Author: Greg Michalowski
1

The digital currency takes out the old low at $5873 on Coinbase

The price of bitcoin on the Coinbase exchange, has reached a new 2018 low of $5825. For the day the price is currently down -$303 at $5830 - just off the low.  



The prior low for the year was in February at $5873. The next target from the daily chart above, is the November 2017 low at $5511.  A move below that level and things could get even more ugly for the digital currency.  

Remember, the low price in 2017 was way down at $734 before the tulip bulb craze of buying took the price toward the $20,000 level back in December 2017 . There is a lot of room to roam if the story for bitcoin becomes more and more bleak, and if traders/investors move more and more into the red. 

Adding to the bitcoin story woes (hacking, money laundering, regulation) is that Japan's biggest bitcoin exchange suspended new business on Friday (see story from WSJ here).  In addition, the price action and technical picture is certainly not looking too hot. 

  • The price has been below the 200 day (currently at $10,041 since March) and the 100 day MA since mid-May (currently at $7883.42). BEARISH.
  • Looking at the hourly chart, the digital currency tried to break and stay above the 100 and 200 hour MA (see green and blue lines in the chart below), but failed on Friday and tumbled lower. BEARISH.   
The price is also currently below a lower trend line on the hourly chart (see chart below).  

What would make the picture more bullish?

 A move above the 38.2% of the last move down at $6208 (currently) is a step in a more bullish direction.  Ultimately a move above the 100 and 200 hour MAs (now moving lower), would be needed to give buyers/longs a reason to feel some of the selling pressure is over, but the price would have to stay above those MAs.  Needless, to say, since the peak near $20,000, the rallies have seen pockets of strength, but those corrective moves fade away.


For now though, the bears remain in firm control and all buyers/longs for 2018 are feeling the pressure. 


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Author: Greg Michalowski
15

Bitcoin kicked lower. Trades above and below the June low and longs are hoping it stays there.

Digital currency can't hold a rally. On Monday of this week, the price of bitcoin moved above the 100 and 200 hour MA. It was a step in the bullish direction. It was a momentum break.  

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Bitcoin kicked lower. Trades above and below the June low and longs are hoping it stays there.


Author: Greg Michalowski
Category: Cryptocurrency
15


Digital currency can't hold a rally. On Monday of this week, the price of bitcoin moved above the 100 and 200 hour MA. It was a step in the bullish direction. It was a momentum break.  

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EURUSD cracks the 200 hour MA after Trump tweet
Asset 41

Author: Adam Button
2

Bitcoin breaks the June low to touch worst since February

Crypto is having a tough day The good news for Bitcoin is that the Mt. Gox trustee won't necessarily sell any more Bitcoin but that's not helping the market today. The company was moved into civil rehabilitation and it means clients could be repaid in Bitcoin.

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Bitcoin breaks the June low to touch worst since February


Author: Adam Button
Category: Cryptocurrency
2
Crypto is having a tough day The good news for Bitcoin is that the Mt. Gox trustee won't necessarily sell any more Bitcoin but that's not helping the market today. The company was moved into civil rehabilitation and it means clients could be repaid in Bitcoin.

Asset 24 View More

Author: Justin Low
1

South Korea denies report of capital gains tax on cryptocurrencies

Chosun Ilbo earlier reported on the matter The report earlier cited an unidentified high-level government official, saying that the government is preparing plans to levy about 10% tax on profit created from cryptocurrency investment. The official says that the timing to introduce the levy hasn't been decided and currently 1-2 years of grace period is considered by the government.

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South Korea denies report of capital gains tax on cryptocurrencies


Author: Justin Low
Category: Cryptocurrency
1
Chosun Ilbo earlier reported on the matter The report earlier cited an unidentified high-level government official, saying that the government is preparing plans to levy about 10% tax on profit created from cryptocurrency investment. The official says that the timing to introduce the levy hasn't been decided and currently 1-2 years of grace period is considered by the government.

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Author: Eamonn Sheridan

Ethereum billionaire looks to China for next big Crypto winners

Here is an interesting piece on China cryptocurrency thoughts by a Bitcoin early adopter Anthony Di Iorio is a co-founder of Ethereum Qtum is Ethereum-based 

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Ethereum billionaire looks to China for next big Crypto winners


Author: Eamonn Sheridan
Category: Cryptocurrency
0
Here is an interesting piece on China cryptocurrency thoughts by a Bitcoin early adopter Anthony Di Iorio is a co-founder of Ethereum Qtum is Ethereum-based 

Asset 24 View More

Author: Adam Button
1

Tether sooths nerves after law firm checks finances

Crypto generally higher You have to think that crypto would be doing better today if it weren't for the second hack at a Korean exchange. That's because Tether fought back against accusations that its cryptocurrency isn't backed by US dollars with a statement from a respected law firm.

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Tether sooths nerves after law firm checks finances


Author: Adam Button
Category: Cryptocurrency
1
Crypto generally higher You have to think that crypto would be doing better today if it weren't for the second hack at a Korean exchange. That's because Tether fought back against accusations that its cryptocurrency isn't backed by US dollars with a statement from a respected law firm.

Asset 24 View More

Author: Justin Low

South Korea to review security system of 21 cryptocurrency exchanges

According to a statement by the ministry of science and ICT This comes of course after the  earlier today and they lost about $32 million in digital currencies as a result.

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South Korea to review security system of 21 cryptocurrency exchanges


Author: Justin Low
Category: Cryptocurrency
0
According to a statement by the ministry of science and ICT This comes of course after the  earlier today and they lost about $32 million in digital currencies as a result.

Asset 24 View More

Author: Eamonn Sheridan
2

Yonhap report on 35bn won in Crypto currency stolen from Bithumb

Bithumb is a South Korean digital currency exchange - announce suspension of all deposit and withdrawal service - Say that stolen cryptocurrencies will be covered from Bithumb And, you guessed it, BTC getting smashed (the trend is your friend, my friend!)

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Yonhap report on 35bn won in Crypto currency stolen from Bithumb


Author: Eamonn Sheridan
Category: Cryptocurrency
2
Bithumb is a South Korean digital currency exchange - announce suspension of all deposit and withdrawal service - Say that stolen cryptocurrencies will be covered from Bithumb And, you guessed it, BTC getting smashed (the trend is your friend, my friend!)

Asset 24 View More

Author: Eamonn Sheridan
5

BIS says big cryptocurrencies are more likely to suffer a breakdown in trust, efficiency

The Bank of International Settlements (BIS) sounding an alarm and Bitcoin and other of the large cryptos The bank says networks are prone to congestion, making them more fragile and "trust can evaporate at any time"

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BIS says big cryptocurrencies are more likely to suffer a breakdown in trust, efficiency


Author: Eamonn Sheridan
Category: Cryptocurrency
5
The Bank of International Settlements (BIS) sounding an alarm and Bitcoin and other of the large cryptos The bank says networks are prone to congestion, making them more fragile and "trust can evaporate at any time"

Asset 24 View More

Author: Greg Michalowski
7

Bitcoin remains under pressure. Trades below April low at $6450

2018 low of $5873 the next major target, but tests a trend line on the hourly chart The price of Bitcoin continues to be under pressure on concerns about regulation. The aftermath of the weekend hack (which sent the price tumbling on Sunday), is also keeping the pressure on the digital currency.

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Bitcoin remains under pressure. Trades below April low at $6450


Author: Greg Michalowski
Category: Cryptocurrency
7
2018 low of $5873 the next major target, but tests a trend line on the hourly chart The price of Bitcoin continues to be under pressure on concerns about regulation. The aftermath of the weekend hack (which sent the price tumbling on Sunday), is also keeping the pressure on the digital currency.

Asset 24 View More

Author: Greg Michalowski
1

Bitcoin suffers from hack over the weekend. Stabilizes at lower levels.

An exchange hack in S. Korea sent the price down sharply on Sunday The price of Bitcoin (on Coinbase) has been relatively quiet in trading today, the high reached $6839.29. The low extended to 6666.66 (that's a lot of sixes). We currently trade between the extremes at $6751, up $31 on the day.  

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Bitcoin suffers from hack over the weekend. Stabilizes at lower levels.


Author: Greg Michalowski
Category: Cryptocurrency
1
An exchange hack in S. Korea sent the price down sharply on Sunday The price of Bitcoin (on Coinbase) has been relatively quiet in trading today, the high reached $6839.29. The low extended to 6666.66 (that's a lot of sixes). We currently trade between the extremes at $6751, up $31 on the day.  

Asset 24 View More

Author: Eamonn Sheridan

More on the cryptocurrency hack that has slammed Bitcoin lower

I posted earlier on the hack attack on South Korean cryptocurrency exchange Coinrail For more detail, Bloomberg have a piece up: Update to BTC price:

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More on the cryptocurrency hack that has slammed Bitcoin lower


Author: Eamonn Sheridan
Category: Cryptocurrency
0
I posted earlier on the hack attack on South Korean cryptocurrency exchange Coinrail For more detail, Bloomberg have a piece up: Update to BTC price:

Asset 24 View More

Author: Eamonn Sheridan

BTC: Investigators to probe whether manipulation is distorting cryptocurrency prices

Adding to the woes of Bitcoin are the reports of CFTC futures investigation of the market  But first … I posted earlier on the price moves over the weekend:

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BTC: Investigators to probe whether manipulation is distorting cryptocurrency prices


Author: Eamonn Sheridan
Category: Cryptocurrency
0
Adding to the woes of Bitcoin are the reports of CFTC futures investigation of the market  But first … I posted earlier on the price moves over the weekend:

Asset 24 View More

Author: Eamonn Sheridan
4

Bitcoin update - it hasn't had a good weekend

An ugly price drop for the BTC cryptocurrency on Friday and the weekend - chart update on 11 June 2018: There was another report of an exchange hacked - South Korean cryptocurrency exchange Coinrail cited a "cyber intrusion"

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Bitcoin update - it hasn't had a good weekend


Author: Eamonn Sheridan
Category: Cryptocurrency
4
An ugly price drop for the BTC cryptocurrency on Friday and the weekend - chart update on 11 June 2018: There was another report of an exchange hacked - South Korean cryptocurrency exchange Coinrail cited a "cyber intrusion"

Asset 24 View More

Author: Greg Michalowski

Bitcoin giving back the weekend gains

Down -$247 today The price of bitcoin rallied on Saturday and Sunday, and those moves took the price away from the 100 and 200 hour MAs (see blue and green lines in the chart below). 

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Bitcoin giving back the weekend gains


Author: Greg Michalowski
Category: Cryptocurrency
0
Down -$247 today The price of bitcoin rallied on Saturday and Sunday, and those moves took the price away from the 100 and 200 hour MAs (see blue and green lines in the chart below). 

Asset 24 View More

Author: Adam Button
3

BOC's Carney: Crypto investors deserve same protections as other investors

Carney touches on crypto in a speech on inequality - Those who play in cryptocurrency deserve the same level of investor protection as other investors and they are not getting it

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BOC's Carney: Crypto investors deserve same protections as other investors


Author: Adam Button
Category: Cryptocurrency
3
Carney touches on crypto in a speech on inequality - Those who play in cryptocurrency deserve the same level of investor protection as other investors and they are not getting it

Asset 24 View More

Author: Greg Michalowski

Bitcoin bears remain in control as the rally stalls against technical resistance

200 hour MA stalls the rally The price of bitcoin moved higher yesterday and in the process moved above the 100 hour MA (blue line in the chart below). That was a bullish move as on May 27 AND May 28th, that MA stalled the rallies.  Getting above was a change in the momentum/bias. The price moved higher.

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Bitcoin bears remain in control as the rally stalls against technical resistance


Author: Greg Michalowski
Category: Cryptocurrency
0
200 hour MA stalls the rally The price of bitcoin moved higher yesterday and in the process moved above the 100 hour MA (blue line in the chart below). That was a bullish move as on May 27 AND May 28th, that MA stalled the rallies.  Getting above was a change in the momentum/bias. The price moved higher.

Asset 24 View More

Author: Eamonn Sheridan
10

London police seize half a million pounds worth of bitcoin from computer hacker

Some cryptocurrency news from the UK - London Metropolitan police have seized digital currency for the first time ever  - Grant West used 'phishing' email scams to obtain financial data, would then sell it on the dark web and convert his profits into bitcoin He's been sentenced to more than 10 years in jail

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London police seize half a million pounds worth of bitcoin from computer hacker


Author: Eamonn Sheridan
Category: Cryptocurrency
10
Some cryptocurrency news from the UK - London Metropolitan police have seized digital currency for the first time ever  - Grant West used 'phishing' email scams to obtain financial data, would then sell it on the dark web and convert his profits into bitcoin He's been sentenced to more than 10 years in jail

Asset 24 View More

Author: Justin Low
2

Bitcoin continues to track lower following news of US criminal probe

Bitcoin now down 3.6% on the day on Coinbase In case you missed it, was the news earlier as the US Justice Department is opening up a criminal probe on whether or not traders are manipulating the price of Bitcoin and other cryptocurrencies (hint: they are, it is a market after all).

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Bitcoin continues to track lower following news of US criminal probe


Author: Justin Low
Category: Cryptocurrency
2
Bitcoin now down 3.6% on the day on Coinbase In case you missed it, was the news earlier as the US Justice Department is opening up a criminal probe on whether or not traders are manipulating the price of Bitcoin and other cryptocurrencies (hint: they are, it is a market after all).

Asset 24 View More

Author: Justin Low

ECB's Praet says that cryptocurrencies are an interesting technology

Further comments by Praet in Brussels Does not go into elaborating why he believes so it seems. Meanwhile, cryptocurrencies in general are facing a tough day at the office with Bitcoin now down by more than 3.4% after earlier that the US Justice Department has opened up a criminal probe into Bitcoin/crypto manipulation.

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ECB's Praet says that cryptocurrencies are an interesting technology


Author: Justin Low
Category: Cryptocurrency
0
Further comments by Praet in Brussels Does not go into elaborating why he believes so it seems. Meanwhile, cryptocurrencies in general are facing a tough day at the office with Bitcoin now down by more than 3.4% after earlier that the US Justice Department has opened up a criminal probe into Bitcoin/crypto manipulation.

Asset 24 View More

Author: Justin Low
3

US Justice Department opens criminal probe into Bitcoin manipulation

Headlines via Bloomberg Says that the justice department has opened a criminal probe into whether traders are manipulating the price of Bitcoin and other digital currencies.

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US Justice Department opens criminal probe into Bitcoin manipulation


Author: Justin Low
Category: Cryptocurrency
3
Headlines via Bloomberg Says that the justice department has opened a criminal probe into whether traders are manipulating the price of Bitcoin and other digital currencies.

Asset 24 View More

Author: Greg Michalowski

Bitcoin selling continues. Down over 8.1% on the day now.

Moves down about $650 now. $600 The price of Bitcoin has moved sharply lower in trading today.  The digital currency is down about 8.1% now at $7449. The low extended to $7433 at the lows. 

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Bitcoin selling continues. Down over 8.1% on the day now.


Author: Greg Michalowski
Category: Cryptocurrency
0
Moves down about $650 now. $600 The price of Bitcoin has moved sharply lower in trading today.  The digital currency is down about 8.1% now at $7449. The low extended to $7433 at the lows. 

Asset 24 View More

Author: Greg Michalowski
1

Bitcoin lower and moving away from MA levels. Technical bears and not so flattering news, keeps sellers in charge.

Story not so great for the cryptocurrency  Some recent posts on crypto include: That is not a lot of positive for the cryptocurrency market.   However, with the polarization of bitcoin/digital currency market, it can be easier to speak poorly about the product (and admittedly we don't post all the stories fit to print).  

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Bitcoin lower and moving away from MA levels. Technical bears and not so flattering news, keeps sellers in charge.


Author: Greg Michalowski
Category: Cryptocurrency
1
Story not so great for the cryptocurrency  Some recent posts on crypto include: That is not a lot of positive for the cryptocurrency market.   However, with the polarization of bitcoin/digital currency market, it can be easier to speak poorly about the product (and admittedly we don't post all the stories fit to print).  

Asset 24 View More

Author: Justin Low
2

BOJ Kuroda says that central banks are 'extremely cautious' on issuing digital currencies

BOJ governor Kuroda touched on cryptocurrencies earlier While Japan is one of the more open and receptive nations towards cryptocurrencies, it's no surprise that the central bank is slightly more reserved and conservative on the matter. After all, it'll only add one more headache to Kuroda's growing list of problems in helping to plan an exit from the BOJ's current easing policies.

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BOJ Kuroda says that central banks are 'extremely cautious' on issuing digital currencies


Author: Justin Low
Category: Cryptocurrency
2
BOJ governor Kuroda touched on cryptocurrencies earlier While Japan is one of the more open and receptive nations towards cryptocurrencies, it's no surprise that the central bank is slightly more reserved and conservative on the matter. After all, it'll only add one more headache to Kuroda's growing list of problems in helping to plan an exit from the BOJ's current easing policies.

Asset 24 View More

Author: Eamonn Sheridan
2

Chinese State TV says cryptocurrency bubble continues to grow

China Central TV warns on the crypto bubble in an investigative piece it ran: "Blockchain Cryptocurrency Bubble Accumulates" cites example of Link is here for more

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Chinese State TV says cryptocurrency bubble continues to grow


Author: Eamonn Sheridan
Category: Cryptocurrency
2
China Central TV warns on the crypto bubble in an investigative piece it ran: "Blockchain Cryptocurrency Bubble Accumulates" cites example of Link is here for more

Asset 24 View More

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