Bitcoin (BTC) Price Analysis – January 14

  • The BTC price is in a bearish trend zone in the short and medium term frame.
  • Bitcoin price will find support at the previous low of $3, 200, if the crypto 's price falls and breaks the $3,500 price level.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Bearish

  • Resistance levels: $7,000, $7,200, $7,400
  • Support levels: $3,500, $3,300, $3,100 

Last week, January 6, the bulls took the BTC price to the high of $4,218 but could not break the resistance at $4,200 which led to a price retracement. On January 10, the bears broke the 12-day EMA, the 26-day EMA and the price fell to the low of $3,712.80. The crypto's price is now below the EMAs which indicates that Bitcoin is likely to fall.

The crypto's price made another bearish movement and fell to the low of $3,591 . Nevertheless, the BTC price is now trading at the $3,600 price level, if the crypto 's price falls and breaks the $3,500 price level, the Bitcoin price will find support at the previous low of $3, 200 which was the December 14 low.

Meanwhile, the stochastic is in the oversold region but below the 20% range. This indicates that the BTC price is in a strong bearish momentum and a sell signal.

BTC/USD Short-term Trend: Bearish

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

On the 4-hour chart, the price of Bitcoin is in a bearish trend zone. On January 10, the bears broke the 12-day EMA and the 26-day EMA and the price fell to the low of $3,730.20. The crypto's price began a range bound movement at the $3,700 price level and was resisted by the 12-day EMA and price fell to the $3,583.10 price level.

Again. the crypto's price is making another bullish movement to the 12-day EMA and if resisted, then we may talk about the crypto's price reaching the previous low of $3,200 price level. Although, the stochastic is above the 20% region which indicates that the BTC price is in a bullish momentum and a buy signal.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.   

IBM’s VP of Blockchain and Crypto on World Wire, XLM, Ripple, XRP, and BTC Price

On Wednesday (February 20th), during an interview with Australia's largest comparison site Finder.com.au, Jesse Lund, IBM's Vice President of Blockchain and Digital Currencies, talked about his company's cross-border payments solution "IBM Blockchain World Wire"(which runs on the Stellar network), how this product differs from what Ripple is doing with xRapid, and gave his medium term (end of 2019) and long term (some day) price predictions for Bitcoin (BTC).

In this article, we focus on some of Lund's most interesting comments made during this interview.

IBM Blockchain World Wire

"The architecture of World Wire is really a cross-border payment network, the magic of which is the ability to send a payment message instruction saying 'Hey, I'm sending you something; get ready!' and on the other end, the receiver is making sure that who you are sending it yo is not some nefarious actor or bad actor, but once that happens, and that happens really fast, then we send the value along, and that transfer of value is made possible by an ecosystem of digital settlement instruments, of which [Stellar] lumens is one."

"IBM's long game in this is to be the network operator... So, the subscribers, the customers, if you will, of World Wire are market makers who really provide the pay in, pay out locations, and they themselves have corporate clients and probably retail clients. So, we're really providing a kind of conduit through which money can flow in real-time." 

IBM Blockchain World Wire vs. Ripple's xRapid

"Credit Ripple for the vision of using a digital asset in order to enact immediate settlement with finality. I think their implementation followed one path. Our implementation is a little bit different. We are not the issuer of an asset. In fact, what we believe is that there should be an ecosystem of a variety of digital assets that provide the settlement instruments that enable these cross-border payments. The participants on the network should be able to choose and negotiate their choices in real-time and the pricing might be different depending on the settlement instrument you use. So, I think with Ripple, they're looking at XRP as the primary digital asset for settlement, and for us, it could be lumens, it could be Ripple, it could be XRP even, it could be Bitcoin, but it would also probably include other instruments like stablecoins and even eventually, hopefully soon, central bank issued digital currencies."

Bitcoin (BTC) Price Prediction

"[Bitcoin's price at the end of 2019] ... I think it's going be higher [than today], I'll go with $5,000, but let me just say this. I've got a long term outlook... I see Bitcoin at a million dollars some day. And I like that number because if Bitcoin is at a million dollars, then satoshi is on value parity with the U.S. penny, right? And that means there's $23 trillion of liquidity in this network. Think about $23 trillion in liquidity and how that changes things like corporate payments, large payments, and what that does to the financial services landscape."

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