Connect with us
CLOSE

Bitcoin News

Are BTC And Other Altcoins Bearish After The New Drop?

Published

on

btc price rebounded

Yesterday, we saw how the bears managed to pull BTC back in the $8,000 region and how the most dominant cryptocurrency fell compared to its previous performance. The Bitcoin news updates showed a loss of momentum, which is why many analysts wonder: Are BTC and other altcoins going even lower in the future?

This is a question that everyone can ask themselves right now. The truth is, Bitcoin (BTC) went from $9,200 to $8,650 and caused the market sentiment to shift in a major way – going from greed to fear once again. This was a correction which came after one of the biggest surges in history of Bitcoin, making the sentiment curious.

So, are BTC and the other coins retracing back to their previous regions?

The truth is, no one knows. The technical indicators show that Bitcoin lost the 200-day moving average (MA) which is a key indicator for a lot of traders and investors relying on it to determine the bear and bull market cycles.

BTC is finding support for the time being but the 200-day MA was lost by the recent correction, causing the entire sentiment to shift from greed to fear. The reasoning for this comes from the historical data which shows that Bitcoin never dropped below this indicator in the previous (but recent) bear market cycles (from 2016 to 2017, for example).

For those of you who wonder and ask “are BTC and other coins going to rise soon,” we can say that the past performance is never a guarantee of future results. That said, the indicators are still forming and this may be a beginning of a bull market cycle. In other words, the price still has to find decent support on the EMAs/MAs which can become the leading indicators in the near future.

When seeing the latest cryptonews and charts, one can notice that the price moved towards important horizontal support and one of the few areas that it must hold in order to sustain a bull market. Speaking of, the price has been moving in a downward channel since its top in June, meaning that it is bearish in the near term but still up by around 187% since December 2018.

Right now, it is essential that the green zone around $8,800 withholds as support and performs as a backtest of BTC.

 

 

 

 

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Continue Reading
Comments

Bitcoin News

Bitcoin Lightning Solves The Speed Issue But Can’t Escape Fraudsters

Published

on

By

Bitcoin lightning solves
Bitcoin lightning does solve the speed issue that Bitcoin has but according to a new study, the lightning cannot really escape the fraudsters as we are about to read more in the lightning bitcoin news below. Lightning bitcoin has the strong potential to become a popular way of making payments and remittances but somehow people are getting disappointed at this front still. Bitcoin payments just never caught on with the wider masses while the usage of Fiat-based person-to-person payment tools such as Square Cash exploded. The new lightning bitcoin layer sparked the dream of bitcoin being accepted as a medium of exchange and although the Bitcoin lightning solves the speed issue, it was always prickly to use. Some users even choose other lightning applications such as Strike’s Zap that aims to popularize BTC payments by making the lightning more user-friendly. The goal behind Strike is to create a fiat-based payments app such as Venmo but with payments being conducted in Bitcoin. The Hybrid-fiat bitcoin payments app is a great idea but connecting fiat with bitcoin will involve challenges. The bitcoin network is open to everyone and is censorship resistant so it will allow for pseudonymous usage. This feature will cause a lot of issues that regular payment platforms such as Venmo or Square Cash don’t have to worry about. We still need to wait and see whether hybrid-fiat bitcoin platforms will be able to connect with two systems in a form that still is attractive for the mainstream user base. Writing a transaction to bitcoin’s core takes time and it has to be broadcast to the network and confirmed by miners and also a processing fee has to be paid. This fee can get expensive and the users don’t want that plus they will also have to wait. The delays and fees will put off mainstream users so the lightning bitcoin can help the regular people be more comfortable with bitcoin payments in the future. Lightning doesn’t solve the roller coaster problem that Bitcoin has and new users outline this as a major problem why they will never hold Bitcoin again. Strike tries to solve this issue by letting people load funds onto an app but when they make a payment, they will be routed to the recipient via lightning bitcoin.
`
Continue Reading

Bitcoin News

BTC Price Rebounded But $10,000 Is Still A Major Obstacle

Published

on

By

btc price rebounded
This Monday, the latest cryptocurrencies news show that all of the tokens in the top 10 are in the red and bleeding. Even though the losses are not that big, the BTC price rebounded and found that the $10,000 level is hard to breach through. Compared to the price action of the previous two weeks, this weekend has been relatively relaxed for Bitcoin traders. On Saturday, we saw the price come as close as $9,990 before pulling back to $9,794 and then meeting the resistance at $9,900. On the 6-hour timeframe, the volume profile visible range (VPVR) shows that the price rejected at the high volume node at $9,883 but at the same time, we can see that the purchasing volume is beginning to outpace the selling volume. The BTC price rebounded and despite its inability to hold above $9,900, it painted higher lows and the price is holding wel above the 20-MA now. In other words, a high volume surge in the Bitcoin news now could easily push the price to the upper Bollinger band arm at $10,126 but Bitcoin would still have some challenges ahead. If the cryptocurrency can hold the $9,850 support and push above $9,883, we could see the price rising to $10,200 as it is currently sandwiched between VPVR nodes at $10,210 and $9,892, accordingly. An earlier analysis by an analyst named Keith Waring explained that $10,000 is not that important level now when considering that a significant resistance at $10,300 awaits. The analyst also noted that even though the BTC price rebounds again, the current setup strengthens the probability of the price retaking the $10,000 mark. Moreover, the CME close at $9,740 on February 21 means traders believing in the CME gap narrative will hold their powder with the expectation of the price revisiting the gap. Meanwhile, the crypto analyst Michael van de Poppe took a more bullish point of view and tweeted the above chart, stating:
“Retest done. As long as this level remains support, I'm expecting continuation towards $11,000 / $11,600.”
https://twitter.com/CryptoMichNL/status/1231579499449503746?s=20 While the BTC price rebounded this weekend, now it continues to push along the descending trend line at $9,989. A break above this trend line would put the price above the VPVR high volume node and closer to the 61.8% Fibonacci retracement. This would also strengthen the possibility of Bitcoin taking out the previous daily high at $10,250.
`
Continue Reading

Altcoin News

Turkey Is Becoming One Of The Best Locations For Blockchain And Crypto

Published

on

By

turkey is
The country of Turkey is making huge strides towards becoming one of the best locations for blockchain and cryptocurrency adoption. The latest cryptocurrency news show that this is a nation that has often been seen as a key strategic partner to the world's biggest and most influential countries mainly because of its positioning between east and west. These are some of the reasons why Turkey is becoming the central hub for this nascent industry. What's very interesting is that the country had its inflation levels at 25% as of October 2018, shortly after the US sanctions crippled an already struggling Turkish economy which failed to recover from the 2016 coup attempt. All of this coupled with the low interest rates and an upcoming debt crisis led to a hugely volatile lira which is forcing Turks to look elsewhere to generate profits. A bright ray of opportunity is now presented as Turkey is settling in a prime position to capitalize on its passion and enthusiasm for the technology. In fact, 2020 is set to be the year that catapults the Turkish ambitions onto the global stage. Later this year, reports show that Turkey is expected to launch a digital lira dubbed "Turkcoin" while the Capital Markets Board is set to provide clear regulation of cryptocurrencies, offering a safe and regulated environment to launch and incubate projects. The research made by ING also found that Turkish people are already using and investing in cryptocurrencies more than people from any other country in Europe. The Turks apparently have a strong relationship with cryptocurrencies and an enthusiasm about using them. According to the survey in the blockchain news, Turkey is helping drive the adoption of both cryptocurrencies and their underlying blockchain technology. Turkish people also reported very positively towards cryptocurrencies - even 62% of them are positive about the future use of crypto. This compares to 24% of Brits and 20% of Germans and is double the 31% recorded for the United States citizens' attitude towards this technology. In addition to this, when asked if traditional banks should offer current accounts in crypto, a massive 63% of Turkish people agreed which is three times the number of Brits who felt the same way.  
`
Continue Reading

Bitcoin News

BTC Price Bull Run May Last 1,000 Days, 2020 Is Best Average Year

Published

on

By

btc price bull run
Bitcoin is now worth more in 2020 than any other year it has existed. This fact coupled with historical data suggests that the price of the leading coin will continue climbing for another 19 months. The data uploaded to Twitter by the fund partner James Todaro on February 21 shows that this BTC price bull run may last 1,000 days and in terms of volume-weighted average price, 2020 is the best year ever. https://twitter.com/JamesTodaroMD/status/1230935168715776000 The volume-weighted average is an indicator in the Bitcoin news which calculates the Bitcoin price over a certain period as a ratio on the basis of trading. For 2020, the average for BTC/USD is $9,120 as per Todaro's calculations. This is way higher than even 2017 when the pair reached its current all time high of $20,000. For that year, the volume-weighted average was $6,125. Curiously, this metric produces a higher value for 2018 despite this being the year when Bitcoin spent a lot of time in a near-constant bear market, bottoming out at $3,100. As we can see, 2018's average was $7,657. The BTC price bull run is expected by many who have been in trouble of making gains over the past years. 2019, for instance, was much more successful in terms of spot price but the Bitcoin volume-weighted average was a shade lower than in 2018.
“It strongly suggests that most of the money that moved into bitcoin in previous years would have profited in USD if they held bitcoin to present date,” Todaro commented when evaluating the findings.
Looking ahead, a BTC price bull run may also trigger the altcoin news and alternative currencies to rise. And data from previous bull runs paints an encouraging picture for the next year and a half. When analyzing the Bitcoin bull cycles, the investor and trader known as CryptoKea claimed that their length suggests that BTC will keep growing for around 570 days. Despite the fact that the markets dropped 8% last week, 2020 has been a good year for Bitcoin in terms of strength. Year to date, the BTC price bull run gains have produced 35% profits for investors. https://twitter.com/CryptoKea/status/1230925037026381826
“During the last two #Bitcoin bull cycles, price bottoms and tops fluctuated around halving dates in an almost equal ratio,” CryptoKea explained. “If this relationship were to hold true, we still have more than 570 days of bull market ahead of us, with a cycle top coming in around Sep 2021.”
`
Continue Reading

Newsletter

For Updates & Exclusive Offers
enter your email below





NEWS CATEGORIES

ADVERTISEMENT

cryptocurrency review
FO5F93F47156 - Are BTC And Other Altcoins Bearish After The New Drop?

ADVERTISEMENT

Medium Rectangle 300 200 2 Animated - Are BTC And Other Altcoins Bearish After The New Drop?

ADVERTISEMENT

oasistrade banner

ADVERTISEMENT

300 250 - Are BTC And Other Altcoins Bearish After The New Drop?
FO710FC3F2305 1 - Are BTC And Other Altcoins Bearish After The New Drop?

ADVERTISEMENT

300 600 3 - Are BTC And Other Altcoins Bearish After The New Drop?

Trending Worldwide