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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

Wisebitcoin Launches Professional-Grade Crypto Exchange

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Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.

In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.

For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750. 

Beyond leverage, Wisebitcoin additionally offers a simple and…

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Bitcoin

ISW Holdings Continues to Transition Cash Assets into Bitcoin with $20K Purchase Ahead of Mining Launch

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ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company”), a global brand management holdings company, is pleased to announce that it is in the process of converting $20,000 of the Company’s cash holdings into Bitcoin. The Company also announces that it will be regularly conducting similar transactions on a quarterly basis to convert a percentage of cash flows into Bitcoin.

Management expects this transaction to be completed this week. The Company began transitioning cash resources into Bitcoin with an initial transaction in March 2019 at approximately $4,000/Bitcoin.

“We believe in the future of Bitcoin and digital payment systems, and cash represents an unproductive asset given the degree of monetary expansion, stimulus, and debt dragging down traditional currency systems,” commented Alonzo Pierce, President, and Chairman of ISW Holdings. “We are also on schedule to launch mining operations through our Pod5 solution at the Bit5ive renewable energy project by the end of January.” 

The Company formed a joint venture partnership with Bit5ive, LLC, (“Bit5ive”) in May to build and deliver an elegant, powerful, and efficient data center pod design. The Proceso Pod5ive Datacenter is the result. Designed in partnership with Bit5ive, and geared primarily for the cryptocurrency mining industry, the Proceso Pod5ive Datacenter offers next-generation dynamic self-management functionality, plug-and-play operation, virtually non-existent maintenance needs, and an industry best-in-class 1.06 Power Usage Effectiveness score.

The Company’s first mining pod is set to…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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