At the time of writing, Bitcoin (BTC) is trading just above $10,200 after losing 25% of its total value since last week.
Although last week I said I expected Bitcoin to consolidate a bit more above $11,400, it seems the market pulled a fast one and BTC went further down to the $10,000 region.
Will Bitcoin push higher during the week? Or will we see more major retracements back to the $9,000 region and below?
As you can see from the chart, BTC has dropped down to its 20-day EMA, where price has bounced slightly. Still, it is quite close to its early July lows.
What I expect to happen is for price to bounce between $9,000 and $10,000 before making its way upwards again, towards the $12,000 and $13,000 levels and above.
Volume also seems to be increasing as well. Over the past two weeks, volume has gone from $20 billion to $27 billion. Also, Bitcoin’s market dominance is already above 65%, going towards 70%.
Putting all this information together, we’re now clearly on the right path to reach $15,000 – or maybe even $20,000 – by the end of 2019.
Hopefully this latest downturn is just a bump in the road and the market will pick up its positive momentum again soon.
Pay attention to retracements back down towards the 200-day EMA to make new entries.
Current live Bitcoin pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:
US Dollar – BTCtoUSD
British Pound Sterling – BTCtoGBP
Japanese Yen – BTCtoJPY
Euro – BTCtoEUR
Australian Dollar – BTCtoAUD
Russian Rouble – BTCtoRUB
In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On 3rd January 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
More Bitcoin news and information
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
*The views and opinions expressed by the author should not be considered financial advisement. The author is not a professional trader, nor investor.