Bitcoin May See November Price Boost With Halving Due in Six Months - CoinDesk

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• Bitcoin May See November Price Boost With Halving Due in Six Months - CoinDesk
• Bitcoin (BTC) Price Likely Positioned For Next Rally - newsBTC
• Bitcoin to See Colossal Golden Cross in 2019, Could Precede Price Boom - newsBTC

Bitcoin May See November Price Boost With Halving Due in Six Months - CoinDesk Posted: 31 Oct 2019 04:30 AM PDT View Bitcoin tends to pick up a strong bid six months ahead of the reward halving, according to historical data. With the halving event due in May 2020, BTC may rise above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months. Shorter term, a contracting triangle breakdown on the hourly chart suggests scope for a drop to $8,820 in the next 24 hours. The bear case would be invalidated if prices rise above the hourly chart resistance of $9,245. A quick move above $9,245 and a rally to the 100-day average at $9,606 shouldn't be ruled out, as the recent pullback from $10,350 lacks volume support. Bitcoin will likely put on a good show in November with a price-positive event due in six months. The number one cryptocurrency by market value is leaving October on a positive note, having recovered sharply from five-month lows below $7,500 seen a week ago. The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 percent every four years. Currently, miners get 12.5 BTC for every block mined. That will drop to 6.25 BTC after the halving, meaning 50 percent fewer bitcoins will be generated every 10 minutes. To put it another way, the supply of new coins will drop by half after May. In the past, the cryptocurrency has picked up a strong bid six months ahead of the reward halving. Bitcoin's block reward was cut from 50 BTC to 25 BTC in November 2012. BTC rallied from $5 to $16 in the three months to mid-August and built a new base around $10.00 in November. On similar lines, BTC jumped from $360 to $780 in the four months to mid-June 2016, before trimming gains and falling back to $465 in August, when the block reward was cut from 25 BTC to 12.5 BTC. The data indicates the market begins pricing in an impending supply cut six months in advance. So, if history is a guide, BTC may rise well above the recent high of $10,350 in November and could challenge the 2019 high of $13,880 over the next couple of months. Positive Seasonality Adding to the likelihood of a rally, bitcoin has scored gains in November in six out of the last eight years. Notably, November was a green month for six straight years from 2012 to 2017. The winning run ended last year with a 37 percent drop – the biggest November loss on record. Back then, however, BTC was in a bear market. The cryptocurrency had already dropped 70 percent from the record high of $20,000 reached in December 2017. This time, the overall trend is bullish, as indicated by the triple-digit year-to-date gains. BTC, therefore, is likely to revive the November winning tend. Currently, bitcoin is changing hands around $9,100 on Bitstamp, representing a 0.2 percent drop on a 24-hour basis. The cryptocurrency is trapped between key moving averages (MAs), as seen in the chart below. Daily and hourly charts Bitcoin has come under pressure in the last 24 hours, as expected, but the downside is being restricted around the 200-day MA, currently at $9,025. The contracting triangle breakdown seen on the hourly chart indicates that bitcoin could drop further to the former resistance-turned-support of $8,820. A violation there would expose next support lined up at $8,474. The outlook, as per the hourly chart, would turn bullish above the lower high of $9,245.  A quick move above $9,245 cannot be ruled out as the recent pullback from $10,350 is accompanied by a drop in trading volumes. A low-volume correction is often short-lived. A break above $9,245 would likely yield a retest of the 100-day MA at $9,606. Note that BTC has failed three times in the last five days to hold on to gains above the long-term average. As a result, a UTC close above the 100-day MA could embolden bulls, leading to a sustained move above $10,000. Disclosure: The author holds no cryptocurrency assets at the time of writing. Bitcoin image via Shutterstock; charts by Trading View

Bitcoin (BTC) Price Likely Positioned For Next Rally - newsBTC Posted: 30 Oct 2019 11:43 PM PDT Bitcoin price is holding the key $9,000 support area against the US Dollar.The price is facing a couple of short term resistances near the $9,200 and $9,400 levels.This week's followed major bearish trend line is active with resistance near $9,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price is likely to rally if it breaks the $9,200 resistance and the $9,320 pivot level.Bitcoin price is showing a lot of positive signs above $9,000 against the US Dollar. Overall, BTC is likely rally once again above the $9,200 and $9,320 resistances.Bitcoin Price AnalysisRecently, there were mostly range moves above the $9,000 support area against the US Dollar. BTC corrected lower below the $9,150 level and settled below the 100 hourly simple moving average.The recent low was formed near the $9,013 and the price is currently holding the $9,000 support area. It is climbing higher and trading above the $9,100 level. Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the $9,534 high to $9,013 low.However, the price seems to be facing resistance near $9,200 and the 100 hourly simple moving average.  Additionally, this week's followed major bearish trend line is active with resistance near $9,150 on the hourly chart of the BTC/USD pair.Above the trend line, the 50% Fib retracement level of the recent decline from the $9,534 high to $9,013 low is near the $9,275 area. Therefore, the price could start a solid rise if there is a break above the $9,200 and $9,275 resistances.An immediate resistance is near the $9,320 level and the 100 hourly simple moving average. Besides, the 76.4% Fib retracement level of the recent decline from the $9,534 high to $9,013 low is also near the $9,400 area.A successful close above the $9,400 level is must for bitcoin to move into a positive zone. On the downside, there is a strong support forming near the $9,000 area. If there is a bearish break below $9,000, the price could start a strong decline towards $8,800 or $8,700.Looking at the chart, bitcoin is clearly trading nicely above the $9,000 support area, which holds the key. An upside break above the $9,200 and $9,320 levels is must for a fresh increase. If not, there could be a bearish wave below $9,000.Technical indicators:Hourly MACD – The MACD is struggling to gain pace in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is facing hurdles near the 45 and 50 levels.Major Support Levels – $9,000 followed by $8,800.Major Resistance Levels – $9,200, $9,320 and $9,400.

Bitcoin to See Colossal Golden Cross in 2019, Could Precede Price Boom - newsBTC Posted: 31 Oct 2019 05:01 AM PDT Last week, Bitcoin (BTC) suddenly shot higher, surging from $7,300 to $10,500 in under 24 hours' time in a monumental move. One minute, the cryptocurrency was down in the doldrums; the next, it was trading sky-high in a move that the optimists said would lead to a rally to $20,000 and beyond.Despite the lofty sentiment, Bitcoin has cooled since then. As of the time of writing this article, the cryptocurrency is trading at $9,000 — some 15% lower than the recent high — and seems poised to break down further over the next couple of days.One analyst has gone as far as to say that unless BTC clears the $10,300 region, which is an important historical level, there is no need to get too excited. In fact, he went as far as to say that the recent move is "just a bearish retest," and that "new local lows" are still on the table.But a key technical pattern that may indicate that the long-term Bitcoin bull case is back on is poised to form in the coming weeks, something that may fuel investors leaning long on digital assets.Related Reading: A Chinese Blockchain Day? October 24 Proposed as Day to Celebrate Tech Behind BitcoinImpending Bitcoin Signal Implies Long-Term Uptrend FormingTrader and CoinTelegraph contributor FilbFilb recently noted that while analysts are making much ado about a death cross, investors should not be worried about Bitcoin's prospects.He argued in a recent Twitter thread that by the end of November or start of December, the 50-week and 100-week moving averages will see a "golden cross," which he claims is far more significant" for the Bitcoin market that other technical crosses. As Filb's chart below depicts, the last time the 50-week crossed above the 100-week, Bitcoin rallied for months straight, surging to fresh highs month in, month out. Historical precedence would suggest the same is about to happen… again.Sure the 50/200 DMA $btc death cross is getting everyone super bearish but End of Nov/ Start of Dec the 50/100 WMA is due to cross which is far more significant. pic.twitter.com/ifGWguAtd5— fil₿fil₿ (@filbfilb) October 30, 2019 Related Reading: As Bitcoin Price Drops To $9K, Here Are the Targets Traders Are WatchingAre There Long-Term Bear Signals?While there are numerous tidbits of evidence backing the sentiment that Bitcoin is likely to enter its next long-term round of exponential growth in the coming months, it is fair to ask if there are some bearish signals.Interestingly, there are a few. One of the most notable bearish signals is an analysis by Velvet, who found that Bitcoin's next all-time high may be years away. Per previous reports from NewsBTC, the analyst believes that Bitcoin's establishment of new all-time highs can be predicted using Fibonacci numbers. According to the trader, it took Bitcoin 625 days to break above the all-time high of the 2011 bull market peak. Then it took another 1250 days to break above the all-time high set during the 2013 bull run.Fibonacci sequence would then suggest that the current all-time high of $20,000 will not be broken until 2500 days have passed, or not until October 24, 2024.Related Reading: Why Bitcoin? Bank of America Services Down Across U.S.Featured Image from Shutterstock

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