Bitcoin ‘Fills’ $11.6K Futures Gap, But Is $10K More Likely Than $15K?

The price of Bitcoin (BTC) has seen a great week with a surge to $11,700. After two months of consolidating inside a range, the price of Bitcoin finally broke through the psychological barrier of $10,000 and currently faces the final hurdle before the bull market can start. 

Most often, people become bullish once they see green candles, with which extraordinary targets can be found on social media. Can these be justified or is a cool-down period more likely in the near term? 

Cryptocurrency market daily snapshot 1/8/2020. Source: Coin360

Bitcoin closes one-year-old CME gap and faces significant resistance 

As Bitcoin’s price broke through the barrier of $10,000, the next significant resistance zone became the $11,500-11,800 area. Since BTC was range-bound for two months, the breakout ended up being a very volatile move as anticipated, going up by $1,500 after this breakout finally happened. 

BTC/USD 1-day chart. Source: TradingView

Given that the price of Bitcoin surged this fast in such a short period of time, it’s not likely that the price of Bitcoin breaks through the resistance zone in one-go. 

The $11,500-11,800 resistance area is an ancient and substantial area on the charts. Not only did this level serve as resistance throughout the summer of 2019, but it also acted as resistance during the peak mania of December 2017.

Therefore, this is essentially the last massive level for resistance. If the price of Bitcoin breaks through this zone, then there is a lot of open range above and a new bull market will be upon us.

BTC/USD 1-day chart. Source: TradingView

Interestingly, the majority of the CME Bitcoin futures gaps get filled. However, they don’t necessarily get filled immediately as today has shown. The chart above, for example, is showing a gap at $11,700 from August 2019 that just got filled.

What’s next? The chart is showing a clear gap in the $9,700-10,000 area, unfilled. The likelihood of this gap to be filled starts to increase with the current upward momentum, making a retrace toward the $9,800 area more likely with each day.

The $11,300-11,400 barrier is crucial on lower timeframes

BTC/USD 1-hour chart. Source: TradingView

The 1-hour chart is showing a clear uptrend and holding the previous resistance zone at $11,400 is crucial for the bulls.

An example can be seen in the previous resistance zone. Bitcoin’s price couldn’t break through the $11,200 level for a few days, but after three tests, the breakthrough occurred. Immediately after, the price confirmed the previous resistance zone as a support level and continued the rally. 

An identical approach is required for the $11,400 level. If that level holds for support, more continuation is expected toward $12,000. If the level is lost, a further correction towards $10,800 or lower becomes very possible.

Total crypto market cap faces resistance too

Total market capitalization cryptocurrency 1-day chart. Source: TradingView

The total market capitalization broke through the crucial barrier of $270 billion and immediately flipped that level into support. This support/resistance flip was the start of an even more significant surge, as the total market cap touched the $350 billion level. 

However, is further continuation warranted? Very unlikely, given the immense expansion of the past two weeks. A reasonable approach would be a test of the previous resistance as a new support level at around $285 billion. 

The bullish scenario for Bitcoin

BTC/USD 1-day bullish scenario chart. Source: TradingView

The bullish scenario depends on the crucial threshold of $11,300-11,400 as the pivot to hold for the price of Bitcoin.

A bullish breakout would preferably see the price of Bitcoin clear the $11,500-11,700 resistance zone and flip that area for support. As stated previously, this is the final significant hurdle. If Bitcoin’s price breaks through the resistance zone and conquers this level, further upward momentum can be expected.

The levels to watch if Bitcoin breaks through this resistance are primarily the next resistance zones found between $15,000-17,000. 

The bearish scenario for Bitcoin 

BTC/USD 1-day bearish scenario chart. Source: TradingView

However, is such a breakout likely to occur after the recent expansion? It seems very unreasonable to break through a resistance zone of such significance in one try. 

A more reasonable approach is a renewed range-bound construction, just like the previous months have been. The green zone between $9,700-10,000 is crucial to hold. If that area flips for support (after rejecting the $11,500-11,800 area), a new range is defined, and the price of Bitcoin can then move sideways for several months. 

This range-bound construction would also line up with the 100-day and 200-day moving averages (MAs) as these are still below the spot price. As long as this remains unchanged, the BTC price is in bull territory.

What about altcoins?

Once Bitcoin starts to consolidate and correct, major altcoins will most likely do the same, and then the money will flow from the majors and Bitcoin toward the smaller cap coins and tokens. In other words, the current “altseason” may still have a lot more room to run. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Tournament Spotlight: $1,500 GGPoker WSOP Millionaire Maker

August 01, 2020Jason Glatzer

The Millionaire Maker has been one of the most popular tournaments in the WSOP since its inception in 2013 when Benny Chen won his first and only WSOP bracelet along with a healthy $1.2 million top prize.

After all, what isn’t to love about a WSOP event that guarantees at least $1 million for first place for a reasonable $1,500 buy-in.

OK, a $1,500 buy-in might not be reasonable to everyone but this tournament can be life-changing for someone. Also, remember that most tournaments with $5,000 or even $10,000 buy-ins don’t award $1 million.

This is what makes the Millionaire truly special as it isn’t just the big-name pros with seemingly unlimited bankroll able to compete for a chance at a payout most players only dream about.

As you are likely aware, the WSOP has moved online this summer with 54 events of its 85 event schedule taking place at GGPoker from July 19 to Sept. 6 including the Millionaire Maker which keeps its $1,500 buy-in and also guarantees a $5 million prize pool and at least a $1 million to the player that finds WSOP gold in this event.

The prize pools during the WSOP at GGPoker have been absolutely massive and guarantees are getting crushed and it wouldn’t be surprising if this happens in the Millionaire Maker as well.

You might be thinking, I can’t afford $1,500 to buy into one event. Well, join the club!

This doesn’t mean you can’t play in this great event as there are direct satellites to this event costing $100 with feeder tournaments starting at just $1.

We imagine $1 is certainly something you can afford, so read on to learn more about the Millionaire Maker at WSOP.

Qualify to the Millionaire Maker for $1 at GGPoker

About the 2020 Millionaire Maker

The WSOP Event #48: $1,500 Millionaire Maker is a three-day event featuring 15 opening flights. As we already mentioned, the tournament boasts a $5 million guaranteed prize pool and the winner will go home with a massive prize of at least $1 million.

Opening flights are ongoing throughout this week at GGPoker with players starting out with a big stack of 50,000 in chips.

The first 14 flights feature 13-minute blind levels and 180 minutes of late registration while the final opening flight on Aug. 2 at 2 p.m. GMT / 10 a.m. EDT is a bit faster with 10-minute blind levels and 140 minutes of late registration.

Players can re-enter once during the late-registration period, making it possible to have up to 30 entries per player in this event.

Those surviving 17 blind levels during any of the Day 1s will advance to Day 2 on Aug. 2 at 6:30 p.m. GMT / 2:30 p.m. EDT where they will compete against other survivors in a deeper structure of 15-minute blind levels until the nine-max final table is reached.

The final table will then be streamed at GGPoker.TV on Saturday, Aug 8 at 6:30 GMT / 2:30 EDT with hole cards displayed until a winner is crowned.

Of course, PokerNews will be covering the Millionaire Maker from the start of Day 2 until a winner is crowned. So you can follow all the action with us!

Previous Millionaire Maker Winners

The Millionaire Maker generated tons of buzz the first year it was introduced in 2013 and met the hype with 6,343 entrants generating a massive $8,563,050 with Benny Chen claiming the $1,199,104 top prize and WSOP gold.

The following year saw a substantial increase in entrants with the tournament attracting 7,977 entrants in 2014 to generate a mind-blowing $10,768,950 prize pool. Jonathan Dimmig put his name on the poker map after winning his first bracelet and the $1,319,587 in this event.

For the next four years, the attendance level never reached the same as 2014 but still featured big numbers with at least 7,000 runners each year. Winners included Adrian Buckley (2015 – $1,277,193), two-time WSOP bracelet winner Jason DeWitt (2016 – $1,065,403), Pablo Mariz (2017 – $1,221,407), and Arne Kern (2018 – $1,173,223).

Last year was something special. The Millionaire Maker attracted a record field of 8,809 entrants to generate a $11,892,150 prize pool.

John Gorsuch went on to win the event for $1,344,930. Gorsuch had a true Cinderella story as he was down to just two big blinds with seven players remaining and battled back until he was the last man standing to claim his first WSOP gold bracelet.

Year	Winner	Country	Prize Pool	First prize	Entries
2013	Benny Chen	Canada	$8,563,050	$1,199,104	6,343
2014	Jonathan Dimmig	United States	$10,768,950	$1,319,587	7,977
2015	Adrian Buckley	United States	$9,821,250	$1,277,193	7,275
2016	Jason DeWitt	United States	$9,706,500	$1,065,403	7,190
2017	Pablo Mariz	Canada	$10,477,350	$1,221,407	7,761
2018	Arne Kern	Germany	$9,937,350	$1,173,223	7,361
2019	John Gorsuch	United States	$11,892,150	$1,344,930	8,809

Sign Up to GGPoker and receive a $600 Welcome Bonus

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Make your first deposit and GGPoker matches it 200% up to a maximum of $600. It then releases into your account balance in $10 chunks each time you generate 6,000 Fish Buffet Points, which is the equivalent of $60 in rake.

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As Bitcoin Pushes $11,500 Top, Funding Rates Drop: Why This Is Bullish

Earlier this week, Bitcoin topped out at $11,500 — a historically important price point. The leading cryptocurrency proceeded to drop by approximately 7% to $10,600 in the 24 hours that followed the high.

After consolidating between $10,800-11,200, Bitcoin is breaking higher once again. Just minutes ago, BTC pierced $11,400 for the first time since the aforementioned highs.

Chart of BTC's price action over the past few days from TradingView.com

While some are fearing a similar rejection to the one Bitcoin faced earlier this week, derivatives data shows that BTC is now in a healthier position. This means that BTC may be able to move above $11,500 for the first time in approximately a year.

Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold Bitcoin, DeFi Still in Vogue

Bitcoin Derivatives “Healthier” Than Last Time BTC Hit $11,500

When Bitcoin was rallying earlier this week, a problem that many analysts discussed was the high rates of funding Bitcoin futures owners were paying. Funding is the rate that long positions pay short positions in a perpetual swap market to normalize the price of the contract to the price of the underlying contract.

High rates of funding indicate that buyers of a perpetual swap are overextended compared to bears. High rates of funding are often seen before the price of the contract correct, just as Bitcoin did on Monday and Tuesday.

But things have changed since Monday and Tuesday. According to a funding rates dashboard shared by a trader, funding rates are now normalizing towards base levels around 0.01% every eight hours.

Table of BTC's funding rates across top perpetual swap futures markets. Data shared by Byzantine General (@Byzgeneral on Twitter).

Most perpetual swap markets, like those on Binance and BitMEX and ByBit, have reached levels suggesting buyers are only slightly outweighing bears.

This indicates that Bitcoin has room to move higher.

Related Reading: Unexpected Factor That Suppressed BTC Bulls in 2019 Is Now Gone

$12,000 Imminent?

As long as Bitcoin moves above $11,400 and $11,500, analysts think that a move to $12,000 is imminent.

Kelvin Koh, a partner at The Spartan Group and former partner at Goldman Sachs, wrote on July 31st:

“If $BTC breaks the resistance at $11.4K, we are going above $12K in no time. Will take the wind out of alts again short term.”

This has been echoed by other analysts. As reported by NewsBTC, the same trader that predicted Bitcoin would bottom at $3,200 in 2018 said:

“$btc consolidating above a pretty key breakout level. price contracting, volume declining, seems bullish, continuation soon.”

He thinks that BTC will soon hit $12,000.

Related Reading: On-Chain Metric Signals the BTC Market Isn’t Overheated: Why This Is Bullish

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Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com 
As BTC Pushes $11,500 Top, Funding Rates Drop: Why This Is Bullish

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WPT World Online Championships a “Touch of Class” Says partypoker Pro Roberto Romanello

August 01, 2020Sarah Herring

It’s been a whirlwind couple of years for partypoker Pro Roberto Romanello. From humble beginnings as a restaurant worker to EPT and WPT champion, the former circuit grinder has now settled down, but that hasn’t stopped him from adding another title to his poker resume.

Over the weekend, the Welshman became only the ninth player to win poker’s Triple Crown, by winning the WSOP Online Event #39: $1,500 No Limit Hold’em, to go with EPT and WPT Main Event titles.

PokerNews’ Sarah Herring caught up with the partypoker Pro to discuss the victory, as well as looking ahead to the World Poker Tour World Online Championships on partypoker.

Head to the WPT World Online Championships Hub!

Get all the latest information about the World Poker Tour World Online Championships right here on PokerNews

From Poker and Travel to Wife and Kids

Romanello is now father of two children with his wife Catherine, something he says changed his life completely.

“Everything just turned upside down!” said Romanello. “I mean, having my family around me and being with partypoker, it means it’s pretty relaxed when I play. I’m lucky enough to still be able to balance family life with playing a little bit of poker as well, but the twins are just incredible. And it’s not easy! It’s very busy, it’s very tough. But I wouldn’t change it for the world. It’s just incredible.”

Romanello said when he first started playing poker, he fell in love “straight away” and very soon was caught up in the poker lifestyle, travelling to play at venues all around the world.

“I had the time of my life. My wife Catherine always supported me when I was travelling, and I was lucky enough to win some major events along the way. That’s what my goal was, I just had a buzz for major events – I still do! When I play a major event just something special comes out of me and I have that drive to win.

“And then I started getting older, and it wasn’t fair on my her. I felt like it was the right time for me to settle down. And that’s when I decided to take a step back as I wanted to start a family. So I did, and I wasn’t on the circuit as much as I was.”

Before the Game: Roberto Romanello the Restaurant Worker

Romanello and partypoker

Whilst simultaneously taking a step back from traveling and regularly featuring at major festivals around the world, Romanello took on a new role with partypoker.

“There were the right sort of people [at partypoker], back then, who wanted me to come on board. Rob Yong was there and it brought the spark back out of me. Although I’m now full-on with family life, I’ve only been playing partypoker live events, and it’s easy to see why. Because it’s the same as the old days!

“They’ve got the right people around them. It’s like a sort of family and it does make a difference and it’s made it nice for me to go and play. I just enjoy being around the right people and it makes me want to play the game and play these live events like I used to. I’m very grateful for the opportunity to be on the Team.”

Playing in the WSOP Online

Having won both EPT and WPT titles in the space of two years, Romanello said that at the back of his mind he had always wanted to complete a Triple Crown with a WSOP bracelet victory.

“When I won the EPT and the WPT, my goal that year and the year after was to win a bracelet. It’s tough; I know I had a bunch of final tables and I’ve come close a couple of times. And when I got married and had kids, I was a bit more chill about it; I wasn’t chasing it as hard as I used to.”

With the announcement that the WSOP would take place online, Romanello says he thought he may as well “give it a shot.”

“It’s very weird, the drive I have for something when I really want it. I knew I was going to give it a good shot, and lucky enough it was on the first Sunday. And what better place to do it than when I’m at home!

“When I play a Main Event I have this hunger to do so well, and I give it everything. I just go through those gears in a different way when I play a major tournament, simple as that.”

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READ MORE: Roberto Romanello Wins Event #39: $1,500 No Limit Hold’em

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Romanello said that he was grateful to win the bracelet at at home alongside his family

“I had a couple of friends and my brother railing me, and afterwards when I posted in the family group with my brothers and everyone, they were just ecstatic.”

WPT Online

Romanello is now looking ahead to the $100m GTD World Poker Tour World Online Championships on partypoker as the relationship between the WPT and the site continues to grow.

“The WPT brand and the people behind it are solid,” said Romanello. “It makes sense because there are two big brands and they just gel so well.”

The introduction of real names to the online felt is another addition to the festival, and is a feature that Romanello loves.

“For me it’s perfect, because that’s what I’m all about. It gives it that specialness just like in the live game. I think it’s brilliant.”

10 reasons you need to play in the WPTWOC events

With the festival running until September, there is still plenty of time to get involved.

“It’s a lot tougher with the competition from big festivals out there, but they know that and have acknowledged that. For me, and I’m not just saying this because I’m with partypoker, it’s got that touch of class. They’ve put in the work and they’re interacting with all the big players.

“There is definitely some value in this festival; the games are great and the guarantees are big. It’s a great festival.”

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Sharelines

• Bracelet-winner Roberto Romanello is gearing up for the WPT World Online Championships on partypoker

• “The games are great and the guarantees are big. It’s a great festival.”

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Silver Fractal: Are Crypto Altcoins On the Cusp of an Explosive Surge?

A fractal has been discovered in silver and altcoins that mimics the early days of Bitcoin. Silver is already on the move, starting to follow the fractal, but the crypto market is lagging behind. If – like Bitcoin has followed gold – altcoins continue to follow silver, an explosive surge is just around the corner.

Fractal Foretells Explosive Breakout in Altcoins Based on Early Days of Bitcoin

According to a fractal discovered by one crypto analyst, both silver and the total altcoin market cap appear to be mimicking early Bitcoin. Notably, the two assets classes are following the path of Bitcoin’s bear market bottoming process that took place from 2015 through 2016.

Altcoins and silver have remained in a similar sideways accumulation range, where investors may have been loading up on the scarce assets ahead of a markup phase.

Related Reading | Are Altcoins Silver To Bitcoin As Gold? Unusual Crypto Correlation Discovered

The same sort of bottoming pattern also played out in the gold market, and the asset not only has been in an increasingly strong uptrend, but it has recently set a new all-time high.

If the assets do continue to follow the original crypto asset’s bear market bottoming fractal, as soon as the range is broken, an explosive pump takes place next. Silver just had its surge, nearly doubling in value over the last month. Is it now altcoins time to shine?

XAGUSD / Total 2 (Alt Market Cap) / BTCUSD Historic Fractal Comparison | Source: TradingView

Will Crypto Follow Silver and Gold As The Fractal Suggests?

Fractals are repeating patterns that play out in price charts of financial assets like crypto. However, they are a polarizing topic in the trading world. Some analysts claim fractals only cloud judgment, while others give ample credence to the repeating patterns.

These repeating patterns are found all over nature, in everything from snowflakes to the veins of leaves, and are often based on geometrical shapes and Fibonacci ratios. Geometrical shapes drawn on price charts can tip traders off to future price action, while Fib ratios can act as levels of support and resistance.

Related Reading | Silver & Gold: Precious Metals Tapping New Highs Bodes Well For Crypto

No one truly understands what dynamics are at play that causes all of this to occur, but it can be used by analysts in various ways with interesting results.

Experts like Thomas Bulkowski have endlessly studied the results of these geometrical patterns and developed a set of statistics that can be used to temper expectations. Others, like William Delbert Gann, believe the patterns have more to do with the precise angles coinciding with other factors, like time.

Whether or not this silver and altcoin following Bitcoin fractal is valid or not, will only be known in hindsight. For those considering crypto or the shining precious metal, is this an opportunity you really want to miss?

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source https://cryptonews.wealthsharingsystems.com/2020/08/silver-fractal-are-crypto-altcoins-on-the-cusp-of-an-explosive-surge/

Bitcoin’s Next True Bull Trend May Not Start Until Q4 2020

Bitcoin’s price is currently flashing signs of immense strength as it navigates up towards the resistance found within the mid-$11,000 region.

The slight uptrend seen today that came about after it dipped to lows of $10,800 has allowed it to push against its 2020 highs of $11,400, and it does appear that further upside is imminent.

Although it does appear that BTC could be positioned to enter a full-fledged bull run in the near-term, on-chain data suggests that it may first consolidate for a short period before it can begin its next true bull run in Q4 of this year.

The analyst who theorized this possibility also notes that this bull trend will likely extend into 2021 before faltering.

Bitcoin Flashes Signs of Strength as Traders Target $12,000

At the time of writing, Bitcoin is trading up over 1.5% at its current price of $11,270. This is around the price at which it has been trading throughout the day.

Earlier this week, the cryptocurrency rallied as high as $11,400 before its rally began slowing.

From this point, it entered a consolidation phase within the lower-$11,000 region before starting to push higher today.

This ongoing uptrend has come about as a result of the bullish reaction it posted to its dip to $10,800 overnight.

Buyers ardently defended this level against being broken, subsequently catalyzing a strong rebound.

Despite facing some harsh resistance around $11,400, a break above this level could be all that is needed to spark a sharp upwards movement that sends it up past $12,000.

This On-Chain Indicator Suggests Next Bull Run Will Begin in Q4 2020

One on-chain analyst explained in a recent tweet that Bitcoin’s 365-day RSI indicates that the crypto is still in the very early phases of its next bull trend.

As such, it may be several months before it can enter into its next firm parabolic uptrend, which he believes will begin in Q4 of this year and extend into the early part of Q1 2021.

“365 day on-chain RSI (private chart not yet publicly available) shows the compression at the early phase of the bull cycle nearing completion, I’m expecting RSI expansion that typifies the main bull season run starting Q4 2020 into 2021. (“main bull phase” labeled in the chart).”

Image Courtesy of Willy Woo.

As Bitcoin’s fundamental and technical strength continue mounting, bulls are laying the groundwork for the crypto to see a positive second half of 2020.

Featured image from Unsplash.

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source https://cryptonews.wealthsharingsystems.com/2020/08/bitcoins-next-true-bull-trend-may-not-start-until-q4-2020/

Bitcoin Just Broke Past $11,500—and That’s Huge For Bulls

Bitcoin is ripping higher once again. In the past few hours, the leading cryptocurrency has begun to test the year-to-date highs at $11,500. And just minutes ago, BTC reached a local high of $11,700 after an influx of buying pressure.

It is unclear if this rally is sustainable yet: Bitcoin has yet to close above $11,500 on any longer-term time frames like the 4-hour, 12-hour, or one-day charts.

Chart of BTC's price action over the past 10 days from TradingView.com

Analysts say that Bitcoin breaking past $11,500 increases the potential for the asset to surge even higher in the weeks ahead. This is largely due to the fact that $11,500 was a pivotal macro level during early 2018 — after the $20,000 peak in December 2017.

Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold Bitcoin, DeFi Still in Vogue

Bitcoin Breaking Past $11,500 Is Pivotal

Bitcoin decisively surging above $11,500 is setting the stage for an even greater move to the upside, say analysts.

A cryptocurrency trader shared the chart below on July 31st. It indicates that BTC retaking $11,500 — or $11,463 to be more specific — on a weekly and monthly time frame will send leave Bitcoin with little resistance until the $20,000 all-time high.

“Few hours to go before a massive monthly close. Few days to go to close the weekly above 11.5k.I personally wouldn’t have any problems with the Ear of maize hovering between 10k and 11.5k if that’s what needed for sustainable growth to ATH.”

Chart of BTC's macro price action from trader Pierre (@Pierre_crypt0 on Twitter). Chart from Tradingview.com

The importance of $11,500 to the long-term Bitcoin bull case has been echoed by a ryptocurrency chartist. The chartist indicated that per a “structural fractal” that takes inputs from all of BTC’s previous bull cycles, Bitcoin breaking past $11,500 will lead to a full-blown bull market: c

“This structural fractal and its current level seem to align well at around $11.5K with the 50% fib fractal I posted yesterday. Different charting techniques that converge on similar price levels lend them credence. What do you think?”

Chart of BTC's macro price action from trader/chartist "Nunya Bizniz" (@pladizow on Twitter). Chart from Tradingview.com

A Sustainable Rally?

Derivatives data suggests that Bitcoin’s ongoing move higher is likely sustainable — or at least more so than the surge past $10,000, then $10,500, then $11,000 on Monday.

Table of BTC's funding rates across top perpetual swap futures markets. Data shared by Byzantine General (@Byzgeneral on Twitter).

The above table is Bitcoin’s funding rates across leading margin exchanges. Funding rates are currently moving towards 0%, indicating that buyers are not overextended and have room to push BTC higher.

Related Reading: On-Chain Metric Signals the BTC Market Isn’t Overheated: Why This Is Bullish

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Charts from TradingVIew.com
BTCJust Broke Past $11,500—and That's Huge For Bulls

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