Bitcoin Back in the Red and Holding on to $11,000

Bitcoin continued on from last week’s 14.08% gain, with a 3.77% rise on Saturday, which saw Bitcoin hit an intraday high of $11,503.24 in the latter part of the day, with its intraday low $11,022.85 coming within the first hour of trading and just off an opening $11,032.81.

The moves through the day were in contrast to many of the cryptocurrency majors that struggled through much of the day, after hitting first major resistance levels in the early hours.

Unlike the rest of the cryptocurrency majors, Bitcoin was able to break through its first and second major resistance levels and close out the day above both, while failing to break through to $12,000.

With the bullish trend continuing through the day, Bitcoin managed to pass through a late in the day test of support on Saturday, with a fall to $11,220.20 reversing before touching its first major support level of $10,829 and 23.6% FIB Retracement Level of $11,105.5.

Bitcoin’s dominance held relatively steady, sitting at 41.7% at the time of writing, with Bitcoin ending the day with a market cap of $187.58bn.

There was nothing in the news to influence investor sentiment through the day and Bitcoin’s gains, which were far larger than its peers, will give the Bitcoin bulls new found hope of Bitcoin being able to make a recovery in the coming months, though much will continue to depend on how governments and central banks look to oversee the cryptomarket and what regulations are eventually imposed.

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BTC/USD 04/03/18 Hourly Chart

At the time of writing, Bitcoin was down 2.68% to $11,137.96, with a bearish trend having formed through the early part of Sunday morning.

It’s not the first weekend this year when Bitcoin has gone into reverse towards the end of the weekend, with investors keen to lock in profits before the start of a new week.

This morning’s intraday low $11,105.46 tested Bitcoin’s first major support level of $11,146.6, whilst also pulling back through its 23.6% FIB Retracement Level of $11,201.2.

The shift in sentiment could see Bitcoin pullback to its 38.2% FIB Retracement Level of $11,014.4, at which we will expect Bitcoin to find plenty of support, particularly with the $11,000 psychological support level, though any fall through $11,014.4 and Bitcoin may well end the weekend at sub-$11,000 levels again.

On the upside, with Bitcoin’s first resistance level sitting at $11,627, a move back through $11,201.2 and this morning’s intraday high $11,450 would be needed to buck the trend and support a late weekend rally.

It’s looking bearish for now however, with the Cboe Bitcoin Futures Friday closing price of $11,050 for the March contract providing little incentive for investors to jump in.

Elsewhere, Stellar’s Lumen was the only major cryptocurrency to sit positive territory at the time of writing, up 1.4%, with the rest of the majors in the red, with NEM’s XEM leading the way, down 5.24%.

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Bitcoin Moves Ahead, with $12,000 in its Sights

Bitcoin had quite a week last week, gaining 14.08% Monday through Friday’s end of day $11,052.62. The weekly gain may not have been spectacular relatively to historical weekly gains, but a move back through to $11,000 was certainly key, while some of the other majors failed to move back through to key levels.

Friday saw Bitcoin and the cryptomarket struggle for direction, in spite of the strong weekly gain for Bitcoin, with Bitcoin gaining just 1.28%, with a mid-day sell-off seeing Bitcoin fall to an intraday low $10,774.01, testing its first major support level of $10,829 before moving back through to $11,000 levels by the close.

Bitcoin’s dominance has been on the rise this year and now sits at 41.4%, the highest level since December of last year, which is reflected in Bitcoin’s rise in market cap, which now sits at $192.28bn, still well below its December peak $323.8bn, but well above this year’s $103.02bn low.

The adoption of SegWit by two of the largest crypto exchanges has provided much needed support to Bitcoin in recent weeks and, while central bankers continue to suggest that the cryptocurrencies have lost their window of opportunity to take over fiat money as the preferred choice for businesses and consumers, there are still believers in the market.

A lot of doubt continues to linger on whether Bitcoin can truly take over however, with mass adoption expected to impact on both transaction speeds and fees. SegWit’s adoption is a step in the right direction.

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BTC/USD 03/03/18 Hourly Chart

At the time of writing, Bitcoin was up 2.74% to $11,331.75, with the bullish trend that started at the beginning of the month continuing into the weekend.

Friday’s pullback through Bitcoin’s 23.6% FIB Retracement level of $10,950.43 found little support, with buyers coming in at 38.2% FIB Retracement Level of 10,811.49.

Support suggests that Bitcoin should continue on its upward trajectory through the weekend, with the only question being whether Bitcoin can make a move through to $12,000 levels.

With Bitcoin having moved through its first resistance level of $11,230 this morning, the next milestone will be the 2nd major resistance level of $11,400, beyond which we will expect a bounce through to the $11,800.

A 2nd half of the weekend sell-off will test support levels, with investors looking to lock in profits, but with the improved sentiment, we will expect plenty of support at sub-$11,000 levels.

While any shift in sentiment will likely see Bitcoin pullback through its 23.6% FIB Retracement Level of $11,105.5, sub-$11,000 may well be avoided this weekend.

Bitcoin is leading the way and has managed to find its way back, with $12,000 levels now needed to draw in investors who pulled out in the slide to sub-$6,000 levels earlier in the month.

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Bitcoin hits $11,000. Will the Bitcoin Bulls still be there on Saturday?

Bitcoin saw sentiment turn bullish at the start of the month, with Bitcoin managing to reverse Wednesday’s 2.46% loss, rising by 5.91% to an end of day $10,924.88.

While Bitcoin managed to break back through to $11,000 levels late in the day, with an intraday high $11,090, it fell short of testing its first major resistance level of $11,269, as investors locked in profits for the day.

There was no material negative news to attribute the pullback to, with investors able to brush off the opinions of the Bill Gates and Warren Buffets of this world, who continue to downplay the value of Bitcoin and the rest of the cryptocurrencies.

Sentiment towards crypto government oversight remains the key driver near-term and, while there was more details of the SEC’s probe into the initial coin offering market in the U.S and cryptocurrencies in general, there was nothing new to lead to a tumble to sub-$6,000 levels seen last month.

It was a choppy start to the day on Thursday however, with Bitcoin hitting an intraday low $10,223.41 before support kicked in.

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BTC/USD 02/03/18 Hourly Chart

At the time of writing, Bitcoin was up 1.49% to $11,065.49, with Bitcoin having hit an intraday high $11,175 in the early part of the morning, falling short of its first major resistance level of $11,269, before pulling back to an intraday low $10,899.09.

We’ve seen Bitcoin recover however, with Bitcoin’s fall through to its 23.6% FIB Retracement level of $10,950.43 bringing in buyers, leading Bitcoin’s move back to $11,000 levels.

While the bullish trend was intact through Thursday and the early part of the day, sentiment across the cryptomarkets has been mixed this morning, which could see Bitcoin struggle to hold on to current levels going into the weekend.

For the day ahead, a move back through today’s intraday high $11,175 would support a push towards its first major support level of $11,269, though we can expect plenty of resistance at these levels.

A pullback to sub-$11,000 levels could see Bitcoin fall back through its 23.6% FIB Retracement level and test buying appetite at its 38.2% FIB Retracement level of $10,811.49, both levels sitting well above its first major support level of $10,402.

Looking across the Cboe Bitcoin Futures March contract, $11,000 levels are currently supported, with the March contract up $65 to $11,090 at the time of writing, though direction of the March contract through the day will have some influence on appetite ahead of the close.

Any negative news through the day would certainly support a pullback, though with the Asian session coming to a close and with the news from the SEC having already hit the news wires earlier in the week, any major pullback should be less likely.

Across the rest of the majors, Bitcoin Cash and Ethereum were the only other front runners in positive territory this morning, with Stellar’s Lumen, Cardano and NEM’s XEM seeing heavy losses, Stellar’s Lumen leading the way down, with a 3.78% fall at the time of writing.

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Bitcoin on the Rise, with $11,000 the Target

The highlight of the day for Bitcoin on Wednesday was an $11,064.75 intraday high that was hit in the early part of the morning, moving through its first major resistance level of $10,898. Time spent at $11,000 levels was particularly short, with Bitcoin pulling back to $10,364.78 by the middle part of the day.

After what had been a promising start to the day, Bitcoin ended the day down 2.46%, reversing Tuesday’s 2.34% gain, to end the day at $10,312.33.

The quick sell-off was most certainly attributed to investors locking in profits at $11,000 levels, with the move through to Wednesday’s $11,064.75 high, from Sunday’s $9,260 low giving investors a 20% return.

While the gains may not seem like much, the volatility is certainly a plus for traders looking to day trade, with Bitcoin’s performance continuing to be more attractive than other asset classes, include the global equity markets.

The good news for investors was that Bitcoin was able to hold on to $10,000 levels through the day, with support levels untested, Bitcoin’s intraday low $10,223.41 that came towards the end of the day, sitting above Bitcoin’s first major support level of $10,198.

While investors were quick to lock in profits in the morning, the 2nd half of the day declines were attributed to negative news hitting the wires of the SEC intensifying its probe into cryptocurrencies and initial coin offerings in the U.S.

It wasn’t all doom and gloom, with the markets fully aware of the probe, but it was a reminder of what’s going on in the background. Something that investors will need to be cognizant of near-term.

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BTC/USD 01/03/18 Hourly Chart

 

At the time of writing, Bitcoin was up 1.26% to $10,445, with moves through the early part of the day having been within some relatively tight ranges.

For now, neither support nor resistance levels have been tested, with news out of China and the U.S on the regulatory side of things, pinning back the cryptomarkets, which slipped on the news on Wednesday.

Bitcoin’s fall through its 38.2% FIB Retracement level of $10,375 has brought in some interest in the early part of the day, averting a fall through to today’s first major support level of $10,000.

While there was a pullback through Bitcoin’s 23.6% and 38.2% FIB Retracement Levels on Wednesday, the bullish trend will remain intact should Bitcoin move through $10,635 in the early part of the day and have a run at its first major resistance level of $10,844.

Looking at the Cboe Bitcoin Futures March contract, a $275 fall to $10,420 this morning is certainly not going to be in the Bitcoin bulls’ favour, though following yesterday’s moves, we will expect Bitcoin to attempt to break out ahead of the futures markets today.

Elsewhere, there was plenty of green across the board, with Cardano and Stella Lumen the only exceptions amongst the majors, the pair down 2.7% and 3.85% respectively.

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Bitcoin Touches $11,000, But all too briefly

Bitcoin has had a relatively positive start to the week, with Bitcoin gaining a further 2.34% on Tuesday, following on from Monday’s 7.7% gain, to end the day at $10,571.56.

A large part of the move through to the higher end of $10,000 levels came in the early part of the day, with Bitcoin pushing through its first major resistance level of $10,738 to hit an intraday high $10,850 before easing back through the latter part of the day.

The good news for the Bitcoin bulls will be that the intraday high sell off was not too severe and Bitcoin enjoyed a day free of testing major support levels, with an intraday low $10,150 sitting well above its first support level of $9,650.

Holding on to $10,000 levels through to the close was certainly key and sets Bitcoin up for $11,000 levels in the coming days, which should draw in investors currently side lined and waiting on a bounce to jump on.

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BTC/USD 28/02/18 Hourly Chart

At the time of writing, Bitcoin was up 1.85% to $10,762, with the news of the day being of Bitcoin having moved through today’s first major resistance level of $10,898 to hit an intraday high $11,064.75.

Bitcoin was last sitting at $11,000 levels last Wednesday, which was the start of a bearish trend that took Bitcoin down to a $9,260 low on Sunday, before support kicked in.

It’s not been a bad run, up 16% from Sunday’s low, with the crypto news wires seeing little negative news to reverse the week’s gains.

This morning’s intraday high was also echoed in the futures market, with the Cboe’s Bitcoin futures March contract hitting an intraday high $11,040. The price has since pulled back to $10,720, up just $45 for the day, with the pair largely aligned at the time of writing.

With this morning’s swing hi $11,064.75, Bitcoin’s 23.6% FIB Retracement Level of $10,639 will provide some support, with Bitcoin’s first major support level sitting well below a $10,198.

Some profit taking at current levels is to be expected, though barring a fall through to Bitcoin’s 38.2% FIB Retracement Level of $10,375, we will expect Bitcoin’s bullish trend to remain intact near-term

A failure to move back through to today’s first major resistance level could spell trouble however, with investors taking this as a sign of a possible pullback.

Across the rest of the cryptocurrency majors, Ripple and Stellar Lumen continued to lag the majors, down 0.25% and 2.07% respectively, while Bitcoin Cash, Ethereum and Litecoin were in positive territory at the time of writing. The gains have not been spectacular however, with Bitcoin and NEM’s XEM leading the way this morning.

For Bitcoin investors, the adoption of SegWit was an important milestone and, while we will expect investors to continue to be a little jumpy on concerns over government oversight, the future has got a little brighter.

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Interview with Stanislav Uzunchev, Ethearnal Co-Founder

  • How was the idea of Ethearnal born?

I have been freelancing and making a living, working from anywhere in the world for the last 10 years. After a while, the gigs turned into a business, which was not manageable by one person. My experience with freelancing throughout the years and managing a business revealed to me all the problems that arise with the current freelancing platforms.

Centralization is currently one of the most significant problems. The middleman is taking your time, money, and making decisions instead of you. You are not currently able to be a “free” lancer at all. With the rise of the blockchain technology, came the possibility to create a fully decentralized freelancing platform and avoid the middleman, giving true power to the people, eliminating all the known problems.

  • Can you explain the concept of your product to the average person?

No matter if you are a freelancer, looking for a service or some kind of gig, you could use the platform. The idea of Ethearnal is to match supply and demand and create market equilibrium.

  • As the company is carrying out ICO, what has already been done and what are you going to create with the money collected by the ICO?

We have already started the development, but we want to create the best possible freelancing platform in the world, so it takes a lot of work. It could take a lot of resources like money and time to create the platform, and if we want to be a worldwide competitive we need the support from the community.

  • How does Ethearnal differ from similar services? How can your innovative service assist new economic developments and change the employment and human resource sector?

Currently, freelancing platforms charge approximately 20% of the cost of the project, and the fund’s release is slow and usually takes up to 30-60 days. Also, you need to follow all their rules, like you cannot communicate outside their platform and other limitations that make living and working together harder rather than easier. Our product is bringing a more convenient way for the people worldwide to work. Our vision is to create a platform where people can exchange services for crypto all around the world.

  • Ethernal will use DAICO for its crowdfunding token sale. How can it benefit your investors and the company’s projects?

Currently, the blockchain hype is bigger than ever. Hundreds of ICO are launching every month because people collect millions for simple ideas without even having products and everyone wants to get rich quickly. In the DAICO model, that we have called ICO 2.0 even before the Vitalik’s interview (and his paper with Truebit’s Jason Teutsch, December 2017), there are multiple security features implemented for the investors. Starting from the ICO launch, there is a dynamic hourly cap that prevents the whales’ investors and aims to spread the token as wide as possible. After the crowdsale, every token holder is part of the project because he or she can vote in the platform. With the ERT tokens, you can be a moderator, get higher listings or vote for a refund. Token holders are all in control of the project and the spending of the team. The idea behind all this is to create a decentralized and democratic organization rather than just rely on the team to complete the project without any guarantees.


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  • How can anyone join Ethearnal?

You can go to our website ethearnal.com and subscribe to the email list or join us on the social channels. Our community is most active on Telegram, where we have almost 15,000 people in the channel. If you want to participate in the pre-ICO, you should apply for the whitelist or wait for the public crowdsale on February 28th. During the first hour of our ICO, the smart contract accepts a maximum of 1 Ethereum (ETH) per person. Every transaction above 1 ETH will not be accepted. During the second hour, that cap is increased to 2 ETH  and so on every hour until the end of the ICO.

This ensures that it is technically impossible for whales to cheat the small investors.

  • Why do you need Token Sale?

While most ICOs nowadays don’t need tokens and they can just use Ethereum, our platform is really in need. There are three major benefits of the Ethearnal Reputation Token (ERT).

1.ERTe collides reputation and economic initiative into one by tokenizing reputation and giving it value-the more ERT/reputation you have the more visible you are on the network and can participate in bigger projects.

  1. ERT is used as moderation and voting tool. Users stake tokens to solve disputes and be part of the managing community.
  2. The token provides profit sharing from the Ethearnal platform, so holders get a percentage of all the profit. For all the features you can check our whitepaper or https://ethearnal.com/#utility
  • What are your plans after ending of Token Sale?

Our product is already in development, and we have a public demo. Immediately after the ICO, we plan to expand our development team and build the final version that the people can start to use and solve all the freelancing problems we know. After this,  we will release the mobile app of the platform, and build our community of users all over the world. We have not yet seen a better idea for a freelancing platform and we want to focus on active development and testing. We are confident that the product will speak for itself. The challenge after that would be to gather a large base of early adopters, inspire ambassadorship and effectively market the platform, ensuring a large user base, which provides a lot of different services and gigs.

Bitcoin in the Red, But Looks Ready to Make a Move

Following last week’s tumble, Bitcoin managed to find its feet on Monday, gaining 7.68% to reverse most of the previous week’s 7.99% slide to end the day at $10,332.99.

The early part of the day had looked a little ominous for Bitcoin, which hit an intraday low $9,376.34.The bulls eventually took control midway through the day, driving Bitcoin to an intraday high $10,461.97, breaking through its first and second major resistance levels on a day that had already tested its first support level of $9,900.

The moves through the day were largely mirrored across the majors, though few managed to hold on to intraday gains by the close, as investors remained under pressure to lock in profits, with uncertainty in the cryptomarkets continuing to pin back the likes of Bitcoin.

The upside on Monday may be attributed to news of Coinbase and Bitfinex supporting Bitcoin Core’s SegWit upgrade, which is expected to lead to a sizeable fall in transaction fees, while also improving the speed of trading. Faster and cheaper transactions will certainly test the competition and with Bitcoin Core’s release coming in the wake of LitePay’s release on Monday.

We may even begin to see investors question the future of Bitcoin Cash, which resulted from a hard fork last summer, as developers and miners battled over fees and blockchain size that was seen as a Bitcoin limitation.

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BTC/USD 27/02/18 Hourly Chart

At the time of writing, Bitcoin was down 0.41% to $10,281.99, recovering from an intraday low $10,150, as Bitcoin pulled back through its 23.6% FIB Retracement Level of $10,178.

There was plenty of support however, with Bitcoin moving back to $10,200 levels, though well short of an early intraday high $10,419.89.

Following Monday’s afternoon rally and this morning’s lateral move, investors may get comfortable with current levels, with Bitcoin having some room to move before hitting its first major resistance level of $10,738.

As always one of Bitcoin’s major nemesis remains the Cboe Bitcoin futures market. This morning, the March contract was down $60 to $10,270, which suggests that any immediate moves are likely to be on the smaller side, with the pair largely aligned by valuation.

For Bitcoin to break free of the Cboe futures shackles, a move through to today’s high $10,419.89 will be needed to then support a run at the first major support level of $10,738. There’s a long way to go, but Monday’s rally demonstrated how quickly sentiment can change during the day and, while Bitcoin continues to struggle, a move back through to $11,000 would certainly bring back some of the crypto money that walked.

It’s looking bullish at the time of writing, with strong support likely to see Bitcoin move back into positive territory through the day.

Across the rest of the cryptocurrency majors it was a mixed bag, with Litecoin, Ripple, Stellar Lumen and NEM’s XEM in the red, while Cardano, Bitcoin Cash and Ethereum bucked the trend, moving into positive territory through the morning.

Monday’s moves may have been impressive, but the market does need some momentum to push ahead and time is running out, with the next G20 Summit in a few weeks, where cryptocurrencies will be high on the agenda and volatility will likely spike as a result.

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Blockchain-powered Ad Exchange AdEx Releases Beta, Meeting its Next Milestone

Advertising exchange platform AdEx has released its beta on February 26th. Among other improvements, the release offers accessible UI for publishers to list their ad inventory on the platform and advertisers to bid for the listed ad slots and submit their ads.

The platform’s core is an Ethereum-based advertising marketplace that has already been tested out in the real sector. Earlier the project has reached a partnership with the global travel media provider Ink and conducted world’s first blockchain-driven ad auction, selling 1 million advertising spaces onboarding tickets.

Fortunately enough, the project has chosen simplicity and accessibility over the bells and whistles offered by a number of projects attempting to get in the niche of blockchain-driven advertising. The team has also developed its second generation of smart contracts, allowing bids to persist as off-chain signed messages until accepted. Such an improvement alone will provide greater scalability potential, which is additionally reinforced by specific smart contract architecture compatible with second-layer scaling solutions. The official release announcement states that the new approach also opens up wider integration opportunities, mentioning Metamask and hardware wallets Trezor and Ledger.

It should be mentioned that AdEx beta was expected to be released ahead of schedule in October 2017, but the company has opted for building a yet better product and reverted to the initial schedule. Considering that typically projects try to please the audience rushing undercooked products to the market, this wasn’t, in fact, an unwise decision. As the company itself puts it in its blog post:

“At that point, we made the decision to stick to our original release date for the benefit of a superior decentralized app. We knew that a part of our community would be disappointed but our choices have always been directed by scalability, efficiency and user experience.” — AdEx Blog.

Yet, the steps are taken, in turn, let the team spice up the beta release with the improvements not meant to be anticipated before 2019 with the AdEx V.2. Therefore, the project is still well on its course, optimizing the whole year-long development stretch. It’s safe to say that shortly advertisers and publishers will be able to figure out for themselves if the tradeoff was worth it. In this regard, the team has expressed commitment to respond to users’ feedback and tweak the product accordingly.

Earlier in mid-2017 AdEx has successfully distributed 40,008 ETH worth of tokens, showing surprisingly steady price dynamics. The project also has a significant list of partnerships within blockchain industry and beyond, including the aforementioned Ink, NEO, Wings platform, Fintech Blockchain Group, Snip, AdHive, and others. As for the future plans, the project aims to further explore scaling options, add more ad types, such as video and interactive ads, and work on its SDK for mobile platforms.

Cryptocurrencies Prices Rebound, Concerns Rise as ICO Reports Show Big Fail Rate

Reports are circulating regarding a substantial failure rate among Initial Coin Offerings. And Germany and Austria are making regulatory overtures regarding cryptocurrencies and ICOs.

ICO Reports Show Big Fail Rate, Speculators Getting Burned

A growing number of analysts are expressing concerns about Initial Coin Offerings, and that not enough regulations exist to effectively monitor the industry. A handful of reports published recently state that approximately half the Initial Coin Offerings started last year have already failed or are in the process of slowly dying. Reports claim over 120 million U.S Dollars has been wiped off the investment board, as many ICOs effectively vanish leaving empty chat rooms, inactive websites and speculators licking their wounds.

Failure to Breakthrough Resistance Raising Eyebrows, Ether Flat Early

Ethereum has faced headwinds like most major cryptocurrencies the past week. Ether is trading near 850.00 U.S Dollars per coin, but important support levels are within sight at 740.00, while resistance remains slightly above the 900.00 juncture. After putting in an upwards trend since early February, Ethereum has developed a downtrend. A curious aspect of the selling pressure for some speculators may be the notion the major cryptocurrencies have failed to break through resistance and sustain another leg higher, which has been historically the case the past couple of years for the digital currencies. Patience might be needed for bullish speculators, particularly if headwinds grow near term.

Ethereum Daily Chart
Ethereum Daily Chart

German and Austria Making Regulatory Noises and E.U Listening

Germany and Austria have joined the chorus of governments, which say they intend on increasing the amount of regulation and supervision of cryptocurrencies and Initial Coin Offerings. There appears to be growing sentiment for the European Union as a whole to increase their vigilance. And the European Commission has announced leading central bankers and their supervisors will be conducting a conference this week to discuss the need for greater oversight.

Moscow Cryptocurrency and Blockchain Conference this Week

Experts via Cryptocurrencies and Blockchain will meet in Moscow to discuss new developments in their fields on March the 1st.

  • March 1st, Russia, International Blockchain Summit

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.

Another Day in the Red for Bitcoin, with Rallies Few and Far Between

The weekend was certainly one that Bitcoin investors will be looking to forget about, with Bitcoin ending the week, Monday through to the end of Sunday $9,600, down 7.99%.

It may not have been the biggest of losses amongst the major cryptocurrencies, but the failure of Bitcoin to even make a move on $10,000 on Sunday will raise some concerns over what lies ahead for Bitcoin.

Bitcoin saw two attempts of a retracement back through to its 38.2% FIB Retracement Level of $9,819 thwarted through the weekend, after sliding from Saturday’s 10,540.63 high to a Saturday low $9,260, which added further pressure on Bitcoin through to Sunday’s close.

In stark contrast, Litecoin was on the up on Sunday, with support coming ahead of the roll out of LitePay today, which will put Litecoin in direction competition with Bitcoin as the crypto alternative to fiat money.

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BTC/USD 26/02/18 Hourly Chart

At the time of writing, Bitcoin was down 1.9% to $9,408.9, with Bitcoin’s early intraday high $9.804.37 falling short of its first major resistance level of $9,902.3.

The trend through the early part of the day continues to look bearish, with the negative sentiment that surrounds the cryptomarket likely to lead to Bitcoin test its first major support level of $9,279 should sentiment not shift through the middle part of the day.

A move through $9,900 would support a run at $10,000 levels, though with uncertainty over the outlook towards the regulatory landscape continuing weigh on appetite for the cryptocurrencies, a Bitcoin rally will likely remain elusive for the day ahead.

Looking at the Cboe Bitcoin Futures March contract, this morning’s $590 fall to $9,330 will be another reason to tread carefully, as investors wait patiently for a reason to jump back in.

The weekend rally was certainly a shortened version of previous rallies, which is indicative of the current appetite, investors quick to lock in profits early on in a rally in fear of another slide should bad news hit the wires during the day.

All the news were are hearing at the moment are of the intentions to further limit market access for investors to the initial coin offering market, with the list of major international banks banning the use of credit cards to purchase cryptocurrencies lengthening further.

Across the rest of the cryptocurrency majors it was a sea of red, with Cardano down 4.65%, Stellar Lumen down 3.09% and NEM’s XEM down 3.54%, the Monday morning sell-off seeing the cryptomarket total market cap down at $422.58bn, with Bitcoin’s market cap down at $160.46bn.

For now, it’s hard to see what can provide the cryptos with a boost, other than the speculative moves that do little other than add volatility to the day and we’re unlikely to hear regulators provide any major support for the cryptos. Not until regulator frameworks have been established at least.

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Cryptocurrencies Downward Trend Could Be Growing in Force, Iran Plans to Launch its own Cryptocurrency

Iran has stepped up its conversation about launching a cryptocurrency of its own after Venezuela’s launch last week.

Iran Amps up Cryptocurrency Conversation, Turkey Considering a Coin

After Venezuela’s launch of the Petro last week, Iran has stepped up its rhetoric about launching a cryptocurrency of its own. And now there are whispers that Turkey may be looking into the potential of a government-backed digital coin. Skeptical investors cannot be blamed for raising their eyebrows upon the notion of Iran participating in cryptocurrencies. The combination of Venezuela and Iran into the digital currency sphere will provide ammunition for cynics who will point to the two countries as potentially bad actors.

Ripple Facing Headwinds Past Week, Important Support Levels in Play

Ripple has come off its short-term highs made early last week and is under pressure as bearish momentum has arisen again in cryptocurrencies. XRP is near the 0.90 U.S cents level. Important support is near 0.80 U.S cents, but should that juncture fail the next key ratio would be 0.70 U.S cents which were seen February the 7th. After the rebound higher the past two weeks, it appears speculators may be cashing out of profitable positions. However, sentiment moving forward this week will be watched nervously because many of the major cryptocurrencies have now produced a full week of declines.

Ripple 4H Chart
Ripple 4H Chart

Alarm Bells Growing for Traders as Tax Season Approaches

As the U.S tax season steadily approaches alarm bells are being sounded by tax experts and financial planners regarding the filing of proper forms via cryptocurrency traders for the Internal Revenue Service. Experts point out that cryptocurrencies are viewed by the U.S government as property and not as currency. Thus gains and losses need to be accounted for in a way that is similar to equities and mutual funds if held by a trader in the States. And to make matters trickier in the next couple of months per the accounting is the fact that substantial gains were made in late December in cryptocurrencies which will have to be reported, while the steep losses experienced in January will have to wait until next year to be quantified in most cases.

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 Up, but for How Long? Sunday’s Have not been Kind of Late

Saturday was another day of what if’s for the cryptomarket, with an early part of the day rally coming to an early end.

Bitcoin ended the day down 4.46% to $9,682.72, with the major blow for the cryptomarket being Bitcoin giving up $10,000 levels again.

The good news was that major support levels were not tested through the day, but that was about all that investors could take away from what eventually ended in an 11% tumble from Saturday’s $10,540.6 high to the day’s $9,373.48 low, before recovering to $9,600 levels by the end of the day.

Saturday’s break through Bitcoin’s first major support level of $10,358 ultimately led to Bitcoin’s downfall on the day, which led to the rest of the markets following Bitcoin into the red for the day.

The news wires were on the quieter side through the day, with the only negative news hitting the wires being of Toronto-Dominion Bank banning the purchase of cryptocurrencies with credit cards. This isn’t the first bank and won’t be the last to impose such a ban, but it is one of the larger banks of North America and the first Canadian bank to impose the ban.

Canada is considered a crypto friendly, from a regulatory perspective, so TDB’s decision went against the grain, with the Royal Bank of Canada having previously issued a statement, stating that it would continue to permit the purchase of cryptocurrencies with credit cards.

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BTC/USD 25/02/18 Hourly Chart

At the time of writing, Bitcoin was up 0.58% to $9,745.98 against the Dollar, with the start of the day having been a choppy one.

Bitcoin hit an intraday low $9,500 early this morning before recovering, though with the weekend rapidly coming to an end, moves have been far less spectacular than what the cryptocurrencies have been accustomed to.

For the day ahead, Bitcoin will likely struggle to recover through to $10,000 levels that were hit on Saturday morning’s rally. While Bitcoin’s first major resistance level sits at $10,358, we will expect Bitcoin to face selling pressure at $9,819, Bitcoin’s 38.2% FIB Retracement Level, with this morning’s move through the 23.6% FIB Retracement Level of $9,649 complete.

A move through the 38.2% FIB Retracement would support a run through to its first major resistance level, though holding on to $10,000 levels would be a challenge when considering Friday’s Cboe Bitcoin Futures March contract closing price of $9,920.

Bitcoin and the cryptomarket were in positive territory at the time of writing, but with investors cognisant of the weekly sell-offs ahead of the Monday open, today’s highs could well be capped not too far off current levels. If Investors do manage to hold on through to Monday’s open, the cryptomarket would likely see more investors drawn in at the start of the week that support a Bitcoin move back to $11,000 levels.

Elsewhere, Ripple managed to find some support, up more than 2% at the time of writing, with Ethereum up more than 1.5%, while Litecoin continued to lag its peers through the early part of the day.

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Bitcoin Looks for $11,000 as the Saturday Rally Kicks In

It was a positive end to what had been a disappointing week for Bitcoin and the cryptomarket on Friday, with Bitcoin gaining 3% on Friday to leave Bitcoin down 2.9% from Monday’s open to Friday end of day $10,135.

The losses through the week were amongst the smallest across the majors, with the key move for Bitcoin being the recovery to $10,000 levels, though it wasn’t smooth sailing. Bitcoin pulled back from an intraday high $10,405.3 to sub-$10,000 levels late in the day before recovering through to the close.

In spite of the gains, the cryptomarket seems to be treading particularly cautiously, with few of the majors seeing any major rallies in spite of some positive developments in the market.

Some of this will be down to ongoing concerns that there could be a global clampdown on cryptocurrencies should sanctioned nations progress in launching their own cryptocurrencies.

While nations previously with their own cryptocurrencies were not on the radar of the likes of the U.S government, the fact that more and more nations are exploring launching cryptocurrencies begs the question of what kind of oversight there will be in the months and years ahead.

Venezuela is one that has certainly raised eyebrows. With the country already under sanctions, the launch of its own Petro cryptocurrency would be a means of circumventing existing sanctions and oversight, with the anonymity of transactions by-passing existing oversight capabilities.

Other nations can’t be far behind and undoubtedly, the more sanctioned countries that launch, the more likely it will be for a material shift in focus on cryptocurrencies and the freedom that has been enjoyed since the launch of Bitcoin.

How much influence this will have on price remains to be seen, but if the volatility through the early part of this year is anything to go by, it could be quite a painful one.

Interestingly, this could be seen as an opportunity for some of the “true” cryptocurrencies to shake off the label of funding the criminal world by introducing self-regulatory requirements that forces the underworld to move across to the likes of the Petro. How the majors manage the growing trend will be pivotal in how they will ultimately be impacted. One can only imagine how President Trump would respond should Syria, North Korea and Iran launch their own cryptocurrencies.

For now its food for thought and, while the Venezuelan President has been vocal on next month’s launch of the Petro, there no knowing whether other nations have already launched without bringing it to the attention of the U.S and other nations that may have imposed sanctions.

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BTC/USD 24/02/18 Hourly Chart

For the day ahead, Bitcoin has shifted into a bullish trend as the Saturday rally kicks in, with Bitcoin up 3.19% to $10,489.9, breaking through its 23.6% FIB Retracement level of $10,115 by Friday’s close and through its 38.2% FIB Retracement level of $10,433 this morning.

Bitcoin’s first major resistance level now sits at $10,500 and with Bitcoin having tested $10,500 this morning, with an intraday high $10,540.63, a move back through to $10,500 would support a move through to $10,800, to bring $11,000 in its sights.

On the downside, Bitcoin’s first major support level sits at $9,688, though we will expect support at $10,000 through the most of the weekend at least. Downward pressure may build later, with investors mindful of the Cboe Bitcoin Futures March contract closing price of $9,920, though investors managed to shrug off the sub-$10,000 close going into the weekend.

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Bitcoin Looking to recover to $10,000. Will it and Can it Hold?

After a promising start to the week, it’s been downhill for Bitcoin since hitting Tuesday’s $11,780 high, with Bitcoin down 7.3% from Monday’s open through to Thursday’s end of day $9,671.07.

Appetite seems to have waned as the week progressed, with Bitcoin’s market cap falling from Saturday’s $187.66bn to $169.22bn this morning.

A lack of good or bad news has left the cryptomarket lacking direction through the week, with the only major news having been Litecoin’s hard fork last Sunday and news from the South Korean government of its intention to play a supportive role to legitimate exchanges.

Bitcoin’s declines may have been less severe than some of the other majors, but a fall back to sub-$10,000 levels continues to raise questions on what’s next for the cryptomarket and the anticipated penetration that true cryptocurrencies will have in the battle against fiat money.

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BTC/USD 23/02/18 Hourly Chart

At the time of writing, Bitcoin was up 0.38% to $9,881, with Bitcoin having recovered from an intraday low $9,600 hit in the early the early hours of this morning.

The Cboe Bitcoin futures March contract has certainly not helped the cause, with a $235 fall to $9,780 this morning that will test any attempts at breaking back through to $10,000 levels this morning.

With Bitcoin’s first major resistance level sitting at $10,611 and its 23.8% FIB Retracement level sitting at $10,115, Bitcoin will likely face plenty of resistance at $10,000, with a move through to $10,200 needed to avoid any pull back to sub-$10,000 levels.

A failure to move back to $10,000 could see Bitcoin fall back towards today’s intraday low $9,600 and possibly test its first major support level of $9,335 should sentiment not improve through the middle part of the day.

As things stand, it’s looking a little more bullish for Bitcoin, though as we have seen throughout the week, any rallies have been cut short and more of the same will likely be seen ahead of the weekend.

Elsewhere, Ethereum was one of the leaders amongst the majors this morning, up 5.06% to $846.78, as Bitcoin trailed the pack this morning.

With the markets in limbo this week, with the bearish trends weighing on investor appetite, some good news is going to be needed to resuscitate the markets and give investors hope that there can be a return to the record highs seen in December and early January.

Bitcoin at $20,000 looks off the table for now and with Bitcoin generally being the barometer for investors, lacklustre moves are unlikely to draw in investor money that has walked out the door.

A sustained weekend rally would be just the tonic, with the cryptomarket in dire need of a reboot, after the latest recovery failed to touch $12,000 and ultimately led to a pullback to current levels.

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Crypto Update: Bitcoin and Other Cryptos Feeling Some Heat

Venezuela held it pre-launch of the Petro and it is reporting a success. Dennis Gartman, the U.S analyst, and investor have taken a major financial loss because of Riot Blockchain.

Selling Pressure Develops, BoE Governor a Critic of Cryptocurrencies

Cryptocurrencies have come under pressure the past day. After two weeks of a solid trend upwards, a selling trend has developed but the declines have not been massive. Bank of England Governor Mark Carney was asked about cryptocurrency yesterday and stated the obvious when he stated it is not traditional money and expressed the sentiment that he is not a big fan. And Venezuela is claiming success after the launch of their ICO called the Petro. The Venezuela government claims to have raised 735 million U.S Dollars via the introduction of its own cryptocurrency. But the numbers are hard to verify for a number of reasons – chief among them because this is Venezuela we are talking about.

Term Resistance Developing in Bitcoin, Momentum Shift Seen

Bitcoin is testing short-term support and is priced around 10,200 U.S Dollars per coin. After reaching highs on Tuesday which tested one-month resistance levels near 11,600, Bitcoin has faced two days of selling pressure. Important support looks to be around the 9,600 mark, and should that ratio fail – the 8,900 juncture looks vital. Sentiment has been solid the past couple of weeks in Bitcoin and there has been a lack of outlandish volatility. However, the past two days of trading indicates a change in momentum may be brewing, and speculators need to be alert.

Bitcoin 4H Chart
Bitcoin 4H Chart

Riot Blockchain Brings on Major Loss for Dennis Gartman

Dennis Gartman who is a well-known financial analyst and investor in the United States has had unwelcome news. Gartman has been a loud critic of cryptocurrencies for a while. However, Gartman apparently made a sizeable investment in a company called Riot Blockchain. Unfortunately, CNBC ran an expose on Riot Blockchain which helped fuel a decline of over 30% on Friday for the equity. And Gartman who held a big position has reportedly taken a very bad loss because of the investment.

Cryptocurrency Seminar to be held in London at Arbor City Hotel

The Finovate Middle East conference will get underway on Feb 26th in Dubai and will feature FinTech experts in banking, payments, and compliance.

  • 26-27th, UAE, Finovate Middle East

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 on the Rise, but It’s going to Be Choppy

Bitcoin suffered its first loss of the week on Wednesday, with Tuesday’s late evening fall continuing through Wednesday, to leave Bitcoin down 7.15% at $10,430 by the close.

Things could have been far worse for Bitcoin and the broader market, with Bitcoin falling to an intraday low $10,256 that tested its first 2 major support levels and reinforced the view that Bitcoin’s new found base sits closer to $10,000 than $11,000 at present.

The declines came in spite of the fact that there was no negative chatter on the crypto news wires to spook investors, with gains sub-$6,000 levels hit in early February contributing to the sell-off as investors locked in profits mid-week.

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BTC/USD 22/02/18 Hourly Chart

At the time of writing, Bitcoin was up 2.39% to $10,699, with a run at $11,000 having been thwarted earlier in the day as Bitcoin hit an intraday high $10,935.

Following Tuesday’s fall back to $10,000 levels that was cemented on Wednesday, we will expect there to be plenty of early resistance at $11,000, with Bitcoin’s first major resistance level sits at $11,052.

With Bitcoin having coughed up stronger gains from earlier in the day, investors will likely be wary of a possible second slide before the weekend, which could see losses exasperated. We will expect Bitcoin to have plenty of support at $10,000, with Bitcoin’s first major support level sitting at $10,032.

Looking at the Cboe Bitcoin Futures, the March contract sits at $10,810 at the time of writing, up $470 on the day, which should provide some support for Bitcoin, giving it some wriggle room before looking to make a second run at $11,000.

We’re unlikely to see one of those days where its plain sailing however and there will be some volatility through the day, largely driven by investor appetite rather than any particular news story.

We’ve seen the cryptomarket cap fall back to $472bn levels this week, having broken back through to $500bn over the weekend, with Bitcoin’s market cap falling back to $185.7bn, indicative of just how much has walked out the door and how speculative investors have been of late.

Bitcoin’s dominance levels have held at 39% plus levels this week, with none of the major cryptocurrencies having tested Bitcoin’s position at the top of the rankings.

Elsewhere across the cryptomarket, there’s plenty of positive numbers, with Ripple’s XRP leading the way, up 2.7% at the time if writing, though we have seen the cryptos move back from larger gains made earlier in the day.

While the market will be looking ahead to the weekend in hope of another Saturday rally, there is still most of today and Friday to contend with and, with the markets beginning to reverse, a fall back through to today’s intraday low $10,306.41 could, not only see Bitcoin test support levels, but also weigh on the broader market, which is still sensitive to Wednesday’s losses.

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Warnings about Venezuela and the Petro, Ethereum Prices Fall

Ethereum has slightly declined in value the past day upon touching resistance.

Venezuela Pre-Launching the Petro and Critics Abound

Venezuela is set to pre-launch its new cryptocurrency called the ‘Petro’, and critics have made it clear investors should stay away from the ICO like the plague. The South American government has been wrecked by years of mismanagement and corruption. Venezuela’s move into cryptocurrency is viewed as a way to take advantage of the euphoria which still exists among some speculators. Venezuela claims it will integrate the value of the Petro to its abundant Crude Oil industry. However, it should also be pointed out Venezuela’s recent track record economically has been a disaster domestically and internationally.

Ethereum Declines after Testing Resistance, Solid Climb in February

Ethereum has lost value the past day. The price of Ether is near 880.00 U.S Dollars per coin. Ethereum was able to climb as high as 970.00 earlier this week but started to wilt when it approached resistance. However, the value of Ether has risen considerably since early February when it touched lows of 575.00 U.S Dollars. Market sentiment surrounding cryptocurrencies has certainly improved the past couple of weeks and a slight downturn in Ethereum may be met with more buying from speculators.

Ethereum 4H Chart
Ethereum 4H Chart

Supervision and Regulatory Oversight will Increase for Cryptos

A report is circulating that international governments believe criminals are using cryptocurrencies to move ‘dark money’ internationally more effectively.  Financial investigators suggest more than 5 and half billion U.S Dollars are being transacted annually by money launderers involving cryptocurrencies. And this is a reason why the European Union, the United States, and Japan have begun to grow more active regarding supervision and regulation.

Cryptocurrency Seminar to be held in London at Arbor City Hotel

A cryptocurrency seminar will be held in London on February the 28th at the Arbor City Hotel.

  • 28th, U.K, Cryptocurrency Seminar in London

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 Stalls, Hitting the Brakes on the Crypto Rally

Bitcoin’s upward momentum came to a halt late in the day on Tuesday, with Bitcoin sliding from a day high $11,780 to a closing $11,088.43, ending the day with just a 0.06% gain, following Monday’s 9.4% really.

Bitcoin was unable to hold on to its break through $11,759 resistance level late in the day, leading to a reverse move that continued through to the close and into the early hours of this morning.

The news wires were crypto friendly late in the day, with the South Korean government reportedly taking a softer stance on the cryptomarket, following the end of January ban on anonymous trading, though the news was not enough to support the cryptomarket, with the downward trend broad based across all the majors.

It’s been a solid recovery from the February 6th low and some profit taking was to be expected, with Bitcoin having rallied 99% from the 6th’s $5,920.72 low to Tuesday’s $11,780 February high.

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BTC/USD 21/02/18 Hourly Chart

At the time of writing, Bitcoin was down 2.42% to $10,961.09, recovering from an intraday low $10,687 hit in the early hours of this morning, testing the $10,643 support level having fallen through its first major support level of $10,905 early on.

For Bitcoin, there will likely be plenty of resistance at $11,000, with any move through to $11,000 levels supporting a run towards its $11,604 resistance level, though we can expect some selling pressure at the 38.2% FIB Retracement level of $11,105.

The lack of negative sentiment should support some form of a recovery, the only question being whether investors sitting on the side lines will hold off for a full retracement to Tuesday’s high or jump in at current levels.

Looking at the Cboe Bitcoin Futures, the March contract is down $765 on the day to $10,920, which may hold up any break out this morning, while a pull back to test $10,643 support levels could happen should Bitcoin fail to break through and hold onto $11,000 levels through the middle part of the day.

Elsewhere, Litecoin was amongst the biggest fallers this morning, down 2.76% to $223.16, with Bitcoin Cash also struggling, down 2.04% to $1,362 at the time of writing.

Bucking the trend was Ethereum, which recovered from an intraday low $857.55 to $888.01, up 0.37% for the morning and the only major crypto in positive territory at the time of writing.

The cryptomarket will likely take its cues from Bitcoin however, with Bitcoin dominance continuing to rise, currently sitting at 39.2.

We can expect the cryptomarket to be in for a choppy day and investors will need to begin considering the softer approach by regulators to provide support for another rally that could see Bitcoin move up through to $12,000 levels.

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Bitcoin Moving Towards Mid-Term Highs

A report of an important malicious malware attack to mine cryptocurrencies has surfaced. And a South Korean official leading a crackdown on cryptocurrencies has died.

Jenkins Continuous Integration Server Vulnerable According to Check Point

Software security company Check Point has said its researchers believe a gang of cyber malware criminals is now targeting another massive server in order to mine cryptocurrencies illicitly. The Jenkins Continuous Integration server is reported to have had up to 20 percent of its open source automation made vulnerable by a malicious attack from an unknown origin.

Bitcoin Nearly Double February Lows, Speculative Momentum Building Again

Bitcoin has climbed early this week and is entering an intriguing range. Bitcoin is near 11,300.00 U.S Dollars per coin and has kept up a winning pace the past week. Momentum has seen Bitcoin surpass short-term resistance and it is now approaching important mid-term high water marks. The 12,000 juncture has not been approached since late January, and speculators are keenly aware of Bitcoin’s climb since February the 6th when it was trading below the 6,000.00 U.S Dollar level. Volatility is common in Bitcoin, but if the cryptocurrency does hit 12,000.00 near term it will have more than doubled its price in less than a month.

Bitcoin 4H Chart
Bitcoin 4H Chart

South Korean Official Leading Cryptocurrency Regulation Effort Dies

Reports are emerging from South Korea this morning that Jung Ki-Joon, who was leading the cryptocurrency regulatory movement for the government, has been found dead from a heart attack. South Korea has been cracking down on anonymous trading, and the past couple of months have seen increased scrutiny and an effort to create more transparency in the nation regarding digital assets.

Future of Finance Summit at the Hurlingham Club in London

A gathering will continue today and tomorrow in London called the Future of Finance. Payment and banking experts will be among the highlighted speakers.

  • 20-21st, U.K, Future of Finance Summit

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 Up, While Litecoin Makes the Headlines Again

Following a mixed weekend, the bullish trend resumed for Bitcoin on Monday, with Bitcoin rallying 9.4% to an end of day $11,414.26.

With Bitcoin hitting an intraday high $11,430.44, there remained little chance of a move through to $12,000 at the start of the week, but with sentiment towards the cryptomarket continuing to improve, a break out later in the week remains possible, should the news wires remain silent from a regulatory perspective.

The upbeat sentiment was also reflected in the Cboe Bitcoin futures market, which continued to provide relative support through the day, though the more sedate moves through the beginning of the week likely contributed to Bitcoin not seeing larger gains on Monday.

While Bitcoin’s significant move through the weekend and into Monday was a hold at above $10,000, the new found base of $11,000 will be another step in Bitcoin’s recovery and we will expect speculation to mount on whether Bitcoin can begin to move towards its just shy of $20,000 record high.

The bullish talk of $40,000 has abated somewhat in recent weeks and the fact that Bitcoin is moving slowly through the levels will likely keep the exuberant calls at bay for now.

As sentiment improves, with the Litecoin fork having provided some comfort across the cryptomarket, a scam likely to have been a blow to the recovery, Bitcoin has seen its dominance continue to creep up, sitting at 38.1% this morning, up from yesterday’s 36.9%. The rise in dominance suggests a shift in sentiment towards Bitcoin and whether it can survive as a viable alternative to fiat money.

Investor money has certainly returned to the table, with the total cryptomarket cap now sitting at $511.72bn, up from yesterday’s $481.33bn low, with Bitcoin’s market cap sitting at $195.5bn this morning.

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BTC/USD 20/02/18 Hourly Chart

At the time of writing, Bitcoin was up 2.95% to $11,502.55, easing back from an intraday high $11,580, with a bullish trend still in play through the early part of the day.

Bitcoin’s first major resistance level sits at $11,759, which has yet to be tested through the early part of the day, as selling pressure coming off the back of a 10.2% rally since Monday’s open pins back a run at $12,000 in the early part of the day.

Looking at the futures market, the Cboe Bitcoin Futures March contract has rallied $1,485 to $11,620, with the smart money reflecting the improved sentiment towards Bitcoin and the cryptomarket in general.

This morning’s gains in the futures market should continue to provide upward momentum, with Bitcoin having some wriggle room before hitting the March futures contract price and its first major resistance level.

We won’t expect Bitcoin to be testing its first major support level of $10,612, with any pullback through to the 23.6% FIB Retracement of $11,243 likely to find buyers as Bitcoin continues to see its base level rise from the lows seen in early February.

Elsewhere, Litecoin is the story of the day, rallying to an intraday high $251.9, before easing back to $246.22 at the time of writing, a gain of 10.86% for the morning, while NEM’s XEM and Stellar’s Lumen bring up the rear, down 4.33% and 2.26% respectively.

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