Bitcoin Price Consolidates: Volatility Out Of Asia?
In this morning's bitcoin price analysis, we noted that we would be bringing our intrarange strategy in to play for today's session. We widened out predefined range and planned to go long at support and short at resistance, with a stop loss just on the other side of our entry. Action has now matured throughout the European afternoon, and we are heading into a fresh Asian session shortly. In light of this, let's take a look at how our strategy fared, and set up our positions in anticipation of any volatility tonight. As always, check out the chart to get an idea of what we are watching. As....
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Here's a look at what we are focusing on in the bitcoin price this morning. Things are really starting to move now in the bitcoin price. Yesterday, and to some extent, the day before, action was relatively flat. This is not necessarily a bad thing. Sometimes, and especially after a period of extended movement, we need to see some flat action as price consolidates. Consolidation generally precedes a return to volatility, and that’s exactly what we’re seeing now. Price overnight moved – not substantially in one direction, but up and down – considerably, and we were given a number of....
The bitcoin price chart has been whip-sawing as buyers eagerly anticipate the next advance, while profit-takers capitulate on each approach of $780 (Bitstamp). Technical analysis finds a repeating pattern and its potential outcome. The 1hr candle Bitfinex chart illustrates the dynamic of price consolidation and MACD compression. MACD compression is evident from its Bollinger Bands. As annotated in the chart, the Bollinger Bands contract around MACD as price consolidates into a narrowing range. Although MACD tends towards its zero line during price consolidation (decreasing volatility), we....
In Southeast Asia, Bitcoin is gaining traction as a genuine store of value as investors in the region are viewing the digital currency as an attractive investment opportunity. Among the Bitcoin companies located there, Luno (formerly BitX) and Bitcoin Indonesia have watched this growth with interest. Headquartered in Singapore, Luno allows customers to buy, sell and store the digital currency. It operates in several countries around the world including the U.K., South Africa and Nigeria. In Southeast Asia, Luno has operations in Malaysia, one of its largest markets, as well as in....
Compared to Europe and North America, bitcoin adoption is still a tad slower in Asia, even though a large portion of bitcoin trading volumes are in China. Cryptocurrency payments haven't gained much traction in the region, despite the increase in bitcoin remittance services. Countries such as the Philippines and Indonesia stand to benefit from bitcoin transactions, as the former relies heavily on remittances while the latter has shown demand for Islam-approved non-interest financing. Even so, very few merchants accept cryptocurrency payments and there are no bitcoin ATMs available just....
Bitcoin volatility earlier in this week reached some of the most explosive price action in the asset’s history. In just a four hour window, the cryptocurrency rose and fell more than $1,000 each way, gyrating back and forth as buyers and sellers attempt equilibrium. But after that powerful surge, indecision is showing through a reduction […]