On our recent price analysis from two days ago, we had anticipated a huge price move that was supposed to be coming soon.

As can be seen, shortly after our analysis, there was the opening of the Chinese stock market after the long Lunar vacation. At the same time, Bitcoin spiked $400 to a new 2020 high over $9600 but quickly retraced.

Since then, Bitcoin is slowly forming a bull-flag on the 4-hour chart. The coin is trading inside a descending channel (or flag). Keep in mind, that kind of flag tends to break to the upper side. However, there is always the chance to break to the downside as well.

Bitcoin had seen dull price action over the past days, and overall, the trading range for the past week had been mostly between $9180 to $9400, which is as little as a 2% trading range. Quite stable and very odd for Bitcoin, compared to the current volatility of the stock markets, and Tesla in particular.

The Golden cross: As we can see on the following daily chart, Bitcoin is having a mini Golden cross, as the 50-days moving average line (pink) crosses above the 100-days line (white). As mentioned here before, the real and more serious cross involved the 50 and the 200 MA (light green) lines. However, some analysts also give some respect to this 50 on 100 Golden cross.

Total Market Cap: $258.5 billion

Bitcoin Market Cap: $168 billion

BTC Dominance Index: 65.2%

*Data by CoinGecko

Support/Resistance levels: Bitcoin is now testing the MA-50 supporting line on the 4-hour chart, along with the $9180 $9200 resistance turned support level. In general, the coins short-term is dependent on the bull-flag on the 4-hour chart. A breakout will likely lead to the next price moves direction.

Below $9180, the next level of support is at $9075, which is the 38.2% Fibonacci retracement level of the recent bullish move.

Further below lies $9000 and $8900, along with the significant 200-days moving average line. The next level is the Golden Fib level 61.8% at $8770.

From the bullish side, the first level of resistance is now the upper angle of the flag, roughly around $9300. Further above lies the $9450 area (a recent high) before the 2020 high at $9550 $9600.

The RSI Indicator: As mentioned here on the previous analysis, there was more room to go down on behalf of the RSI indicator. As of now, the indicator is getting very close to a crucial ascending trend-line support (~60 RSI levels).

Trading volume: After a week of declining volume, finally, the volume started to accumulate once again. For the past three days, the volume is rising; however, these are still relatively low volume candles.

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Cryptocurrency chartsby TradingView.

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Bitcoin Price Analysis: The Calm Before The Storm? BTC Continues To Trade Inside a Very Tight Range - CryptoPotato

January was a stellar month for most crypto assets. The total market cap of the overall crypto market jumped 35%, from $193 billion to $255 billion.

A new report from Binance Research highlights the strength of the altcoin market which excludes Bitcoin throughout the month. It grew from $61 billion to $86 billion, posting gains of over 40%. The increase in the altcoin market cap led to a 3% drop in Bitcoins market dominance, from 68% down to 65%.

Spearheading the altcoin charge were two mid-cap coins Dash (DASH) and ZCoin (XZC). Dash surged by 181% last month while ZCoin was not far behind with a 179% spike. Binance excluded the fifth-largest cryptocurrency, Bitcoin SV (BSV), which does not trade on the exchange and rallied 177% in January.

Bitcoin Cash surged by 85.2%, followed by Litecoin and Cardano. Both coins climbed by 65.1% last month, leading the pack of several other large-cap cryptocurrencies that turned green.

Binance Research is also revealing insight on how its institutional clients played the market throughout the month.

The company says its institutional trading desk saw a high number of buy flows for mid-to-low cap altcoins at the start of the month. That fell off by mid-January as traders began to buy Bitcoin. By the end of the month, Binance says fewer traders sold their altcoin positions, realizing that many altcoins were performing as well as if not better than BTC.

Featured Image: Shutterstock/ymcgraphic

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Three Crypto Assets Surged More Than 175%, Beating Bitcoin, As Altcoin Market Exploded in January - The Daily Hodl

The last 24 hours have seen Ripple (+10%) soar over $0.277, setting its highest price in months whereas Bitcoin(-0.18%) is still looking for buyers with its dominance down to 64.6 percent. Ethereum (+1.52%) is a bit more bullish, and NEO (+5.78%), Stellar Lumens (+7.26%, DogeCoin (+6.49%), and Lisk (+15.5%) were joining Ripple's party.

The Ethereum tokens had a mixed day, with LINK (+1.92%), LEO (+1.56%) and CRO ( +1.51$) recovering, HEDG (-1.87%) and MKR (-1.83%) and REP (-3.87%) shedding off some gains.

The crypto sector Market cap is currently $261.165 billion, up by 0.5 percent from yesterday, while the traded volume in the last 24 hours was $40.2 billion, up 12.65 percent from yesterday's value.

Ripple is having a great time. Yesterday, BitMEX launched a new perpetual swap contract tied to XREP (XRPUSD) that moved its traded volume to the highest places and its price rocketing. But, maybe it's not just fireworks. Also last Tuesday, Ripple announced its partnership with International Money Express Inc (Intermex), a leading remittance services firm that is primarily focused in the Caribean and Latin America. "The partnership will enable Intermex to leverage RippleNet for faster, transparent cross-border remittance services between the United States and Mexico," - said Ripple's press release.

Intercontinental Exchange (ICE), which owns the New York Stock Exchange (NYSE) and the Bitcoin Futures trading Bakkt, has made a formal offer to buy eBay for $30 billion, as reported by the Wall Street Journal.

Bitcoin has recovered above its $9,240 level, although it is still moving unconvincing. The MACD is turning up and is ready to make a bullish crossover, but its price still moves in the lower side of the Bollinger bands and below its 50-period SMA. The Key level to observe is $9,100 to the downside and $9,340 to the upside. The good news is the descending trendline has been broken, which might mean the bears don't have the strength to continue pushing it further down.

Support

Pivot Point

Resistance

9,100

9,225

9,340

8,970

9,550

8,760

9,700

As we guessed yesterday, the triangular pattern was a continuation formation, and the triangle broke sharply to the upside. As we see on the chart, the price moves very close to the +3SD Bollinger line, which shows the strength of XRP's bullish momentum. As we can see, the price stopped its upward advance at $0.283 and is currently retracing. That is fine since it is overbought. So profit-taking and short-term sellers should drive it to the vicinity of the +1 SD. Thus, we expect a consolidation of the price in this area, possibly retracing close to the $0.274 level.

Support

Pivot Point

Resistance

0.2660

0.2660

0.2740

0.2600

0.2830

0.2550

1602.48

Ethereum also broke the triangular formation to the upside, and the price still follows the lower trendline of its ascending channel. The MACD is turning up and soon to make a bullish crossover. Finally, the price has moved to the upward side of the Bollinger bands and close to its +1SD line. These are all signs of a continuation of the bullish trend. The price is now at $190, and the next resistances to break are $191.5, $196 and $200.

Support

Pivot Point

Resistance

185.00

187.00

191.50

180.00

196.00

177.00

199.00

Litecoin also broke its triangular pattern to the upside, its price following the upward trendline. Also, the MACD is very close to making its bullish crossover. The trend is up, but the action is still on the lower side of the Bollinger bands, and the $70 level is to be broken. So, buyersshouldwaitforthis to happen.

Support

Pivot Point

Resistance

67.00

68.40

70.00

64.50

73.00

62.50

75.00

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Ripple Soars as Bitcoin and Altcoins Drift - FXStreet

(Photo by INA FASSBENDER / AFP) (Photo by INA FASSBENDER/AFP via Getty Images)

One month ago, I showed how Bitcoin had been trading in a channel pattern for nearly seven months as it lost half its value. I said that If Bitcoin can stage a convincing, high-volume breakout above this channel in 2020, further gains are likely. Since then, Bitcoin has broken out of its channel and is now approaching the key psychological level of $10,000 once again. Convincing, high-volume pushes above the key levels of $10,000, $11,000, $12,000, $13,000, and $14,000 are necessary to confirm the continuation of the cryptocurrencys bullish move.

Bitcoin Daily Chart

The weekly chart makes it easier to visualize Bitcoins channel pattern and recent breakout. If Bitcoin can clear the technical congestion from $9,400 to $14,000, it should open up the opportunity to gun for its late-2017 highs once again.

Bitcoin Weekly Chart

For now, investors and traders should monitor Bitcoins price action and volume as it attempts to push past its overhead resistance/congestion area.

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Heres What To Watch After Bitcoins Breakout - Forbes

Bitcoin price (BTC) has been declining amid the recent coronavirus developments as today media reported that patients in the UK and Russia tested positive for the virus. The declining trend has been followed by major cryptocurrencies.

Cryptocurrency market daily overview. Source: Coin360

In a day that will mark the departure of the United Kingdom (11 p.m. UTC) from the European Union and the confirmation of 2 cases of coronavirus virus infection in the UK, BTC/GBP pair has been declining by more than 3.7% since midnight.

Looking at the 15-minute timeframe, Bitcoin was trading near 7,274 at midnight and started to decline steadily throughout the early morning.

BTC GBP 15-minute chart. Source: TradingView

Since 1:30 p.m., around the time most American and British news outlets reported on the confirmation of coronavirus, Bitcoins intraday price trend has been volatile. The digital asset reached a daily low of 7,015 around 2:30 p.m. with a slight recovery at 7,086 (around 4 p.m.). Shortly thereafter, the digital asset ended up declining again, nearly dropping to a daily low at 4:50 p.m.

BTC GBP 5-minute chart. Source: TradingView

As reported earlier by Cointelegraph, Bitcoin price declined after the coronavirus was confirmed in the U.S. and a similar effect seems to be happening in the BTC/GBP price as the health threat reaches a global presence. On the same page, the S&P 500 and the Dow Jones Industrial Average Indexes are down by more than 1% for the day.

Following the same trend, the FTSE 100, the main stock index for companies in the UK, declined more than 1%. However, the GBP/USD exchange rate was up today, contradicting the global stock market trend and suggesting an opposite behavior to Bitcoin.

The overall cryptocurrency market cap now stands at $255.7 billion and Bitcoins dominance rate is 66.2%. A handful of large-cap altcoins also mirrored Bitcoins losses. Most notably, Bitcoin SV (BSV) is down more than 8% and Bitcoin Cash (BCH) more than 5%. EOS is also down by more than 5%. On the winning side, NEM has gained more than 8% and Ontology (ONT) rallied 6%.

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Bitcoin Price Drops 3% on Brexit and Coronavirus Case in the UK - Cointelegraph

Litecoin was trending higher on Saturday against an otherwise bearish intraday narrative in the overall cryptocurrency market.

The seventh-largest crypto by market cap closed above its seven-week high to hit $72.72. The strong move upward brought Litecoins intraday rise to more than 6 percent. At the same time, its gains this week notched up to 36.25 percent (data from BitStamp).

Litecoin rate continues to climb despite corrective macro sentiment | Source: TradingView.com, BitStamp

Elsewhere in the cryptocurrency market, coins underwent a mild corrective action. Top assets, including bitcoin, XRP, and ether, were at best stable, showing very mild downside behaviors with their uptrends cooling-off. Meanwhile, Binance Coin and Bitcoin SV fell in the range of 0.5-1.5 percent.

Nevertheless, Litecoins relatively attractive upside came on the backs of nothing. As a blockchain project, the asset lacked fundamentals to justify its short-term bullish prospect. That is also alarming given Litecoins 75.48 percent decline between June and December especially after its halving last year.

But analysts think the jump is more technical. Trader Crypto Dude saw the move as a breaking of a medium-term descending channel, stating that Litecoin is now heading upward to form new peaks.

Even against bitcoin, Litecoin is impressive, said another prominent market analyst Scott Melker after noticing the pair LTC/BTC heading higher by 17.05 percent this week.

Willy Woo, who is partners with US-based Adaptive Capital, said in earlier January that Litecoin is very bullish, explaining that the cryptocurrencys on-chain activity is in a healthier shape.

The popular blockchain analyst added that Litecoins uptrends were leading indicators of bitcoins upcoming bullish momentum. That said, whenever the altcoin undergoes a price rally, it later follows a similar jump in the bitcoin spot and derivatives market. Excerpts:

Using on-chain investor activity, which gives a read of where this may go; LTC is already very bullish, while BTC is still consolidating around an early bullish swing, said Mr. Woo. In a nutshell, Im expecting a bullish run in BTC lead by LTC as a confirmation signal.

Investors activity of bitcoin and litecoin | Source: Willy Woo

Another prominent analyst Loma highlighted bitcoins bull run last year between April and June that came after similar upside moves in the Litecoin market. In the first quarter of 2019, the LTC-to-dollar exchange rate was up by 179 percent.

What if Litecoin is leading Bitcoin again like it did last year, noted Loma.

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Litecoin Hits 17-Week High and It Could Be Bullish for Bitcoin - newsBTC

Latest figures show that over three quarters of all existing bitcoin (76.05%) are in profit, meaning that the value is currently higher than last time it was moved. While this ratio fluctuates, historically it has remained above 50% for almost the entire history of Bitcoin.

As may be expected, there is a strong correlation between the ratio of bitcoin currently in profit and BTC price. During periods when bitcoin price has been pushing upwards to all-time and local highs then of course, profitability numbers will increase.

Similarly, in the periods when price crashes following price highs, the percentage of bitcoin in profit will go down. Although, notably, rarely to lower than 50%, and never to less than 40%.

Boom and bust cycles saw profitability numbers dip below half of all bitcoin in 2011, 2015 and 2019, towards the very bottom following the crash. However, the lowest ever recorded value was still 40.5%, following the crash from over $1,100 down to $226.

Even then, over 40% of bitcoin held was still in profit, showing both the benefit and popularity of a long-term HODLing strategy.

The steady growth period from the end of 2016 through to the end of 2017 showed the benefit that a prolonged uptrend could provide. The percentage of circulating bitcoin in profit never dropped below 80%.

In fact, on two occasions, in early May and November, profitability numbers reached record levels of over 99%. BTC price at these times was $1575 and $7234 respectively.

The slump through 2018 saw numbers fall to only 41.5% of circulating bitcoin in profit, although 2019s rally brought numbers back up to over 92% in June.

Profitability numbers followed price back down, but only as low as 56%, before recovering to their current level of 76.05%.

Of course, bitcoin price has spent the past week on an upwards trajectory, adding over $1,000 in the course of the past five days. This means that the current profitability percentage is likely to be even higher.

AsBitcoinist reported, bitcoin price has this year bucked the January tradition by having a phenomenal month. As the month draws to a close, bitcoin is up 32%, a feat which, if repeated every month for the rest of the year, would see BTC close out 2020 with a price of over $150k.

HODLing sounds like a better strategy than ever right now.

Whats the longest you have held Bitcoin for? Let us know in the comment section below!

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Over 75% of Bitcoin in Circulation Are in Profit - Bitcoinist

One of the first wealth managers to recognize Bitcoins potential says he believes the top cryptocurrency will likely reach an $8 trillion market cap.

In a new interview on the Citizen Bitcoin podcast, Andy Edstrom of the California-based investment advisory firm WESCAP Group says a long list of factors may boost Bitcoin (BTC) over the next 10 years. These factors include a fear of missing out on the part of speculators, geopolitical events, the devaluation of fiat currency and catalysts from banks and central governments that create a tipping point and a speculative attack on fiat.

When I set the upside case from an investment point of view, I take a 10-year view. And I think the total valuation on 10 years that I use is about $8 trillion and that comes from various buckets, whether its taking share from gold, or taking share from fiat, or taking share from offshore assets, or slightly demonetizing other stores of value like real estate or new uses that we havent thought of or are still under construction.

Whether its micropayments or things enabled by Lightning, or its Abra or similar systems whereby you can get synthetic exposure to any asset in the world just by holding Bitcoin as collateral. So theres all these areas of upside.

Edstrom says the fact that Fidelity and Intercontinental Exchange, the parent company of the New York Stock Exchange, are offering Bitcoin exposure to their institutional clients has legitimized BTC in a way that smaller cryptocurrency companies could never do.

If I step across the table back to the dark side where I came from, from the financial establishment, I could care less whether a company named Xapo or a company named BitGo has qualified custody. I start to care when Fidelity and the New York Stock Exchanges parent company are real. So that is, definitely in my mind, a shift. So thats one thing.

Another factor, of course, is price, as you point out. When we take out the previous all-time high, when were back above $20k, thats going to be a catalyst that some people who arent paying attention now will pay attention to. A decade of the best-performing asset, that came out in 2019, is important. I think the excuses for ignoring it are falling away with time.

When asked how he explains Bitcoin to his clients, Edstrom says he walks them through his vision of what the future looks like if Bitcoin continues to outperform other asset classes and shatters its all-time high.

One thing I sometimes like to do is invert it. I say, look forward into the future. Its 2022 or something. And Bitcoin has already plowed through six figures on price. And Im imagining my conversation with my client and my client is saying, Ok, do we own any Bitcoin? No we dont own any Bitcoin. Oh. So a few years ago it was the best performing asset of the decade right? Ya thats true. And it was uncorrelated to other assets, right? It had less than 0.2 correlation to the US stock market, foreign developed stock markets, emerging markets, bonds as measured by the Barclays index, gold. Ya thats right, it was not correlated. And the total addressable market was in the tens of trillions of dollars, correct? Ya thats correct. And it was investable right? There were instruments in the market that you could buy. You could buy this in my account right? Ya thats true. So what am I paying you for?'

Featured Image: Shutterstock/Patila

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Bitcoin Economy Will Hit $8,000,000,000,000 in the Next Decade, Predicts Wealth Manager Andy Edstrom - The Daily Hodl

Bitcoin could become an $8 trillion asset by 2030, according to Andy Edstrom of California-based WESCAP Group.

The wealth manager said the cryptocurrency could take away a part of capitalization from all the leading markets. They include gold, shares, fiat, offshore assets, or demonetized store of values like real estates.He added that investors would explore bitcoin also because of its new use-cases as its technology grows in the next decade. Excerpts:

Whether its micropayments or similar things enabled by [the] Lightning [Network] or its Abra or similar systems whereby you can get synthetic exposure to any asset in the world just by holding bitcoin as collateral. So theres a lot of upsides.

The statements came after a series of global media coverages called out bitcoin for being the best investment of the decade ending 2019. The period saw the cryptocurrencys rate journeying from a few cents to $7,100, wherein its market valuation even surpassed that of US investment banking giant Goldman Sachs.

Entering 2020, bitcoin was among the leading gainers even so mounting global geopolitical and macroeconomic risks kept risk-on sentiments at bay. The cryptocurrencys move uphill prompted analysts to call it a new form of safe-asset, which investors treated as insurance assets against gloomy macro conditions.

Bitcoin lifetime performance | TradingView.com, Coinbase

Nevertheless, Mr. Edstrom noted that bitcoins major upside in the last decade came on the back of FOMO a backronym for Fear of Missing Out.

The former hedge fund investor cited it as hyper-bitcoinization caused by the notorious initial coin offering boom in late 2017, adding that FOMO could happen even in the next bullish cycle. Also, a more researched class of investors could measure bitcoin against expansionary fiscal policies undertaken by governments and central banks around the world.

Either way, the investment thesis of bitcoin is good, said Mr. Edstrom.

The upside sentiments in the bitcoin market have encountered resistance from traditional financial experts. Many of them still see bitcoin as a speculative asset having no underlying value. Jeff Schumacher of BCG Digital Ventures, for instance, said the cryptocurrencys price might even go down to zero.

I do believe it will go to zero. I think its a great technology but I dont believe its a currency. Its not based on anything, the top financial analyst said at the sidelines of recently-held World Economic Forum in Davos, Switzerland.

Other financial analysts that see bitcoins so-called bubble popping in the next decade include legendary investor Warren Buffett, perma-bear economist Nouriel Roubini, and gold bull Peter Schiff.

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Bitcoin Will Be $8 Trillion Economy by 2030, Top Wealth Manager Explains Why - newsBTC

After years in the making, Brexit is finally happening tomorrow. The event is expected to cause a major shift in the global economy and could bring about any number of unforeseen consequences. It also begs the question, will this geopolitical occasion have any impact on bitcoin and crypto?

Love it or hate it, Brexit is finally becoming a reality after 4 years of referendums, political arguments, delays, and nonstop negotiations between UK and EU officials on how best to achieve the dissolution of the UKs membership in the EU. The UK is set to roll out a new Brexit coin to commemorate the event, despite Remainers saying they wont accept it.

So, other than a shiny new coin, what else will change with Brexit? Well, for starters all the UK members of the EU parliament will lose their seats. The UKs passports will change colors, from the standard issue burgundy passport to a blue and gold design which hasnt been seen since 1912.

UK citizens will still be able to live and work in EU nations and there is also a planned 11 month transition period for officials to work out a comprehensive free trade deal between the UK and EU. All of this radical change and uncertainty has bitcoin traders asking themselves if its time to load up or cash out of the crypto market.

Popular Twitter trader, Big Cheds, noted that the daily charts for BTC, LTC and BCH all have bearish signs, and the Crypto Dog, pseudonymous trader alsoon Twitter noted a bearish candle on the BTC chart. Despite bitcoins narrative as a newly emerging safe-haven asset, we may see the markets dump due the uncertainty surrounding the transition.

The change tomorrow of the UKs Brexit is more symbolic than anything, so it may not really shake up the markets too much at first. There is an 11 month period for both EU and UK officials to really settle the nitty gritty details about residency, trade, healthcare, pensions, drivers licenses and many other bureaucratic complications that come from a nation leaving an economic union.

Many of the market shaking effects predicted by Remainers, might not actually be seen until the end of the transitionary, period. It all depends on how smoothly the free trade talks go, between the EU and UK.

EU officials have stated that the 11 month transitionary period isnt near enough time to adequately resolve the budgetary issues that will arise from the UK ending its contributions. Your average EU citizen in the UK or UK citizen living abroad probably wont notice much change in their day to day lives, until negotiations have been completed.

One of the primary concerns facing both the EU and UK is the joint resolution on security measures going forward. Terrorism and crime will need to be met on common ground and it remains to be seen what kind of arrangement officials can work out.

Overall, the crypto markets have been bullish for the first month of 2020, so Brexit could be the catalyst to knock the wind out of the sails so to speak and cause a bearish reversal. Earlier this week the crypto markets crossed a psychologically significant barrier of 250 billion USD, ending a 7 month downtrend. The crypto markets currently sit at $262 billion, although Brexit may cause capital to flee to safer assets.

Is Brexit bearish or bullish for crypto? Let us know what you think in the comment section below!

Images via Shutterstock, Twitter @TheCryptoDog @BigCheds

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Will Bitcoin Budge as Brexit Arrives Tomorrow? - Bitcoinist