That was fast! Bitcoin is the decline of the 28th of August, is totally made up. On Monday, the 2nd of september, the exchange rate, with almost eight per cent. And where the bitcoin is rising, the altcoinmarkt is still a little behind. The dominance of a single bitcoin is now, therefore, it is the highest point in the last two years.
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Contents
The triangle within a triangle within a triangle
Yes, yes, here we go again! The price of bitcoin is moving in a triangle, and that’s going to take a while.
This is a large triangle on the graph below, the green lines shown in the diagram. Breaks down that the price at the top or the bottom matter? Then we can have a big price movement expected.
But, more strikingly, in the triangle, you can also use the two other triangles to see it. You can see in the chart above by the orange lines. The last time the price of bitcoin is in the little triangle in it, look to the top of the green triangle.
It happens again today? Then bitcoin rapidly increases to € 10,000, with the top of the green triangle. There will be a course to re-resistance.
To keep on top of the bitcoin exchange rate?
Check out the live BTC price
It helps Bakkt bitcoin a helping hand?
In our koersanalyse on Friday, the 30th of August, we wrote about the launch of bitcoin futures platform with Bakkt, september 23rd is the big day.What does this do to the share price one month prior to the start of Bakkt? In order to investigate this, we compare the price with that at the end of 2017.
As of mid-december of 2017 brought the CME Group to be the first bitcoin futures market. The hype was huge, and the price has increased to unprecedented levels. It brings Bakkt the same, the hype and the attacks of the bitcoin price in the same path? You will get the graph below.
The first vertical line is one month prior to the launch of the Bakkt. The second is a red line launch. The red and green candles, which represent the bitcoin price right now. The blue path shows the price of bitcoin about a month before the launch of bitcoin futures on CME Group in 2017:
Bitcoin is following all of this since the end of August this year, almost exactly the same path that was used at the end of november, beginning of december, 2017. Keeps bitcoin can do that, then we’re at the launch of the Bakkt a price of 13,500 euros expected.
Bitcoin’s dominance at the highest point in the last two years
The dominance of a single bitcoin is now at its highest point in two years. Nearly 73 per cent of the cryptomarkt consists of a single bitcoin. During the week of July 10, 2017 was made to the dominance of the last all-time high.
That you can see in the chart below:
Why is bitcoin’s dominance right now is so high? That is a guess. It is possible that the launch of the Bakkt creates more interest in bitcoin, especially among institutional investors. But also, the developments in the global economy has been able to lend a hand. Previously, we reported, for example, about the impact of the trade negotiations between China and the united states, the bitcoin price.
Bitcoin continues to be the most well-known cryptocurrency, and it can be in times of uncertainty is to be seen as a safe haven. When things aren’t going well with the economy, people will be able to a resort to see it in bitcoin to have value to be preserved. This is also the case in the united kingdom, where the population is suffering from hyperinflation. Inhabitants of the try bitcoin of their hard-earned money to maintain it.
In the chart below, you can see that the litecoin (LTC), bitcoin, cash (BCH), ethereum (ETH), and ripple (XRP), until the end of march 2019 and has about the same market movement to make it as bitcoin. But from that moment on, you will see that the altcoins struggling to get it to tie in with bitcoin.
Litecoin will rise in the first instance, involved with bitcoin, and in the run-up to the litecoin block halving. However, from mid-may to follow bitcoin in his own way. At this time, bitcoin is, in terms of percentage, the largest increase:
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