Bitcoin Price Watch; Feeding The Bullish Fire

So that’s another day done in our bitcoin price trading efforts, and after a few days away from the screen, we’ve seen some pretty interesting action. Price was relatively flat at the very start of the week but picked up quickly as the midpoint hit and eventually ran to break the 1800 mark, the 1850 mark, the 1900 level and – as of today – the 1950 level. That’s a considerable run considering we were looking at 1000 and less in the not too distant past, and one that looks almost certain to continue as added market attention comes into play and feeds the speculative fire.

As ever, while it’s nice that we’re seeing a longer term appreciation in price, from an intraday perspective, the best thing is that we’re getting some movement. Sideways action is tough to trade so when we see sustained momentum, be it to the up or downside, it works for us.

Of course, longer term value add is never a bad thing.

Anyway, let’s get to the key levels for this evening. Get a quick look at the chart below to get an idea of what’s on and where we are looking to get in and out of the markets according to the rules of our intraday strategy this evening. It’s a five-minute candlestick chart and it’s got our key range overlaid in green.

As the chart shows, the range we are looking at for the session tonight is defined by support to the downside at 1915 and resistance to the upside at 1937. We’re going to be on the lookout for a close above resistance as indicative of a bullish entry signal towards a target of 1955. Conversely, a close below support will get us into a short trade towards a downside target of 1900 flat.

Let’s see how things play out.

Charts courtesy of Trading View

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The second largest cryptocurrency in terms of market capitalization, Ripple (XRP) is now available for a much wider audience. The latest announcement by popular cryptocurrency exchange and trading platform, Kraken comes as an icing on the cake, following reports of XRP’s addition into six new cryptocurrency platforms.

Kraken, in its recent blog post and mailer to customers, announced the inclusion of four different XRP trading pairs on its platform. The newly introduced cryptocurrency/fiat pairs include XRP/EUR, XRP/USD, XRP/JPY and XRP/CAD. The platform, in its blog states,

“The new trading pairs mean that clients who want to buy or sell XRP in exchange for their preferred fiat currency can now do so directly.”

The inclusion of new trading pairs on Kraken follows the cryptocurrency’s record-breaking performance in the past few months. Its value has increased by 40 times, influenced by a 6-fold increase in its trading volumes. Kraken’s extended support for XRP comes weeks after the platform broke its previous records in trading volumes.

On May 5, 2017, the platform reported a record 24-hour trading volume of $178,521,474, which was a 25 percent increase from its previous record set on March 17, 2017.

According to yesterday’s press release, Bitso, Coinone, bitbank and SCI’s BuyBitcoin are the new platforms to include support for Ripple. In the coming days, the cryptocurrency will also be listed on AlphaPoint and Quione’s QRYPTO exchanges.

A few days ago, Ripple made its decision to place 55 billion XRP in escrow, ensuring liquidity in the market. With the move, the platform has managed to win community’ confidence as there was always a fear of the 61.68 billion tokens flooding the market overnight, wiping out whatever value the tokens in circulation have gathered so far.

All these developments, accompanied by talks of further development of Ripple protocol has helped XRP price scale new heights.

Ref: Kraken Blog | Image: NewsBTC

Blockchain is the new alchemy, the fabled method of turning technological lead into gold; if there’s a hole in your business somewhere, be it in security, data sanctity, transaction speed, or even high costs, there’s a good chance blockchain holds the answer. It’s easy to see why just about every industry on earth, from healthcare and banking to housing and automotive, has at least pondered running a business on the blockchain.

Satoshi Nakamoto

While online casino brands have a long history operating on the blockchain and, in fact, might have been some of the first businesses to adopt Satoshi Nakamoto’s landmark database, poker websites remain an outlier, with just two brands offering blockchain-integrated games at present. For an industry obsessed with technological innovation (poker websites were quick to adopt mobile, live streaming and even virtual reality play), the near-complete absence of blockchain is a bit of an anomaly, especially given how easily it slots into the wider niche of the casino industry.

For online poker, blockchain represents an ideal of the decentralized environment, a computer network maintained by players and free of interference. Odds embedded in the blockchain can also be provably fair (a trait that does its own marketing) and there’s no central “vault” where deposits are held, so funds come directly from a player’s own digital wallet. Depending on the transaction speed of a particular cryptocurrency, withdrawals and deposits can be instantaneous.

Heads-up Display

Blockchain tech could feasibly be used in quality-of-life functions in poker too, to store information about past hands, tournament results, historic bankroll transactions and so forth. The immutability of data in the blockchain is a benefit but the decentralised nature of the blockchain means that information could be fed into heads-up displays or mobile phones at any time and from anywhere, without the risk of downtime. It can also be shared easily.

Poker, ultimately, is a game of numbers; both pro and novice players use data to sort the fish from the sharks at their games. It’s that kind of reliance on information that has given rise to things like 888poker’s personality quiz, which aims to break down players into numbers and charts to make opponents easier to beat and frustrating behavior at the table (who hasn’t dealt with tilt from time to time?) easier to understand.

The obvious question to ask is: how can interested poker chiefs bring the blockchain version of the game to life? The ideal ecosystem for developing the game is Ethereum, an initiative that melds app development with blockchain functionality. Ethereum allows developers to create software that’s impervious to tampering and fraud, traits that engender trust in customers by default. Again, and much like Nakamoto’s original blockchain, Ethereum is also totally transparent, with the cards dealt in each poker game visible in the blockchain, and it’s a safe space for customer details at a time when traditional systems are failing.


Despite slow uptake, integration with the blockchain has to be the next step for online poker brands – it’s both a functional technology and a superb marketing opportunity. The need to persuade traditionalists and upper management of its virtues remains a barrier to wider adoption, as evidenced by the fact that many blockchain-based companies are startups rather than major brands. Blockchain has yet to see its tenth birthday though so it’s almost inevitable that poker’s relationship with decentralised ledgers will become tighter in the future.

As the Bitcoin community grows, so will the different opinions of individual users. Gavin Andresen is often regarded as one of the most reliable people in Bitcoin. However, he recently tweeted something that upsets a lot of people. In his opinion, running a full node is a waste of bandwidth. That is a very odd sentiment, considering full nodes are always in high demand on the Bitcoin network.

A Full Bitcoin Node is Useful

Whenever statements like this one are issued, the Bitcoin community is up in arms. Running a network node is critical to support Bitcoin. It is not a necessity by any means, though. With several thousands of nodes in existence already, the network is secure. Not all of these nodes are full nodes, though, as running them requires a lot of bandwidth. In some cases, full nodes can easily sue up over 200GB of bandwidth in a month.

It appears Gavin Andresen refers to how running an SPV node can do the exact same thing. To be more specific, an SPV node can also validate incoming transactions. Unconfirmed transactions will not be more or less secure regardless of which node one runs. Then again, SPV nodes rely on miners to validate other transactions. A Full node, on the other hand, takes care of all this on its own. It is all a matter of which solution one prefers.

Moreover, full nodes are capable of detecting double spend transactions. SPV nodes will not do so, as they rely on external information. More specifically, one has to rely on the “goodwill” of merchants and exchanges. While this is usually not a concern, blind trust is a very precious commodity in the Bitcoin world.  Saying how running a full node is a “waste of bandwidth” will certainly rub a lot of people the wrong way.

In the end, there is always a need for additional nodes. It is understandable not everybody can or will run one, though. Full nodes are always in high demand, although there is no shortage of them either. It is certainly not a waste of bandwidth to run one, assuming you can spare the bandwidth in the first place. It is an interesting discussion regardless. However, the motivation for this train of thought may leave something to be desired.

A new document has surfaced on the SEC website which creates some confusion. The file mentions how the Bats BZX Exchange withdraws a proposed rule change. As most people know, there is a rule change proposal pertaining to the Bitcoin ETF listing.  However, this particular document has nothing to do with the Bitcoin ETF whatsoever. Instead, the document talks about the exchange’s fees for listed securities.

SEC Document has Nothing To Do With Bitcoin ETF

A lot of Bitcoin users were concerned because of this document on the SEC website. Since we are awaiting the institution’s decision regarding the Bitcoin ETF, a lot of people keep a close eye on their website. When this document surfaced, people assumed the Bats exchange withdrew their ETF proposal. That is not the case, though, as it pertains to something else entirely.

It appears the Bats BZX Exchange filed a second proposal that has nothing to do with the Bitcoin ETF. Instead, they want to propose a rule change to amend fees for securities listed on the platform. Said proposal was submitted at the end of September 2016. It now appears the company has officially withdrawn this request. The reason for this sudden decision remains unknown at this time, though.

It did not take long for someone to post on Reddit how the BTC ETF proposal was withdrawn. This goes to show there is a lot of anxiety regarding this decision. That anxiety seems unwarranted, though, as the SEC is likely to reject the rule change again. Nothing has changed since the previous rejection. This means there is no real reason for the SEC to suddenly turn around and approve this proposal.

In the end, it is important to remember the Bitcoin ETF decision is not affected by this withdrawal. The SEC has yet to render a verdict, although no one knows for sure when that will happen. No one should get their hopes up for a positive outcome, though. Financial institutions will continue to oppose Bitcoin from going mainstream for as long as they can.

Hello and welcome to News BTC’s Market Outlook May 19.


DASH rally during the day on Thursday, as we broke above the top of the hammer from the Wednesday session. This is a bullish sign, but expect choppiness going forward. Selling is all but impossible and pullback should be buying opportunities. Ultimately, the market should then reach towards the $100 level over the longer term.


LiteCoin continues to show promise, as we broke above the top of the previous session on Thursday, and it now looks as if we’re going to reach towards the top of the range, and now it looks as if pullbacks continue to offer nice buying opportunities. The market is very bullish, and I think it will continue to be so going forward. Expect the $22 level to be massively supportive going forward.

Thank you for watching and see you again on Monday.

Hello and welcome to News BTC’s Market Outlook May 19.


The Ethereum market rallied during the day on Thursday, reaching towards the $100 level. This is a market that continues to find plenty of support just below, and I believe that it is only a matter of time before we not only reach the $100 level, but breakout to the upside and continue to going much higher than that. I believe that the $85 level is going to continue to offer significant support. Ultimately, I have no interest in selling.


Ethereum also rallied against bit coin, but we are currently consolidating in general, and that being the case it looks as if we are still trying to build up a position to the upside. If we can break above the 0.06 handle, the market should continue to go much higher. At that point, the market should then continue the longer-term move higher, but in the meantime it’s probably best to build up the position and short and small increments.

Thanks for watching and see you again on Monday

Hello and welcome to News BTC’s Market Outlook May 19.


The BTC/USD pair rallied on Thursday, testing the highs yet again. I think at this point in time we will continue to see buyers jump into this market and take advantage of value as it presents itself at lower levels. The market continues to see plenty of support near the $1700 level, so I think that as long as we can stay above there, the buyers will continue to push forward.


Bitcoin also rallied against the Japanese yen, as a continues to see buying pressure over the longer term. It looks as if a move above the recent highs is almost but assured at this point, so pullbacks should be buying opportunities below, and I believe that the ¥200,000 level will now offer a bit of a floor in this market, and therefore I have no interest in shorting this at all.

Thanks for watching and see you again on Monday.

Key Highlights

  • There was a sharp rise in ETH price, as it broke the $100 and $105 levels against the US Dollar.
  • There was a break of a nice bullish pattern with resistance at $102 on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The price is currently trading with a lot of positive bias, and may soon break $110.

Ethereum price gained heavy bids during the past few hours against the US Dollar and Bitcoin, and ETH/USD broke an important level at $100.

Ethereum Price Upside Surge

Yesterday, we discussed that ETH price can dip towards $87-85 before it makes an upside move against the US Dollar. The price made a minor correction, and later gained pace for a move above $90. The price broke many important resistance levels on the way up like $90 and $95. The most significant move was above $100. It looks like buyers are loving the party and enjoying ride above $100.

There was even a break above a major extension level at $105. This has opened the doors for more gains in the near term. The next level could be $110. Before the upside, there was a break of a nice bullish pattern with resistance at $102 on the hourly chart of ETH/USD. Such patterns are clear signal, and the price did gain pace above $100.

Ethereum Price Technical Analysis ETH USD

As of writing, the price traded as high as $107.13, and may correct a couple of points lower. On the downside, the pattern resistance at $102 may now act as a support. The 23.6% Fib retracement level of the last wave from the $91.71 low to $107.13 high is also around the same level. So, buying dips near $102-100 can be considered in the short term for $110.

Hourly MACD – The MACD is gaining pace in the bullish zone.

Hourly RSI – The RSI is now in the overbought levels.

Major Support Level – $102.00

Major Resistance Level – $110.00


Charts courtesy – SimpleFX

Bitcoin Price Key Highlights

  • Bitcoin price recently broke outside of its symmetrical triangle pattern and completed a pullback as illustrated in the previous post.
  • Price has since resumed its climb and has broken past the previous highs at the $1880 area.
  • Another strong bullish run is underway, supported by several market factors.

Bitcoin price has once again set new record highs upon completing its correction from the upside consolidation break.

Technical Indicators Signals

The 100 SMA is below the 200 SMA on the 1-hour chart but appears to be making an upside crossover. Once this is completed, more bullish momentum could kick in and sustain the climb in bitcoin price past the $1900 major psychological barrier onto the $2000 area.

However, RSI is turning lower from the overbought zone to reflect a pickup in selling pressure. Stochastic is also moving south so bitcoin price might follow suit. Still, this might be another correction from the ongoing rally, with the nearby area of interest located at $1800-1840. Stronger bearish pressure could take it down to the broken triangle resistance around $1750 while a reversal from the uptrend could lead to a move towards $1600.

Market Factors

Investors are keeping very close tabs on geopolitical risks again, encouraging them to move away from traditional financial markets like stocks and commodities onto alternative and higher-yielding assets like bitcoin and other digital currencies. At the same time, dollar demand has sufficiently weakened in the past few days as traders are wary of the probe into the alleged intelligence information leak from Trump to Russia.

The lack of major economic data from the US today could keep the attention fixed on the latest developments in Washington, particularly during the weekend. Any indication that Trump did leak highly-classified information to Russian officials could spur speculations of impeachment or at least a huge delay in fiscal reform, which would be bearish for the dollar and likely bullish for bitcoin price. On the other hand, headlines suggesting that no such leak was made could revive dollar strength.