The cryptocurrency market shows a slow bullish recovery, following an increase in Bitcoin BTC miner's reward. Last week's total crypto market cap closed higher, signaling an increase in buying pressure and optimism in the crypto industry.
Come along as we reveal insights into some select cryptocurrencies using technical charts while touching on some interesting news events in the space.
Miners' Revenue MIREV vs. BTCUSD: Weekly
Upon noticing an exit of the overbought area and signaling a bearish accumulation setup on the MIREV weekly chart, miners started to dump their Bitcoin BTC holdings. This consequently leads to tripping off of stop-loss orders and an eventual slump in the price of Bitcoin BTC and other top altcoins.
Also, the recent stock market crash forced investors to withdraw funds from haven assets like cryptocurrencies and gold.
Read on as we uncover the significant chart patterns and interesting news events driving the exchange rates in the crypto market.
Miners' Revenue MIREV vs. BTCUSD: Weekly
A bearish accumulation candlestick pattern on the weekly time frame of the Miners’ Revenue MIREV chart confirmed a deep plunge in miners’ revenue and consequently, a slump in Bitcoin BTC price and other Altcoin prices.
With no incentive to hold on to their Bitcoins, miners’ initiated a massive sell-off of their cryptos, which also led to a decline in hash rate.
This week, we’ll analyze possible reversal levels on the BTCUSD, and some selected crypto pairs and touch on some insightful events, and news in the crypto industry.
Miners’ Revenue MIREV vs. BTCUSD: Weekly
The cryptocurrency market experienced a blood bath last week as the Bitcoin BTC, and top altcoin prices suffer a colossal price slump, leading to a 52.76% decline in the total crypto market cap considering last weeks' high to low.
This sends panic across the market as stop-loss levels on retail trading accounts get triggered in a domino effect.
Should we expect a pullback of the market, returning control to the bulls in the coming weeks?
This week, we'll be analyzing the significant technical levels and news events that are driving the crypto market.
Peter Brandt on Bitcoin BTC Halving: It is Grossly Overrated
Peter Brandt, on March 17, tweeted that he's convinced that the block reward halving reward is not as relevant for a BTC price increase as believed by many.
Mr. Brandt believes the daily trading volume of Bitcoin to be the major price driver and supply.
He believes that there's a daily reduction of mined Bitcoin BTC, which is equivalent to about 2/100th of 1% of real supply.
As both Gold and Bitcoin price enters a bearish trend, Peter Brandt predicts both haven asset classes to hit $1000.00 soon.
The cryptocurrency market enters a bearish swing, sending fear, uncertainty, and doubt through the minds of HODLers and crypto enthusiasts who have long awaited an increase in the total crypto market cap.
Bitcoin BTC and the top altcoins by market cap closed bearish at $221.953Billion after exiting the stochastic overbought area on February 24 2020.
Should we expect a continuation of the bearish momentum or maybe lookout for recoil in the general market cap.
Read on as we uncover the price dynamics of the major cryptocurrencies and identify technical price reversal points alongside exciting news events in the industry.
Bitcoin is Gold 2.0 for Millenials says, Eric Demuth
Eric Demuth, BitPanda CEO who was a keynote speaker at the Blockchain Economy 2020 conference in Instanbul, says that Bitcoin BTC is GOld 2.0 for Millenials and a better version of Gold.
He mentions a direct correlation in demand for precious metals such as Gold and digital assets.
Other than the scarcity of digital currencies, he also mentioned the ease of liquidating them when the need arises, and they can be stored in your pocket.
Bitcoin BTC and the top altcoins by market cap closed bearish in February, bringing mixed feelings and doubts of a bullish recovery in the minds of HODLers and crypto investors alike.
The total crypto market cap continues a downward slope and completes a -23.92% slump from the 10 Feb '20 high at $306.5 Billion.
Should we expect a continuation of the price slide across the entire cryptocurrency market? Read on as we expose the technical patterns as well as exciting news events driving the market trends.
The Texas-based startup backed by Peter Thiel point Texas to be the best Bitcoin BTC mining Location
According to Alex Liegl, CEO of Layer1 Technologies, a Bitcoin BTC mining company based in the US, Texas offers the cheapest power in the world. The company announced its goal of repatriating 30% of Bitcoin's hash power by 2022.
Roughly two ago, Layer1 resumed mining operations at its West Texas facility, producing a multiple of 2.5-megawatt container rigs online.
Texas is the largest wind power generating state in the US, and if it were an independent state, it would be the fifth-largest generator of wind power in the world.
The total crypto market cap plummets by -23.31% from the attained height of 306.5 Billion in February, owing to some technical and fundamental events, which we'll be looking at here in this post.
An increase in selling pressure towards the BTC dragged other major cryptocurrencies south in a selling frenzy.
Read on as we unveil some of these trend drivers on the BTCUSD, ETHUSD, XRPUSD, BNBUSD, and XMRUSD.
The volume of the Chicago Mercantile Exchange CME Bitcoin BTC Futures Plummets by 89% within 3days.
A new low is experienced for the daily traded volume of the Chicago Mercantile CME Bitcoin BTC futures on Fb 21 '20.
A slump in the daily volume followed after a breach of the $1 billion mark for the third time in the market's history.
Major cryptocurrencies in the top ten closed bearish last week bring the total crypto market cap to a correction of about -13.79% from the previous week's $306.5Billion to this week's $264.221Billion.
This week, we’ll analyze the charts of the BTCUSD, ETHUSD, XRPUSD, XMRUSD, and BNBUSD, and identify the technical drivers of the market trends. We’ll also touch on some exciting events that may catalyze further hike or decline in the crypto exchange rates.
Bitcoin BTC Price Plunge below $9.5K, Following a 600BTC Deposit to BitMex by a BTC Whale
On Feb 17 '20, the BTCUSD fell below $9.5K mark for the first time in almost two weeks.
A deposit of about 600BTC to BitMEX, an equivalent of $5.72 million at press time, leads to worry among some traders.
Consequently, the weekly losses added up to about 3.5%, with monthly performance maintaining a sound at a 7.0% increase.
Tone Vays, a Bitcoin BTC veteran, marked the $9,500.00 level as an ideal point to enter a long term buy position.
Last month January 2020, the Bitcoin BTC price closed bullish (49.65%) above the significant $7772.7 bearish accumulation resistance from December 2019 low, following an increase in BTC miners' reward.
This week, we'll be taking a close look into some top-performing cryptocurrencies and identify the technical patterns driving the exchange rates all through the first quarter of 2020. We'll also touch on some exciting events in the crypto industry, that may be responsible for the bullish inclination of the crypto market.
Update: Bitcoin BTC vs. Miners' Revenue
Last month January 2020, the Bitcoin BTC price closed bullish (49.65%) above the significant $7772.7 bearish accumulation resistance from December 2019 low, following an increase in BTC miners’ reward.
This week, we’ll be taking a close look into some top-performing cryptocurrencies and identify the technical patterns driving the exchange rates all through the first quarter of 2020. We’ll also touch on some exciting events in the crypto industry, that may be responsible for the bullish inclination of the crypto market.
BitFlyer Now Allows U.S. Users 0% Fees When Purchasing Bitcoin With USD
U.S. Bitcoin costumers have been dealt with another zero-fee option to buy Bitcoin (BTC) with the U.S. dollar—bitFlyer.
Tokyo-based digital currency exchange bitFlyer on January 30 announced the launch of its zero-charges feature for BTC/USD trading pair to its United States clients.
As per a blog post by the firm, the zero-fee option which has been executed on bitFlyer's pro trading tool, bitFlyer Lightning, is only open for the BTC/USD trading pair.
The feature is automatically applied to all new and existing bitFlyer USA customers, while the expiration date of the campaign period is yet to be defined. The company, however, stated that any changes would be announced about two weeks in advance.
Even though bitFlyer has its headquarters in Japan, and with a subsidiary in Europe, the new opportunity is an exclusive offering of the U.S. branch of the exchange, bitFlyer USA.
Bitcoin BTC price, and major cryptocurrencies in the crypto industry, follow a similar bullish path, as miners enjoy a steady increase in miner’s reward before the third Bitcoin BTC halving in May 2020.
Read on for more insights, news, and analysis of the technical price drivers of top cryptocurrencies.
Update: Bitcoin BTC vs. Miners’ Revenue
A sudden surge in miners' revenue, as shown below, led to an increase in demand for Bitcoin BTC across major crypto exchanges, as other altcoins in the industry followed the same bullish pattern.
Read on as we analyze significant chart patterns, technical drivers, and interesting news events in the crypto and blockchain space.
Update: Bitcoin BTC vs. Miners' Revenue
The New Year is already looking good for Bitcoin BTC and other altcoins in the space, as they break above the significant resistance level at the weekly open.
We’ll start this week by analyzing the miners’ revenue chart from a weekly chart perspective. Next, we’ll do a top-down analysis of the BTCUSD and major crypto pairs in the top ten by market cap, followed by some supporting news events in the crypto industry.
Bitcoin BTC vs. Miners’ Revenue: Weekly
The total crypto market cap excluding Bitcoin BTC couldn't find support on the 200-weekly Moving Average. However, moving forward into the New Year, the pair signals a regular bullish divergence with the stochastic oscillator, as shown in the first chart below.
This week, we take a look at the technical chart patterns and news events in the crypto and blockchain industry, as Bitcoin BTC shows further dominance against other altcoins.
We may be coming to an end of the bearish trend as we'll later find out in this week's analysis of the top and active cryptocurrencies in the industry.
Total CryptoCap Excluding Bitcoin BTC: Weekly
The total crypto market cap signals a bearish accumulation pattern at the close of the December 2019 candlestick. It comes close to the 200-weekly moving a first since December 10, 2018, low ($91.243Billion).
A close above the $205.61Billion resistance should confirm an end of the price correction.
The crypto market exited the crypto winter of 2018 and surged higher in 2019 following an increase in institutional adoption and companies like Facebook lifting the bans off crypto ads. However, a decline in miners' reward led to a price dump of Bitcoin BTC, which consequently caused a domino effect across the crypto space.
Intensifying global happenings such as the U.S China trade war causes a shift in investors' sentiment towards cryptocurrencies.
The year 2019 comes to a close, and we take a look at the general performance of some crypto pairs in the last week of Q4 2019.
Can this be an end to the bearish trend from the June 24 all-time high? Let's analyze the charts, and also look into major trends driving events in the last weeks of 2019.
Total CryptoCap: Weekly
The total crypto market cap comes close to the 200-weekly moving Average on December 16, 2019, a first since December 10, 2018, low at $91.243Billion.
Can this be an end to the bearish trend from the June 24 all-time high? Let’s analyze the charts, and also look into major trend driving events in the last weeks of 2019.
Total CryptoCap: Weekly
The Bitcoin BTC dominance touched the MA-50 on September 01, 2019, and the level continued to serve as a strong resistance, bringing about a slowing in the Bitcoin BTC dominance.
Also, the total cryptocurrency market cap continues in a downward spiral following a collapse of the 50 Weekly Moving Average on November 18 ’19. The MA-50 now serves as resistance, and the current bullish accumulation support will most likely fail.
CryptoCap Bitcoin Dominance: Monthly
The total crypto market cap signals a bullish accumulation pattern after a 36.28% slump from the July 08 ’19 breakdown of hidden bullish accumulation pattern, a sign that we should be on the lookout for a resurface of bullish momentum.
Let’s take a look at the technical charts of the BTCUSD and some altcoins in the space and also touch on some events that are driving the total crypto market cap.
Total Crypto Market Cap: Weekly
As the year comes to a close, the constant decline in miners' reward drives down the Bitcoin BTC price, and the altcoins also suffer the same fate as the number one cryptocurrency.
Last week, profit-taking activities by institutional investors led to a price recoil to the upside giving intraday retail traders an illusion of a trend reversal. Should we be expecting a continuation of the bullish momentum?
Read on as we uncover the recent events and technical chart patterns driving the Bitcoin BTC price, and some top altcoins.
Canadian Investment Company 3iQ, Files Prospectus for Bitcoin (BTC) Fund
Canadian investment fund managing firm 3iQ expects to draw attention from Canadian retail investors with its controlled, publicly-traded BTC fund.
In an announcement on November 28, the company revealed that it had submitted a preliminary prospectus for its close-end Bitcoin fund. The fund is set to be listed on the Toronto Stock Exchange later in the year.
According to Fred Pye, 3iQ chief executive, part of the company plan is to get Canada's big banks and leaders in the fintech space on board to form a syndicate group.
3iQ had filed the prospectus for the Bitcoin fund concerning an initial public offering of Class A and Class F units at $10 each.
Last week, Altcoins suffered a similar fate as Bitcoin BTC following a consistent drop in Miners' reward a fundamental driver for the Bitcoin BTC price.
By applying a point and figure indicator to the BTC Miners Reward chart, we observe how it accurately time the reversal points of the Bitcoin BTC price.
The bearish trend started from July 11 & 13 '19 after a collapse in miners' reward. From that point onwards, the Bitcoin sentiment turned bearish.
The November 22 collapse in Miners' rewards further resulted in an early crash in BTC price at this week's open.
Should we expect a continuation of the recent price slump in the long term? Join us as we look into exciting events and technical drivers of the Bitcoin BTC price.
Bitcoin BTC Miners' Reward – Daily Point and Figure Chart
On November 15, Co-founder of Fundstrat and Bitcoin BTC bull Tom Lee in an interview with CNBC Asia attributed cryptocurrencies to network value assets. He believes that the more people hold on to the asset, the more the value will increase.
According to Lee, Fundstrat estimates that half a million people own and make use of Bitcoin, and projected that a million users should get the Bitcoin BTC price to $25,000.00.
Also, in the news, Changpeng Zhao, Binance CEO, believes that China president’s support for blockchain will lead to an increase in the mainstream adoption of cryptocurrencies in the not too distant future.
This week, we move on to analyze some top-performing cryptocurrencies and touch on exciting events taking place in the crypto industry.
Total Crypto Market Cap – Weekly
Though the total crypto market cap is in another correction phase for two weeks now, after a break above $220.676 billion resistance on October 21 '19, Bobby Lee, co-founder of BTCC, believes that the Bitcoin BTC market cap will surpass that of gold in 2028. He hinged his projections on the limited supply of Bitcoin from the halving coming up the next year 2020.
Will the market cap exceed the 248.964 resistance of last week, or should we expect a further price decline across the market? Let's analyze the charts and touch on some interesting news events in the industry.
Total Crypto Market Cap – Weekly
Most top 20 cryptos show a modest increase in price as Bitcoin BTC trades above the $9000.00 mark following a break of critical resistance levels across the markets. Confidence for a bullish closing Q4 2019 is on the rise as new money comes into space with the number one crypto exchange Binance now supporting credit card deposits as an addition to its service.
Last month’s bullish close of the total crypto market cap, excluding Bitcoin BTC, signals a bullish inside-bar candlestick pattern. A breach of either the 58.571 billion or the 80.498 billion support and resistance marks will confirm a decisive trend as the pair bounce off the MA-5.
Let’s go-ahead to analyze the technical chart patterns as well as major price driving events in the space.
Total Crypto Market Cap (Excluding Bitcoin) - Weekly
There has been a pullback from the October 23 dip in price, which has resulted in the price of Bitcoin (BTC) and several other altcoins posting positive numbers and a significant uptick in price. This is a positive sign signifying that the crypto space is generating a lot of interest among buyers.
Several cryptocurrencies continue to show a depletion in selling pressure. The breakdown from critical support levels of the bulls reveals that the sentiment is changing towards buying.
Meanwhile, the total market capitalization has bounced on from the $200 billion support level—another positive sign for the market.
Following a 49.65% decline in total crypto market cap from $388.354 billion, the market shows an increase in bullish sentiment after a sharp 10% decline in the Bitcoin BTC price on October 22 and 23.
The total crypto market cap below from a weekly time frame shows the market breaking above the significant bearish accumulation resistance of $220.677B on September 30.
Let's take a closer look at the technical drivers and fundamental events driving the market price of top cryptocurrencies.
Total Crypto Market Cap - Weekly
Despite the negative sentiments that came with the rejection of Bitwise’s Bitcoin ETF application, and the restraining order against the sale of Telegram’s Gram (GRM) tokens by U.S SEC, the cryptocurrency ecosystem continues to show bullish outlook.
Let’s dive into the technical patterns and news events driving cryptocurrency trends.
Bitcoin BTC 2014 to Present: Price Model by woobull.com 2014 to Present
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