Everyone must be aware about the impressive level of Exchange volume that BITCOIN and the whole Crypto market is maintaining nowadays. BITCOIN is clearly approaching to similar values as the ones played in All time highs, by the end of 2017.
This is for sure a good sign on the recovery of the market but, besides the green values on price and volume, there is also the increase of number of transactions experimented by BITCOIN Blockchain:
Previous, chart, provided by coinmetrics.io, shows that BITCOIN Blockchain is being used more intensively nowadays.
Additionally, we have a clear increase regarding BITCOIN interest on Google
Bitcoin has impressively held onto it’s gains over the last 5 days. It continues to find resistance right around $5,350. Over the last few days price has created a series of higher lows backed by daily volume well above $15 Billion. If new weekly highs are achieved, the next area of major resistance is between $5,900-$6,000.
Earlier today, price retested the prior weekly high of approximately $5,350. This triggered many of the stop losses on short positions…about 27% to be exact.
In today’s analysis I discuss where price may be heading next, market psychology, traps to avoid and so much more. I
The problem with an increasingly busy market is knowing what to write about. As a blogger, topics start to back up in my blogging queue, jostling for position based on their respective importances and time-sensitivities. This one can wait no longer.
As I told you in “Bitcoin – What’s Happening?” on 2 April, when BTC climbed rapidly it broke thorough my manual stop-loss level at $4400. I immediately cancelled all my lower price orders and spent all of my available crypto-buying fiat on BTC. Because it’s often easier and clearer to explain using pictures:
As you can see from the title I’m a bit of a skeptic on Ethereum’s move through resistance today.
At the time of this writing we still have more than an hour before the daily candle closes so I guess we need to see if price even ends above that $168 area.
Test and Break?
Crypto’s move last week saw ETH poke above this level only to get rejected. Since then price consolidated for a few days and is now making that breakout push.
Normally I’d be loving it, but the lack of volume doesn’t make me all that excited although the move does
Bitcoin is grinding higher. After the igniting bar crypto is showing some strength and power. I love it. It still isn’t being talked much about on CNBC or in the news like it was meaning we are moving higher. Check this chart out. Looking like a beauty.
Bitcoin is showing nothing more than strength with higher lows and grinding up. This strength is persistent too. I am expecting new six month highs again soon…
Diagonal Fib levels continue to hold true as BTC fluctuates around the $5000 price level. Those levels have held for over two months as BTC has been climbing in price. Hindsight shows that they could have been used even earlier, though determining the correct angle at that stage would have been near impossible. I will continue to use them frequently for as long as they hold true.
The chart below shows the bigger picture of diagonal Fib levels in 2019:
Made by Bit Brain with TradingView
For now the price of Bitcoin remains trapped between the 1.0 and 0.786 levels. More
A few days ago one friend of mine, @beiker, told me about
the benefits of this project of Decentralized Cloud storage, similar but
IMO looking more efficient than Siacoin, which put me behind the track
of this crypto which looks to have an amazing and particular Set-up
pattern for this crypto to explode upwards.
STORJ reached the lowest point by mid December, losing more than 95 % from its highest price. It was able to touch the 3 USD on early 2018 which was outstanding for a young project.
Besides the Golden-cross signal confirmed by
the end of March, what attracted more
Relative strength is so important in analyzing bullish and rising markets. Crypto is no different. I am looking st the assets that led us off the bottom which is mainly Litecoin and EOS. Litecoin is the strongest member of the major crypto assets and looking st the chart I have to admit the grind looks ripe.
You can see the igniting bar and constant higher lows and grinding towards highs. I believe you are going to see this back to highs coming out of this small base here.
The trend is your friend, and this is just beginning.
Chairman J. Christopher Giancarlo of the U.S. Commodity Futures Trading Commission joins host Nolan Bauerle for an exit interview covering his time at the CFTC, the future of blockchain regulation, and the origins of the nickname “CryptoDad.”
Bitcoin’s quick drop from a 4.5-month high of $5,345 to levels below $5,000 validates the extremely overbought readings on the 14-day relative strength index.
BTC could consolidate around $5,000 with a negative bias over the next day or two. A pullback back to key support levels at $4,672 and $4,565 (200-hour MA) can’t be ruled out.
The longer-term outlook will remain bullish as long as bitcoin’s price holds above the former resistance-turned-support of $4,236.
The Russian prime minister has welcomed an initiative to use blockchain in agreements over gas supplies by the country’s state-owned gas giant Gazprom, local finance news outlet Vestifinance reports on April 4. The news agency operates under Russian Television and Radio Broadcasting Company (RTR), a major TV channel.
The head of Russia’s state-owned gas giant Gazprom, Alexey Miller, has met with Russian prime minister Dmitry Medvedev to report on the development of applications powered by distributed ledger technology (DLT).
According to Miller, Gazprom has carried out substantive work with Russia’s state-owned bank Gazprombank, and has developed a prototype model that will enable contracts to be made automatically using blockchain technology. The platform intends to allow data sharing between all the participants of a certain contract, as well as to improve the security of data, Miller explained.
The Bitfury Group and blockchain-powered medical data marketplace Longenesis have jointly launched production of a blockchain-based consent management system for the healthcare industry. The development was announced in a press release shared with Cointelegraph on April 4.
Per the release, the new product addresses issues with the management of user consent for ongoing and upcoming research endeavors, compliance with the General Data Protection Regulation (GDPR) and Health Insurance Portability and Accountability Act (HIPAA), as well as streamlining data collection for medical research.
Coinsquare, one of Canada’s top crypto exchanges, will be launching a stablecoin backed by the Canadian dollar dubbed eCAD, according to a press release on April 4.
The new coin will purportedly be backed at a 1:1 ratio with Canadian dollars. Coinsquare states that the new coin will be a reliable and stable store of value that provides investors with an alternative to similar coins backed by the United States dollar. Cole Diamond, CEO of Coinsquare said:
“The launch of eCAD will create the first transparent, affordable, and secure way of transferring value in Canada and beyond, without the risk of instability in the traditional cryptocurrency market.”
“#EthereumClassic community-wide conference call surrounding the next network upgrade ECIP1054 named Atlantis.”
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yesterday :
Here is the current chart :
Yesterday I was happy to see the resistance line at 0.49 finally broken but it has been very short before we broke down again. This correction is due to the BTC correction so no drama neither except that the correction is more powerfull on the STEEM than on the BTC while the UP are also less powerfull on the STEEM also. It is not a so good period for the STEEM currently, let’s hope we will some improvements soon.
Did everyone have some fun the past 48 hours with the crypto move? If ETH is your favorite coin then maybe it wasn’t all that fun.
Failed Breakout
Ethereum did make a push and even pressed through it’s big resistance level. However, unlike BTC and LTC it did not maintain and level up.
Looking at the chart in this post you can see ETH blasted through, well maybe blasted isn’t the right word, it pushed through the 168 area resistance, but unfortunately could not close above it and came tumbling back down with the rest of the market in last night’s profit taking
