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#Bitcoin Price Analysis

Bitcoin Price Weekly Analysis: BTC/USD bearish pattern.

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Bitcoin price as of late broke the $6,214 swing low. BTC/USD is probably going to broaden decreases and it could spike underneath $6,000.

Bitcoin Price Key Focuses

  • Bitcoin price is draining and it could broaden its slide underneath the $6,100 level against the US Dollar.
  • There is an associating bearish pattern line set up with resistance at $6,300 on the 4-hours outline of the BTC/USD pair (information feed from Kraken).
  • The pair is unmistakably under strain and it might maybe slide to $6,000 and $5,950 in the close term.

Bitcoin price as of late broke the $6,214 swing low against the US Dollar. BTC/USD is probably going to broaden decreases and it could spike underneath $6,000 if merchants stay in real life.

Bitcoin Price Pattern

This previous week, bitcoin price began a noteworthy drawback move from well over the $7,200 level against the US Dollar. The BTC/USD pair broke numerous supports in transit down like $7,200, $7,000, $6,750, $6,600 and $6,400. There was likewise a break underneath a noteworthy bullish pattern line with support at $7,200 on the 4-hours graph. The decrease was with the end goal that bitcoin price even broke the $6,214 low and settled underneath the 100 basic moving normal (4-hours).

As of late, bitcoin price broke a bearish banner with support at $6,400 to broaden slides. It tried the $6,100 support and it is as of now combining over the $6,150 level. It appears as though it could amend a couple of focuses, yet the $6,300 level is probably going to go about as a solid resistance. There is additionally an interfacing bearish pattern line set up with resistance at $6,300 on the 4-hours outline of the BTC/USD pair. Over the pattern line, the past support close $6,500 is the following significant resistance. On the drawback, bitcoin price could test the 1.236 Lie expansion level of the last real wave from the $6,214 low to $7,406 high.

BTCUSD Weekly Price Chart

BTCUSD Weekly Price Chart

Taking a gander at the graph, Bitcoin price is plainly in a downtrend, yet the $6,000 and $5,950 support levels could give a solid base to a recuperation.

Taking a gander at the specialized markers:

4-hours MACD – The MACD for BTC/USD is gradually moving back in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is still well underneath the 30 level.

Real Support Level – $6,000

Real Resistance Level – $6,500

#Bitcoin

New to crypto? Buy only the original Bitcoin BTC, do not fall prey to shitcoins

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Bitcoin is the best start for the beginners to get a feel for the cryptoverse. Bitcoin is well known and if you are new to cryptocurrency, trust only BTC

Comprehending the rationales for the dominance and reliability of Bitcoin over shitcoins.

 

The anonymity of Bitcoin developer is the key to its acceptance

Bitcoin, having the first movers advantage has a lot of influence on the crypto community. Due to the various reasons, bullish momentum or bearish trend of Bitcoin is followed by all the Altcoins, but there are some exceptions. Any form of Fear, Uncertainty, or Doubt, affects the world’s first cryptocurrency and later on, due to the ripple effect, all the other coins closely associated with Bitcoin, fluctuate respectively. The censorship free kind of Blockchain platform offered by Bitcoin is highly useful to the customers who are obsessed with privacy or anonymity. Bitcoin, in fact, is the only cryptocurrency whose founder is not known until now.

 

Cryptocurrency is equivalent to Bitcoin

According to statistics, it has been estimated that among the merchants accepting cryptocurrencies, Bitcoin is accepted by 80% of them. The fame is so well seeded in the minds of people that “Bitcoin” is at times considered to be pseudonymous with “cryptocurrency“. Therefore, even the merchant’s have incorporated the Bitcoin payment system, as it is mostly used by the people. The number of Merchant stores accepting Altcoins but not Bitcoins is very rare. This insight clearly makes it evident that each and every individual are exposed to the cryptoverse only through the popularity of Bitcoin.

 

Bitcoin attracts Development, not Shitcoins

All the major venture, in the form of Research and Development, takes place in the name of Bitcoin and maybe further is expanded to other Altcoins. This particular reason is enough to give an overview of the Bitcoin reliability. The Bitcoin network, although experiences scalability issues, but it’s popularity has never been on a negative scale.

 

The cause for the anonymity of Bitcoin inventor

The mastermind behind the Bitcoin project, who called herself/himself Satoshi Nakamoto, has been anonymous since the invention of Bitcoin. Even until today’s day is identity has not been revealed, therefore, the users of the Bitcoin blockchain can subconsciously be assured about the security of his funds on the network. Else, even for the futile activity of the developer, the community would start to speculate about the future of the coin. Consider, Altcoins for example, where all the Altcoins have some or the other owner. Any speculative activity of theirs would spur FUD in the respective community.

 

Added perks of Bitcoin over Altcoins

Being anonymous also ensures an immunity against the government seizures. Pause and imagine, if the owner of any Altcoin was alleged for some issue, irrelevant of crypto, then his/her venture may be taken down by the government. The distributed nature of Bitcoin and anonymity, seeds stability in the network. The community members also start to judge the project based on the capabilities of the team members, in the case of Altcoins. The Bitcoin network is spread across the world, and it can also be considered bigger than the Internet. According to computer scientists, the entire Bitcoin network dominating the globe is around 11000 times powerful than the top 500 supercomputers from the world combined. Bitcoin even dominates for the highest number of wallet addresses registered. It qualifies to be, the top cryptocurrency to be listed on most of the exchanges around the world.

 

The Shitcoins aren’t made for the global Cryptocurrency

Many other Altcoins like Litecoin, Ethereum, etc are popularly known as Shitcoins because of their undirected focus towards becoming a global cryptocurrency. In simple words, these cryptocurrency coins are specifically developed, not to become a global cryptocurrency but for other futile and short-term purposes. Utility token is the other name for such coins, which would not gain widespread acceptance, because of their popularity and acceptance only in a single stream. On the contrary, Bitcoin is a generalized form of cryptocurrency known by everyone.

 

Closing thoughts on acceptance of Bitcoin for the beginners

The acceptance of Bitcoins in various countries, across the world, may be restricted due to their legal implications. Therefore, Bitcoin is the best start for the beginners to get a feel for the cryptoverse. Bitcoin is well known by the masses and an immense amount of information is available on the internet as well, regarding Bitcoin.

 

Note: Cryptocurrency investments are very risky and this article is not, in any way, an investment advise. The article is only the opinion of the writer and you should do your own due diligence in researching about any digital asset you wish to buy.

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#Bitcoin

Bitcoin will remain the only dominant cryptocurrency, BTC Analysis

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Bitcoin in comparison to other cryptocurrencies in the market like Ethereum, ripple, and others, Bitcoin is quite more trustable from all of them

Bitcoin is around in the market since late 2008 but it only started making the news in early 2013. It is cryptocurrency and a payment system also; the main advantage is being that transactions are anonymous and peer-to-peer. Bitcoin’s unique architecture is set-up in such a way that their creation gets progressively more resource-intensive and total production will be limited to 21 million Bitcoins

There are various cryptocurrencies are out there like Ethereum, litecoin, ripple etc. are the different platform but Bitcoin is something different as it is a consensus network which enables a new payment system and it is a completely digital money. So, Bitcoin is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is something more prescribed by everyone out there.

 

Most people trust “Only Bitcoin”

There is a huge number of growing businesses and individuals are using bitcoin. This includes businesses like restaurants, apartments, law firms as well as popular online services. While bitcoin remain the same as a relative phenomenon, it is growing so fast. By May 2018 bitcoins total value increased 100 million US dollar.

 

Advantages of Bitcoin

  • Payment Freedom
  • Choose your own fees
  • Fewer risks for merchants
  • Security and control
  • Transparent and neutral

 

BTC is Most Trusted, compared to Ethereum, Litecoin & others

There may be facts comes when you don’t want to trust on bitcoin at all. But in comparison to other cryptocurrencies in the market like Ethereum, ripple, and others, Bitcoin is quite more trustable from all of them because it is a fully open-source decentralized platform. It means anyone can access anytime with all of its source codes whereas, in another cryptocurrency platform, this is not allowed.

 

Virtual or immaterial

Bitcoin is virtual as the online banking networks used by peoples. Bitcoin can be used to pay online and physical stores same as any other online store. Bitcoin can also be exchanged as in physical coins like Denarium coins, but if you are paying with mobile then it will be more convenient.

 

Taxes on Bitcoin

Bitcoin is not like as fiat currency with legal tenders in any status in any jurisdiction, but often tax liability accrues regardless of the medium used for that. There is a wide variety of legislation out there in many different jurisdictions which may cause income, sales, payroll, capital gains or some other forms of tax liability to arise with Bitcoin.

 

No replacement for Bitcoin. Period.

For now, Bitcoin is the only source and it will remain the same in future as well. There is no need to worry if someone creates any new digital currency because there can be no guarantee that it will remain the Bitcoin value. As there is already alternative currency out there inspired by Bitcoin but it cannot be going to replace it. Though there might be some changes or upgradation requires in the future remaining the same while other currencies keep introduces.

 

So with all these facts and states are enough to prove that Bitcoin currency will always remain the same in the coming future as well.

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#Bitcoin

Bitcoin: Don’t let whales scare and eat you: HODL Bitcoins

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More than 55 percent of bitcoins right now sit in wallets that have balances upwards of 200 coins," as indicated by Diar. Whales might be scaring you.

42% of Bitcoin Holders “did not” sell their Bitcoins even at $19783

More than 55 percent of the world’s circling supply of bitcoin is controlled by under 1 percent of all BTC wallets, as indicated by cryptocurrency explore firm Diar. What’s more, a staggering 42 percent of those bitcoin holders did not offer their BTC in 2017, notwithstanding when bitcoin prices moved toward a record high of $19,783.

Investigators at Diar translated the bitcoin whales’ “hold” positions to imply that it is possible that they lost the private keys to their wallet addresses — or they’re long haul holders who are bullish about the market. People who hold tremendous amounts of bitcoin are designated “whales.”

 

“More than 55 percent of bitcoins right now sit in wallets that have balances upwards of 200 coins,” as indicated by Diar. “Also, astonishingly, 33% of the bitcoins that are sitting in these wallets have never made an active exchange.”

 

So here’s the rundown, as indicated by Diar’s examination:

  • 1 percent of all wallets control $100 billion in bitcoin.
  • 55 percent of the world’s bitcoin sits in wallets with balances surpassing 200 BTC (or $1.28 million at the present bitcoin price).
  • 42 percent of those BTC wallets made no cordial developments amid the price crest in December 2017.
  • 33% of the bitcoins that are sitting in these wallets have never made an active exchange.

There has been across the board theory that bitcoin prices are being controlled by bitcoin whales, to such an extent that the U.S. Division of Justice propelled a criminal examination concerning price control in May 2018, as the Inquisitr already announced.

Many market members said they wouldn’t be astounded to discover occurrences of misrepresentation given the misty, unregulated nature of the advanced cash market.

 

Tim Draper Sets $250,000 Bitcoin Price Target

One bitcoin whale is reputed to be tech tycoon Tim Draper, an acknowledged cryptocurrency evangelist.

As the Inquisitr already revealed, Draper broadly obtained 30,000 bitcoin at $600 each in 2014, when few individuals had known about cryptocurrencies.

Tim has apparently never sold his reserve, which today is worth more than $192 million. That is a profit of $174 million of every four years.

Draper as of late set a $250,000 bitcoin price focus for 2022. Regardless of the ongoing bear market, the financial speculator remains by his expectation.

“I’m supposing $250,000 a bitcoin by 2022,” Tim Draper said. “They will believe you’re insane, yet trust it. It’s going on and it will be marvelous!”

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