Category: Cryptocurrency News

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Bitcoin price is back at $46,000 after a few month reset back to $30,000 and slightly below. A more than 50% collapse from the current all-time high of $65,000 had the cryptocurrency community calling for a bear market, but according to a trend strength indicator, bears are nowhere in sight. In fact, the tool, called the Average Directional Index suggests that bulls are now back in control over Bitcoin price action on every major timeframe. Bitcoin Ready For Final Push According To ADX Indicator Bitcoin is an unusually bullish asset that has only truly known a secular bull market despite the recurring 80 to 90% drawdowns that end each cycle. These so-called “bear markets” barely turn technical indicators bearish, and result in new highs less than four years later. Instead of a bear market, these phases could better be described as a return to mean after a bubble phase – a bubble phase that hasn’t yet completed, according to a trend-strength measuring tool. Related Reading | How A Hammer & The Golden Ratio Could Mean 6 More Months Of Bullish Bitcoin The tool in reference is the Average Directional Index, created by J. Welles Wilder who also is the creator of the Relative Strength Index, Parabolic SAR, and other popular indicators today. The ADX is easy to read, and suggests a trend is blossoming when readings reach over 20. What this particular reading doesn’t tell you, however, is which side of the market is in charge: bears or bulls. Bulls have control over BTC on every major timeframe | Source: BTCUSD on TradingView.com Bulls Are In Control Of Crypto On All Major Timeframes The Average Directional Index typically comes equipped with a positive and a negative directional indicator. These indicators fill in the missing piece of the puzzle and clues in analysts which side is winning before the trend begins to strengthen. If bears are in charge and the ADX begins to trend, then crypto is doomed to deeper lows. If bulls are in charge, then charge they will to new highs. Related Reading | Three White Soldiers: The Signal That Shows Bitcoin Bulls Are Preparing For Battle The chart above shows that on the daily timeframe bulls have control over Bitcoin. On the three-day timeframe, the short-lived bear phase is ending, and bulls just got the upper hand. Next in the row of BTC charts, is the weekly, which only narrowly has turned bullish. This could suggest a little more downside on this timeframe, but elsewhere the direction should be up. Finally, the last chart depicts the BTCUSD monthly, which not only shows that bulls never even really close control in the first place, but that the bull trend reached nowhere near past peaks, and this could indicate the rally will march forward in the days ahead – at least that appears to be what the ADX is suggesting based on the bevy of bullish signals. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating. Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could…
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There’s a YouTube livestream going on now, 4:40 Pacific time 8/11, put on by “Ethereum (ETH Inc.)” that has a banner that has what looks to be a fake Twitter post from Vitalik with a link to a give away. The website says you can get 2:1 ETH back if you send 1-50 ETH to…
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Running a giveaeay right now – scam? Got there by watching a livestream on youtube @ethereum.inc submitted by /u/SpielerZwei [link] [comments]

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Bitcoin is roaring right now price-wise. The price of the coin shows no signs of slowing down following the price rally from the past three weeks. Every time it seems like there is a slowdown, the price picks up again, breaking new resistance points that had before held it back. The run-up from a price range of the low $30,000 has now seen the digital asset price break into the $46k territory. Despite what might be a slowing down, the digital asset has not lost its position. Rather taking small steps in either direction but ultimately maintaining its position on the charts. $46,800 still remains the price to break at this point, as bitcoin continues to shy away from hitting it. Related Reading | Crypto Market Cap Inches Closer To $2 Trillion, What To Expect From The Market Bitcoin Over 24 Hours Bouncing between $45,000 and $46,000 has been the order of the day for the past 24 hours. Growth patterns showing bounce patterns that would most likely end up charging either direction, up or down. The bulls continue to have the superior hold on the price, with bitcoin having closed out in the green 15 days out of the past 22 days. Bitcoin post 3.38% gains in 24 hours | Source: BTCUSD on TradingView.com Gains continue to be the order of the day. The price of the digital asset is mostly higher each day than the last, sending crypto portfolios into the green after two brutal months of soul-crushing red markets. Bitcoin price has grown 3.38% in the last 24 hours. Amounting to over a $1,000 price change in the asset in the span of a day. Although the charts haven’t been completely green this past day. A dip saw the price of the digital asset plunging towards the low $45,000. But this would prove to be just a blip since the asset recovered and went up in the $46,000 range. Momentum Continues To Hold Up This momentum is the kind that could see the price of BTC ricocheting off the charts following a bounce, sending the price of the coin barreling towards $50k. But the price could just as easily crash back down to set the market back into a stretched-out bear market. It is crucial to maintain momentum following the increase in the price of an asset. Because any lapse in momentum would just as easily send the price crashing back down to where it was coming from. Sometimes even lower than the beginning points of the rally. Related Reading | Bitcoin Price Breaks $45,000 For the First Time In Over 2 Months, Is $64,000 Possible Again? If this momentum holds up, then indicators point that the market will most likely hit $50k before there is any significant dip in the price of bitcoin that would put the market in bear territory. The price movements continue to fuel larger-than-life bitcoin price predictions, with analysts believing that the digital asset is bound for $100k by the end of the year. Even though a $50k price point would be a more realistic prediction, these $100k predictions are not without their merits. Featured image from The Independent, chart from TradingView.com

The Nasdaq-listed auto insurance company Metromile has purchased $1 million in bitcoin. The company plans to “become the first insurance company to allow policyholders the option to pay for insurance and receive payment for eligible claims in either bitcoin or dollars.” Auto Insurance Platform Adds Bitcoin to Balance Sheet The Nasdaq-listed insurance company Metromile Inc. […]