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Bitcoin Price Weekly Candle Closed as a Pin Bar — So What Comes Next?




Bitcoin Price Weekly Candle Closed as a Pin Bar — So What Comes Next?

Bitcoin (BTC) closed the week up at $7,513 which was a 5.65% increase from the opening price of $7,111. It was a turbulent week with Bitcoin finding new lows for the quarter of $6,430, which invoked an impressive 16% bounce to close the week. 

Bitcoin has continued to outperform the other cryptocurrencies, demonstrated by the 7-day performance for Bitcoin recording a 9.19% increase, whereas Ethereum’s Ether token (ETH) has barely moved, while XRP has lost around 5% of its value. 

As such, there appears to be a disconnect developing between Bitcoin and the rest of the market.

Cryptocurrency market 7-day view. Source: Coin360

Bitcoin dominance is closing in on 70% without showing any sign of weakness. The vast majority of the gain in market share has come at the expense of Ethereum and XRP, which lost half their market share to Bitcoin. Put differently, BTC is up 104% for the year compared to Ether’s 2% and XRP, which is down 46%.

Cryptocurrency Market Cap Share. Source: Coinmarketcap

Weekly Chart

The 1-week Bitcoin chart shows Bitcoin trading within the full range between the mid-6 and 7,000s last week before finally closing hard up against resistance with a hammer candlestick, a bullish indicator.

The key weekly moving averages of the 50 and 100 remain crossed bullish, with the bulls now trying to reclaim the 50-week moving average (MA). Previous support at $7,600 will be a critical level to be reclaimed before BTC can be considered a bullish trade.

BTC USD Weekly chart. Source: TradingView

The Weekly On-Balance Volume, or OBV, indicator combined with the basic volume chart demonstrates that there has been a decline in the continued selling seen in the second half of the year, with the last two stand out volume candles pushing the price up rather than down.

The moving average convergence divergence indicator, or MACD, is also continuing to build on its bullish divergence but is likely to need another few weeks to achieve a bullish cross, which would be confirmed.

BTC USD Weekly chart. Source: TradingView

Monthly chart

A brief visit to the monthly chart as we roll into the final week of 2019 shows that Bitcoin is in the process of forming a bullish pin bar candle, which would be an interesting way to end the year should it be maintained, highlighting buying interest in the $6,000s. 

The monthly chart again highlights the importance of the $7,600 level, which is also the monthly open for December.

BTC USD Monthly chart. Source: TradingView

1-day chart

The daily Bitcoin chart shows the strong 5% move into Sunday’s close, which finally broke the diagonal resistance that has held Bitcoin’s price down for all of December.

Bitcoin is now trading within a well-established volume node at $7,150 and $7,500, where profit taking and short interest appears to have been found as would be expected. 

The key moving averages are also trending towards prices representing high levels of trading interest. A bullish breakout would likely be met by resistance at these levels, which are currently $8,200 for the 100 MA and $9,250 for the 200 MA.

BTC USD 1-day chart. Source: TradingView

The MACD indicator clearly shows a confirmed bullish divergence with the given indicator making higher lows after price found lower lows. The histogram continues to print higher highs recognizing the rate at which the MACD is reaching out towards its zero line, which would be a good indicator for a continuation of the market. 

The RSI has also begun trending up over 50, which is also a confirmation of the bullish divergence that was also seen in this indicator.

BTC USD 1-day chart. Source: TradingView

4-hour chart

Price on Monday appears to be stalling around the $7,550 level, which is to be somewhat expected given the known long-term resistance at this price point and will most likely define the final week in December. 

The 4-hour CME chart shows that Bitcoin’s buying volume has been notably higher at the CME when compared to that of the spot market. The CME closed the week at $7,235 and now has a gap to the downside as a result of the 5% move on Sunday.

The recent CME gaps have been resolved within a week in recent times suggesting that a retest of the breakout from the middle of December’s trading range is likely.

BTC USD 4-hour chart. Source: TradingView


The 4-hour chart clearly reveals that Bitcoin is showing rejection of price below $7,000 with v-shaped reversals and long wicks into the $6,000 price range.

This goes some way to imply that the bulls are absorbing any supply in this price range and is similar to the Wyckoff double bottom schematic requirements.

A breakout of $8,200 would be a sign of strength printing a higher high, which is what is really required to declare that Bitcoin is bullish again 5 months before the halving event.

BTC USD 4-hour chart. Source: TradingView

Still in a downtrend

Despite a promising outlook for Bitcoin, the overwhelming trend is still to the downside following weeks of lower lows and lower highs. While the double-bottom and weekly candles are positive, double-bottoms are there to be broken and in a downtrend, the expectation would be that will be the case sooner or later.

There is also a question over how much absorption there will be by the bulls in the $6,000s and whether a deeper test of liquidity will occur — as well as for the bulls to demonstrate they are able to print higher highs.

BTC USD 1-day chart. Source: TradingView

Looking forward

Clearly, the final week of December is an important one. If the bulls maintain pressure on resistance, Bitcoin will finish the year up over 100%, clearly outperforming all other major cryptocurrencies and demonstrating another year of impressive gains.

A push by the bears to close a bearish December candle in the $6,000s would dampen some of the positive price action in 2019 and may open the doors for more downside in January 2020.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Published at Mon, 23 Dec 2019 14:29:00 +0000

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Hong Kong in Talks with China to Stretch Cross-Border Testing of Digital Yuan

After the successful proceeding of the first phase of the testing of the Digital Yuan, Hong Kong is in talks with China to stretch its cross-border testing.




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After the successful proceeding of the first phase of the testing of the Digital Yuan, Hong Kong is in talks with China to stretch its cross-border testing. This has marked yet another step toward wider adoption of the currency.

Hong Kong to Stretch Testing of Digital Yuan to China

The Monetary Authority of Hong Kong has recently conducted tests with the Digital Currency Institute of the People’s Bank of China.

In addition to this, the Hong Kong Monetary Authority said in an e-mailed response to the questions asked that it involved a bank designated by the mainland authority, as well as the merchants and bank staff.

The e-mailed response said:

“We have tested the use of the related app, system connectivity, and certain use cases such as cross-boundary purchases.” 

Along with this, the statement said:

“We are discussing and collaborating with the PBOC on the next phase of technical testing, including the feasibility of broadening and deepening the use of e-CNY for cross-boundary payments.”

Also, it should be known that the People’s Bank of China is pretty ahead of other major central banks in the development of its own digital currency.

The bank is looking forward to replacing cash and maintaining control over a payments landscape that has become increasingly dominated by technology companies not regulated like banks.

Payment Infrastructure Underpinning e-CNY can Address Substantial Portion of Cost Base

As revealed in the report released on Wednesday by Oliver Wyman, the usage of the Digital Yuan in Hong Kong could lead to a much faster and cheaper cross-border payment and clearing process. 

Michael Ho, the Principal of Financial Services at Oliver Wyman and Co-Author of the report said:

“If the payment infrastructure underpinning e-CNY were to roll out for cross-border payments at scale, we believe it can address a substantial portion of this cost base.”

China could promote the overseas use of digital yuan starting with the Greater Bay Area, a massive urban cluster that includes Shenzhen, Macau, and Hong Kong.

READ  Diginex Introduces In Singapore To Start Derivative Product Trading

#Cross-border transactions #Digital Yuan #Hong Kong

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Identity Platform Acuant Partners with Blockchain Analysis Firm Chainalysis

It has been revealed that the identity platform for fraud prevention and Anti-Money Laundering compliance, Acuant has partnered with Chainalysis.




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In a recent announcement, it has been revealed that the identity platform for fraud prevention and Anti-Money Laundering compliance, Acuant has partnered with Chainalysis. The recent partnership between the AML compliance and the blockchain analysis company is meant to assist financial institutions with AML solutions.

Acuant Partners Chainalysis to Provide AML Solutions

The partnership between Chainalysis and Acuant will be helping in assisting the cryptocurrency businesses assess risk, safeguard them against illegal transactions, automate workflows, and protect their reputations with Anti-Money Laundering solutions.

In addition to this, it should be known that the customers of both partners, Acuant and Chainalysis, will now be able to leverage both the platforms via the interface provided by Acuant to manage transactions that are indicative of higher risk.

The customers will be provided with access to Chainalysis Know Your Transactions (KYT) as well as Chainalysis Reactor, their graphical investigative software

Talking further about the investigative software, it can be utilized to follow the flow of funds across the blockchain for investigations.

The amalgamation of the Chainalysis Know Your Transactions and Acuant integrates a data set of thousands of services with the solutions that help to review both the fiat and crypto transactions.

The Integration of Identity Platform and Blockchain Analysis Firm

Well, along with this, the integration will be helping in detecting any kind of suspicious activities, manage the investigations, and moreover, file the suspicious activity reports (SARs).

The real-time alerts on the highest-risk activity will be allowing the compliance teams to target the most urgent activity and following that, fulfill the regulatory obligations to report the transactions that are suspicious.

Jose Caldera, the Chief Product Officer at Acuant said:

“Our partnership with Chainalysis will further augment our support to the cryptocurrency industry. This partnership is bringing together and integrating the top Anti-Money Laundering solutions in the marketplace today. We look forward to working with Chainalysis to strengthen our platform and to continue to be a leading solutions provider in the crypto space.” 

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#Acuant #Blockchain #Chainalysis

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BIC’s Video News Show: Bitcoin Cash




In this episode of the BeInCrypto video news show, host Jessica Walker will look at bitcoin cash (BCH). The coin has returned to the top ten in market cap, due to an anticipated upgrade, its pairing with ethereum (ETH), as well as the increased use of CashFusion. We’ll also take a look at its recent price movements.

Bitcoin Cash is Back in the Top 10 Cryptos! Is it There to Stay?

Bitcoin cash back in top ten

Bitcoin cash has been gaining a lot in the past several weeks. It currently sits at the tenth place on CoinMarketCap’s top cryptocurrencies in terms of market capitalization. It is a regular on the list and it seems to be going up because of investors looking for the next “boom-coin.” By sharing a name with mainstay bitcoin (BTC), it’s basking in the glory of its more popular namesake. But what are some other reasons for BCH’s return to the top ten?

May 15th upgrade

Perhaps the most important thing on BCH holders calendar is the upgrade that will happen on May 15. Most of the changes are aimed at improving the experience of users and merchants when using BCH to make payments. This will hopefully provide another incentive for adoption.

Another upgrade that stands out to us is the removal of the unconfirmed chained transaction limit. This will allow users to do more than 50 chained unconfirmed transactions at a time. This was a highly requested feature for a long time. In particular, by gambling sites and other high volume, quick transaction apps that relied on BCH for payment. 

BCH and Ethereum

Another interesting development around BCH is its pairing with Ethereum. This will happen through the SmartBCH sidechain, which was announced last Thursday. 

In an interview with, the Smart Bitcoin Cash team lead explained that developers and decentralized app makers can now experiment and develop with the sidechain, which is compatible with the Ethereum Virtual Machine. This seems to have already provoked some interest. 

The Coinflex exchange team has begun running tests with setting up a decentralized exchange and creating tokens. If successful, the sidechain could become a platform for expanding the user base of bitcoin cash and grow its ecosystem. 


CashFusion has also been mentioned quite a lot this week. For those of you who haven’t heard of it, CashFusion is a service that provides privacy for bitcoin cash. Described simply, it lets wallets help each other blend into the crowd and keep prying eyes away. 

Reports have indicated that since CashFusion was introduced in November 2019, there have been more than 67,000 fusions or almost $6 billion worth of BCH using today’s exchange rates. This could be another sign of the popularity of bitcoin cash, which has largely gone under the radar in recent months.

Technical analysis

A quick chart analysis shows us that we are close to a high from May 2018, which was around $1,850 dollars. Right now, we seem to be on track to reach and test that level. But a correction and retest of $1,228 on the downside are also possible, although that level did hold several days ago. 



All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Aave Testing Out Permissioned Pool for Institutional Investors

DeFi lending protocol, Aave protocol has built a permissioned pool for institutions to test out before getting involved within the DeFi ecosystem.




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DeFi lending protocol, Aave protocol, has built a permissioned pool for institutions to test out before getting involved within the DeFi ecosystem. The permissioned test pool is designed to be compliant with AML regulations with mandatory Know Your Customer (KYC) verification process from relevant partners. The pool would be coming to mainnet sooner rather than later.

Aave Permissioned Pool for Institutional Investors

Earlier on May 12, a Twitter user posted a tweet tagging Aave’s official Twitter account expressing concern that an anti-money laundering warning had appeared on Aave’s homepage.

Responding to this, the founder of AAVE, Stani Kulechov tweeted back saying that there had been a mistake and that “The text is actually incorrect and relates to another pool we’re testing out” explaining that Aave is still fully decentralized, and the text had appeared in the wrong place before later revealing that Aave is testing out a private pool for institutional investors.

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Another user replied asking whether the specified pool was for testing out compliance features. Kulechov then confirmed the private pool was built for institutions to practice “before aping into DeFi.”

Even though Aave was launched at the beginning of 2020, it has experienced significant growth in total deposits and daily deposits since the summer of 2020.

Aave’s recent launch on Polygon and the introduction of its liquidity program was followed by its total value locked rising from $5.4 billion on April 25 to roughly $11.4 billion on May 12.

Aave Deposits and Permissioned Pool for Institutional Investors

Aave’s head of institutional business development, Ajit Tripathi, confirmed that the protocol had indeed designed a permissioned pool.

However, the “private pool” description in Kulechov’s Tweet was not entirely accurate as the pool will be on public chains but will have permissioned access for institutions, describing that the purpose of the pool was educational.

READ  DASH Falling and Testing Below $191.22 – Technical Analysis

Aave has totaled over $45 billion in deposits, with 2021 seeing the protocol average $231 million in deposits per day. Over 46,000 unique Ethereum users have become lenders on Aave, with the average all-time deposit reaching $173,000. AAVE is currently trading at $566 at the time of writing.

#AAVE #DeFi #Permissioned Pool

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