Connect with us
  • Start here
  • Bitcoin Charts & More
  • Submit PR
CLOSE

Analysis

Bitcoin Falls To $6,300, Recording Two Sell Candles On Its Daily Chart

Published

on

The price of Bitcoin is in the digital currency news again, this time for bleeding and falling to the $6,300 margin – after many expected a new bullish run. Over the past 24 hours, the most dominant cryptocurrency suffered from two consecutive sell candles on the daily chart.

Even though the daily trading volume of BTC still remains above the $4.4 billion mark and is up more than 46% from earlier this month, Bitcoin is really struggling to sustain momentum and break through the $6,500 price margin. It has been in the mid-$6,000 region for quite some time now.

In the short term, analysts expect Bitcoin to retest the $6,200 region or bounce above the $6,450. However, a major breakout to $7,000 within the next days is still not expected mostly because of the stability in the crypto market.

As the popular analyst and managing partner at UTR named Thies wrote:

Bitcoin has been bleed out out from the $6,500 mark since November 8th. Throughout the past three months (since August 9th), it has demonstrated stability in the mid-$6,000 region but in the past two weeks has tried to retest the support levels below the $6,300 mark several times due to the high sell pressure.

As one technical analyst explained, even the low market cap altcoins started showing a lack of correlation with Bitcoin, mostly because of the poor market conditions. He wrote:

“High cap alternative cryptocurrencies starting to look bearish and not enough low caps are decoupling with BTC. This is by no means an ‘alt season.’ Better setups will likely come on 90% of alts out there, don’t rush into trades right now.”

If Bitcoin drops below the $6,300 mark and makes its way to $6,100, tokens are also expected to suffer from a downward trend, especially in a period in which the US Securities and Exchange Commission (SEC) is cracking down on Initial Coin Offerings (ICOs) and projects considered as security offerings.

Currently, Bitcoin is trading at $6,351.

Share This With Your Friends

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

Analysis

Crypto Could Become ‘The Next Frontier’ In The War On Terrorism: US Treasury

Published

on

By

crypto could become
The United States Treasury undersecretary was recently featured on many best cryptocurrency news sites for his impressive comments and stance towards cryptocurrencies. According to Sigal Mandelker, crypto could become an essential part of the battle against terrorism - and non-compliant fintechs won't survive the war on terror. As a press release published on the US Treasury website on September 11 notes, Mandelker made her remarks during the 19th annual international conference on counterterrorism. She admitted that most of the terrorist organizations still rely on various traditional means of financing such as cash. However, she also said that crypto could become "the next frontier" in the war on terrorism, stating:
“Terrorist organizations and their supporters and sympathizers are constantly looking for new ways to raise and transfer funds without detection or tracking by law enforcement.  While most terrorist groups still primarily rely on the traditional financial system and cash to transfer funds, without the appropriate strong safeguards cryptocurrencies could become the next frontier.”
The US Treasury undersecretary was also featured in the latest cryptocurrency news for her statement about the militant organization Hamas which asked for Bitcoin (BTC) donations via social media - and received more than $10,000 from two addresses.
“While this may not seem like a lot of money, a FinCEN analysis found remittances linked to terrorism averaged less than $600 per transaction.  As we know, the cost of carrying out a terrorist attack can be very low. But the human costs to victims is always extraordinarily high,” Mandelker said.
According to her, crypto could become a big part of this war. Specifically, she pointed out that cryptocurrencies are major developments in the field of value transmission, all of which requiring "a tremendous amount of energy and expertise" as she said.
“Absent appropriate safeguards to keep our nations and our communities safe from terrorists, rogue regimes, and others who threaten us, the U.S. will work with governments around the world to make sure that non-compliant networks and fintechs do not survive," Mandelker added.
She also summed up with a statement featured in the altcoin news - which directly contradicts the declarations made by the US congressman Patrick McHenry who said that any attempts to stop Bitcoin are futile. However, the US Treasury undersecretary concluded with the following statement:
“The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force.”
`
Continue Reading

Analysis

Bitcoin Inches A Bit Lower, But $10,800 Target Remains

Published

on

By

Bitcoin Inches
The most dominant cryptocurrency and the aggregated crypto markets have been facing a period of consolidation after they posted a decent sized rally earlier this week. It seems that Bitcoin inches a bit lower every day, even though the target at $10,800 remains. This target is also BTC's main level of resistance. According to one analyst, the inability to validate a bearish rising wedge that BTC is currently trading within could spell big trouble for the major cryptocurrency in the near term. Bitcoin is trading at $10,347 as we speak which marks a slight positive influx of 0.15% on the day. Ever since BTC bounced from its support level at $10,000, the market is in a positive momentum and the most dominant cryptocurrency has been facing a bout of consolidation. As Bitcoin inches a bit lower than the $10,500 levels, it is featured on many best cryptocurrency news sites as the cryptocurrency which has the most potential right now. Analysts have confirmed this, too. According to the Cryptomist, the fact that Bitcoin inches lower does not matter - BTC is actually caught within a rising wedge which could spell trouble for the near-term price action. As she said:
“$BTC: Short and simple analysis… Rising wedge. One final touch approx 10.4k – Looking at target approx 10k.”
If the pattern does have bullish implications for BTC as the most dominant cryptocurrency, $10,000 will likely be a key support level which analysts closely watch. Any break below this level could spell trouble for its mid-term price action. The latest cryptocurrency news show that BTC may still target $10,800. Although BTC found some resistance in the mid-$10,400 range, its nearest major resistance level currently exists at roughly $10,800. A break above this price level could spark a massive upwards movement. Chonis Trading, who is another popular analyst in the Bitcoin and altcoin news, recently spoke about how Bitcoin inches lower, explaining that a decisive break above the $10,800 price level would be notable.
“$BTC – yesterday’s Bullish move closed right under the MA50, breaking thought puts the next notable #bitcoin resistance around $10,800+ area…if it can break that is,” he said.
https://twitter.com/BigChonis/status/1172328397348864002 For now, the most dominant cryptocurrency is in a good position, with a dominance of 70.3% and a nice daily trading volume.  
`
Continue Reading

Analysis

Coinbase May Announce An IEO Platform, Explores STOs Too

Published

on

By

Coinbase May Announce
The leading cryptocurrency exchange based out of the United States named Coinbase may announce its own initial exchange offering (IEO) platform soon. Security token offerings (STOs) are also in the radar of the exchange, the latest cryptocurrency news confirm. As the head of institutional sales of Coinbase in Asia named Kayvon Pirestani noted during CoinDesk's Invest Asia conference:
"Coinbase is carefully exploring not only the IEO space but also STOs [security token offerings]. The company may soon issue a proprietary exchange token."
However, even though the report outlined that Coinbase may announce an IEO platform - it did not elaborate on the complete plans any further. As we can see for now, a lot of crypto exchanges are already offering their own IEO platforms. These include the names of Binance, OKEx, Bittrex, Huobi, Bitfinex and others. For those of you who don't follow our coming altcoin news, IEOs were sold as a safer way of investing in new blockchain projects. As reported earlier on our site, the short-term trends indicate moves away from IEOs - but longer term data indicates that the success of IEOs has been steadily growing overall since the term "IEO" became a buzzword at the start of this year. Still, there are discrepancies in reporting on IEO data. Despite the fact that Coinbase may announce an IEO platform soon, the number of total IEOs has collapsed - going from $1.1 billion in May this year to $125 million in June this year, according to TokenInsight. Other statistical pieces of data from TradeBlock which were cited in the Wall Street Journal show that IEOs raised $518 million in five months to the end of May. More importantly, their January total was around $10 million - something which increased to about $20 million in February and over $110 million in March, more than $220 million in April and around $150 million in May. Finally, CoinGecko's analysis was also in the altcoin news. In its official Q2 release, the company stated that IEOs raised only $262 million over the first six months of 2019. Even though every site has their own numbers and totals when it comes to IEOs, Coinbase may announce an IEO platform soon and trigger more growth and increased interest in this field.
`
Continue Reading

Analysis

Bitcoin Dominance Hits 2 Year High But Could Soon Face Resistance

Published

on

By

Bitcoin Dominance
As the Bitcoin dominance hits more than 1% overnight, we have all the proof that this year has been all about Bitcoin and its uptick. Even the couple of altcoins which were featured in the altcoin news for their gains are now losing them as BTC crushed them all with its increasing market share. As the charts on Tradingview.com show, the Bitcoin dominance hits new highs as it topped 72.5% today. Now, it has moved back to $71. The move back into five figures has kept BTC within its range bound channel - and triggered the altcoins too - which did not share a similar momentum, though. The last time that the Bitcoin dominance hits a level like this and was this high was back in the month of July 2017, when it was priced at $2,450 with a market capitalization of $900 million. This was a spike, which means that the previous sustained period of BTC supremacy was further back in MAy 2017 when it fell from over 80%. Analysts are sharing their opinions on many best cryptocurrency news sites now. As they said, it could be facing resistance here though as there are many bearish signals appearing on the chart. As Alan Masters, who is a popular analyst on TradingView recently said:
“We have low and decreasing volume. Bearish divergence showing up on the MACD and RSI. Strong resistance ahead. RSI Overbought. Our main scenario is marked with arrows on the chart. The situation can easily change if the next resistance at 74.84 is broken with good strength and volume.”
Conversely, some analysts also plotted the clear uptrend and predicted further gains as the altcoins get wiped out. The fellow trader Josh Rager also talked about how the Bitcoin dominance hits new highs. He shared his bullish opinion and claimed that the fundamentals such as the Bakkt launch could keep the dominance up there for a while yet. https://twitter.com/Josh_Rager/status/1168733275688513538 Last time Bitcoin moved up into five figures and rallied to a new 2019 high, the coming altcoin news showed a positive momentum and were pulled up with it. This time, however, they appear to be breaking down as Bitcoin continues to consolidate. Meanwhile, the total crypto market capitalization is at $264 billion as Bitcoin dominance hits new high. Right now, BTC's share accounts for 70.1% of the entire market.  
`
Continue Reading

Newsletter

For Updates & Exclusive Offers
enter your email below





Attention: The internal data of table “2” is corrupted!
Attention: The internal data of table “3” is corrupted!

ADVERTISEMENT

cryptocurrency review

ADVERTISEMENT

Join us on Facebook

Recent Posts

ADVERTISEMENT

UPCOMING EVENTS RECOMMEND BY DC FORECASTS

october

No Events

NEWS CATEGORIES

ADVERTISEMENT

Trending Worldwide

X
X