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Bitcoin Weekly Update #7

By 4C Trading — 28/10/2019 :

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.

40%…

… that’s what you were able to earn last week if you had followed my previous analysis. (and this without leverage) ?

I invite you to look at my well-known turquoise rectangle with the inscription “Ideal bounce / consolidation zone” as well as the yellow support line at $7386. This is the exact spot where Bitcoin bounced back. This liquidity zone destroyed the stop-losses placed at $8300–8600 to make the famous Bart Simpson that I also indicated in my analysis #5.

What a week and especially what a win!

Bitcoin rose so high and so fast — as you all know — boosted by the announcement of Chinese President Xi (see: the news below) that its price re-entered the symmetrical triangle before being rejected without much surprise.

Currently on the daily chart, we can see that the Bitcoin is hitting the old support of the symmetric triangle. The scenario of a bullish recovery within the week would surprise me. We got our famous FOMO and now I expect the market to calm down a little. We could range in the current zone: $9,200-$9600 before testing a new lower liquidity zone at around $8400–8800. This would also help to fill the new gap that has appeared on the Bitcoin futures market.


Don’t forget to place your stop-loss, a good money management is the basis of all trading. If you do not have all the knowledge on this subject, I invite you to read this article.

News

  • Coinbase generated more than $2B in transaction fee revenue since 2012

Coinbase CEO : Brian Armstrong declared that the exchange has generated nearly $2 billion in transaction fee revenue and has been profitable only since 2017.

  • “Blockchain” search volume have skyrocketed after President Xi’s remarks in China

One impressive data is the following : The word “blockchain” was search 72,049 times on Baidu on Friday, a 1382.79% increase compared to the day before. The Chinese interest rise for Bitcoin and Blockchain is largely due to President Xi’s declaration. In fact, he stressed that China should commit to developing blockchain and take the leading position in this technology.

  • Opera integrates new features allowing users to pay in Bitcoin

Along with the new designs, Opera has added crypto wallet into its Android browser. The Opera crypto wallet now supports ETH, BTC and Tron.

  • US Congress drafts a bill on classifying stablecoins as securities

On October, 18th, US Congress published a drafted bill about categorizing stablecoin as securities. Per the bill, US Congress gave out the reason why stablecoin can be considered as securities: “Digital assets, also known as managed stablecoins, are investment contract and therefore are securities within the meaning given the term in section 2(a) of the Securities Act of 1933,”

Nico, analyst at 4C-trading.

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