Bitcoin Chart is Rally to $10,600 Possible

The Bitcoin bulls (BTC) managed to regain control in the trading session on Sunday. At the time of writing this article, the leading cryptocurrency is trading at $ 9,750 - $ 800 more than the local Saturday level of $ 8,900. Which in itself represents a 10% change.

This last stage is quickly reassuring analysts that an increase in the local top of $ 10,500 is possible.

Bitcoin Holds Key Level, Ready to have more

The Byzantine general trader recently pointed out that the bitcoin table is taking shape faster than yesterday. After strengthening the $ 9,300 zone on Saturday, the analyst said that, like the Ichimoku Cloud Kijun line. He believes "the chart is as accurate as possible."

As such, it expects a price of at least $ 10,600 for BTC in the next few days. Which is 10% higher than the current price.

Not off the table

There is a confluence of technical factors that support the idea that Bitcoin will continue to increase over the next week.

As reported by NewsBTC on Saturday, the cryptocurrency recently noted that Bitcoin is still clearly shown in higher terms. He recently published the chart below. Which shows that the current Bitcoin Haikin-Asi candle of a week has two long wicks on each side and a thin green body. For those who do not master the technical analysis, it means "a reversal of the potential trend."

They are not everything. The same analyst later pointed out that Fisher's weekly transformation indicator. This stands out when prices have peaked to test buying and selling opportunities, recently printed a fast crossover at the -2.5 level. Cryptocurrency points out that "this signal is rarely incorrect" and therefore implies the resumption of the long-term upward trend in the value of bitcoin.
And to put the icing on the cryptocurrency pie, the Cryptocurrency trader noted that the fact that Bitcoin maintained its 100-week moving average is a possible sign that the recent move is a "break that could be triggered by a long-term bull market. Should do ".

Bakkt launching new Bitcoin choices in “Industry First” for futures contracts

The Bakkt platform is preparing to launch new derivatives of Bitcoin trading. By December, users of the regulated platform will be able to exchange the Bucket bitcoin option contract.

However, after a very slow start, the volume in Bakkt increased dramatically yesterday. Additional products that enter the company may indicate the continued growth of the platform.

Bakkt to add the Bitcoin option this December

According to a blog post by Bakkt CEO Kelly Loeffler, the platform will launch a new derivative product on December 9. The post says:

"We committed to providing trust and utility to digital assets and options contracts are an example of the many products we developing for the market."

Loeffler described the launch as "an industry first." It seems that CME will beat the group by offering options on futures contracts for a few weeks. The global markets firm recently announced that it would launch a similar product in early 2020.

For those who do not know, the futures contract options allow the trader to set a price at which they wish to buy or sell the futures contract when it expires. They canbe used as coverage against various trades and exposure to the underlying asset, bitcoin.

Loeffler states that the contracts wer driven by customer feedback. Describe the launch of the new derivation of the platform as follows:

"… another important step in the development of this class of assets for institutional investors, their clients and investors."

Bakkt first launched its physically arranged futures contract in September this year. For many people interested in the bitcoin and cryptocurrency space. The highly publicized phenomenon was a lethargy. Initial trading volumes have been much lower than people expected, which perhaps suggests that potential investors were not interested in bitcoin.

Large segments of the cryptocurrency community hoped that the launch of Bakkt would feed some kind of institutional shopping frenzy that would take prices to new historical highs. On the contrary, volumes are low and bitcoin prices have fallen substantially as it activates.

However, in recent times the business of the physically established futures of Bakkt has steadily increased. On October 23, the volume peaked at $ 4.81 million. This represents a substantial increase over the previous days.
With a trade of $ 4.8 million, the volume is still nothing more than what was reported in the largest cryptocurrency market. However, when volumes have generally been between $ 200,000 and $ 1.9 million. There has clearly been strong growth in the contract business offered by Bakkt . New products and investors are getting more used to the platform. Which may encourage greater interest in Bakkat in the coming weeks and months.

BTC Can Dip Below $7,000 Shortly; Eminent Bitcoin “Permabull” Claims

Bitcoin (BTC) and the aggregate crypto market have led to a notable influx of sales pressures in the last 24 hours, causing many technical losses in many cryptocurrencies, and many leading analysts claim that this latest decline has led to new doors. They have opened Loss

While it is not difficult for analysts to get into the recession after the recession, an important "bitcoin permit" that rarely signals a recession no longer realizes that the market will soon be below $ 7,000. BTC can see the business, which claims to be an ideal entry point.

Bitcoin Drop Towards $7,000; Will support wait?

At the time of writing, bitcoin is dropping only 3% to its current value of $ 7,490 and has continued to find some support after reaching a minimum of $ 7,400.

It is important to keep in mind that Bitcoin has been valued at $ 7,300 on several occasions in popular margin trading, but each visit to the region has received some buying pressure that has intensified its short-term price action.

It is very likely that the sector of less than $ 7,000 will remain a support area in the short term, although it is still unclear how weak BTC is currently.

Thomas Lee, head of Global Fundstrat Advisors, spoke recently with the Financial Review, stating that he still believes that the "crypto winters" ended at the end of 2018 and that the markets remain optimistic.

"For the most part, our current framework is that the 'crypto winters' came to an end at the end of 2018 and Bitcoin is in a new bull market … but like the old bull markets, the price increase does not It is continuous and we are in the midst of consolidation with possible downside risks in the near future, ”he explained.

Will BTC see $7,000 in short-term prices?

Although Bitcoin sees some support within the $ 7,000 region and may still be in a bullish macro market, according to Lee's statement, it seems that BTC has been caught in the adoption of a firm downtrend since then. Since then it has established an annual maximum. At $ 13,800.

That said, Lee also said he believes the market will soon be able to witness a BTC of less than $ 7,000, with an ideal entry point as it expects it to take place in the next 10 weeks. Market conditions will improve.

"In a nutshell: we stay away from the risk of bitcoin and crypto, but we see a greater likelihood that conditions will improve in the next 10 weeks. Therefore, bitcoin below $ US7000 would be an attractive risk / reward," he said. . Explained

It is unclear whether Lee's short-term slowdown is a serious signal for BTC, but how it responds to its recently set lows in the coming days and weeks will likely clarify its medium-term trend.

Crypto Binance attachs 1st fiat trading couple,CEO clue more will follow

Crypto Binance has added its first fiat currency trading pair. Nigerian users of the platform can now deposit using their local currency, Naira, at the popular cryptocurrency trading site.

Previously, platform users could only exchange cryptocurrencies for other cryptocurrencies. However, this will change with today's announcement and the fact that Binance CEO Changpeng Zhao has indicated that the exchange is also close to being able to add more fiat currencies.

Binance supports the growing crypto currency market in Nigeria

Previously, NewsBTC reported on the growing interest in crypto assets that are seen in parts of Africa. LocalBitcoins volume data, provided by the useful Tulip. Show that Nigeria is one of the nations with the greatest appetite for the digital currency trade in the continent.

With an announcement made by Bynes today, merchants of crypto assets in Nigeria have become the first in the world to deposit their national currency on an exchange platform.
According to a publication of the company's support section. The online payment company Flutterwave will facilitate Nigerian Naira deposits (ticker: NGN). Initially, trade in the Nigerian national currency will be limited to Bitcoin (BTC), Binance Coin (BNB) and the crypto exchange's own stable BUSD currency.

The exchange announced promotions to mark its first fiat currency list:

"To celebrate the first listing of Fiat currency in Binance, all newly registered users who send NGN to Binance through Flutterwave will enjoy zero fees for deposits of up to 36,000 NGN as of October 24,000, 2019." Binance CEO Changsheng Zhao promoted the announcement today through his own Twitter account. The message with the initial publication of the exchange was:

"You know what happens next, don't you?" Before …

Given the large number of dark digital assets listed on Binance. The company has so far failed to offer anything other than the crypto-to-crypto trade. Meanwhile, exchanges that provide deposits in other currencies, such as conbase, cracken or bitstamp, only support the trade of a small number of the most established cryptocurrencies. Regulatory uncertainty is a challenge in the case of an application, or for the addition of more than one cryptocurrency, in the case of fiduciary to crypto exchanges. In fact, earlier this year, US regulators. UU. They questioned Binance. This forced the exchange to cease operations and launch a US division. UU. With a set of crypto assets very small to trade with users.

Bitcoin shatters under Bear Channel as Analysts view Further Downside

Bitcoin has reduced its previous support level earlier this morning during a mass sale, leading to a further decline of several months in the aggregate crypto market. BTC has continued to decline throughout the day and it is unclear where it will receive any significant support that will stop its current downtrend.

A leading cryptocurrency analyst now points out that Bitcoin is very likely to move up and down in the short term, which may be driven by two important moving averages that are "punishing" the price of BTC.

Bitcoin plummets below 8,000 nights, causing a new downtrend

At the time of writing, bitcoin is trading just below 10% at its current value of $ 7,500, indicating a significant drop in its recent trading range within the $ 8,000 area, where cryptocurrencies gained significant support. It was .

This negative price action has led the crypto market in general today, with the most prominent altcoins that reflect the price action of BTC and move towards new lows of several months.

Currently, Ethereum is trading at a current price of approximately $ 8 to $ 160, which is significantly notable for its recent high of around $ 200. Litecoin has also fallen today, a sharp 10% drop in a trading period of 24 hours.

This latest decline came after Bitcoin broke the lower limit of a bearish trading range, which has been previously detected.

Wolf of All Streets, a popular cryptocurrency analyst on Twitter, talked about this in a recent tweet that refers to the chart below.

"$ BTC: It seems that the support has weakened. The good bear flag is breaking," he explained.

BTC can be separated for additional losses

The Wolf of all the streets also pointed out that this last downward movement was unprecedented, since BTC had been publishing several bearish candles in recent days and weeks pointing out an underlying weakness.

"$ BTC: Looking at the day, there were some ugly candles on each top of this consolidation. I'm still in no hurry to buy, but the day looks promising for a big oversold dive with RSI. If this confirms Hai, it will reset for me "he said pointing to the formation of candles below.
The next few hours and days will be important to determine where Bitcoin will go next, since the fact that BTC does not make a relief rally in the short term could mean that more losses are imminent.

Bitcoin worth on the way to downward-sloping Triangle Target of $5,000

This morning, the price of Bitcoin began to fall from the bearish flag of a high time frame that formed after the breakdown of the multi-month triangle chart pattern. A pattern that indicates the end of the 2019 bullish rally and possibly a The main market trend reversed.

With the recovery now, and given that the chart patterns now confirming, according to a leading crypto analyst. The measured objective of a large-scale structure would be the price of Bitcoin around $5,000. Before a possible market reversal bullish.

After a 45% drop, there is plenty of room for a Bitcoin price drop

The price of Bitcoin is currently trading below $7,500, a drop of more than 45% since the maximum parabolic rally of 2019. Which led to the price of the main crypto asset at $14,000 before being rejected.
After that rejection, Bitcoin finally began to consolidate the formation in a descending triangle. A predominantly recessive structure, which sometimes overturned. The uncertainty of the formation had kept merchants buying at each low level, and sold each level below the one. That hadbeen divided until the previous month and the crypto asset almost immediately dropped to $2,000.

The powerful fall confirmed that the chart pattern was valid and brought the first price of the cryptocurrency to $7,700. Where it bounced and consolidated for a few weeks in what appeared to be a textbook bear flag. But according to the measurements made by the triangle at its altitude, a leading encryption analyst says that the formation of the bear's flag was the ultimate goal of $5,000.
The analyst says the goal is align with previous support. Which had never been withdrawn that way before. As Bitcoin prices broke the resistance in April 2019, starting a parabolic run.

However, before getting there, the price of Bitcoin would have to break below a crossroads of horizontal and diagonal support in a weekly time frame. The diagonal follows from the bottom of the Bitcoin bear market, where it bounced off the 200-week moving average. Horizontal support remains at $7,300, exactly where the leading cryptographic asset by market capitalization backed for the first time. After its decline this morning.
Beneath this support is the old bear market support at $6,000, and below that. The final target of the descending triangle at $5,000. If a breakdown of $5,000 is likely to occur for some reason. Bitcoin will potentially risk establishing a new bearish downward market, suggesting that the fund wasnot really there and caused fear and panic in the cryptocurrency market Can do.
A sharp increase of $5,000 or any of the previous support levels will result in a new successful test. And a confirmed endorsement of the resistance. And can give the bull enough confidence to be able to return Bitcoin to a bull market. And could exit the claws of the recession. Merchants

Bitcoin Crashes Under $7,500 after Brexit Breakthrough

Bitcoin took a deep dive on Wednesday to test the levels last seen in May.

The reference cryptocurrency fell around $566.29 or 7.65 percent in two hours of trading. The price of bitcoin plummeted to a minimum of $7,402.20. Although the price was corrected later, its positive level was overshadowed by the $7,500 support resistance level that indicates an extended bearish action.
The story was similar in other major cryptocurrencies. Ethereum, the second largest cryptocurrency by market capitalization, fell 7 percent, while the third largest XRP fell almost 6 percent. Litecoin, Binance Coin and Bitcoin Cash suffered similar setbacks. In general, the entire capitalization of the cryptocurrency market lost approximately $19 billion in a 24-hour period.

Bitcoin Random dump after the Brexit vote?

The decline in the bitcoin and altcoin markets appeared almost a day after the president of the United Kingdom, Boris Johnson, could secure parliamentary support for the Brexit agreement. However, optimism did not last long, as the House of Commons refused to implement Brexit on October 31 or earlier. As a result, Prime Minister Johnson will not be able to fulfill his populist promise to deliver Brexit earlier than said. Time frame to believe.
The result, in the long term, seems positive for the United Kingdom, indicated by the performance of local actions on Tuesday and Wednesday.

Allianz's chief economic advisor, Mohammed al-Arian, said on Twitter that a good deal to boost global equity could undermine global fundamentals "and" increase the inefficiency of the central bank. "

Mark Zuckerberg's roast in balance

Bitcoin's sharp decline also comes on a day when Facebook co-founder Mark Zuckerberg appears before the US Congress Committee. UU. To answer questions about your Libra payment project. In early June, the cryptocurrency increased more than 50 percent after Tula's announcement. However, it was also abandoned after global parliamentarians and regulators expressed concerns about Facebook's participation in the financial project.

Bitmax clearance

Meanwhile, there are reports of over $250 million settlement of the long position in the controversial exchange of BitMEX crypto derivatives. The effect of this is clearly visible in the bitcoin spot market rates.
"If buyers arenot interested in $7,800 bitcoin. They arn't interested in the price of $7,500," said market analyst Josh Reger. "Your chances fall to $7,200 and less with the support of Confluence. Even after a natural boom, it all comes down to where the large / aggressive buyer interested."