Bitcoin : Daily Technical And Fundamental Analysis By INSTAFOREX

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mazri_2008

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Bitcoin analysis for 01/09/2017

One of the biggest advantages of the Bitcoin cryptocurrency, anonymous trading, has been criticized recently by Australian government's representative. According to Australian Justice Minister Michael Keenan, "Bitcoin, which can be traded anonymously and is as good as cash, is traded now on most significant international exchanges".

This is the main reason for Keenan why Bitcoin exchanges assist in facilitating criminal activities: they lack transparency regarding transactions and encryption. Australian government plans to introduce new legislation that will make cryptocurrencies and altcoins submit to the same disclosure laws as banks and the more traditional exchanges.

The main reason behind introducing this new law bill is a substantial loss of Australian budget due to illegal practices made by organized crime in Australia. According to the recent study conducted by Australian Criminal Intelligence Commission (ACIC), the illegal and non-regulated practices cost the country over $28.34 billion annually. Will the Australia be the first country in the world to regulate the cryptocurrencies? We will soon find out.

Let's now take a look at the Bitcoin technical picture on the H4 time frame. The price is trading around all-time highs at the level of $4,783, but according to the Elliott wave theory principle, the up move might soon be terminated as the fifth wave is near completion.

The price is moving inside of a possible Ending Diagonal pattern and will likely hit the $5,000 level before any meaningful correction will occur. In that case, the immediate technical support is seen at the level of $4,464.The growing bearish divergence and overbought market conditions support this view. On the larger time frames, the uptrend continues and only a clear, visible violation of the technical support at the level of $3.584 might change the bullish point of view.


 
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mazri_2008

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Trading recommendations for Bitcoin, September 1, 2017

The rise of Bitcoin continues, and while central banks are limited to only a brief mention of crypto-currencies, this scenario is not seen to change. Meanwhile, with regards to monetary policy, the Fed and the ECB remain relatively silent for the time being and are not yet planning to take any action. Moreover, the ECB's meeting on monetary policy will be exactly as planned, and all regulators' attention is directed entirely to the other side. There is almost no doubt that the ECB will leave the rate unchanged, and this may lead to an outflow of the capital of their single European currency, and this flow will not derail the Bitcoin, whose growth can only increase.

Technical picture

Since the beginning of the trading week, the bulls managed to regroup and force the level of 4420, subsequently working on it and forming new highs. Now the quote is already in the values of 4700, forming a temporary rollback, but it's too early to talk about any correction.

It is likely that due to high volatility and an inescapable desire to continue the upward movement, new highs will be seen, probably already today. The position on the buying can be laid above the attainment of 4800, with the prospect of a move to 5000 already next wee

 

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Bitcoin analysis for September 1

Active struggle for the fate of bitcoin in the US continues. In the evening, it was reported that the US Congress continues to develop laws on the use of crypto currency. Some congressmen believe that the virtual currency will threaten the US economy, and they are in favor of strictly regulating its turnover by establishing strict regulations. In their opinion, cryptocurrencies will never meet the requirements of US law. However, as we can see, the bitcoin rate is once again being adjusted to its record highs. It is possible that demand has increased after yesterday, three members of Congress said that they were developing a bill aimed at protecting the rights of citizens using bitcoin and other crypto-assets.

Bitcoin (BTC)

The signal to buy Bitcoin (BTC):

The fact that the bulls managed to hold bitcoin at the lower boundary of the channel of 4682 indicates the preservation of demand and a potential yield of 5000. However, for this to happen, it is necessary to gain a foothold above the middle of the channel 4728, which will allow the retesting of 4768 and will build an active resistance in the region of 4728, which may lead to a sharp increase in bitcoin in the area of the psychological mark of 5000, which many traders are waiting for.

The signal to sell Bitcoin (BTC)

In selling bitcoin, it is recommended to look only from the upper limit of the channel of 4770, as it is not possible to get above it yet. If another unsuccessful attempt is made to break through the 4750 range, then a return to this level can repeatedly push the bitcoin to 4682.

 

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BITCOIN Analysis for September 1, 2017

Bitcoin has recently broken above the resistance of the range 4386.80 level with a daily close. Bitcoin has been quite impulsive in nature this month which made currency gain over $2000. The impulsive bullish pressure took the price towards 4765.00 area from where the price is currently showing some bearish evidence in the market.

Currently, the price is expected to reach 4386.80 level to retest it as a support where Tenkan Sen is also found to be supporting the price before it climbs up higher with a recent target towards 4500.00 resistance level in the coming days. The pair has been quite reactive to the dynamic level of 20 EMA which did signal the non-volatile movement so far and as the price remains above the 20 EMA in the coming days the bullish strength is expected to be unchanged in the coming days.

Currently, it is also expected that the price movement will be quite corrective and slower in the coming days in comparison to the impulsive bullish pressure observed in August, which will help traders to find proper entries from the retracement from certain support levels in the market.

 

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Bitcoin analysis for September 04, 2017



The Bitcoin (BTC) is trading lower at the level of $4,308 driven on the news that Western exchanges reached a weighted average high of $4,980 per BTC. Shortly after bitcoin had hit a historical high, the price started to dive hard, taking its biggest loss in less than two months, losing over $300 in value. The technical analysis confirms that buyers got exhausted and that we may see a futher lower price.

Trading recommendations:

According to the 1H time frame, I found a broken rising wedge and the breakout ocoured with the gap, which is a sign that sellers sold agressively. A moving average oscilator showed a hidden bearish divergence, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $4,166.00 and $3,598.00.

Support/Resistance

$4,622.00 – Gap resistance

$4,493.00 – Intraday resistance

$4,166.00 – Technical support

$4,925.00 – Major technical resistance

$3,958.00 – Major short - term support
 

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Bitcoin analysis for 04/09/2017

According to Aaron Lasher, the digital currency wallet Breadwallet co-founder and chief marketing officer (CMO), the market capitalization of Bitcoin might surge above $5 trillion in the next 10 years as of early September 2017. In an interview with MarketWatch, he said: "As a longtime Bitcoin holder, I'm greatly enjoying the recent price action, even though I understand that this bull market will likely be followed by a pretty brutal bear market. Are cryptos in a bubble? Yes, absolutely. Is that a bad thing? Not necessarily".

Current market capitalization of Bitcoin is projected to be around $78 billion. If Lasher anticipation is correct, then within ten years a single Bitcoin would be worth around $250,000. With the recent all-time highs at the level of $4,973 (in most of the exchanges), the market capitalization of Bitcoin is already bigger than world wide famous company Starbucks, but there is still a long hard road for the Bitcoin to unleash its full potential.

Let's take a look at the Bitcoin technical picture at the H1 and H4 time frame. As anticipated before, the top for the wave 5 pink had been established just under the level of $5,000 at $4,974 and since then the price is falling towards the next important support at the level of $4,154. Nevertheless, still, the most important technical support for the price is seen at the level of $3.585.

Currently, the price has retraced 50% Fibo of the previous move up, but it still trades below the weekly pivot at the level of $4,544. The growing bullish divergence supports the bullish outlook for the market, so another test of the level of $4,615 or $4.691 might occur soon. The most important intraday support level for bulls is 61%Fibo at the level of $4,118.




 

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Forecast Bitcoin on September 4

Friday's trading resulted in the renewal of the historical mark of $5,000 per bitcoin. However, these indicators were not recorded on all exchanges.

If understood correctly, it is a question of overcoming the bitcoin rate of $5,000. Indeed, the overall index of Coindesk showed a maximum of $5,013. However, on the leading exchanges, where the maximum volume of trades is concentrated, such as Bitfinex, Bitstamp, and Coinbase, the price is 20-30 dollars below the historical mark.

Thus, we can conclude that even though an update occurred, many traders were ready to fix short-term profits which did not allow bitcoin to gain a foothold above the level of $ 5,000. A similar situation happened with the $3,000 mark, which it reached in June this year and before collapsing. A return to this level occurred only after a few months.

Bitcoin (BTC)

The signal to buy Bitcoin (BTC):

For buyers of bitcoin, the acceptable level is in the area of 4466 and 4377, from which it is recommended to go back to long positions for the purpose of renewal and test of the level of 4540. When securing to 4540, it is possible to increase long positions with the expectation of updating to 4604. This is where it is best to fix profits, since this area is the upper boundary of the channel.

The signal to sell of Bitcoin (BTC)

For sellers of bitcoin, it is recommended to consider the level of 4604 for this, or to look for sales at the test of a larger resistance at 4682. In case of a breakdown of the level 4466, you can also see short positions with an exit at 4377, where I recommend fixing profits.

 

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Trading recommendations for Bitcoin, September 4, 2017

Over the weekend, Bitcoin first closely approached the psychological mark of $ 5,000, after which it quickly went down. The movement was clearly corrective, as it happened on the weekend in the absence of any important news. Moreover, after fixing profits, Bitcoin will again go up since before that, he ignored the important news from the banking sector. On August 31, it became known that banks like Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street joined the consortium of banks to create a new cryptocurrency. This consortium was established in 2015 by banks such as UBS, Deutsche Bank, Santander and Bank of New York Mellon. The largest banks in the world are planning on the basis of blockchain technology to create a system of instant settlements and conducting transactions. The main idea is that this currency will be used by participants in financial markets when making transactions on exchanges. Also, the consortium participants, unlike the creators of other cryptocurrencies, actively cooperate on this issue with central banks. Theoretically, if banks create their own cryptocurrency, then the position of other analogs will clearly worsen, as the very participation of the world's largest banks is a guarantee of reliability.

Technical picture

To the delight of all the speculators, Bitcoin managed to get closer to the psychological level of 5000, where the quotation felt resistance, as a fact, turned around, forming a corrective movement. Now we again vacillate near the level of 4420, where recently the "bulls" found support but the end of the correction is no longer sunbathing. It is possible to assume that in 4200/4150, where the correction levels are located, we will see an objection from buyers who will once again go to storm the value of 5000.

It is possible to place a buy position after resuming the "bullish" interest, probably near the values of 4200/4150 with the prospect of a move to 4650/5000.

 

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Bitcoin Slides as PBOC Bans Initial Coin Offering Operations



Bitcoin posted its steepest drop since July after Chinese regulators deemed initial coin offerings to be illegal, with the central bank ordering all related fundraising activity to be stopped immediately. Bitcoin fell by as much as 11.4 percent, the steepest decline since July, to $4, 326.75.

Meanwhile, the ethereum currency fell by more than 16 percent on Monday, data from Coindesk showed. Issuing the strongest regulatory hindrance to the emerging market for digital currency, the People's Bank of China announced that it had finished its probes into ICOs, declaring that it will penalize offerings in the future will imposing punitive actions on the ones already finished due to legal violations.

The regulator added that those who have already raised money must provide refunds, but it did not give details how the money will be returned to investors. The ban comes as authorities deemed the digital token sales as a threat to the country's financial market stability as regulators attempt to clampdown financial channels that go beyond the traditional banking system.

The regulator also said that digital currency financing and trading platforms are now restricted from conversing coins with fiat currencies. It also declared that tokens should not be utilized as currency on the market and banks should not offer services to ICOs.
 

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Trading recommendations for Bitcoin, September 5, 2017

The correction of Bitcoin continues, which, although surprising, looks quite logical. In a market where there is no information on the fundamental causes of growth or decline, emotions will prevail, rather than common sense. And this means that any profit-taking, correction, mass sale or purchase will have a much greater depth and scale than traditional financial instruments. Nevertheless, even mass hysteria ends sooner or later. Especially when it comes to exchanging instruments. They have psychological levels and given the high volatility and huge cost of Bitcoin, it's not hundreds of dollars, but thousands. So it is worth learning this lesson.

So, coming close to 4,000 dollars for Bitcoin, the market participants are tilted to exactly this psychological level. After that, everyone will think that he has fallen quite cheap, and will again start making purchases. The mark of 5,000 dollars has already been tested, after which the profit took place, as it was then considered too high. Now, the psychological maximum will obviously move to the level of 6,000 dollars where we will gradually move.

Technical picture

At the moment, the quotation rested at the level of 4000, forming as a fact a deceleration within the Fibo levels. Probably, we will see the drawing of a temporary stagnation in the borders of 4000/4250, where traders will be able to prepare for the next long position. In the case of a coincidence of the forecast, you can consider the mark of 4300 for pawning the first batch of trading positions for purchase, with the prospect of moving to 4420 and further refilling to 5000.

In case the stagnation is delayed and the "bearish" interest does not fall, it is possible to expect further correction formation, 3750/3600.

 
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