Hot Topics

Advertisement

Advertisement

Sally Ho's Technical Analysis 25 October 2019

Bitcoin Bitcoin (BTC/USD) traded sideways early in today’s Asian session as the pair traded as high as the 7446.37 area after trading as low as the 7359.48 area during yesterday’s European session.  Traders continue to react to the pair’s worsening market sentiment following this week’s massive depreciation from the 8349.84 area that saw Bids tested around the 7296.44 area during Wednesday’s North American session, its weakest print since May. Following the decline, one of the key levels that has emerged is the 7537.33 area, representing the 23.6% retracement of the 8314.14 – 7296.44 range. The significance of the 7537.33 area...

Read More

Bitcoin Miners At War

Bitcoin miners are constantly battling the demands and costs of energy suppliers. The action of mining Bitcoin is a very resource heavy process, it requires an awful lot of electricity which is often sourced by traditional means, through traditional energy suppliers.  Recent reports have surfaced describing how one miner has taken this battle to the next level after recent revelations about their incredibly high energy bill, caused as a result of Bitcoin mining. In this instance, the miner is not challenging the energy supplier as electricity costs are fixed, in this instance, the miner is putting the blame on the...

Read More

Bitcoin (BTC) Bulls Have Nothing To Worry About Yet

Bitcoin (BTC) bulls have nothing to worry about yet. The bullish setup still remains valid and we are still likely to see Bitcoin (BTC) rally towards $9,000 and most likely higher in the weeks ahead. The trend line that we sketched on BTC/USD a long time ago still remains valid. We can see on the daily time frame that this trend line was tested which was followed by downside as we expected. The price did crash harder than I expected. I expected it to find support around the $7,600s area but it ended up falling further. That being said, it...

Read More

After This Friday, Only Three Million Bitcoin Will Be Left to Mine

This Friday, the 18 millionth bitcoin is expected to be mined. This is according to the co-founder of investment firm Morgan Creek Digital Assets Anthony Pompliano who sent the following tweet out last week: “This Friday the 18 millionth Bitcoin will be mined. There are only #3MillionLeft Let’s make this hashtag trend so the world can learn about Bitcoin 🔥” One user responded to the tweeter saying, “Miners competing for the last 3 million bitcoin has also never been higher, with hashrate at an all-time high.” This initiative might not be all that surprising for some of you given that...

Read More

Bitcoin (BTC) Bullish Setup Remains Intact Despite The Devastating Crash

Bitcoin (BTC) bullish setup remains intact for now despite the recent crash. The price remains on top of an important trend line and a key support zone. It is close to testing the 61.8% fib extension level at $7,279 which would be a good time to look for bullish entries short term. We can expect a retest of the trend line resistance to say the least before the price declines below the 61.8%. In my opinion, it is going to be a long process before the price declines further. We have seen in the past that declines below such important...

Read More