Once again, Bitcoin sets a new all-time high of $11,800 on December 4, 2017. The $12,000 mark is well within reach in the next few days.
There seems to be no limit to how high Bitcoin will trade.
Demand for Bitcoin continues to grow with the announcement that the first bitcoin futures contracts on a regulated U.S. exchange are set to launch next week. The Chicago-based CBOE Futures Exchange (CFE) has announced it will begin listing Bitcoin futures contracts for trading.
The futures will begin trading at 5 p.m. CT on Sunday December 10th under the ticker symbol “XBT”.
The Chicago Mercantile Exchange (CME), will begin listing Bitcoin futures on December 18th.
This news has sparked even more interest in Bitcoin for investors that have otherwise been skeptical of cryptocurrencies.
Chart #1: Bitcoin Daily
The daily chart above shows the sustained upward move that Bitcoin has been on since November 13th.
At present, Bitcoin has closed up on the daily chart ten of the last eleven days, as shown in the shaded area. That is on the upper end of the statistical range for number of daily up-bars in a set.
From a technical analysis perspective, under any other market circumstance, a short position would normally be called for.
For Bitcoin however, trading from the short-side is far too risky.
It seems that taking a long position on a price dip is the only viable strategy for now.
To do this in such a volatile market without getting stopped out, timing into the trade correctly is critical.
The 5-minute chart below (Chart #2) is revealing a pattern that may help with this endeavor.
Chart #2: Bitcoin 5-Minute
The 5-minute chart above shows low points in the Bitcoin price action that correspond with the lows of the daily bars on the daily chart (labeled on Chart #1 as Price dips) that have significant down-side wicks on the candlestick bar.
This represents the down-side price fluctuation from the daily open for that trading day.
What is of particular interest is that each daily price low-point on the 5-minute chart is accompanied by a significant spike in volume (shown by the hand pointers).
Since Bitcoin does not seem to exhibit price dips that last for more than one or two days, we’re left with entering on an intraday price dip.
These price dips to daily lows that happen concurrently with volume spikes may be good entry signals for a long position.
This should help with timing into a trade so as to avoid falling into a steep draw-down if an extended price pullback does happen.
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Image courtesy of coinmarketcap.com
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Blockchain technology outshines Bitcoin and Gold during global pandemic
As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.
However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world.
Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.
What is blockchain technology?
Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see.
Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).
Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…