Bitcoin Price Analysis — CNY Devaluations helping bitcoin bull-run

Nathaniel Freire is a full time day trader trading Digital Assets, Forex and Stocks. Based in New Jersey, Nathaniel Freire specializes in technical analysis with a twist of social sentiment and fundamental analysis. You can follow Nathaniel on Twitter @Cryptocoinrun

The technical setups posted below use simple trend detection, support and resistance, channels, pattern and candlestick analysis. We aim for high-probability trade setups on BTCUSD and use very few indicators. All charts use BNC’s Bitcoin Liquid Index for maximum accuracy.

The timeframe for trades is 1 to 7 days, so we’ll use 4h candlesticks. Bitcoin is best traded as a purely speculative commodity on 4h+ timeframes.

Market Sentiment And Macro Key Points

This section is an overview of news headlines or events that may affect BTCUSD.

  • The mining pool ViaBTC, decided to move all of its mining operations to Bitcoin Unlimited. ViaBTC’s pool shrank to roughly 10% of the network’s processing power since the announcement.
  • SEC seeks additional comments on Winklevoss Bitcoin Trust ETF rule change. This action does not signal a rejection. It just merely delays the timeline for approval as the SEC looks for additional information before they make a final decision.
  • Bitcoin update 0.13.1 Segwit update looks

    Read more ... source: TheBitcoinNews

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