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Bitcoin Ready to Explode, According to This Key Metric – CCN.com

February 19, 2020 | Author: admin

The highly-anticipated bitcoin halving is months away and many traders are still undecided whether the event is priced in or not.

To provide some context, the top cryptocurrency is up by over 50% from the 2019 bottom. In the previous two halvings, bitcoin soared by at least 2,902%. Its very unlikely that the reduction of mining rewards by half is priced in.

The hype over the halving is accelerating as Google Trends data reveal that the topic is just starting to gain traction.

The correlation between cryptocurrency investor attention and bitcoin price action has been well-documented. A study showed that Google Trends data as a proxy for investor attention is a strong predictor of bitcoins performance. The explosion of the search term bitcoin halving indicates that many may just be beginning to learn the concept.

A look at the Google Trends chart indicates that the term bitcoin halving struggled to go above the interest level of 32 for about a year. The struggle ended in December 2019 when interest on the term began to spike. Interestingly, bitcoin recorded its 2019 bottom in the same month. It could be said that the halving narrative is one of the catalysts of the current bull market.

Also, it appears that Google is projecting that the term bitcoin halving is about to hit peak popularity (interest level of 100). This comes at a time when bitcoins price is consolidating under $10,000.

This is not the first time that the term bitcoin halving experienced a massive surge. In 2016, the search term also skyrocketed and hit peak popularity a week after bitcoin rewards halved for the second time.

The Google Trend score just crossed a value of 50, which means that the term is half as popular as it was in 2016. To say that the narrative is already priced in would likely be inaccurate.

In addition, analysts are expecting demand to soar as the halving generates media attention. Bitcoin bull Bobby Lee said,

The halving event will generate a lot of attention and hype in the mainstream financial media, which will dramatically increase demand.

Crypto Michal shares the same view. The trader believes that the fear of missing out will kick in and rise as we approach the much-anticipated event.

These sentiments are aligned with Tom Lees prediction that bitcoin will soar by 190% in six months.

It appears that the halving may act as rocket fuel for the top cryptocurrency. Were starting to actually see its effect as speculators position in anticipation of the bullish event.

The above should not be considered trading advice from CCN.com. The writer owns bitcoin and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.

This article was edited by Sam Bourgi.

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3 Reasons Why Running a Bitcoin Node Is Easier Than You Think – Bitcoinist

February 19, 2020 | Author: admin

If youre a true believer in Bitcoin and you want to see it succeed, you can help strengthen the network by running a full node. It may sound intimidating if youre not a programmer but its actually a lot easier than you think. Heres why.

Running a full node is not like mining bitcoins. You dont need to spend $3,000 on an ASIC Antminer S9. You also dont need to have an abundance of cheap power or even an excessively powerful device.

Unlike mining, running a full node wont take up much of your electricity. It also wont place anywhere near as much strain on your equipment. Contrary to popular belief, you dont actually need to keep your computer on all the time (although the longer the better). A minimum of six hours a day is required.

Lets be clear. You cant run a full node from your mobile phone or travel laptop. There are certain requirements youll need to meet otherwise youll just run into a myriad of performance and cost issues.

But if you have a decent piece of kit already thats running a recent version of Windows, Mac OS X, or Linux, youll only need 200GB of free disk space and 2GB of memory (RAM). This can be either a desktop or a laptop as long as it meets these specs.

You will also need an unmetered, high-speed internet connection, which many providers offer today. Although, be sure to check your internet plan first to make sure that excess upload bandwidth is included.

If your internet is spotty or youre barely able to stream Netflix, running a full node is probably not for you at this time.

Once youve checked with your internet provider and ensured that your equipment meets the minimum requirements, all you need to do is the latest Bitcoin core client version and run it.

Keep in mind that this may take some time. The Bitcoin blockchain is now over 260GB in size, so be patient while your node synchronizes.

If youre not tech-savvy in the slightest, it may be a good idea to call for some help in the beginning. While you certainly dont need a degree in computer science to contribute to making the network more robust and decentralized, you may encounter some issues.

For example, the Bitcoin blockchain contains parts of known computer viruses in it. Dont be alarmed, these cant infect your computer. But your anti-virus program may interfere and quarantine the data making it difficult to run Bitcoin Core.

This is generally a Windows problem and you can reach out to the community for assistance. Make sure that whoever helps you is qualified and reputable before taking their advice.

Running a full node isnt for everyone. But if youve been in the space for some time and want to help the network while also enjoying greater privacy, nows as good a time as any.

Did you find this helpful? Let us know in the comment section below!

Images via Shutterstock, Chart by Blockchain.info

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Bitcoin to See a Massive Trend-Defining Movement Because of This Simple Pattern – newsBTC

February 19, 2020 | Author: admin

Following yesterday selloff that sent Bitcoin down to lows of $9,500, the cryptocurrencys buyers have been able to absorb the intense selling pressure and push BTC higher, with it finding some decent stability within the upper-$9,000 region.

In the near-term, BTC does appear to be entering another fresh uptrend, as it is currently in the process of retesting the $10,000 region.

It is important to note that the benchmark cryptocurrency has also been trading within a descending channel, with its ultimate reaction to this pattern likely setting the tone for how it will trend in the weeks and months ahead.

At the time of writing, Bitcoin is trading up 3% at its current price of $9,950, which marks a notable upwards movement from the consolidation phase it had been caught within around $9,600.

BTCs recent break below $10,000 had led many analysts to believe that the cryptos bullish market structure was on the cusp of being invalidated, but its signs of bullishness in the time since this drop occured seems to have invalidated this bearish sentiment.

Whether or not the crypto continues climbing higher or starts seeing intense bearishness could depend on how a descending channel it is currently caught within resolves.

Teddy, a popular cryptocurrency analyst and trader, spoke about this in a recent tweet, explaining that a bullish breakout could validate it as a bull flag, whereas a break below could spark a bout of capitulation.

BTC: Crucial moment right now, as a bounce or break below this level will define where the trend will go in the mid-term. 1. Is this a bull flag? break small down channel and continue uptrend? 2. Break below, and build greater down channel?

While looking at the aforementioned pattern, it is important to note that this isnt the first time that that Bitcoin has found itself caught within a similar descending channel, with the same pattern previously resulting in notable uptrends.

BTC: Price did indeed repeat pattern: 1. Rising wedge 2. Strong rejection from resistance 3. Break support 4. Make everyone freakout 5. Retest previous resistance as support (as we speak)and hopefully 5. Bounce to Pluto, he explained.

If this pattern does resolve in a sustained bull-favoring movement, it is highly probable that it will once again fly past $10,000 and potentially set fresh year-to-date highs.

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Bitcoin Price Zooms Past $10,200 But Are We Really Done With The Downside? – Coingape

February 19, 2020 | Author: admin

Bitcoin bullish scenario is back following the return above $10,000. For several days after the rejection from $10,500, Bitcoin bulls got battered in the confines of a descending channel. Losses extended to lows around $9,000 before giving way to a bullish reversal mainly on Monday and Tuesday this week.

The American session saw the bulls intensify their influence on the price. The uptrend mainly boosted by the impact of breaking out of a falling channel as well as the seller congestion zone at $9,800. The bullish action did not, however, stall above $10,000. The bulls pulled the price above $10,200 for the first time since Saturday. A weekly high has been established at $10,297 but the price has since adjusted to $10,130 (market value).

The technical levels regarding the largest traded asset in the industry have started turning bearish in the short term. For instance, the RSI is pointing south after the momentum in the overbought region faded. The downtrend is reflective of the slide from the weekly high currently seeking support at the 61.8% Fibo taken between the last swing high of $10,522 to a swing low of $9,468.

The momentum indicator in the hourly timeframe points towards increasing seller influence in the near term. If Bitcoin fails to regain momentum above $10,200, there is a chance that it could drop to test $10,000 (50% Fibonacci level). Otherwise many buyers are hoping to buy lower close to $10,000, a move that could see BTC/USD soar towards $10,500.

Spot rate: $10,130

Relative change: -57

Percentage change: -0.57

Trend: Bearish

Resistance: $10,200 and $10,500

Support: $10,000 and $9,800

Summary

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Bitcoin Price Zooms Past $10,200 But Are We Done With The Downside?

Description

Bitcoin revives the uptrend with a jump past $10,200 for the first time since Saturday.The rejection at the weekly highs calls the bears back in action as BTC/USD starts to spiral.

Author

John Isige

Publisher Name

Coingape

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3 Things You Need To Be A Successful Bitcoin HODLer – Bitcoinist

February 19, 2020 | Author: admin

Bitcoin blogger Sylvain Saurel has published a thoughtful piece on essential qualities to being a True Bitcoiner. Although insightful, there are other factors that should be considered when choosing to invest in and hold the flagship cryptocurrency.

The decentralized architecture of blockchain technology is revolutionary, yet it is also complex. It carries with it significant risks for those that do not fully grasp its function. Seemingly simple tasks such as setting up wallets and sending transactions can result in catastrophe if not performed correctly.

Before purchasing Bitcoin, time should be invested in learning the ins and outs of blockchain technology. Its history, functionality, and shortcomings should be thoroughly studied. Research should also be performed on competing platforms. New adopters should put effort into learning about the major exchanges, wallets, and procedures for secure storage. They should also learn the meanings behind common terms such as proof-of-work and block time.

Virtually all unexpected crypto loss is due to easily avoidable user errors caused by a lack of technical knowledge. These often include lost keys, or using exchanges to store funds. Avoiding loss thus requires understanding and respecting the inner workings of blockchain platforms.

Given the revolutionary nature of distributed ledger technology, a healthy dose of skepticism is a must. Wild claims of easy profits are all but certain to be scams. Also, exchanges and wallets should be thoroughly reviewed by trusted sources before use.

This attitude should also be coupled with a conservative and reasonable investment approach. The most successful crypto investors over the past ten years have been those that have avoided exceedingly risky platforms or services. Rather, they have merely added to their crypto portfolio on a regular basis and kept their keys securely in their own wallets. It is worth noting that taking such a simple approach would have been remarkably profitable for almost every part of the past ten years.

The blockchain space is rapidly evolving technically, legally, and socially. All holders should routinely follow news and developments without exception. Platforms change, wallets update, and exchanges come and go. Staying updated in this environment is thus critical to keeping funds safe.

Following legal and regulatory developments is especially crucial, as governments are now taking a much closer look at blockchain assets. Some are requiring cryptocurrencies to be reported on tax forms. Others are seeking to squelch blockchain adoption. These issues are extremely relevant to anyone that has an investment in Bitcoin.

A key takeaway from the lessons of proper Bitcoin holding is that a sensible, traditional approach is the best means to keep funds safe. No investment should ever be made without careful study and security rests on being mature and vigilant.

What do you think are the most important qualities for becoming a bitcoin hodler? Share your thoughts in the comments below!

Image via Shutterstock

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Bitcoin [BTC] Forms Key Bullish Pattern That Doubled BTCs Value; Possible Run To $20K? – Coingape

February 19, 2020 | Author: admin

The year is starting off bullish in the BTC market as the top crypto crossed over the $10,000 psychological mark on Monday to trade at $10,160 USD on major exchanges. The sudden spike in price from sub- $10K levels, formed a bullish technical indicator on the weekly charts that saw the price double last time it formed in Aril 2019.

Could the price of BTC be headed to $20,000 this time too?

It has been a glorious opening of the year and it looks set to be better in the coming weeks as a golden cross forms on the weekly charts of BTC. The pattern is a key bullish indicator that has correctly predicted BTCs 2019 boost to $13,800 USD from $4,000 USD, which represents a 240% increase at the height of the boom.

Despite growing less and less consequential, the weekly MA golden cross gives a signal of an upcoming market in the coming weeks if buy trading volumes see set on a spike. Furthermore, the natural supply cut on BTCs protocol is on schedule to occur in May further increasing demand for BTC in the coming weeks.

The long term technical indicators on BTC/USD weekly charts signals a bullish trend on the pioneer coin in the near future as price test the resistance provided by the upper Bollinger band. The relative strength index is also in the buying zone, oscillating in a bullish trajectory at 61.

Looking at the golden crosses that triggered BTCs rallies in the past, whereby the price grew by 20,500%, 6,750%, and 250% respectively, a full confirmation of the pattern may set the price ablaze past all-time highs at $20,000 USD, with some analysts predicting a $26,000 top by the end of 2020.

Summary

Article Name

Bitcoin [BTC] Forms Key Bullish Pattern That Doubled BTCs Value; Possible Run To $20K?

Description

Bitcoin (BTC) forms a golden cross on the weekly charts as the price boosts past $10,200 USD.Given the bullish signals, can BTC bulls set the price to double its value past, crossing its all-time high (ATH) at $20 K USD.

Author

Lujan Odera

Publisher Name

CoinGape

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Bitcoin back to $10K Proves the Bulls Still in Command – FXStreet

February 19, 2020 | Author: admin

Bitcoin (+2.28%) is again above $10K, after 12 hours of buying strength that moved its price from $9,700 up to close to $10,300. The rest of the sector also behaved strong, led by Ethereum (+4.38%), which was seen again above $280. Among the best performers are Tezos (+5.91%), Algo(+5.4%), and Icon (+11.9%). The best Ethereum token performer is MKR (+10.35%), reaching the $673 level. Also, CENNZ(+10,6%) and NJ(+7.55%) continue moving strongly.

The market cap of the crypto sector continued growing and now is $293.238, a 3.8% growth. The traded volume descended to $60 billion in the last 24 hours, which is close to 12 percent less than in the previous session. The dominance of Bitcoin remained stable at 62.57 percent.

SEC Commissioner Hester Peirce proposed to give a three-year period to token projects before applying the current security laws to it, as a way to help the project adequately evolve. Although this proposal seems to please the sector, and even consider it necessary, there are many unanswered issues with this proposition, including what happens with the project regarded as immature. And the definition of what does it mean network maturity. Her proposal could be applied without the need for an act of Congress, but a majority of the SEC commissioners would need to sign on, and that is not yet clear.

"The next step is to get people to rip it apart and tell me what I did right, tell me what I got wrong," said Hester Pierce.

After touching several times the lower side of the ascending channel and making several small- bodied bottoming candles, Bitcoin had 12 hours of strong push that sent its price back above $10K, precisely to $10,275, from where it was rejected. Currently, it is pulling back slightly, but now BTC is back above its 50-period SMA and also above its +1SD Bollinger line. $10,050 is acting as support of the price, which is, too, the current level of its 50-P SMA.

Support

Pivot Point

Resistance

9,860

10,050

10,300

9,720

10,500

9,500

10,700

Ripple had a modest push up to the $0.3 level, from which it was rejected and now is close to the $0.29 level. The price has moved to the upper side of the Bollinger bands, and above the ascending trendline, while its MACD still is in a bullish phase.

We still consider the current action as bullish since, added to the technical factors in favor of it, the whole sector is bullish and highly correlated. The level to keep an eye on is $0.28. A drop below it would send XRP to test the $0.26 again.

Support

Pivot Point

Resistance

0.2830

0.2900

0.3000

0.2740

0.3150

0.2660

0.3380

Ethereum bounced strongly from its $249 level following several failed attempts to break the ascending trendline. The price moved up to near the $290 and now is pulling back to $275. The price still moves near its +1SD Bollinger line and touching the $275 support. The upward trend is strong; thus, we think it will soon resume its upward movement towards the $300 level.

Support

Pivot Point

Resistance

263

275

290

249

303

240

316

Litecoin moved up above the support area and, after being rejected by the $78.4 level is ranging above $75.7. The price is moving close to its +1SD Bollinger line, and the MACD is bullish. Also, considering the overall bullishness of the crypto market, we think Litecoin should continue moving up and test its $83.5 level again.

Support

Pivot Point

Resistance

73

75.7

78.4

71.3

83.5

69

90

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Real Bitcoin volume is exploding as seen in Bakkt, fueling the crypto rally – CryptoSlate

February 19, 2020 | Author: admin

The daily volume of the Bakkt Bitcoin futures market has been on a consistent rise since mid-January. Despite the criticism of the recent rally by some investors who call it an attempt at manipulation, data shows that real volume is on the rise.

When volume rises in tandem with the market, it often indicates that the upsurge is backed with strong momentum.

As the Bitcoin price climbed from the $8,000s to $10,500, the daily volume of Bakkt gradually rose from around $10 million to $24 million.

The increase in the volume of Bakkt, as well as other strictly regulated futures platforms including CME Group, show that the demand for Bitcoin from both retail and accredited investors is rising.

Although most of the volume in the cryptocurrency market when the bitcoin rally was just getting started came from margin trading platforms in the likes of BitMEX, over time, spot and futures volume grew.

The expansion of legitimate volume in the cryptocurrency market provided both Bitcoin and altcoins such as Ethereum with a more solid footing to resume a bullish market structure.

In the short-term, traders remain divided on the price trend of Bitcoin. The volume of the dominant cryptocurrency is increasing, and technical indicators like the golden cross of the exponential moving average (EMA) show more upside potential for BTC.

In the past 24 hours, the entire cryptocurrency market has consolidated following a major rally on February 15.

One cryptocurrency trader said:

And so, weve bounced on the green area around $9,450-9,500. That was heavily needed. We could still see a period of relative calm movements, before were either attacking the highs at $10,400 or the lows at $9,500.

With the market structure for Bitcoin and for other major cryptocurrencies like Ethereum seemingly optimistic at a macro level, volumes across the board are expected to continue rising as the block reward halving approaches in April.

Both Bitcoin and Ethereum, which have been leading the market upsurge throughout February, have been demonstrating an extended rally with frequent pullbacks.

Minor corrections allow the market to healthily maintain its momentum without risking a significant downturn in the near-term. It also brings stability into the market, preventing abrupt instances of heightened volatility that often results in a cascade of long or short liquidations.

Bitcoin, currently ranked #1 by market cap, is up 0.82% over the past 24 hours. BTC has a market cap of $177.05B with a 24 hour volume of $42.96B.

Chart by CryptoCompare

Bitcoin is up 0.82% over the past 24 hours.

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How Bitcoin Is Used by Activists and Refugees to Promote Human Rights – CoinDesk

February 19, 2020 | Author: admin

CoinDesk reporter Leigh Cuen is joined by the Human Rights Foundations Alex Gladstein and Syrian entrepreneur Moe Ghashim to discuss how cultural context shapes the way people view bitcoin, including stories from the Middle East.

Many bitcoiners see cryptocurrency as a cypherpunk tool that enhances personal freedoms, with cypherpunk meaning using privacy tech to promote social change. There are diverse users around the world gaining this type of value from bitcoin, but they rarely give interviews or are seen on stage at conferences.

Later well explore the risks of governments impacting the bitcoin ecosystem, through regulatory enforcement, censorship and market manipulation. Then well dive into what everyone can do to enhance bitcoins usability through education.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Heres Why Bitcoin Bulls Need To Be Very Careful Here: A Big Pullback Is Still Possible – newsBTC

February 19, 2020 | Author: admin

Bitcoin declined to a new weekly low at $9,483 before recovering against the US Dollar. BTC is back above $9,700, but it is still trading below a few key hurdles ($9,950 and $10,000).

Yesterday, there was a downside extension in bitcoin price below the $9,600 support against the US Dollar. BTC price even spiked below the $9,500 level and settled well below the 100 hourly simple moving average.

Finally, the price traded to a new weekly low at $9,483 before starting an upside correction. It recovered above the $9,500 and $9,600 levels to start the current recovery wave.

More importantly, there was a break above a key declining channel with resistance near $9,730 on the hourly chart of the BTC/USD pair. Besides, bitcoin price climbed above the 23.6% Fib retracement level of the downward move from the $10,400 high to $9,483 low.

Bitcoin Price

The price is now showing a few positive signs above the $9,700 area and it could continue to recover. However, there are a few key hurdles on the upside near the $9,940 and $10,000 levels.

The 50% Fib retracement level of the downward move from the $10,400 high to $9,483 low is close to $9,940 to act as the first major resistance. The main resistance is near $10,000 since it is near the 100 hourly simple moving average.

Therefore, a successful break above $9,940 and then a follow up move above the $10,000 handle is needed to start a fresh and renewed uptrend. In the mentioned case, the price could revisit the $10,500 resistance area.

There are chances that bitcoin bulls struggle near $9,940 and $10,000. If they fail to gain strength above $10,000, the price may perhaps resume its decline.

On the downside, the first support is seen near the $9,600 and $9,500 levels. Any further losses might open the doors for a larger downside correction towards $9,000.

Technical indicators:

Hourly MACD The MACD is slowly losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is now back above the 50 level.

Major Support Levels $9,600 followed by $9,500.

Major Resistance Levels $9,940, $10,000 and $10,100.

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