FREE BITCOIN

Gamble as you want,

your wife will never find out!

First p2p bitcoin betting platform!

Guess Bitcoin’s trend and win!

Clever enough to guess

Bitcoin price?

Bitcoin News: Will $6000 Hold? - Global Coin Report
Connect with us

Bitcoin

Bitcoin News: Will $6000 Hold?

Published

on

Bitcoin news
READ LATER - DOWNLOAD THIS POST AS PDF

Our bullish enthusiasm certainly got tempered after Bitcoin dropped $300 yesterday on no new Bitcoin news. The Bitcoin price just could not break through the 6500-6600 resistance zone. As usual, what can’t go higher must go lower.

The problem has been very light volume as many traders are on the sidelines waiting for Bitcoin news. We have the Bitcoin ETF approval coming up on September 30th and many traders don’t want to press their bets. The lack of volume also creates problems where the whales come in and can move the market and spook many longs out of their positions. I, for one, was positioned pretty long expecting the next leg to be higher. Unfortunately, the price has come down and I will just have to HODL my core position and wait.

While I am waiting, I am contemplating what the next move shall be.

Bearish case

So let’s say Bitcoin takes out the 6100 double bottom on the charts as shown on the BitMex chart.

Do I press a short or do I wait and average in a long? If we take out 6100, we will most likely test the 5740 lows. If 5740 fails, the target for a lot of traders is 4820.

I believe the correct course of action is to average in on a long. I will scale in bit by bit as the price drops. The reason? Because wherever it bottoms, I think we will see a very significant price bounce and recovery and it will happen rather quickly.

Why not short?

My main reason for not shorting is that I cannot be sure when the break will come. I don’t want a short triggered and then I get into a short position when I am a sleep, the market collapses, but then stages the rally I am looking for. I don’t want to position short, not at these levels. The best thing I can do is throw limit orders to buy around 5800, 5700, 5500, 5000. This way I am averaged in, especially if a flash crash happens. This could be the most likely scenario if we get panic selling on new lows. The good news is that if this happens, there is a lot of money on the sidelines waiting to buy. That’s why I am not worried if the market goes lower.

Psychological effect

The biggest issue I have with prices back around 6250 is psychological. This bear market is wearing down a lot of people. I can tell because Google search traffic is down. Crypto investors are just not following their coins like before. The bear market has decimated many investors with many having losses greater than 90%. To recover their losses, the coins need to rise 1000% or more just to break even.

Gameplan

The best spot to be right now is on the sidelines in fiat or Tether. I am HODLing Bitcoin at these levels and will buy more as the price drops.

Bottom line

My team and I are watching the markets closely waiting for next big move. To hear more of my thoughts on the crypto markets, tune into my interview with Crypto Rich on his YouTube channel. Hope you like it.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Charts courtesy of Trading View

Image courtesy of Pexels

Bitcoin

Why Bitcoin (BTC) Revival is Likely to Continue

Published

on

Bitcoin (BTC) revival
READ LATER - DOWNLOAD THIS POST AS PDF

The cryptocurrency market has been doing rather well in 2019 — certainly much better than in 2018. More than a year ago, the market crashed from its all-time high, and in the months that followed, it lost over 80% of its market cap. Bitcoin (BTC), as the leading digital currency, also dropped from $20,000 per coin to barely $3,200 in 2018.

These days, however, the situation seems to be turning, with digital currencies seeing significant growth in prices ever since mid-February. While January stopped the drops, February is the month when the market once again started seeing gains, and this kind of behavior has continued to this day. But, what does this mean for the future? Is this a passing trend, or is the crypto winter truly over?

The revival of Bitcoin

Questions such as the short-term future of Bitcoin are on many traders’ and investors’ minds right now and have been ever since the prices started growing again. A well-known Futures Now trader, Jim Iuorio, recently stated that Bitcoin would start seeing massive profits if it surpasses the price of $4,045. That was, of course, before the coin surged by around $1000 in the last week.

However, Iuorio’s prediction was that BTC is unlikely to go below $3,820, while the growth beyond $4,045 would mean massive gains for those involved with the industry. Soon after this prediction…

Continue Reading

Bitcoin

How to Become a Millionaire without Risking Everything with Bitcoin

Published

on

Bitcoin
READ LATER - DOWNLOAD THIS POST AS PDF

It’s been well over a year since the crypto market reached its peak and then crashed, dropping to such lows that most of the coins lost anywhere between 80% and 95% of their value. A few of them lost even more. Of course, this was not enough to eradicate the crypto market, and the bulls are still as optimistic as ever, especially these days, when Bitcoin price surges again, taking the rest of the market with it.

Some predictions claim that Bitcoin will reach its own glory days within a year or two, and there are even speculations that the largest cryptocurrency might spike up to $100,000 per coin. One claim from last week even sees BTC hitting $400,000, as the highest price which someone was brave enough to predict.

While it is certainly possible — at this point, pretty much anything is — not everyone is willing to take such a gamble and invest their hard-earned money into a risky asset such as digital currencies. With that in mind, here are three alternatives that are considerably safer than Bitcoin and the altcoins.

1. Investing and re-investing in stocks

A lot of people — especially younger generations — find stocks to be incredibly boring. Most of the time, all you do is invest, and use the returns for re-investing in high-yielding shares. However, while boring will not…

Continue Reading

Bitcoin

The Best Time to Buy Bitcoin (BTC) Approaches

Published

on

Buy Bitcoin
READ LATER - DOWNLOAD THIS POST AS PDF

Ever since 2019 started, the bear market of 2018 has been losing momentum, with the bulls emerging numerous times in short intervals. This was the beginning of a crypto recovery, which still has quite a long way to go.

However, last week, Bitcoin saw massive growth in transactions, reaching a 14-month high. These were the levels that were previously seen back in 2017, as BTC approached its highest point in terms of price. The growth also reflected strongly on BTC price, which spiked yesterday from around $4.100 to the current $4,672.

Meanwhile, Bitcoin market cap followed as well, currently sitting above $82.3 billion, while the trading volume exceeded $14.5 billion.

What caused the growth?

While this is an exceptional growth, and potentially a start of the bull run that everyone was waiting for, it did not come without a cause. One of the reasons why BTC surged was last week’s Weiss Ratings report of multiple different cryptocurrencies. The report’s authors even stated themselves that the best time to invest might be very near at this point.

Weiss Ratings has done reports about specific coins in the past as well, and this time, they noticed a significant improvement in coins’ performance. The report mentions growth in user transaction volume, network capacity, as well as network security, which the authors took as an improvement coming from the evolution of the…

Continue Reading

Elite