The latest cryptocurrency news feature Bitcoin which has been in a good position lately. In fact, many analysts talk about BTC touching the highest weekly close since January 2018, which proves that Bitcoin has set a new record. On the bright side, the king of cryptocurrency has registered a new close for over a year, which comes in a sensitive time for cryptocurrencies in general.
We can see that today’s Asian trading session has been the total opposite of last Monday’s. The sellers have piled up on the pressure as Bitcoin fell from $11,580 to just above $11,300. The 50 hour moving average recorded a death cross, spelling further losses on the time frame. However, the good news are that the highest weekly close was here and the opposite golden cross on the four hour chart paints a different picture than the one mentioned above.
Many best cryptocurrency news sites reported that a new long term indicator has been the weekly candle chart which is still very bullish, even despite the attack of the bears over the weekend. As the charts show, Bitcoin closed the week north of $11,500.
Moreover, charts indicate that Bitcoin closed at a similar price level for two weeks in February 2018, which is before the highest weekly close. According to the trader who goes by the Twitter handle ‘Nunya Bizniz’ this was the first weekly close for BTC above the 50% Fibonacci level since January 2018.
“Highest weekly close since Jan 2018. First weekly close above 50% Fib since Jan 2018. Bullish?,” he said, along with a chart picture.
Highest weekly close since Jan 2018.
First weekly close above 50% Fib since Jan 2018.
— Nunya Bizniz (@Pladizow) August 12, 2019
Right now, a new bull flag appears to be forming on the weekly chart, which is another positive signal. As it stands, the long term view for BTC looks bullish because of the highest weekly close and the current monthly candle is on track to be the third highest close ever.
As it stands, there are plenty of technical indicators to look at in efforts to attempt conjuncture at the next direction. As the crypto trader ‘CryptoHamster’ suggested, this could lead to short term gains.
“Recently, every time, when 4h stochastic is oversold it is followed by the rise.
Here is your risk to have a short-term opportunity to go long,” he said.
— CryptoHamster (@CryptoHamsterIO) August 12, 2019
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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