Bitcoin Prices Drop Ahead of CME Futures Launch

On December 8th, Bitcoin reached the $18,300 mark, only to drop by $3,000 after experiencing a major correction. Currently, on Sunday morning and ahead of CME Bitcoin’s futures launch, it is headed back to $13,072.60, down -9.80%. It was trading at $10,800 just a week ago. In South Korea, it traded with premiums of around 20%, where previously they hadn’t exceeded 5-10%.

Bitcoin has proven to all that it’s able to overcome gravity. Its exponential rise in value, however, isn’t simply due to the impending arrival of institutional investors. Cryptocurrencies, and Bitcoin, in particular, have become extremely popular with the general public, and as prices move ever higher, the desire to invest continues to grow. Investments of a few hundred dollars on «Black Monday» aren’t dangerous. More dangerous is the adoption of a speculative approach, where investments of tens or even hundreds of thousands of dollars are made to obtain a quick profit.

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This Sunday, the CBOE will launch futures and options on Bitcoin, which may lead to another wave of corrections over the weekend. The first Bitcoin futures transaction will take place on Sunday at 23:00 GMT.

As the cryptocurrency market grows, so do the risks associated with investing in it. On Thursday morning, we received news that the largest site for the provision of computing power, NiceHash, was hacked. According to community data, $62M was stolen from the hot wallet, which led to the service being suspended for 24 hours. After a series of similar breaches throughout the year, investors should reconsider keeping their funds in such exchanges, as well as the process of cloud mining, due to the rise in the number of hacker attacks.

Chief Executive Officer of NEX Group, Michael Spenser, who considers Bitcoin to be a bubble, said that he expects growth to reach $20,000 before experiencing a harsh correction. A month ago, such forecasts may have seemed fantastical, today, however, it would seem this may not be optimistic enough.

This post was originally published by EarnForex

Bitcoin Price Forecast for the Week of December 11, 2017, Technical Analysis

The Bitcoin markets have exploded to the upside, gaining thousands of dollars over the last week. However, as we started to approach the weekend, markets did pull back significantly, showing signs of exhaustion. Quite frankly, this is a market that has gotten overextended, and that’s likely that the volume is starting to shrink. We have the futures market coming out next week, and that, of course, is going to cause a lot of trouble. We have a possible 33% retraction of price, and that would only wipe out the last week or so.  I receive constant emails about Bitcoin and where it’s going next, and the reality is that the liquidity isn’t there, so who knows?

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BTC/USD Video 11.12.17

Overall, I believe that this is a market that is going to cause a lot of pain, so longer-term traders should not be chasing the trade currently. I think a significant pullback is necessary, and from a longer-term “buy-and-hold” standpoint, I would be looking to buy Bitcoin closer to the $10,000 level, possibly even the $6000 level. While that seems outrageous, moves like this don’t happen without extreme pullbacks and pain, and that’s what’s coming. I can’t tell you is going to happen this week or even next week, but it is coming.

BTC/USD weekly chart, December 11, 2017

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One of the reasons I know this is a massive bubble is the amount of pushback that I get from traders who hear me say that. It’s almost something that they take offensively as if it’s a personal attack. I have been advising many of my clients to take profits and sent out a flash message this past week as one of the exchanges almost printed at $20,000 handle. Just 5 weeks ago, we were near the $6000 handle, which of course brings up the old adage, “bulls make money, bears make money, and hogs get slaughtered.” I see a lot of that right now and recognize that although we are in a bubble, there will, of course, be value in Bitcoin. The question is “would you buy it here, and hang on to it as it crashed back towards the $8000 handle?” I can tell you the answer, it’s almost certainly no. Longer-term, I think after we get the massive pullback we could have a nice opportunity, but I would be very suspicious about buying in this area.

Bitcoin – Blink and You’ll Miss It

What a day for Bitcoin on Thursday, with yet another record high in a week that has seen Bitcoin move from Friday’s $10,840.45 close to more than $17,000 before easing back to $15,460 at the time of writing.

Depending on which exchange you look at, Bitcoin had even surpassed $19,000 and that’s quite a move when considering the fact that Bitcoin’s relative stress index was already at 96% on Thursday.

For those that had plucked up the courage to take a punt on Bitcoin last week, that would be a pretty good return, with the Bitcoin pullback coming from a significant amount of profit taking.

Some degree of complacency would have entered the Bitcoin world by now and with Bitcoin down 6.87% through the first part of the day and well below the latest record high, we could see another bounce on the cards.

Interestingly, it’s during the dips however that Bitcoin remains susceptible to a more sizeable sell-off. Bitcoin has managed to come off its intraday lows this morning, having dropped by more than 10% earlier in the day, but it’s going to need to bounce back into positive territory for the markets to jump back in with conviction.

Ripple and Litecoin have both been a victim of lateral moves, something that few could accuse Bitcoin of. It’s a fickle market and it’s about to see a significant change in investor profile. The impact of the futures market on Bitcoin has been touted to be a positive one. Is it really going to be Bitcoin’s knight in shining armour?

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While the opening of the futures market will certainly bring more money to the table, there are a few things that need to be considered and are material to how Bitcoin will perform come the end of the year and beyond.

The futures market is likely to bring with it a number of investors who will be looking to go against the Bitcoin grain and go short. As we see in other asset classes, short positions can ultimately dictate sentiment towards an asset class. While the futures market may not sink Bitcoin, it may influence the steepness of its rallies, with more balanced trading patterns than are currently seen, mostly one directional. Those trading on exchanges where short positions are permissible may have been waiting for the futures market to open up. It’s certainly an unknown and then there is the fact that investors currently holding Bitcoin could sell and move into the regulated futures markets, which could weigh heavily on Bitcoin. After all, the futures market does not involve actually holding Bitcoins.

With institutional money going into the futures market, Bitcoin’s path could ultimately be dictated by the smarter money sitting in the futures market.

It’s far from cut and dry and, while Bitcoin’s recent gains may have had little influence from traditional market forces, things may change in the weeks ahead.

One thing is certain, Bitcoin investors are unlikely to be getting too much sleep at the moment, with records and dips coming in at pace. Blink and that record run could have come and gone.

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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 08/12/17

Bitcoin Cash on the rampage

What a turnaround for Bitcoin Cash this morning. Having fallen to an overnight low of $1,125, Bitcoin Cash is up 13.92% to $1,402.2 at the time of writing.

It was looking quite dire for Bitcoin’s offshoot, with Bitcoin having broken down multiple resistance levels to enter into yet more unchartered territory.

Depending upon exchange, Bitcoin’s record high averaged at $17,153.94, whilst some exchanges saw Bitcoin surge beyond $19,000.

Bitcoin’s reversal through the early hours of today has contributed to Bitcoin Cash’s gains, with Bitcoin Cash hitting an intraday high $1,572 this morning.

The inverse correlation between Bitcoin and Bitcoin Cash continues to give investors a double tap on the profit front, assuming they are on the right side of the trade. Taking a $17,000 plus sale overnight and then moving it into Bitcoin Cash to take advantage of the 16.72% gain through the early part of the day isn’t a bad way to make a few pennies.

As the relationship becomes more embedded, the swings could become wilder…

While Bitcoin Cash may have the upper hand through the early part of the day, as we have seen on previous occasions, Bitcoin’s strength comes from the dips and it wouldn’t be a surprise to see Bitcoin break into unchartered territory once more and that could well bring an end to Bitcoin Cash’s few minutes in the limelight.

BCHUSD081217

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Litecoin under the hammer

It was somewhat predictable that Litecoin would fall back to sub-$100 levels. A failure to break into new highs in recent days was certainly a contributory factor, but it ultimately boiled down to how Bitcoin performed through Thursday and the early part of today.

As Bitcoin’s major rival, Bitcoin’s record highs weighed heavily on Litecoin, which had enjoyed $105 levels earlier in the week.

At the time of writing, Litecoin was down 1.44% at $96.55 and, while Bitcoin may be off its record highs, it’s still well ahead of the pack for the week. Investors will be all too aware of what tends to follow a sharp drop in Bitcoin value. Pressure will likely remain in Litecoin in anticipation of another rally. If Bitcoin holds back through the day, Litecoin could make a run back to $100 levels, but resistance will be high suggesting that a $96 – $99 range looks reasonable.

LTCUSD 081217

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Ripple gives into the pressure

What could have been more than a splash for Ripple ended in tears, with a $0.296 spike in the early hours of this morning providing little comfort to the longer-term investor.

Ripple did manage to hold onto above $0.25 levels, but ultimately came crashing back down to earth and a low of $0.1655.

Ripple currently sits at $0.2173, up 7.33% on the day and there may be more gains on the horizon, supported by the latest high, but it will need to break through $0.23 levels or risk falling back to sub-$20 levels.

XRPUSD 081217

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How to Buy Bitcoin in Russia?

It is not very easy to buy or possess Bitcoin in Russia as the government has been going back and forth over this issue. Although the use of cryptocurrency was legitimised in 2016, this year the government decided to reverse the decision. It is difficult to understand this love-hate relationship between the Russians and Bitcoins.

However, there is a recourse left to aficionados of crypto-currencies. It is known as contracts for difference or CFDs, which allow people to trade movements in the value of Bitcoin, without having to own them. This could be beneficial as one does not need to worry about security issues such as downloading back-up, encrypting one’s wallet, etc. Traders have the option of speculating and making money off Bitcoin without needing to store their crypto-currencies safely.

One of the better-known CFD brokers where traders can trade Bitcoin CFD is Libertex. To trade bitcoins with CFDs, one has to choose their currency pairing, just like any other form of currency. For instance, if one chooses to pair CFD with Russian Roubles, the XBT/RUB for one month in 2017 would be close to 450,000 roubles. (Apart from BTC, bitcoin’s abbreviation can also be written as XBT).

What is Bitcoin?

Before moving ahead, we should familiarize ourselves with what exactly is Bitcoin. It is a form of digital currency which was created in 2009 by Satoshi Nakamoto; whose identity remains a secret. Bitcoin offers lower transaction fees than traditional online payment mechanisms and is completely autonomous. Today’s market cap for all Bitcoin (abbreviation BTC or XBT) in circulation exceeds $150 billion.

There are no physical Bitcoins, only balances kept on a ledger in the cloud which along with Bitcoin transactions is verified with the help of excessive computing power. Despite this digital crypto-currency not being strictly legal tender, it still ranks high on popularity charts. Such is the popularity, that several countries have approved the currency.

Balances are kept using public and private keys which are long strings of number and letters linked through the math encryption algorithm that was used to create them. The public key serves as an address to which people can send bitcoin to the user. The private key (similar to an ATM PIN) should be kept a secret. A loss of the private key means that the access to the wallet is lost forever and any bitcoins stored in the wallet will also be lost. Considering the high prices of bitcoins these days, it is likely to be a large loss as far as the fund size is concerned and hence definitely something that traders, investors and all Bitcoin’s holders need to keep in mind.

How to Trade Bitcoin in 3 Easy Steps

Trading bitcoin and Bitcoin cash are simple, even for an amateur trader. Bitcoin is highly volatile which makes it perfect for CFD trading. Traders can trade one of their chosen brokers who have BTC on their platform and open an account with them to start buying and selling.

Traders should choose carefully between buying the CFDs at brokers and buying the actual bitcoin at exchanges. Buying bitcoins at exchanges ensures that the bitcoin gets delivered to the wallet of the trader. The trader can then use this bitcoin to trade off or can use it to send payments to others. On the other hand, the buying of the CFD of bitcoin only helps to speculate on the volatility of the bitcoin prices and does not lead to physical delivery of the bitcoin. Thus, those who have bought bitcoin CFDs do not need a wallet and they cannot send the bitcoins to anyone else later.

Both of these methods of bitcoin purchase are available in Russia at this point of time though, after the withdrawal of support to BTC from the Russian government, all these brokers and exchanges operate in a covert manner over there.

One of the top leading brokers, providing cryptocurrencies trading, is Libertex. The broker provides buying and selling of cryptocurrencies and offers cryptocurrencies pairs trading. For example BTC/ETH, LTC/BTC. Below is a complete guide to buying Bitcoin via Libertex in 3 steps:

Step 1 – Open an Account

To open an account with Libertex is a simple process. Click here to proceed.

Libertex Bitcoin 1

Step 2 – Fund your Account

Once you enter Libertex‘s trading platform, you will be able to see the quotes, charts, and trade the available instruments. In the upper right corner, click the button to fund your account.

libertex 2

Here you can fund your account with various payment methods such as credit card, Skrill, Neteller, WebMoney, etc.

Libertex - Fund Acct 4

Step 3 – Buy and Sell Bitcoin

Now you can choose Bitcoin as your preferred instrument and click on the trade button. You can choose the size of the position and the amount you wish to invest.

Libertex Bitcoin Trade 3

Buying and Selling Bitcoin in Russia via Exchanges

In a surprising move last year, Russia took a liberal approach to not criminalize mining, buying and selling bitcoins. The cryptocurrency community in the country had started taking steps to promote the use of bitcoin since that period. In August last year, Moscow set up the first offline bitcoin exchange.

Buy and sell bitcoin anywhere around the world comes with their own set of rules and regulations and it is the same in Russia. Here, one could buy bitcoin through cash, credit/debit card, wire transfer as well as PayPal. There were many different exchanges that facilitate to buy and sell. There are a few exchanges that used to support cryptocurrencies in Russia such as CEO.IX, Coin Cafe (a New York-based exchange), Brawker, HitBTC.com, and so on.

CEO.IX is a well know exchange that supports clients from Russia. These are the steps in order to purchase Bitcoin via CEX.IO.

Step 1 – Open a Digital Wallet

A digital wallet is where you hold your cryptocurrencies and interacts others via the blockchain technology. There are many providers of digital wallets, however, it is important to make a deep research before you decide which one is the best for you. Currently, the most popular digital wallets provider is Blockchain.info.

Step 2 – Register & Open an Account

Once you enter CEX.IO website, register and open an account that can provide you with their service.

CEX.IO Login
CEX.IO Login

Step 3 – Receive the 2FA Code

This is the authentication code as well as your password when you access CEX.IO.  The code will be generated by an application and will be delivered to you by SMS.

CEX.IO F2A Code
CEX.IO F2A Code

Step 4 – Purchase Bitcoin

Now you can easily purchase Bitcoin and other cryptocurrencies. Note that you can always buy fractions of Bitcoin and CEX.IO allows you to choose fixed amounts with your own currency.

CEX.IO - Buy Bitcoin
CEX.IO – Buy Bitcoin

Choose the payment option that is most convenient for you.

CEX.IO Payment
CEX.IO Payment

In order to complete the purchase, the broker will ask you to verify your identity with documents and various details.

CEX.IO Verification
CEX.IO Verification

Bitcoin Exchanges in Russia

Elaborating on bitcoin exchanges in Russia, here are some pros and cons to investing in Russian exchanges. They are listed below:

  • CoinMama– CoinMama allows customers from every country to buy bitcoin with either credit or debit card and levy 6% charge on every transaction. The advantages of investing with CoinMama is that it is accessible in most countries around the world, highest limits for buying bitcoin with a credit card and is a reliable and trusted broker. The downside is that it charges very high fees among credit and debit cardholders.
  • LocalBitcoins- This is an escrow service that helps match bitcoin buyers and sellers. The most common method of payment is cash deposit. Users can also advertise for whichever method of payment they prefer. The pros for using this exchange are: it is easy to use and private, inter-personal trades do not require personal information. The con is that one cannot buy a large number of bitcoins, as compared to other large exchanges.
  • Matbea- This is a bitcoin exchange based in Russia and one can fund his/her account by cash deposit or bank transfer. The upside of trading with Matbea, it is one of the few Bitcoin exchanges in Russia and there are many ways to deposit funds. The downside is that the exchange does not offer prices close to the market price and consequently, traders receive less value on their bitcoins.
  • Mycelium Local Trader- This exchange helps one find local bitcoin sellers. Once a seller is located, one can meet up in person and complete the transaction. The best part about Mycelium is that it charges absolutely no fees. While the exchange is great for high-density areas, people in low-density areas may face obstacles and may not find sellers.

Where can I use Bitcoin in Russia?

As of 2017, using bitcoin in Russia has been a contentious issue after current President of Russia Vladimir Putin banned it. Echoing Putin’s sentiments, the Deputy Finance Minister of Russia Alexei Moiseev also stated that “bitcoin settlements in Russia will not be legalized.” The central bank also added that Bitcoin cannot be used as an alternative payment option. So, as of now, it looks as though the Russian government has clearly set its mind not to approve the use of bitcoins anytime in the short or medium term.

Due to the unclear legal situation, there are only a few exchanges and brokers that exist. Many people prefer trading with localBitcoins. BTC-E is one of the major exchanges to trade Rubel and bitcoin. It works with a variety of payment providers to permit depositing of funds.

As the government continues to stand divided on the issue of crypto-currency, some places have started looking at bitcoin as an acceptable payment option. Parting from tradition, restaurants such as Valenok and Vintage 77 in Moscow even started accepting bitcoin as a payment option.

Another sign of changing times is the fact that many Russian universities are also offering courses on crypto-currencies. The courses will be incorporated into the schools’ programs in the academic year 2017-18. Some of these universities are Moscow State University, Higher School of Economics, The Saint Petersburg State University of Economics, etc.


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Bitcoin ATMs in Russia

Despite Russian government partially banning cryptocurrencies in the country, some exchanges continue to thrive, nonetheless. For instance, Russia-based InvestCoin24 will oversee the installation of Bitcoin ATMs in Moscow.

The project had modest beginnings when an ATM popped up in St. Petersburg. This ATM allowed users to buy bitcoin for a 4% fee. The machine was operated by crypto-currency exchange Bitlish and provides Bitcoin, Ethereum, LiteCoin, among others. The machine is located at a shopping center, on the Vasilevsky Island.

Now, there are 100 ATMs scheduled to be set up in Moscow by the end of 2017.

Previously, InvestCoin24 had installed one in Moscow as a dry run. Now, the company is planning to collaborate with airport owners to set up ATMs in the departure and arrival terminals which will give access to cryptocurrencies to those leaving and entering the country.

The company said they are relying on their own funds to get the project running, without the help of any external funding.

Earlier this year, Russian startup CoinSpot had apparently brought one of the first bitcoin ATMs to Moscow.

Another encouraging sign that crypto-currencies are the next big thing in Russia was that Russia’s third most populated city Novosibirsk saw 10 bitcoin ATMs installed by a local startup. The practice of installing ATMs in different cities in Russia has been growing day by day but as of today, the government does not seem to have taken any action against these as yet.

Most of the terminals are located in stores selling bottled beverages. The initial plan was to set them up in the city’s high-end shopping malls, but the rents were high. It took three months to develop the software operating the machines and the machine will levy a charge of 6% on each transaction. It is indeed a costly way to buy bitcoins but considering the volatility that we have been seeing in the Bitcoin prices, many of the Russians still believe that it is a good way to trade this instrument and apart from using it as a method of payment across borders, they also use this to speculate on the prices of bitcoin so that they could make some quick profit on the Bitcoin’s price movements which seem to be headed only one way of late.

A local Russian daily stated that by the end of 2017, there will be around 100 one-way crypto-currency ATMs that will dot Moscow. Apart from airports, InvestCoin24 will install some terminals in hotels to make sure Bitcoin and other forms of cryptocurrencies are accessible to whoever seeks them.

Conclusion

Although there is a lot of confusion surrounding Russia’s flip-flop on legitimizing crypto-currencies followed by banning it, the citizens of the country seem to be headed another way. With start-ups facilitating import of bitcoin ATMs and restaurants and hotels accepting bitcoin as payment, the tide seems to be turning. Bitcoin is an innovative form of payment and the rest of the world seems to agree on that count. There is a slight possibility that the government may pay attention to what people actually want and pass laws that will favor crypto-currencies.

Till that time, the citizens of Russia have to fend for themselves as far as bitcoins are concerned through the exchanges that operate in a covert manner and also through the use of ATMs that are currently installed in various cities. It remains to be seen how long it would take for the government to come after such exchanges and ATMs but while the ATMs might be easily tracked and controlled, it might be an impossible challenge to track the online exchanges and ensure that no such buying and selling of bitcoins happens through these exchanges in Russia. Until that time, the business of buying bitcoins in Russia is likely to thrive.

Bitcoin Surges for Second Day in Row, Breaks $15,000

Bitcoin continued surging for the second day in a row on Thursday to break through yet another psychologically important level with ease. The digital currency is now rapidly approaching the $15,000 mark as inventors’ demand soared ahead of the official launch of Bitcoin futures from multiple exchanges in the United States.

The price of Bitcoin started Wednesday below $12,000 before going through a major rally that pushed the price all the way to about $14,700 today. The spree of gains, which is baffling experts who believe the valuation of Bitcoin has formed a bubble that should have popped a while ago, appears to be driven by rising demand in South Korea. A recent buying frenzy in the Asian nation saw speculators stocking up on the digital currency ahead of the launch of Bitcoin futures in the United States.

Bitcoin’s two-day run increased the value of the virtual currency more than $3,000 per token, an increase that investors used to believe would normally take place over months or at least weeks. The run even outperformed Bitcoin’s rapid jump from $10,000 to $11,000 in less than 12 hours on November 29. The cryptocurrency gained more than 1,370% since the current year started.

Soaring demand for Bitcoin in South Korea came as the nation maintained its ban on Initial Coin Offerings, which forced investors to shift their focus to major cryptocurrencies. This has reflected most on the price of Bitcoin on several South Korean exchanges, which has reached more than $17,000 on exchanges like Bithumb.


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The total value of digital assets, which include Bitcoin, EthereumBitcoin Cash, and other cryptocurrencies, is now less than $10 billion away from $400 billion, from a little over $17 billion when 2017 began. Bitcoin accounts for about 60.5% of the digital currency market.

However, Bitcoin’s rapid climb made many investors unable to shake off the feeling that a sharp drop is imminent. Some experts believe that the gains are not sustainable, which they say should lead to a price correction in the near future.

BTC/USD was trading at 14,892.5 on the as of 13:35 GMT on Thursday after rising to 14,849.4 at 10:55 GMT, the pair’s highest level in history. BTC/USD began trading today at 13,714.2.

This post was originally published by EarnForex

How to Buy Bitcoin in the U.S?

What is Bitcoin?

Bitcoin is the first decentralized digital currency created by Satoshi Nakamoto in a bid to remove the centralized issues that face fiat money.

Digital currencies such as Bitcoin exist in the virtual world of the web and not in physical form and sit away from the control of governments and central banks.

Bitcoin’s software was released in 2009 following the global financial crisis and is considered revolutionary. It’s blockchain technology taking the tech world by storm.

Bitcoins are created through a process called mining. Bitcoin’s decentralized public distributed ledger (the “blockchain”) records each and every transaction. Miners verify these transactions on the blockchain and are then rewarded with Bitcoins. The verification is required because the ledger is not located in one centralized location but on each and every computer within the Bitcoin network.

In the interest of shifting away from an ownership structure, the verification process is an independent one. Each verification leads to the inclusion of accepted transactions that are entered into a block that links to the blockchain. The block holds all of the information on transactions for that particular period of time.

While miners look to earn Bitcoin from mining, the Bitcoin world has evolved into a major investment asset class, with Bitcoin exchanges, ATMs, and even face-to-face transactions now the norm in the Bitcoin world.

With the liquid Bitcoin exchanges in place, Bitcoin holders are able to buy and sell Bitcoin in exchange for other currencies, including fiat money, or exchange Bitcoin for products and services.

How to Buy Bitcoin in U.S?

There are a number of ways to buy Bitcoin in the U.S, the most common method being via a Bitcoin exchange while the other main method being via cryptocurrencies brokers. Most exchanges have developed mobile phone apps to make it easier for those looking to buy and sell Bitcoin. There are many exchanges and it could be difficult to differentiate the exchanges in terms of reliability, fees execution, etc.

One of the top leading and reliable Bitcoin exchanges is CEX.IO, the exchange has a low trading fee of just 0.2% and allows customers to buy Bitcoins with credit cards, bank transfers, SEPA transfers, cash or AstroPay. Credit card purchases are immediate. Below is a complete guide to buy Bitcoin via CEX.IO in 4 easy steps.

Step 1 – Open a Digital Wallet

A digital wallet is where you hold your cryptocurrencies and interacts others via the blockchain technology. There are many providers of digital wallets, however, it is important to make a deep research before you decide which one is the best for you. Currently, the most popular digital wallets provider is Blockchain.info.

Step 2 – Register & Open an Account

Once you enter CEX.IO website, register and open an account that can provide you with their service.

CEX.IO Login
CEX.IO Login

Step 3 – Receive the 2FA Code

This is the authentication code as well as your password when you access CEX.IO.  The code will be generated by an application and will be delivered to you by SMS.

CEX.IO F2A Code
CEX.IO F2A Code

Step 4 – Purchase Bitcoin

Now you can easily purchase Bitcoin and other cryptocurrencies. Note that you can always buy fractions of Bitcoin and CEX.IO allows you to choose fixed amounts with your own currency.

CEX.IO - Buy Bitcoin
CEX.IO – Buy Bitcoin

Choose the payment option that is most convenient for you.

CEX.IO Payment
CEX.IO Payment

In order to complete the purchase, the broker will ask you to verify your identity with documents and various details.

CEX.IO Verification
CEX.IO Verification

Apart from CEX.IO, there are other Bitcoin exchanges that provide their services in the US:

Coinbase: Supports 32 countries with more than 10m customers served. U.S customers can buy using credit and debit cards, with fees of 3.99% for purchases. Alternatively, for lower fees, U.S customers can use a connected bank account, the fees being just 1.49%. The connected account method delivers coins after 5-days, whilst purchasing by credit/debit card is immediate.

Coinmama: For purchases of under $150, there is no requirement to verify identity, though there is a transaction fee of around 6% for customers buying Bitcoins with credit or debit cards, which is very high.

GDAX: Considered to be one of the larger U.S Bitcoin exchanges and customers can transfer funds via bank transfer, SEPA or bank wire. The exchange is also considered competitive from a fee perspective.

Bitstamp: They make buying and selling easy, requiring those looking to buy Bitcoin to simply create an account, make a fiat currency deposit via SEPA wire transfer or other deposit method and then simply purchase Bitcoins once the funds have reached the newly created account. Credit card purchases are also permitted, though fees are on the higher side (8%) on small transactions. Trading fees are also considered low at between 0.1% and 0.25%, depending upon trading volumes.

Bitcoin Trading

While trading Bitcoin via exchange might be a complicated process for some, other methods to buy and sell Bitcoin are much easier and faster. As with any asset class that has value, trading will be ever present and with Bitcoin, trading has certainly evolved over the years.

Trading platforms have made it a lucrative business for the more experienced trader, who is able to stomach the volatility that has been seen in Bitcoin prices in recent years. As demand for Bitcoin has grown, so have the number of Bitcoin exchanges that provide the necessary platforms for traders to buy and sell Bitcoin on an intraday basis.

Traders will be investing with their own source of funds and as a result, are particularly interested in what Bitcoin exchanges have to offer.

Low fees, security and the shortest possible time for funds to be received in the event of a sale or for Bitcoins to be sent in the event of a purchase are of particular importance. Liquidity on the exchange and security are other important considerations.

As always, Bitcoin exchanges have evolved their product offerings. Traders are now able to trade in Bitcoin CFDs with various brokers, buying long or short positions and even leverage on margin, some exchanges offering as much as 20x leverage.

On the plus side, the increasing number of exchanges has led to reduced fees for traders, with spreads between bid and offer prices particularly narrow when compared with other asset classes. This is in spite of the riskiness of the asset class and the volatility that persists.

Where can I Use Bitcoin in U.S?

Unsurprisingly, with Bitcoin’s growth in the U.S, buying goods or services in the U.S is also particularly popular. More and more merchants are beginning to accept Bitcoin including real estate agents.

SpendBitcoins gives those looking for merchants or service providers who accept Bitcoin across the U.S and beyond.

Another interesting platform that exists in the U.S and a handful of other countries including Japan, China, India and Spain is Purse.io. Here, shoppers can shop for any item available on Amazon using ‘Buy Now’ and save 5%, or purchase goods from Purse.io’s purse merchants and use Bitcoin at checkout. There is also a Name Your Discount method, where Bitcoin holders buy Amazon gift cards from ‘earners’ using Bitcoin, with discounts of between 10-33% on purchase prices on offer. Here Bitcoin holders can propose a discount for an item and wait for an earner to accept the discount in exchange for Bitcoins.

The market is ever evolving and some are ahead of others. The U.S looks to be an integral part of the Bitcoin revolution.


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Bitcoin ATMs in the U.S.

Unlike the traditional bank ATMs that allow people to directly access the banking system for banking services, including the withdrawal and deposit of fiat money, Bitcoin ATMs have been established to facilitate the buying and selling of Bitcoins.

Bitcoin ATMs are linked to the internet as opposed to a bank’s centralized system and provide the buyers and sellers with the anonymity that Bitcoin prides itself on.

Such transactions accompanied by complete anonymity come at a price, however, with transaction fees significantly higher than Bitcoin exchanges that require additional information when purchasing above a relatively small investment size.

There are a total of 1,172 Bitcoin ATMs in the U.S, with the largest concentration of ATMs being in California (205), Florida (122), Georgia (105) and New York (118).

Not all Bitcoin ATMs are dual functioning, with a large proportion only offering the platform for buying Bitcoins, though some also allow Bitcoin holders to sell.

There are a number of different ATM types designed by different companies, but the process of buying a Bitcoin is similar and alike across the different models. A simple verification process, including the provision of Bitcoin address details, is required after which cash can be inserted and Bitcoin’s are released to the buyers’ Bitcoin wallet.

As mentioned, the fees are significantly higher than on exchanges and limits are also on the lower side. On a global basis, the average purchase fee is 8.54% (based on 1,126 ATMs that support the purchase of Bitcoins) and the average redemption fee is 7.03% (Based on 410 ATMs that support the sale of Bitcoins)

In the U.S, the buying fees are more competitive than the global average at around 6%, while the fees for the sale of Bitcoins range from between 5-10%, more aligned with the global average.

To find the nearest Bitcoin ATM, Coin ATM Radar is a good website to search for the nearest Bitcoin ATM. For many, the distances will certainly too great to travel in order to buy or sell Bitcoin, which would leave buying and selling via an exchange or on sites such as LocalBitcoin.

Conclusion

The U.S Bitcoin market has certainly evolved and is considered to be one of the more advanced in the world. The number of Bitcoin exchanges and merchants accepting Bitcoin is impressive and we will expect the Bitcoin market to continue to evolve as Bitcoin becomes more widely accepted as an alternative to fiat currencies.

From a cost perspective, trading and transaction fees are more competitive and the bank’s acceptance of Bitcoin exchanges has facilitated the growth of exchanges in the U.S, though questions remain on when regulators will begin to take a close look at the exchanges and the anonymity associated with Bitcoin and other cryptocurrencies.

How to Trade Bitcoin?

False stories appear every now and again, boosting volatility, and some cryptocurrency exchanges are regularly hacked or go bankrupt. All this shows the high-risk nature of the digital coin market.

Still, with all that, the total market cap of the cryptocurrencies exceeds $250B (it was just $40B earlier this year). Bitcoin, Ether, and Bitcoin Cash are the leaders, with $256B, $40B, and $22B respectively at the time of writing.


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Major Investing and Trading Instruments

Bitcoin (BTC) is by far the greatest driver of the market. The first bitcoin exchange transaction took place in September 2009, when 5,050 bitcoins were exchanged for US$5.02. To date, BTC broke through $14,500 and is now the most valuable asset on the cryptocurrency market. Bitcoin has become a profitable investment for many, but there are many who are just approaching this instrument, too. High volatility brings a lot of excitement and anxiety, but also allows the speculators to capitalize on short-term moves.

Ether (ETH) is the second most popular digital currency, and also second by market cap. Most of the market players regard it as an investment vehicle, not a speculative asset. Apart from these two cryptocurrencies, investors and traders use such cryptocurrencies as Bitcoin Cash, Ripple, Bitcoin Gold, Litecoin, Dash, NEO, Monero, and IOTA.

Major exchanges offer cryptocurrency pairs trading, with BTC/ETH, DSH/BTC, and LTC/BTC being the most popular. To trade such pairs, one needs to thoroughly analyze the news and keep informed on the important events of the cryptocurrency market.

Currently, not only professional investors but also general public becomes more interested in cryptocurrencies.

Trading Bitcoin with a Broker

One of the easiest ways to get familiar with cryptocurrencies is opening a trading account with a major FX broker. Lately, upon cryptocurrency boom, more and more brokers have been offering digital currency trading to their clients. Trading conditions do not vary much from one broker to another.

More often than not, brokers provide access to cryptocurrency trading through MT4 and MT5 platforms. Let’s take BTC/USD for example. On average, the minimum position amount is BTC 0.1, with the spread of 0.30% or 0.40%, thus making it reasonable to trade on H1 and larger time frames. Leverage varies from 1:1 to 5:1, so you will need to deposit $200 to $1,000 in order to start trading. The broker usually takes a fee of 0.20% to 0.30% of the transaction amount.

It should be noted that bitcoin trading with a broker means trading contracts for difference (CFD’s) that enable taking profit in both rising and falling markets without physically owning the asset. For maximum security of your funds, we recommend you open accounts only with trusted brokers that are regulated by such prominent financial authorities as ASIC, CySEC, FCA, etc.

Trading Strategy

When it comes to bitcoin trading strategies, one should remember that, basically, BTC is a market asset, just like any other one. In this light, it can be influenced by the same fundamental and psychological factors as other financial instruments.

You surely remember that story of buying a pizza for a few thousands of bitcoins when the digital currency had been just introduced. Since then, however, Bitcoin price skyrocketed, so the buy-and-hold strategy is unlikely to bring you large profits now.

According to a widespread opinion, there are very few historical data to rely on technical analysis when it comes to bitcoin, and that’s why one should invest time into studying news and learning how the market reacts to it. Such an opinion is reasonable, as, indeed, news and events do influence the cryptocurrency markets. Still, saying that tech analysis is not going to work is at least unjust, or even unwise. Using tech analysis is as feasible as with other financial instruments, for the trends in cryptocurrencies also form regularly and logically.

Bitcoin Auto Trading Strategies

Another way to trade BTC/USD worth mentioning separately is R Trader, which is a platform enabling trading across various markers. Apart from over 8,000 US stock market assets (equities and ETF’s), German and Swiss stock market instruments, indices, and FX, it also provides you with access to BTC/EUR, BTC/USD, LTC/BTC, ETH/BTC, and ETH/USD.

BTC/USD trading conditions are even better than in MT4, as the minimum order amount is just 0.01 lots, with the fees and leverage being the same as in MT4 and MT5. This means that the minimum deposit amount is as small as $20 to $100, depending on the leverage in use.

However, the key advantage of R Trader is not better trading conditions but an opportunity to make use of a free Strategy Builder and a backtester.

You don’t need any coding skills to create a trading bot, as it is made of a set of rules. You can create strategies both from scratch and use out-of-the-box templates. Among such templates, you will find a cryptocurrency trading bot, too.

With the cryptocurrency market still just starting to develop, many short-term strategies that no longer work in traditional trading, being replaced with high-frequency trading (HFT) protocols, could be well used for digital coin investment. Even without any scalping, you could leverage the bitcoin prices and take advantage of Bitcoin’s volatility.

Taking into account the nature of the major BTC/USD movement, breakout strategies work just as planned for this pair. With new players appearing in the market, they may stop working so precisely, but as of now, classic patterns are showing great results with cryptocurrencies. As an option, you can also consider this strategy: BTCUSD, D1, Buy Strat, Parabolic SAR (0.02; 0.1).

What happened this year to Bitcoin is as important as when it had reached $100 or had become more expensive than a Troy ounce of gold. On Sep 1, BTC came extremely close to $5,000, while on Dec 7 it was already near $14,500.

Cryptocurrencies have caused mayhem all over the world, being one of the fastest-growing sectors of the global financial markets. Bitcoin is a great investment and trading vehicle, as long as you analyze it correctly and select an appropriate trading strategy. Which strategy it is going to be is entirely up to you.

RoboForex is a group of companies that offers brokerage services to clients in various countries over the world. The group provides traders from the Forex and stock markets with access to its proprietary trading platforms. 

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Bitcoin – $14,500 and Rising

Bitcoin – $14,000 and Rising

For anyone looking for a post record high sell-off, even that failed to offer those who missed the latest rally to enter the fray. At the time of writing, Bitcoin is up 3.55% at 14106.88 and is behaving like a devil possessed this week.

Those who had given a more conservative estimate on how Bitcoin will likely end the year may have started licking their wounds by now, assuming we don’t see a $4,000 drop between now and the end of the year.

The solace for those who had called for Bitcoin to close the year at $10,000 comes from the fact that few would have expected such a rush of institutional money into Bitcoin at current levels and it’s not likely to come to an end today or tomorrow.

In fact, the narrow bid-offer spreads and low fees offered by Bitcoin exchanges are even plucking investors out of the more traditional fiat currency trading. With the exception of last year’s cable flash crash, a normal day in the cryptocurrency markets is far more of a rollercoaster experience than trading any of the G7s.

Even a Trump impeachment might not give rise to a Dollar move akin to a Bitcoin or Litecoin intraday shift, which can be as much as 20% before the markets even batter an eyelid.

Get Into Cryptocurrency Trading Today

When considering the volatility and the fact that traders from far and wide are looking to get into the Bitcoin game, one does wonder whether even the most experienced fiat currency trader is well equipped to tackle the cryptoworld and Bitcoin in particular.

If we take a look at Bitcoin’s Relative Strength Index (“RSI”), which is a momentum indicator that compares the magnitude of recent gains and losses over a 14 day period, to measure the speed and change of price movements, it’s sitting at above 90. This may sound like an impressive number to those looking for another reason to jump on the Bitcoin Bandwagon, but a high RSI does not necessarily mean that Bitcoin is an opportunity that shouldn’t go begging.

With the RSI values in the range of 0 to 100, the general consensus is that any RSI value that sits at 70 or above is considered overbought/overvalued and set up to take a tumble, while any RSI at 30 or below is thought to be oversold / undervalued and likely to make a move up.

The recent surge to $14,000 will have contributed to the high RSI, but for even those looking to eliminate large jumps, even making the RSI less sensitive to extremes, by taking the overbought / overvalued end of the scale to 80, it’s still not enough to suggest a continued upward momentum.

References have been made to 2013 and when the RSI hit current levels that resulted in a Bitcoin collapse. The technical numbers certainly would suggest that a correction is on the cards and, even without the technicals, just looking at the latest chart one questions how much longer Bitcoin can move until the technical analysts are vindicated with their doomsday forecasts.

While institutional money is pouring in, the RSI may continue to be a traders’ worst nightmare however and going short could go horribly wrong for those who bet their shirts on the formula that has worked wonders in the more developed asset classes. That is not to say a crash is not imminent, but when and if such an event happens remains to be seen.

Even JPMorgan Chase reversed its recent stance on Bitcoin, suggesting that it could be the new gold. It’s ironic considering the fact that it wasn’t long ago that the bank’s CEO had called Bitcoin a fraud, whilst also calling people who buy Bitcoin as being stupid. Back in September, JPMorgan Chase and Morgan Stanley were reported to have purchased around €3m of XBTs on the mid-September dip. Perhaps Jamie Dimon’s daughter pulled him aside and suggested that he should take get in on the action. If he had, he would have bought at around $8,000 and that would have been a 75% profit….

If the non-believers are being converted, then how is the Bitcoin hourly chart going to look tomorrow? It’s been looking toppy for days, weeks and even months…

Bitcoin 071217

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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 07/12/17

Bitcoin Cash Looking for a Leg Up

Just a day or two ago we were talking about Bitcoin breaking through to $12,000 and then $13,000. Each milestone seems to be arriving with greater velocity, with Bitcoin having broken through to $14,000 levels overnight.

The moves continue to leave Bitcoin Cash on the back foot, as the pair continue to diverge price wise this week.

At the time of writing, Bitcoin Cash is down 2.71% at $1,309, while Bitcoin is up 2.15% at $13,916, with Bitcoin Cash’s only hope for now being a spell of profit taking on Bitcoin’s gains from recent weeks, with investors then likely to be in search of exposure elsewhere.

Such an outcome may be wishful thinking for now however, with few likely to be jumping the Bitcoin ship while it’s in positive territory.

Things could get worse for Bitcoin Cash should it fall below $1,273.1, the latest of the lows hit overnight, though there’s likely to be plenty of support at sub-$1,300 levels to prop it up for a little while longer. A failure to move back to $1,500 levels in the near-term and hold could be its own undoing however.

BCHUSD071217

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Litecoin Recovers for now

With Litecoin considered to be Bitcoin’s major rival, it comes as little surprise that, while Bitcoin made its move to $14,000 levels, Litecoin faced a choppy end to the day on Wednesday, falling to an intraday low $97.75 before bouncing back to above $100 levels early this morning.

The failure to break out of its current range continues to build pressure on the currency and unless a move is made through the next day, the path of least resistance is likely to be downwards. The support levels have been strong, but with other cryptocurrencies making headlines, it’s going to be a stretch for support to remain resilient.

We would expect Litecoin to fall back to the $95 – $100 ranges over the near-term, barring a move beyond $104 levels, with Bitcoin’s moves just too impressive to ignore.

At the time of writing, Litecoin was up 1.5% at $101.51.

LTCUSD 071217

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Ripple down and out for now

It was never going to be a good day for Ripple of Litecoin fell back to sub-$100 levels and Bitcoin broke through to $14,000 levels overnight.

The lack of momentum has left Ripple on the back foot through the week, with Ripple having barely nudged $0.24 levels since the start of the week. Ripple’s fall back to $0.21 levels has been a disappointing one, when considering the Ripple technology and its ever widening acceptance within the finance industry.

As ever, the speculative investor has little interest in the tech and, while Ripple is up 1.17% to $0.2153 at the time of writing, it’s still looking pretty dire and a fall to sub-$0.20 levels wouldn’t be completely surprising at present. Buying at sub-$0.20 would certainly be an attractive proposition, though buyers may bide their time…

XRPUSD 071217

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Global Stocks Drop on Renewed Geopolitical Concerns, Bitcoin above $12,500

The ADP Non-Farm Employment Change numbers will be published in the States today. Wall Street continues to exhibit nervous conditions. The Pound has lost value in early trading this morning as U.K politics remains fragile. Bitcoin rally continues.

Federal Reserve Shadowing Broad Markets, Wall Street Remains Nervous

Jobs numbers will come from the Automated Data Processing service today in the States, but the official numbers from the U.S government will have a greater impact on Friday. Wall Street remained nervous on Tuesday as the three major Indexes declined. The ISM Non-Manufacturing PMI reading proved lackluster yesterday, but overall investor sentiment was not greatly affected. The Federal Reserve’s interest rate decision next week is beginning to shadow the broad markets.

Bitcoin Set another Record, Trades above $12,500

Bitcoin continues its exponential rise as it gained another 8.23% on Wednesday to trade at 12,566 as of 12:30 GMT. Bitcoin investors’ are optimistic ahead of the Chicago Mercantile Exchange Bitcoin’s futures launch next Sunday. Bitcoin surged to its highest level in history today at $12,819.

Difficult Equity Markets in Asia, Yen Gains Against U.S Dollar

Asian markets have proven difficult today. The Nikkei Index has slid nearly 2% and Hang Seng has also put in declines. The Yen has been stronger and is near the 112.00 juncture versus the U.S Dollar. Leading Indicators data will be published by Japan on Thursday. Australian GDP numbers came in below their estimate earlier today.

U.K Political Intrigue Continues to Grip Pound, German Factory Data

Political intrigue continues to grip the Theresa May led U.K government. The Pound has been lost further ground the past couple of hours and is below the 1.34 level against the U.S Dollar. German Factory Orders data has been released and came in with a gain of 0.5% this morning. Revised Gross Domestic Product numbers will be published for the European Union tomorrow.

U.S Crude Remains Under Pressure, Technical Sentiment Driving Market

The U.S Crude Oil price has remained under pressure, but the better values the commodity has achieved the past two months have not completely unraveled. Crude Oil Inventories data will come from the States today, but the price of the commodity has more to do with prevailing technical sentiment. Crude Oil is still above 57.00 U.S Dollars a barrel.

Canadian Interest Rate Decision, ADP Jobs Numbers Today in States

The Bank of Canada will deliver their interest rate decision at 15:00 GMT.

  • 13:15 PM GMT U.S., ADP Non-Farm Employment Change
  • 15:00 PM GMT Canada, Bank of Canada Overnight Rate
  • 15:30 PM GMT U.S., Crude Oil Inventories

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 06/12/17

Bitcoin Cash on the back foot

Bitcoin’s run through $12,000 did little to support Bitcoin Cash, with Bitcoin’s latest dip leading to yet another record high in what has become a relentless run with seemingly no end in sight.

Bitcoin Cash failed to break through $1,638 levels on Tuesday, leaving it on the back foot at the start of the day, down 1.2% at $1,398.0 in what has been a pretty bad first half of the week.

Key to Bitcoin’s moves has been the lack of concern within the Bitcoin community of a shift in the regulatory outlook in certain jurisdictions. While the lack of concern is evident, the Bitcoin bubble can only continue to grow if key regulators continue to shy away from any regulatory interference in the cryptocurrency markets.

Bitcoin Cash may be considered under the radar by some, but the whole cryptoworld would come crashing down if the likes of the Chinese government decided to step forward and begin to influence the decentralized ethos of Bitcoin and Bitcoin Cash.

With Bitcoin up a whopping 5.68% at the time of writing, Bitcoin Cash is going to find it a challenge to compete against Big Brother, with any fall below $1,350 levels likely to lead to sub-$1,300 by the end of the day.

BCHUSD061217

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Litecoin finds buyers

Litecoin is up 2.36% at $103.39 at the time of writing and it’s been a good, but not spectacular first half of the week. Today’s gains come off the back of a failure to break back through to $104 levels through the day.

Today’s gains could come under pressure, with Litecoin’s current ranges showing little sign of an upward move towards $1.07 levels for now.

The ranges are reflective of trading sentiment at present, with any break out from $102 levels facing strong resistance at $104 levels, whilst sub-$100 levels is where the new support levels have been kicking in.

We could see Litecoin ease back to sub-$102 levels should it fail to break back to $103 levels through the early part of the day, with the markets now looking for the next dip to get back in.

LTCUSD 061217

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Ripple takes a turn for the worse

It’s been a number days since Ripple has fallen back from its $0.26 levels. A continued failure to make a run at $0.30 levels has ultimately weighed on the currency through the first half of the week.

The downward trend looks set at the time of writing, with Ripple down 1.93% at $0.227, with support kicking in at $0.225 levels.
A failure to break back to $0.23 levels through the afternoon could see Ripple begin to test sub-$0.22 support levels, with the recent upward trend in ranges having reversed this week.

The technology may be making headways, but the currency continues to struggle as Litecoin and Bitcoin hold fort.

XRPUSD 061217

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Bitcoin Nears $12,000, Sets Another Record High

After blasting toward the former $11,395 BitStamp all-time high on November 29, bitcoin rather abruptly and violently retracted to the $9,252.96 November 29 daily low. The markets have consolidated since then, and the price has managed to quickly recover above the previous $10,000 psychological resistance level, which is now serving as a key support. Additionally, a new all-time high was secured today at $11,961, and we may even break ahead of that valuation, but only if the current uptrend continues with matching hourly trading volume.

On Tuesday, Bitcoin prices trade near the $12,000, daily high was at $11,961.

Bitcoin began trading from the $5,555.55 monthly low on November 12 (GMT 04:00), and after more than 2 weeks elapsed, we witnessed a new $11,392.31 all-time high on November 29 (GMT 14:00). The actual event resulted in a pullback to the $9,252.96 November 29 daily low (GMT 19:00), which was followed by a bounce back in price to the $10,624.60 November 30 daily high (GMT 4:00), and a consequent second reversal to $9,000 weekly low on November 30 (GMT 13:00). The subsequent 3 days were chiefly characterized by a strong bullish bias that concluded with yet another new all-time high, this time at $11,800.01 on December 3 (GMT 15:00). The price has since then oscillated between the $11,800.01 all-time high and yesterday’s $10,517.38 fundamental support.

This post was originally published by EarnForex

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 05/12/17

Bitcoin Cash Needs to Make a Move

Bitcoin’s thinking about making a run for $12,000 and Bitcoin Cash is looking to move into the slip stream and bypass what has been strong resistance levels this week.

At the time of writing, Bitcoin is up 1.15% at $11,747, while Bitcoin Cash has made a stronger move, up 1.95% to $1,570.

We will need to see Bitcoin Cash to break through last night’s $1,6380 high for any chance of a run at $2,000, which has been a long time coming.

The gains in Bitcoin are coming in spite of news hitting the wires of the UK government looking to bring Bitcoin into its anti-money laundering and counter-terrorism financing regulations. The Indonesia government has also stepped out to say that they are looking to ban cryptocurrencies, including Bitcoin, at some point in 2018.

While the reference to regulation tends to have a material impact on the cryptoworld, neither country is particularly big in the market and would have little impact on Bitcoin appetite. If China or the U.S looked to introduce similar measures, it would be a whole different story, particularly China. Bitcoin and the other cryptos took it on the chin before bouncing back.

It’s looking like a strong day for Bitcoin Cash and a break through to $1,700 levels is due.

BCHUSD051217

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Litecoin Holds above $100

Litecoin managed to break through to $104 levels overnight before falling back to a $101.6 intraday low this morning.

At the time of writing, Litecoin’s down 1.72% at $102.49, with the new lows on an upward trajectory. There’s plenty of support at $101 levels and that’s good news for Litecoin holders looking for another step up. A move towards $110 levels may be a step too far, but a run at $107 spike would be a good start and lift the ranges further over the near-term.

Slow is smooth and smooth is fast springs to mind. Litecoin’s ascendancy has not been as spectacular as Bitcoin’s, but it’s not one to brush aside. We could see demand on the rise over the near-term, though today may not be the day, as Litecoin looks to hold on to $102 levels this morning. Could be a different story this afternoon…

LTCUSD 051217

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Ripple is barely making a splash

Following what had looked like a promising weekend, the start of the week has been far from impressive. We’ve seen Ripple fall back to $0.24 levels, down 2.38% at $0.242 at the time of writing. There seems to be a general lack of interest at the moment with buyer demand focused more on the Bitcoin family today.

Things are likely to remain a little choppier for Ripple through the day and it’s likely to test the support levels. Any fall to below $0.24 levels could see a more significant decline to sub-$0.23 levels. Ripple tested the support levels on Sunday, with a dip into the $0.22s before bouncing back. Having failed to break into new ranges in recent days, a rally looks unlikely today and Ripple investors may need to wait for another day.

Never say never however and if we see Ripple hit the higher end of $0.24 then some optimism may creep in to lend a hand.

XRPUSD 051217

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What Does the Future Have “In Store” for Bitcoin?

This may well have been true, even a short time ago, but a quick search on the net reveals things are changing rapidly. This is a map of London showing bitcoin ATMs.To quote the site, “Bitcoin ATMs are arguably one of the easiest ways to buy bitcoin and more and more are appearing in cities across the UK. These machines allow you to buy bitcoins at a fair price using cash (and sometimes debit/credit cards) and receive them instantly into your wallet. Some bitcoin ATMs also let you sell bitcoin and pay out cash.

Bitcoin ATM's in London
Bitcoin ATM’s in London

Another site shows the locations of 1,891 Bitcoin ATMs worldwide – as well as over 40,000 other cryptocurrency services which are now available.

This would have been unthinkable just a year ago.

In the UK, even the central bank, The Bank of England, is looking seriously at bitcoin. This PDF is a summary of their current involvement in cryptocurrencies. They have been investigating the issue for at least 12 months.

In addition, it was announced this morning that Britain and the EU are joining forces to crack down on the tax implications and money-laundering aspects of cryptocurrencies.

Taken at face value, an intra-governmental initiative to prevent the widespread use of cryptos could be seen to be a bad thing for investors in Bitcoin, Ethereum, Litecoin and all the others. What this news has actually done though, is legitimise further, the use of these methods of payment. For governments to intervene, they must perceive a real threat to the status quo provided by the banks and old-guard financial institutions.

The likes of Goldman Sachs and JP Morgan have been scathing in their dismissal of cryptocurrencies as frauds recently, and regard them as a bubble, which they are assuming, will burst very soon. Obviously, governments think differently.

One of the arguments these governments are using is the alleged anonymity of users. They fail to acknowledge that the blockchain is based on complete transparency. Transactions can be followed back to their original source. In order to open an account for any e-wallet, some form of ID is invariably asked for – usually in the form of a passport or drivers license. Any form of cash, as an existing fiat currency, has the same issues.

With national debts at record levels, stagnating economies with reduced tax income being made, and a seemingly, inexhaustible need for money to sustain their administrations, governments across the world are looking for ways to increase their tax take, and cryptocurrencies are a prime target, given their growth, capabilities, and future prospects. Rather than outlaw them, and kill the project dead, they see this rise in popularity as a way of finding another stream of income.

With an ever-increasing number of people losing faith in their politicians, and the way in which those same governments are mismanaging major financial issues, like their pensions and their social security, it is little wonder the public are turning to cryptos as new methods of finance, which they perceive as a better way of looking after their interests.

Bitcoin has been the cheerleader for such cryptocurrencies. It has firmly established itself in the minds of the public (especially investors) as a serious alternative to existing paper currencies; along with their limitations of exchange rates, physical storage, the risk of theft, and other drawbacks. As more ATMs are made available, and retail outlets decide to accept cryptos as a payment method, so people will become more comfortable dealing with them, and using them.

Such cryptocurrencies are in their infancy, but they are becoming an increasingly accepted means of payment and this alone makes them worth keeping an eye on.

Noble Gold specializes in IRAs and 401(k) rollovers through precious metals and cryptocurrencies investments.

If Bitcoin Crashes: How Can you Short Bitcoin?

Bitcoin has continued to grab the headlines throughout the year and with good reason. Year-to-date, Bitcoin has surged 1,053% to $11138 at the time of writing. That’s quite an impressive return for any investor, particularly when considering the fact that it had fallen to a 2017 low of $1,830 in mid-July of this year.

The gains through the last month have also been quite spectacular, with Bitcoin surging to more than $2,000 in just 4-days in late November to break $10,000 and then break into $11,000 levels in just one single day.

Bitcoin has seen somewhat of a cult following and the level of support is quite significant. It’s been a choppy few days however and, having fallen back to $9,000 at the end of November, support levels needed to kick in to drive its bounce back to $11,138.

The moves are quite significant and as with any asset class, once the volatility begins to pick up, following significant gains, the choppiness at the top may be indicative of an imminent correction.

While we have heard the bubble talk this year, as Bitcoin’s value surged alongside the more recently launched cryptocurrencies, the support levels to date have suggested that there may be no bubble to burst. After all, an intraday 20% loss in value would normally have been considered catastrophic. One can only imagine how the markets would respond to a 20% fall in the Dow Jones. A 4,800 point drop in a single day… In fact, the largest single-day drop in the Dow Jones’s history was on 29th September 2008, when the markets were in the eye of the global financial crisis storm. The Dow lost 777.7 points on that day, equivalent to a 6.98% decline. Granted there were other heavy losses, with the Dow ultimately falling from 14,000 levels to 6,600 levels by mid-March 2009, but the decline was certainly more orderly than Bitcoin’s flash crash.

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Why is Bitcoin so volatile?

For Bitcoin, the recent volatility has been driven, not only by the exponential gains this year but also over the likelihood of hard forks in the coming months that raises a degree of uncertainty over Bitcoin’s future.

Bitcoin has experienced two hard forks already this year that have resulted in the creation of Bitcoin Cash and Bitcoin Gold. While both have managed to co-exist with Bitcoin, the level of interest in Bitcoin’s offshoots has waned, with Bitcoin Gold sitting close to initial valuations and Bitcoin Cash seeing little chance of racing to new record highs anytime soon. But, in each instance, Bitcoin experienced an initial surge in demand ahead of the hard forks, followed by a dip, as investors moved into Bitcoin in order to qualify for receipt of free coins from the Bitcoin hard forks. Upon release of the coins and the acceptance of the new cryptocurrencies on exchanges, an increase in demand was seen early before investors locked in profits and moved back into their preferred currencies, Bitcoin continuing to be the leader of the pack by some margin.

Some trading patterns have evolved through the hard forks and speculation of further forks in the coming months and with it comes the opportunity to trade Bitcoin, not only on the rise but also on the decline.

The cryptocurrency markets have certainly evolved, with Bitcoin exchanges providing investors with CFDs, margin, Bitcoin ETFs and Funds, short-selling and even the launch of the CME futures market in just over a week’s time.

While the launch of the futures market is expected to result in a material increase in institutional money that would normally support Bitcoin’s continued rise in value, the increased numbers will also lead to a greater number of Bitcoin bears looking to push the price down. The Bulls have rallied behind Bitcoin this year, but the bears are beginning to make themselves known and with it, the opportunities to benefit from Bitcoin declines are rising.

The prospects of further hard forks are likely to provide the greatest number of opportunities to investors who are looking to take advantage of a Bitcoin collapse. Bitcoin’s famed decentralization may ultimately lead to its demise, as the market looks to the fact that other cryptocurrencies benefit from some form of leadership for technological advancements, protecting them from the offshoots seen from the recent Bitcoin’s forks.

Investors will also consider the fact that Bitcoin is looking to dethrone the banking system and provide an alternative and for this reason will likely receive the heaviest blow should governments and central banks decide that enough is enough and regulate. Bitcoin’s end of November slump came off the back of Nobel Prize Winner and top economist Joseph Stiglitz’s calls for a ban on Bitcoin.

Clearly, there are many willing to jump ship and with little pressure to do so. Looking fixedly at the Bitcoin Buy button may prove to be costly for those looking to get onto the Bitcoin wagon. For the more savvy investor, the option to short sell brings with it the prospect of, not only locking in this year’s gains but also look to benefit from any price collapse, at the right time of course.

How Can you Short Bitcoin?

Short selling provides investors with that very opportunity. Short selling is where an investor sells an asset, in this case, Bitcoin, at current market value, essentially borrowing the asset to sell from a person or agency, and at a later date, buys back the asset. Here the investor will be wanting to buy back the asset at a cheaper price than it was sold for, providing the investor with profit from the loss in value.

For example, an investor short sells 10 Bitcoins at a current valuation of $11,000, giving the investor $110,000. The value of Bitcoin then falls to $8,000 and the investor buys back the 10 Bitcoins at the new value of $8,000. The investor had essentially borrowed the $100,000 to short sell the Bitcoins at $11,000 each, so the investor then pays back the borrowed Bitcoin sales proceeds but based on the new valuation, which means a total repurchase price of $80,000. That’s a $30,000 profit.

For the bolder investor, the availability of margin means that there is the option to increase the size of the short sell-through leverage to boost profits by as much as 20 times. In the case of the above example, that would have given a profit of more than half a million Dollars. If you’re on the wrong side of the trade it could go horribly wrong however and for that very reason, such trading practices do require the use of stop-loss limits and sufficient liquidity to manage any margin calls in event that stop-loss limits have not been triggered, but trades are on the wrong side.

With the availability of short selling on a number of Bitcoin exchanges, there are four popular methods to short Bitcoin.

Margin Trading: The easiest of techniques to short sell Bitcoin is via Bitcoin exchanges that offer margin trading. This has become particularly common across the exchanges. Investors are allowed to borrow money from the respective broker to make the trade. With the use of leverage, earnings or losses are then enhanced. Margin trading platforms are now available across a large number of Bitcoin exchanges, including AVAtrade and Plus500 *(76.4% of retail CFD accounts lose money, Availability subject to regulation).

Futures Market: While buying a futures contract is for those expecting Bitcoin to gain value, investors can also sell a futures contract. Selling a futures contract is done when the expectation is for the value of Bitcoin to fall. With Bitcoin’s futures market evolving rapidly, this will be one of the more preferred short selling techniques used by investors.

Prediction Markets: Relatively recent to the crypto world, prediction markets gives those looking to make money on Bitcoin’s downside to make a wager on the possible outcome of an event, in this case, a fall in Bitcoin price by a particular percentage of value

Short-Selling Bitcoin Assets: As in the example given earlier, this is the selling of borrowed Bitcoins and buying the Bitcoins back at the lower price, booking the difference in selling and buying price as profit.

Away from CFDs and the above techniques for short selling Bitcoin assets, the existence of ETFs and Funds invested in Bitcoin also provide the opportunity to short sell and make returns on Bitcoin declines. Both Long and Short ETFs have been established and filed with the Securities and Exchange Commission in the U.S in anticipation of the launch of the CME futures market likely within the next two weeks. Investors will be able to bet against Bitcoin by investing in Bitcoin ETFs that are betting on a decline. Hedge funds are also be getting in on the action and the futures market will certainly make Bitcoin investing an even more interesting experience in the months and years ahead.


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If Bitcoin Crashes, Sell!

It goes without saying therefore that if investors are holding Bitcoin, selling at the right time is paramount. We have seen in recent days just how quickly Bitcoin’s price can fall and it wasn’t long ago that Bitcoin was at sub-$3,000 levels ahead of the Bitcoin hard fork in the summer. The more forks, the greater the uncertainty and then there is regulatory chatter for investors to consider. Bitcoin investors are particularly sensitive to both, so there will be an opportunity to short Bitcoin, but timing is everything.

Price corrections are particularly rapid and Bitcoin could fall by 20% or more in a matter of hours, so to catch the downdraft to either lock in long profits or to short Bitcoin is through a small window of opportunity.

Bitcoin exchanges that investors should turn to when looking for short Bitcoin include Plus500. CFDs continue to rise in popularity and with the continued speculation over whether Bitcoin is a bubble ready to burst, will likely see popularity rise further going forward.

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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 04/12/17

Bitcoin Down but not out

The bounce back in the cryptocurrency market was certainly a strong one, but some fared better than others in recent days, with Bitcoin continuing to grab the headlines as it raced back to $11,000 levels.

Today’s gains have also been impressive, with Bitcoin rising 3.02% to $11,590, with Bitcoin Cash up 2.32% at $1,538 at the time of writing.

What impact Bitcoin’s transaction speeds will have on the battle between Bitcoin and Bitcoin cash remains to be seen, with hashrates continuing to reflect miner’s Bitcoin preferences. Forks and transactions speeds are factors, but until Bitcoin’s gains come to an end, Bitcoin Cash is always going to be coming in 2nd.

Let’s not forget that Bitcoin Cash’s only visit into $2,000 levels was a short lived spike back on 12th November. Quite a difference from its Big Brother and peers.

The day ahead will likely be a positive one for Bitcoin Cash, though we don’t expect any major breakout beyond its current ranges, with the Litecoins and Bitcoins of this world grabbing all the attention for now.

BCHUSD041217

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Litecoin Holds above $100

Another record for Litecoin to draw in new investors, with Litecoin touching 107.49 late Sunday before easing back to $101 levels at the time of writing. That’s quite a move from $78 hit on 30th November.

The market favourites for certainly look to be Bitcoin and Litecoin and with all of Bitcoin’s fork troubles, Litecoin may begin to become the market favourite before long. Bitcoin’s miner and core developer infighting could ultimately lead to Bitcoin’s undoing, with the ethos of decentralization leaving the technology with no leader to take it forward.

Litecoin doesn’t face similar issues and this may prove to be the decisive difference in the weeks and months ahead.

Having hit $107 levels at the end of the weekend, we can expect Litecoin to make another run at $103 – $105 levels, though we can expect strong resistance at current levels as investors take a pause.

LTCUSD 041217

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Ripple Continues to Lag its Peers

Things have not got much better for Ripple in recent days, despite hitting a weekend high $0.263959. The choppiness was far more evident in Ripple’s price movements over the weekend, with Ripple also hitting a weekend low $0.22565.

Positive press fails to provide any material upside and the lack of a breakthrough to $0.30 levels continues to be the key issue for Ripple investors looking for a rally.

At the time of writing, Ripple is up 1.04% at $0.2471, which is placing it ahead of Litecoin for the day, though there’s a distinct difference between the levels being reached by both Litecoin and Bitcoin and for now that is likely to be the negative.

We will expect some further gains for Ripple on the day, with a possible move to $0.25 levels, though ranges continue to remain tight and that’s not doing it any favours.

XRPUSD 041217

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Bitcoin Continues its Bull Run, Trades above $11,000

The price of a single Bitcoin broke through the major $11,000 milestone last week to reach an all-time high of more than $11,4270. The new record level followed a powerful run of gains over the past two days that effortlessly pushed the digital currency through the $9,000 level from a little over $8,000.

The value of Bitcoin has gained over 1000% this year alone after ending 2016 at a little under $1,000. The massive gain grabbed the attention of investors who are willing to accept the risk associated with Bitcoin’s infamous volatility. These investors chose to ignore skepticism from financial experts towards the digital currency, including J.P. Morgan CEO Jamie Dimon, who called Bitcoin a fraud.

However, Dimon’s view was not shared by some other major names in the financial field. Chicago Mercantile Exchange recently announced plans to offer Bitcoin futures to join a growing list of financial firms that support the virtual currency.


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The price surge over the past days did not follow any major news that is relevant to Bitcoin but rather appears to have stemmed from a rapidly growing interest in the digital asset. Investors poured their funds into Bitcoin for fear of missing out on further gains, which reflected an increase of about 300,000 users on Coinbase, the largest US-based Bitcoin exchange. Coinbase now has more than 13.3 million users.

The growing interest also was reflected in the number of searches that are related to Bitcoin on Google, which increased almost sixfold since the beginning of 2017. These factors may continue to push the price of Bitcoin higher in 2018 to as high as $40,000, according to hedge fund billionaire Michael Novogratz.

If Bitcoin maintained its course for the remainder of 2017, experts expect major institutional investors to act on their interests in the virtual currency in 2018. Goldman Sachs CEO Lloyd Blankfein pointed out last month that skepticism did not stop paper money from replacing gold, and it may not stop Bitcoin either.

It remains to be seen whether the digital currency’s gains this year will unravel as a valuation bubble. Unlike stocks, the value of Bitcoin is not linked to earnings and does not represent a certain firm or government. This has led investors to doubt the digital assets every now and then, causing massive drops on Bitcoin’s way up this year, with plunges of as much as 30% as recent as this month.

BTC/USD traded at 11,090.3 on the Bitstamp exchange as of 10:00 GMT on Sunday.

This post was originally published by EarnForex

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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 01/12/17

Bitcoin Cash on the Slide

Yet another bad day for the cryptocurrencies, influenced by Bitcoin’s fall from grace. This time around, the decline in Bitcoin has left investors back peddling over fears of more significant declines that has left appetite for Bitcoin Cash on softer side through the early part of the day.

Bitcoin Cash is down another 5.24% this morning. Sitting at $1,249, support has failed to kick in on its decent from $1,700 levels hit at the start of the week.

We will expect the declines to continue through the early part of the day, with the debate likely to go on long into the night on whether the rally has come to an end. The latest price correction is certainly not of the magnitude of a bursting bubble and, as we have seen on previous occasions, a bounce back in Bitcoin will likely return favour to the cryptocurrencies.

BCHUSD011217

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Litecoin the Best of the Worst

Records tend to spook investors and Litecoin’s record run this week was no different, with the pullback in Bitcoin taking Litecoin down with it. Perhaps of greater interest is the support Litecoin is getting at its current levels, with this morning’s decline of just 1.9% at the time of writing. Litecoin looks better placed to recover from the recent correction than the rest of the pack.

There are many comparisons made between Litecoin and Bitcoin and if today’s moves are anything to go by, the future of Litecoin is perhaps more promising than many of the other major cryptocurrencies.

For the day ahead, it’s going to be a choppy one however and sentiment towards Bitcoin is going to need to improve for a broad based recovery across the cryptocurrencies.

LTCUSD 011217

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Ripple Struggles on

It’s been a bad week for Ripple and the latest cryptocurrency price correction has certainly not helped its cause.

The blockchain technology may be grabbing the headlines, but the coins have achieved little and the continued failure to break through to $0.30 levels remains the key negative for what should be an enticing investment.

Bitcoin’s influence on the markets was evident and continues to be through the early part of this morning, but doubts will now linger on whether Ripple will be able retrace to $0.28 levels with similar speed as its peers, which could leave Ripple languishing well behind the pack over the near-term.

At the time of writing, Ripple was down 3.34% to $0.2264. Ripple may struggle to make a strong move in the early part of the day, but we will expect there to be strong support at current levels.

XRPUSD 301117

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Bitcoin, the Future or Just a Gamble?

Does the break above the psychological $10,000 level, validate the Cryptocurrency?

This week we saw Bitcoin breach the $10,000 mark and continue in a near-vertical ascent that has some people scratching their heads and others celebrating their incredible gains. We’ve covered Bitcoin in January 2017 and many of the fundamental points covered are still valid. We tackled supply and security – two of the main issues – and the associated arguments, so it’s worth revisiting that post as a reminder.

As certain countries in the world experience crises of various types, cryptos and Bitcoin, in particular, emerge as top choices for protection. There has been considerable flows from countries like Russia and China, where cryptos have been used as a vehicle to take funds out of the banking system and essentially make them vanish. Pretty much from their inception, cryptos have been one of the easiest avenues when it comes to such needs, and also for the dark web (the infamous Silk Road website is a prime example of that). There have also been cases where rampant inflation makes having fiat money a particularly bad carry trade, with obvious examples being countries such as Venezuela and Turkey.

So, there have been good reasons why cryptos have been the target of funds over the past few years and why they have experienced this monster rally. To put some perspective, here is an interesting table of Bitcoin price progression:

  • $0000 – $1000: 1789 days
  • $1000 – $2000: 1271 days
  • $2000 – $3000: 23 days
  • $3000 – $4000: 62 days
  • $4000 – $5000: 61 days
  • $5000 – $6000: 8 days
  • $6000 – $7000: 13 days
  • $7000 – $8000: 14 days
  • $8000 – $9000: 9 days
  • $9000 – $10000: 3 days
  • $10000 – $11000: 1 day
Bitcoin Daily Chart
Bitcoin Daily Chart

This kind of price action is very rare and as a result, there have been varied reactions to it. The disbelievers call Bitcoin a bubble and are adamant that there is no fundamental reason why it’s going parabolic. Bitcoin price action actually resembles the Dutch Tulip mania of the 17th century, and this is something they often refer to in order to justify their negative view. They are usually particularly offended by people saying that “Bitcoin is backed by mathematics” and setting massive arbitrary price targets.

On the other side of the fence, we have the hardcore crypto fans who believe that total crypto-currency market capitalization should be in the tens or even hundreds of trillions of dollars. They think that blockchain technology and cryptos are the future and that potentially they will eventually replace fiat currencies. They accumulate cryptos (the ultimate goal is to accumulate Bitcoins in particular) and are on a buy-and-hold to infinity mode.

Then there are the people in the middle who are open to the concept of cryptos and understand the value of the technology, but who also find it very difficult to assign a price to this product. I myself am in this last category; I’ve been watching Bitcoin’s rise in amazement but I never got certain enough of it in order to trade it. I have well and truly missed this trade and I accept that. I personally believe that blockchain technology is here to stay and crypto-currencies could be the future of money. However, I’m still not convinced that the current crypto-currencies are the ones that will survive. As total crypto market capitalization rises, governments and central banks start to take notice. It’s possible that we will see government-backed cryptos in the future that could well take a big chunk of the total market cap. As a currency, Bitcoin has severe limitations when it comes to transaction capability. The recent hard fork with Bitcoin Cash seems to take care of that problem but it’s still unclear how well it’s equipped to properly take on established fiat currencies.

So, what do I think will happen to crypto prices – and Bitcoin in particular – in the near future? Its price has taken off and is breaking ATHs practically on a daily basis and this is something that I would never want to go against, so I wouldn’t be shorting it here. An interesting development that will affect Bitcoin price is the introduction of Bitcoin futures on the CME. This has been discussed extensively in the marketplace and once again there are two differing opinions on it.

One view is that this is a bearish development, as it will provide an easy way for traders to short it. There are currently ways to short Bitcoin, but they are not as simple as shorting a futures contract. I can see the logic in this, but I personally think that there is a much bigger reason why Bitcoin futures will actually push the price higher:

There have been many individuals who want to invest in Bitcoin but who are put off by the complexity involved, and also by the security risk. You need to get a digital wallet, preferably a physical piece of hardware. Then you need to get very good anti-virus protection and make sure you have backups. Do all that and you could still potentially be vulnerable to hacking. Cases, where cryptos are hacked or stolen, are multiplying and this is surely putting people off. Bitcoin futures will provide a platform where getting long Bitcoin becomes extremely simple, and for this reason, I believe that the initial reaction to the introduction of this future will probably be bullish. It’s my opinion that Bitcoin will continue to rise going into year-end, as the CME future gets introduced. However, there will have to be a point where there will be a major correction. Bitcoin price will no longer be subjective and driven purely from the capital flow, but it will also have to somehow represent intrinsic value. This is something that Bitcoin longs need to be very careful of, and plan their contingency strategy accordingly.

The Harmonics point of view

The whole market has been talking about when bitcoin would reach 10,000 but the weekly Fibonacci resistance was at 11400. It is very common in Bitcoin at big levels that the market is expecting to pause just below it or at it and suggest it has stopped going up.
Then longs start to sell and some even short sell and then bitcoin pushes through the level, everyone thinks it is a breakout, jumps in long. And then the market reverses straight back through the level. This is a very bearish reversal signal. Trend support is the 0.236 Fibonacci retrace level from 2015 low and then below that, we are in a bigger correction and can look to 7132 and the 0.382 retrace next. In terms of harmonic patterns, we are looking for a three-wave (two swings lower) move before we see bitcoin turn higher again.

Bitcoin Weekly Chart
Bitcoin Weekly Chart

This article was written by one or more of the following contributors: Blake Morrow, Nicola Duke, Grega Horvat, Steve Voulgaridis and Stelios Kontogoulas. They are all analysts at ForexAnalytix which provides macro & technical analysis for various financial instruments. Forex Analytix primary goal is to educate traders of all experience levels and to provide a wide range of tools which can help with their trading decisions.