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Bitcoin’s Offensive Continues as Prices Breach $3,400

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Bitcoin’s value jumped to a new record on Tuesday, a clear indication that the bull market was back in vogue following a month of turmoil.

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$3,000 & Beyond

The virtual currency (BTC/USD) rose 2.4% to $3,468.00 in overnight trading, according to Bitstamp. Before the weekend, the BTC/USD had crossed the $3,000 mark only once.

At current prices, the market value for all bitcoins is more than $57 billion – the highest on record.

While post-fork exuberance shows no signs of fading, traders are reminded that bitcoin’s recent leg up has been accompanied by decreasing volume. In fact, a similar trend has been observed during every leg up from $1,800.

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Zooming out to the 1-day Bollinger Band, the market appears to be overbought. A historical analysis reveals that, more often than not, a puncturing of the Bollinger Band in either direction leads to a broad pullback in the market.

The daily RSI also adds credence to the view that the market is approaching overbought territory.

Bitcoin Cash Trading Well Below Its Peak

Bitcoin’s surge followed the creation of a spin-off digital currency – Bitcoin Cash (BCH) – last week. The newly minted coin spiked above $700.00 on Aug. 2 before a series of volatile moves dragged prices back toward $200.00.

BCH was back above $300 on Tuesday, having gained more than 27%. Its total market is valued at more than $5 billion.

Coinbase Caves to Investor Demand

U.S. cryptocurrency exchange Coinbase has announced that it plans to support BCH as of January 2018. Initially, the exchange said it would not support the new coin, triggering outrage among users and a surge in withdrawals.

A contingency of Coinbase customers also threatened to sue the exchange for not supporting BCH, equating the decision to a brokerage withholding new shares from its investors.

“We are planning to have support for Bitcoin Cash by 1 January 2018, assuming no additional risks emerge during that time,” the leading exchange said on its blog.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 332 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Analysis

Bitcoin Prices and Whale Sightings: Evaluating the Latest Trends

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Bitcoin’s value has skyrocketed 20% over the past eight days, but some say the upward trajectory isn’t as linear as it should be given the length of the most recent correction. The market’s sudden gyrations have left us with only one explanation: the bitcoin whales are back.

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Whale Spotting

It has been reported that the so-called bitcoin whales (those who hold oversized positions in the digital asset) dumped $100 million worth of BTC in less than 24 hours. For example, the anonymous balance of wallet 3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r declined by 6,500 BTC on Tuesday, which is equivalent to $50 million. As a result, bitcoin fell more than $200 on the major exchanges in just a few minutes.

Just one day earlier, bitcoin’s third-biggest wallet shed 6,600 units of the virtual currency at an average price of around $8,026.

Interestingly, a whale may have been responsible for the initial spike in BTC just one week ago. As we reported, a large order on Bitfinex triggered the initial spike in BTC as prices crossed $7,000 on the exchange. For the next two days, bitcoin would surge double-digits to breach $8,000 for the first time since late March.

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Investors are also keeping tabs on a high-profile whale based out of Tokyo, Japan. Nobuaki Kobayashi is in the process of liquidating billions of dollars on behalf of Mt Gox creditors. At last check, the trustee had sold about $400 million in bitcoin for an average sales price of $10,105. He’s expected to offload another $1.9 billion.

Speculation Grows

While advocates of bitcoin’s long-term value have barely flinched amid the latest downturn, speculators all but disappeared from the market. A simple analysis of Google search trends also reveals that laypeople have been losing interest in digital currencies since early February.

All that could be changing.

Cryptocurrencies have added nearly $100 billion to their market cap over the past week, with bitcoin doing much of the work. This appears to have compelled bitcoin’s large owners to sell their assets for reasons that are not yet unclear.

Of course, the multiple selloffs could just be coincidence or a bet that future prices will fall again. In the eyes of leading analysts, the latter appears to be less likely.

The head of Pantera Capital, who rarely predicts bitcoin’s future and is thus never wrong when he does, recently told clients that the digital currency has already bottom. Appearing on CNBC’s Fast Money, Dan Morehead said bitcoin’s bear market was just about over and that prices would continue rising from here on.

That said, choppy trading for bitcoin is hardly unusual and has come to be expected in a market that still lacks maturity. Whales or not, recent moves have made it harder to gauge the strength of the recovery.

That’s the message Thomas Lee of Fundstrat Global Advisors recently shared, according to Bloomberg.

“I think it feels off right now because, you know, we’ve been on a down trend since December, and now, even though the volatility hasn’t changed much, it’s hard to tell if bitcoin is trying to stage a recovery or if it’s continuing its down trend,” he said.

At the time of writing, bitcoin was valued at $8,175, having gained 3% over the past 24 hours.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 332 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Analysis

Crypto Update: Monero Price Jumps above $225 as Coins Hold Their Ground

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The cryptocurrency segment is having a mixed but encouraging session so far, as the sudden selloffs of the last couple of days were all bought and the short-term correction lows held up.  Although most of the major cryptocurrencies are trading below their breakout highs as of now, there are standout performers, like Monero, Stellar, and Bitcoin Cash, and the early leaders of the rally are also showing stability.

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These signs of bullish rotation are positive, and as the short-term momentum indicators are back to neutral territory with regards to most of the majors, the segment could be ready for another leg higher in the coming days. That said, as the broad declining trend channels are still intact in both Ethereum and Bitcoin, a trend change is not yet confirmed and short-term trades should still apply strict risk management.

BTC/USD, 4-Hour Chart Analysis

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Bitcoin held up above the key support zone near $7650, despite the spikes lower, and the low volume consolidation continues to be the dominant pattern. The $8400 resistance is now perfectly aligned with the declining trendline that capped rally attempts all year, and a crucial test of that zone is likely this week.

Long-term investors could still add to their holdings, while our trend model also turned bullish again today. The $9000-$9200 zone is the next target above $8400, while further support found at $7300.

ETH/USD, 4-Hour Chart Analysis

Ethereum is trading in a similar short-term pattern, with the declining trendline also ahead as strong resistance for the second largest coin. Although ETH lost some of its relative strength against BTC, its stability in a very positive sign for the whole market, and the coin could resume the recovery in the coming days. Resistance is ahead at $535, with further zones between $555 and $575 and near $625, while support is found at $500 and $450.

Monero Surges as Litecoin also Shows Strength

XMR/USDT, 4-Hour Chart Analysis

The long-term leaders of the segment, XMR and LTC are finally pulling their weight again, as Monero left the short-term consolidation zone with a bang today, while Litecoin is also close to hitting new rally highs, despite yesterday’s dip. XMR still faces strong resistance at $240 and $300, but today’s move confirmed a new short-term uptrend.

Ripple, Stellar, ETC, Dash, and Bitcoin Cash are also benefiting from the bullish rotation, but EOS, NEO, and IOTA are also looking bullish after leading the market higher last week. Al in all, price action in the segment is I line with the continuation of the broad rally, even as a new uptrend is still not yet established and correlations between the coins remain above healthy bull market levels.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 224 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Analysis

Technical Analysis: Bitcoin Holds $8000, Ethereum Stays Above $500 amid Pullback

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The major cryptocurrencies continue to act bullish after last week’s strong momentum move higher, as the largest coins are all trading in shallows corrections or are already on the move again following a short pullback. The segment as a whole is holding on to the recent gains in market value, with the total market cap of the digital currencies hovering around $330 billion today.

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Although we can’t conclude that a new positive trend is established, with the two most valuable coins still in broad declining trend channels, both Bitcoin and Ethereum might be ready to tackle key trendlines as soon as this week.

As correlations are starting to break down between the majors, which is another bullish sign, several smaller coins also decoupled from the broader market, already trading at new rally highs today in early trading. Given the favorable long-term setup, we remain positive with regards to both short- and long-term positions here.

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BTC/USD, 4-Hour Chart Analysis

BTC continues to show some relative weakness, despite remaining above short-term support, as a very strong resistance zone is just ahead, near the $8400 level. The broad declining trendline is converging with that horizontal resistance and we expect trading activity to explode higher in that zone, should the coin attempt a breakout. Further resistance is ahead between $9000 and $9200, while support is found near $7650 and $7000.

ETH/USD, 4-Hour Chart Analysis

Ethereum is consolidating just below the weekend high, with the coin trying to form a higher low after the strong push higher. With the short-term momentum indicators nearing neutral again, a test of the rally high is likely soon, with the key resistance zone between $555 and $575 converging with the broad declining trendline similarly to BTC. Support below $500 is found at $400 and $360, while the next major target for a breakout is at $625.

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 224 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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