Teslas surging stock is starting to remind Wall Street of bitcoins parabolic rally in 2017heres why – MarketWatch

Tesla Inc. is on a tear. Not just any ordinary tear for shares of a popular company whizzing to records on Wall Street. The ascent for shares of the electric-vehicle maker are near-parabolic and the unabashed run-up in recent days has some investors comparing the jump to bitcoins surge back in 2017.

To put things in perspective, Teslas shares TSLA, -6.99% have risen 36% to a record price around $887 in just the past two sessions alone. The Silicon Valley darling run by Elon Musk has jumped 180% in the past three months and from its June 3 closing low at $178.97, the companys shares have gained more than 395%.

By comparison, the technology-laden Nasdaq Composite Index COMP, +0.53% , which has outperformed the S&P 500 index SPX, +0.73% and the Dow Jones Industrial Average DJIA, +0.87% , has gained a pedestrian 12.3% in the past three months, 5.5% so far this year and nearly 30% since early June.

Read: Tesla Stock Jumped 20%. It Makes No Sense.

Teslas outsize gains, predicated partly on more bullish calls from analysts and better quarterly results from the vehicle maker, have raised eyebrows among some Wall Street investors worried that gains have come too far, too fast.

At least one, Wall Street pro Michael Novogratz, compared the surge in Tesla to bitcoins similarly parabolic move.

Novogratz famously in 2015 left the world of private equity, after helping found Fortress Investment Group, to venture in to the world of digital currencies.

But his bitcoin BTCUSD, +3.15% comparison may not be too way off. Back in early 2017, bitcoin surged from around $885 to $19,783 by November, a whopping 2,100% increase.

Of course, it is clear how that story played out. Bitcoins price cratered soon after peaking.

However, on the bright side, it is still up at $9,140, which may be cold comfort for those who bet on further gains in the No. 1 digital asset in the world.

Prominent analyst Tom Lee of Fundstrat said that some of Teslas gains may be attributed to investment managers in the Russell 1000 Growth RLG, +1.96% adjusting their portfolios to line up better with Teslas weight in that index.

Tesla is 0.7% of the weight in the Russell 1000 but accounts for 15% of [year-to-date gains], he wrote in a Tuesday research note.

In other words, [the fear of missing out] of Russell 1000 Growth managers is likely contributing to this stupendous surge. Last year, Tesla return was roughly in line with market and it was quite volatile, so many managers likely underweighted Tesla, he wrote.

In any case, many market watchers are advising caution when it comes to buying Tesla now, with one of the top searches on Google being: Should I buy Teslas stock? That is similar to the days of bitcoin when investors would input similar internet searches.

Originally posted here:
Teslas surging stock is starting to remind Wall Street of bitcoins parabolic rally in 2017heres why - MarketWatch

Is There an End to Tesla Stock’s Bitcoin like Gains? – Bitcoinist

Teslas stock price has gone parabolic reaching a high of $940.13 on Nasdaq, with the same market cap as Bitcoin. Now it is the most valuable auto company on earth.

Tesla, Elon Musks car company has made record gains in the last few months, eclipsing its former all-time high price. It currently sits at $926 just shy of the high of $940 that it reached earlier today.

The good news seems to be a mixture of the popularity of Teslas recently announced Cybertruck, which had 250,000 pre-orders, and Panasonics announcement that its a partnership with Tesla to produce the batteries for Tesla automobiles and Teslas Powerwall home battery backup-power system has finally turned a profit.

Tesla now has a valuation of $165 billion, which puts almost at parity with Bitcoins market cap of $167.4 billion. This also makes Tesla the automobile manufacturer with the highest market cap as well. Tesla now has a bigger market cap than McDonalds corporation which sits at $162.8 billion and Nike, which sits at $152.8 billion, respectively.

Teslas massive rise in price has caught many by surprise, and now it has become larger than Netflix the popular TV streaming service. Some have become bearish on Tesla, since it had such a prominent rise in price, in such a short period, even outperforming BTC so far this year.

Whether you love it or hate it, Teslas Cybertruck was a huge contributor to the epic rise in Tesla stock prices. The Cybertruck went viral on social media due to its futuristic design and body style, which helped the company pre-sell over a quarter-million Cybertrucks.

The Cybertruck will sell for $40,000, so the presales alone brought in $10 billion, and if Teslas previous struggles to meet demand are any indicator, its just the beginning. Teslas other automobiles have been increasing also.

In January of 2019, Tesla was selling 8,000 cars a month and by December they had increased sales to 32,000 cars a month. In total Tesla sold 192, 250 automobiles in 2019. This is not accounting for their forays into renewable energy like its Powerwall battery for home energy backup.

Elon Musk has definitely been a controversial figure, but it seems that Tesla has been thriving under his leadership. It remains to be seen just how high Tesla stock will go before it retraces.

How high do you think Teslas price will go? Will, it beat Bitcoin in performance? Let us know in the comments!

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Is There an End to Tesla Stock's Bitcoin like Gains? - Bitcoinist

The Controversial S2F Model Predicts Bitcoin Price Will Reach 100000 USD Within 2 Years – Bitcoin News

The current price of BTC is roughly in line with the popular stock-to-flow (S2F) system for technical analysis, and if the trend continues some speculate the price of the asset could reach $100,000 within the next two years. Though the S2F tool is still a controversial metric, and various groups have hampered the assets capacity previously, the market appears nonetheless to be viewing BTC as a potential reserve currency of the future.

Also Read: 5 Mining Operations Command More Than 50% of BTCs Network Hashrate

Stock-to-flow analysis, also known as S2F, is a relatively recent development in crypto TA, though the concepts of stock and flow themselves are of course not new. The basic idea of S2F is that the effect of scarcity on the BTC price can be measured using the current circulating supply of bitcoin and its rate of production, or flow. Digitalik.net defines S2F as follows:

The Stock-to-flow is a number that shows how many years, at the current production rate, are required to achieve the current stock. The higher the number, the higher the price.

For example, if there is 185,000 tons of gold circulating in the world, and 3,000 tons are produced every year, the S2F for gold can be calculated by dividing supply by flow to get a figure of roughly 62. The number can then be placed into a formula to find the S2F model price. When this is applied to bitcoin, where the circulating supply is currently just over 18 million, and roughly 657,000 are mined yearly, the resultant number is between 27 and 28. Of course, taking into account Satoshi Nakamotos locked coins, and lost coins, the result would become more favorable. Still, the S2F is currently much lower than that of gold, but BTC involves an element that gold does not: the reward halving.

Since the upcoming reduction in block rewards (May 2020) for miners means that flow will be effectively cut in half, the S2F number jumps up much closer to golds. Bitcoin halvings happen roughly every four years, so this number will continue to be sliced in half, and absent major changes, the effect could lead to a continued and remarkable rise in price according to speculators.

As analyst and pioneer of S2F technical analysis @100trillionUSD points out:

Because halvings have such a big impact on SF, I put months until the next halving as a color overlay in the chart. Dark blue is the halving month, and red is just after the halving. Next halving is May 2020. Current SF of 25 will double to 50, very close to gold (SF 62). The predicted market value for bitcoin after May 2020 halving is $1trn, which translates in a bitcoin price of $55,000.

As the graphic above illustrates, gold and silver could also be said to follow the same S2F model, the author noting that Gold and silver, which are totally different markets, are in line with the bitcoin model values for SF. Planbs (@100trillionUSD) paper contains detailed descriptions of the mathematics used, and makes observations regarding power law relationships:

Every halving, bitcoin SF doubles and market value increases 10x, this is a constant factor.

At press time, BTC is still following the S2F projected trend quite closely.

Reactions to S2F analysis in the crypto space and mainstream media have been varied, and though many hodlrs and analysts are understandably excited, some remain skeptical. Yet others take more nuanced positions. Given that the model stands or falls on the halving being priced in, one observer notes that S2F will likely be accounted for in the future if it isnt already, claiming:

The S2F model has been eerily accurate since it was introduced. I believe that post-halving the market will begin to more aggressively price in the S2F model as risk assessments change. If the model survives this next test, I suspect it will be front-run to a massive extent.

Israel-based tech group Alef Bit Technologies has asserted the S2F model as popularly applied is critically flawed. Physical gold cannot be reproduced, not for lack of trying, through hundreds of years of alchemy. Digital gold, however, can be reproduced using digital-alchemy (forks or improvement of the protocol), the group stated in a post to their website. Therefore, a model which values physical elements by their scarcity, cannot be used to value digital-elements or crypto-assets.

Alef Bet further contends that gold and silver may not be reliable stores of value (SoV) for much longer, due to shifts in cultural understandings and uses of money. Others point out that BTC cannot be a store of value if SoV is the sole value proposition.

For example, BTC once was to be a peer-to-peer electronic cash system, and has since evolved into what many view as digital gold. Golds SoV, however, was built up and established over thousands of years of market use and trade as money, and not simply a proclamation from fans that it holds value.

In TA there are always myriad factors and potentialities to take into consideration, which is why the confident views of so many prognosticators can be so drastically varied, and even directly oppositional. Still, viewing the trajectories of gold and silver via S2F along with BTC presents a compelling narrative, and only time will tell what the next halving brings. Luckily peer-to-peer-electronic cash for everyone is already available in the form of bitcoin cash, while the world waits to see if BTC can indeed take the crown as the new gold.

What are your thoughts on bitcoin S2F? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock, fair use.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

Graham Smith is an American expat living in Japan, and the founder of Voluntary Japanan initiative dedicated to spreading the philosophies of unschooling, individual self-ownership, and economic freedom in the land of the rising sun.

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The Controversial S2F Model Predicts Bitcoin Price Will Reach 100000 USD Within 2 Years - Bitcoin News

[Update] Are Google And Apple Trying To Kill Bitcoin? – Forbes

Google, the internet search giant that owns video-sharing site YouTube and the Android mobile operating system, has a fraught relationship with bitcoin and crypto.

Bitcoin services, websites, and apps have regularly provoked Google's ire in recent years, whether intentionally or not, causing some to cry censorship.

In its latest move against bitcoin-related products and services, Google suddenly removed bitcoin rewards game Bitcoin Blast from the Google Play app store, claiming it used "deceptive practices."

[Update: 7:25pm 02/03/2020] Bitcoin Blast was made available on the Apple App Store on January 24, 2020 only to be removed less than a week later, with an Apple representative pointing to specific policies the app had violated and welcoming it back if it can be brought up to code.

"We were not removed for being involved with cryptocurrency," Daniel Rice, cofounder and chief technology officer at Bling, wrote in a Medium post on Monday February 3rd explaining why Apple chose to boot Bitcoin Blast from the platform, adding the team will try to make the app available on iOS in the future but "its also possible that Bitcoin Blast will never return to an Apple platform."

Google, which controls some of the internet's most widely-used services, could make bitcoin ... [+] development and adoption very difficult if it wanted to.

Last month, the developers of Bitcoin Blast, a match-three puzzle game that rewards users with bitcoin-redeemable loyalty points and boasts a 4.5 rating from some 20,000 ratings and 13,000 reviews, complained Google had suspended their app without giving them a clear reason why.

The app has now been reinstated but only after its developers, Bling, made a public plea for help, echoing a similar situation late last year when Google's YouTube banned many of the most popular bitcoin-related creators on the platform only to, mostly, reverse the decision in the wake of the subsequent backlash.

Shortly after the YouTube crackdown, Google suspended the popular MetaMask crypto wallet and mobile browser app backed by ethereum incubator ConsenSys from the Play Store, only to eventually reinstate it.

The Bitcoin Blast ban caused Bling chief executive Amy Wan to question her company's future relationship with Google and she warned other bitcoin and crypto businesses to avoid doing all their business on Google's platforms.

"Googles suspension cited their 'deceptive behavior' policy ... but did not state exactly what behavior Google thought was deceptive," Wan wrote in an opinion piece published on a crypto industry trade site.

"In their last reply, Google stated that they were 'not able to provide any more information or a better answer to your question,'" Wan said, adding Google eventually allowed Bling to resubmit the app to the Play Store even though she still isn't sure what Google thought was deceptive about the app in the first place.

Google has not responded to a request for comment.

Some in the bitcoin and cryptocurrency industry have previously threatened to boycott Google over its treatment of bitcoin-related news, services and products, while others have called for an alternative to the internet giant.

The bitcoin price has soared over the last few years, leading to a proliferation of scams promising ... [+] to make people rich.

Meanwhile, Google,along with the likes of social media giant Facebook,has been increasingly looking to financial services to bolster advertisement revenue in recent years, with public opinion moving against ad-funded business models.

In November, Google, in partnership with U.S. banking giant Citigroup, said it's planning to launch its own fully-fledged "smart checking" bank accounts via Google Paypiling pressure on bitcoin developers to improve user experienceandadoption or face redundancy.

Thebitcoin price has climbed over the last 12-months,largely due to interest in bitcoin and crypto from the world's biggest technology companieswith others,including the likes of iPhone-maker Apple and online retailer Amazon, branching out into traditional financial services.

The soaring bitcoin price has meant that the cryptocurrency space has become overrun with scams and "get rich quick schemes" that falsely promise immediate, massive returns on investment.

Google is keen to protect its users from such practices, but its twitchy trigger finger and the speed at which the ban hammer falls is, understandably, making people nervous.

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[Update] Are Google And Apple Trying To Kill Bitcoin? - Forbes

Bitcoins future could be rooted in Platos philosophies – Coin Rivet

Monty Pythons Life of Brian is a work of comedic genius of the highest order. Among the best scenes in that film is Romanes Eunt Domus.

Brian, an aspiring member of a Judaean resistance group, attempts to vandalise Pontius Pilates palace with anti-Roman graffiti. As Brian covers the walls with Romanes eunt domus a phrase of such mangled grammar that it makes me wince every time. John Cleeses centurion surprises him, and starts correcting that atrocious Latin with a mixture of such utter physical brutality and ruthless didacticism that it evokes in me Latin classes with a professor whose methods were by and large identical to those of Cleeses centurion.

Brian works on his grammar

But, the last time I watched, there arose also a thought leading from those ancient days to the age of Bitcoin.

I learnt Latin by methods very similar to those by which the centurion schooled Brian intimidating, traumatic and terrifyingly effective. Which is why the idiomatic and semantic cacophonies of Vires in Numeris, the Latin tagline of Bitcoin, wreak havoc with my linguistic sensibilities.

Vires in Numeris purportedly means strength in numbers, supposedly, because it is no form that Biggus Dickus would have understood.

Strength, in its Latin form vis, as well as in English, is a collective noun, therefore singular. The plural vires means a collection of physical forces, such as strong enemy armies, not the vague abstraction here. The preposition in is so very English in idiom that it conveys the very opposite of the intended meaning, which is power arising out of numbers.

The first law of Latin composition is to understand concretely the meaning of the English original and then to render that meaning into Latin, not to bung your English phrases into various search engines and translate the words.

The preposition in as in in numeris simply means inside/upon numbers, hardly, I imagine, what the phrase should mean.

The Romans would have used the preposition ex, (arising) out of, hence vis ex numeris. Even better, drop the preposition, use the instrumental ablative, and render it into vis numeris, strength by the agency of numbers. Hail Caesar, and all that sort of the thing. But even in its bastardized form, Vires in Numeris harks back a very long time ago, to a virtually identical idea, but one that that has soaked history in tyranny and blood.

This idea was born in a city that has probably had a more disproportionate effect on civilization than even Rome and its language. It was said of Athens, even 2500 years ago, that it was the school of Greece itself, and in that city at that time, there walked a man who has about as good a claim to be called the Father of Civilization as any other man. That man was Plato, an aristocrat and wrestler whose mastery of his language was so great that his writing makes Shakespeares English sound clumsy and uncouth in comparison.

Now, Plato did not just wrestle in athletic contests, he also wrestled with some very big problems, namely the problems of justice, ethics, truth, and distinguishing truth from the illusions that we receive through our senses.

Throughout his life, Plato suffered from the instability and insecurity of the Greek world. The Athens he lived in alternated between radical democracy and tyranny, it burnt with war, and with the fever of plague. It rang with all the chaos of its radical democracy, and was infested with philosophers for hire, irreverent poets, and rhetors using their art to tilt the scales of justice in favour of the highest bidder. Politicians, poets, artists, sophists and others of their ilk appeared to Plato to distort truth, and foment trouble and division for their own enrichment or political benefit. Much like today then, except that Plato was a troubled genius and overcome by the pity of it all.

Cwypto?

When Plato thought that he had found his solution, he put it down in his famous Republic and, in that work, he built the foundations of his political philosophy a political philosophy that has been called autocratic, paternalistic, and totalitarian, a blueprint of political thought that significant thinkers have held responsible for the emergence of every sanguinary numbskull to put his ideology, philosophy, or personal creed above the well-being of citizens or any other consideration.

Platos solution to the chaos and anarchy of his time was to propose a state rigidly divided into classes, to add very strong doses of collectivization, and then to unite philosophy and politics, and hand absolute political leadership over to philosophers, or to politicians who had become philosophers.

These were to run the state in whichever way they deemed best in accordance with the truth as philosophy had revealed it to them. If the Republic is not at the top of Kim Jong-uns bog-reading list, its not for lack of affinity.

Why did Plato, who was not only a brilliant man, but a fundamentally good one, come up with such a horrific model of the state? The answer lies with his disgust at the chaos, turbulence, and rhetorical contortions of Greece at his time, and his conviction that only truth could lead men out of chaos into the light of truth.

For the people, thought Plato, in the Greek world of his age, were imprisoned in a dark cave, unable to look anywhere except at the Tartarean back of that cave. Behind them stood their current rulers and thinkers, all of them corrupt liars, using fire to cast shadows and illusions on the back of the cave.

Through this, they fed their people a distorted reality only of benefit to these rulers. Philosophy alone, supposed Plato, could give a slave, who might escape the cave, the understanding of true objective reality, and shatter the bonds of that physical and intellectual slavery. And this truth that philosophy reveals? According to Plato it is the forms, essentially non-sensible paradigms that are in a state of transcendent and unchanging perfection.

Everything material is merely a shadow of these transcendent forms, and, for so being, is only corruption and illusion. So, forget artists and poets (liars, all of them), the only way to attain to an understanding of the ultimate truth of the forms is through a rigorously logical and objective philosophical process that is essentially mathematical.

It is then Truth arising out of numbers, rather close to the nebulously expressed idea of Vires in Numeris, i.e. that it is out of numbers that truth, therefore salvation, or health, or strength arises. Who wouldve thunk it?

It is amazingly evocative for a Classicist to see in Bitcoin a lineage that runs back to the Golden Age of Civilization. But it is equally moving, and profoundly so, that while this key premise of Bitcoin is the same as the Platonic one, that soundness arises out of numbers, there is also implicit in it a direction of thought that is truly novel, and an estrangement from the Platonic philosophies that have held us fast in their grip for 2500 years.

For Plato took his premise that truth or soundness comes from numbers, and made it the foundation of a political philosophy of totalitarianism centralised around its ruler, and the complete subordination of everyone else to whatever this philosopher-king holds to be the highest truth. For it is in the model of such a rigidly organised state, that we can eliminate the inefficiencies of anarchy, chaos and illusion (for example: self-determination, spontaneity, inspiration, art and poetry). And that is how Plato took the leap from truth arising out of numbers to hegemonic centralisation that has soaked the world in blood and tears.

Plato demanded rulers be the high priests of transcendent truth and in consequence the world has suffered the outrages of Caesars, High Priests, Philosopher Princes, Kaisers, Fuhrers, and Comrades ever since.

But with Bitcoin there may be new hope. For across the abyss of time, the same old Platonic idea of soundness in numbers has sprung up anew in Bitcoin, but with a direction and momentum in total opposition, that is towards decentralisation and peer-to-peer interaction beyond the power of the state and the king.

Plato gave us the abominations of ideology and ideological politicians. We know the horrors that came of this. As we are aware of a growing sense of unease about our time a time when states and corporations seem to be growing bigger and bigger, and extending their control further and further.

Plato has shown us that no man is fit to hold power. Can Bitcoin slay this hydra at last? Can it restore some measure of real parity between organisation and individual? Can it spike the guns of that he who governs by whatever creed he espouses, irrespective of the blood he sheds? Can a model of governance arise out of a distributed network that will achieve the right balance between organised efficiency and human spontaneity and self-determination? Or will it bring with it some hitherto unknown ogre of its own?

It is impossible to predict, but it will be interesting to watch at the very least, if only to see a 2500-year-old monolith of thought turned to dust and sand.

And vires, eh? Such an insufficient word for a concept that really expresses truth and trust, rather than the abstract notion of strength that it does in this context! So hmmm fides. Yes, fides, trust, honesty, loyalty, good faith, truth even by extension. So, there you have it. Fides ex numeris trust and truth arising out of numbers. What better consonance of Platos premise and Bitcoins?

Fides ex numeris. Write it out a hundred times!

Disclaimer: It has been said that the European philosophical tradition consists of a series of footnotes to Plato Thats how foundational Platonic philosophy is. My treatment of this subject in this column is, inevitably, tremendously superficial, trivial and eccentric, but that is unavoidable given the limitations of space, and the challenging of conveying clearly specialised ideas of tremendous scope to a general readership. Anyone wanting far more substantial treatment of Platos political philosophy may want to start off with Karl Poppers The Open Society and its Enemies, and work his way from there. This column is a mere taste or impression, oh how Plato would have hated that!

Joseph Debono is a Blockchain/Emtech consultant for Zeta, a Financial and Corporate Service Provider based in Malta and the UK, and has been active in this space since 2016. He is also an academic researcher in Emtech, focusing on native fintech solutions and business innovations. He has contributed numerous articles, papers, translations to various fields of the Humanities and has co-edited two books. His latest publication, co-edited with fintech pioneer Patrick L. Young is DLT Malta: Thoughts from the Blockchain Island (ISBN: 8362627026). In a past life, he was a historian and classicist, passions for which continuously inform and inspire his life and mind.

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Bitcoins future could be rooted in Platos philosophies - Coin Rivet

Bitcoin Price Faces the Last Big Hurdle Before $10,000 – Cointelegraph

Bitcoin price (BTC) kicked off 2020 with an incredible 37% gain in the month of January. Aside from that, support was found at $8,200 earlier this week. This support test resulted in a continuation of the upward momentum, leading the price towards $9,500.

Is the price of Bitcoin ready to face $10,000?

Crypto market daily performance. Source: Coin360

The monthly candle closed yesterday, which can only give a bullish conclusion. A potential new upwards trend has started, given that buyers stepped in during January at every support/resistance test.

BTC USDT 1-month chart. Source: TradingView

However, is it all sunshine and rainbows at the moment? Not completely. The price of Bitcoin has now moved towards the next resistance, and this one can be defined as a major hurdle, as shown by the following chart.

BTC USD 1-day chart. Source: TradingView

The resistance at $9,500 is massive, given that the price bounced multiple times on this level throughout the summer of 2019. If a breakout upwards occurs, continuation should be likely towards $10,900, and that would break the psychological barrier at $10,000.

Total market capitalization 1-day chart. Source: TradingView

The total market capitalization of cryptocurrencies is showing a clear test of the $215 billion levels for support, which was needed. After this, the market capitalization rallied towards another massive resistance. This level is found at $240-245 billion and is comparable to the level of $9,500 for Bitcoin.

However, theres a difference here. The total market capitalization already broke above this level and is currently turning it in to support. Does this imply that altcoins are outperforming Bitcoin?

It should be noted that there is also a bearish feature that can be observed on the chart. If the total market capitalization breaks below the $240 billion level, the potential bearish divergence becomes a confirmed bearish divergence. Another test of the $215 billion levels (the blue trendline) would be likely in this case.

Altcoin market capitalization crypto 1-day chart. Source: TradingView

The altcoin market capitalization is showing a similar chart as the total market capitalization. The critical level of $80 billion is broken to the upside, after which consolidation started.

The same notions are also stated for the altcoin market capitalization chart. If theres a break below the $80 billion levels again, the bearish divergence becomes confirmed, and retests of the $72 and $65 billion levels are likely to occur.

However, on the bright side, if $80 billion is held as support, continuation towards $100, which is also the next resistance.

BTC Dominance 1-day chart. Source: TradingView

The dominance chart for Bitcoin didnt change much in the recent weeks as major altcoins are still facing significant resistances. Currently, the most prominent examples would be (XRP) and Ether (ETH). XRP needs to break a 2-year old downtrend, while Ethereum needs to break above 0.02 satoshis to continue higher.

If either of these two movements occurs, a continuation to the downside is likely for Bitcoins dominance. However, if Bitcoin itself starts to run above $9,500, a selloff on altcoins wouldnt be a surprise. Such a selloff frequently occurs when Bitcoins volatility increases.

ETH USDT 1-day chart. Source: TradingView

The primary indicator for altcoins is Ether, which also broke a 7-month downtrend, as the chart shows.

Recently, the price found support at $157 (green zone) and continued to rally. A similar support/resistance flip occurred at the $173 level, which makes me believe that a continuation towards $195 and $230 is likely.

As many charts are showing potential bearish divergences, a breakdown of Ether below $173 would generally mean a retest of $157-162 before further upward momentum. The key indicator for trends is still found in higher highs and higher lows. If Ether price breaks below $157, then the crypto market is in trouble.

BTC USD 1-day bullish scenario. Source: TradingView

The bullish scenario is the main scenario at this point, given that the trend is moving upwards after the breakout of the 7-month downtrend.

Key levels to watch are the $9,000 level and $9,500 level. The reasoning behind $9,000 is that it could be tested for support before the price continues to rally above $9,500. A retest of $8,750 and $9,000 is still healthy for the market structure, as the price of Bitcoin will still make higher lows.

An apparent breakthrough of the $9,500 level would indicate a breakout above a significant resistance, as discussed in the article.

If the price breaks through this level, targets will be found at $10,500 and $10,900. I dont see resistance at $10,000 other than the fact that round numbers typically function as psychological barriers.

BTC USD 1-day bearish scenario. Source: TradingView

A bearish scenario would become valid if Bitcoin lost the $8,200 level. Losing this would signal that the momentum of higher lows is gone and further downward pressure would be expected.

Thus, what signals should traders look for in order to determine that Bitcoin has become bearish? If the price makes a retest at $8,750, the bounce should be severe enough to break back above $9,000. However, if resistance is immediately found and the price makes a lower high then continuation to the downside is warranted.

But, price first needs to arrive at these levels to determine how traders and investors react. The momentum is up for now, and when the price of Bitcoin breaks above $10,000, FOMO (fear of missing out) could start to kick in. Especially given the halving is now just 100 days away.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Continued here:
Bitcoin Price Faces the Last Big Hurdle Before $10,000 - Cointelegraph

Bitcoin Could Fall Hard, This Textbook Indicator Shows – newsBTC

Bitcoins dreamy price rally in 2020 could hit a dead end in the coming sessions, according to a bullish reversal indicator.

The benchmark cryptocurrency is forming a Rising Wedge pattern as confirmed by its price consolidating between upward sloping resistance and support. More data that confirms the Wedge formation is a faster establishment of lower highs than higher highs and a drop in volume during the patterns formation.

Rising Wedge confirmed as bitcoin uptrend start contracting between two rising trendlines | Source: TradingView.com, Coinbase

The Rising Wedge pattern is also getting formed during a medium-term downtrend, with swing highs nearing circa $14,000 and swing lows at $6,430. Thats another parameter that validates the Wedges potential to cause havoc.

In simple terms, the Rising Wedge helps identify the exhaustion of an interim uptrend within the framework of a larger timeframe. Day traders take long opportunities on a bounce from the lower trendline towards the upper trendline. And similarly, they open short positions on a pullback from the upper trendline towards the lower trendline.

The bigger the gap between the two converging trendlines, the higher the volume tends to rise (owing to more long/short positions). But as the gap starts diminishing, the volume [typically] falls in tandem. That continues until the gap becomes very small to almost negligible, leaving little room for the price to move.

At that point, the price typically breaks out of the Rising Wedge range, in the direction of the previous trend, as shown in the image below.

Rising Wedge Illustration | Source: Babypips.com

Pitting the traditional definitions against bitcoins current uptrend, the outcome flashes a potential selling bias. That said, the cryptocurrency could continue the uptrend until it reaches the apex of the Falling Wedge. After that, it could fall by as much as the height of the Wedge, which is circa $2,000 as of now.

Bitcoins downside target at $7,000 | Source: TradingView.com, Coinbase

That brings bitcoin roughly near $7,000.

A consortium of 28 crucial technical indicators signals buy for bitcoin on the daily timeframe. Ten of those indicators are showing neutral bias, including the Relative Strength Index. That shows the market is still waiting for a confirmation to continue the ongoing bull run.

According to technical analyst CryptoHamster, bitcoin may have bottomed out at $6,430 in December 2019, which could have it invalidate the Falling Wedge entirely by continuing its upside momentum. He cited a similar Wedge formation from 2019, the failure of which sent the price up to the year-to-date high of circa $14,000.

What do you think bitcoin could head next as the uptrend cools off? Tell us in the comment section below.

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Bitcoin Could Fall Hard, This Textbook Indicator Shows - newsBTC

Bitcoin Price Climbs to $9,500 After Third Higher High in One Week – Cointelegraph

For the second time this week, Bitcoin (BTC) bulls have protested against any attempts to push the digital asset below the $9K mark. Earlier today, the price dropped slightly below $9,200 but the pullback stopped right at the Jan. 19 high at $9,198 before reversing to surge higher on a high volume spike.

Bitcoin daily price chart. Source: Coin360

The move to $9,530 set a daily higher high for the third time this week and traders will note that purchasing volume is also rising higher each day which are all signs that the asset is in a strong bullish trend.

BTC USDT 6-hour chart. Source: TradingView

On the shorter time frame, one can see that the pullback to $9,194 led the price to touch the $9,190 support where the price had bounced twice before further continuation to $9,530 occurred.

BTC USDT 1-hour chart. Source: TradingView

The relative strength index (RSI) has popped into overbought territory on the 4-hour and daily timeframe and there is also a tweezer top on the 1-hour chart. This suggests that the price may pull back for a brief consolidation, but there also appears to be plenty of demand and support at $9,366. Furthermore, this week $9,200 has proven to be a decent level of support.

BTC USDT daily chart. Source: TradingView

Meanwhile, on the daily timeframe, the moving average convergence divergence (MACD) histogram shows increasing momentum and the signal line continues to rise, nearly reaching its previous Jan. 18 high at 400.

In the event that $9,200 gives way as support, the price could drop to the 200-daily moving average (DMA) at $8,900, a level that the volume profile visible range (VPVR) also shows as a point of interest to traders.

On the bullish side, if traders can hold the price above $9,500, the VPVR shows a volume gap from $9,418 to $10,166. If buyers step in to provide consistent volume, we could see the price rise to $10,166 over the short term.

Bitcoin daily price chart. Source: Coin360

The overall cryptocurrency market cap now stands at $261.1 billion and Bitcoins dominance rate is 66.1%. A handful of large-cap altcoins also mirrored Bitcoins gains. Most notably, Litecoin (LTC) rallied 12.96% and EOS is up by 6.44%. Tezos (XTZ) also posted an impressive 6.60% gain.

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Bitcoin Price Climbs to $9,500 After Third Higher High in One Week - Cointelegraph

Millions of Investors on TradingView Can Now Buy Bitcoin, Ethereum, Bitcoin Cash and Litecoin Through Gemini Partnership – The Daily Hodl

Cameron and Tyler Winklevoss are teaming up with another social network. The financial visualization platform TradingView today announced the integration of crypto exchange Gemini, founded by the Winklevoss twins in 2014.

The partnership gives millions of people on the popular social network a new way to trade and invest cryptocurrencies directly on TradingView.

In order to use the option, users will have to create both a TradingView and a Gemini account.

The New York-based crypto exchange, which integratesNasdaqs fraud surveillance technology, is subject to capital reserve requirements, cybersecurity requirements and banking compliance standards established by the New York State Department of Financial Services and the New York Banking Law.

TradingView joins other major platforms, such as Robinhood and eToro, that are tapping into a broad base of traditional investors and traders to introduce multi-billion-dollar digital currencies, such as Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

In addition to powering live orders and tracking real-time data, the platform allows its users to observe other traders and post charts, blogs and technical analysis.

In October of 2017, TradingView reported a total of over three million monthly active users.

Featured Image: Shutterstock/metamorworks

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Millions of Investors on TradingView Can Now Buy Bitcoin, Ethereum, Bitcoin Cash and Litecoin Through Gemini Partnership - The Daily Hodl

US Marshals to Auction $37M in Confiscated Bitcoin in February – Cointelegraph

The United States Marshals Service (USMS), a federal law enforcement agency within the U.S. Department of Justice, will auction more than 4,000 confiscated Bitcoins (BTC).

According to the official USMS website, the authority is planning to sell approximately 4,040 Bitcoins (4,040.54069820), requiring a $200,000 deposit in order to take part in the auction. The USMS said it will return the deposits to non-winning bidders, promising to initiate the return of losing bid deposits within five business days after transferring bitcoins to the winning bidder.

At press time, the total amount of the auctioned Bitcoin is worth around $37.4 million, according to data from Coin360. The Bitcoin for the bid was seized in various federal criminal, civil and administrative proceedings, the agency noted.

Bidder registration is open from Feb. 3 until Feb. 12. The online auction will take place on Feb. 18. As the authority is planning to conduct the auction from 8:00 AM EST until 2:00 PM EST on Feb. 18, the announcement of the winners is scheduled to come at 5:00 PM EST. However, the USMS may spend more time to announce winners based on the number of received bids as well as the complexity of the review process, which may require additional time, the announcement reads.

Similarly to previous auctions held by the USMS, the upcoming auction will be divided in parts. Specifically, the Bitcoin auction will be separated into series, with 2,500, 1,000, 500 and 40.54069820 Bitcoin each.

Source: United States Marshals Service

The recently announced Bitcoin auction follows a number of similar bids in recent years. As such, in January 2018, the USMS sold over 3,800 confiscated bitcoins before announcing a 600 BTC bid in October.

Auctions for confiscated bitcoins have been practiced by multiple governments to date. In February 2018, the United Kingdom and Ireland-based auction house Wilsons Auctions hosted their first Bitcoin auction, as reported by Cointelegraph. Previously, the South Korean government announced it plans to auction 216 bitcoins in 2017.

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US Marshals to Auction $37M in Confiscated Bitcoin in February - Cointelegraph