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In this report:
• Price Brief
• Bitcoin soars on Bitstamp.net
• Major $BTCUSD prices
• Market trend
• Support & Resistance
• Weekly indicators
• Market sentiment
• Price analysis: possible scenarios
• Global BTC markets
• Bitcoin Exchange Marketshare – “All currencies”
• $BTCUSD volume & marketshare
• Bitcoin price synopsis
$BTCUSD price brief
Bitcoin is DOWN -1.62% on the day, UP 6.23% on the week and UP 6.46% on the month:
data reference: 456.70 BTCUSD as of 19:17 hours UTC Wednesday April 27 2016 @OKCoinBTC
Bitcoin soars on Bitstamp.net
Bitcoin soared on Bitstamp.net today opening at $467.39 before falling off to $453.62 on a volume of 5711 BTC. We haven’t seen these price levels since late August of 2015 – when they were on the way down. Today, this week, this month and this year the direction is reversed with bitcoin pushing towards $500 per coin again.
Bitstamp had something else to cheer about. They jumped through all the AML/KYC hoops that Luxembourg could throw at them – for more than two years – and have attained fully licensed status. According to their April 25 2016 news release “Bitstamp has been granted a license by the
Luxembourg government to be a fully regulated and licensed exchange in the EU.”
The EU license “is passportable into the 28 EU member states providing all European customers with a robust, secure platform for bitcoin trading.” Coupled with this announcement was the news that @Bitstamp is now in the $BTCEUR market. Expect to see @bitstamp in the top five volume movers in this market in the near future.
@Bitstamp rounds out their news with the move of their headquarters to Luxembourg. In times of blatant American disrespect for personal privacy the jurisdiction of an exchange is not an insignificant matter. Bitstamp states ”Luxembourg embodies an exceptionally strong infrastructure and the financial and security awareness we were seeking for this process.” Best wishes in your new home @bitstamp.
Grab the latest price yourself: http://kittybitcoin.com/xbtscripts/xbtliveprice/traders/index.php
In our 30 day market snapshot the bitcoin price has seen a recent April high of $466.70. The trend line is slightly BULLISH. It’s UP on the week +$11.84 at the time of writing:
Read more: http://bravenewcoin.com/#blx
21 day chart
The OKCoin chart shows 21 days of $BTCUSD:
Support & Resistance
2 weeks 425.15
Today’s support is seen at 447.14. Looking back a week we see 444.00 as support. Two weeks ago we were looking at support at the 425.15 level. A month ago 409.38 was underpinning the price.
2 weeks 451.45
Today’s resistance was found at 467.38. A week ago it was 470.09. Examining the data biweekly 451.45 was the number to exceed. A month ago 426.75 was our resistance. Data @OKCoinBTC.
range 24 hrs 14.89000000
Data courtesy @Gatecoin
Overall BTC market sentiment is slightly bullish:
Market cap US$ 7,042,687,248
Price $ 454.98
Supply 15,479,250 BTC
Data courtesy coinmarketcap.com
Price analysis: possible scenarios
In the bear scenario the price drops to the first support level at 447.14. It further drops to the weekly low of about 444.00. While it could fall even more to the biweekly 425.15 or even monthly low of 409.38 this is considered a low probability. The more likely bear scenario is a slight drop remaining above 444.00 for the short term.
The short term bull scenario sees the price attempt to regain the day’s high of 467.38. It may peak past 470.09 as it has this week. Looking back two weeks we saw resistance at 451.45 and a month ago at 426.75. The high probability bull outcome is a temporary downward price correction followed by a gradual up trend towards 470.
In both the bear and bull scenarios new market conditions could markedly change the picture – and your results.
Global bitcoin markets
The global BTC markets indicate the relative size of each BTC pair, last price and 24 hour change. The 24hr volume of all the pairs below totals: $254,160,337. Two weeks ago it was $ 195,338,520 for approximately a 58.8 million dollar report-to-report increase:
While these numbers are only 24 hour volumes they serve to supply an interesting insight into the flux of global bitcoin currency use. We see substantial increases in use of BTCUSD and BTCJPY. BTCCNY and BTCEUR percentage use has declined since the last report:
Current report period
Previous report period
Indonesian rupiah 5th most traded bitcoin pair: BTCIDR
While the first four currency pairs of bitcoin in Chinese yuan, US dollar, Japanese yen and European euro are familiar, the BTC-IDR Indonesian rupiah is a newcomer. This entry supplants the previous BTC-GBP British pound which was formerly fifth ranked – by volume – on this chart two weeks ago.
Diving deeper into the BTC-IDR we see that the exchange Quoine.com has the lions share of the BTCIDR market with 87.41% of the market share. On their website we see Quoine is registered in Singapore as QUOINE Pte. Ltd. Quoine offer bitcoin and ether trading, currently FREE with no trading fees:
Bitcoin exchange market share: all currency pairs
This chart shows “all currencies” traded in a thirty day period:
@OKCoinBTC continues to lead the pack with just over half of all bitcoin traded worldwide. @Huobicom is up slightly on a lower report to report volume. Combined these two BTC giants garner 94.87% bitcoin marketshare according to Bitcoinity.org data.
The “also rans” include BTCC, LakeBTC – who has significantly gained position over bit-x – while Bitfinex, Gatecoin, BTCe and Kraken all have less than half a percent of marketshare. This is for all BTC. The story of marketshare for BTCUSD is much different.
$BTCUSD volume & market share
The thirty day $BTCUSD piechart is below:
@Bitfinex has snatched back the top spot from @OKCoinBTC. Bit-x continues to do amazing things – how do they do it? BTCe rises two positions higher from the last report. @Coinbase retains the number five position, above @Bitstamp, CEX.io and @Gatecoin.
@ItBit has fallen off of our two week report.
Find actionable and informative bitcoin and blockchain intelligence on the Coinery – a casual quick scratchpad of Bitcoin, Ethereum and general cryptocurrency news:
Recent posts contain first drafts of output from a new semi automated altcoin price synopsis tool. Currently these Price Synopsis outputs contain a bitcoin price brief and simple price indicators – partially geared towards BTC and ETH trading use.
Bitcoin price synopsis
Bitcoin is DOWN -1.62% on the day, UP 6.23% on the week and UP 6.46% on the month. BTC saw weekly support at $444.00 and weekly resistance at $470.09. The trend line is slightly BULLISH and overall sentiment is BULLISH.
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