Bitcoin and other Cryptocurrencies

Litecoin rose above $125 today, hitting its highest in more than a year as the digital currency benefited from several tailwinds.

When explaining this latest rally, analysts pointed to several variables, including litecoin's upcoming halving and the strength the digital currency has shown over the last several months.

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Facebook’s plans to launch its own cryptocurrency could change the game for Bitcoin, ETH, XRP, Litecoin, and other cryptocurrencies, in a positive and a negative way.

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Bitcoin prices surpassed $10,000 today, breaking through this key, psychological level and hitting their highest point since March 2018. The world's most prominent digital currency climbed above $10,000 at roughly 07:30 p.m. EDT, before extending these gains in the following hours, CoinDesk figures show.

When explaining the digital currency's recent bullishness, analysts have pointed to factors like strong market sentiment, optimistic media coverage and widespread hype surrounding the release of Facebook's libra currency.

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To participate in the digital currency revolution, China should “let 1000 Libra’s rise,” allow Chinese Internet giants develop their own versions of Facebook’s Libra.

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The Financial Action Task Force (FATF) – the international anti money-laundering body, adopted a new set of rules according which all crypto exchanges will be required to gather and share data about their customers.

The FATF decisions do not translate automatically into the national legislations, but since the organization is backed by more than 200 countries including the U.S. any country that fails to comply will probably be blacklisted.

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I did a forward many year ago to a reprint of an investment classic, How I Made $2,000,000 in the Stock Market by Nicolas Darvas. His system to ride bubbling stocks was to put a box around temporary price equilibrium points in the market action to indicate a continuation of rally or its end. He didn’t think of it like that, but that was what he was doing. Without predicting what happens next this is the way to judge what is happening, but while it is at the equilibrium it doesn’t tell the direction of the next move, until that move is underway.

So right now, it’s a way to trade this situation when the signal kicks off, but we are not able to know now whether it’s going up or down using this idea. However, that is what we want to know as the price swings 10%-20% up and down.

Make no mistake, this is an incredibly dangerous market. Make sure you are able to sell. Make sure your bitcoin is safe or that the custodian is bullet proof. If you are going to play this game, have a plan and stick to it. Markets don’t care about theories, they have no remorse, they do not stop. Like any captain on an uncharted sea you have to always be vigilant, take observations and soundings and be prepared to tack. You can call it 9 times out of 10 but it only takes one rock to sink you. On such a sea we are now afloat.

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The price of Bitcoin (BTC) has drifted considerably lower since its impressive stretch of gains recorded during the first half of the year. While BTC currently trades around $10,300 – down about 25% from its 2019 high inked last month – the cryptocurrency threatens to rebound higher with a bounce off near-side technical support.

The recent pullback in Bitcoin, although worrisome on the surface, could be a constructive pattern of consolidation for bullish momentum to continue. This is suggested by the bull flag forming on the daily BTC price chart which is highlighted above. Additionally, prospects for a bounce higher in bitcoin is also posed by BTC price action hovering around the critical level of technical support at $10,000.
This psychologically-significant area of confluence is highlighted by bullish trend support and the 38.2% Fibonacci retracement of the cryptocurrency’s year-to-date trading range. Although BTC dipped below this support zone last week, the move to the downside seemingly lacked conviction as the cryptocurrency quickly rebounded.

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s it currently the best time to sell btc? I feel more securely retaining other types of cryptocurrencies, but with bitcoins I have doubts.

On August 3 Bitcoin opened with an upward gap, indicating to a clear intention from the buyers to continue leading the price. The currency peaked on Tuesday at 12,318- its highest level in nearly five weeks, then slipped back after, and settled below 12,000 handle.
Alongside this, the Relative Strength Index (RSI) crossed above 50, however remained flat around 60 after, indicating to a paused uptrend move.

Looking at the daily chart, we notice on Monday Bitcoin moved to the higher trading zone 11,200 – 12,320. On the following day the price tested and rebounded from the high end of the zone. Hence, a close above the higher end of this zone could push the price towards 13,000 handle. Although, the weekly resistance underscored on the chart (zoomed in) would be worth monitoring.

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North Korea is funding its military program with money stolen from crypto exchanges and other hacker activities, a UN report reveals, quoting “total proceeds to date estimated at up to 2 billion USD”.

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