 A lot of things have happened in the world of cryptocurrencies, interesting things of course. As always here are some of the stories you may have missed BRICS Nations Discuss Creation of New Crypto For Unified Payment System Former ECB President's Statement Shows Bitcoin Does Have Impact on the Economy Three Fronts in the Global Digital Currency Wars What Xi Jinping’s blockchain advocacy means for China and the world Bitcoin Market Cycle: Is This Complacency, Or A New Hope? Jack Dorsey eyes Africa’s Bitcoin market 6 Months Before Halving Signs Indicate Bitcoin Miners Are Hoarding Why Bitcoin’s Next ‘Halving’ May Not Pump the Price Like Last Time Forget WhatsApp, this developer built encrypted messages on Bitcoin The Real Reason Behind Bitcoin’s Epic Rally Revealed? Kim Dotcom’s Cryptocurrency Sale Canceled by Exchange How Bitcoin Can Solve The Dollar Depreciation Disaster Former US Congressman Ron Paul Receives His First Bitcoin Why Russia is still choosing gold over Bitcoin  A more enjoyable option would be for you to read the magazine on your iPad using the Flipboard app. If you do not have the Flipboard app, download in the app store, install, and enter the "Blockchainology". This magazine is curated by Olusegun Oyekanmi
0 Comments
I must admit that I should have written this piece over a week ago but didn’t. Bitcoin has once again stunned many people with its surprise move a little while ago. I began to wonder if the price had bottomed out. This could only mean one thing, a look at the charts. Many of you may recall that I have mentioned looking at the higher timeframe charts, in this case, the weekly charts with the assistance of some moving averages. A look at the BTC: USD weekly chart from Bitfinex indicates that there is a high probability that Bitcoin has bottomed. The reason for this is that Bitcoin’s last two weekly prices ranges closed above the 21-weekly EMA (Exponential Moving Average). So far this week has closed above the 21-weekly EMA. As I have said in the past once price closes above the 21-weekly average on two consecutive occasions, then it is most likely that the price will rise. The second condition is for price to stay above the prior low which was $7333.40. If these two conditions are maintained then this means that the buyers and bulls are in control.  Bitcoin Weekly Price courtesy Tradingview.com We must not fail to mention that the price is also above the 55-weekly moving average. Falling below this average means falling below the previous low. If this happens, then the bears and sellers are in control, which could mean a price fall. Bitcoin volatility comes as no surprise hence, massive price rises and falls. No one can say when and how this will happen but then your guess is as good as mine.
A little while ago, I wrote a short piece on some of the plans for the future. Most of the plans have been fulfilled while others will take a little time. The following short video discusses all these and more.  As to be expected, here is your favourite blockchain/crypto magazine with some of the stories you may have missed. Here are some recommended stories for your pleasure. Why Facebook's Libra cryptocurrency plans are under fire How Hard Is It to Brute Force a Bitcoin Private Key? - Bitcoin News Scientists propose a new way to build a scalable, low-energy Bitcoin These Are The Only 2 Major Crypto Assets Outperforming The Bitcoin Price This Year The 5 Kinds of Blockchain Projects (and Which to Watch Out For) When Will Bitcoin Sidechains Send Ethereum, Ripple, And Other Crypto Prices To Zero? How to Trade Crypto in Person Safely There are 3 million Bitcoins left. Why does that matter? New Alternative to Bitcoin Uses Negligible Energy Vitalik Buterin: Proof of stake will make Ethereum safer Blockchain: Why the revolution is still a decade away Inflation is losing its meaning as an economic indicator How to make your own Bitcoin ATM Decentralized Finance, Explained McAfee to Launch Decentralized Token Exchange With No Restrictions What to do when your crypto’s been stolen How to Create an Anonymous Digital Identity Using Cryptocurrency Researchers want to rethink cryptocurrency to make it more sustainable  A more enjoyable option would be for you to read the magazine on your iPad using the Flipboard app. If you do not have the Flipboard app, download in the app store, install, and enter the "Blockchainology". This magazine is curated by Olusegun Oyekanmi
Considering what has been happening in the world of crypto, you can say this has come about a week too late. You will be right to say so as I have spent the last few weeks promoting my new book. I apologise to my regular readers and hope to get back to publishing more often. With that out of the way, let’s get back to discussing Bitcoin. In late September, I wrote about how I believed Bitcoin falls to $6500 (please see the blog piece here if you’ve not read it). I have not changed my view as of yet.  BTCUSD Weekly Chart with 21&55 Weekly EMA courtesy GoCharting.com Once again I refer you to the BTCUSD weekly chart with the EMA 21 & 55 as overlays. We see that the closing prices over the last 3 weeks are below the 21-weekly EMA. It is likely to continue. The chart also shows that the price just above the 55-weekly EMA. The volume profile chart overlay also reveals that there is activity at the $8325 and $6689 levels.  BTCUSD Daily Chart with 21 & 55 Daily EMA courtesy GoCharting.com A glance at the BTCUSD daily chart shows that the 21-day EMA is below the 55-day EMA. Some may view my reasons as too simple but as I said, I am only stating that nothing has changed. I could get intellectual about it but then again, your guess is as good as mine.
This is to remind everyone that my book Cryptosphere has been released for about a week now. As described on the front cover, Cryptosphere is a collection of online resources that anyone can use. The idea being towards gaining knowledge of the crypto space. This book includes links to books, YouTube Channels, Twitter pages, Decentralized Exchanges, Market Insights and more. While this is nothing new, Cryptosphere is unique in that it is an effort to gather resources in one place. This helps anyone in getting the knowledge they require instead of having to spend time searching for it. You will get a bonus chapter when you purchase this book. Also, a free chapter is available to find out more about this book. Find out more on book website.  At the moment, you can only buy this book on Amazon and no other platform. Over the next few weeks, the book will be available on iTunes, Scribd, Barnes and Noble, Kobo and more. We will keep you posted as to future developments.
It has not been forgotten people; here are the latest stories you may have missed over the last few weeks.  Here are just some of the stories you can read in our Flipboard magazine:
 A more enjoyable option would be for you to read the magazine on your iPad using the Flipboard app. If you do not have the Flipboard app, download in the app store, install, and enter the "Blockchainology". This magazine is curated by Olusegun Oyekanmi
I said in my blog of 18 September that if Bitcoin breaks the $9100 level, we should expect it to fall to $8000. The $8000 level was also broken falling at one point to $7820. Currently, the price is hovering between $7974 - $8171. There are some indications that there is a bit of a fightback by the bulls. They don't seem to be getting far with their endeavour. Nevertheless, the question remains, is $6500 possible? Simple answer, yes. To see why we must look at just two things. First, let us look at the weekly Bitcoin price. Second, Bitcoin's volume profile. For those who have no idea what volume profile is, here is a short explanation. Volume profile is an advanced charting study that displays trading activity over a specified period at specified price levels. The study plots a histogram on the chart meant to reveal dominant or significant price levels based on volume. Unfortunately, discussing volume profile in full is beyond the scope of this blog piece. Combining both the volume profile and Bitcoin weekly prices is seen in the chart above. There is a clear indication that there is volume activity at around the $6500 levels. The next level of support for Bitcoin is $7500. If breached, $6500 is certainly possible. Public commentary on Bitcoin has become ridiculous in many cases. I will ignore giving examples as they are too numerous to mention. I may remind everyone of the following - "You can't trade the market you want only the one in front of you". We must stick to this simple principle and make our decisions from that. And as to where the market wants to go, your guess is as good as mine. Bitcoin Volume Profile and Weekly Price courtesy of GoCharting
It is official, Cryptosphere is now released. As described on the front cover, Cryptosphere is a collection of online resources that anyone can use. The idea being towards gaining knowledge of the crypto space. This book includes links to books, YouTube Channels, Twitter pages, Decentralized Exchanges, Market Insights and more. While this is nothing new, Cryptosphere is unique in that it is an effort to gather resources in one place. This helps anyone in getting the knowledge they require instead of having to spend time searching for it. The crypto space is far from mature as there is still massive growth and development to come. For those interested in this space, it is incumbent on you to understand as much as you can. It is hoped that this book will help you on that journey. My aim is to be a contributor to this space not necessarily an influencer. The more we all contribute, the better it is for everyone. At the moment, Cryptosphere is only available as an Amazon Kindle eBook. It will also be released on iTunes, Barnes & Noble, Scribd, and a few other platforms. I will keep everyone posted as this happens; Cryptosphere also has a web site where you can pick up a free chapter. This will help you have some idea of what the book is about. In addition, the website has a contact page where you can give feedback and make comments. These will be most welcome. I look forward to hearing from you all.  You can also buy the book on Amazon:
The cryptocurrency market is probably one of the most confusing and frustrating markets ever in existence. This has been further exacerbated by the presence of social media. Social media is not necessarily a bad thing. We now have sentimental analysis in full swing due to social media. One example is Twitter. This platform can inform an investor/speculator information as to what to expect from a particular asset. This very same media platform is also full of rumours and of course false information. This is why I would rather study the charts and ignore the chatter. Social chatter on Bitcoin is particularly infuriating. Case in point, Bitcoin is dead articles.  Bitcoin Price Direction courtesy of GoCharting.com Getting back to Bitcoin, we all have observed that it has been in a consolidation pattern. Price volatility has not been too bad. I am sure those using Bollinger bands can bear witness to that. Looking at the BTC charts, we realise that price has tested support several times over the last few months. That support is at $9352 level. Remember the more times price tests a key level, the more likely it will be broken. As seen on the chart, if Bitcoin tests this key level, it will be the fourth time and may well breakthrough. If this level is broken, and price falls to $9083, expect the price to fall to the $8000 level.  Bitcoin with Bollinger Bands courtesy of GoCharting.com You must remember that you are not alone in observing price movements, others are seeing the same patterns. Traders in long positions may well feel that the BTC price may well drop below support. The more insecure they feel, the more they are likely to sell their positions. We must not fail to mention those on the sidelines, in other words, those not in the market but observing. For them, an opportunity to sell into the market may have presented itself. They are likely to sell short. This will put even more selling pressure on the price of Bitcoin. Having said that, nothing is stopping the price hitting $12000. We cannot underestimate that possibility. As I have often joked in the past, all it takes is Vitalik Buterin changing the colour of his underwear and the price goes up. I have admitted that things have since changed from such days. The crypto market is still fickle and could change suddenly with no warning. And as to where the price is heading, your guess is as good as mine.
|
Swap your cryptos here:
Nosa Capital
Nosa Capital concentrates its' expertise in Strategy, Business Development, Project Management, Project Finance, Trending, and now cryptocurrencies Archives
October 2019
Categories
All
|
blogging
RSS Feed
Media CenterLearn More About Us |
Resources |
Contact |
Copyright © Nosa Capital 2016 - 2019