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Bitcoin volume increases by 20%, can its price move up?

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Bitcoin
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In the last 24 hours, the crypto-market has shown a different pattern than it has shown in previous twelve days, with the price of Bitcoin going down by $200 after staggering at $6,400 for days.

Bitcoin, in particular, has seen an increment in its trading volume of about 20% from $3.5 billion – $4.1 billion, showing an increase in the trading trends of the crypto-exchange market on different trading platforms worldwide.

Bitcoin has formed several highs and lows in the past one-hour; hence, the recent increase on BTC, which has been stationary this month, could potentially increase its price on a short-term.

Bitcoin currently has two Fibonacci retracement levels: 50% and 61.8%. The 50% Fib level was its earlier support zone as this matches with 100 Small Moving Average. The 61.8% Fib level matches the 200 Small Moving Average, almost.

It is important to understand that BTC’s 100 SMA is quite lower than its 200 SMA, which shows that a down-trend might occur if it doesn’t sustain its current moment. BTC’s trading oscillator is showing a great selling pressure. Also, BTC’s RSI is gradually increasing at the moment, but it might move sidewards, forming a range-bound scenario.

Will Bitcoin Move up?

There have been lots of speculations that despite BTC’s price seems dormant for now, its price is garnering some momentum, and it’s poised for a breakout beyond the $6000 area.

Till yesterday, Bitcoin seemed to move up above the bull pennant on the 4-hour. Bitcoin closed-up and moved beyond 50 and 20-day EMA yesterday and the MACD is currently gathering some bull trends after some downfall earlier today.

The market saw a slight increase in the price of BTC on Saturday, despite the fact that crypto-exchange market was set to decrease over the weekend. The slight increase in the price of Bitcoin over the weekend shows a potential short-term increase in the coming days.

It is, however, more likely, that if Bitcoin can sustain its current momentum and see it go up in the next 7-days, it is possible that it will rise sharply, and so as other cryptos with a significant market capitalization (such as Ethereum and Ripple’s XRP).

It is also important to know that last week, we saw a sideward market trend, but that didn’t stop relatively little cryptocurrencies to record small profits – but other major coins like BTC, XRP, and ETH couldn’t show any sign of recovery.

The rise of Bitcoin’s trading volume comes as a good news and it has caused major BTC traders to wait for a considerable move in the market that can turn things around to the positive side.

There are certain upside actions that can cause a major breakout on the price of Bitcoin. We do know that SEC hasn’t approved the Bitcoin’s ETF, and an approval will definitely cause a big increase. Although, there are still prospects to look out for as institutional investments are coming up.

Subsequently, other factors such as the trade pressures and the Brexit discussions may cause BTC traders not to take up risk and invest.

Nonetheless, many crypto experts believe that the price of Bitcoin would increase for sure, but it will lie on the ability of Bitcoin to maintain its current trade volume and momentum in the next few days or so.

For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!

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. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Bitcoin

Behold The Cryptopreneurs – Overcoming The Obstacles Facing The Blockchain Industry

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Integrating blockchain technology is fast becoming a necessity for enterprise ventures and small or large businesses, but with a growing number of choices in the tech revolution, it’s difficult to pick a direction without feeling overwhelmed or taken advantage of. This is where BEHOLD THE CRYPTOPRENEURS comes in.

Private keys, the myth of anonymity, and the battle against anarchist ideology are only a few of the difficult challenges faced by businesses that want to incorporate blockchain into their culture. Author Dennis H. Lewis guides the reader through those challenges and helps them discover the true potential of investing in this new economic paradigm.

Every business has pain points that must be overcome in order to branch out and thrive in an ever-changing commercial environment. Blockchain has real world solutions and cryptopreneurs are not limited to the cryptocurrencies they invest in but rather how they seize economic and technological opportunities to make it work for them.

Innovation, trust, and solutions can differentiate your business from all the noise, but without a solid marketing plan, a cryptopreneur can have the best idea and never get far. Remember: a million great ideas times zero market presence equals zero success.

Investors want to know there is public interest and enthusiasm in a project before they commit any money to it. As a cryptopreneur, you are tasked with generating that interest from the…

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