Bitcoin (BTC) Price Analysis – February 15

  • The BTC price retraced and found support at the 12-day EMA and the 26-day EMA.
  • If the bulls defend the $3,600 support level and the price is sustained above the EMAs, the crypto’s price is likely to rise.

Bitcoin, BTCUSDBitcoin Chart By Trading View

BTCUSD Medium-term Trend: Bullish

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

The BTCUSD pair had been in the bullish trend zone in the last week. In the past  week, the BTC price also retraced from the high of $3,800 to the low of $3,667 as at the time of writing. The retraced crypto’s price found support at the 12-day EMA and the 26-day EMA. Incidentally, the crypto’s price had been fluctuating above the $3,600 price level.

On the upside, if the bulls defend the $3,600 support level and the price is sustained above the EMAs, the crypto’s price is likely to rise. We expect he price to break the resistance at $3,800 and reach the $4,000 price level. Meanwhile, the stochastic band is at the overbought region but below the 80% range which indicates that the crypto is in a bearish momentum and a sell signal.

BTC/USD Short-term Trend: Ranging

Bitcoin, BTCUSDBitcoin Chart By Trading View

On the 4-hour chart, the price of Bitcoin is in a sideways trend zone after the price rally. The crypto’s price has retraced and fallen to the support of the 12-day EMA and the 26-day EMA. The EMAs are neither trending northward nor southward but are trending horizontally indicating that price is in a sideways trend.

Similarly, the crypto’s price is neither below nor above the EMAs indicating that price is in a sideways trend. The stochastic indicator is out of the overbought region but above the 20% range which indicates that the 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.

Nexo Co-Founder: Bitcoin Doubters Are Running Out Of Reasons

Michael LaVere
  • Nexo exec says bitcoin doubters are running out of reasons. 
  • The price of BTC broke $12,600 for the first time in over a year. 

Bitcoin doubters are running out of steam in 2019, especially as the price of BTC trends towards new highs. 

No Longer Doubting Bitcoin

Antoni Trenchev, co-founder and managing partner of cryptocurrency lending startup Nexo, appeared on CNBC  onJune 25 to take aim at bitcoin detractors. In the interview, Trenchev explained that bitcoin has been declared dead more than 300 times, with 90 occasions occurring in the past year. 

Nexo Antoni Trenchev Bitcoin DoubtersAntoni Trenchev appeared on CNBC to discuss bitcoin's price rally | Source: CNBC

Crypto bears such as Warren Buffett and Peter Schiff have continued to call for the demise of bitcoin, despite the price trading above $11,000. Trenchev declared that bitcoin “has risen from the ashes yet again.”

He continued, 

“I think, you know, the doubters are having a really hard time continuing their cause.”

Institutional Interest In Cryptocurrency

Trenchev gave his reasons for the increased rise in bitcoin price. He highlighted institutional participation, including the launch of JP Morgan’s JPMCoin pilot at the end of the year. Geopolitical turmoil has also been favorable for the price of bitcoin. 

In early April, concerns over Brexit sparked the initial rally which saw bitcoin jump above $4,000. More recently, deteriorating US-China and US-Mexico trade relations have led to anxiety in the stock market. With President Trump now threatening sanctions against Iran, bitcoin is becoming a favorable digital asset for investors fleeing traditional markets. 

Set For New Heights in 2019

Despite crypto proponents losing confidence during last year’s bear market, Trenchev believes skepticism is shifting towards current bitcoin detractors. 

He told CNBC, 

“[During] the bear market of 2018, we’ve seen even the harshest proponents turning skeptical at some point, and this usually is the inflection point from which, you know, assets start rallying again, but I think it is really about institutional support and implications that it has in terms of mass adoption.”

Trenchev also gave a nod to Facebook’s Libra. While Facebook has created a storm of global regulatory concern over Libra, the digital currency has driven new interest into cryptoassets -- even if bitcoin's price was already on the rise. 

In all, Nexo’s co-founder believes it is more difficult to doubt bitcoin in 2019. The landscape for crypto has shifted since last year’s market collapse, which will provide a springboard for adoption and price.