Musiccosmos

Key Points Bitcoin price gained bullish momentum and surged above the $6,480 and $6,550 resistances against the US Dollar. Yesterday’s highlighted key bearish trend line was breached with resistance near $6,475 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair traded above the $6,900 and is currently correcting lower towards key supports. Bitcoin price broke key resistance at $6,550 against the US Dollar. BTC/USD is back in a bullish zone with a close above the $6,620 high. Bitcoin Price Analysis Yesterday, we discussed a few important hurdles near $6,550 in bitcoin price against the US Dollar. The BTC/USD pair traded in a range above the $6,400 level and later surged higher. The price started an upward move and cleared the $6,480 and $6,550 resistance levels. Moreover, there was a break above the last swing high at $6,620 and the 100 hourly simple moving average. During the upside, yesterday’s highlighted key bearish trend line was breached with res...

Key Points Bitcoin price declined and tested the $6,200-6,220 support area against the US Dollar. There is a major bearish trend line forming with resistance near $6,480 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is currently correcting higher, but it could struggle to move past $6,480 and $6,500. Bitcoin price failed to move above $6,600 recently and declined against the US Dollar. BTC/USD is recovering, but it may possibly continue to face sellers near $6,480. Bitcoin Price Analysis There was yet another failure near the $6,550 resistance in bitcoin price against the US Dollar. The BTC/USD pair topped at $6,549 and started a downside move. It broke the $6,350 and $6,300 support levels. It traded close to the $6,200 where buyers appeared and defended more losses. A low was formed at $6,222 before the price started an upward move. The price recovered above $6,300 and the 38.2% Fib retracement level of the last decline from the $6,549 high to $6...

Three suspects have been detained by Chinese police in connection with an alleged cryptocurrency theft. The estimated damage made up $87 million USD. Chinese police have arrested three individuals suspected to have stolen assets worth 600 million yuan ($87 million) through hacking. According to a report in Xinhua, China’s state-owned press agency, the police began investigating in Match of this year, after a resident of Xian complained that hackers had taken control of his computer and stolen 100 million yuan (US$15 million) worth of cryptocurrency. As a preliminary investigation showed, hackers had used remote hijacking techniques to gain access and control of cryptocurrency accounts belonging to the victim identified as Zhang. The police received assistance from several unnamed internet companies, and three months later, a suspect named Zhou was found. Zhou’s communications led to two more alleged accomplices, and all the ...

Key Points Bitcoin price rebounded and moved above the $6,400 level, but it failed near $6,600 against the US Dollar. There was a break below a major bullish trend line with support at $6,460 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair remains in a broad range between $6,000 and $6,600, and it may continue to trade sideways. Bitcoin price failed once again near the $6,600-6,620 resistance against the US Dollar. BTC/USD is correcting lower and it could test the $6,275 and $6,188 supports. Bitcoin Price Range Trading This past week, there was a nice upward move from the $5,900 swing low in bitcoin price against the US Dollar. The BTC/USD pair traded above the $6,300 and $6,500 resistance levels. However, the price failed yet again near a significant resistance at $6,600-6,620. The stated resistance zone prevented gains above $6,650 and the 100 simple moving average (4-hours). As a result, the price declined and moved below the $6,500 level. Ther...

Despite the sluggish price, the world’s most popular cryptocurrency has been settling more transaction volume than gold since Q2 2017. Bitcoin Showing More Utility Than Gold Bitcoin 0 0 is on track to clear more transaction volume than the global gold markets. Bitcoin has been clearing more tx volume than global gold markets since early 2017. BTC: on pace to process $1.1 trillion in 2018 transactions Gold: on pace to process $0.4 trillion in 2018 transactions Sources: https://t.co/eVqQiq56gv for BTC https://t.co/zqh4eykqNb for Gold pic.twitter.com/oc5piRvrXE — Kevin Rooke (@kerooke) August 15, 2018 Interestingly enough, though, this is not a one-off event – it has been happening consistently since the second quarter of 2017 after the world’s first cryptocurrency hit ‘parity’ with the price of an ounce of gold in spring of last year. It’s also worth noting that despite the serious hit Bitcoin took in 2018, it’s still outperforming the precious metal by a facto...

Key Points Bitcoin price jumped above the $6,400 and $6,550 resistance levels, but failed to hold gains against the US Dollar. There is a major bullish trend line in place with support at $6,240 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair clearly made a failed attempt to break the $6,550 and $6,600 resistance levels, and declined. Bitcoin price gained momentum above $6,400, but it was unsuccessful near $6,650 against the US Dollar. BTC/USD trimmed all yesterday’s gains and settled below $6,400. Bitcoin Price Analysis Yesterday, we discussed positive moves above $6,350 in bitcoin price against the US Dollar. The BTC/USD pair did trade higher, broke the $6,400 and $6,550 resistance levels, but it failed to retain gains. There was a failure near the last swing high at $6,640-50. The price was rejected and it seems like it was an unsuccessful attempt to break the $6,550 resistance. A fresh bearish wave initiated and the price declined below the 23.6...

Key Points Bitcoin price recovered nicely after trading as low as $5,894 and moved above $6,200 against the US Dollar. There is a new connecting bullish trend line forming with support at $6,180 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could revisit the $6,550 resistance zone as long as it is above the $6,150 level. Bitcoin price rebounded more than $300 from lows against the US Dollar. However, BTC/USD is facing many resistances near $6,450 and $6,550. Bitcoin Price Analysis Recently, we saw a downside push in bitcoin price below the $6,000 support against the US Dollar. The BTC/USD pair traded to a new monthly low at $5,894 and later it started an upward correction. Tt recovered nicely and moved above the $6,200 resistance zone. The price even broke the 50% Fib retracement level of the last key downside move from the $6,550 swing high to $5,900 swing low. It opened the doors for more gains and the price settled above the $6,200 level plus ...

The cryptocurrency market attain a nine-month low since November 2017, as a huge sell-off is triggered in Bitcoin and altcoins. The Digital Currency market has made a new low for 2018 today as the overall market valuations have dropped below $200 billion. The market is reeling under a heavy selling pressure as over $25 billion have been wiped off the market in the last 24-hours. Bitcoin has lost nearly 7% in the last 24-hours as the world’s largest digital currency dipped below $6000 mark, momentarily, before finally recovering back. As per the global charts on CoinMarketCap, the cryptocurrency market has dipped to a low of $189 billion which is the lowest in the last nine months since November 2017. However, today’s price fall in Bitcoin is relatively low in comparison to other altcoins which have been the major reason for the huge slump in the market valuations. Data on the CoinMarketCap shows that except the Bitcoin, almost all the other top-twenty cryptocurrencies have ...

The Turkish lira has fallen by 50 percent since September 2017, from $0.3 USD to $0.15 USD. While Bitcoin has fallen more than the lira in the past 12 months, investors of Bitcoin  still are capable to withdraw and cash out their investments in crypto . Strict Capital Controls Currently, the price of the Turkish lira against the US dollar is hovering at around $0.15. But, similar to the Venezuelan bolivar, the value of the lira is difficult to justify given that as of now, it is not possible for merchants, businesses, and individuals to exchange their holdings in lira to other foreign currencies. The value of an asset and currency is subjective and as a currency, the value of the lira is largely affected by its capability of operating as a medium of exchange. If the lira cannot be exchanged to other foreign currencies, not only is it hard to justify the value of lira at the current price range, but it is difficult to give a valuation to the lira. On Friday last week, US Presi...

Key Points Bitcoin price is slowly recovering slowly and steadily above the $6,100 level against the US Dollar. There was a break above a key bearish trend line with resistance at $6,220 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair must stay above the $6,100 level to stay in the positive zone and recover higher. Bitcoin price declined heavily below $6,500 against the US Dollar. BTC/USD found support near $6,000 and is currently attempting an upside correction. Bitcoin Price Resistance This past week, there were heavy losses in bitcoin price from well above the $7,100 level against the US Dollar. The BTC/USD pair fell and broke many supports like $7,000, $6,830, $6,500 and $6,200. The price tested the $6,000 support zone where buyers appeared. A low was formed at $5,982 and later the price started an upside correction towards the $6,500 level. It broke the 23.6% Fib retracement level of the last major drop from the $7,155 high to $5,982 low. Mor...