Bitcoin’s Sideways Drift Has Shifted Price Recovery Target to $3.7K

View Bitcoin’s six-day-long consolidation near $3,600 has neutralized the bullish view put forward by a falling wedge breakout confirmed on Feb. 8. The follow-through to that bullish breakout has been extremely weak with prices unable to challenge the highs above $3,700 hit last Friday. A move above $3,711 (Feb. 8 high) would validate the bullish outside reversal candle seen in the 3-day chart and open the doors to the psychological hurdle of $4,000. That looks likely as BTC has witnessed another falling wedge breakout on the 4-hour chart. Bitcoin risks…

Why Bitcoin’s Forecast is Finally Turning Bullish, Expect a Bitcoin Price Rise

The price of bitcoin is still hovering below the $3,500 mark and volatility seems to be dying fast. Is it strange, then, that SFOX‘ report (a cryptocurrency prime dealer for large-scale investors) places the Crypto market at ‘mildly bullish’ entering February? This is a couple of notches up from its ‘mildly bearish’ tag last month. Why? SFOX Crypto Volatility Report January 2019 The institutional broker-dealer SFOX report collects key metrics, including volume, price, and volatility data from eight major exchanges on four leading crypto assets–Bitcoin, Litecoin, Ethereum, and Bitcoin Cash. It…

Bitcoin’s Daily Price Range Hits Three-Month Low

View Bitcoin’s daily price range has dropped to levels last seen in the weeks leading up to the sell-off witnessed mid-November. The latest bout of consolidation, however, looks more likely to end with a move to the higher side, as the cryptocurrency has created a falling wedge on the daily chart. Further, signs of bearish exhaustion have emerged on the 4-hour chart. A strong move above $3,430 would confirm a falling wedge breakout and open the doors to $3,658 (the high of the bearish gravestone doji created on Jan. 26).…

Bitcoin’s Price Logs Record 6-Month Losing Streak

View Bitcoin registered losses for a record sixth straight month in January, reinforcing the bearish view put forward by the moving average studies on the monthly chart. As a result, a re-test of December lows near $3,100 could be on the cards. The probability of a sustained rise to $4,000 would rise if the from the 200-week moving average at $3,298 serves as strong support and ends up pushing prices above $3,658 (the high of last Saturday’s gravestone doji candle). Bitcoin’s price fell for a record sixth time in January,…

Bitcoin’s Price Counters the VIX, Confirming It’s Still a Risk Asset

Evidence is emerging that bitcoin has yet to truly earn its reputation as an “uncorreleated asset.” Case and point, bitcoin’s latest sell-off from $6,000 to nearly $3,000 was accompanied by a surge in the CBOE Volatility Index (VIX). The VIX measures the 30-day forward-looking volatility of the S&P 500 to gauge the market’s fear and risk tolerance, which is why it is commonly referred to as the “fear gauge” for the broader U.S. stock market.  In theory, the VIX should be low when the S&P 500 is in a steady uptrend and…

Will Bitcoin’s Price Extend Its Four-Year January Losing Streak?

Bitcoin (BTC) has reported losses in January for the last four years, and a fifth now looks on the cards. The leading cryptocurrency by market value fell 32 percent, 14.6 percent, 0.10 percent and 26.64 percent in the first month of 2015, 2016, 2017 and 2018, respectively, according to CoinDesk’s Bitcoin Price Index. Notably, the odds are stacked in favor of BTC extending the four-year January losing streak. BTC fell 13 percent last week, signaling an end of the corrective bounce from the December low of $3,122. The sell-off reinforced…

Ether Markets Are Mimicking Bitcoin’s 2015 Price Bottom

Past performance is no guarantee of future results, but when history repeats it can be difficult to ignore the potential implications. Such is the case with price chart of ether, the ethereum network’s native cryptocurrency. Since Sept. 2018, the price chart of the world’s second largest cryptocurrency has mimicked the market structure of bitcoin’s bear market bottom in 2015.  In the world of technical analysis and trading, similar and repeating market structures are known as fractals, similar to the recurring patterns found in art, nature and mathematics. The two emotions…

$4K Ahead? Bitcoin’s Low-Volume Price Pullback Could Be a Bear Trap

Bitcoin’s (BTC) recent pullback from highs above $4,200 could trap the bears on the wrong side of the market, the price-volume analysis indicates. The leading cryptocurrency by market value is currently trading near $3,848, having clocked a low of $3,642 on Dec. 28. At that level, BTC was down 14.7 percent from the Dec. 24 high of $4,272, according to CoinMarketCap. Notably, daily trading volumes across all cryptocurrency exchanges have also dropped in the last few days. At press time, 24-hour trading volume stands at $4.57 billion – down 36…

Bitcoin’s Institutionalization: Dates to Watch in 2019

It’s been over a year since the Cboe and CME listed the world’s first bitcoin futures contracts, the first ever bitcoin investment product to hit the legacy market. Both futures went live just before bitcoin peaked at its $20,000 all-time high. Out-the-gate trading for the derivatives reflected 2017’s market mania, and Cboe’s futures alone traded over 800 contracts (roughly $12,000,000 at the time) within the first two hours of their launch. With the creation of these markets, the euphoric anticipation of bitcoin’s debut on Wall Street conjured up delusions of…

This Price Chart Indicates Bitcoin’s Bulls Are Back in Business

Bitcoin (BTC) is looking increasingly bullish on a key technical chart following its strong move above $4,000. The leading cryptocurrency by market value first teased bullish reversal on Dec. 17 with the creation of an “outside reversal” candle on the widely followed 3-day chart. The early indicator of a bearish-to-bullish trend change, however, needed confirmation in the form of a positive follow-through. Alongside BTC’s $600 rally, the cryptocurrency closed above $4,000 yesterday confirming the bullish reversal on the 3-day chart. BTC, therefore, could rise to next major resistance of $4,400…