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Bitcoin (BTC) Price Crawling To $10K. When The Next Breakout Is Predicted To Happen?

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Bitcoin (BTC) Price Crawling To $10K. When The Next Breakout Is Predicted To Happen?
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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BTC is burning candles at both ends, but will it have the power to ignite bull market again?  We are waiting for it to reach the long-awaited $10K level, but it keeps us at the edge of the chair with up-and-down movements.

No one can give you an exact answer, but let’s take a brief look at BTC price predictions and technicals from TradingView experts.

Fractal is forming again?

Bearish time is ahead!

As SpartaBTC has noticed, we are repeating the BTC fractal that happened in May-June 2018. The current situation is pretty similar.

  1. The growth of the market without corrections is observed since February.

  2. 4 green candles in a row on the monthly chart.

  3. Two unclosed gaps on SME

  4. Futures expiration on May 31st.

  5. RSI shows a bearish divergence.

What does it mean for us now? The bearish times are ahead! Bears are getting closer and closer, and BTC might not have the opportunity to reach $9K or $10K before its epic fail.

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BTC waving the bull flag

The BTC damp is inevitable

What we can see at the moment is a big waving bull flag in BITSTAMP: BTC/USD. It’s clearly shown on the one hour chart you see above.

Perhaps we will see a pump pretty soon, but all we need is more volume - as usual. Otherwise, BTC will inevitably dump.

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Parabolic rallies continue

Beware of the reversed H&S pattern

The user compared rallies of the previous months and now. Though it’s not a perfect match, we can still compare the stages here. At the ATH, we can see how volume clearly dropped with that last push up.

The key factors will probably be waiting for the moment where selling volume becomes bigger than buying volume. On the left, we can see a triangle while on the right it could be a wedge as well.

Instead of making highs at similar levels (triangle), the hype was that extreme back then, that the bulls had no patience at all and just kept buying the highs. Which turned the triangle in the shape of a wedge.

As for the volume, it does not differ dramatically and does not play any role.

Also, that last push on the right was from $18k to $20k, e.g. around 2000 points. This time, it was the push from $8,000 to $8,950. So both have almost similar percentage increase. This time a slightly higher, but the volume was a bit better as well.

Recently, rallies got smaller and with lower volume. The recent rally is smaller than the one from the $6,300 and the $7,200 3 weeks ago. But the current rally was also almost 1000 points, which is quite significant.

Let’s say, we break up from the current consolidation and we only rally 300/600 points, it would mean a high is closing in. This then usually comes in the form of a bearish wedge or an H&S.

Do not get scared because of this chart, it simply points out a possibility, that when things do go wrong, you have something to look at as a guideline.

It’s time to worry a bit when we see some real top formation (like a bearish wedge or H&S ), or when we see some high volume breaks of important support levels (like the $8,400/$8,000). Any drop that stays above the $8,300/8,400 can still be seen as a standard correction.

Final words

Traders warn us of bearish possibilities again, so I guess it’s not the right time to enter the market and make any impulsive decisions. The following days should help Bitcoin decide upon its path.

Bitcoin price charts are taken from TradingView

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About the author

Crypto writer, blockchain geek & Bitcoin holder with a strong belief in the power of cryptocurrency. Veronika combines in-depth analytical approach with creative writing to deliver the texts that both inform and entertain. With hundreds of reviews, SEO articles and marketing texts under the belt, she has experience of working for blockchain Medium channels, Cryptodiffer site and ICOs. Part of U.Today team since 2018, she focuses on crypto price predictions and monitors the market to provide the most relevant info & opinions.

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Mining Tech Giant Canaan Inc. Fails to Raise 25% of Initial IPO

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    The much-anticipated IPO for the mining manufacturer raises only $90 million. A month ago, Canaan planned to raise as much as $400M.

Mining Tech Giant Canaan Inc. Fails to Raise 25% of Initial IPO
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The long-anticipated initial public offering (IPO) for the Bitcoin (BTC) mining manufacturer Canaan Inc. ended with raising a mediocre $90 million in capital. This cap is 10% smaller than what was anticipated, and 77.5% smaller compared to the figures of the initial IPO cap.

Brilliant Run-Up, Poor Results

Yesterday, the Hangzhou-based company sold 10 million shares within the framework of its public offering at $9 each. Citigroup, China Renaissance Holdings, and CMB International Capital were among the managers of this offering. Prior to filing with the U.S. Securities and Exchange Commission (SEC), the company planned to raise approximately $100 million. These shares would available for trading next Thursday on the NASDAQ under the ticker name "CAN".

The initial plans have been even more fascinating. In October, Canaan filed to be listed in Hong Kong, but the financial watchdogs of the city's stock exchange declared the listing of crypto-related companies as "premature" for Asian financial hub. At that time, a cap of $400 million was scheduled. 

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The former lead underwriter, Credit Suisse, had also left the company prior to the IPO. Blockchain-related IPOs are a difficult pursuit as two moguls of the market, Bitmain and Coinshares, struggled with regulators and delayed their listings.

Mining Producer is in Dire Straits. Can an IPO Help?

Canaan Inc. is the second largest BTC mining manufacturer in the world. During the first half of 2019, its market share was estimated at 21.9% of ASIC hash power sold. The largest company, Bitmain, was responsible for 65.2% of hash power sold during that time.

Despite these facts, the company has shown huge losses. Its cash flows have been negative since 2018. According to their filing, Canaan had a net loss of $48.2 million during the first half of 2019.

The company had planned to expand the development of AI-applications for ASICs, but given the current situation, the capital raised from the IPO could only cover one year of losses.

Will this IPO save Canaan Inc.? If BTC price falls, halving is right around the corner. How will this affect the mining equipment market? Share your thoughts on Twitter.

 

 

 

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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