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Crypto News: What Happened To Bitcoin? - Global Coin Report
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Bitcoin

Crypto News: What Happened To Bitcoin?

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The crypto news of the day is what the heck happened yesterday in Bitcoin? In a matter of 2 hours, we saw the Bitcoin price go from 6320 to 6080 on Bitmex and then rocket higher to 6580. In the process, stops were cleaned out for both longs and shorts.

For all of 2018, Bitcoin has been a perfect vehicle for swing traders. The market has been playing support and resistance levels perfectly. The play has been to buy Bitcoin around the 6000 level and sell above 7000. Until this pattern changes, it’s what traders and investors need to keep doing. Yesterday’s price action, while crazy and extreme, does still support this strategy.

Why the crazy move in Bitcoin?

There are a number of thoughts as to why Bitcoin made the move that it did. They are technical related and don’t involve a fundamental reason. The first is that there are bots on Bitmex that go hunting for stops. The bot utilizes inside knowledge of where the orders are clustered. If the bot can move the market to where the stops are, it can get filled.

The second is that yesterday was the expiration of the CBOE futures contract. I am an ex-futures trader (now crypto) and know that expiration days can see some crazy moves. This is because it’s the last day to close a position on that futures contract.

Bitcoin trading plan

Being that we are near the bottom of the range, the only trade we see is to be long or neutral with the plan to buy on any dips. One should have limit buys in case the market takes a dive. Orders are now at 5900, 5700, 5400, 5000, and 4800.

In looking at the daily chart and the daily candle above, the market looks bullish. Yesterday’s close was positive and the highs and the lows for the day were greater than the previous day. From the looks of things, our best guess is that the market is heading higher over the next few days.

XRP might lead the way

As we said yesterday, the XRP rally on Tuesday really turned the markets around and gave the bulls some hope. The big XRP price jump on strong volume is indeed bullish and one in which we discuss in greater detail in our XRP Ripple price analysis article today. XRP looks set to consolidate around the .32 mark and this sets the market up for a room to .38 and then .42 to .47 level. Traders entering here could see gains of 40% to 50% if such a move were to occur.

As you can see from the chart above, the .25 level has proven to be very strong support for XRP. XRP has bounced off this level three times now. This signals to us that the lows are in for XRP and the worst is behind for long-suffering XRP HODLers.

Bottom line

Things are certainly looking better in the crypto markets for now. The recent price action is giving hopes to the bulls that the worst is over. While there are many that are still calling for lower prices, the recent price action is signaling that the market is rejecting the recent lows. With just 10 days left in September, let’s see how the market finishes up. A close above 6350 is very important to confirm our bullish bias for the remainder of the year. We will be watching, trading, and updating accordingly.

Happy Trading!

~iBC

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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.

Image courtesy of Pexels

Charts courtesy of Trading View

Bitcoin

Why Bitcoin (BTC) Revival is Likely to Continue

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Bitcoin (BTC) revival
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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…

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Bitcoin

How to Become a Millionaire without Risking Everything with Bitcoin

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Bitcoin
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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…

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Bitcoin

The Best Time to Buy Bitcoin (BTC) Approaches

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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…

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