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Bitcoin Price Technical Analysis for November 13, 2017

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Bitcoin recently made a strong upward move in which the price hit new highs on eight of eleven days spanning from October 29th to November 8, 2017, when it made a new all-time high of $7896.04. It has since then retraced as far down as $5460.62, at a support level just prior to when the up-move began.

The retrace is very likely a combination of profit taking, and the uncertainty of the news regarding the cancelling of the SegWit2x hardfork, a bitcoin upgrade. News of the canceled upgrade was announced on November 8th, and coincides precisely with the downward price move.

The uptrend line formed by the current price action that bitcoin has been recently exhibiting began back on September 15, 2017 at $2966.661 (refer to the purple trendline on the daily price chart below), has been broken through. The last time that bitcoin experienced such a downward price move was in the beginning of last September.

The end of the downward move was signaled by two consecutive up-bars on the daily chart (circled below). This pattern seems to work well as an indicator of upward price tendency.

Notice the daily chart below. Of the eight circled aforementioned patterns, six of them result in price increasing before a significant price drop takes place.

Chart #1: Bitcoin Daily

Bitcoin Price Daily Chart

Bitcoin Price Daily Chart

Reference #1: Circled 2-consecutive daily upbars pattern

A more in-depth analysis exposes another pattern that gives clues to upward price movement. In the bitcoin daily chart above, the second circled pattern from the right is zoomed-in on in the chart below.

Chart #2: Reference #1 Pattern Zoom-in

Bitcoin Price 5 Minute Chart

Bitcoin Price 5 Minute Chart

Here in Chart #2 we go from a daily chart, to a 5-minute chart. What can be clearly seen here in the area just prior to the run up on October 29th, is the spikes in volume that coincide with upward movements in price. Although there is some increase in volume when a downward movement takes place, the increase in volume is not as pronounced. The inverse can be seen in chart #3 below.

Chart #3: Downward Move After November 8th

Bitcoin

Bitcoin

Chart #3 shows the downward price action that commenced on November 9th. Once the downward move begins, volume spikes when price moves downward, and tapers off when price recovers. The very last volume spike shows indication that there is now also high volume for upward price movement, and therefore interest by traders on this price bounce. This could be a sign of consolidation.

Bitcoin has been extremely resilient, and is on a very strong overall uptrend. Until otherwise indicated, following the uptrend is the smart play. The savvy intraday trader should look for 2-consecutive upbars on the daily chart, along with volume patterns that indicate stronger interest to the upside as described earlier, then start trading from the long-side with tight stops. The long-term investor that already has an existing position should hold-out, and consider adding to the position as this pattern begins to show itself.

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Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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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…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

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.

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…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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…

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