Bitcoin Investors Continue To Pile Into Short Positions: Time To Go Long? 1679

bitcoin price today bear

Bitcoin Price Today: For the past two weeks, Bitcoin has remained relatively stable. However, that did not dissuade speculators from opening a record-breaking amount of margin short positions via Bitfinex. All in hopes that the newly found price support will not hold while BTC continues its plunge.

Do they know something you don’t? Let’s take a look.

  • Day’s Range: 6,230.0 – 6,526.2
  • Volume: 41,395 BTC
  • Significant Candlestick Patterns: Morning Doji Star Reversal (5hr Chart)

Weekly Chart Overview

After falling to $5886 Bitcoin managed to close last week strong at $6491 while also forming a bullish hammer reversal pattern. The high of this candle remains a strong area of interest for the bulls moving forward.

Here’s why:

  • Bullish – A break above $6623 (last weeks high) will trigger a massive amount of SL orders in effect squeezing the short sellers while propelling the price back towards the $8000 area.
  • Bullish – While currently flat, the weekly MACD remains primed for an upwards cross.
  • Neutral – The weekly RSI remains neutral at 44,44.
  • Potential Swing Play: Entry < $6623, Profit Area: $8000, SL: $5800

Daily Chart Overview

The daily chart shows the clearest signals of support area accumulation.

  • Bullish – The daily price action is proving $5k to be a clear demand area. We can see that by observing bearish rejection patterns. Bears are trying hard to move the price down, while the bulls respond by increasing accumulation (forming a final flag).
  • Bullish – According to the MACD we’re on the verge of crossing upwards which would signal further confirmation of the upcoming uptrend.
  • Bullish – While the price remains relatively flat the RSI remains to curl upward which proves that buyers are below and a momentum shift is in the works.

Bitcoin Price Today – 4-Hour Chart Overview

The 4-hour chart is probably the most misleading. While looking like the perfect “short” it’s no wonder short sellers are finding it so enticing. If it looks to good to be true it probably is.

At first glance, the pattern looks like a rising wedge (bearish). Actually, this pattern is defined as a “Final Flag”. It appears to be and begins as a continuation pattern but ends up as a trend reversal pattern. The components are – Trend. Pullback that is mostly horizontal.

Short Squeeze Inevitable?

Right now, it doesn’t seem like the market is ready to accept any price lower than $6000.

The main takeaways are: despite the exceedingly bearish view, the market has been experiencing an influx of bullish news which has seemingly taken a backseat to speculators short-term bearish bias.

With short positions at an all-time high, this is one short play you probably don’t want to be a part of.

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ICON (ICX) – Whatever Happened to The Korean Ethereum? 6733

icon icx

Bitcoiner since $59BittBurger, gives us his take on the current status of the South Korean ICON project. This post is primarily about a solid uptick in community involvement, decentralized marketing, and the token side of things. For the last year and a half we had a pretty uninvolved community, while the company continued to work under the hood to build something huge.

A lot is happening right now. I feel like nobody knows about it.

It’s Happening

A lot is happening right now. I feel like nobody knows about it. It just started. Most of it. So your patience will be appreciated. But I’ve never seen so much proactivity in this project on the token-side of things before.

new larger office

  • AMBASSADOR PROGRAM: Over the last handful of weeks, the Ambassador program has begun. This program incentivizes the creation of content to promote ICON across social media and the internet. Several Ambassadors have already put out multiple articles that are getting ranked across Google and Medium, bringing attention to the project.

  • ICONSENSUS P-REPS: The number of ICONSENSUS P-REP candidates has surpassed 40 (there will only be 22 voted in) and ICON is beginning a strong marketing push to attract more teams this month, with the goal of reaching 100. Check out the candidate interviews here.

  • EXPOSURE: Some of these P-REP teams which including RHIZOMEICONation, and Ubik have already begun cranking out content, started YouTube video channels, and scrambling to get ICON on podcasts.

  • PODCASTS: Speaking of Podcasts, several investors have begun reaching out to their contacts at several different podcast and YouTube influencers. The goal is to get ICON team members on for an interview, to talk about the project and get the ICON name in front of tens of thousands of faces (or ears). Ricky and others at ICON have been excited to make themselves available for this, which makes all of us extremely grateful. I will be working to get someone on my friend Chico Crypto‘s YouTube channel soon, and a handful of podcasts are already underway for scheduling.

  • EXCHANGES: This past week, a group formed within the Telegram channel to focus entirely on reaching out to as many new exchanges as possible, and getting ICON listed on them. A Trello has been set up, and we’ve already begun making headway on this incredibly important goal.

  • BINANCE USA LISTING: With the advent of Binance USA, both the ICON team and everyone involved are aggressively pursuing assurance that ICX will be listed on the new exchange for US investors.

  • COINBASE LISTING: The same is being done for ICX being in the next couple rounds of newly added coins on Coinbase. I’ve spoken to team members at ICON who have assured me they’ve been following up on this regularly. Please download their app &gt; Sign in &gt; Click “View all Assets” &gt; Then scroll down and click “Follow” on ICON. This is an important metric for Coinbase to decide what gets added next.

  • HIRING PR COMPANY: Two days ago I managed to connect Ricky Dodds (ICONS Head of Institutional Markets in their San Francisco office) to a close friend of mine who runs the PR company which took Genesis mining from nothing to a $2 Billion valuation, and got them on that 60 minutes episode a few weeks ago about Bitcoin. The mining segment in Iceland was thanks to him. Intro email was sent and the two of them have been connected to see if they’re a good fit.

  • HIRING PR COMPANY: Today, I connected Ricky to another company who runs a significantly larger Crypto-focused PR and marketing company. These guys were responsible for some of the biggest successes in Crypto, including Ethereum, NEO, Maidsafe, Qtum, Bancor, Lisk, and Augur. They also managed scaling campaigns for DASH, Ripple, Bittrex, and Kraken. They were excited as they personally know 4 of the 8 advisors listed on the ICON website, and they have an office in Seoul, South Korea in addition to Santa Monica, NYC, Las Vegas, Toronto, and San Francisco. To say I am excited to see the emails flying around today between Ricky and their team would be an understatement.

  • STAKING! 15% Staking is coming in 43 days. The ramifications of this can not be overstated. Aside from the completely speculative “claim” from some that their whale groups will stop suppressing the price at that time (which would be great, if it’s true), I expect nearly everyone to be staking their coins, completely drying up the order book and causing massive upward price pressure come September.

  • INCENTIVE PROGRAMS: I was happy to hear from a team member that several very specific plans are being put in place, after observing countless incentive programs by other projects that have resulted in price gains. The ICON team has realized the importance of creating incentive, interest, anticipation, and excitement for this token, and they’re taking steps to make it a reality for ICX.

icon partnerships

My point in writing this: A LOT is coming in the next 8 to 12 weeks. All of this is centered around recovering and catapulting the price as high as it can possibly go. ICON is seeking out the all-stars in this industry with incredibly resumes, and asking the experts for direction and input.

All of the marketing and promotion has just barely begun. Everything is at ground zero. But its finally happening. All the things we’ve been hoping for, for a year and a half.

XRP (XRP/USD) Price Is Telling: Moment of Truth Close By 6381

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The recent cryptocurrency price swings have certainly involved the whole market, granted that Ripple (XRP) has seen an admirable uptrend for its price. With a 13%, the coin has managed to jump to $0.37.

xrpusd chart

At press time, the XRP/USD pair is trading at a $0.36. It is important to note that despite the growth trend, XRP also took on a bearish market correction wave that initially affected its price. As such, over the last few hours, XRP hit a low of $0.32, yet a massive increase in trading volume for XRP pairs, helped consolidate yet another growth trend.

As always, it is important to take a look at the main probable factors, responsible for the recent price volatility, apart from the price influence brought on by the bitcoin price increase.

Ripple (XRPUSD) Price and News Today

With this in mind, XRP’s parent company, Ripple, went through several positive business developments. As such, the European Commission recently decided to pick Ripple as one of the main associates for the EU’s newest blockchain initiative. Additionally, a German exchange added XRP-based trading to its line of trading products, whereas the RippleNet payment tool is now being used by RationalFX, an English fintech firm.

XRP Price Heading Towards $0.40?

However, numerous market analysts believe that the positive move had little to do with XRP’s bullish price trend. Rather, they think it was overall market excitement and increased trading volumes that encouraged the price increase.

xrp

A possible event that may serve as discouragement to further price increases, is a rumour that the United States Securities and Exchange Commission (SEC) may issue a no-action letter to Ripple, since it has already set precedence with a similar act.

Despite these aspects, it will certainly be interesting to see whether XRP will continue increasing in value, and if it will end up reaching its previous all-time high anytime soon.

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