Bitcoin Price Makes Second Straight Monthly Loss in September

Bitcoin (BTC) is reporting losses for a second straight month, but there are hints of a bullish breakout ahead in the fourth quarter. At press time, the leading cryptocurrency is trading at $6,570 – down 6.30 percent from September’s opening price of $7,014. BTC also registered a 10-percent decline in August, according to CoinDesk’s Bitcoin Price Index (BPI). However, despite the back-to-back monthly losses, the cryptocurrency is flashing a 2 percent gain for the third quarter. Further, the quarterly gain could have been much bigger had the US Securities and…

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Bitcoin Breakout Elusive As Price Retreats from One-Week Highs

Bitcoin missed a bull breakout by a whisker, as prices backed off from a six-day high of $6,826 hit earlier today. BTC’s persistent defense of $6,000 over the last three months has convinced many, including billionaire investor Novogratz, that the leading cryptocurrency has bottomed out around that level (February low). However, a bullish breakout would be confirmed only after the cryptocurrency has found acceptance above the top edge of the three-month-long narrowing price range. Crossing that key price hurdle is proving a tough task for the bulls, though. For instance,…

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History Repeating? Why Ether’s Price Just Might Have Bottomed Out

In cryptomarkets, history doesn’t repeat itself, but it does rhyme. In light of ether’s emphatic and near 40 percent recovery in price since mid-September, we think the calls for an “ETH bottom” do have some merit. As it turns out, the current market structure of ETH against its BTC pair is very similar to that of the structure formed during its bottom in December of 2017 before its more than 400 percent bull run. There is a concept known as “fractals” in technical analysis, which is essentially repeating market structures.…

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Bitcoin Price Volatility Hits Lowest Level In Nearly 2 Years

A three-month long bitcoin price squeeze (BTC) could be nearing an end, with a key volatility indicator reaching its lowest level for 21 months. The leading cryptocurrency has charted lower price highs and lower price lows (pennant) since the end of June and the lack of strong direction bias has both bulls and the bears waiting on the sidelines. As a result, volatility as represented by Bollinger bands width – a technical analysis tool derived from +2, -2 standard deviations of a price’s moving average – has hit the lowest…

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Mt Gox Trustee Has Sold $230 Million in Bitcoin, Bitcoin Cash Since March

The trustee for the now-defunct cryptocurrency exchange Mt. Gox has revealed new details about the pace of cryptocurrency sales as part of the firm’s bankruptcy and rehabilitation process. Attorney Nobuaki Kobayashi explained in a September 25 notice on the Mt. Gox website that over $230 million dollar’s worth of bitcoin (BTC) and bitcoin cash (BCH) had been exchanged for fiat currency between March 18 and the start of civil rehabilitation on June 22. According to the notice, the trustee sold 24,658.00762 BTC and 25,331.00761 BCH – quantities that brought in 25,975,702,352…

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Bearish Cross Hints at More Losses Ahead for Bitcoin Price

Bitcoin (BTC) is on the defensive, having breached crucial support on Monday and could suffer a deeper drop, courtesy of a bearish crossover between key moving averages. As of writing, BTC is changing hands at $6,420 on Bitfinex, representing a 3 percent drop on a 24-hour basis. The bullish break above $6,600 witnessed on Friday had set the tone for a move toward the psychological hurdle of $7,000. However, the rally in alternative cryptocurrencies fizzled out over the weekend. As a result, while BTC managed to hit 17-day highs above…

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$6.9K Is the New Price to Watch for Bitcoin Bulls

Bitcoin has pulled back from 17-days highs clocked over the weekend and risks losing bullish bias if prices close below $6,600, technical studies indicate. More importantly, a break below $6,600 would kill the odds of BTC witnessing a major upside breakout above the crucial resistance at $6,970. The leading cryptocurrency was solidly bid on Friday likely due to an increased investor interest in XRP and other alternative cryptocurrencies. Notably, prices flew past $6,600, confirming a double bottom bullish reversal and opening doors to the psychological support of $7,000. However, the…

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Crypto Trading 101: The Moving Average Convergence Divergence

Simple trading methods like the trend-following approach work best when trading cryptocurrencies or financial markets in general. While several technical indicators help identify changes in the strength, momentum, and duration of a trend, none are simpler and more widely used than the Moving Average Convergence Divergence (MACD). By definition, the MACD “turns two trend-following indicators, moving averages, into a momentum oscillator by subtracting the longer moving average from the shorter moving average.” Since the MACD is a “trend following” or “lagging” indicator, it trails pricing events that have already happened…

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Tether’s Impact on Bitcoin Price Not ‘Statistically Significant,’ Study Finds

The issuance of tether (USDT), the controversial cryptocurrency tied to the U.S. dollar’s value, has had no meaningful impact on the price of bitcoin, an academic study has found. The findings by Dr. Wang Chun Wei, a lecturer at the business school of Australia’s University of Queensland, contradict widespread and long-running speculation that Tether, the company behind the stable cryptocurrency, has been issuing USDT to pump up the price of bitcoin. Wei’s findings have been accepted for the October 2018 issue of Economics Letters. (The paper was originally published online in May.)…

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Bitcoin Price Is Charting a Bullish Reversal as Altcoins Surge

Bitcoin (BTC) is reporting a short-term bearish-to-bullish trend change likely due to sharp gains in alternative cryptocurrencies (altcoins). As of writing, the leading cryptocurrency is trading at $6,700 on Bitfinex – up 4.6 percent on a 24-hour basis – having hit a 16-day high of $6,745 earlier today. BTC’s recovery from the five-week low of $6,100 hit Wednesday is likely fueled by increased investor demand for altcoins. For instance, XRP – the fourth largest cryptocurrency by market capitalization – has risen by 42 percent in the last 24 hours and…

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