PANIC ARISE AS BITCOIN DROPS OVER $1000+ IN VALUE by E. Okorie, 18th of MAY, 2019
The price of bitcoin lost over $1000+ in value for the first this year within a single day on 17th May 2019. This is a clear indication that the former downward trend is still relatively strong. This lead to the breaking of $7630 and $7300 support levels. The Bitcoin price however gained another support level within the $6900 price range and is currently ranging within the $7300 - $7100 region. This movement is a major correction pattern and investors awaits the next pattern formation. From all indications, the new support level will be tested once again and this bring a great deal of concern for the bullish market. There are various reasons why the bitcoin price surge was observed. First, there is a current speculation going on due to fears on the current trade war with China. Secondly, More retail outlets and applications (For Example - Nordstrom and Crate and Barrel) now accept digital currency. Thirdly, there is an accusations going on now that a bitcoin exchange named Bitfinex used illicit transactions to mask $850 million in missing funds. However, it is evident that irrespective of the reason stated above, the bearish market is certainly not going to go out without a fight and currently have a lifeline. In this view, there is currently a high degree of uncertainty in bitcoin until the correction pattern is clear.
BITCOIN PRICE MAKES $8325 HIGH by E. Okorie, 15th of MAY, 2019
On Tuesday 14th May, 2019 bitcoin made another year high of about $8325.00. The price has been quite stable within the $8000 mark and has found various support levels of $7630 and $7850 to keep it within the upward trend and above the $8000 price. We discovered a bearish trend under the hourly chart and this should test the the above support levels. We also expect these levels to hold firmly nevertheless investors needs to be cautious because such little trends may develop into a major trend. However, there is a clear channel showing that the bulls target the $8700 mark and would probably not settle for less.Several factors also led to the steady rise in bitcoin price
1. France adopted New Crypto Currency Regulations
A bill was created by the French Government to have a legal framework (Optional, mandatory license and types of funds which can be invested) for cryptocurrency service providers and I.C.O i.e - initial Coin Offerings. On April 15th,2019 , the Autorité des Marchés Financiers (AMF), published the adoption of Pacte Bill which regulates the country crypto industry.
2. European Union (EU) Regulations end Users buying bitcoin anonymously
The EU Regulations have put an end of people buying bitcoin anonymously. Most major bitcoin exchangers have adopted this EU policy and this have appreciated the value of bitcoin. Even the famous localbitcoins.com announced on March 25th that that it implemented new measures to satisfy the European Union 5th Anti-Money Laundering Directive (5AMLD). In other to comply with this regulation, a user must verify basic information about themself (e.g. verification of email address or phone number or residential address e.t.c) Other wallet providers which have already adopted this regulations include Coinbase, Luno Wallet, Xapo e.t.c Although some bitcoin exchanger are yet to comply, it is expedient that major stakeholders which need to operate in EU countries will comply before the given deadline on January 2020.
MORE BULLISH TREND CONTINUATION PATTERN FOR THE BITCOIN DETECTED AS BITCOIN PRICE MAKES $5416 HIGH by E. Okorie, 11th of APRIL, 2019
The price of bitcoin rose on Wednesday April 10th, 2019 to $5416.98 which triggered a bullish continuation pattern as long as it breaks the next resistance level of $6200 benchmark. This level is a major price to attain for bitcoin to continue in its current bullish state. Most investors are optimistic that this level should be broken within the next two weeks and are speculating that the bearish days for bitcoin are over. The market has received a rise in price since on 31st of March 2019 from $4095. On the other hand, analysis shows that as long as bitcoin does not fall below the $4700 support levels we may be in for another huge bitcoin bullish trend. But if price should fall below this benchmark price level a bearish trend reversal may form if price fall below the $4236 support level .
BULLISH TREND FORMATION PATTERN FOR THE BITCOIN OBSERVED by E. Okorie, 25th of Feb, 2019
A strong bullish trend formation for the bitcoin cryptocurrency has been observed by investors over the weekend. The bitcoin price found a good support level above $3600. The bitcoin price then rose up and plunged the $4100 level which is good sign that a reversal pattern is likely to occur. Nevertheless, caution should be taken here because the bitcoin price must find another support level. Investors are skeptical and speculating that if the bitcoin price can be stable above the $3800 level, we may be ready for another round of bullish trend for the bitcoin.
CBOE RE-APPLIES WITH THE UNITED STATE SECRETARY TO LIST US EXCHANGE TRADE FUND
A fresh application has been made once again by various exchanger (Chicago Board Options Exchange’s (CBOE), along with investment firm VanEck and financial services company SolidX) to the United State government for a law to list the bitcoin exchange traded fund (ETF).
The CBOE application was made first on the 6th June 2018. It was posponed by the sec several times. The agency requested further comments then stating that it did not reach any conclusion with respect to any of the agenda on the rule of change. It was also further delayed in December. The refiled Bitcoin Exchange Traded Fund ETF was earlier withdrawn on the 23rd of January because of the U.S government shut down which was recurring at that time due to a political disagreement between the Democrats and the Republicans (- the funding of the proposed U.S. Mexico border wall).
DAILY AVERAGE BITCOIN DIFFICULTY TABLE AND HASHRATE FOR 30 DAYS TIME-FRAME
Table Below shows the average daily bitcoin difficulty table within the period of thirty days
|Date||Difficulty||Estimated Hashrate (EH/s)|
For more info, follow these referrence links
BITCOIN DROPS BELOW $4500 LEVEL
price of bitcoin has further droped below the $4500 to 1btc benchmark. Bitcoin price fell to a new low of $3218 to 1btc on the 14th of December, 2018. Investors are optimistic that since the current price of bitcoin have not dropped below this level ( -as of 18th of february, 2019), there is a high probability that bitcoin will appreciate in value.
BITCOIN DIFFICULTY DROPS 3 WEEKS IN A ROW
Bitcoin Mining difficulty has successfuly droped 3 times in a role this week making bitcoin easier to mine compared to the last previous years. Find below the various bitcoin difficulty levels from october 04, 2018 to Jan 28 2019
|Date||Difficulty||Hash Rate (GH/s)|
|Jan 28, 2019||5,814,661,935,891||41,622,971,420|
|Jan 14, 2019||5,883,988,430,955||42,119,229,802|
|Dec 31, 2018||5,618,595,848,853||40,219,475,700|
|Dec 18, 2018||5,106,422,924,659||36,553,199,102|
|Dec 03, 2018||5,646,403,851,534||40,418,533,137|
|Nov 16, 2018||6,653,303,141,405||47,626,199,005|
|Nov 01, 2018||7,184,404,942,701||51,427,973,784|
|Oct 18, 2018||7,182,852,313,938||51,416,859,634|
|Oct 04, 2018||7,454,968,648,263||53,364,744,228|