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

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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

As Global Tensions Grow, Bitcoin Price May Go Higher

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BTC Surged Again as A Safe Haven Asset During Global Tensions

  • India – China Border Conflict

After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.

  • North and South Korea Clash

Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries. 

North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.

The tensions grown in Asia and the potential “second wave” of coronavirus in the United States may add more difficulties to the global economic recovery. Thus, Bitcoin, as a safe haven asset, attracts more investors to…

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Bitcoin

CoinFlip Continues to Dominate the U.S. Cryptocurrency ATM Market

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Although cryptocurrency has brought in a lot of traders seeking the dream of overnight wealth, cryptocurrency is a lot more than just striking it rich.  Cryptocurrency is about creating a new market with companies that are building cutting edge technology in an effort to continue elevating our way of life.  As the crypto market continues to expand, several companies are involved in creating ways for more people to participate.  One such company that appears to be making all the right moves is CoinFlip.

CoinFlip is the world’s leading cryptocurrency ATM operator that currently allows users to buy and sell 10 different cryptocurrencies including BTC, ETH, LTC, DASH, TRX, KMD, LINK, BNB, XLM, and USDC.  Due to the company’s quick growth, CoinFlip has quickly gained a reputation of being the place to go for all crypto ATM transactions.  In addition to its massive geographic coverage, there are four advantages that CoinFlip currently offers over its competitors:

  • Lowest fees of any cryptocurrency ATM in the world
  • Lightning-fast transactions that are typically completed between 10 and 30 minutes
  • Extremely easy customer verification
  • 24/7 customer support through phone, text, and chat

Given the global pandemic currently facing us, many companies have been struggling just to survive.  CoinFlip, on the other hand, is not only surviving but thriving.  The company has had an exciting few months and has even bigger plans…

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Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

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Cryptocurrency Fraud is Evolving
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In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…

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