Bitcoin Monthly Shows Indecision, Data Reveals The Shocking Aftermath of Past Doji

Bitcoin price has traded sideways for the entire month of June. The lack of conviction by both bears and bulls has resulted in a doji currently on the monthly timeframe on BTCUSD charts.

If the cryptocurrency closes tonight around current levels, the doji will be confirmed. However, past data suggests that this isn’t a bad thing for Bitcoin, and could precede a powerfully bullish move.

Market Cycles, Repeating Patterns, And More: Crypto Analysts Rely on Historical Data For Decision Making

Bitcoin is a relatively young asset in the financial world at just over a decade old. Due to this, analysts only have a small sample size in which to compare current price action against historically.

Things may not play out exactly the same way a second or third time in the land of cryptocurrency. However, markets are cyclical, and history often repeats.

Fractals, or repeating price patterns, exist for those very reasons and appear with much frequency.

Other repeating chart patterns, such as triangles and wedges, can tip traders off as to what the next move may be. Japanese candlesticks also serve this purpose, making them popular with traders performing technical analysis.

Related Reading | This Trend Measuring Tool Says Bitcoin Drop Is Only Just Getting Started

These candlesticks also form patterns or can act as signals all by themselves. Doji are just one type of singular Japanese candlestick that can provide powerful clues as to what comes next.

Doji show indecision in markets, and either act as a prelude to a reversal, or strong continuation. Occasionally, doji will form in a cluster, dragging out indecision until an explosive breakout occurs.

One of these indecision candles will form on monthly BTCUSD price charts if the cryptocurrency continues to trade at current levels.

Bitcoin Monthly Doji More Likely To Result In Continuation To Upside, Data Shows

Doji candles and indecision aren’t always a bad thing. They often come at the top or bottom of a trend just as that previous trend reverses. Doji can act as an important signal for traders to pay attention and watch for a breakout.

But if that breakout is in the direction of the prior trend, doji can be a prelude to strong continuation in the primary direction.

Bitcoin price has been trending up since the Black Thursday bottom in mid-March. Highlighting the importance of monthly candle closes, the following month in April closed as a bullish engulfing.

Bullish engulfing candles signal a short-term trend reversal. What comes after is what turns things from short to long term. May closed green, and now June’s consolidation and indecision are resulting in a doji.

But data from past doji candles within a 3.5% or less range, have resulted in a breakout to the upside ore than 50% of the time. Bitcoin is working on its tenth ever doji on monthly timeframes within a 3.5% or less range.

Bitcoin BTCUSD Monthly | Source: TradingView

Five of the prior nine times have resulted in a long-term move to the upside. Two of the instances, resulted in a massive move to the upside, followed by a bearish reversal.

The final two times, occurred shortly after a new peak was set, and resulted in a long-term downtrend.

Related Reading | Bitcoin Holds Bullish On Key Technical Indicator, But Trend May Be Turning

Thus far, all negative performing doji have resulted in a break to the upside. If Bitcoin closes at current prices below $9,200, the monthly close will fall into that negative category.

Things could change within the next several hours before the monthly close occurs, however, what comes following the close is what matters most.

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Brazilians Dominating the Race For the GGMasters POY

June 30, 2020Matthew Pitt

We’re halfway through the year and the leaderboard for the GGMasters Player of the Year race now has some structure to it. It’s the same name at the top of the standings, that of Ricardo “[email protected]” Nascimento, but the Brazilian faces some serious heat from the chasing pack.

It appears being from Brazil gives you an advantage in the race for the $500,000 GGPoker sponsorship package because six of the current top 20 players hail from the land of samba. The aforementioned Nascimento is still the man to catch but his 1,903.80 points tally is 213.22 more than Canada’s “Luka Donkbet” in second-place.

That is quite the lead because it equates to a 10th place finish based on the recent number of entrants into the weekly $500,000 guaranteed freezeout event.

The top 10 finishers on the leaderboard walk away with fantastic prizes. Second-place through 10th all secure tickets to each and every GGMasters tournament taking place in 2021. At the current buy-in, each prize is worth $7,800.

Will you win one of the 54 WSOP bracelets at GGPoker this summer?

Everyone wants to top the leaderboard, however, because the winner receives a sponsorship package from GGPoker that’s valued at up to $500,000. Anyone who has hopes and dreams of becoming a professional poker will see those dreams realised if they earn the most points this year.

Points are awarded based on your finishing position in the weekly GGMasters tournament. You receive some points if you bust on the bubble but you must otherwise reach the money places. More points are dished out for navigating your way to the final table, with even more points coming your way if you become that week’s GGMasters champion.

The formula for GGMasters Leaderboard points is as follows: f * sqrt(Prize pool / k)

• k is the place of finish
• f=2.0 (1st place)
• f=1.5 (Final table)
• f=1.0 (In the money)
• f=0.5 (Bubble)

The number of places considered to be the bubble changes depending on the number of entrants. For example, with 3,800 entries, places 504-509th are the bubble. With 4,000 entries it is 504-510th

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Current GGMaster Leaderboard (June 30, 2020)

Place	Player	Country	Points
1	Ricardo “[email protected]” Nascimento	Brazil	1903.80
2	Luka Donkbet	Canada	1690.58
3	Interlace	Turkey	1640.97
4	gokchinees!	China	1533.83
5	StrongMentality	Brazil	1520.76
6	Vladiator13	Lithuania	1510.89
7	BadReligion	Brazil	1506.53
8	Vinicius “BleyBley” Perri	Brazil	1484.36
9	DaleRose	Canada	1474.37
10	Ryan “getplunted” Plant	Ecuador	1454.16
11	Kuzya9292	Canada	1447.55
12	Stajmak1986	Germany	1426.65
13	mike4444	Canada	1417.94
14	Gogac1	Switzerland	1409.48
15	DaniLeigh	Moldova1397.43
16	mrbradleyy	United Kingdom1350.34
17	oldzet	Mexico	1336.17
18	exotico	Brazil	1329.68
19	BabaSchlumpf	Austria	1279.24
20	XAMA	Brazil	1275.79

Last Week’s Champion Goes Straight In At 14th

Switzerland’s “Gogac1” won the final June GGMasters tournament and the points earned place them 14th in the overall standings. The Swiss grinder came out on top of a 3,367-strong field to turn their $150 into a cool $71,947. They defeated Canada’s “TeuCu” heads-up for the title, leaving the Canadian to bank $50,874.

Gogac1 took advantage of the free staking software that’s built into the GGPoker client. They were prepared to sell up to 80% of their action at a 1.29 markup, but managed to sell 25%. All 25% went to “Freddyf86” who shared the glory with Gogac1. Freddyf86’s investment in the eventual champion netted them $17,986 all for only $48.38. Staking is great when the person you’re backing takes down their tournament!

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Get Seven FREE Tickets to Play Real Money Tournaments on WSOP.com!

June 30, 2020Giovanni Angioni

Looking for a good offer to try the WSOP.com poker software ahead of the 2020 World Series of Poker? You are not alone.

This article doesn’t list every promotion under the sun to play online poker in Nevada and New Jersey.

Instead, it lists the best ways to play some real money poker games for free on the WSOP.com poker site.

In other words, here’s a special welcome offer you should not miss.

1. How to get Seven Free Tickets to $100 Tournaments
2. How to get up to $1,000 in bonus money

With the 2020 World Series of Poker only hours away, poker players in Nevada and New Jersey are warming up their accounts to enter an event that is sure to make poker history.

If you are new to the site, you have a great welcome offer to claim.

Follow the instructions below to secure up to $1,000 in free bonus money and tickets to play some of the best free real money tournaments on the site.

Get Free Tickets to Exclusive $100 Events

Register an account on WSOP.com via PokerNews today to put your hands on the entire bonus package and receive seven free tickets to a series of exclusive poker tournaments, each carrying a $100 prize pool.

Fill out the registration form on this page and follow the instructions on the screen to activate the offer.

You will be asked to verify your personal data, confirm your e-mail address, and make a deposit of at least $10.

Seconds later, WSOP.com will transfer the seven tournament tickets to your account.

The tickets allow you to enter the WSOP.com new players’ events – a series of daily freeroll where you compete for a share of $100 in real cash each time.

The events run at 4 p.m. on Monday, Wednesday, Friday, Sunday and at 7 p.m. on Tuesday, Thursday, Saturday, with a combined prize pool of $700 up for grabs in the next seven upcoming freerolls from when you deposit is made.

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This bonus is also connected to your first deposit, so you don’t need to do anything else to get your hands on the free money.

As soon as you make your first deposit, you trigger the seven free tickets and also a 100% match deposit for up to $1,000 in bonuses.

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Visit the WSOP.com website for a full rundown of the offer’s terms and conditions and to discover all the other poker promos available during the 2020 World Series of Poker online.

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Bitcoin Risks Breaking $9K as JP Morgan Warns $170B Stock Market Sell-off

• Bitcoin price risks breaking to the downside as strategists warn of a correction in the U.S. stocks.
• Analysts at JP Morgan & Chase predicted that pensions funds would most likely dump $170 billion worth of their equity positions at the end of the second quarter.
• It would leave Bitcoin under similar bearish spell owing to its growing positive correlation with the S&P 500 index.

Bitcoin may witness sharp downside moves heading into the third quarter of 2020.

The bearish sentiment emerges from the risks of a massive capital shift from the stock market to safer bonds.  Analysts at JP Morgan said in a note published last week that they expect pension funds to dump about $175 billion worth of equities as a part of their quarterly portfolio rebalancing strategy.

Scaling Back

Pension Funds aims to maintain a diversified portfolio of stocks, bonds, and other assets. They tend to restructure their holdings at the end of each quarter. Nevertheless, the March 2020 sell-off led both bonds and stocks lower.

The S&P 500, the Dow Jones, and the Nasdaq Composite indices logged an impressive recovery rally from their March 23 nadirs. On the other hand, the Federal Reserve’s decision to cut interest rates to near-zero made sent bonds yields lower, making them an unattractive safe-haven.

JP Morgan analysts estimated that pensions funds increased their exposure in the stock market during its euphoric uptrend between March and June. It is now possible for them to scale back their exposure as the second quarter ends.

Trouble for Bitcoin

The question is whether or not a sell-off in the stock market would hurt Bitcoin. The latest data favors a bearish bias.

Bitcoin since March has moved in tandem with the S&P 500. Moreover, its positive correlation with the U.S. benchmark has grown higher ahead of the second quarter’s close. It indicates that the cryptocurrency would most likely tail the S&P 500, even towards its losses.

Bitcoin price chart showing its correlation with the S&P 500. Source: TradingView.com

As S&P 500 slips owing to quarter-end rebalancing or other reasons, it could lead Bitcoin to retest its support level near $9,000. If the U.S. index extends its breakdown further – especially if investors remain cautious about the resurgence of COVID infections – then bitcoin could, too, extend its fall towards $8,600.

Prominent cryptocurrency analyst Scott Melker believes otherwise. In a statement made on Tuesday, he called Bitcoin an uncorrelated asset. Moreover, he noted that traders should focus more on the cryptocurrency’s negative correlation with the U.S. dollar, instead of the S&P 500.

“Historically, if looking to trade correlation, Bitcoin’s inverse correlation with the dollar ($DXY) is far more compelling than a temporary correlation with SPX,” he explained.

The U.S. dollar index was trading 2.20 percent higher from its June 10 lows.

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Despite Brutal Rejection at $10.5k, Bitcoin Uptrend Has “Strength”: Analyst

At the start of June, Bitcoin suddenly surged towards and past $10,000. The cryptocurrency rallied so far and so fast that $123 million worth of short positions on BitMEX were liquidated within an hour.

Investors were understandably bullish. One Wall Street veteran shared a chart expressing his sentiment. It showed that BTC had broken past a technical downtrend that formed after the $20,000 all-time high. Others shared in the sentiment, saying that the move was the start of a big bull run.

Yet as fast as the cryptocurrency rallied, it crashed, rapidly falling under $10,000 just a day later.

Despite the rejection, analysts remain bullish. One trader has said that from a macro perspective, Bitcoin is still in a strengthening uptrend.

Related Reading: An Infamous Bitcoin Whale Just Resurfaced — and He’s Got a Bone to Pick

Bitcoin In a Strengthening Uptrend? Analyst Weighs In

It’s been easy to flip bearish after Bitcoin’s rejection at $10,500 earlier this month.

That price level has marked a number of crucial highs over the past year for the leading cryptocurrency.

The “Xi Pump” in October of 2019 topped at nearly that exact level, leading to a multi-month correction to $6,400. Also, the early-2020 rally that ended in February also abruptly ended at $10,500.

Yet Eric “Parabolic” Thies is arguing that Bitcoin remains in a macro uptrend.

He shared the chart below on June 29th. It shows BTC’s one-month price action with so-called Heikin-Ashi candles, which are normally used to observe trends.

Per Thies, with June about to close with a wick higher than May’s, Bitcoin is signaling “trend strength.”

He added that should “July open green, traditional Heikin Ashi-based trend reading suggests the third candle to be trend confirmation and strong continuation to the upside.”

BTC price chart shared by Eric “Parabolic” Thies, a crypto analyst. Chart from TradingView.com 

Thies’ latest analysis comes shortly after he noted that two long-term bullish technical signals are imminent.

He noted that the one-month Chaikin Money Flow and Stochastic RSI indicators suggest that “your time to buy Bitcoin below $10k is limited.” The indicators last looked as they did now prior to the 2016-2017 bull run that took BTC from the hundreds to $20,000.

Bitcoin price chart shared by Eric “Parabolic” Thies, a crypto analyst. Chart from TradingView.com 

Fending Off the PlusToken & Miner Threat

Bitcoin will have to fend off two big pools of selling pressure, though, if it is to head higher.

Those are the ~$450 million recently moved by the PlusToken scam operators and Bitcoin miners.

DTC Capital’s Spencer Noon reported that the operators of the scam are moving coins, with some moving to mixers and exchanges to presumably be sold:

“This week the following #PlusToken funds have been on the move to exchanges and new addresses for mixing: – 22k BTC ($203m USD) – 789k ETH ($183m) – 26m EOS ($68m) – 20m XRP ($4m). The big question: can the crypto markets absorb this volume or are we headed lower?”

Blockchain analytics firm Glassnode has also reported that miners are withdrawing more coins to exchanges than they have in a year.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Despite Brutal Rejection at $10.5k, Bitcoin Uptrend Has "Strength": Analyst

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Learn the ABCs of Cash Game Strategy: How to Size Your Bets

June 30, 2020PokerNews Staff

It’s pretty easy to stick to an ABC tight-aggressive cash game strategy preflop. Preflop it’s all about your position and hole cards; postflop is where the action happens though and where you’re going to win or lose the majority of your money.

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Pot Size

If you think about bets in terms of big blinds preflop, it’s all about the size of the pot postflop. It’s important to keep a handle on the size of the pot so you can work out your pot odds – the odds you’re being offered by the pot to call.

• If the pot is $100 and your opponent bets $50, your pot odds are 150/50 or 3/1.
• If the pot is $100 and your opponent bets $10, your pot odds are 110/10 or 11/1.

Once you know your pot odds, work out your equity by taking your number of outs and multiplying by four with two cards to come or two with just one card to come. This isn’t exact but it’s close enough.

Continuation Betting

The c-bet has become almost obligatory in today’s game. The theory is good but you should be aware of why you’re doing it and remember that c-betting as a bluff works much better on dry boards.

Saying that, it’s an essential part of a tight-aggressive strategy and it’s critical you don’t just c-bet your strong hands or your opponents will suss you out pretty quickly.

Why Do You Need To Know Pot Odds?

So you know whether it’s correct to call with a draw.You’ve got Ah-8h on a 6h-2h-Jc board and nine outs to make your flush. 9×2 gives you an 18% chance of making it on the next card. As a ratio that’s roughly 80/20 or 4/1. If you’re being offered bigger pot odds you’re getting the right price to call. (As this is ABC strategy we don’t really want to get into implied odds here. Implied odds take into account the fact that you can win more from your opponent if you hit.)

So you can charge your opponent the wrong price to call. Say it’s your opponent who has the flush draw. Your bet should be big enough to ensure he’s getting the wrong price to call. If the pot is $100 and you bet $50, the pot odds are 3/1, less than the 4/1 he needs to make a correct call.

So you know whether to call with a hand you’re not sure is going to be good. If you’ve got a marginal hand you can use pot odds to work out whether you should call. If you’ve got middle pair and the pot odds are 10/1, you only need to be right one in 11 times to break even.

The Turn

The turn can be tricky. There’s still another card and a round of betting to come, and the bet sizes are ramping up. If you detect weakness from your opponent you should take advantage of it now. If your opponent c-bets the flop and checks the turn, bet.

If you have a marginal hand, exercise caution. Flopping top pair, decent kicker is great, but if your opponent gets sticky and goes to war on the turn, your hand is not that big. Checking lets you control the pot.

If you’ve got a monster try to position yourself to play for stacks on the river. Look at the stacks in play and work out a decent bet that could lead to you maximizing your value. It doesn’t need to pay off every time to be the right move.

The River

All the cards are out now so your hand is either winning or losing. Have you got the strongest hand? Bet it for value and if you think your opponent has a strong hand too don’t be afraid to go for the max.

Have you got the worst hand but think you might be able to get your opponent to lay his down? Bet to try and get him to fold. This could be an expensive mistake though so if you’re not sure err on the side of caution.

If you’ve got a marginal hand check it and hope your opponent checks behind. It’s unlikely your opponent will call with worse. If your opponent bets and you’ve got a decision to make, consult your pot odds again. If it’s a cheap call you don’t need to be right that often to make it profitable.

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What If Your Opponent Bets?

If you don’t have anything and you haven’t got any draws, fold.
If you have a draw, check your pot odds and see if you’re getting the right price to call.
If you’ve got a strong hand you can either call or raise the bet. If you think your opponent is strong you should try to get as much money in the pot as you can. If you don’t think he has much you could call to try and get another street of value.

Why C-Bet?

You keep the betting momentum. You showed strength preflop by raising so you should continue the story. It could win you the pot there and then with a vulnerable hand. Let’s say that you raise preflop with A-K and pick up a single caller in the blinds. The flop comes down J-6-2 and he checks to you. You make a half-pot bet and your opponent folds. You’ve protected your hand and you’ve also avoided showing weakness.
You could get a better hand to fold. In the same hand above your opponent could fold a small pair, which would beat you at showdown.

Remember!

Sticking religiously to an ABC cash game strategy is only likely to be successful at the lower stakes games. However, refreshing your poker fundamentals is important no matter what level you play at. It’s a great foundation and it’s a good way to play if you’re new to a table and have no information on your opponents. It also makes you think about why you’re doing certain things and where you could be making expensive mistakes.

If you want to mix things up a bit, consider adding semi-bluffing to your arsenal by betting or raising your draws. Your opponent might fold giving you the pot there and then, or you could hit your draw on the turn or river.

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Ethereum Active Address Count Hits 2-Year High, Yet ETH Is Still Bearish

Ethereum’s price is more than 80% below its all-time high above $1,400. Yet this bearish price performance on a macro scale has not stopped users from flooding to the network.

Data suggests that usage of the network is starting to reach the highs seen at the peak of 2018’s bubble. ETH’s price is unlikely to follow, though, analysts say.

Number of Active Ethereum Addresses Spikes

The latest blockchain data shows that Ethereum users are shrugging aside the indecisive price action. Blockchain analytics firm Santiment reported on June 29th that the number of addresses interacting with the network has reached two-year highs.

“The number of daily addresses interacting with $ETH has spiked in the past 24 hours to a 2-YEAR SINGLE DAY HIGH of 486,000 addresses! The last time Ethereum’s address activity was this high was on May 5th, 2018,” Santiment wrote in reference to the data seen below.

Number of daily active addresses on Ethereum from blockchain analytics firm Santiment (@Santimentfeed on Twitter).

Prominent ETH proponent Anthony Sassano shared data from another firm in Santiment’s sector, Glassnode, suggesting the same.

It seems that the growth in the Ethereum network is due to decentralized finance (DeFi).

Due to extremely high yields offered by ETH-based protocols in the finance field, there have been many users wanting to capitalize on these trends.

Coins related to DeFi have also spiked, with analyst Taha Zafar sharing that many altcoins on Ethereum are up hundreds of percent in recent weeks. 

These trends are likely drawing in users from across the crypto space looking to profit while Bitcoin and ETH effectively flatline.

ETH’s Price Still Bearish

Despite this on-chain growth, the cryptocurrency is purportedly in a bearish state.

One trader recently shared the chart below, suggesting that if Ethereum slides slightly lower, it could plunge to $120. That would mark a 55% correction from current prices.

Another analyst shared that ETH’s four-hour chart is “inches away” from printing a bearish trend signal. Should this take place, this will be the first instance of this happening since March 10th, just days prior to the crash to $85.

There are also some fundamentals that may be threatening the cryptocurrency’s price outlook. 

As reported by Bitcoinist, the recent spike in usage of the network has been met with high fees. Former Messari executive Qiao Wang, who is also a notable crypto analyst, said that Ethereum could be “dethroned” by a competitor:

“So long as ETH 2.0 is not fully rolled out, there’s an obvious opportunity for a highly scalable blockchain to dethrone Ethereum. Paying $10 transaction fee and waiting 15 seconds for settlement is just bad UX.”

I’ve changed my mind after using a dozen of Defi platforms. So long as ETH 2.0 is not fully rolled out, there’s an obvious opportunity for a highly scalable blockchain to dethrone Ethereum. Paying $10 transaction fee and waiting 15 seconds for settlement is just bad UX. https://t.co/vXAAFET3YK

— Qiao Wang (@QWQiao) June 28, 2020

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Price tags: ethusd, ethbtc
Ethereum Active Address Count Hits 2-Year Highs, Yet ETH Is Still Bearish

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