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Bitcoin Price Watch: BTC Breakdown Might Be The Real Deal

Bitcoin price watch: btc breakdown might be the real deal

Bitcoin Price Watch: BTC Breakdown Might Be The Real Deal

  • bitcoin price found a strong resistance near the $4,190 level and later declined against the US Dollar.
  • The price declined sharply and broke the $4,000 and $3,900 support levels.
  • There was a break below a major bullish trend line with support at $3,940 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair traded towards the $3,600 support level and it is currently correcting higher

bitcoin price nosedived below the $3,900 support against the US Dollar. BTC bears are in control and it seems like recoveries could face a strong resistance near $3,900 and $4,000.

bitcoin Price Analysis

In the weekly analysis, we saw a solid upward move above the $4,000 resistance in bitcoin price against the US Dollar. The BTC/USD pair even broke the $4,100 resistance area. It traded to a new monthly high at $4,189, where sellers emerged. It seems like the price was rejected near the $4,190 resistance. As a result, there was a sharp bearish reaction below the $4,150 and $4,100 support levels. Sellers gained pace and pushed the price below the key $4,000 support level.

During the decline, there was a break below a major bullish trend line with support at $3,940 on the hourly chart of the BTC/USD pair. The pair even settled below the $3,900 support and the 100 hourly simple moving average. Finally, there was a break below the $3,700 support and the price traded towards $3,600. A new weekly low was formed at $3,624 and later the price corrected higher. It broke the 23.6% Fib retracement level of the recent decline from the $4,189 high to $3,624 low.

The current price action is bearish and it seems like upsides are likely to be capped near $3,860. However, the main resistance is near the $3,900 level. Besides, the 50% Fib retracement level of the recent decline from the $4,189 high to $3,624 low is near the $3,910 level. Above $3,900, the price could face resistance near $3,950 and the 100 hourly SMA. More importantly, a break above the main $4,000 hurdle won’t be easy for buyers.

Bitcoin price analysis btc chart

Looking at the chart, bitcoin price made a sharp U-turn below the $4,000 and $3,900 support levels. It could correct higher in the short term, but the previous supports at $3,860 and $3,900 might prevent gains. On the downside, an initial support is at $3,680, below which the price may decline below $3,600.

Technical indicators

Hourly MACD – The MACD could move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering from 20 and it could test 45.

Major Support Level – $3,680 followed by $3,600.

Major Resistance Level – $3,860, $3,900 and 3,950.

Published at Mon, 25 Feb 2019 06:00:05 +0000

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Bitwala Sees ‘Steep’ Bitcoin Adoption in Developing Countries

The latest data from bitcoin remittance app Bitwala reveals a growing trend in bitcoin adoption among citizens of developing countries.

‘Steep Adoption Rate’

Bitwala, a bitcoin-based remittance app, shared some user statistics in its blog post yesterday in which we can see that bitcoin is becoming increasingly popular in certain developing countries. The blog post reveals a “steep adoption rate” in developing countries both from Africa and Asia, the two continents with the highest number of unbanked citizens.

Bitwala reveals that, while their early adopters came from Europe and North America, the total number of sign ups from developing countries is catching up to those of Europe and the U.S, making up approximately 30% of new signups globally.

Among the developing countries, most are from North Africa, a region that makes up for 4.4% of its website’s visitors.

This growing trend among developing countries, where financial exclusion is the norm, reveals a growing need for the citizens of these countries to interact with the world economy and to access financial services, typically provided by banks. However, these regions are also the ones where banking service fees are the highest.

Bitwala explains:

At a cost of $4 billion per year, international transfers to Africa are the most expensive in the world. Furthermore, online and offline businesses also continue to pay a steep price for transferring money abroad or even domestically as the majority of banks charge between 10-19% on any transfers to, from and within African countries.

bitcoin for the Unbanked

According to Bitwala, banks are not concerned with financial inclusion and prefer instead to charge higher fees in places where financial services are harder to access, taking full advantage of their monopoly in underbanked regions.

Africa mobile

This is one of the reasons why bitcoin is regarded as a game-changer by some. It has the ability to bypass middlemen bank, enabling direct value transfer while empowering users while giving people more control over their money.

“The strength of bitcoin and the blockchain technology that it relies on is that it allows you to send money across borders without paying the steep fees charged by traditional gatekeepers like Western Union, MoneyGram, Ria and others,” Bitwala explains.

According to 21.co, the cheapest transaction fee for a bitcoin transaction is currently at around $0.50, or 0.0003616 btc. While, admittedly, not ideal for microtransactions, it’s still cheaper than the 10-19% charged by banks on “any transfers to, from and within African countries.”

But bitcoin is not only about cheaper remittances. It also gives people access to a growing number of financial services including e-commerce, peer-to-peer loans, and money management platforms, provided they have access to an internet connection.

networking

As more and more people in these regions become aware of bitcoin and its ability to empower them and to give them access to financial services globally and at much lower costs, bitcoin will continue to attract users.

“People often say necessity is the mother of invention but I like to say necessity is also the mother of adoption,” Lightning CEO Elizabeth Stark says in the new documentary Blockchain and Us.

If there is a real use case that people need a technology for, they start using it.

Can bitcoin help citizens in developing countries achieve financial prosperity? Let us know what you think in the comment section.

Images courtesy of Bitwala, Shutterstock

The post Bitwala Sees ‘Steep’ Bitcoin Adoption in Developing Countries appeared first on Bitcoinist.com.

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