Short of Target: Bitcoin’s $1K Rally Still Leaves Bear Bias Intact

View Bitcoin’s short-term outlook will remain bearish as long as prices remain below $11,080 resistance. A break above that level would invalidate bearish lower-highs setup. The bulls may have a tough time forcing a break above $11,080 amid news of BitMEX exchange facing a regulatory probe and talks of harsher crypto regulation. Prices could drop below $10,000 in the next 24 hours with daily chart indicators continuing to report bearish bias. A weekly close (Sunday, UTC) above $12,000 is needed to revive the bullish view. Bitcoin (BTC) has rallied sharply…

Coder Proposes Alternative to Bitcoin’s ‘Notoriously Unreliable’ Testnet

Introduced Wednesday, a new proposal called Signet offers a fresh alternative to bitcoin’s test network. The software plays a crucial role for developers, serving as a place where they can test their apps, to make sure they work reasonably well on the network by putting only test money on the line. Further, protocol developers can use it to test the viability and safety of big changes to bitcoin, such as Segregated Witness, one of the best-known and largest-scale bitcoin changes. But bitcoin’s current testnet, which has been around in its…

The Case $7.5K Could Become Bitcoin’s New Price Support

Amidst a decline in the price of bitcoin, the world’s most valuable cryptocurrency could find support at $7,500 – that is if it follows past patterns on the charts. Bitcoin has faced selling pressure over the last few days, despite an impending golden crossover on the three-day chart – a bullish crossover of the 50- and 200-candle moving averages, as discussed last week. As of writing, the 50-candle moving average (MA) is on an upward trajectory and looks set to cross above the 200-candle MA in the next few days.…

Bitcoin’s 3-Day Price Charts Point to an Impending ‘Golden Cross’

A bitcoin price indicator is about to turn bullish for the first time since the early stages of the 2016-17 bull market. The 50-candle moving average (MA) on bitcoin’s three-day chart is in a solid upward trajectory and looks set to cross above the 200-candle MA in the next few days. That would be the first golden crossover on the three-day chart since early February 2016. CoinDesk reported on a golden cross for bitcoin’s daily chart back in April. Seasoned traders often refer to that long-term bull market signal as…

Bitcoin’s Clobbering Bank Stocks So Badly It’s Not Even Funny

According to data published by crypto research firm Messari, bitcoin has massively outperformed the largest banking stocks in the world over the past five years. In fact, the cryptocurrency is pummeling them so badly it’s not even funny anymore. They say a picture is worth a thousand words But this is worth 5: “Long bitcoin, short the bankers” pic.twitter.com/HI2DdO6ria — Jack Purdy (@jpurd17) July 10, 2019 JPMorgan, Bank of America, Deutsche Bank, Morgan Stanley, Citigroup, and Wells Fargo have recorded total returns in the range of -89 percent to -99…

Bitcoin’s Stunning Growth Makes it Investable: Legendary Hedge Fund Mgr

Mark Mobius, an emerging markets fund manager and the founder of Mobius Capital Partners, said that if bitcoin continues to grow at the current rate, he would consider investing in the dominant crypto asset. Earlier this month, Mobius said that every portfolio needs to hold ten percent of gold to hedge against the global economy and the performance of the equities market. Is bitcoin as a store of value narrative strengthening? On Bloomberg Daybreak: Middle East, Mobius said that despite the presence of geopolitical risks as a result of the…

Bitcoin’s 20% Slump From 2019-High Won’t Kill Strong Bullish Fundamentals

Since June 26, within the past three weeks, the bitcoin price has declined from $13,868 to around $11,200 by 20 percent against the U.S. dollar. After recording a 250 percent increase in value year-to-date at its yearly peak, a pullback for bitcoin was generally anticipated by traders. Following its 20 percent decline, fundamentals for the dominant crypto asset remain strong as seen in its hash rate achieving an all-time high. What does all-time high bitcoin hash rate indicate? Since January 2019, the hash rate of the Bitcoin blockchain network has…

Ripple Price (XRP) Testing Crucial Support Post Bitcoin’s Correction

Ripple price declined again after it failed to clear the $0.4070 resistance zone against the US dollar. The price is under a lot of pressure and it recently broke the $0.3950 support area. There is a key declining channel forming with resistance near $0.3920 on the hourly chart of the XRP/USD pair (data source from Kraken). The price could either break the $0.3840 support or bounce back above $0.3950 in the near term. Ripple price failed to continue higher above against the US Dollar after bitcoin declined from $12,000. XRP…

Bitcoin’s ‘Kimchi Premium’ Returns With $1K Price Spreads on Crypto Exchanges

Bitcoin may be back over $10,000, but the price increase is bringing with it similar market inconsistencies as seen in the cryptocurrency’s meteoric 2017 ascent. At press time, bitcoin prices in South Korea are once again trading at a notable premium to Western exchanges. The spread, popularly known as the “Kimchi Premium” after a Korean preserved food dish, rose to $1,048 on Sunday, the highest level since Feb. 24, 2018, according to data from cryptocurrency exchanges Bithumb and Coinbase. Bithumb is South Korea’s largest cryptocurrency exchange while Coinbase, headquartered in…

Fundstrat Co-Founder Thomas Lee Says Bitcoin’s Volatility Favors a Long-Term Approach

Fundstrat Global Advisers Co-Founder Thomas Lee suggested that bitcoin’s (BTC) volatility makes a long-term approach towards it more appropriate for most traders in a tweet published on June 27. In his tweet, Lee intended to remind others that “bitcoin is a hypervolatile asset” and that this makes it “great for volatility and other dedicated traders.” Still, he noted that most should probably use a different approach instead: “For most, taking a long-term view is more appropriate.” Lee’s remarks were an answer to a Bloomberg’s tweet pointing out that bitcoin is…