There have been a lot of ups and downs in the market so far, and the volatility seems to have moved the price of BTC down a lot over the past few weeks. As we can see from the latest cryptocurrency news, the Bitcoin price hesitates and was testing the $9,800 support while bouncing back against the US dollar.
We can also see that the Bitcoin price is struggling to gain momentum above $10,400 and $10,500. There is a key contracting triangle which is forming with resistance near $10,550 on the hourly chart of the BTC/USD pair. The price is also likely to slowly rise, as analysts featured on many best cryptocurrency news sites mentioned.
While in the yesterday’s analysis we hinted that the Bitcoin price hesitates and discussed the chances of another pullback, it seems like the support line has moved up – and Bitcoin is now trading at $10,500 with 4% increase on the day.
The 100 hourly simple moving average which is currently at $10,450 and there is a key contracting triangle forming with resistance near $10,500. An immediate support on the downside is near the $10,130 levels – representing the 50% Fib retracement level of the recent wave while the Bitcoin price hesitates to make an even more bullish run towards new highs.
On the upside, the price must gain momentum above the $10,500 resistance level. More importantly, a successful close above the 100 hourly SMA could start a strong rise towards $10,600 and $10,800. Conversely, if the price starts a fresh decline and breaks the $10,000 support, analysts featured in the altcoin news think that the next support is near the $9,800 level.
Looking at the current charts, the Bitcoin price hesitates but it is also showing a few positive signs above $10,000 level. Having said that, the bulls need to gain momentum above the 100 hourly SMA and $10,450 in order to push the price further higher in the near term.
The technical indicators right now are as following:
- Hourly MACD – The MACD is currently moving in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
- Major Support Levels – $10,030 followed by $9,800.
- Major Resistance Levels – $10,400, $10,500 and $10,650.
All of this shows that both scenarios are possible as the Bitcoin price hesitates around $10,500.
BitMEX CEO Arthur Hayes: ‘Traditional Traders Are Under Pressure’
“Some of the practices in our market are going to be mimicked in traditional trading [...] All these things about being somewhere and trading something and physically reconciling records is all going to go out the window. Once you get away from that and understand that everything will be digital in the next 10 years, you realize that Bitcoin isn’t such a strange idea.”It remains to be seen how labor organizations which were crucial in the adoption of weekends, the 40-hour workweek and mandatory break - will respond to the claims of the BitMEX CEO Arthur Hayes and especially if his prediction passes. On September 18 and before this, the CEO of BitMEX was in the news for predicting that Bitcoin (BTC) could soon shoot to $20,000 as a result of emergency measures from the United States Federal Reserve. The comments by Hayes came right after the Federal Reserve swooped in and decided to decrease interest rates on some loans which reached more than 10% or four times its target. More than $53 billion was pumped in the economy through the quantitative easing (QE) measures.
“QE4eva is coming. Once the Fed gets religion again, get ready for #bitcoin $20,000,” the BitMEX CEO Arthur Hayes tweeted back then.The latest Bitcoin and altcoin news show a new correction on the market. The total market cap is now at $267 billion and Bitcoin is again below $10,100.
McAfee Believes Bakkt Launch Could Jumpstart Widespread Adoption
“BAKKT goes live tomorrow. It is an institutionalized exchange so I won’t be using it, but institutions will feel a level of trust that they had not had. It could jump-start Ctypto adoption. But remember – it is the opposite of freedom’s movement."https://twitter.com/officialmcafee/status/1174999327917297666 McAfee also said that the date of the platform's launch mixed up - and the Bakkt actually launches on Monday and not tomorrow. The coming altcoin news sum up a lot of stances from the community. One of them is the viewpoint of Thomas Lee, a prominent cryptocurrency analyst and a notable Bitcoin bull. While John McAfee believes there could be a bull run soon, Lee said that the Bakkt launch will improve the institution trust of the crypto markets.
“I am very positive on @Bakkt and its ability to improve trust with institutions to crypto,” Lee explained.https://twitter.com/fundstrat/status/1174894754250838016 Assuming that everything goes well and the Bakkt launch proceeds with great success and utilization, it could lead to an influx of fresh capital in the markets. This could also boost the performance of crypto for the second half of 2019. The best cryptocurrency news sites today report about the falling price of Bitcoin over the past several days. The sideways trading, however, may soon come to an end as McAfee believes - mostly because of the upcoming Bakkt launch.
CME Group Will Launch Bitcoin Options Early In 2020
“Based on increasing client demand and robust growth in our Bitcoin futures markets, we believe the launch of options will provide our clients with additional flexibility to trade and hedge their bitcoin price risk. These new products are designed to help institutions and professional traders to manage spot market bitcoin exposure, as well as hedge Bitcoin futures positions in a regulated exchange environment.”CME Group also detailed that since their 2017 launch, there have been more than 20 "successful" futures expiration settlements and more than 3,300 individual accounts trading the contracts. Close to 7,000 CME Bitcoin futures contracts are traded on average each day, the company stated. Meanwhile, the coming altcoin news in March this year showed that CBOE abruptly changed the tack and halted its futures product. Now that CME Group will launch Bitcoin options and CME won't (for now), this gives a massive advantage to CME as the sole provider of Bitcoin futures in the US. However, it seems like CME will have a new rival from Monday. The rival is the Intercontinental Exchange (ICE) and is subsidiary Bakkt - both of which are preparing to offer a new BTC futures product. Unlike CME and its cash contracts, ICE will be offering a physically settled product which means that its customers will receive actual Bitcoin (BTC) instead of the cash equivalent.
Bitcoin Avoids Posting Seven Consecutive Red Daily Candles
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