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Has The Bull Market Returned for Bitcoin?

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In a twist of sorts, instead of bitcoin’s first chain-split hardfork sending price down under, it has fueled it up to an all time high of $3,339.50, some $350 higher than its previous brief all-time high of $3,000 on June 11th.

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That was followed by a sell-off which nearly halved bitcoin’s price to what might be a bottom of around $1,800 on July 16th, with a sharp price increase soon after to $2,300, a segwit bull-run to $2,700, a Bitcoin Cash crash back to $2,300 and now the recent bull run to an all-time high.

Bitcoin’s Spring Summer

That’s not what was meant to happen according to the hardfork naysayers. There was meant to be doom and widespread confusion. Bitcoin was meant to be over, done, gone, if it chain-split. People were to lose money, poor newbies would run to mummy and on and on.

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What actually happened was what cooler heads predicted. The fork would unlock new value, giving everyone exactly what they want. Thus restoring confidence and optimism, leading to a price rise.

In this case, the price rise has been higher than many thought. That’s probably because bitcoin has become just a bit more interesting and cool. The currency has proved now you can’t control it. It has also proved its decentralized nature is inherent rather than a point of debate.

Rather than smoke filled rooms or closed door meetings, bitcoin has now shown its true governance in action. That of giving the free market exactly what it wants by forking, placing both currencies under its mercy.

That is something that has never happened before in this manner and shows the full power of bitcoin and any public blockchain based currency. You can’t choose your centrally issued fiat. With bitcoin, you get exactly what you want and no one can deny you such right.

If you want full blocks, empty blocks, or no blocks at all with IOTA, if you want smart contracts or simple multi-sig scrypt, Lightning Network or Raiden, Rootstock or the EON lot, you can have what you want in the great cryptocurrency amazon.

Where birds have flashy colors and some flowers even eat meat, where lions rule and snakes bite too, where elephants roam above them all yet get terrified by a little mouse.

The mix in this space isn’t too much different. The wall-street testosterone pumped jockey hangs around with glassy nerds, looked upon by flashy artists with the swindlers all around.

Cryptocurrencies’ current combined market cap.

No wonder we are seeing what looks like a sharp V recovery with the combined market cap of all digital currencies nearing its all-time high of around $116 billion. Currently standing at just under $113 billion.

That’s more than many household brands. Eth and Bitcoin Cash have not yet even had their all-time bull run. So some are wondering, billions were cool last century, can this space manage a trillion?

I’m not one for hype, but the millenial generation is now entering a stage where their lives and careers are starting to stabilize after the confused teenage years and rocky early 20s.

They are now getting a stable income, maybe even settling down, with real purchasing power – perhaps higher than any other generation. They experienced first hand how the Middle East wars robbed them from some of the teenage fun. How the bank collapse ruined for many of their friends the early out of university years.

So when they look at gold they may think it outdated. When they look at stocks they may think it too stiff upper lip, when they look at cryptocurrencies they may think it as fun.

Because they’re not just buying something, but becoming part of a movement. A movement that returns money to the people. A movement that brings back investing to the masses, taking it off from the restricted and secluded VC ivory towers.

A movement where we are in charge. We, the free market. Where we have liberty and choice by just a click to get the exact thing we like and if its not on offer we’ll just code it and wala – it is now.

The young, those currently in university or just about leaving, will follow them. The old, those in the 50s or 60s, will hear them, because they are right. As such, real power has or is about to shift to the millennial generation, the late 20s early 30 somethings.

A generation that has found a solution in digital currencies where they may argue about bitcoin or bitcoin cash or ethereum or whatever else, but they all know it’s all just fun, not much different than brothers fickles.

For while some might see hate, I see passionate love between the three main ones. Sure, there are some currencies that objectively deserve polemics, but bitcoin, bitcoin cash, ethereum, some of the tokens, deserve the highest respect.

Because all three are pioneers in a very new world we are building. All three have sound bases, good foundations, great aims and either could lead. More importantly, the three currencies are all focused on actually achieving something that goes beyond mere price.

That is, they employ no tricks, through marketing or otherwise. They are not a get rich project, here today, gone as you sleep. They are serious attempts towards providing a solution to the problems the millennial generation saw and experienced as they were coming of age.

Their competition, therefore, although it may appear ruthless, it is in fact friendly. Long may it live and long may liberty reign above all three and above us all for a very, very long time.

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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  1. Aukeiato

    August 6, 2017 at 9:00 pm

    What a great read! Informative and very poetic. Kudos!

  2. Inverstor Clouseau

    August 8, 2017 at 9:48 pm

    I’m starting to really fancy this site

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Analysis

Crypto Update: Chinese Crackdown Triggers Next Leg of Correction

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The cryptocurrency segment is crashing again, with double-digit losses across the board, and with several coins shedding around 30% in one day amid the widespread and heavy selling. The sell-off was triggered by reports on a new set of measures by the Chinese authorities limiting crypto trading, which added to the still looming South Korea related regulation worries. Bitcoin tested the mini-crash lows at $11,300 today in early trading, dipping slightly below that level before a strong bounce started.

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The most valuable coin is now between two crucial support/resistance lines, with the other ahead at $13,000, and as the downtrend is entering its more mature phase the $10,000 and $9,200 levels could come in play, with a possible dip to the support zone near $7,650.

BTC/USD, Daily Chart Analysis

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Interestingly, the coin is still hovering within the daily range of the crash of December 22nd, and that points to a very active and volatile period ahead near the low at $11,300, as automatic orders will likely get triggered on both sides of the market.

The short-term setup is bearish, and although it’s possible that the primary support level will hold, odds still favor another leg lower, following the exponential run-up at the end of last year that pushed sentiment into bullish extremes.

BTC/USD, 4-Hour Chart Analysis

Altcoins

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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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Analysis

Technical Analysis: Cryptocurrencies Start Week on a Quiet Note as NEO Shines

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The broad Bitcoin-led correction continued to dominate trading in the crypto-segment throughout the weekend, as the most valuable coin drifted sideways above the key technical level at $13,000, with dwindling trading volumes.

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BTC remains in a declining short-term pattern, although the digital currency still holds well above the mini-crash lows from December, spending almost a month now in the daily range of the year-end plunge. We still expect the largest coin to complete the current cycle with a move below the crash lows and the $10,000 level after the stellar rally of the previous months. Key support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700

BTC/USD, 4-Hour Chart Analysis

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Altcoins also settled down across the boards with only a few coins registering strong activity. Ethereum and NEO have been among the coins making headlines, as the second largest coin continued to grind, higher still trading near its recent all-time high today. The price of the ETH token is moving in a short-term uptrend, in the face of the stretched momentum indicators, but we expect a meaningful correction soon, and long-term investors should wait for a more favorable technical setup before entering new positions, with key support levels at $1000, $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

Ripple remained under heavy selling pressure in the meanwhile, as the oversold bounce of the weekend faded away and the coin got close last week’s lows again. As the short-term downtrend is intact, traders should stay away from entering new positions, while investors should wait for short-term sell-offs towards the main support levels at $1.50, $1.25, and $0.85 to add to their holdings.

XRP/USDT, 4-Hour Chart Analysis

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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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Analysis

Technical Analysis: Coins Rebound as Key Support Level Holds Bitcoin

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The $13,000 level in the price of Bitcoin continued to be the center attention of traders today, as the most valuable coin successfully tested the crucial support zone overnight, despite another brief dip below it. The other majors followed the subsequent bounce higher, with Ethereum pushing past $1250 once again, while Ripple reclaiming the $2 level.

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Despite the bounce, the short-term trend in Bitcoin is clearly bearish and the correction is still likely to continue, although the extreme long-term overbought readings are now cleared. We still expect a move towards the previous correction low near $11,300, with a likely dip below $10,000 before the end of the current cycle, with further important support levels are found at $9000, $8200, and $7700.

BTC/USD, 4-Hour Chart Analysis

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Ripple recovered slightly after nearing the $1.50 level and reaching short-term oversold readings, and the coin tested the primary resistance level at $2.1 yesterday in late trading. The currency remains in a strong short-term downtrend despite the bounce and the continuation of the correction is likely, although long-term investors could already accumulate new positions near the main support levels at  $1.50, $1.25, and $0.85.

XRP/USDT, 4-Hour Chart Analysis

Ethereum bounced of the dominant short-term trendline, but the coin remains overbought on all time-frames and we expect a trendline break in the coming days. That said, traders could hold smaller positions here with tight stops as a push towards the prior all-time high is still possible. Key support levels are found at $1000, $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

(more…)

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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