Bitcoin Price Analysis: After Another Rejection, Bulls Need a Little Push To End December In Green

There was some good news since our previous weekend price analysis, as Bitcoin returned to retesting the higher descending angle of the bearish …

There was some good news since our previous weekend price analysis, as Bitcoin returned to retesting the higher descending angle of the bearish triangle.

However, yesterday we saw another fake-out when Bitcoin quickly turned down back under the confluence price area.

A new weekend starts today, not a regular one since many traders are still on their vacation. The ones that are trading are not many, as the trading volume levels are close to the month’s low.

The new week brings the usual Monday CME Futures price gap; however, this time the gap is positive and is relatively minor – down below at $7313. As been said, most of those gaps are quickly getting filled. We won’t be surprised to see Bitcoin wicking down to $7300.

A Quick Recap

The following daily chart tells the whole story. Bitcoin is building another bearish triangle, since the end of November.

Yesterday, it created another wick to the bullish side, touching the significant 50-days moving average line (marked by pink, roughly around $7530), and rapidly down below to close the daily candle inside the bearish triangle area.

As mentioned here on our recent price analysis, we did receive a short-term reversal following Friday’s Hammer shaped candle. The three days since then were all green, as the price of Bitcoin surged from $7050 to $7524 (yesterday’s high).

December Candle To End In Green?

For the short-term, the bulls would like to turn December candle to green. This is not an impossible mission, and it only need to close above $7560. As we already know, Bitcoin can surge even 40% in just a day.

Total Market Cap: $197.2 billion

Bitcoin Market Cap: $134.5 billion

BTC Dominance Index: 68.2%

*Data by CoinGecko

Key Levels to Watch

– Support/Resistance: Bitcoin is now facing again the confluence price area of $7300 – $7400. This includes the significant descending trend-line, as discussed above, which is the first major level of resistance.

Further above lies the 50-days moving average line (pink), currently around $7520 (the high of yesterday). Higher above lies the $7700 – $7800 resistance area.

From below, the first level of support is $7300, along with the CME’s gap and the 4-hour MA-200 and MA-50.

Further below lies $7200, together with the mid-term ascending trend-line. Down below lies $7000 – $7050 support.

– The RSI Indicator: The bullish divergence is clearly seen on the RSI; this might indicate on bulls accumulating at those prices.

– Trading volume: Discussed above.

BTC/USD BitStamp 4-Hour Chart

btc_dec30_4h-minbtc_dec30_4h-min

BTC/USD BitStamp 1-Day Chart

btc_dec30_dpng-minbtc_dec30_dpng-min

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Cryptocurrency charts by TradingView.

Technical analysis tools by Coinigy.

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Bitcoin Price Indicator May Signal Next Leg Higher

History looks to be repeating itself in the bitcoin market, as a key indicator’s bullish turn could mark the beginning of the next meteoric price rally.

History looks to be repeating itself in the bitcoin market, as a key indicator’s bullish turn could mark the beginning of the next meteoric price rally.

The world’s most valuable cryptocurrency’s price action seen over the last eight months is very similar to the moves seen in 2015, according to Bitstamp data. For instance, the bitcoin bear market ended near $3,100 in mid-December 2018 and prices built a base below $4,000 in the following three months before breaking into a bull market on April 2.

Notably, the bear market drop ran out of steam two months before the 50- and 10-week moving averages confirmed a bearish crossover (in February 2019).

Further, the new bull market began two months following the confirmation of the bearish crossover. That is hardly surprising as bearish crossovers of long duration MAs are big-time lagging indicators and often mark bear market bottoms.

What’s more interesting is that the previous bear market (2014) had also run out of steam in the run-up to the bearish crossover and the confirmation of the crossover was followed by a bullish breakout, as seen in the chart below.

Weekly chart

The bear market, which began at the end of 2013, ran out of steam at lows near $150 in January 2015. The 50- and 100-week MAs produced a bearish cross in April and a bullish reversal was confirmed at the end of October 2015.

Note that the bull market had stalled around $450 following a quick rise from $320 to $500 in November.

The cryptocurrency resumed the bull market in the last week of May 2016 after prices rose 18 percent and the 50- and 100-week MAs produced a bullish crossover.

More importantly, BTC went on to hit fresh record highs above $1,200 in February 2017.

As of now, BTC is trading around $10,300, having rallied from $4,000 to $13,880 in the second quarter. Essentially, the bull market has stalled in the last few weeks.

With history repeating itself, there is a strong reason to believe that the bullish crossover of the 50- and 100-week MAs, if and when, confirmed, could mark the beginning of a meteoric rise well above $20,000.

Currently, the 50- and 100-week MAs are located at $6,556 and $7,668, respectively.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

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Study: 4 exchange houses concentrated 85% of the volume of bitcoin – dollar in the united States …

The results reveal that the majority of the operations are concentrated in Coinbase, Bitfinex, Bitstamp, and Kraken. These four companies handle 85% …

In a recent report, the firm tracking the market cryptocurrencies Coin Metric pointed out that the majority of the trading volume in the pair bitcoin – dollar in exchange houses in the united States, moves through four companies.The study, published this week, assessed how it is distributed the trading volume of bitcoin between the houses of change, based on data from the first of April, 2019 until the date of publication, the 10 of September of this year. According to analysts, the concentration of trade in a single currency exchange house can pose risks to the market if it fails, as happened in the past with Mt Gox. In that case, the house of change concentrated 70% of the trade of bitcoin.The evaluation was made based on the trading volumes of bitcoin against the u.s. dollar in nine exchange houses in the united States. The results reveal that the majority of the operations are concentrated in Coinbase, Bitfinex, Bitstamp, and Kraken. These four companies handle 85% of the total volume of the markets evaluated.Coinbase, the exchange house with the highest total trading volume in the north american country, showed figures of up to 32% of the total trade of bitcoins against us dollars in the period under review. In addition, the report points out that the house of change increased in 8% of its operations in that market, to the detriment of Bitfinex, whose share fell from 25% to 19%. This loss of the market volume of Bitfinex has its explanation in the recent legal problems faced in the united States.Source: Coin MetricEn the period studied, the average volume of exchange of bitcoin for an hour, through Coinbase, ranges between 300 BTC and 2,000 BTC. According to the report, the rest of the houses of change assessed for the study, including Gemini, itBit and Bittrex have volumes less than 10%, an amount quite lower than that shown by Coinbase.The analysts of Coin Metric provided that, due to regulatory pressures force, Coinbase could concentrate even more of the market BTC – USD, “as more and more houses change to limit the access of the traders based in the united states. UU.”. This would imply a risk concentration of the trade of bitcoin, as mentioned previously.It is worth remembering that the asian Binance, the greater house of change criptomoneda to criptomoneda by volume traded, announced in June of this year that he would no longer serve the u.s. market through its main platform, Binance.com. The company was forced to create a new platform that will be compliant with the regulations of the united States, to cater to the users of that country.

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Bitstamp’s Cryptocurrency Activity Up Over the Month

The Bitstamp’s increased activity might point to the so-called whales. Yesterday, Twitter user Whale Alert reported that 1,002 bitcoins worth about …
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bitstamp bitcoin exchange

Most of the centralized bitcoin and cryptocurrency exchanges saw a decline in activity during the last 30 days, according to TokenAnalyst data. Bitstamp is the only exchange to experience increased flow.


Bitstamp is Amongst Best Performers in Terms of Net Flow

Major crypto exchanges like Binance and Bitfinex saw their inflows and outflows dropping over the month, suggesting a decrease in activity. On the other side, Bitstamp noted an increase in the outflow of bitcoin. Elsewhere, OKEx recorded an increase in inflow and outflow of USDT.

Interestingly, the bitcoin trading volume as displayed by Coinmarketcap has also decreased during the same period.

The Bitstamp’s increased activity might point to the so-called whales. Yesterday, Twitter user Whale Alert reported that 1,002 bitcoins worth about $10.3 million were transferred from Bitstamp to an unknown wallet.

🚨 1,002 #BTC (10,327,730 USD) transferred from #Bitfinex to unknown wallet

Tx: https://t.co/fuiBH9V5EI

— Whale Alert (@whale_alert) September 10, 2019

In parallel, over 55,000 ETH worth about $10 million moved from Bitstamp to an unknown wallet.

🚨 55,210 #ETH (10,031,058 USD) transferred from #Bitfinex to unknown wallet

Tx: https://t.co/4odrE72ZFb

— Whale Alert (@whale_alert) September 10, 2019

Recently, we reported that several large bitcoin transactions worth hundreds of millions moved from OKEx, which sparked rumors that the crypto exchange might be hacked. However, CEO Jay Hao called for calm, saying that it was a scheduled wallet maintenance procedure.

While we don’t know if the recent Bitstamp transactions were part of a similar maintenance event, the operations might have influenced the outflow.

Another plausible reason behind Bitstamp increasing activity is that more institutional investors from the UK use the exchange to buy and sell crypto. In July, the European exchange partnered with brokerage firm BCB Group to allow transfers in British pounds. At the time, the exchange said that GBP transfers would become available by the end of the year.

Stablecoins See Increased Activity

Tokenanalyst data showed that stablecoins’ activity increased during the week ending September 7 compared to the previous week.

Thus, the inflow of stablecoins on all exchanges during the week was $469.4 million, up 26.4% from the previous week. The outflow of stablecoins was $573.2 million, up 41.0% in weekly terms. The list of tracked exchanges includes Binance, Bitfinex, Bittrex, Kraken, KuCoin, OKEx, and Poloniex.

Do you think that the increased activity in stablecoins suggests investors are exiting the markets? Share your thoughts in the comments section!


Images via Shutterstock, Twitter: @whale_alert

The post Bitstamp’s Cryptocurrency Activity Up Over the Month appeared first on Bitcoinist.com.

Source: Bitstamp’s Cryptocurrency Activity Up Over the Month

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