Bitcoin is having a mixed month as we can see from the latest cryptocurrency news. The price of the flagship cryptocurrency has hit a slump of late after the start of the month – posing to hint on a potential bull run thanks to President Trump’s latest trade and the aspersions being cast on Facebook’s Libra cryptocurrency. One BTC trader hints that $16,000 is a possible and achievable target this month.
For those of you who are not following our coming altcoin news, TradingShot is a well-followed provider of trading signals on TradingView with over 7,500 followers. The BTC trader hints that the parabolic rise behind Bitcoin will also push the cryptocurrency higher until it reaches a new peak. As he said on Twitter:
“The Inverse Head and Shoulders serves the purpose of deflating this rally with a sharp pull back and consolidation before the Channel Up slowly pushes it to a new peak.
We are currently completing the Inverse Head and Shoulders pattern and at the same time having already started trading within the Channel Up.”
As you can see, the inverse head and shoulder pattern is what the BTC trader hints at as a signal that could predict downtrend reversals. During this pattern, the price of Bitcoin will fall to a trough and after that rise again. Then, it will fall to a trough that is deeper than the previous one before initiating a new bull run.
Finally, the BTC trader hints that after the last trough, the price of Bitcoin will head higher – and he estimates that breaking above $12,400 meant that the bullish trend has been restored. The trading platform’s analysis also points out that the current Bitcoin bull cycle is stronger than the last one – which is why the cryptocurrency’s next rally will take it to a peak of $16,000 within this month, according to him.
TradingShot is known as one of the several technical analysts who predicted that higher Bitcoin prices are on the way. The other analysts featured on many best cryptocurrency news sites include Josh Rager, who last month said that we are just a fourth into the current Bitcoin bull cycle until the next peak arrives. He also added that the cryptocurrency could eventually hit $60,000 by the end of the current bull cycle.
The BTC trader hints at a potential Bitcoin rally, everyone is expecting bigger traction in the Bitcoin and altcoin news, too
Bitcoin Breaks 5-Day Long Trend Reaching $9,800 Support Level
Many Buyers Lined Up For The Four-Figure BTC: But Where Is Bitcoin Heading?
“We have been forming an ascending bullish triangle, and also and inverse HS Pattern, which very soon will make $BTC go up. The purpose with this move is to kill some shorts, before we go down again. Remember that we are in a huge descending triangle," said the user D4rkEnergY on Twitter.https://twitter.com/D4rkEnergYYY/status/1164769200902033408 For now, the highs are creeping up and there are many buyers lined up - so a move to the next resistance level around $10,400 is crucial at this point. On the downside, there is clear support at around $9,800 and more in the mid-$9k region which has been hard to crack in the recent weeks. Analysts in the coming altcoin news warn users that nobody should panic now - even though the fear and greed index fell to 5 yesterday (which was lower than the 2018 bottom in mid-December when BTC was at $3,200). The famous crypto pundit and web security mogul John McAfee also had his say while many buyers lined up to buy BTC. McAfee remains resolute and agrees that the current level of fear is unnecessary. He wrote:
“Bitcoin jitters? Just stop it! Short term fluctuations are meaningless. Bitcoin is still up almost 300% from 6 month’s ago. Everytime there’s a dip I have to calm people in replies, DMs, etc. GET A GRIP! You know in your heart Bitcoin cannot lose. Relax!”https://twitter.com/officialmcafee/status/1164491430091513856
Another Exchange Says Goodbye To The Cryptocurrency Operations
"The Company has been considering for various possibility of the customers who has not accepted the contract succession, however, we announce here that the Company has came up to the conclusion to discontinue our cryptocurrency exchange business once we complete the refunds for all customers who possess remaining balance which refunds can be made," Tech Bureau said, without providing more information about the date when it will be closing.The latest cryptocurrency news show that the FSA recently confirmed that Zaif is another exchange which is forced to close because of hacks. Nikkei says that Tech Bureau will now focus on "blockchain development." Meanwhile, another exchange in South Korea - and a member of the "big four" there - named Coinone is shutting down its Malta-based Coinone Global Exchange (CGEX) on September 18. This comes in less than a year after it opened, and the operator said that it had "decided" that it “could no longer maintain service."
Binance Thinks Funds Are ‘SAFU’ Following Amazon Web Services Withdrawal Error
“It's causing some 500 error messages on APIs and affecting some withdrawal processing.”Binance thinks funds are safe - but it just recovered from a publicity scarce which involved a self-proclaimed hacker alleging that he had access to the users Know Your Customer (KYC) data. The alleged data leak made Binance very insecure and many best cryptocurrency news sites also talked about the previous hack which was funds worth $41 million leaving the platform due to a security issue. All of this sparked a weeklong maintenance shutdown and payouts to the affected users. However, Binance thinks that it is in a good place now - right after it announced that it is working on a new cryptocurrency project named Venus. As the altcoin news showed, Venus is going to rival Facebook and its controversial Libra coin. Meanwhile, the market has stabilized from the yesterday drop and is at a combined total value of $265 billion at press time. Bitcoin is trading at $10,160 and most of the altcoins are recording gains of 1% to 2%. Bitcoin's dominance is still strong, standing at 68.4%.
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