Kvě 18

Bitcoin Price Stays Put, Can Traders Finally Relax?

Source: bitcoin

Bitcoin Price

Since our last bitcoin price piece, the markets haven’t gone anywhere. Presently, the price is hovering around $455, which is relatively unchanged from where it previously held ground. Bitcoin has found a comfortable place that it evidently enjoys, so we probably shouldn’t expect dramatic change any time soon.

Also read: Bitcoin Price Stagnates, What Happens Next?

Bitcoin Price Takes a Rest

But as one source puts it, things are set for a flash of the old gloom and doom:

“A price downdraft, today, has pulled the price to $454… Given the bearish indications in the 1-day and 1-week candle charts that were explored in last week’s analysis, there is also a high probability that the market eventually declines to $430… The bitcoin market’s capacity for slow torture may see the slow, upward strain continue for several more weeks… Bitcoin’s price range is narrowing as the market progressively trades price into the high-pressure corner of a contracting wedge… The technical analysis outlook remains that price will most likely unfold a downward correction…”

One troublesome side effect that seems to come with being a Bitcoin enthusiast is that you learn to expect (and thereby prepare) for the worst. This isn’t always a bad trait; after all, it keeps us on alert. We’re ready for when things get rough, and when that day comes, we’re far from being like a family of deer in the headlights.

However, maybe the time has come to relax a little. In our previous price piece, one user explains:

‘What’s wrong with Bitcoin having a stable price? We wouldn’t like it if the value of a dollar kept jumping all over the place. A loaf of bread could be $2 one day, and $5 the next. Stability is what bitcoin needs to make it a currency and not a commodity.’

Interesting words indeed, and this user certainly has a point. Despite being eight years old, bitcoin still needs little breaks here and there to make its bones and develop a steady future for itself. Things cannot be 24-hour ascension. We’d certainly like that, but the fact is, such an idea is unrealistic. Things need time to patch themselves up. Time is necessary to heal wounds and fix mistakes, and considering the fluctuations bitcoin has endured in the past, a little stability really wouldn’t be so terrible. How can bitcoin ever truly be taken seriously as the currency of the future if it can’t learn to step back and smell the roses here and there? How can regulators ever look at bitcoin as something that’s less problematic if it can’t focus and stay still for a moment or two?

Ironically, this user’s words also seem to bear a sense of foreshadowing. One of today’s biggest headlines is rising inflation rates in the United States. In fact, they’re the highest they’ve been in about three years. Maybe USD can learn a thing or two from Bitcoin after all…

Will Bitcoin stay as it is for a little while? Post your thoughts and comments below!


Images courtesy of City A.M., Bitcoinist.net.

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Bitcoin Price Stays Put, Can Traders Finally Relax?

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Kvě 15

Will the Bitcoin Price Hang Where It Is for a Little While?

Source: bitcoin

Crix

Since our previous look at the bitcoin price, bitcoin has enjoyed a hike of about two dollars. It’s not terrible; after all, any rise in price is something worth celebrating, but at the same time, $2 is nothing to jump and holler about. Considering bitcoin’s operations in the past, it’s probably safe to say that Bitcoin has found a spot to hover close and settle down for at least a little while.

Also read: Bitcoin Price Stagnates, What Happens Next?

What Is the Bitcoin Price Doing?

As one source puts it:

“The Bitcoin price has not made any significant move during the quiet Saturday trade. The start of the day in the U.S. may change that, but for now, it looks like continuing inaction will be the prospect… A quiet day in the Bitcoin price chart as the price sticks close to the 200-hour moving average… Low volume trade keeps the price within the constraints of the converging support near $449 (Bitstamp), and the horizontal resistance zone between $462 and $470… The recommendation remains that traders and investors wait for the price to establish… The 1-day and 1-week charts explored yesterday imply a risk of decline.”

A risk of decline… This certainly isn’t music to any bitcoin advocate working today.

As we’ve seen before, Bitcoin is more than capable of “sticking to one post” when it finds a comfortable place to hang. Unlucky for us in 2015, Bitcoin slumped down to one of its lowest points in years. Enthusiasts were pulling their hair and drinking their sorrows away, but the shocking truth was that bitcoin, for one reason or another, seemed to be enjoying where it was. Otherwise, would it have taken as long as it did to restart its ascension to the top once again?

Looking at the present situation, we are certainly grateful that the digital currency is choosing the $450 range rather than the $250 range, but we can’t help but wonder if things will be slow-moving from here on out (at least for a while). Will bitcoin stay here for some time? Will it be another 11 months all over again? Or maybe 12 months or 18 months for it to start thinking about another rise? A simple, $2 bump in value doesn’t put these thoughts out of our minds completely, and we can’t help but wonder where things are destined to go from here.

Do you foresee bitcoin continuing its rise, or falling from here on out? Post your thoughts and comments below!


 

Images courtesy of BitcoinAverage.

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Will the Bitcoin Price Hang Where It Is for a Little While?

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Kvě 09

BitcoinAverage: Craig Wright Can’t Keep Bitcoin Down For Long

Source: bitcoin

BitcoinAverage

BitcoinAverage (May 9, 2016) — The unraveling of the supposed mysterious inventor of Bitcoin, Satoshi Nakamoto, made headlines this week across mainstream media outlets. Yet, despite the potential implications of the identity of Satoshi, who owns 7% holdings of the total BTC supply, the price held steady, only selling off a measly 4.6%.

This article was provided by the Vanbex Group. Bitcoinist is not affiliated with the firms represented by the Vanbex Group and is not responsible for their products and/or services.

Satoshi Hoax can’t Break Bitcoin!

The market dismissed this news as a hoax, and traders who are long and bullish remained unfazed so this week’s price action remained bullish.

This week’s close is the highest since August 2014.

After a run up to the peak at $471, a resistance level dating back to Nov. 4, 2015, a retracement was only natural, with a sell-off to a low $436 where the price found support. As with most bottoms, a confirmation of support is often necessary.

The price moved up to $460 and then sold off again to $440, simultaneously with the Satoshi Nakamoto hoax.

The resilience of the price during this chaos suggests support at $440 is solid. As of writing this, the price is trading slightly below $460, at $456 as per bitcoinaverage.com.

The weekly chart above shows a bullish continuation pattern, an ascending triangle that has been forming over the past six months.

The $465 resistance line has held up against any price advances back in November 2015, late December to early January 2016, and, most recently, a late April to May 2016 attempt at breaking up.

Western and eastern exchanges differ marginally on price levels.

So, the top for this ascending triangle could be $470, $504 or 3100 CNY or 3350 CNY, depending on the exchange.

If this line finally breaks, FOMO and panic may ensue as the next level after is up to $650. The nature of this pattern is bullish and a lot of traders will have their eye on trading when this break out.

Reddit user, Greencheckmark, commented in r/BitcoinMarkets, “Bitfinex longs were at $20,000,000 on Feb. 20 when it was $451 and since then the price has held above $400 nearly the entire time with $31,000,000 long now at $460.”

The weekly close was the highest since August 2014. This level is crucial.

On breaking up above this level, $680 is a reasonable target. In September 2015 (marked above), the price edged sideways for a while, trading within a narrow range before continuing with the trend.

The same price actions are unfolding now, hugging a $470 resistance level.

BitcoinAverage Weekly Bitcoin Price Forecast

The forecast for the next two-to-three months is bullish, with targets of $650, $680, $800 and possibly $1,000 on the horizon. Patience is key going forward as the set up plays out.

With the expected price-halving just nine weeks away, coupled with the bullish price-level of bitcoin, a run-up could fuel another halving bubble, and send the price as high as the previous all-time high of $1,163.

Zerohedge this week ran an article titled, “Mother Of All Short Squeezes” Looms For Bitcoin where serial entrepreneur, Vinny Lingham, said:

I don’t know if the price is going to $1000 or $10,000? – ?but I do know that it is going up. If I was forced to predict, I would say that it would hit $1000+ in 2016 and $3000+ in 2017. Looking forward to seeing how this all plays out!

However, the price will not shoot up overnight, so, the price action over the next two-to-three weeks is equally important if a trade position is yet to be taken.

The price should trade within a narrow range this coming week, even if gradually moving up to $465. This level is not yet ready to break, and a possible dip downward, to as low as $430 is on the table, without invalidating the bullish case scenario.

Bitcoin Community Reacts Sharply to Satoshi Nakamoto Identity Hoax

This week, cryptographer Craig Wright outed himself as the mysterious Satoshi Nakamoto, causing a stir in the Bitcoin community. In a secret meeting in London, Jon Matonis, Gavin Andresen and three media organizations, the BBC, GQ and the Economist, confirmed Craig possessed control over keys to addresses in Block 9, linked to the earliest block. Subsequently, both Jon and Gavin blogged that indeed, Craig was Satoshi.
The Bitcoin community lashed out at the claim, declaring the only proof that mattered was moving the coins contained in the genesis Block 0. Craig agreed to perform this ask to the BBC, but, pulled out at the last minute. He went on to post a public apology letter, declaring he would retire quietly.

The price was rather unfazed by the potential implications of access to 7% of the Bitcoin supply.

State of New York Approves Gemini to Trade Ether

Together with the Governor of New York, the Winklevoss twins, founders and investors of Gemini Trust Company, announced their exchange was approved for the trading of Ether.

It is the first consent by the NY Department of Financial Services for digital currency trading besides bitcoin. Gemini currently only conducts bitcoin trading, and Ether trading began on Monday, May. 9.

Speaking on the need for compliance, Tyler and Cameron said:

“It’s pretty clear that in the U.S. if you’re an exchange, you are required at the minimum a money transmission license in each state. Anybody who’s operating an ether exchange [and] doesn’t have a license and [sic] is on borrowed time.”

Coinbase and Ripple Edge Closer to securing New York Licenses

Reuters ran an exclusive on bitcoin company, Coinbase, and payment firm, Ripple.

According to unnamed sources, the two companies based out of San Francisco are close to securing a BitLicense from the NY Department of Financial Services after their applications were received on Apr. 28.

The coveted BitLicense, rolled out in 2015 in response to a growing number of digital currency businesses, is aimed at consumer protection and anti-money laundering checks.

A spokesman from Ripple said, “We are committed to being fully compliant with all state and federal laws and applied for the license to ensure we remain so.”


Images courtesy of BitcoinAverage, Ward Aguilar Financial, Inc.

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BitcoinAverage: Craig Wright Can’t Keep Bitcoin Down For Long

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Kvě 01

Bitcoin Price Blunders, Suffers $15 Decline

Source: bitcoin

bitcoin

The bitcoin price has fallen… Probably not in the same manner as Olympus or London, but it has seemingly taken a trip down south to the $453 range at press time, equaling a $15 drop since our previous price study.

Also read: Bitcoin Price Inches Towards $470, Will $500 be Next?

Bitcoin Price Takes A Dive, But Should We Be Worried?

Some may take this as a time to panic; that reaction may be premature. Things can appear scary at first, and we’re likely to be reminded of the troublesome year that was 2015 and bitcoin’s previous drop in 2014 from $1,000 to $600, but there’s not enough evidence to suggest such a drop is coming again. Bitcoin is still holding its ground, and as we’ve seen in the past, bitcoin’s price is only as good as its publicity.

Previously, discussions of bitcoin’s integration with Steam and the hype surrounding Segregated Witness meandered through Internet chat boxes, and they haven’t disappeared. People are still talking, and the news is still considered a high-mark in bitcoin’s controversial, but unique career.

One thing to consider, however, is the heavy drop experienced by ether last month. Thought to be one of the digital world’s more prominent altcoins, ether could likely have a larger hand in the cryptocurrency arena than we think. Cryptocurrencies are often interwoven; they utilize the same technology, and can bring each other directly to the top, or down to the lowest common denominator depending on the circumstances. It’s hard to say for sure if ether’s status is affecting that of bitcoin’s. Ether’s misfortune was first witnessed in March while bitcoin has endured an exciting few weeks, but it’s not something we can rule out entirely.

Others are being quite hard on Bitcoin, predicting a massive drop that will likely bring it down to the bottom rung (some say $300) before it begins any further escalation. As we’ve all seen in the past, this can happen at virtually any point in time. Cryptocurrencies, for the most part, are like stocks — they’re unpredictable and depend greatly on outside market influence to sustain flow, wealth and stamina.

But there is some good news to consider. Even if bitcoin were to experience a rapid decline shortly, we could expect things to return to their “bullish” ways by mid-summer. Through the aid of Bitstamp, interest in bitcoin is expected to rise heavily in Europe, and with an entire continent ogling digital currency and eager to get in on the action, we’re likely to witness bitcoin’s price spike again within just a few months.

So let’s not get scared right away. This is merely a minor stumble in a long trek up the financial Everest, and bitcoin hasn’t sprained any ankles as of yet.

Do you predict further falls in bitcoin’s future, or will it pick itself back up soon? Post your comments below!


 

Images courtesy of Dentons, bitcoindoc.com

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Bitcoin Price Blunders, Suffers Decline

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Dub 23

Bitcoin Price Enjoys An Impressive Jump, Will it Endure?

Source: bitcoin

Bitcoin Price Enjoys An Impressive Jump, Will it Endure?

In our previous look at the bitcoin price, we observed that everybody’s favorite coin had hit a barricade in its attempts to reach the top. The price was being described as stagnant, and everyone began wondering if Bitcoin had found itself a nice little hole to lay in for the time being before continuing its trek to the final point of the financial mountain.

Also read: Bitcoin Price: Stagnant or Satisfactory?

The Bitcoin Price Rollercoaster Returns

But just when we all thought things weren’t likely to change from here, bitcoin has pulled a trick from its sleeve and surprised us once again. At press time, the price of bitcoin is equal to about $443, a jump of nearly $13 since our last publishing, and everyone is taking notice.

Such a rise hasn’t been witnessed in some time, so what’s behind it all? Some claim the ongoing negative hype consistently surrounding bitcoin may be dying down. No doubt several of us still read about digital currency in the news and think to ourselves, “I could never get involved in something so dangerous” (things like last week’s hacking of digital exchange ShapeShift don’t help when it comes to changing perspectives). As time has gone by, however, the idea that bitcoin is somehow a nasty seed that harvests criminals and financial abusers has been disproved through the efficiency and safety of the blockchain.

The technology witnessed in the blockchain can be labeled as near-perfect in the sense that it prevents problems one might encounter in a traditional banking world, such as statement fraud, from ever occurring. Transactions are recorded in real-time through a ledger system that’s nearly impossible to be tampered with by a single hand. As more have come to terms with this idea, our mutual trust of bitcoin and its respective technology has also grown.

Now the time is arriving where people are beginning to look at bitcoin as more stable than gold. It’s a day that many investors likely never thought would come, but now the day appears nearer than ever. Presently, the bitcoin industry is estimated to possess a value of approximately $6.6 billion. Of course, gold still stands in the high $100-$200 billion range, but the bitcoin industry is clearly marked with the word “billion” in its description. That’s “billion” with a “b.” Not an “m,” and things can only get stronger from here.

So if bitcoin still has you worried, the time to overcome your fear is now, before the price gets too high and you find yourself unable to join in all the fun.

How high will the bitcoin price get? Do you predict another massive rise? Post your comments below!


 

Image credit: Insidebitcoins.com

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Bitcoin Price Enjoys An Impressive Jump, Will it Endure?

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