Bitcoin Weekly Update #6

By 4C Trading — 21/10/2019 :

This analysis is intended for swing traders or medium-term investors. As a reminder, swing trading is a strategy of speculation in financial markets where an asset is held only for a few days to take advantage of price fluctuations. In this analysis, which you will find every week, I will detail my vision of the market and more specifically the one of Bitcoin. In addition to a technical analysis, I will summarize 3/4 of the news that impacted the market.

Patience...

Since last week, Bitcoin has followed our scenario number 1:

“The support of the 8300$ does not hold, it becomes resistance and we go back to testing the lowest in the range with the next support of 8060$.”

Thus, we continue to “range” between 7800$ and 8500$. This type of configuration corresponds to an accumulation. Ideally, based on our previous analyses, I would have preferred to see this in my turquoise blue rectangle between $7,000 and $7,600. Indeed, we would have been in my “ideal” consolidation zone for a very bullish recovery. Bitcoin has decided otherwise and having a bullish Bart in the coming days is still quite possible. For more information on this, do not hesitate to reread last week’s analysis, which includes this point.

But when will the next big move happen?

Only diviners can answer these kinds of questions but if I had to play the diviner I would tell you to be attentive to the Bitcoin movement around October 27th. This is the expiry date of 3-month futures contracts and experiments, each closure of these types of contracts has an impact on the evolution of the Bitcoin price.

At the moment, on a smaller horizon: 4h, Bitcoin is blocked on its resistance to 8300$ with a bearish GAP on futures contracts. Thus, for the next few hours I would be more bearish with a continuation of the BTC ranging in the medium term. I will wait until October 27th to place myself on the next trend according to the exit of the range, upwards or downwards.

News

  • Binance raises leverage up to 125x

On October 18th, Binance Futures has raised the leverage for BTCUSDT pair up to 125x and has added a new feature which allows traders to adjust their leverage. At the moment, Binance is now the first exchange in the market to offer leverage higher than 100x.

  • Karma Automotive started accepting Bitcoin

Luxury electric car auto maker, Karma Automotive announced that the company was using its flagship store to accept payment using cryptocurrencies. Per the article, Karma will provide VVIP customers to pay for their goods using Bitcoin. However, the article didn’t mention any other crypto beside Bitcoin.

  • Japan visitors will soon be able to make payment using a local crypto

Kintetsu Shimakaze Coin, a local token for payment will soon be available in the Mie Prefecture next year. The company which created t Mitsubishi Research Institute said that only 15 local stores, restaurants and resorts will be allowed to accept the token. Furthermore, the token can only be used from November, 11st 2019 to January, 31st 2020.

  • The number of Bitcoin ATMs has increased by 50%

According to Coin ATM Radar, the number of Bitcoin ATMs worldwide has continued to grow at a very fast pace. Last year, 1,900 Bitcoin ATMs have been installed worldwide, which is approximately a jump of 50%. This would correspond to 5 Bitcoin ATMs being installed every single day. We can definitely say that the Bitcoin ATM industry is flourishing.

Nico, analyst at 4C-trading.

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