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Bitcoin suddenly dives to $46K as attention focuses on large CME futures gaps

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Bitcoin suddenly dives to $46K as attention focuses on large CME futures gaps

There are forces at work which could take BTC price action back to $44,500 in the short term, analysts reveal.

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Bitcoin suddenly dives to K as attention focuses on large CME futures gaps

Bitcoin (BTC) began to show fresh signs of an impending correction on March 31 as BTC price action began to eat into last weekend’s CME futures gap.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Up or down, CME futures gaps provide targets

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD abruptly spiking down by $1,000 in minutes on Bitstamp after March 31’s Wall Street open. 

The pair had ranged after failing to cement $48,000 as support earlier in the week, amid calls for a retest of lower levels as a necessary step after considerable gains.

At the time of writing, Bitcoin circled $46,700, having hit its lowest levels since the night of March 27.

A look at the CME futures chart showed that short-term price performance could have a downside target in the form of the “gap” left over from last weekend.

CME futures ended trading at around $44,650 on March 25, only to open on March 28 at $46,725.

The resulting “gap” could very well get “filled” based on historical precedent, meaning that Bitcoin would be in for a further $2,000 dip.

CME Group Bitcoin futures 1-day candle chart. Source: TradingView

Popular Twitter account @CivEkonom, nonetheless, noted that a “stealthy” previous gap from last year between $52,000 and $54,000 also remained open.

“Gaps always get filled on The CME Bitcoin futures,” he commented.

Everything according to plan

The retest, meanwhile, fell into the short-term gameplan for some popular traders.

Related: Bitcoin just regained a key price trendline after its longest absence since March 2020

In an update on the day, Anbessa said that he likewise favored a return to the mid-$44,000 range, while only a deeper move would challenge his so far bullish perspective.

#Bitcoin Gameplan Update ✔️

Following green projection:
-Resistance hit after 27% bounce from channel support
– 360MA HTF target hit (slightly above)
– channel breakout

Now:
– green projection stays in tact if S/R flip above $44,333
-prefer retest, patience here @ resist pic.twitter.com/sjzUdeduF9

— AN₿ESSA (@Anbessa100) March 28, 2022

Cheaper coins would further favor the main buyer of late March, Blockchain protocol Terra, buy-ins from which reached 30,000 BTC on March 31.

Cross-crypto sentiment, meanwhile, also continued to adjust down, the Crypto Fear & Greed Index having hit t”greed” territory for the first time in 2022.

Crypto Fear & Greed Index (screenshot). Source: Alternative.me

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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When Will Bitcoin Bottom Out? Pi Cycle Bottom Says It Will Happen on July 9

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When Will Bitcoin Bottom Out? Pi Cycle Bottom Says It Will Happen on July 9

Many cryptocurrency enthusiasts have heard of the Pi Cycle Top indicator, which has “magically” predicted the peaks of several previous bull markets. However, few know that there is also its opposite, Pi Cycle Bottom, which also has some track record in trying to estimate the bottom of a bear market.

But before we take a closer look at Pi Cycle Bottom, let’s remind ourselves why its bullish nemesis has earned so much popularity.

The historic effectiveness of the Pi Cycle Top

We first wrote about the Pi Cycle Top on BeInCrypto over a year ago, when Bitcoin was close to reaching its previous all-time high (ATH). The indicator is based on the relationship between the double of the 350-day DMA and the 111-day DMA. The signal fired on April 12, 2021, and just two days later, Bitcoin reached a historic ATH of $64,900.

This high accuracy of the Pi Cycle Top was not an exception, as the indicator has been very effective in previous cycles as well. All 3 historical ATHs of previous bull markets coincided with the signal flashing up no more than 5 days before or after the peak.

Chart by Tradingview

The only ATH during which the Pi Cycle Top was far from crossed is the most recent one. On November 10, 2021, when BTC reached $69,000, the indicator failed to generate a signal. At the time, this was interpreted as a sign that the second wave of the bull market was not yet over. Today we know that the indicator failed in this case.

Pi Cycle Bottom and the end of a bear market

Pi Cycle Bottom is the opposite of Pi Cycle Top. The bearish version is the relationship between the 471 SMA and the 150 EMA. Moreover, the former is multiplied by a factor of 0.745. Not a very elegant construction, but historically quite effective.

As it turns out Pi Cycle Bottom indicator could be successfully used to estimate the area of the absolute bottom of two previous bear markets (blue lines).

The first time the 150 EMA fell below the 471 SMA was on January 16, 2015. This happened just two days after the absolute bottom of the BTC price at $152.

The second time the Pi Cycle Bottom generated the same signal was on December 16, 2018. This happened just one day after the absolute bottom of the previous bear market at $3122.

Chart by Tradingview

We are currently approaching the third signal in history and another bearish crossing of the two moving averages (blue circle).

When will Bitcoin bottom out?

If the relationship between the intersection of the two moving averages and the bottom of the BTC price repeats itself in this cycle, Bitcoin could soon reach the bottom of this bear market. Currently, the 150 EMA has begun the sharp decline characteristic of the recent capitulation phase. A crossover is likely in the coming days.

Cryptocurrency market analyst @TheRealPlanC tweeted his own prediction of the date of the intersection and reaching a hypothetical bottom for Bitcoin. Based on the movement trajectory of the two curves, he estimated that the intersection will occur on July 9, 2022.

Source: Twitter

If this were to happen, then in exactly 15 days the Pi Cycle Bottom would generate a signal that very accurately indicated the bottom of the BTC price in the previous two iterations.

One step further went another analyst @el_crypto_prof, who combined the potential signal from the Pi Cycle Bottom with a fractal analysis of previous cycles. In his opinion, if a potential Bitcoin bottom were to happen in the near future, it would fit well with analogies between previous cycles.

Source: Twitter

In the chart above, we can see that for the entire period from April 2021, the analyst includes the post-ATH correction phase highlighted in red. It also includes the latest ATH at $69,000 reached on November 10. Although technically a higher BTC price was reached then, many technical and on-chain indicators suggest that it was already a bear market.

Perhaps this was also the reason why the Pi Cycle Top did not generate a proper signal. If this is true and the correction in the BTC market has been going on for more than a year, then indeed we can soon expect an end to the long-term decline. The Pi Cycle Bottom indicator is just an additional layer of confluence that may make this scenario more likely.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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It seems NFT-themed Bored & Hungry restaurant no longer accepts crypto

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It seems NFT-themed Bored & Hungry restaurant no longer accepts crypto

The alleged removal is a bit strange considering Bored and Hungry only opened its doors back in April.

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It seems NFT-themed Bored & Hungry restaurant no longer accepts crypto

The Los Angeles Times reported Friday that recently opened NFT-themed burger joint Bored & Hungry no longer accepts cryptocurrency as a form of payment for its food.

When questioned, one Bored & Hungry employee told the Los Angeles Times “Not today — I don’t know.” The individual didn’t give any indication of when the decision was made to cut crypto from the menu of payment options, nor did they know if crypto payments would be making a return.

Bored & Hungry initially launched back in April of this year. At the time, one worker told the Los Angeles Times that the majority of its customers didn’t seem to care about crypto payment options, also noting that customers were generally indifferent to “the restaurant’s fidelity to the crypto cause.”

Another Bored & Hungry restaurant patron told the Los Angeles Times “People want to hold onto their ethereum. They’re not gonna want to use it.” Customer Richard Rubalcaba said, “I don’t know how [crypto purchases] would work, with the crash.”

Many of the restaurant’s patrons stated that they are not hardcore crypto enthusiasts, and simply frequent the establishment for the food. Customer Jessica Perez said, “We rate this up there with In-N-Out, maybe even better.”

Changes to venue’s payment policies seem to fall in line with the overarching crypto and macro economical meltdown transpiring across the globe. But never fear, hungry crypto users! You can still visit Chipotle, which began accepting crypto payments earlier in June via Flexa. Several countries are facing relentless regulations and scrutiny and there are issues of contagion in the crypto market.

Cointelegraph reached out to Bored and Hungry owner Andy Nguyen for clarification on the restaurant’s crypto acceptance, but did not receive a response prior to publication.

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Celsius Network hires advisers ahead of potential bankruptcy: Report

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Celsius Network hires advisers ahead of potential bankruptcy: Report

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