Bitcoin Price Watch; Not A Great Week

We have come to the end of the week in our bitcoin price trading efforts and – as far as weekly strategy implementation goes – it’s been a pretty tough one. While we have seen quite a lot of volatility spread across various sessions, this volatility has not necessarily been conducive to effective strategy execution. On a number of occasions we have gotten into trades and have been chopped out before any real action got underway and – as such – we are heading into what looks like it’s going to be one of the first net losses across a weekly period in a long time.

This is great, of course, but it is part and parcel of operating in markets like this and it is something we just have to take on the chin. As we head into the US session this evening, there are still likely to be a number of opportunities for us to get in and out of the markets and take a sneaky profit here and there, so before we give up for the week, let’s get some levels outlined with which we can carry forward into the session.

As ever, take a quick look at the chart below before we get started to get an idea of what is on and where things stand in the markets right now. It is a one-minute candlestick chart and it has our key range overlaid in green.

As the chart shows, the range we are focusing on for the session this evening is defined by support to the downside at 2251 and resistance to the upside at 2283. Standard breakout rules apply, so we will be in long towards an immediate upside target of 2310 if we get a close above resistance, while we will be in short towards a downside target of 2220 if price closes below support.

Let’s see how things play out and we will start afresh next week.

Charts courtesy of Trading View

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The exceptional properties of cryptocurrency blockchain can be used in a variety of industry sectors. The use of distributed ledger technology in the non-profit sector has been of interest to many, as these organizations can benefit a lot from the speed, security, and transparency offered by Bitcoin’s underlying mechanism.

A group of humanitarian agencies in the United Kingdom have come together and decided to adopt the technology for a greater good. These organizations, about 42 in number are part of Britain’s Start Network. They have forged a collaboration with Disberse, a social enterprise that uses blockchain technology to adopt cryptocurrency technology into their operations. The organizations that are currently involved in the initiative include the likes of Oxfam, Care International, and Save the Children.

The director of Start Network, Sean Lowrie mentioned the importance of their collaboration with Disberse and the implications of blockchain technology on their mission in one of the leading news publications. Lowrie was quoted saying,

“ This exciting partnership could lead to the transformation needed in the way money flows through the humanitarian system… It could catalyze a new way of working. One that is transparent, fast and which drives accountability to taxpayers and those affected by crises.”

Disberse, in partnership with Start Network, will be offering a way for the participating organizations to raise and manage funds effectively without losing out on hefty banking fees, poor exchange rates, and currency fluctuations. The features will come in handy, especially when the organizations are working across geographical borders, as cross border fund transfer using conventional means comes with high transaction costs.

The implementation of Disberse platform’s solutions is expected to happen in a phased manner, starting with a series of small disbursements within Start Network’s existing programs. The use of blockchain technology will also introduce the much-needed transparency in the segment, which is fraught with fraud and corruption.

Ref: DNA | Image: NewsBTC

No one is surprised Visa has no love lost for cryptocurrency users. However, the company also wants to abolish cash payments. After all, cash transactions are a threat to the card payment infrastructure. The company has now extended a new offer to small merchants. In exchange for a payment technology upgrade, these shops have to stop accepting cash. An interesting plan, although it is a rather surprising decision.

It is not entirely strange to see Visa take such an aggressive stance. Weeding out cash payments is the end goal for the entire financial sector. Unlike bank transfers and payment cards, cash gives consumers some degree of financial freedom. Such a  thing cannot be allowed these days, that much is evident. In fact, the company has come up with an ingenious plan to make this happen. Offering small stores a payment technology upgrade is quite an attractive offer, after all.

Visa Takes the war on Cash Very Serious

More specifically, this initiative is targeted at small US retailers for the time being. The company will award up to US$10, 000 for restaurant or food vendor. This includes paying for both technology and marketing costs alike. The only requirement is how they have to stop taking cash payments. A rather strange decision, as cash is one of the most common payment methods at such locations. It will be interesting to see how successful this venture can be.

Cash represents close to 35% of all transactions by US consumers. That was the number in 2015, at least. Right now, that number will be closer to 30% by the look of things. Credit card payments have seen an increase in popularity as well. However, food vendors and card payments do not mix well. Customers have little loyalty at these places already. Removing their option to pay with cash is not a smart decision. Most merchants have absolutely nothing to gain from this Visa promotion whatsoever.

Moreover, credit card payments will remain ridiculously expensive. There is not much Visa can change in this department right now While cash is not the safest payment method in terms of storage, Accepting a high-fee payment solution and dropping a commonly used one in exchange seems like a win for Visa. For the merchants, not so much. It is quite interesting to see such schemes pop up every now and then. Weeding out cash will not happen anytime soon, though. Visa will need to come up with a different strategy, to say the least.

Getting merchants to accept Bitcoin has proven to be difficult. Even though it has become easier to do so, merchants simply aren’t interested. In fact, there are fewer top retailers dealing with BTC payments compared to a few years ago. It is evident something is changing, although it is hard to determine what. Despite this downturn, the Bitcoin price is still holding its own with relative ease.

A new article by Bloomberg indicates top retailers don’t like Bitcoin. Until recently, only 1% of these merchants accepted BTC payments. That number in itself was already very low. Unfortunately, it now appears there are only three left. This goes to show Bitcoin holders are not too keen on spending the currency, for some reason. It is still a speculative asset which is not used to pay for goods and services directly.

Major Retailers Aren’t Keen on Bitcoin Whatsoever

With so few major retailers accepting Bitcoin payments, that is not surprising either. There are only so many electronics or flights you can purchase every single year. Consumers want a way to spend Bitcoin on everyday purchases. Bitcoin debit cards have certainly helped in this regard. However, they don’t allow users to spend Bitcoin directly. Using an intermediary tool to do so is not what people want Bitcoin to achieve in the long run.

There is a bigger question of why merchants are not keen on accepting Bitcoin. The speculative aspect of the currency may have something to do with it. Additionally, the ongoing scaling debate may have made some entities think twice. Assuming those scaling problems are solved come August 1st, things can get quite interesting. Scaling issues have also pushed transaction fees up, making it less likely people will spend BTC.

At the same time, one has to keep in mind the top 500 list has some interesting companies on it. The likes of Amazon, Apple, and even Wal-Mart will never integrate Bitcoin directly. Scaling Bitcoin is the first step toward turning this situation around. With the scaling debate gone and fees kept low, things will eventually change. It is evident these are crucial weeks for the future of Bitcoin. Only time will tell what will happen in the next few years.

So here we are at the end of another week and it’s time to try and put some levels together with which we can approach the bitcoin price in the European market this morning. Action has been pretty volatile this week and we fully expect this volatility to continue as the session matures towards the weekly close throughout today’s session.

With any luck, we’ll be able to take advantage of any volatility as and when it materializes. We are going to approach the markets today with a relatively tight range, given that action overnight hasn’t really given us too much by way of solid levels to go at. If we can limit our exposure to relatively tight stop losses (as we are forced to do, given we are using a tight range) than we aren’t exposing ourselves to too much risk on any of the trade-oriented.

So, with this noted, let’s get some levels together with which we can approach the markets today.

As ever, take a quick look at the chart below before we get started so as to get an idea of what is on and why things stand right now. The chart highlights our key levels and also illustrates the action we saw overnight and that brought us to this point.

As the chart shows, then, the range we have outlined for today is defined by support to the downside at 2335 and resistance to the upside at 2345.

We are going to look at the upside trade first, so if we see a break above resistance, we will enter long on a close above this level with an immediate upside target of 2360. A stop loss on the trade at 2340 will ensure we are taking out in the event of a bias reversal.

Looking the other way, a close below support will have was in short towards a downside target of 2320. A stop loss on this one act 2340 looks good.

Charts courtesy of Trading View

Hello and welcome to News BTC’s Market Outlook July 14.

DASH/USD

DASH initially fell during the day on Thursday, but found enough support near the $170 level to turn around and form a hammer. I think if we continue to see this type of action, we will eventually see the market build up enough momentum to go higher, but currently I think for the most part we are in what looks to be an accumulation phase, meaning that the market is trying to build up enough confidence to go higher.

LTC/USD

LiteCoin fell during the day, but it seems to be very likely finding support just below the $42.50 level underneath. Because of this, I think it’s only a matter of time before the market grinds its way back to the $55 level, and that being the case, I think that it is a “buy on the dips” situation. I think given enough time, we will not only reach the highs, but break out.

Thanks for watching, and we’ll see you again tomorrow.

Hello and welcome to News BTC’s Market Outlook July 14.

ETH/USD

Ethereum pulled back during the day on Thursday, as we tested the $200 level. I think there is plenty of support just below though, so given enough time I anticipate that this market will rally and try to go higher. If we break down below the $160 level, we would continue the move lower even more stringently, but in the meantime, it looks as if we are trying to form some type of bottom.

ETH/BTC

Ethereum fell slightly during the day on Thursday as well, and it looks as if we are going to go back towards the 0.08 level to look for more support. Either way, I think we’re trying to form a bit of a bottle, and I believe that Ethereum will continue to rally against Bitcoin. We could be volatile, but it looks as if we are trying to form enough support to continue the longer-term uptrend.

Thanks for watching, all see you again tomorrow.

 

Hello and welcome to News BTC’s Market Outlook July 14.

BTC/USD

The Bitcoin market against the US dollar rallied slightly during the day on Thursday, but we continue to find resistance above the 2400 level. If we do continue higher, the market will go to 2600 given enough time, but currently it looks as if we are going to struggle and perhaps pull back to find support underneath, especially near the 2250 level.

BTC/JPY

Bitcoin rallied during the day on Thursday, but found enough resistance just below the ¥280,000 level to turn around. Ultimately, the market is likely looking to pull back and find more support, which I think can be found at the ¥260,000 level. If we break down below there, the market should then go down to the ¥240,000 level. Currently, looks as if the market is trying to build up momentum to finally resume the uptrend. However, I think we may have to wait a while before that happens.

Thanks for watching, I’ll see you again tomorrow.

 

Key Highlights

  • Ethereum classic price after trading a few points below the $20 handle against the US Dollar found sellers.
  • There is a major support area forming above $16.50 on the hourly chart of ETC/USD (Data feed via Kraken).
  • The price is likely to remain above the $16.00-16.50 levels and might continue to move higher.

Ethereum classic price corrected a few points versus the US Dollar and Bitcoin, and ETC/USD is currently facing a tough barrier near $15.00.

Ethereum Classic Price Support

During the past two days, there was a lot of action in ETC price as it moved above $19.00 against the US Dollar. The price traded as high as $19.81 where it faced sellers and started a correction lower. The price moved below the 23.6% Fib retracement level of the last wave from the $13.20 low to $19.81 high. The correction was sharp and extended towards the 100 hourly simple moving average and $16.00.

There is a major support area forming above $16.50 on the hourly chart of ETC/USD. It also coincides with the 50% Fib retracement level of the last wave from the $13.20 low to $19.81 high. Furthermore, the 100 hourly simple moving average is also at $16.00. Lastly, there is a connecting bullish trend line with support below $16.00 on the hourly chart. Clearly, the $16.00-16.50 support zone is a major barrier for sellers in the near term.

Ethereum Classic Price Technical Analysis  ETC USD

As long as the price is above the $16.00 level and the 100 hourly SMA, it may bounce back. On the upside, an initial resistance is around the $18.00 handle. Above $18.00, the price may attempt a break above the $19.00 level. In the short term, we may see moves between $16.00-20.00.

Hourly MACD – The MACD is attempting to move back in the bullish zone.

Hourly RSI – The RSI is currently moving higher, but still below the 50 level.

Major Support Level – $16.00

Major Resistance Level – $18.00

 

Charts courtesy – Trading View, Kraken

Key Highlights

  • ETH price struggled to close above the $220 resistance against the US Dollar and moved down.
  • There is a new contracting triangle pattern forming with support at $194.00 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price is currently below the $200 level and the 100 hourly simple moving average.

Ethereum price is struggling again against the US Dollar and Bitcoin, and ETH/USD is just holding a major support area near $194-192.

Ethereum Price Resistance

Yesterday, there was a decent recovery in ETH price above $210 against the US Dollar. The price traded higher and tested the $223-225 resistance zone where sellers appeared. As a result, the price failed to gain pace above $223, and a short-term high was formed at $223.73. The price started correcting lower, and moved below $210 and the 100 hourly simple moving average. It traded lower and even managed to move below the $200 support zone.

At the moment, the price is trading just around the $195 level. There is a new contracting triangle pattern forming with support at $194.00 on the hourly chart of ETH/USD. The triangle support is at $194-193. It must hold the downside move or the price could trade back towards $180. On the upside, an initial resistance is near $206 and the 100 hourly simple moving average. The $206 level also coincides with the 50% Fib retracement level of the last decline from the $223 high to $188 low.

Ethereum Price Technical Analysis ETH USD

If there is a close above $210 and the 100 hourly simple moving average, the price may test the triangle resistance at $215. It looks like we may see a breakout of the triangle either above $215 or below $190 in the coming sessions.

Hourly MACD – The MACD is now back in the bearish zone.

Hourly RSI – The RSI is currently below the 45 level.

Major Support Level – $190

Major Resistance Level – $215

 

Charts courtesy – SimpleFX