By CCN Markets: Most analysts think Donald Trump would rather ink a trade deal with China than let the stock market fall. But the big question is, how far would the Dow Jones and S&P 500 have to collapse before Trump steps in? According to a survey by Bank of America Merrill Lynch, the key level for money managers is the December 2018 stock market low. Dow Jones crisis point – 21,792 S&P 500 crisis point – 2,351 Trump will sign trade deal if Dow falls 16% The survey, which polled US money managers with a total $ 528 billion under
- The market is seeing a current rejection of the weekly level outlined in 2018’s bull market. The zone between $ 8,300 and $ 8,400 has a strong point of interest in the previous bear market and we are currently seeing high levels of supply surface as people take profit.
- If we fail to break the $ 8,400 level, we can expect to see a retest of $ 7,400 and potentially even a deeper dive into the $ 6,800s as this represents another macro, weekly level and has yet to see a very strong test of demand.
- Bitcoin’s strong uptrend resumes as, once again, the market has claimed new highs in the $ 5,900 zone.
- Our market structure remains bullish as we have consistently created higher highs and higher lows. Specifically, the market structure has progressed in a sort of stair-stepping fashion that has created multiple zones of support that have been tested several times on the 4-hour time frame.
- Bitcoin continues to see strong buys following the news that shook out the market just one week ago. The short count continues rise and the bears are now drowning a slow, steady climb to new highs. Once these shorts close, we will very likely see a cascade of buy orders hit the market, known as a “short squeeze.”
- Now that we’ve climbed out of the “no-mans-land” described over the last few weeks, we are encountering a potential area where supply might start to hit the market. So far, however, we haven’t seen much supply. All we’ve seen is a slow, steady grind that is absorbing every bit of selling pressure.
- Despite some strong, intraday selling, bitcoin’s macro-bullish market structure remains intact. So far, we have seen a test of two daily levels and have clearly established support. At the moment, the bitcoin market is working on testing a third level, but is currently feeling out the strength of the supply and demand.
- We have yet to see a strong test of the overhanging liquidity zone in the $ 5,700 to $ 6,000 range so, it seems logical to see a test of that region before any meaningful, macro pullback takes place.
- The bullish market structure that we have established over the last couple of weeks remains intact, despite the strong round of selling that the bitcoin market saw a couple of days ago.
- The weekly 50 exponential moving average (EMA) is currently in the process of being tested but the market has been unable to close a weekly candle above it.
- The intraday levels have shown support following the round of selling.
- If the current levels do not hold, we can expect to see a test of the $ 4,700s as we haven’t tested its support following our strong breakout.
Bitcoin remains in its tightly coiled range as the market continues its sideways trend for the third week in a row. While macro support has been tested three times recently, we have yet to test the overhanging macro resistance:
Figure 1: BTC-USD, Daily Candles, Narrow Range
The blue zone outlined above shows a very strong zone of support that, over the last few weeks, has seen three strong tests and has led to a slowly upward-drifting market consolidation. Since re-establishing support, the market has yet to see a meaningful retest of the overhead resistance outlined above in the red dashed and solid lines. The immediate resistance sitting overhead has, historically, been a highly volatile period where supply has manifested and stifled any bullish pressure:
For most of 2019, bitcoin and the wider cryptocurrency market rode a bullish wave, as a reduction in short-selling allowed prices to creep higher. However, on Thursday the bitcoin price crashed below the $ 4,000 mark, and now one prominent trader warns that it is dangerously close to approaching a level where even bulls need to
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Mark Dow, a trader who shorted Bitcoin (BTC) from its all-time high at $ 19,500 to $ 3,500, said that the dominant cryptocurrency could be in trouble if it does not escape the $ 5,000 to $ 6,000 range in the short-term. Dow, who made headlines earlier this month for exiting his short position on Bitcoin, said that the
The post Trader: Crypto Investors Need to ‘GTFO’ if Bitcoin Price Falls Below This Level appeared first on CCN
Target and Tiffany are among the largest retailers in the U.S. stock market that are reportedly at risk of facing a 2008-level sell-off in the months to come. On average, 95 of the largest retailers in the global market listed on the S&P Index fell by around 17 percent in the past three months, with
The post Retailers Like Target May Face 2008 Level Sell-Off, US Stock Market in Deep Trouble? appeared first on CCN
The alleged Bitcoin-focused company Blockstream has raised over $ 100 million publicly, but has yet to be forthright with the Bitcoin community. It’s time for people within the Bitcoin space to start holding them accountable. Blockstream’s dishonesty should have a bright light shined on it so everyone is aware of their manipulation and deceit.
When derivatives exchanges CBOE and CME launched the first regulated U.S. bitcoin futures contracts, many cryptocurrency bulls thought that this event would lead to a wave of institutional investment and propel the market toward even greater highs. Just days later, the yearlong bitcoin price rally stalled, and the flagship cryptocurrency — followed soon after by
The post Bitcoin Futures Helped Cryptocurrency Market Achieve ‘More Sustainable Level’: CFTC Chairman appeared first on CCN
Jim Iuorio, a veteran futures and options trader who commonly contributes to CNBC’s Futures Now, has recently stated that $ 6,000 is increasingly looking like a pivotal support level for Bitcoin (BTC) moving forward. While speaking with CNBC last Thursday on the floor of the Chicago Mercantile Exchange leading up to the recent close of the CBOE bitcoin […]
The price of Litecoin (LTC), the cryptocurrency often considered the silver to Bitcoin’s gold, recently bounced off a major technical support line after staging a full retrace from last year’s incredible bull run. Last week, Litecoin broke through $ 50, hitting a 12-month low of roughly $ 47.5, which was last seen in September of 2017. However, several major […]
This week has not been off to a great start for crypto bulls and it looks like things may get worse in coming days, as the market just broke a key support line. The AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, has broken 70.5, which acted as support for the index multiple times […]
Leveraging technicals in cryptocurrency trading can be extremely difficult, especially when the market is so often driven by fundamental events that can quickly change the entire charting landscape. However, there are times where certain technicals can help guide swing trades, especially when looking at relative support and resistance points on the charts of key cryptocurrencies. Here, […]
Partnerships play an integral role in the world of blockchain and cryptocurrency. Projects focusing on innovative concepts need to gain mainstream traction if they want to survive in the long run. The IOTA team has been actively working on forging key partnerships with some of the biggest companies which come to mind. The following examples are ranked in terms of perceived long-term potential.
#6 Luxoft / St. Petersburg Polytechnic
Creating a partnership with software giant Luxoft has been a major milestone for the IOTA project to date. Through this collaboration, IOTA aims to optimize its Tangle protocol and unlock new features along the way. This partnership also encompasses the St. Petersburg Polytechnic University, which is one of the few academic institutions to focus its attention on IOTA at this stage.
Ripple (XRP) has just formed a big bull flag on the 4H chart for XRP/USD. The price has found immediate resistance at the 50 EMA but a breakout is expected in the days ahead. The EMA alignment on the 4H timeframe continues to remain bearish. However, Elliot Wave Oscillator on the same timeframe signals a reversal in the days ahead. The bearish momentum that was on a rise since August 6 now appears to be lost completely.
The current cryptocurrency market situation doesn’t exactly instill a lot of confidence. That is only to be expected, considering how all of the top markets are in the red once again. The Bitcoin Cash price has lost 5.2% over the past 24 hours, which make sit one of the bigger “losers” in the top fifteen.
Bitcoin Cash Price Decline is Very Real
It is evident there is a lot of bearish pressure across all of the cryptocurrency markets for some unknown reason. Turning that situation around will not be easy whatsoever, but it seems there will be a lot of positive momentum later this year. That is what the experts expect, at least, but the current Bitcoin Cash price momentum isn’t exactly all that great.
It is rather uncommon to see all of the cryptocurrencies in the green on a Sunday morning. If history has taught us anything, it is how this momentum will not last all that long. Even so, the VeChain price is on the road to reaching $ 4 once again, thanks to some solid overnight momentum.
VeChain Price Surge Remains Firm
As is the case with all other cryptocurrencies, the momentum is slowly turning in favor of VeChain once again. After a rather rough month filled with continual VeChain price declines, it seems an uptrend is forming over the past few days. As such, the value of this altcoin has risen from $ 3.18 all the way to $ 3.97 again over the past week.