• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo

BitMain’s Main Competitor is Planning for a $1 billion IPO: Bitcoin (BTC) Price Analysis

Dalmas Ngetich by Dalmas Ngetich
3 years ago
in Uncategorized
Reading Time: 3min read
Tabb
Advertisement
Nexo Logo
Listen to Article

Regardless of the slow price action and dip in prices, Bitcoin is still king of cryptocurrencies and many altcoins anchor their moves on it. While we remain hopeful of future recoveries, it is likely that the past few days’ price appreciation is but short coverings. Notice that there is a clear failure to march past $9,000 since volumes are low and half below March 11 bear spike. I recommend shorts in lower time frames with targets at $6,800 in the short term.

From the News

In less than five months, traders all over the world shall gain access to a crypto trading app backed by a traditional exchange, Börse Stuttgart. Bison is the name of the app and it has one main objective: make crypto trading as easy as possible. In fact in the spirit of accessibility, registration and verification time would be done in minutes all thanks to the survey done by the company as they tried to pick pain points in customer crypto experience.

After an internal audit, UpBit is now free of damaging accusations of fraud and money laundering. Within a 12 hour span, close to $50 billion in market cap evaporated following news of a search warrant from the South Korea’s Intelligence Unit against UpBit. This was ironical because shortly before this directive, UpBit CEO was on the front line asking investors to report any form of ICO scam in exchange for cash reward. Among some of the accusations UpBit is not clear from include accusations of insider trading, trading using customer funds and money laundering. According to UpBit, the whole thing was a simple misunderstanding and at any time, as per the audit findings, they have never traded any coin(s) they never own.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Ironically, the world second largest Bitcoin mining hardware producer, Canaan is planning on listing at the Hong Kong stock exchange. In a bid to expand their services and revenue, they are looking for a $1 billion investment through an IPO sponsored by Deutsche bank, Goldman Sachs and Morgan Stanley.

Bitcoin mining rig maker Canaan Creative is filing for a $1 billion IPO, sources say https://t.co/15pKVrugRz pic.twitter.com/Kv3XXFJrRX

— Bloomberg (@business) May 15, 2018

The money shall help them venture more into research now that they are looking on developing AI chips. Besides, they are now venturing into cryptocurrency mining as well as creating innovative home appliances that mine coins in the back ground.

Bitcoin (BTC) Technical Analysis

Weekly Chart

Bitcoin (BTC) Technical Analysis
Bitcoin Weekly Chart by Trading View

If we were to simplify, then we would say Bitcoin is moving within a $6,000 range defined by February 2018 high and low. Now, after periods of consolidation between those two highs, what stands out for me is the week ending February 4 candlestick which asserts the bear trend and week ending April 1 candlestick confirming this assertion.

So, with this in mind and the fact that the general trend is bearish, selling on resistances or retests would be akin to aligning trades with the trend. From this technical development, our first level of support is at $7,800. Any break below that means our $6,000 target is likely to be hit. This would be case especially if there are high volumes accompanying a consolidation bear break out.

Daily Chart

Bitcoin (BTC) Technical Analysis
Bitcoin Daily Chart by Trading View

So, like the weekly chart, Bitcoin prices are still trading inside a range but with a bearish skew. See those lower lows and most importantly the reaction from $6,000 in line with the current trend? That is important in our analysis and what is drawing my attention is May 11 candlestick.

Trade volumes are high relative to previous days and there is a mid-range push below $10,000-a region of minor support. Follow through bull candlesticks have been short on volumes.  On May 15 we saw relatively high volumes confirming the bear pin bar at $9,000.

Aggressive traders can short now while aiming for $7,800 and $6,600. On the other hand conservatives can stay out of this trade and watch till prices are out of this consolidation.

Tags: Bison Borse StuggartbitcoinBitcoin (BTC) Technical Analysisbitcoin tradingBörse StuttgartUpbitUpBit Fraud
TweetShare
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Dalmas Ngetich

Dalmas Ngetich

Interested in new Tech

Related Posts

Ethereum

Ethereum is On the Brink of Setting Fresh All-Time Highs as Bulls Take Control

5 hours ago
router

Emerging DeFi Project Router Protocol Raises Seed Funding, To Launch Cross-Chain Farming Soon

13 hours ago

Why This Analyst Expects Bitcoin Price Consolidation After the Recent 15% Drop

22 hours ago
bitcoin altcoins caution

Proper Altcoin Season While Bitcoin Drops Has Traders “Cautious”

1 day ago
XRP Likely to Plunge towards $0.20 as SEC Woes Rattle Investors

Bitcoin’s Bear Case Suggests Move to $28,000 is a Possibility in the Near-Term

1 day ago
bitcoin bubble crypto google search altcoin

Could Mt Gox Be The End Of Yet Another Epic Bitcoin Rally?

1 day ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Introducing ethrift.io Non-Custodial FIAT Ethereum Gateway

January 16, 2021

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Kickoff Your DeFi Journey With YOYO FINANCE – Their Token Sale Is Live

January 14, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.