a fresh market, BSV lacks historical evidence of price actions. The BSV/USD, as of now, is heading north while maintaining its support at the near-term rising trendline. The pair has recently tested 119.40-fiat as interim resistance and is currently undergoing a minor downside correction, forming a bull pennant. There is a likelihood that the pair would continue the uptrend and a breakout target near 140-fiat looks achievable. Nevertheless, to maintain risks, one should put their stop losses only 4-5 dollars below the entry position. That would minimize the overall losses should the bias reverse.

Featured Image from Shutterstock. Charts from TradingView.

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Crypto Winter Arrived, Bitcoin Not Escaping $5kFor 3 to 6 Months




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According to Vinny Lingham, the CEO of Civic, the crypto market and Bitcoin could suffer from their bearish trend for at least three to six months.

The $3,000 support level has been quite strong Lingham said and in the short-term, the $3,000 support level will likely be maintained with buy orders being set in the lower range of $3,000 to $3,500.

Lingham said:

“I think it stays in the range between $3,000 to $5,000 at least for three to six months. I don’t think we break through the support level of $3,000 just yet. I think there is a lot of buying in the short-term around that mark. If we don’t get out of the crypto bear market cycle in the next three or six months, the $3,000 level could go.”

Not Escaping Crypto Bear Market in Six Months Could Lead to Trouble

Several prominent analysts including Woobull.com founder Willy Woo have said that the bear market of the cryptocurrency market could come to an end by the second quarter of 2018, but there exists a very low probability of the downtrend being reversed in the short-term.

Following a correction in the magnitude of 80 to 90 percent, an asset normally tends to endure a long consolidation period. For a rapidly moving asset class like crypto, the consolidation period could last three to six months.

But, Lingham said that if the cryptocurrency market fails to recover in the next two quarters, the $3,000 support level could be breached and the downtrend could extend to the end of next year.

Over the past several months, in spite of the volatility in the cryptocurrency market, the industry has seen the entrance of Bakkt, ICE, Nasdaq, Fidelity, and many more financial institutions in Asia.

Today, on November 27, sources reported that Nasdaq is planning to operate a Bitcoin futures market by the first quarter of 2019.

Lingham noted that if the volatility of the cryptocurrency market continues to increase, then institutional investors could refrain from investing in the asset class even if the infrastructure strengthens and solidifies.

“[Extreme volatility] doesn’t make crypto an investment-grade asset. If you keep speaking about institutional investors coming to the table and ETF getting approved, you can’t have this sort of volatility in an asset class if you want big money to be involved,” he added.

Is Bitcoin Too Risky?

The recent crash of Bitcoin in the past two weeks by more than 35 percent has scared away retail and institutional investors, Lingham explained. Because of the downtrend, he emphasized that the asset is too risky to invest in.

“I think in the short-term, it is a market where you scare away the retail investors, you scare away the institutional money and the die hards are hodlers, and will come in whatever dry part they have left. For me, it’s a bit too risky. But obviously, it’s high-risk, high-reward, if the market does turn, this could be a great time to buy.”

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A Site Enabling Anyone to Buy Bitcoin Using 300 Payment Methods Says the Demand is Growing

A company that enables visitors to buy Bitcoin using more than 300 payment methods has reported growth in the number of transactions being completed using US dollars – and says it is determined to dismantle the issues people have in earning and transferring their money freely.

Paxful was launched in 2015, and has the goal of making it simple to buy cryptocurrency – a boon for people who haven’t done so before.

Cash deposits and bank transfers can be used on its platform – with the company promising to deliver Bitcoin in less than an hour at an “awesome price.” Crypto can also be received instantly if Paxful customers opt for an online transfer via the likes of PayPal and Skrill, on the condition that they upload their ID for verification.

Debit and credit cards – including those from major brands such as Visa and MasterCard – are another option. That said, the fees incurred by using these payment processors can mean that Bitcoin costs a little bit extra on average.

Unlike other exchanges, Paxful also enables its customers to buy Bitcoin using gift cards, enabling them to swap unwanted presents for cryptocurrency. It accepts vouchers from an extensive range of retailers – including Amazon, Apple, the PlayStation Network, Google Play, Banana Republic, Walmart, Victoria’s Secret and many more.

When it comes to these payment methods, Paxful uses a peer-to-peer marketplace where sellers connect directly with buyers. Those who are interested in exchanging their Bitcoin for gift cards can specify the minimum or maximum value of the vouchers they are willing to pay and set the exchange rate. This creates healthy competition among the sellers, as well as providing choice for buyers.

Protecting consumers

Paxful says that keeping its customers safe – as well as their cash or crypto – is a top priority. Transactions go through an escrow service, with funds placed in the control of an independent third party until all of the terms have been met. This helps to prevent an unscrupulous seller from taking someone’s gift card or money without delivering the Bitcoin they promised.

Disputes can also be raised whenever a transaction does not go to plan, with an impartial moderator intervening to settle the trade. In addition to these measures, Paxful has a customer support team who can answer queries 24 hours a day, seven days a week.

The platform has also been proactive in preventing fraud and cyber attacks. Recently, it teamed up with an anti-phishing company to help track down fake mobile apps and websites which were purporting to have an affiliation with Paxful.

Giving back

As well as helping the public to get their hands on Bitcoin safely and securely, Paxful has made a concerted effort to engage in humanitarian projects that make a difference.

The company is planning to complete building a second school to benefit children in the African nation of Rwanda through its #BuiltWithBitcoin initiative after receiving donations worth $100,000 in five cryptocurrencies.

Boasting six classrooms, six full-time teachers, bathrooms and a water well, the school is the first to open in the area and was made a reality in collaboration with humanitarian organization Zam Zam Water.

Paxful has bold plans to construct 100 African schools in the coming years – and is also devoted to other philanthropic causes, including providing scholarships to Afghan refugees. Ray Youseff, the platform’s CEO and co-founder, said: “We encourage the cryptocurrency sector to contribute more to humanitarian projects. The #BuiltWithBitcoin initiative is an example of bitcoin being used as more than a speculative tool but a testament to the usefulness of cryptocurrency.”



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Nasdaq to Launch Bitcoin Futures Market, Not Worried by Crypto Winter




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The world’s second largest stock exchange Nasdaq is planning to introduce a Bitcoin futures market within the first quarter of 2019.

Sources told Bloomberg that Nasdaq has been cooperating with the Commodities and Futures Trading Commission (CFTC) to receive regulatory approval to operate as a compliant cryptocurrency futures market operator.

The report read:

“Nasdaq has been working to satisfy the concerns of the U.S.’s main swaps regulator, the Commodity Futures Trading Commission, before launching the contracts, the people said. The New York exchange operator, which was first reported to be eyeing Bitcoin futures last year, wants to allow trading in the first quarter of 2019, one of the people said.”

What Impact Will Nasdaq Plus Bakkt Have on Bitcoin?

Bakkt, a cryptocurrency exchange built by ICE, the parent company of the New York Stock Exchange, is expected to launch its Bitcoin futures market on January 24.

On November 20, the company delayed the listing of Bitcoin futures citing an unforeseen increase in demand for its futures product. Bakkt stated that it needs additional time to prepare the infrastructure that is required to serve a large group of investors based in the US.

“ICE Futures U.S., Inc. will list the new Bakkt Bitcoin (USD) Daily Futures Contract for trading on trade date Thursday, January 24, 2019, subject to regulatory approval. The new listing timeframe will provide additional time for customer and clearing member onboarding prior to the start of trading and warehousing of the new contract,” Bakkt announced.

Currently, the demand from institutional investors for crypto can only be evaluated through the numbers that Bakkt, Fidelity Digital Assets, Goldman Sachs, BitGo Custody, Coinbase Custody, and other major over-the-counter (OTC) markets can provide.

The entrance of Nasdaq in a long-lasting bear market and downtrend suggests that the company sees sufficient institutional demand from the U.S. market. A conglomerate in the size of Nasdaq does not allocate a large portion of its resources to develop an infrastructure for a new asset class unless it is certain that the demand for it will grow over time.

Depending on the delivery of Nasdaq’s plans, by the second quarter of 2019, the cryptocurrency market could have Nasdaq and NYSE, two of the largest stock exchanges, in the global market operating Bitcoin futures markets.

Bakkt physically delivers Bitcoin to its investors and as such, it could have an actual impact on the supply of Bitcoin and ultimately its price. The intricacies of Nasdaq’s plans remain unclear but the two markets could lead to an increase in additional liquidity for the asset.

SEC’s Concerns

Since August, when the U.S. Securities and Exchange Commission (SEC) denied exchange-traded funds (ETFs) based on the futures market, the commission consistently stated that the futures market is simply not of significant size to handle large-scale investment vehicles.

In the next 6 to 12 months, the stance of the SEC towards the Bitcoin futures market could change if Bakkt and Nasdaq demonstrate real demand from local investors.

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Nasdaq’s Bitcoin Futures Could Launch in Q1 2019, Says Bloomberg

Major U.S. stock exchange Nasdaq still intends to launch Bitcoin futures and could do so as soon as Q1 2019, Bloomberg reported Nov. 27.

Quoting “two people familiar with the matter,” the publication said momentum was building towards a potential launch early next year.

The move comes despite the downturn in Bitcoin (BTC) prices to 13-month lows, marking the tail end of a testing year for existing Bitcoin futures products.

According to the two unnamed sources, Nasdaq “has been working to satisfy the concerns of the U.S.’s main swaps regulator, the Commodity Futures Trading Commission [CFTC], before launching the contracts.”

Just over a year ago, the exchange first suggested it would launch futures by mid-2018, making the announcement shortly after CBOE and CME Group set the launch date for the industry’s first such futures at the end of November 2017.

The plans did not go ahead, and Nasdaq’s offering will likely now come to market later than multiple major competitors in traditional finance, including the Intercontinental Exchange’s Bakkt, which should launch physical Bitcoin futures Jan. 24.

Regulatory and other preparations had forced executives to delay the rollout by around six weeks.

The enthusiasm from Nasdaq suggests the recent volatility in Bitcoin prices does not concern Wall Street, with CME in October likewise reporting interest in them had markedly increased quarter on quarter this year.

Nasdaq, the sources added to Bloomberg today, is “betting on sustained interest” going forward.



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Bitcoin Is World’s Best Performing Asset Class Over Past 10 Years, Says Pompliano

Crypto industry investor Anthony Pompliano says Bitcoin (BTC) will likely fall to 85 percent below its all-time-highs – around $3,000. Pompliano gave his forecast during an interview on CNBC’s Squawk Box Nov. 26.

The partner at crypto investment firm Morgan Creek Digital Assets argued that while “Bitcoin was overvalued in Dec. 2017” – with selling pressure this year subsequently driving its price downwards – there are several important factors related to the asset’s long-term value that are important to remember:

“First, [Bitcoin] is the most secure transaction settlement layer in the world, so it’s got to be worth something […] it’s the best performing asset class over the past ten years – it’s outperformed S&P, DOW, NASDAQ, etc. during the longest bull run. It experienced two 85 percent drops during that time, but [it’s] still up over 400 percent in the last two years.”

Third, he added, all of Bitcoin’s price action in past years has been driven by retail investors – ahead of any meaningful involvement from major institutional players such as those now poised to enter the crypto space next year. Big players include Fidelity and New York Stock Exchange (NYSE) operator Intercontinental Exchange (ICE).

Pompliano argued that the recent “wash-out” on the crypto markets is a barometer of retail investor patterns; throughout its retail-driven history in 2017, the cryptocurrency traded as a “highly volatile speculative asset.” By contrast, he continued, more recent institutional involvement is primarily conducted via less transparent over-the-counter (OTC) trades, where trends are not immediately apparent and harder to gain insight into.

Pompliano was lastly asked about dwindling profit margins for cryptocurrency miners as the asset’s value tumbles. He conceded that outside of regions with abundant low cost power, such as China – where he claimed miners can mint Bitcoin for as little as $2,000-2,500 – we are seeing a similar “wash out” of miners in areas where electricity costs push expenses closer to $6,000 or $6,500. These latter, he said, “are underwater now.”

As previously reported, Morgan Creek Digital assets is backed by the institutional investment house Morgan Creek Capital, which has $1.5 billion in assets under management. The firm launched a Digital Asset Index Fund in late August, which gives accredited investors indirect exposure to Bitcoin, Ethereum and eight other large market cap assets, although not pre-mined cryptos such as Ripple (XRP) and Stellar (XLM).

Speaking yesterday, Vinny Lingham, CEO of identity management startup Civic, predicted Bitcoin will trade range-bound between $3,000 and $5,000 for at least three to six months; if the coin fails to then break higher, it could lose the $3,000 support as well.

Bitcoin is currently trading at $3,730 by press time, down just over 6 percent over the past 24 hours.



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