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Bitcoin news

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RSI On Bitcoin hits 4-year low

#131
Bitcoin Price Sell-Off Slows As RSI Hits Four-Year Low

Bitcoin is looking oversold after a drop to 13-month lows Wednesday and could defend immediate support at $5,000 in the next few days.

The world’s top cryptocurrency by market value fell to $5,324 (price via Bitstamp) in a matter of hours yesterday, reaching its lowest level since Oct. 18. The average price across major exchanges, as calculated by CoinDesk’s Bitcoin Price Index fell 10 percent – the biggest single-day drop since March 30.

While BTC had supposedly carved out a long-term bottom around $6,000, the convincing break below that level indicates a resumption of the sell-off from the record high of $20,000 reached last December.

As a result, a deeper drop looks likely, albeit after a minor bout of range-bound trading, as the 14-day relative strength index (RSI) is signaling bearish exhaustion.

Notably, the widely followed technical indicator is currently seen at 18, its lowest since September 2014. As the area below 30.00 represents oversold conditions, the bears may now take a breather before hitting the market with fresh offers.

As of writing, BTC is changing hands at $5,400 on Bitstamp, having clocked a high of $5,641 earlier today.

Daily chart
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BTC closed at $5,595 yesterday, confirming a downside break of a nine-month-long descending triangle.

Meanwhile, the 5- and 10-day exponential moving averages (EMAs) have adopted a bearish bias, while the stacking order of the 50-day EMA, below the 100-day EMA, below the 200-day EMA, indicates that the path of least resistance is to the downside.


Monthly chart
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Over on the monthly chart, BTC is trading below the support of the trendline connecting the November 2011 and August 2016 lows, validating the bearish view put forward by the bearish crossover between the 5- and 10-month EMAs in September.

The RSI is now threatening to turn bearish below 50.00 for the first time since September 2015.

To sum up, the odds are stacked in favor of a drop below the psychological support of $5,000, although the oversold daily RSI indicates that may not happen immediately.

View
  • BTC is looking south, although oversold conditions may help it hold above the psychological support of $5,000 in the next few days.
  • The probability of a stronger corrective rally in the near-term is quite low as a significant majority of investors, who had called a bottom around $6,000, may have turned bearish after yesterday’s price drop.
  • The bearish pressure would weaken if prices close above the June low of $5,780.
  • The bearish view would be neutralized if the former-support-turned resistance of $6,000 is scaled.

Source: https://www.coindesk.com/bitcoin-price- ... 4-year-low
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Breaking: Bitcoin sinks to new 13-month low

#132
Bitcoin sinks to new 13-month low

Bye_bye_bitcoin.jpg

Bitcoin slumped to a new 13-month low on Monday, with the biggest cryptocurrency touching $5173.23 on the Bitstamp platform BTC=BTSP.

Bitcoin was last down 5.2 percent at $5270. The cryptocurrency, and other lesser coins including ethereum and XRP, endured a sell-off last week, with some blaming fears that a “hard fork” in bitcoin cash, where the smaller coin that split into two separate currencies, could destabilize others.

Source: https://www.reuters.com/article/us-cryp ... SKCN1NO0VB
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Breaking: Bitcoin Dips Below $4,500 Hits the Lowest of the Year

#133
Bitcoin Dips Below $4,500 Hits the Lowest of the Year

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The last two weeks for Bitcoin was tough. Bitcoin dropped after the Bitcoin Cash hard fork. It was FUD in the market that may have caused this. And Bitcoin wasn’t alone. Ethereum and Ripple were also affected. Unfortunately, it didn’t stop there. Yesterday, Bitcoin dropped momentarily to below $5,000. But recently, it fell another 7% and dropped to $4,387. It already lost around 30% just in the last week.

It was an unprecedented fall for the biggest cryptocurrency. In fact, for months, Bitcoin was trading at around $6,200 to $6,500 experiencing low volatility a lot of people thought that Bitcoin may have already bottomed. Mike Novogratz was one of these crypto experts who thought that this was the case. There were those who believed that investors are holding on to their Bitcoin waiting for the next bull run.

But given the recent events, Bitcoin continues to plunge. According to Neil Wilson who is the chief market analyst at Markets.com, “The crypto bloodbath continues”. He added that “Things look like they only get worse from here. Where is the incentive to buy? It does rather look like the bottom is coming out of this market”.

After Bitcoin dropped to $5,000 range, it was reported that whales too advantage of the situation to buy Bitcoin. Now, could it be that this should be the next move for investors as well? Or perhaps, many are waiting for the price to come back?

Different Factors
Many believe that there are several factors at play why the crypto market is bearish recently. Some point towards the direction of the recent stocks sell-off. Some also believe that this is something is just a short-term event and Bitcoin will be able to recover.

On Friday, the US Securities and Exchange Commission clamped down on two startups that raised their funds via initial coin offerings. Airfox and Paragon were penalized for selling unregistered securities. The crypto exchanges offering unregistered securities may also face trouble from the agency.

Is Bitcoin a Fraud?
There are several personalities who believe that Bitcoin will eventually fall. You have Nouriel Roubini who called crypto a “stinking cesspool”. Last month, he said that crypto is “the mother or father of all scams and bubbles”. He is the same person who predicted the 2008 financial crisis.

But he isn’t exactly alone. You also have central bankers and JP Morgan boss Jamie Dimon who mentioned in 2017 that Bitcoin was a fraud. He warned that it could eventually blow.

Of course, there is always the glimmer of hope in the eyes of the crypto market. There is interest on the part of institutional investors. For instance, Fidelity wants to make it accessible for institutional investors to participate in the market. You also have the possibility that the US Securities and Exchange Commission is going to approve a Bitcoin ETF. The agency rejected a number of applications including that of the Winklevoss twins citing the possibility of price manipulation at play. Is Bitcoin still going to go down in the coming days or is this the bottom for the cryptocurrency already?

Source: https://www.cryptocurrency365.com/news/ ... -the-year/
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Re: Bitcoin news

#134
i was so sure that bitcoin is going to rise again. but now my intuitions are saying it is going to go really low. :/

Re: Bitcoin news

#135
dw13 wrote:
Wed Nov 21, 2018 4:50 pm
i was so sure that bitcoin is going to rise again. but now my intuitions are saying it is going to go really low. :/
Trust your intuition bro. She's going to keep on heading south for years to come. It's game over for HODLers!
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Re: Breaking: Bitcoin Dips Below $4,500 Hits the Lowest of the Year

#136
ChuChu Rocket wrote:
Wed Nov 21, 2018 3:47 pm
...
Is Bitcoin a Fraud?
...
But he isn’t exactly alone. You also have central bankers and JP Morgan boss Jamie Dimon who mentioned in 2017 that Bitcoin was a fraud. He warned that it could eventually blow.
...
People forget much to fast. Jamie was right because he was part of the fraud, see here.
dw13 wrote: i was so sure that bitcoin is going to rise again. but now my intuitions are saying it is going to go really low. :/
No, BTC will die as many many other cryptos as well. Just watch how many crytos there are - it the same like the dot-com bubble in 2000. Two or three cryptos will survive, but which these are nobody knows now. Which will be not I know - there is no hope for BTC. Its blockchain needs far too much energy, but the concept of a blockchain is good. IOTA e.g. has a nice and usable approach for their blockchain - for the industry it's perfect.

Re: Breaking: Bitcoin Dips Below $4,500 Hits the Lowest of the Year

#138
Krelian99 wrote:
Wed Nov 21, 2018 5:32 pm
ChuChu Rocket wrote:
Wed Nov 21, 2018 3:47 pm
...
Is Bitcoin a Fraud?
...
But he isn’t exactly alone. You also have central bankers and JP Morgan boss Jamie Dimon who mentioned in 2017 that Bitcoin was a fraud. He warned that it could eventually blow.
...
People forget much to fast. Jamie was right because he was part of the fraud, see here.
dw13 wrote: i was so sure that bitcoin is going to rise again. but now my intuitions are saying it is going to go really low. :/
No, BTC will die as many many other cryptos as well. Just watch how many crytos there are - it the same like the dot-com bubble in 2000. Two or three cryptos will survive, but which these are nobody knows now. Which will be not I know - there is no hope for BTC. Its blockchain needs far too much energy, but the concept of a blockchain is good. IOTA e.g. has a nice and usable approach for their blockchain - for the industry it's perfect.
ok
i learn of something brand new today but krelian are u a angry HODLER?????????????????? :lol: u sound angry today

Re: Breaking: Bitcoin Dips Below $4,500 Hits the Lowest of the Year

#139
moey_dw wrote:
Wed Nov 21, 2018 5:41 pm
ok
i learn of something brand new today but krelian are u a angry HODLER?????????????????? :lol: u sound angry today
No, I'm not angry and I'm no hodler, I'm just raelistic. Sure, I missed the big chance last year, but it was too hot for me. I decided to watch the game from the outline. It's interesting but I scalp FX - that's the right dose of action for me.

‘Crypto Bubble Went Bust for Good’

#140
‘Crypto Bubble Went Bust for Good’: Bitcoin-Bashing NYU Prof. Nouriel Roubini

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As bitcoin suffers one of its worst corrections in its nearly decade-long history, one of crypto’s fiercest critics is calling it: the crypto bubble has burst, and prices are never coming back.

Taking a preemptive victory lap on Twitter, economist Nouriel Roubini gleefully reported that the crypto market’s recent struggles had “vindicated” his multitudinous criticisms of the still-nascent asset class.



Roubini, nicknamed “Dr. Doom” for his oft-bearish market predictions, further opined that the fair market bitcoin price was “sub-zero” aside from marginal collector’s value as a museum curiosity.

[The] fair value of BTC is sub-zero once u impose the right environmental externality tax. And I am sure some crypto zealots would buy it at negative with such tax as BTC will have a numismatic value in museums of dead pseudo-currency.

Of course, Roubini has been bashing bitcoin since it was below $10, and — year-long bear market or not — BTC has a long way to go before it reaches that mark. Even ardent crypto skeptic Vanguard founder Jack Bogle said he’d discuss investing in bitcoin if it fell back to $100, so it’s unlikely that any investor who purchased bitcoin when Roubini first said it was a bad buy will ever see a negative return on that investment.

Nevertheless, that’s unlikely to stop Roubini from declaring victory, as crypto skeptics have done more than 315 times in the past, according to the unofficial “ Bitcoin Obituaries” index. Each of those predictions has thus far been proven wrong. Time and market forces will tell if Roubini’s forecast becomes just another data point on that list.

Source: https://www.ccn.com/crypto-bubble-went- ... l-roubini/
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